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All Journal JEJAK Journal of Economics, Business, & Accountancy Ventura Jurnal Sosioteknologi Asia-Pacific Management and Business Application Jurnal Bina Praja Management and Economics Journal (MEC-J) Economics and Finance in Indonesia Jurnal Kepariwisataan Indonesia: Jurnal Penelitian dan Pengembangan Kepariwisataan Indonesia Jurnal Ekonomi Indonesia Jurnal Ekonomi Jurnal Kebijakan Ekonomi Eduvest - Journal of Universal Studies Jurnal Ekonomi dan Pembangunan Indonesia Economic and Finance in Indonesia
Chaikal Nuryakin
Departemen Ilmu Ekonomi, Fakultas Ekonomi Dan Bisnis, Universitas Indonesia
Aerospace Engineering Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Energy Engineering Environmental Science Health Professions Law, Crime, Criminology & Criminal Justice Library & Information Science Neuroscience Public Health Social Sciences

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Bitcoin in Indonesia: Hedging or Investment Instrument? Wardoyo, William; Nuryakin, Chaikal; Hambali, Sean
Jurnal Ikatan Sarjana Ekonomi Indonesia Vol 9 No 3 (2020): December
Publisher : Jurnal Ekonomi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52813/jei.v9i3.62

Abstract

Uncertainties might compel many investors to hedge by buying globally traded assets, such as Bitcoin, which has also been used as a means of payment in several countries. Bitcoin does not originate from any centralized authority and cannot entirely be controlled; therefore, Bitcoin usage might potentially pose issues to the monetary authorities within a country. This paper analyzes the effect of both global and domestic uncertainty on Bitcoin's demand in Indonesia. Our result suggests that Bitcoin is used for hedging against uncertainties. The monetary policy implications of our results are also discussed.
Relationship Fintech Development and the Performance of Financial Industry Azelia, Faiza Nur; Nuryakin, Chaikal
APMBA (Asia Pacific Management and Business Application) Vol. 13 No. 3 (2025)
Publisher : Department of Management, Faculty of Economics and Business, Brawijaya University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/ub.apmba.2025.013.03.5

Abstract

This study identifies the relationship between the fintech development and the performance of companies in the financial industry listed on the Indonesia Stock Exchange (IDX) from 2017-2023. This research uses the number of fintech firms as a proxy for fintech development and net profit margin, return on assets, and return on equity as proxies for company performance. Utilizing the One Step Estimator Arellano-Bond model, the analysis reveals a significant impact of the number of fintech firms on the performance of companies in the financial industry, specifically within the non-bank sub-sector, as indicated by return on equity. The study concludes that an increase in the number of fintech firms in Indonesia can decrease the return on equity for companies in the financial industry and within the non-bank sub-sector. This effect is attributed to the high initial costs incurred from technology investments for financial firms to remain competitive.
Analisis Kepemilikan Sertifikat Tanah terhadap Akses Pinjaman Rumah Tangga Azzis, Abdul Azzis; Nuryakin, Chaikal
Jurnal Kebijakan Ekonomi Vol. 18, No. 2
Publisher : UI Scholars Hub

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Abstract

This study aims to examine the impact of land certificate ownership on access to loans from formal financial institutions. Utilizing data from Indonesia in 2018, we employ logistic regression analysis to investigate the relationship between land certificate ownership and loan access in the country. The examination of land certification in relation to loan access, by distinguishing types of land ownership evidence and loan types, is deemed essential. The findings indicate that the impact of land certification is less effective for low-income households. Beyond ensuring accessible and affordable land certification processes, the government should formulate policies for innovative loan schemes, such as the use of social collateral, to enhance the bankability of this social group.
Pengaruh Transaksi Nontunai Melalui Quick Response Indonesian Standard (QRIS) terhadap Jumlah Tenaga Kerja UMKM Dwiatma, Agni Agrasevy; Nuryakin, Chaikal
Jurnal Bina Praja Vol 17 No 1 (2025)
Publisher : Research and Development Agency Ministry of Home Affairs

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21787/jbp.17.2025.33-41

Abstract

According to data from the Central Statistics Agency for 2022, 66.48% of Indonesians have accessed the internet. This trend supports the rapid development of digitalization in payment systems, particularly with the use of Quick Response Indonesia Standard (QRIS). QRIS aims to enhance transaction efficiency, accelerate financial inclusion, and advance micro, small, and medium enterprises (MSMEs). The shift in consumer behaviour towards digital transactions due to their efficiency and speed has forced MSMEs to adapt by adopting QRIS for their payment systems. This adoption of QRIS by MSMEs will undoubtedly impact their business operations and the number of workers they need. This study uses linear regression with the Two-Stage Least Squares (2SLS) model to examine the relationship between the adoption of QRIS in cashless payment systems and the number of workers required by MSMEs. This approach is applied to address potential endogeneity arising from reverse causality, where QRIS adoption may influence labour demand, but labour capacity might also affect the decision to adopt QRIS, as well as omitted variable bias that could be correlated with both QRIS adoption and employment levels. The result indicates that QRIS has a significant positive direct effect. Although this finding does not align with the Routine-Biased Technical Change (RBTC) theory, which suggests that technology replaces routine workers, the study finds that MSMEs still need workers to serve customers and tally transaction totals (routine workers) before customers make payments through QRIS. Additionally, MSMEs are increasing their workforce by hiring family members or relatives (non-routine workers) to support their operations.
Does Collateral Affect the Access and Loan Payment Behavior of MSMEs? Prihantoro, Lanang Tanu; Nuryakin, Chaikal
Journal of Economics, Business, and Accountancy Ventura Vol. 23 No. 2 (2020): August - November 2020
Publisher : Universitas Hayam Wuruk Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/jebav.v23i2.2336

