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All Journal Jurnal Manajemen dan Agribisnis ESENSI: JURNAL BISNIS DAN MANAJEMEN Signifikan : Jurnal Ilmu Ekonomi ETIKONOMI Economic Journal of Emerging Markets Jurnal Siasat Bisnis MATRIK: JURNAL MANAJEMEN, STRATEGI BISNIS, DAN KEWIRAUSAHAAN Jurnal Manajemen Teknologi Jurnal Keuangan dan Perbankan JDM (Jurnal Dinamika Manajemen) Trikonomika: Jurnal Ekonomi Journal of Economics, Business, & Accountancy Ventura JAM : Jurnal Aplikasi Manajemen Indonesian Journal of Business and Entrepreneurship (IJBE) Jurnal Ekonomi Pembangunan: Kajian Masalah Ekonomi dan Pembangunan EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis MIX : Jurnal Ilmiah Manajemen Jurnal Maneksi (Management Ekonomi Dan Akuntansi) Asia-Pacific Management and Business Application Substansi: Sumber Artikel Akuntansi Auditing dan Keuangan Vokasi IJHCM (International Journal of Human Capital Management) Jurnal Bisnis dan Manajemen Economica: Jurnal Ekonomi Islam Jurnal Ekonomi dan Bisnis Syntax Literate: Jurnal Ilmiah Indonesia Inovasi : Jurnal Ekonomi, Keuangan, dan Manajemen Jurnal ASET (Akuntansi Riset) Jurnal Riset Akuntansi dan Keuangan Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan Jesya (Jurnal Ekonomi dan Ekonomi Syariah) JABM JOURNAL of ACCOUNTING - BUSINESS & MANAGEMENT Dinasti International Journal of Education Management and Social Science International Journal of Economics Development Research (IJEDR) Jurnal Ilmiah Manajemen Kesatuan Iqtishadia: Jurnal Kajian Ekonomi dan Bisnis Islam Quantitative Economics and Management Studies BISMA (Bisnis dan Manajemen) Economic Reviews Journal Proceeding of the International Conference on Family Business and Entrepreneurship (ICFBF) Indonesian Capital Market Review Eduvest - Journal of Universal Studies Prosiding Seminar Nasional dan Call Paper STIE Widya Wiwaha
Buddi Wibowo
Department Of Management, Economic And Business Faculty, Universitas Indonesia, Jakarta
Aerospace Engineering Agriculture, Biological Sciences & Forestry Arts Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Energy Environmental Science Health Professions Industrial & Manufacturing Engineering Law, Crime, Criminology & Criminal Justice Mathematics Neuroscience Social Sciences Other

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Herding behavior and sentiment: pre and post-investor domicile code closure in Indonesia stock exchange Subhiksa, Siwa Kantha; Wibowo, Buddi
Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan Vol. 4 No. Spesial Issue 4 (2022): Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan
Publisher : Departement Of Accounting, Indonesian Cooperative Institute, Indonesia

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

Abstract

Previous research has shown mixed results regarding herding behavior in Indonesia. Furthermore, this article analyzes herding behavior in the Indonesian capital market, especially in the conditions before and after the closure of the investor's domicile code as of June 27 2022, by the Indonesian Stock Exchange (IDX). This regulation concerns the closing of foreign and domestic broker codes, which are considered capable of causing herding behavior. Additionally, investor sentiment was also reviewed as a factor that might be contributed to the mixed results of herding behavior in Indonesia. A sample of 607 companies before domicile code closure and 681 companies after domicile code closure were tested using a combination of CSSD and CSAD. The two approaches used to measure show non-significant results of herding both pre and post-closure of domicile code. Investor sentiment was also not seen as a factor that contributed to herding since herding is also non-significant during low or high sentiment before and after the domicile code's closure. Different methods and influencing factors should be considered for further research.
Compliance Risk Management Tax Supervision of Village Government Agencies: Case Study of KPP Pratama Jember Akbar, Moh Abrori; Wibowo, Buddi
SUBSTANSI Vol 8 No 2 (2024): JURNAL SUBSTANSI
Publisher : Politeknik Keuangan Negara STAN

