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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 Jurnal Ilmiah Akuntansi dan Bisnis Jurnal Ekonomi Kuantitatif Terapan 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 IQTISHADIA 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) 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
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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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.
Integration of Green Innovation in Default Risk Management with Altman's Z"-Score and ZMIJEWSKI'S Zm-Score Jemitra, Jemitra; Wibowo, Buddi
Eduvest - Journal of Universal Studies Vol. 5 No. 9 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i9.51361

Abstract

This study analyzes the effect of green innovation on the default risk of non-financial companies in Indonesia and China during the period 2018–2024. Both countries were selected because they have banking-based financial systems but face different environmental challenges. Default risk is measured using a combined accounting-based approach, namely Altman's Z”-Score, and Zmijewski's ZM-Score. The estimation results using the Fixed Effect Model show that in aggregate, green innovation has no significant relationship with default risk. However, when analyzed per country, the effect of green innovation is proven to be significant and negative on default risk in companies in China, while in Indonesia the relationship is not statistically significant. These findings indicate that the effectiveness of green innovation as a financial risk mitigation strategy is greatly influenced by institutional readiness and national policies. This study provides important insights for policymakers and market players in developing countries regarding the importance of supporting the green innovation ecosystem to strengthen financial stability.
Analysis of Factors Influencing Credit Insurance Claims at PT Asuransi Kredit Indonesia: A Logistic Regression Approach Akbar, Lolita; Wibowo, Buddi
EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis Vol 13 No 4 (2025): Oktober
Publisher : UNIVED Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37676/ekombis.v13i4.8513

Abstract

This study aims to analyze the factors influencing the occurrence of claims in credit insurance at PT Asuransi Kredit Indonesia (Askrindo) using a binary logistic regression approach. The analysis was conducted on 14,331 insurance policy records from the period 2021 to 2024, encompassing variables such as regional classification, insured value, premium, gender, age, credit type, insurance duration, and business source. The results reveal that region, debtor age, and credit type have a statistically significant effect on claim probability, with Region III and debtors aged above 55 exhibiting the highest likelihood of claim occurrence. In contrast, insured value and premium show no significant impact, indicating that the current underwriting process may not adequately reflect default risk. The logistic regression model successfully identified seven significant variables and passed all model fit and multicollinearity tests. These findings carry strategic implications for strengthening credit risk management, particularly in refining underwriting policies, improving debtor creditworthiness assessments, and ensuring financial sustainability amid increasing exposure to MSME guarantee programs.
ANALISIS HUBUNGAN PASAR SAHAM INDONESIA DENGAN PASAR SAHAM BLOK BRICS SAAT TERJADI KRISIS Alfadjri, Muhammad Rummy; Wibowo, Buddi
Jurnal Maneksi (Management Ekonomi Dan Akuntansi) Vol. 14 No. 2 (2025): JUNI
Publisher : Politeknik Negeri Ambon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31959/jm.v14i2.3039

Abstract

Introduction: This study aims to identify the causal relationship between the Indonesian stock market and the stock markets of BRICS countries (Brazil, Russia, India, China, and South Africa) during the early period of the COVID-19 pandemic in 2020. The pandemic triggered global uncertainty and led to increased volatility in international financial markets, including Indonesia. Method: This quantitative research utilized secondary data comprising daily closing prices of stock indices: IHSG (Indonesia), BOVESPA (Brazil), RTS (Russia), BSE (India), SSE (China), and FTSE (South Africa), spanning from January to December 2020. These data were transformed into logarithmic daily returns. The analysis was conducted using the Granger causality test. Results: The results revealed a one-way causal relationship from the Brazilian and South African stock markets to the Indonesian market, a two-way relationship between the Russian and Indonesian markets, and no significant causality with the Indian and Chinese markets. These findings indicate that the Indonesian stock market is vulnerable to global market dynamics, especially those of the BRICS countries during crises. This research offers valuable insights for investors and policymakers in formulating risk management strategies.
Analysis of Asset Growth Anomaly on Cross-Section Stock Returns: Evidence from Indonesia Stock Exchange Iqbal, Muhammad; Wibowo, Buddi
Journal of Economics, Business, and Accountancy Ventura Vol. 19 No. 3 (2016): December 2016 - March 2017
Publisher : Universitas Hayam Wuruk Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/jebav.v19i3.515

Abstract

Assorted types of market anomalies occur when stock prices deviate from the prediction of classical asset pricing theories. This study aims to examine asset growth anomaly where stocks with high asset growth will be followed by low returns in the subsequent periods. This study, using Indonesia Stock Exchanges data, finds that an equally-weighted low-growth portfolio outperforms high-growth portfolio by average 0.75% per month (9% per annum), confirming existence of asset growth anomaly. The analysis is extended at individual stock-level using fixed-effect panel regression in which asset growth effect remains significant even with controlling other variables of stock return determinants. This study also explores further whether asset growth can be included as risk factor. Employing two-stage cross-section regression in Fama and Macbeth (1973), the result aligns with some prior studies that asset growth is not a new risk factor; instead the anomaly is driven by mispricing due to investors’ overreaction and psychological bias. This result imply that asset growth anomaly is general phenomenon that can be found at mostly all stock market but in Indonesia market asset growth anomaly rise from investors’ overreaction, instead of  playing as a factor of risk.
Analysis of The Volatility and Asymmetric Stocks Information in The Energy Sector on The Indonesia Stock Exchange 2021-2024 Kusmini, Tuti; Wibowo, Buddi
Eduvest - Journal of Universal Studies Vol. 5 No. 10 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i10.51300

Abstract

Introduction/Main Objectives: This paper examines the relationship between market uncertainty and asymmetric information in the Indonesian energy sector from 2021 to 2024, using the World Uncertainty Index (WUI) as a measure of global economic and political uncertainty. Background Problems: The study is driven by heightened uncertainty due to major global events such as the COVID-19 pandemic and the Russia-Ukraine conflict, which have introduced significant volatility into the market. Novelty: This research uniquely focuses on the Indonesian energy sector, an underexplored area in global finance, and uses the World Uncertainty Index (WUI) to link global uncertainties with the performance of Indonesia's developing energy market. Research Methods: Employing a regression model, the study investigates the causal relationship between stock market volatility and asymmetric information. Results: The findings reveal that increased volatility negatively impacts market efficiency, indicating that uncertainty and information gaps hinder the market’s ability to fully reflect available information. Conclusion: the study highlights the significant impact of market uncertainty and asymmetric information on stock market volatility and efficiency in Indonesia’s energy sector, offering valuable insights for improving investment strategies and policy formulation in a volatile global environment
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, Lolita Akbar, Moh Abrori Alfadjri, Muhammad Rummy Anas Lutfi Asrudin, Rudi Bagus Adhi Luthfi Budhi Santoso, Pungkas 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 Kusmini, Tuti Lazuardi, Eduardo Martono Tampubolon Mochamad Yusuf Alsagaff Muhammad Budi Prasetyo Muhammad Iqbal Muhammad Iqbal Muhammad Pudjianto Murdani, Ahmad Dwi Mutiara Hikmah Nur Astiwi, Putri Pittauli Lidia Simanjuntak Pribadi, Sukma Kukuh Putri Nur Astiwi Rasyadan, Resa Robertho, Valentino Robertho, Valentino Shasazuhni, Mohamad Shidiq, Imaduddin Siantoro, Andree Prasetyo Stefano, David Subhiksa, Siwa Kantha Teuku Sadri Ramadhan Titis Fatarina Mahfirah Wibowo, I. G. B. Erri Wilbert Ham