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All Journal Jurnal Kajian Manajemen Bisnis Jurnal Aplikasi Bisnis dan Manajemen (JABM) E-Journal JBTI : Jurnal Bisnis : Teori dan Implementasi Jurnal Ilmiah Mahasiswa Ekonomi Manajemen Jurnal Komunikasi Journal of Economic, Bussines and Accounting (COSTING) J-MAS (Jurnal Manajemen dan Sains) Owner : Riset dan Jurnal Akuntansi Ekonis : Jurnal Ekonomi dan Bisnis Jurnal Bisnis dan Akuntansi International Journal of Economics, Business and Accounting Research (IJEBAR) Jurnal Ekonomi Manajemen Sistem Informasi Jurnal Informatika Ekonomi Bisnis Enrichment : Journal of Management Cakrawala Repositori Imwi AMAR (Andalas Management Review) Journal of Social Research Indonesian Journal of Economics and Management International Journal of Islamic Business and Management Review Jurnal Manajemen Stratejik dan Simulasi Bisnis Journal of Applied Business and Technology Journal Publicuho e-Jurnal Apresiasi Ekonomi
Fajri Adrianto
Andalas University
Arts Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Languange, Linguistic, Communication & Media Social Sciences

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ANALISIS KINERJA BANK PEREKONOMIAN RAKYAT (BPR) SEBELUM DAN SETELAH BERKOLABORASI DENGAN INOVASI FINTECH LENDING DAN FUNDING Desy Amelia; Masyhuri Hamidi; Fajri Adrianto
Journal Publicuho Vol. 8 No. 3 (2025): August - October - Journal Publicuho
Publisher : Halu Oleo University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35817/publicuho.v8i3.925

Abstract

This study analyses the financial performance of Rural Economic Banks (BPR) before and after collaboration with financial technology (fintech) innovations in lending and funding through Komunal Group, the pioneer of BPR digitalisation in Indonesia. The observation period is divided into two phases: before collaboration (2019–2021) and after collaboration (2022–2024). The study aims to examine the influence of financial variables such as Cash Ratio (CR), Loan to Deposit Ratio (LDR), Non-Performing Loan (NPL), and Operating Expenses to Operating Income Ratio (BOPO) on Return on Assets (ROA) of BPR, as well as to compare financial performance between the two periods. The method used is panel data regression with a Random Effect Model, accompanied by tests for normality, heteroscedasticity, multicollinearity, and autocorrelation. The sample consists of 14 BPRs. The results show no significant difference in ROA between the two periods. However, LDR significantly increased and NPL significantly decreased after collaboration, indicating improved credit distribution and asset quality. CR decreased, although not statistically significant, reflecting a shift in liquid assets toward credit expansion through fintech. BOPO consistently has a significant negative effect on ROA in both periods, emphasising the importance of operational efficiency. This study also highlights the need for adaptive liquidity management and good governance to maintain optimal financial performance.
Ex-Dividend Date and Stock Price Adjustment: A Systematic Literature Review of Global Market Reactions Rinda Fithriyana; Tafdil Husni; Rida Rahim; Fajri Adrianto; Wahyu Febri Ramadhan Sudirman
Jurnal Aplikasi Bisnis dan Manajemen Vol. 12 No. 1 (2026): JABM, Vol. 12 No. 1, January 2026
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.12.1.93