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35837/subs.v8i2.2884

Abstract

Research objective: This research aims to create a compliance risk map for village government agencies (IPDes) in KPP Pratama Jember, to inform monitoring and education priorities Method: In-depth interviews were conducted and analyzed qualitatively using thematic analysis to gain a deeper understanding of the phenomenon under study and machine learning techniques were utilized for data mapping Research findings: The resulting risk map categorized 14 IPDes as high-risk, prioritizing them for targeted supervision and intervention efforts. Practical implication: This research is expected to provide additional insights into the application of CRM to IPDes. The development of IPDes CRM needs to be considered by the Directorate General of Taxes (DGT) to be realized considering that no tool can be used to prioritize IPDes supervision. Furthermore, this study can be a trigger for the development of CRM at the national level, and village tax compliance can be a variable in the distribution of regional transfers Keywords: Compliance Risk Management, village government agencies (IPDes), village income and expenditure allocations (APBDes).
Analisis Pengaruh Perhatian Investor pada Masa Penawaran Umum Perdana (IPO) terhadap Volatilitas Harga Saham Pasca IPO Ahmad Dwi Murdani* dan Buddi Wibowo Murdani, Ahmad Dwi; Wibowo, Buddi
Economic Reviews Journal Vol. 4 No. 1 (2025): Economic Reviews Journal
Publisher : Masyarakat Ekonomi Syariah Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56709/mrj.v4i1.622

Abstract

This study examines the effect of investor attention during the Initial Public Offering (IPO) period on the stock prices volatility after the shares are listed and traded on the Indonesia Stock Exchange (IDX). This study uses data on the shares of issuers who have conducted an IPO on the IDX after the implementation of the electronic Initial Public Offering (e-IPO) mechanism, with the aim of being able to capture the phenomenon of retail investor behavior. The method used in this study is the regression method. This study shows that the level of investor attention during the IPO period influences the stock price volatility on short-term dan medium-term investment horizon.
The Impact of International Portfolio Flows on Exchange Rate Volatility in Emerging Markets in Asia Shasazuhni, Mohamad; Wibowo, Buddi
International Journal of Economics Development Research (IJEDR) Vol. 5 No. 5 (2024): International Journal of Economics Development Research (IJEDR)
Publisher : Yayasan Riset dan Pengembangan Intelektual

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37385/ijedr.v5i4.4372

Abstract

This research explores how inflows of stock and bond portfolios impact the level of volatility in exchange rates, using monthly data from the United States vis a vis seven emerging Asia countries (China Mainland, China Taiwan, The Philippines, India, Indonesia, Malaysia, and Thailand) between 2010 and 2022. The study uses statistical models such as Ordinary Least Square (OLS), Generalized Autoregressive Conditional Heteroscedasticity (GARCH), and Threshold Generalized Autoregressive Conditional Heteroscedasticity (TGARCH). The findings indicate that net stock and net bond flows have a significant impact on exchange rates volatility, and net stock flows have a more significant impact on exchange rates volatility rather than net bond flows..
Comparative Analysis of Hedging Effectiveness in Indonesia’s National Electrical Company: An Evaluation of Ordinary Least Square (OLS), General Autoregressive Conditional Heteroskedasticity (GARCH) and Naïve Dollar-Offset Models Asrudin, Rudi; Wibowo, Buddi
Quantitative Economics and Management Studies Vol. 5 No. 4 (2024)
Publisher : PT Mattawang Mediatama Solution

