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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 Economic and Finance in Indonesia
Chaikal Nuryakin
Departemen Ilmu Ekonomi, Fakultas Ekonomi Dan Bisnis, Universitas Indonesia
Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Energy Engineering Environmental Science Law, Crime, Criminology & Criminal Justice Library & Information Science 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
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): [In Progress]
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.
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 Putra, Bramastia Candra Pyan A. Muchtar Ratih Damayanti Robby Maulana Sastiono, Prani Su raya Wardoyo, William