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All Journal Jurnal Ekonomi Pembangunan Jurnal Reviu Akuntansi dan Keuangan Economic Journal of Emerging Markets Jurnal Ekonomi Kuantitatif Terapan JAKPI Jurnal Pariwisata Pesona Jurnal Keuangan dan Perbankan Jurnal Ilmiah Mahasiswa FEB JAM : Jurnal Aplikasi Manajemen Journal of Indonesian Applied Economics Wacana, Jurnal Sosial dan Humaniora Media Trend: Berkala Kajian Ekonomi dan Studi Pembangunan Dinar: Jurnal Ekonomi dan Keuangan Islam Jurnal Ekonomi dan Studi Pembangunan (Journal of Economics and Development Studies) Jurnal Ilmu Ekonomi dan Pembangunan Jurnal AKSI (Akuntansi dan Sistem Informasi) Bisma: Jurnal Bisnis dan Manajemen Journal of Innovation in Business and Economics JAE (Jurnal Akuntansi dan Ekonomi) Arthavidya Jurnal Ilmiah Ekonomi JAD: Jurnal Riset Akuntansi & Keuangan Dewantara Jurnal Akun Nabelo : Jurnal Akuntansi Netral, Akuntabel, Objektif Journal of Management - Small and Medium Enterprises (SME's) Journal of International Conference Proceedings Contemporary Studies in Economic, Finance and Banking (CSEFB) Jurnal Ilmiah Bisnis dan Ekonomi Asia (Jibeka) Jejak: Jurnal Ekonomi dan Kebijakan
David Kaluge
Fakultas Ekonomi Dan Bisnis Universitas Brawijaya
Religion Humanities Computer Science & IT 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 Other

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Efficiency Analysis Of Financing in Achieving Sustainable Development Goals in East Nusa Tenggara Province Sir, Monsar Marito; Kaluge, David; Saputra, Putu Mahardika Adi
Journal of International Conference Proceedings Vol 6, No 3 (2023): 2023 ICPM Penang Proceeding
Publisher : AIBPM Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32535/jicp.v6i3.2431

Abstract

This study aims to measure the efficiency level of the regency and cities as a decision-making unit with Government Expenditures related to financing the Achievement of Sustainable Development Goals in East Nusa Tenggara Province. This study used the Data Envelopment Analysis method (DEA) with the output-oriented (VRS) using data from 22 regencies/cities. Input variables are health expenditure, education expenditure, housing and public facilities expenditure, economy expenditure, and social protection expenditure. Output variables are SDGs-1,3,4,6,8 and 9 from 2017 until 2021. The results show that from 2017 to 2021 in East Nusa Tenggara Province, Kupang City was efficient in Goals 1, 3, 4, 6, and 9 but not efficient in Goal 8 in 2021, Ngada Regency was efficient in Goals 3 and 4, and East Flores Regency was efficient in Goal 4.
ANALISIS PENGARUH DAMPAK MAKROEKONOMI, KEBIJAKAN PEMERINTAH, DAN KINERJA PERUSAHAAN TERHADAP RETURN SAHAM SEKTOR INFRASTRUKTUR Achmad Usman Maulana; David Kaluge
Contemporary Studies in Economic, Finance and Banking Vol. 3 No. 3 (2024)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/csefb.2024.03.3.17