Abstract

Various problems regarding the distribution of revolving funds at the Ministry of Cooperatives and SMEs have prompted the government to transfer its management through LPDB-KUMKM (Revolving Fund Management Institution for Cooperatives and MSMEs) for the sake of financial accountability and professionalism. Several improvements have been made, among others, through collateral and service rates that have never been applied before. The service rate was applied first, with a value lower than the bank interest rate. This study examines the impact of collateral and service rates on the loan default rates. This study uses data of loan developments of LPDB-KUMKM partners from the beginning to 2018. The Logit Regression Model is used to support the analysis. This study's results indicate that collateral has a negative correlation with the growth in loan default rates. This study's results are expected to be taken into consideration by the government in regulating financing needs, especially regarding collateral and service rates, so that the accessibility of MSMEs to obtain financing from LPDB-KUMKM will increase.
Peningkatan Kinerja Industri Manufaktur di Indonesia Melalui Penurunan High Cost Economy Periode 1990-2003 Gitaharie, Beta Yulianita; Mardanugraha, Eugenia; Nuryakin, Chaikal; Suraya, Suraya
Jurnal Ekonomi dan Pembangunan Indonesia
Publisher : UI Scholars Hub

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Abstract

The economic crises attacking Asian regions in the mid of /997 have brought depressing impacts to Indonesia's economy. Indonesia experiences a declining share of investment- it is even the lowest amongst neighboring countries. Indonesia also ranks the first position in the issue of inefficiency which further discourages investors to invest in Indonesia. The study focuses on the issue of efficiency in the manufacturing industry whose share in the economy tends to increase during 1988-2005 in a higher percentage than in the agriculture and services sectors. The objectives of the study are two-folds, first is to measure the score ofefficiency in the manufacturing industry in order to identify which in industries are classified as efficient, moderately efficient, or less efficient. Secondly is to identify whether there is an association between input factor or output degree ofprotection and the score of inefficiency ofa 5-digit-ISIC industry. The method employs in the study is the stochastic production frontier where efficiency is an explicit function ,of specifically determining factors. The study finds that wood preservative industry has the highest efficiency score, while garment and textile industry has the lowest. The study also discovers there are more industries with less and moderately efficient classification. Sources of inefficiency are from the high output tariffs, which have potential contributions to high price and less competitive products in the market. The study recommends that manufacturing industries with low scores of efficiency should improve their productivities through lower cost of production. The government has to make effort to reduce tariff for finished goods. Taxes on luxurious goods and duty charges for export oriented industries should be eliminated as an alternative to increase efficiency in the manufacturing industry. Comparative advantages, particularly for linkage industries, should be improved.
Financial Inclusion and Laku Pandai Program on Individual Bank Profitability: Case Study in Indonesia Setiawan, Ruth Margaretha; Nuryakin, Chaikal
Eduvest - Journal of Universal Studies Vol. 6 No. 2 (2026): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v6i2.52302

Abstract

This study attempts to investigate the effect of the level of financial inclusion and the Laku Pandai program on individual bank profitability. Because from the bank's point of view, profitability is needed for business continuity. This study uses a financial inclusion index with a macro approach where there are three dimensions considered, namely penetration, availability, and usage, which will be processed using two-stage PCA. There are 31 banks that joined Laku Pandai, and all of them will be included in the sample using the Fixed Effect model. The period used in the research is from the initial implementation year of the Laku Pandai program (2015) to 2021. The results of the research show that the effect of financial inclusion on individual bank profitability has yet to be proven. Apart from that, the difference in the implementation of the Laku Pandai program in the control and treatment groups did not produce a significant difference in ROA in this dataset but resulted in a significant negative difference in ROE. Therefore, the authorities need to review the financial inclusion program through banks (bank-based). The behavior of underbanked and unbanked populations' financial transactions may not be in accordance with the banking business model.
Co-Authors Adriana Bella Alin Halimatussadiah Ardianto, Yusuf Azelia, Faiza Nur Azzis, Abdul Azzis Beta Yulianita Gitaharie Dwiatma, Agni Agrasevy Edith Zheng Wen Yuan Eugenia Mardanugraha Fitriansyah, Fitriansyah Gitaharie, Beta Y. Hambali, Sean Hasbi Almegayana Atmawidjaya Hikmawati, Dianur Husnul Rizal I Gede Putra Arsana Juwita Hapsari, Veronika Kasmad Ariansyah Lanang Tanu Prihantoro Muchtar, Pyan Amin Natanael Waraney Gerald Massie Nurfauzi, Ekananda Anggih Perry Warjiyo Prihantoro, Lanang Tanu Putra, Bramastia Candra Pyan A. Muchtar Ratih Damayanti Robby Maulana Sastiono, Prani Setiawan, Ruth Margaretha Su raya Suraya Suraya Wardoyo, William