Abstract

Background: The ex-dividend date anomaly remains relevant in modern finance because, despite the predictions of the Efficient Market Hypothesis (EMH) that such arbitrage opportunities should be eliminated, empirical studies consistently show their persistence across different markets and time periods. This endurance highlights the role of real-world frictions, such as taxation differences between dividends and capital gains, transaction costs, and short-sale constraints, which prevent the complete arbitrage of price discrepancies.Purpose: This study aims to analyze the effect of the ex-dividend date on stock price adjustments using the Systematic Literature Review (SLR) approach to identify general patterns, empirical findings, and factors that influence this phenomenon.Design/methodology/approach: This study uses the SLR method by systematically reviewing relevant academic literature from various countries and time periods. The analysis is based on three main theories: Signaling Theory, Efficient Market Hypothesis (EMH), and the Clientele Effect. From an initial 101 articles retrieved (2000–2024), a rigorous screening and eligibility review resulted in 10 studies meeting the inclusion criteria, all of which examined the relationship between ex-dividend dates and stock price adjustments.Findings/Results: The results show that abnormal returns consistently occur around the ex-dividend date across different markets, indicating that price adjustments are not fully explained by dividend payouts. However, the magnitude, direction, and statistical significance of these abnormal returns are not uniform; they vary depending on market characteristics, such as the level of market development, the efficiency of trading systems, and the presence of dividend taxation rules. Company-specific conditions also play a role, with firms with higher liquidity tending to exhibit smoother price adjustments.Conclusion: The findings show that although the efficient market theory states that dividend information is directly reflected in stock prices, there are market anomalies around the ex-dividend date. This indicates that psychological factors and market structure also influence stock price dynamics.Originality/value (State of the art): This study offers originality by conducting a comprehensive global synthesis of research on ex-dividend dates and stock price adjustments, bridging insights from both classical finance theories, such as the Efficient Market Hypothesis and tax clientele effect, and behavioral perspectives that emphasize investor psychology and market frictions. Unlike earlier reviews that focused on single countries or limited periods, this study integrates evidence from diverse markets, including developed and emerging economies, and incorporates recent findings from periods of financial crises, thereby capturing how external shocks shape ex-dividend anomalies in the UK. Keywords:   abnormal return, dividend policy, efficient market, market anomalies, signaling theory
Leveraging the S-O-R Framework to Determine Tourists' Willingness to Revisit Riau Island Keni Keni; Nicholas Wilson; Fajri Adrianto; Purnama Dharmawan; Ai Ping Teoh
Jurnal Komunikasi Vol. 16 No. 1 (2024): Jurnal Komunikasi
Publisher : Fakultas Ilmu Komunikasi Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/jk.v16i1.28668

Abstract

Despite being a popular destination, Riau Island's tourist numbers have declined as of April 2024, and remain lower than those of other Indonesian destinations. Therefore, prompt actions are needed to increase the number of visitors. Therefore, using the stimulus-organism-response (S-O-R) framework, this research delves into the intricate factors that mold individuals' propensity to revisit Riau Island. Employing a survey-centric methodology, an extensive dataset was scrupulously amassed from eligible participants through the deployment of digital questionnaires. Stringent criteria were implemented via purposive sampling, ensuring respondents had frequented Riau Island at least thrice in the preceding two years. The two-month duration of data collection yielded a robust dataset, encompassing a total of 154 responses. The analysis, executed using the Partial Least Squares (PLS) method in SmartPLS 4 software, validates the affirmative impact of both destination quality and destination source credibility on tourist satisfaction and the willingness to revisit. Furthermore, the results disclose that tourist satisfaction functions as a positive mediator in these relationships. This implies that the perceived destination quality and source credibility indirectly contribute to the probability of future visits by positively influencing the overall satisfaction of tourists. These findings not only enrich people’s understanding of the determinants influencing individuals' choices to revisit a destination, but also present valuable implications for enhancing destination management and marketing strategies, ultimately aiming to elevate the overall tourist experience. In essence, this study adds to a refined comprehension of the dynamics underlying repeat visitation behaviors, opening avenues for strategic interventions in the tourism sector.
INTERNSHIP, SOCIAL VALUATION, AND SELF-EFFICACY AS DRIVERS OF ENTREPRENEURIAL INTENTION AMONG VOCATIONAL STUDENTS: A STRUCTURAL MODEL APPROACH Lydiawati Soelaiman; Keni Keni; Fajri Adrianto; Tay Lee Chin
Jurnal Bisnis dan Akuntansi Vol. 27 No. 1 (2025): Jurnal Bisnis dan Akuntansi
Publisher : Pusat Penelitian dan Pengabdian Masyarakat Sekolah Tinggi Ilmu Ekonomi Trisakti