Abstract

Infrastructure sector stocks experienced a stable and upward trend, even sharply at the end of quarter 2023. In line with the government budget in infrastructure development that continues to increase, supported by the increase in this sector, one of which will contribute to increasing economic growth in Indonesia, therefore the purpose of this research is to analyze the effect of macroeconomic impacts, government policies, and company performance on infrastructure sector stock returns. Inferential quantitative research with panel data regression analysis techniques is included in this research. With purposive sample method, ten companies were selected, out of 62 companies in the whole population. The type of secondary data is quarterly for the period 2016-2022. The implications of this research as material for investors to invest. Common Effect Model (CEM) is the selected model, the findings prove that partially interest rates, capital expenditures, CR, TATO, ROE, PER, DER, ROA, EPS, NPM, DPR, and DPS have no effect on stock returns. PBV has a significant positive effect on stock returns. Exchange rate, inflation, and DY variables have a significant negative effect on stock returns. Simultaneously, exchange rate, inflation, interest rate, capital expenditure, CR, TATO, ROE, PER, DER, ROA, EPS, PBV, NPM, DPR, DPS, and DY all affect stock returns.
ANALISIS PENGARUH HARGA SAHAM, VOLATILITAS HARGA SAHAM,DAN VOLUME PERDAGANGAN SAHAM TERHADAP BID-ASK SPREAD PERUSAHAAN LQ - 45 (PERIODE 2018 – 2022) Hernanda, Bima; David Kaluge
Contemporary Studies in Economic, Finance and Banking Vol. 3 No. 4 (2024)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/csefb.2024.03.4.20

Abstract

The researcher aims to identify the impact caused by several factors such as trading volume, stock price volatility, and stock prices on the bid-ask spread in several companies on the LQ-45 index list. A quantitative approach is used as a research method and uses panel data regression analysis. The data used is a time series and cross sectional in the time period 2018 to 2022. Based on the research results, it was found that there was a negative and significant influence between stock prices on the bid-ask spread. Apart from that, it was found that there was a positive and significant influence on the price volatility variable and stock trading volume on the bid-ask spread variable. Overall the bid-ask spread is simultaneously influenced by stock price variables, stock price volatility variables and stock trading volume variables.
An Analysis of the Effects of Russia’s Invasion to Ukraine on February 24, 2022 on Energy Stocks in Indonesia Saputro, Arif; Kaluge, David
Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 1 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/csefb.2025.04.1.01

Abstract

The conflict between Russia and Ukraine has had a significant macroeconomic impact, particularly in several economic sectors, including the energy sector, as one of the countries is a major global energy commodity supplier. This study aims to examine the influence of this conflict on Energy stocks, focusing on Abnormal Returns, Trading Volume Activity, Trading Frequency Activity, Bid-Ask Spread, and Market Capitalization. The research employs an Event Study method with a population of 73 companies and a sample of 5 companies based on specific criteria. The results indicate that Abnormal Returns, Bid-Ask Spread returns, and Market Capitalization returns are not significant before and after the event, whereas Trading Volume Activity and Trading Frequency Activity returns are significant both before and after the event
Analysis of Tourism Development Strategies Through Community Based Tourism Models at Maria Village Cultural Tourism Trisna, Trisna; Kaluge, David; Satria, Dias
Journal of International Conference Proceedings Vol 7, No 2 (2024): 2024 ICSM Thailand & AIC Proceeding
Publisher : AIBPM Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32535/jicp.v7i2.3324

Abstract

The variables used in this research are community participation, job creation, relationships between communities, environmental and cultural preservation and cultural tourism in Maria Village. The aim of this research is to determine the influence of community participation, job creation, relationships between communities, environmental and cultural preservation on Maria Village cultural tourism. The population in this study was the Maria Village community, while the sample used was the community who participated in the development of Maria Village tourism. The sampling technique in this research is a simple random sampling technique. The data collection method used (instrument) used was a questionnaire. This research uses quantitative research methods. The results of this research are that community participation (X1) has an effect on Maria Village tourism (Y), job creation (X2) has an effect on Maria Village tourism (Y), relations between communities (X3) has an effect on Maria Village tour (Y). Cultural and environmental sustainability (X4) influences Maria Village tourism (Y).
Cryptocurrency Modeling and Price Prediction Using Markov Switching Autoregressive Model Patricia Juan Aurellia; David Kaluge
JEJAK: Jurnal Ekonomi dan Kebijakan Vol. 17 No. 2 (2024): September 2024
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/jejak.v17i2.2149

