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All Journal Jurnal Ekonomi Pembangunan Jurnal Reviu Akuntansi dan Keuangan Economic Journal of Emerging Markets 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 Journal of Degraded and Mining Lands Management 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 EkBis: Jurnal Ekonomi dan Bisnis Jurnal Akun Nabelo : Jurnal Akuntansi Netral, Akuntabel, Objektif Journal of Management - Small and Medium Enterprises (SME's) Jurnal Perspektif Pembiayaan dan Pembangunan Daerah Journal of International Conference Proceedings Jurnal Ekonomi dan Binsis 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 Agriculture, Biological Sciences & Forestry Humanities Biochemistry, Genetics & Molecular Biology 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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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 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.
The Role of Foreign Investment and Domestic Investment in Indonesia's Gross Domestic Product (GDP) Kaluge, David; juniarti, Titin; Sudarnice, Sudarnice
Jurnal Ekonomi & Bisnis Vol 4 No 2 (2025): Jurnal Ekonomi dan Bisnis
Publisher : Politeknik Baubau

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.57151/jeko.v4i2.1068

Abstract

This research is important to provide a clear picture of Indonesia's economic dynamics and to support better decision-making in economic policy. Increased domestic investment is not enough to drive overall economic growth, and foreign investment is also not in line with the increase in domestic investment due to a mismatch between domestic investment and expected economic growth outcomes. The purpose of this study is to analyze the role of foreign investment and domestic investment on Indonesia's Gross Domestic Product (GDP). This study uses time series data from 2014-2023. The results of this study indicate that Foreign Direct Investment (FDI) does not have a significant positive effect on Indonesia's Gross Domestic Product (GDP). Although it shows a positive direction, the effect is not significant, so increasing foreign investment is still needed to drive the growth of Indonesia's Gross Domestic Product (GDP). Domestic Direct Investment (DDI) has a significant positive effect on Indonesia's Gross Domestic Product (GDP). This indicates that PMDN significantly contributes to GDP growth in Indonesia, with a stronger role than foreign investment. Simultaneously, foreign investment and domestic investment had a positive and significant impact on Indonesia's Gross Domestic Product (GDP) from 2014 to 2023. This indicates that although domestic investment had a partial negative impact, both simultaneously still made a positive contribution to economic growth.
PENGARUH BEBERAPA VARIABEL MAKROEKONOMI DAN INDEKS PASAR MODAL DUNIA TERHADAP PERGERAKAN INDEKS HARGA SAHAM GABUNGAN (IHSG) DI BEI Wijayanti, Anis; Kaluge, David
Jurnal Ilmiah Mahasiswa FEB Vol. 1 No. 2
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

Perkembangan pasar modal suatu negara banyak dipengaruhi oleh kondisi internal yakni makro ekonomi negara dan faktor eksternal yakni berasal dari pengaruh negara lain. Penelitian ini bertujuan untuk menganalisis pengaruh beberapa variabel makroekonomi dan indeks pasar modal dunia terhadap pergerakan IHSG di BEI. Variabel yang digunakan dalam penelitian adalah pertumbuhan GDP, kurs Rupiah terhadap Dollar, inflasi, SBI, DJIA dan Nikkei 225 (independent variable) serta IHSG (dependent variable). Jenis data berupa data sekunder yang diperoleh dari website terkait dengan periode waktu pengamatan yakni mulai tahun 2005 hingga 2012. Metode penelitian yang digunakan adalah Error Correction Model (ECM). Hasil penelitian menunjukkan bahwa dalam jangka pendek maupun jangka panjang pertumbuhan GDP berpengaruh positif terhadap IHSG, kurs Rupiah terhadap Dollar mempunyai negatif dan signifikan terhadap IHSG baik dalam jangka pendek maupun jangka panjang, Inflasi mempunyai korelasi positif terhadap IHSG namun tidak signifikan baik dalam jangka pendek maupun jangka panjang, SBI dan IHSG mempunyai hubungan negatif dan tidak signifikan, (DJIA) mempunyai korelasi positif dan signifikan terhadap IHSG, Nikkei 225 mempunyai korelasi negatif dan tidak signifikan terhadap IHSG. Nilai R2 sebesar 0,701 menunjukkan bahwa variabel bebas yang digunakan dalam penelitian telah berkontribusi dalam pembentukan IHSG sebesar 70% sedangkan 30% kekurangan dibentuk oleh variabel lain diluar model penelitian. Kata kunci : IHSG, makroekonomi, DJIA, Nikkei 225, ECM
ANALIS PENGARUH POLA PERTUMBUHAN PADA KEMISKINAN DI PROVINSI DKI JAKARTA Firmansah, Rudi; Kaluge, David
Jurnal Ilmiah Mahasiswa FEB Vol. 1 No. 2
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

