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All Journal Jurnal Ilmiah Mahasiswa FEB International Journal of Local Economic Governance GOVERNANCE: Jurnal Ilmiah Kajian Politik Lokal dan Pembangunan Journal of International Conference Proceedings Journal of Development Economic and Social Studies (JDESS) Contemporary Studies in Economic, Finance and Banking (CSEFB) Islamic Economics and finance in Focus (IEFF)
Ajeng Kartika Galuh
Unknown Affiliation
Religion Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Electrical & Electronics Engineering Environmental Science Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Social Sciences

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Analysis of the Effects of Financial Performance on Dividend Policy (A Case Study of Material Companies Listed on the Indonesia Stock Exchange in the 2019-2023 Period) Ningtiyas, Tiara Zumarroh; Galuh, Ajeng Kartika
Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 3 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

The optimal dividend policy is one that maximizes the balance between dividend distribution and investment allocation to foster sustainable development. In a formulating this policy, management must take into consideration the interests of shareholders and the company’s long-term viability, while also accounting for various factors that influence dividend decisions, particularly financial performance. Accordingly, this research aims to examine the impact of financial performance on dividend policy. The sample was selected through purposive sampling, targeting companies in the basic materials sector listed on the Indonesia Stock Exchange (IDX) during the 2019-2023 period. The data were analyzed using panel data regression. The outcome of this research revealed that CR positively affects dividend policy, whereas ROA and TATO exert a negative effect. Meanwhile, DER and firm size show no a significant effect on dividend policy.
The Impact of Coal Price, Global Oil, and Macroeconomic Indicators on Coal Subsector Stock Prices Agung, Dewawngga Amarta; Galuh, Ajeng Kartika
Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 3 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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This study investigates the impact of coal benchmark prices (HBA), global oil prices (HMD), inflation, and interest rates on the stock prices of coal sub-sector companies listed on the Indonesia Stock Exchange during 2019–2023. The urgency of this research lies in the absence of recent empirical studies during a period marked by significant energy and macroeconomic fluctuations. Employing a panel data regression with a Random Effect Model (REM), the findings reveal that HBA, HMD, and interest rates positively and significantly affect coal stock prices, while inflation exerts a significant negative influence. These findings reinforce the Arbitrage Pricing Theory (APT), which explains that macroeconomic variables and commodities systematically impact stock valuation. The study contributes practical implications for investors and policymakers to formulate adaptive strategies in the dynamic commodity and financial markets.
Comparative Analysis of Digital Banks’ Financial Performance Based on Profitability Ratios (A Case Study: Allo Bank and Bank Neo Commerce (BNC) in the 2021-2023 Period) Saswita Sianipar, Rica; Galuh, Ajeng Kartika
Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 3 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

The digital banking industry has become the center of attention in the era of ever-growing digitalization. In this context, financial performance analysis is crucial for understanding the effectiveness and sustainability of digital banks. This research aims to analyze and compare the economic performance of two leading digital banks in Indonesia, namely Allo Bank and Neo Commerce Bank, based on profitability ratios. By utilizing financial report data for the 2021-2023 period, this research uses a comparative descriptive analysis method to evaluate the economic performance of the two banks. Data analysis uses 2 different tests,  the Independent Sample Test and the Mann Whitney-Test using SPPS 21. The research results show that Net Profit Margin (NPM), Return On Assets, Return On Equity, and Return On Investment (ROI) are partially different. Significant between 2 digital banks Allo Bank and Bank Neo Commerce (BNC).
Differences in Production Costs, Production Quantity and Income of Batik Craftsmen in Recipients and Non-Recipients of ZIS Funds Novia Damayanti, Mika; Ajeng Kartika Galuh
Islamic Economics and finance in Focus Vol. 4 No. 2 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

The growth in the amount of zakat, infaq and sedekah (ZIS) fund collection has always increased every year, such as in 2010-2017, followed by the growth in ZIS fund distribution. Fund distribution can be either consumptive or productive. One form of fund distribution in the form of productive zakat can be distributed to batik craftsmen. There are two groups of batik craftsmen in Sumurgung Village, namely craftsmen who receive assistance and those who do not receive assistance. This study aims to analyze the differences in production costs, product quantity, and business income of two groups of batik craftsmen. The sample of this study was a group of batik craftsmen who received assistance using the full sampling method and those who did not receive assistance using the convenience sampling method. Data collection was carried out by distributing open questionnaires and interviews through observation to Sumurgung Village. The statistical method used is descriptive analysis and conducting a difference test with an independent sample t-test. The results of the study showed that there were significant differences in the variables of production costs, product quantity and business income between batik craftsmen who received assistance and batik craftsmen who did not receive assistance. Based on the results of the independent sample t-test of several variables that have been tested, batik craftsmen who did not receive assistance had higher scores compared to batik craftsmen who received assistance. The difference occurs because there are differences in production techniques between the two groups, thus having implications for differences in values ​​in each variable tested.
Co-Authors Abdillah Khairurrijal Agung, Dewawngga Amarta Al Farizi, Muhammad Hafidz Aliifah, Shofi Anggraini, Ika Khusnia Asfi Manzilati Elisa Fitri Febrian, Febby Febriana, Vania Salsabillah Fiorentina, Risma Fahrella Firnanda Novita Rahmawati Indah Sulistyawati Komalasari, Salsabila Isfa Leviandra Thariq Al Qasthari M. Jaenudin Marlina Ekawaty Minerva Maharani Azzahra MUHAMMAD YUSUF Nabilah, Ulfa Nariswari, Jihan Fashura Ilhami Nindrianto, Nabila Rahma Ningtiyas, Tiara Zumarroh Nisa', Khoirun Novia Damayanti, Mika Nur Sayuta, Rizqi Bhakti Nurdien, Faiz Ghifary Putri, Neysa Adelia Nova Abdullah Raden, Mochammad Faza Fisilmi Rizqi, Intan Rosita Putri Kirana Saswita Sianipar, Rica Shofiyyah Az zahra Sri Muljaningsih Sri Muljaningsih Sudjatmiko Sudjatmiko, Sudjatmiko Sutiyani, Dina Wibowo, Dimas Hary