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34208/bh90gt88

Abstract

High unemployment among Indonesian Vocational High School (VHS) graduates highlights a persistent gap between school-acquired competencies and labour market demands. To address this, fostering entrepreneurial intention during early education is essential. This study research expands the entrepreneurial intention framework to the vocational education context in Indonesia, where empirical evidence on the psychological and contextual factors influencing entrepreneurial intention among VHS students remains limited. Specifically, the study examines how internship experience and social valuation influence entrepreneurial intention, with self-efficacy as a mediating variable and entrepreneur education support as a moderating variable. Employing a quantitative design, data were obtained from 160 VHS students in DKI Jakarta who had completed internship programs. The analysis usedPartial Least Squares-Structural Equation Modelling (PLS-SEM) with SmartPLS 4.0. The results show that internship experience and social valuation both increase self-efficacy, which has a strong effect on entrepreneurial intention. While internship experience does not directly lead to entrepreneurial intention, it influences it indirectly through selfefficacy. Social valuation affects entrepreneurial intention both directly and indirectly. The study also finds that entrepreneurial education support strengthens the effect of social valuation on entrepreneurial intention, but not the effect of internship experience or self-efficacy. The findings underscore the significance of social support and practical experience as essential components of entrepreneurial learning in vocational education to strengthen entrepreneurial intention among students.
The Influence of Digital Financial Literacy and Government Support on the Financial Performance of Retail MSMES in Padang City With Digital Payment Adoption as a Mediating Variable Fadhillatul Hidayati; Tafdil Husni; Fajri Adrianto
Jurnal Manajemen Stratejik dan Simulasi Bisnis Vol. 7 No. 1 (2026): Jurnal Manajemen Stratejik dan Simulasi Bisnis
Publisher : Fakultas Ekonomi Universitas Andalas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25077/jmassbi.7.1.16-30.2026

Abstract

This study aims to examine the effect of digital financial literacy and government support on the financial performance of micro, small, and medium enterprises (MSMEs) in the retail sector in Padang City, with digital payment adoption as a mediating variable. Digital payments in this study include the use of e-wallets and QRIS. This research employs a quantitative approach using non-probability sampling with a purposive sampling technique. A total of 100 respondents were obtained through the distribution of questionnaires via Google Forms to retail-sector MSME owners in Padang City who have adopted digital payment systems. Data analysis was conducted using the Structural Equation Modeling– Partial Least Squares (SEM-PLS) method with SmartPLS version 4.0 software. The results indicate that digital financial literacy and government support have a positive and significant effect on digital payment adoption. Furthermore, digital financial literacy, government support, and digital payment adoption have a positive and significant effect on financial performance. Mediation analysis reveals that digital payment adoption significantly mediates the relationship between digital financial literacy and financial performance. However, digital payment adoption does not significantly mediate the relationship between government support and financial performance, indicating that the influence of government support on financial performance is more dominantly exerted through a direct pathway rather than through the mechanism of digital payment adoption.
The Influence of Corporate Social and Governance Pillars on Green Innovation in Southeast Asian Energy Sector Public Companies Amelia Putri; Tafdil Husni; Fajri Adrianto
Jurnal Ekonomi Manajemen Sistem Informasi Vol. 6 No. 3 (2025): Jurnal Ekonomi Manajemen Sistem Informasi (Januari - Februari 2025)
Publisher : Dinasti Review