Kajian ini meneliti tentang pro poor growth DKI Jakarta dan pengaruh  sektor-sektor  ekonomi dan jumlah penduduk terhadap kemiskinan  di Provinsi DKI Jakarta tahun 2005-2011. Alat yang digunakan untuk mengkategorikan pro poor growth adalah Poverty Equivalent Growth Rate (PEGR) dan  untuk mengetahui pengaruh faktor-faktor terhadap kemiskinan digunakan analisis data panel. Dari hasi kedua analisis tersebut dapat ditarik kesimpulan pertumbuhan di DKI Jakarta lebih didominasi oleh pertumbuhan yang tidak pro poor. Dan sektor kontruksi berpangaruh negatif terhadap kemiskinan sedangkan sektor jasa keuangan, real estate dan jasa perusahaan berpengaruh positif terhadap kemiskinan. Kata kunci: Pro poor growth, data panel kemiskinan. jumlah penduduk , sektor-sektor ekonomi.
ANALISIS PENGARUH FAKTOR FUNDAMENTAL DAN KONDISI EKONOMI TERHADAP RETURN SAHAM (Studi Kasus pada Perusahaan Perbankan (BUMN) yang Terdaftar di Bursa Efek Indonesia Periode 2005 – 2012) Sari, Winda; Kaluge, David
Jurnal Ilmiah Mahasiswa FEB Vol. 1 No. 2
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

Memperoleh return (keuntungan) merupakan tujuan utama dari aktivitas perdagangan para investor di pasar modal. Penelitian ini bertujuan untuk menganalisis pengaruh faktor fundamental yaitu EPS, ROA, dan PBV sedangkan kondisi ekonomi yaitu inflasi dan tingkat suku bunga SBI terhadap return saham. Penelitian ini menggunakan sampel dengan data kuartal dari  bulan Januari 2005 sampai Desember 2012. Jumlah populasi penelitian ini adalah 4 perusahaan dan setelah melewati tahap purposive sampling jumlah sampel menjadi 3 perusahaan. Teknik analisa yang akan dipakai dalam penelitian ini adalah error correction model (ECM) untuk mengetahui keterkaitan variabel variabel fundamental perusahaan serta kondisi ekonomi dengan return saham pada perusahaan perbankan (BUMN). Hasil penelitian ini menunjukkan bahwa variabel EPS, ROA berpengaruh positif dan signifikan dalam jangka panjang maupun jangka pendek. Berbeda dengan PBV berpengaruh positif dan signifikan terhadap jangka pendek tetapi pada jangka panjang berpengaruh negatif signifikan. Sedangkan variabel inflasi berpengaruh positif tidak signifikan dan SBI berpengaruh negatif tidak signifikan terhadap return saham.   Kata kunci : EPS, ROA, PBV, Inflasi, suku bunga SBI dan return saham
Co-Authors Achmad Usman Maulana Agnes Quartina Pudjiastuti Agus Suman Alan Smith Purba Aldila, Exi Alfarado, Rafael Amrullah, Muhammad Mukhlis Amrullah, Muhammad Mukhlis Anis Wijayanti Anis Wijayanti Antonius Nugroho Adi 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 Ekawati, Marlina Fadilah, Anisa Fajriana, Nadia Fauzan Aryaputra Firnanda Novita R Fithri, Naylal Frederic Winston Nalle Heni Pujiastuti Hernanda, Bima Hertanti Wahyurina Ida Ayu Purba Riani Idah Zuhroh Ivan Purnama Putera Jannah, Yana Raudhatul Jibril, Hadira Thumaninah Juniarti, Titin 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 Nindita, Divya Ratna 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 Salsabilla, Andien Febia Santoso, Pramana Ridha Saputro, Arif Sari, Agatha Christy Permata Setyastrini, Ni Luh Putri Silvi Asna Prestianawati Sim, Yulia Melyanda Sir, Monsar Marito Siswahyudianto Situmorang, Trisna Vela Smith, Alan Subhan Purwadinata, Subhan Sudarnice, Sudarnice Susanto, M. Harri Trisna Trisna, Trisna Umiriyana, Umiriyana Uswatun Hasanah, Dinda Wahyudi widowati widowati Winda Sari Yogi Pasca Pratama, Yogi Pasca Yohanes Hadi Soesilo Yon Widiyono Yusi Pramandari Zuhdiyaty, Noor