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ESG Implementation in the International Financial System: A Literature Review of Challenges, Opportunities, and Global Standards Ariq Farhan Widiyanto; Dharma Adita; Liya Megawati
Journal Informatic, Education and Management (JIEM) Vol 8 No 1 (2026): FEBRUARY (CALL FOR PAPERS)
Publisher : STMIK Indonesia Banda Aceh

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61992/jiem.v8i1.215

Abstract

This study examines the implementation of Environmental, Social, and Governance (ESG) principles in the international financial system as part of the global transformation toward sustainable economics. ESG serves as a strategic framework integrating environmental, social, and corporate governance dimensions into investment and financing decision-making across nations. The study employs a literature review method with a qualitative descriptive-conceptual approach, aiming to identify challenges, opportunities, and directions for harmonizing global ESG standards. Findings indicate that ESG implementation at the international level still faces several challenges, including inconsistent reporting standards, limited non-financial data, and low institutional readiness in developing countries. Nevertheless, opportunities for harmonization are growing through the establishment of the International Sustainability Standards Board (ISSB) and the implementation of Indonesia’s Sustainable Finance Roadmap Phase II (2021–2025) by the Financial Services Authority (OJK). ESG has been shown to positively influence corporate reputation, financial performance, and long-term financial stability. Therefore, effective ESG implementation requires synergy among governments, international institutions, and the private sector to realize a transparent, inclusive, and sustainable global financial system.
A Qualitative Comparison of Cross-Border QRIS and Global Card Networks Adita, Dharma; Widiyanto, Ariq; Megawati, Liya
Journal Informatic, Education and Management (JIEM) Vol 8 No 1 (2026): FEBRUARY (CALL FOR PAPERS)
Publisher : STMIK Indonesia Banda Aceh

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61992/jiem.v8i1.223

Abstract

This study examines the strategic role of Cross-Border Quick Response Code Indonesian Standard (QRIS) as a transformative alternative to conventional international payment systems, specifically comparing its operational efficiency and cost structure against Visa and Mastercard networks. Employing a descriptive qualitative method and secondary data synthesis from 2020–2025, the study explores linkages between Indonesia, Malaysia, and Singapore within ASEAN’s digital payment ecosystem. Findings demonstrate that Cross-Border QRIS significantly reduces transaction costs through lower Merchant Discount Rates (MDR) and accelerates settlement under the Local Currency Settlement (LCS) framework. Additionally, it contributes to regional “dedollarization” and enhances digital sovereignty by fostering domestic control over payment infrastructure and transaction data. Despite these advantages, card networks remain superior in global coverage and fraud prevention. The research concludes that an optimal payment ecosystem requires a hybrid adoption model combining QRIS efficiency with the international reach of card schemes.
Pengaruh Inflasi dan Suku Bunga Terhadap Harga Saham Perusahaan Perbankan yang Terdaftar di Indeks Lq45 Bursa Efek Indonesia Periode 2020-2024 Risma Ariyani; Kosasih; Suhono; Megawati, Liya
JEMBA Vol 5 No 2 (2025): Journal of Economics, Management, Business and Accounting
Publisher : Fakultas Ekonomi dan Bisnis Universitas Komputer Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34010/jemba.v5i2.18468

Abstract

The capital market plays a strategic role in the economy as a medium for long-term fund mobilization and an investment alternative. Changes in macroeconomic conditions, particularly inflation and interest rates as monetary policy instruments, may affect stock market performance, including the banking sector. This study aims to analyze the effect of inflation and interest rates on the stock prices of banking companies included in the LQ45 index during the 2020-2024 period. A quantitative approach using descriptive analysis and multiple linear regression was employed. The data were obtained from banking companies consistently listed in the LQ45 index. The results indicate that inflation does not have a significant partial effect on banking stock prices, while interest rates have a significant negative effect. However, inflation and interest rates simultaneously have a significant influence on banking stock prices. These findings suggest that macroeconomic factors collectively play an important role in determining banking stock performance and should be considered in investment decision-making
Analisis Common Size Pada Pt Unilever Tbk, Pada Priode 2019-2021 Sebagai Indikator Untuk Mengukur Kinerja Keuangan Nasution, Hermansyah; Megawati, Liya
Jurnal Ilmiah Wahana Pendidikan Vol 12 No 1.C (2026): Jurnal Ilmiah Wahana Pendidikan
Publisher : Peneliti.net