Abstract

The emergence of cryptocurrency investment trends has brought the number of registered customers for crypto assets in Indonesia to surpass the number of investors in the capital market. Despite the continuous increase in the number of cryptocurrency investors, a different scenario is depicted by the declining transaction values. This decrease is attributed to the high volatile nature of cryptocurrency coins, which impacts investors’ investment decisions. This research aims to obtain the best model and forecasts related to cryptocurrency prices in order to minimize concerns and potential losses experienced by investors. This research uses the closing price of the five largest market capitalized cryptocurrency coins. The research utilized the Markov Switching Autoregressive method to capture structural changes in the data, allowing it to be used for forecasting. The research findings indicate that the best model for BTC is MS(3)AR(1), the model for BNB is MS(3)AR(1), the model for ETH is MS(3)AR(1), the model for XRP is MS(3)AR(2), and the model for ADA is MS(3)AR(2). The RMSE values indicate that BTC is the coin with the most accurate price prediction compared to other coins.
The Influence of Internal and External Factors on the Composite Stock Price Index Antonius Nugroho Adi; Kaluge, David
Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 2 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/csefb.2025.04.2.10

Abstract

This study aims to analyze the effect of Fundamental Ratios consisting of Return on Equity (ROE), Price to Book Value (PBV), Total Asset Turnover (TATO), Return on Asset (ROA), Return on Investment (ROI), Net Profit Margin (NPM) Firm Size and external factors consisting of inflation, interest rates, exchange rates and coal prices on stock prices in Blue Chip issuers in the energy sector. This research methodology uses a quantitative approach through purposive sampling with 10 Blue Chip issuers in the energy sector in 2017-2022. The data collected will be processed with regression analysis method using tools (E-Views) to determine the extent to which the Fundamental Ratio, Firm Size, and Factors of the Blue Chip issuers in the energy sector in 2017-2022. Fundamental Ratios, Firm Size, and External Factors affect the Share Price Share Price. The results of this study indicate that Return on Equity and Price to Book Value, Return on Invested, Net Profit Margin, Interest Rates and Coal Prices have no effect on stock prices. Total Asset Turnover, Firm Size, Return on Asset, Inflation, and Exchange Rate have a significant effect on stock pric.
The Effects of Financial Inclusion on Non-Performing Bank Loans in Indonesian (The Period of 2013-2024) Ramadhany, Diwa Artha Ramadhany; Kaluge, David
Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 2 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/csefb.2025.04.2.06

Abstract

Financial inclusion in Indonesia has significantly increased, reaching 85.1% in 2022. However, only 51% of the population accesses formal financial services, with the majority of unbanked people engaged in the MSME sector. While MSMEs are the backbone of the economy, integrating unbanked people into the formal financial system may escalate credit risks reflected in Non-Performing Loans (NPL). This study analyzes the impact of financial inclusion on NPL across Indonesia's provinces from 2013 to 2024 using robust regression with Least Trimmed Squares (LTS) estimation to address outliers. The results show that financial service branch office (Access) and MSME credit (Usage) contribute positively to NPL. Macroeconomic factors such as GRDP and unemployment are also significant while inflation does not significantly affect NPL. This study provides insights to enhance financial literacy and manage credit risks, supporting sustainable financial inclusion growth.  
Foreign and Domestic Investments as the Economic Growth Determinants in 34 Indonesian Provinces in the 2015-2023 Period Dyah Putri Sekar Arum; Kaluge, David
Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 2 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/csefb.2025.04.2.02