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35877/454RI.qems2697

Abstract

This study evaluates the hedging effectiveness of Indonesia’s national electrical company, PT PLN (Persero), by comparing Ordinary Least Squares (OLS), Generalized Autoregressive Conditional Heteroskedasticity (GARCH), and Dollar Offset models. Using transaction data from 2018-2023, the analysis shows that the OLS model explains 48.8% of the variance in forward rates, indicating high effectiveness. The GARCH model, while capturing dynamic volatility with an average effectiveness of 4.32%, demonstrates the need for advanced models in volatile conditions. The Dollar Offset method, despite its simplicity, shows a moderate effectiveness of 19.03%. Combining these methods can enhance hedging strategies, providing robust risk management. Future research should expand data sources and periods to further validate findings.
A Comparative Analysis of Asymmetric Transmission across Monetary Policy Regimes on Interest Rate Pass-Through in Indonesia’s Banking Sector Stefano, David; Wibowo, Buddi
Quantitative Economics and Management Studies Vol. 6 No. 3 (2025)
Publisher : PT Mattawang Mediatama Solution

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35877/454RI.qems3985

Abstract

This study examines the interest rate pass-through mechanism in Indonesia by analyzing how changes in the central bank policy rate are transmitted to commercial bank lending and deposit rates. The research focuses on two monetary policy regimes implemented by Bank Indonesia, namely the BI 7-Day Reverse Repo Rate and the new BI Rate introduced after December 2023. Using monthly time-series data from August 2016 to January 2025, the study employs the Error Correction Model and Mean Adjusted Lag to evaluate both the short-term and long-term dynamics of interest rate transmission. The Johansen Cointegration Test is also applied to identify the existence of long-run equilibrium relationships between the policy rate and banking interest rates. The results show that the pass-through process is asymmetric, with lending rates responding more quickly to policy rate increases than deposit rates do to policy rate decreases. The analysis also reveals variation in the speed and completeness of pass-through across the different policy regimes. Specifically, the new BI Rate demonstrates a shorter lag in transmission, suggesting improved responsiveness of the interest rate channel under the updated framework. These findings highlight the evolving nature of monetary policy effectiveness in Indonesia’s financial system and provide a better understanding of interest rate dynamics in an emerging market context.
PROBABILITY OF DEFAULT, INTEREST MARGIN, AND BANK EFFICIENCY: EMPIRICAL TEST OF MERTON MODEL IN INDONESIAN BANKING Wibowo, Buddi
Jurnal Aplikasi Manajemen Vol. 15 No. 2 (2017)
Publisher : Universitas Brawijaya, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (147.809 KB) | DOI: 10.21776/ub.jam.2017.015.02.05

Abstract

Measurement of bank failure risk is still a challenging research problem. This study is aimed to measure the Indonesia banks probability of bankruptcywith Model Merton which has the better predictive power and is based on a far stronger financial theoretical frameworkcompared to the popular bankruptcy prediction model which is categorized by Sundaresan (2013) as a theoretical model such as Altman Z-score model and Ohlson 0 score more popular. The study also examine the relationship of bank efficiency and market power with its probability of default. The test results demonstrate that bank efficiency significantly affects the dynamics of bank's default risk.
Market Power, Types of Ownership and Bank Income Diversification: Cases of Asian Countries Robertho, Valentino; Wibowo, Buddi
JDM (Jurnal Dinamika Manajemen) Vol 9, No 1 (2018): March 2018
Publisher : Department of Management, Faculty of Economics and Business, Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/jdm.v9i1.14648

Abstract

This study aims to analyze the effects of market power and type of ownership on bank’s income diversification in Indonesia, Malaysia, the Philippines, Thailand, and China. Banks diversifies their source of income to stabilize profitability level. Bank’s market power is a critical factor which affect its income diversification efforts. This study uses Lerner Index as a proxy for banks’ market power. By using a sample of 80 banks in five countries from 2012 to 2016 and operating Fixed Effect Model and Generalized Least Square, the result shows that banks with greater market power earn more non-interest income, except in the Philippines. Also, government ownership is proven to heighten the relation between market power and income diversification, with consistent results shown in each subsamples. Foreign ownership also heighten the relation between market power and income diversification, except in Thailand.
Pembiayaan Infrastruktur Dengan Skema Kerja Sama Pemerintah dan Badan Usaha Pada Proyek Preservasi Jalan Lintas Timur Sumatera Oleh PT Adhi Jalintim Riau Yusuf, Mochamad; Wibowo, Buddi
Jesya (Jurnal Ekonomi dan Ekonomi Syariah) Vol 7 No 2 (2024): Artikel Periode Research Juli 2024
Publisher : LPPM Sekolah Tinggi Ilmu Ekonomi Al-Washliyah Sibolga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36778/jesya.v7i2.1713