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

This study aims to analyze the financial performance of PT. Unilever Indonesia Tbk, using the Common Size method in the 2019-2021 period. The Common Size method is used to compare changes in the proportion of each item in the financial statements during the period studied, thus providing a clearer picture of the company's financial structure and performance. This research uses financial data taken from the annual financial statements of PT Unilever Indonesia Tbk during the 2019-2021 period. Common Size analysis is carried out by descriptive analysis methods with a quantitative approach to determine company performance. This research method is used to analyze data by describing or describing the data that has been collected objectively, so as to provide a clear picture of the financial performance of Unilever Indonesia Tbk. Priode 2019 - 2021 in the form of percentage numbers from the account contained in the balance sheet and income statement using common size analysis. This type of quantitative data is used in processing information in the form of numbers in financial statements into percentages of total assets.
Pengaruh Foreign Direct Investment Terhadap Stabilitas Nilai Tukar Rupiah dalam Pertumbuhan Perekonomian di Indonesia Julia Ameliani; Irvan Yoga Pardistya; Liya Megawati
Jurnal Akuntansi, Ekonomi dan Manajemen Bisnis Vol. 6 No. 1 (2026): Maret : Jurnal Akuntansi, Ekonomi dan Manajemen Bisnis
Publisher : Pusat Riset dan Inovasi Nasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55606/jaemb.v6i1.8912

Abstract

This study aims to examine the relationship between Foreign Direct Investment (FDI) and the stability of the Indonesian rupiah exchange rate within the broader context of Indonesia’s economic environment. Given the strategic role of FDI in stimulating economic activity, fluctuations in foreign investment inflows are often accompanied by changes in the exchange rate, which in turn affect monetary stability. The research employs a quantitative approach using simple linear regression, supported by secondary data from 2019-2024 obtained from official institutions and relevant scholarly sources. The results indicate that FDI has a significant influence on the rupiah exchange rate, as evidenced by highly significant values in both t-test and F-test. Although the data distribution is not fully normal, the consistency of the statistical findings reinforces the interpretation that FDI contributes to movements in the exchange rate. Therefore, this study concludes that increasing foreign investment not only enhances economic capacity but also plays a role in shaping the medium-term stability of the Indonesian rupiah.
Hubungan Kurs Mata Uang Asing dan Inflasi terhadap Saham dalam persfektif Manajemen Keuangan Internasional Syifa Kamila Nur Fatihah; Liya Megawati
Jurnal Akuntansi, Ekonomi dan Manajemen Bisnis Vol. 6 No. 1 (2026): Maret : Jurnal Akuntansi, Ekonomi dan Manajemen Bisnis
Publisher : Pusat Riset dan Inovasi Nasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55606/jaemb.v6i1.9090

Abstract

This study conducts a conceptual analysis through literature studies on the relationship between foreign exchange rates and inflation on stock prices within the context of international financial management. The research aims to examine how fluctuations in foreign exchange rates and inflation levels affect the performance of company stocks, focusing on theories of international economics and finance. Through an in-depth review of recent literature, it is found that unstable foreign exchange rates can increase risks for foreign investors, while high inflation tends to depress stock values by reducing purchasing power and profitability. The analysis reveals a negative relationship between inflation and stock prices, as well as complex interactions with exchange rates influenced by global monetary policies. The conclusion emphasizes the importance of hedging strategies and portfolio diversification to manage these risks, providing insights for international finance practitioners.
ANALISIS KINERJA KEUANGAN BERDASARKAN RASIO LIKUIDITAS DANRASIO PROFITABILITAS PADA PT POS INDONESIA (PERSERO) Hilma Shofwatun; K Kosasih; Liya Megawati
KRISNA: Kumpulan Riset Akuntansi Vol. 13 No. 1 (2021): KRISNA: Kumpulan Riset Akuntansi
Publisher : Faculty of Economics and Business, Universitas Warmadewa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22225/kr.13.1.2021.59-74

Abstract

Laporan keuangan perusahaan dapat dinilai dengan menganalisis rasio keuangan. Rasio keuangan terdiridari beberapa kelompok seperti rasio likuiditas, leverage, dan profitabilitas. Penelitian ini menggunakan data sekunder yang diperoleh secara tidak langsung dari hasil laporan keuangan PT Pos Indonesia (Persero) dengan alat ukur menggunakan rasio likuiditas (Current Rasio, Quick Rasio, dan Cash Rasio) dan rasio profitabilitas (Net Profit Margin, Return On Asset, dan Return On Equity). Penelitian ini menggunakan metode kuantitatif dengan model analisis deskriptif dengan tujuan untuk menganalisis rasio keuangan sehingga setelah dianalisis perusahaan dapat mengetahui dan dapat menilai apakah nilai rasio-rasio keuangan perusahaan dapat memenuhi standar industri atau sebaliknya. Berdasarkan hasil penelitian bahwa hasil dari penilaian kinerja keuangan pada PT Pos Indonesia (Persero) mengalami fluktuatif atau ketidak stabilan kinerja keuangan PT Pos Indonesia (Persero). Pada rasio likuiditas dapat dikatakan dalam kondisi kurang baik dengan metode Current Rasio dan Quick Rasio tidakmemenuhi standar industri, sedangkan Cash Rasio mampu mencapai standar industri yang telah ditetapkan. Kemudian pada rasio profitabilitas dapat dikatakan dalam kondisi kurang baik, sehingga hasil analisis ROA tidak memenuhi standar industri, hasil analisis ROE cenderung tidak stabil, dan hasil analisisNPM mengalami penurunan selama empat tahun sehingga tidak memenuhi standar industri dan mengalami kenaikan yang cukup signifikan selama satu tahun terakhir di tahun 2017.
A Purchase Decision Behavior Model by Generation Z: The Mediating Role of Consumer Motivation Ajat Sudrajat; Danang Kusnanto; Liya Megawati; Nadya Millasyfa; Dinda Mardiah; Ayu Oktavianita
Sharia Economic and Management Business Journal (SEMBJ) Vol. 7 No. 2 (2026): Sharia Economic and Management Business
Publisher : Yayasan Darussalam Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62159/sembj.v7i2.2324