Abstract

This study examines the relationship between Foreign Direct Investment (FDI) and Domestic Investment (DDI) on economic growth in 34 Indonesian provinces, considering other variables as control variables. The research gap lies in the limited understanding of the relative contribution of FDI and DDI to regional economic growth. The purpose of this study is to analyze the effect of both types of investment and the factors that influence the differences in their flows. The method used is panel data analysis with a quantitative causality approach with the population of GRDP, FDI, and FDI of all provinces in Indonesia using saturated sampling. The research findings show that both FDI and FDI have a significant positive influence on economic growth, but the contribution of each varies between provinces. The implication of this study is that it provides insights for policymakers to design more effective investment strategies, by considering local factors that influence investment success.
The Effects of Macroeconomic Factors and Malaysian and Vietnamese Stock Indices on the Jakarta Composite Index Athaya, Mahadiva Frylia; Kaluge, David
Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 2 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/csefb.2025.04.2.20

Abstract

This study aims to examine the influence of macroeconomic factors (inflation, interest rates, and exchange rates), as well as regional stock indices KLCI (Malaysia) and VNI (Vietnam) on the movement of the Composite Stock Price Index (IHSG) in Indonesia. The background of this research stems from the limitations of previous studies, which tended to focus on domestic factors without considering stock market integration within the ASEAN region. This research adopts a quantitative approach using monthly secondary data from 2020 to 2023, analyzed through the Error Correction Model (ECM) to identify both short-term and long-term effects. The results show that in the long run, inflation, interest rates, and VNI have a positive and significant influence on the IHSG dynamics, with varying degrees of influence depending on the time horizon. The implications of this research highlight the importance of considering regional economic integration in investment strategies and policy making in Indonesia’s capital market.
Co-Authors Achmad Usman Maulana Agus Suman Alan Smith Purba Aldila, Exi Alfarado, Rafael Amrullah, Muhammad Mukhlis Amrullah, Muhammad Mukhlis Anis Wijayanti Antonius Nugroho Adi ARDIANSYAH ARDIANSYAH Athaya, Mahadiva Frylia Aviyanti, Richo Diana Birgitta Dian Saraswati Candra Fajri Ananda Chalid Husen Dias Satria Divya Ratna Nindita Dwidyah Rini, Ayu Dwiyoso, Hertoto Dyah Putri Sekar Arum Ekaviana, Dessy Fadilah, Anisa Fajriana, Nadia Fauzan Aryaputra Firnanda Novita R Fithri, Naylal Heni Pujiastuti Hernanda, Bima Hertanti Wahyurina Ida Ayu Purba Riani Idah Zuhroh Ivan Purnama Putera Jannah, Yana Raudhatul Jibril, Hadira Thumaninah Kasnaeny Karim, Kasnaeny Khusnul Ashar Kristyanto, Visi Saujaningati Lila Rahajeng Majok, Alith Jacob Marius Robert Seran Markus, Morencia Maureen Inesella LT Muhammad Mahdi Muhammad Mahdi, Muhammad Munawar Ismail Nadia Fajriana Nadia Fajriana Nayaka Artha Wicesa Olivia Louise Eunike Tomasowa, Olivia Louise Eunike Paputungan, Rahmita Dwinesia Parinusa, Sisilia Maria Patricia Juan Aurellia Pradani, Amaretta Hanindya Pratama, Laode Ivan Putu Mahardika Adi Saputra Rachmasari, Annisa Rahajeng, Lila Rahmita Dwinesia Paputungan Ramadhani, Febrina Nur Ramadhany, Diwa Artha Ramadhany Richo Aviyanti Rofik, Mochamad Rudi Firmansah Santoso, Pramana Ridha Saputro, Arif Sari, Agatha Christy Permata Setyastrini, Ni Luh Putri Silvi Asna Prestianawati Sir, Monsar Marito Smith, Alan Subhan Purwadinata Susanto, M. Harri Trisna Trisna, Trisna Umiriyana, Umiriyana Uswatun Hasanah, Dinda Wahyudi Winda Sari Yogi Pasca Pratama, Yogi Pasca Yohanes Hadi Soesilo Yon Widiyono Yusi Pramandari Zuhdiyaty, Noor