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/jemsi.v6i3.3745

Abstract

This research aims to analyze the relationship between Corporate Social and Governance pillars and green innovation in the Southeast Asian energy sector. It is a quantitative study that relies on secondary data from Refinitiv Eikon and relevant websites, analyzed using panel data regression with STATA 14 software. The research focuses on public companies in the Southeast Asian energy sector, using purposive sampling based on specific criteria, including operating between 2020-2023, having complete ESG data, and issuing financial statements during this period. This research provides a structured approach to understanding the impact of corporate social pillar includes workforce, human rights, community, and product responsibility, while the governance pillar comprises management, shareholders, and CSR strategies on green innovation in the Southeast Asian energy sector. The results of the study indicate a significant relationship between company performance and green innovation in the ASEAN energy sector. Analysis of sustainable performance variables, based on the ESG categories from the Refinitiv Eikon Database, reveals that social and governance-related scores influence green innovation in companies. Specifically, the workforce score, human rights score, and product responsibility score have a positive and significant relationship with the company’s green innovation, while the community score shows a negative and significant relationship. In terms of governance, the management score has a negative and significant relationship with green innovation, whereas the shareholder score is positively and significantly related to green innovation. The CSR strategy score, although positive, does not have a significant relationship with green innovation in the ASEAN energy sector. This study highlights the importance of social and governance factors in driving green innovation and the need to pay close attention to specific elements that can support the successful implementation of green innovation in this sector.
Determination of Corporate Action Announcement and Market Reaction: : Stock Price and Stock Liquidity Before and Afte Jeli Nata Liyas; Fajri Adrianto
International Journal of Islamic Business and Management Review Vol. 2 No. 1 (2022)
Publisher : Asosiasi Dosen Peneliti Ilmu Ekonomi dan Bisnis Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (269.751 KB) | DOI: 10.54099/ijibmr.v2i1.133

Abstract

This study aims to determine the effect of market reaction in corporate action announcements on stock prices and stock liquidity. This study uses qualitative methods and literature research with reference to the latest journals published by scholars and examines literature books based on the theories discussed, especially in the context of financial management. The results of this study will build a research hypothesis which will be developed in further research by the author. The findings of this study will be continued with data collection and hypothesis testing. Stock data will be taken on stocks listed on the Indonesia Stock Exchange using a purposive sample selection method. It is planned that this study will test the hypothesis using SEM AMOS software version 24 and SPSS Versti 26 to process and screen data. Research will have an impact on increasing understanding for investors who will invest in the Indonesia Stock Exchange.
Co-Authors Abel Tasman Adiya, M. Hasmil Ai Ping Teoh Amelia Putri Amelia Rahmadhani Putri Amrigan Ariza Viska Ramadhan, Bryan Trianda Ginting Cintya Salsabilla Dasatry Dwi Ramadona Dehan Ocdi Milando Deswita Murdiana Desy Amelia Dimas Tristiyono Eka Satria Praja Elita Permanawati Fadhillatul Hidayati Faizah Maya Husna Fany Alfarisi Faradilla Suretno Filardi Rahmadani Fitria Sarah Harif Amali Rivai Hendra Lukito Jeli Nata Liyas KENI KENI Lora Fitria Sari Lorenza Julia Ningri Lydiawati Soelaiman M. Adriansyah Masyhuri Hamidi, Masyhuri Mesy Ayusari Miranda Nuraini Mohamad Fany Alfarisi Muhammad Farras Aroes MUHARJA, FAJRI Nadya Fritanita Julyazti Nanda Nanda Nanda Nanda Nicholas Wilson Olin Nofita Orie Secunda Ayunitantry Purnama Dharmawan Rahmat Eka Putra Ramadinda Risti Rida Rahim Rinda Fithriyana Rinda Fithriyana Rizki Fadhel Robby Hafanos Saputra, Syailendra Eka Sari Mardiani Sri Maryati Sri Wahyuni Lubis Subrini Syafrizal Syafrizal Syukri Lukman Tafdil Husni Tafdil Husni Tafdil Husni Tay Lee Chin Wahyu Febri Ramadhan Sudirman Wardah Awwalin Ikhsaniah Saldi Welliya Elfajri Willa Fatika Sari Yayi Suryo Prabandari Yolanda Eriyani