Abstract

Background: Given Generation Z’s significant dependence on e-commerce platforms, it is crucial to understand how they shop in the digital economy. However, limited studies have examined how affiliate marketing and advertising influence actual purchase decisions, particularly when mediated by consumer motivation. Method: A quantitative explanatory design was employed using a survey of 200 Generation Z respondents aged 18 to 26 who actively make online purchases. Data were collected through a structured questionnaire and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4.0. A bootstrapping approach was applied to test the mediation effect. Results: The findings indicate that advertising has a significant influence on consumers’ purchase decisions (β = 0.578, p < 0.05), whereas affiliate marketing does not. Both affiliate marketing and advertising positively influence consumer motivation; however, motivation does not significantly affect purchase decisions Conclusion: These findings advance motivation theory by highlighting the greater influence of external digital stimuli over intrinsic drivers in shaping Generation Z’s purchasing behavior. Practically, the study suggests that Indonesian e-commerce platforms, such as Shopee and Tokopedia, should prioritize interactive and storytelling-based advertising combined with urgency-driven strategies (e.g., flash sales and exclusive promotions) to enhance purchase effectiveness
Pengaruh Modal Asing Dan Stabilitas Ekonomi Terhadap Foreign Direct Investment(FDI) Di Sektor Pariwisata Periode 2020-2024 Rizky Apriluviar; Liya Megawati; Kosasih Kosasih; Suhono Suhono
JURNAL ADMINISTRASI & MANAJEMEN Vol 16, No 2 (2026): Jurnal Administrasi dan Manajemen
Publisher : Universitas Respati Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52643/jam.v16i2.7376

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh modal asing dan stabilitas ekonomi terhadap Foreign Direct Investment (FDI) di sektor pariwisata Indonesia periode 2020–2024. Menggunakan pendekatan kuantitatif dengan data sekunder dari BKPM, BPS, dan Kementerian Pariwisata, penelitian ini menganalisis menggunakan regresi linier berganda melalui perangkat lunak SPSS versi 25. Hasil penelitian menunjukkan bahwa baik secara parsial maupun simultan, modal asing dan stabilitas ekonomi tidak berpengaruh signifikan terhadap FDI di sektor pariwisata. Nilai Adjusted R² sebesar 0,141 mengindikasikan bahwa hanya 14,1% variasi FDI dapat dijelaskan oleh kedua variabel tersebut, sementara sisanya dipengaruhi oleh faktor lain di luar model. Penelitian ini memberikan implikasi bahwa faktor-faktor lain seperti kebijakan investasi, nilai tukar, dan stabilitas politik perlu dipertimbangkan dalam menarik FDI di sektor pariwisata.
Impact of Inflation and the Rupiah Exchange Rate on Stock Returns in Indonesia: Evidence from Monthly Data (2020–2024) Aurel Dafina Rezka Firdaus; Suhono Suhono; Liya Megawati
BIMA Journal (Business, Management, & Accounting Journal) Vol. 7 No. 1 (2026)
Publisher : Perkumpulan Dosen Muda (PDM) Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37638/bima.7.1.677-684

Abstract

Purpose: This study examines the effect of inflation and the rupiah exchange rate on stock returns in the Indonesian stock market during the period January 2020 to December 2024. Methodology: This study employed a quantitative explanatory design using monthly secondary data obtained from Bank Indonesia (BI) and the Central Statistics Agency (BPS). The data were analysed using multiple linear regression with SPSS version 26. Results: The results indicate that inflation and the rupiah exchange rate do not have a significant effect on stock returns, either partially or simultaneously. The coefficient of determination (R²) of 0.055 shows that inflation and the exchange rate explain only 5.5% of the variation in stock returns, while the remaining 94.5% is explained by other factors outside the model. Findings: These findings suggest that stock return movements in Indonesia during the post-COVID-19 period are driven primarily by variables beyond inflation and exchange rate dynamics. Novelty & Originality: This study offers novelty by examining the post-pandemic period (2020–2024), a unique economic recovery phase rarely explored in prior research on macroeconomic determinants of stock returns in Indonesia. Conclusions: The study concludes that investors should consider other macroeconomic and firm-specific factors beyond inflation and exchange rates. Type of Paper: This paper is an empirical research paper.