Abstract

Penelitian ini bertujuan untuk meneliti Pembiayaan Infrastruktur Dengan Skema Kerja Sama Pemerintah dan Badan Usaha Pada Proyek Preservasi Jalan Lintas Timur Sumatera Oleh PT Adhi Jalintim Riau dengan metode pengambilan sampel menggunakan metode kualitatif. Penelitian ini meneliti perbedaan skema pembiayaan infrastruktur dengan skema KPBU dengan skema konvensional dan bagaimana skema KPBU yang dijalankan pada PT Adhi Jalintim Riau, skema pendanaan dan pembayaran pada PT Adhi Jalintim Riau dan dampak bagi kelayakan bisnis bagi PT Adhi Jalintim Riau, penerapan creative finance pada PT Adhi Jalintim Riau dan Analisis Risiko dan Pelaksanaan Proyek PT Adhi Jalintim Riau. Hasil Penelitian ini menghasilkan bahwa skema KPBU merupakan salah satu skema yang terbaik dalam pelaksanaan proyek infrastruktur dengan penerapan creative finance perusahaan dapat menghasilkan manfaat bagi perusahaan terutama berkaitan dengan rasio utang.
Analysis of Failure to Pay Education Fee Receivables at XYZ Institution Rasyadan, Resa; Wibowo, Buddi
Syntax Literate Jurnal Ilmiah Indonesia
Publisher : Syntax Corporation

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36418/syntax-literate.v9i8.16227

Abstract

The XYZ Institution/Agency, as a governmental institution, has the obligation to resolve debts resulting from financial losses. This study aims to analyze the influence of demographic, financing, and educational institution characteristics on the default of educational debt/student loan (State Compensation Claim for Breach of Service Agreement) at the XYZ Agency. To achieve this objective, the study utilizes data on debtors from 1983 to 2022 at the XYZ Agency and employs binary logistic regression analysis. The results of this study indicate that age and receivable value significantly affect the quality of the debtor's receivables. Specifically, debtors who are over 26 years old and have receivable values above IDR 200,000,000 are more likely to default. In contrast, gender and campus status do not significantly impact the default rates. These findings are expected to provide insights for the XYZ Agency in improving the management of state debts, particularly educational debts, and contribute to the development of policies related to debt management in the public sector. This study also provides a comprehensive overview of the variables influencing the default of educational debts at the XYZ Agency, with a focus on the State Compensation Claim (TGR) process at the XYZ Agency.
Co-Authors Adrianto, Adrianto Akbar, Moh Abrori Anas Lutfi Asrudin, Rudi Bagus Adhi Luthfi Budhi Santoso, Pungkas Cindy Anggika Farah Permanasari Firly Armanda Girindra Chandra Alam Hasna Fadhila Hendrikus Passagi I Gde Reza Rizky Margana I. G. B. Erri Wibowo Ida Bagus Teguh Cipta Maya Negara Jemitra Jemitra Kurniawan, Adithya Lazuardi, Eduardo Lolita Akbar Maria Christina Pasaribu Martono Tampubolon Mochamad Yusuf Alsagaff Muhammad Budi Prasetyo Muhammad Iqbal Muhammad Pudjianto Muhammad Rummy Alfadjri Murdani, Ahmad Dwi Mutiara Hikmah Nur Astiwi, Putri Pittauli Lidia Simanjuntak Pribadi, Sukma Kukuh Pungkas Budhi Santoso Putri Nur Astiwi Rasyadan, Resa Robertho, Valentino Robertho, Valentino Robinson Robinson Shasazuhni, Mohamad Shidiq, Imaduddin Siantoro, Andree Prasetyo Stefano, David Subhiksa, Siwa Kantha Teuku Sadri Ramadhan Titis Fatarina Mahfirah Tuti Kusmini Wibowo, I. G. B. Erri Wilbert Ham