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All Journal Seruni - Seminar Riset Unggulan Nasional Inoformatika dan Komputer EKSPANSI Indikator: Jurnal Ilmiah Manajemen & Bisnis Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan JAE (Jurnal Akuntansi dan Ekonomi) Economics and Digital Business Review Devotion: Journal of Research and Community Service Journal of Finance and Business Digital (JFBD) Indonesian Journal of Community Services Cel Jurnal Riset Ekonomi dan Akuntansi Jurnal Ekonomi dan Pembangunan Indonesia InJEBA : International Journal of Economics, Business and Accounting Jurnal Ekonomi, Akuntansi dan Perpajakan JER International Journal of Economics, Management and Accounting Akuntansi dan Ekonomi Pajak: Perspektif Global JPM (Jurnal Pengabdian Masyarakat) Ruwa Jurai Research of Economics and Business Scripta Economica: Journal of Economics, Management, and Accounting Global Academy of Business Studies Jurnal Akuntan Publik
Tri Joko Prasetyo
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Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Environmental Science Health Professions Medicine & Pharmacology Nursing Public Health Social Sciences Other

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Market Reactions to Religious National Holidays: Evidence from Idul Fitri and Idul Adha in Consumer Cyclical Firms Listed on the Indonesia Stock Exchange Hassan, Khothibul Umam; Prasetyo, Tri Joko
Indikator: Jurnal Ilmiah Manajemen dan Bisnis Vol 9, No 3 (2025)
Publisher : Universitas Mercu Buana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22441/indikator.v9i3.34641

Abstract

This study examines the impact of Islamic religious holidays Eid al-Fitr and Eid al-Adha on the Indonesian capital market, focusing on abnormal returns (AR) and trading volume activity (TVA) in the consumer cyclicals sector. Using an event study methodology, data from 70 companies listed on the Indonesia Stock Exchange (IDX) from 2018 to 2022 were analyzed. The results indicate a significant market reaction to Eid al-Fitr, with abnormal returns observed on H−3 (three days before) and H+2 (two days after the event, suggesting investor anticipation of increased consumer spending. However, no significant AR or TVA anomalies were detected for Eid al-Adha, likely due to its lesser economic impact. Trading volumes showed no statistically significant changes during either holiday, aligning with the semi-strong form of the Efficient Market Hypothesis (EMH), which posits that public information is rapidly reflected in stock prices. These findings highlight the nuanced influence of cultural and religious events on market behavior, with Eid al-Fitr generating short-term inefficiencies while Eid al-Adha does not. The study contributes to the literature on behavioral finance and market efficiency in emerging economies, offering insights for investors and policymakers on holiday-driven market dynamics.
The Effect of Singapore Interest Rates on the Joint Stock Price Index (JCI) in the Banking Sector Cahya M, Intan; Prasetyo, Tri Joko; Evana, Einde; Amelia, Yunia
Devotion : Journal of Research and Community Service Vol. 3 No. 7 (2022): Devotion: Journal of Research and Community Service
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36418/dev.v3i7.157

Abstract

This research aims to examine the influence to determine the effect of Singapore interest rates on the Jakarta Composite Index (JCI) in the banking sector. This research is a quantitative research. The data were collected using documentation. In order to achieve the goal study, this study was conducted by using the type of proportional sampling method so that as many as 36 banking samples were obtained.The result showed that the Singapore interest rate (SIBOR) had a significant positive effect on the Composite Stock Price Index (CSPI) of the banking sector, this was indicated by the value of sig. on the SIBOR variable of 0.008 <0.05 and has a beta value of -26.527. And has a t-count value of -2.819 < from t-table which is 2.719.
Pengaruh Ukuran Perusahaan, Rasio Profitabilitas, Financial Leverage, Dan Kepemilikan Publik Terhadap Praktik Perataan Laba Pada Perusahaan Sektor Property Dan Real Estate Yang Terdaftar Di Bursa Efek Indonesia Winarsaputri, Nabila; Prasetyo, Tri Joko
Economics and Digital Business Review Vol. 7 No. 1 (2025)
Publisher : STIE Amkop Makassar

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

Abstract

Penelitian ini bertujuan menganalisis pengaruh ukuran perusahaan, rasio profitabilitas, financial leverage, dan kepemilikan publik terhadap praktik perataan laba pada perusahaan sektor properti dan real estat yang terdaftar di Bursa Efek Indonesia (BEI) periode 2021–2023. Data sekunder diperoleh dari laporan keuangan tahunan yang dipilih melalui metode purposive sampling dengan total 65 sampel. Praktik perataan laba diukur menggunakan Indeks Eckel, sedangkan analisis data dilakukan dengan regresi logistik menggunakan SPSS 25. Hasil penelitian menunjukkan bahwa ukuran perusahaan tidak berpengaruh signifikan terhadap praktik perataan laba, sedangkan rasio profitabilitas, financial leverage, dan kepemilikan publik berpengaruh positif dan signifikan. Temuan ini mengindikasikan bahwa semakin tinggi tingkat profitabilitas, leverage, dan kepemilikan publik, semakin besar kecenderungan perusahaan melakukan perataan laba untuk menjaga citra keuangan dan mengurangi asimetri informasi. Nilai Nagelkerke R Square sebesar 35,4% menunjukkan bahwa keempat variabel independen hanya mampu menjelaskan sebagian variasi praktik perataan laba. Penelitian ini diharapkan dapat memberikan kontribusi bagi investor, manajemen, dan literatur akuntansi terkait praktik perataan laba di Indonesia.
Perbandingan Analisis Tingkat Akurasi Menggunakan Metode Altman Z-Score, Springate, Grover, dan Zmijewski: Studi Kasus pada Perusahaan Delisting di Bursa Efek Indonesia Ricardo Herendra; Tri Joko Prasetyo
Jurnal Ekonomi, Akuntansi, dan Perpajakan Vol. 2 No. 4 (2025): November: Jurnal Ekonomi, Akuntansi, dan Perpajakan (JEAP)
Publisher : Asosiasi Riset Ekonomi dan Akuntansi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61132/jeap.v2i4.1590

Abstract

This study aims to compare and analyze the accuracy levels of four financial distress prediction models—Altman Z-Score, Springate, Grover, and Zmijewski—in anticipating the potential bankruptcy of companies subjected to delisting from the Indonesian Stock Exchange (IDX). The delisting phenomenon, which is strongly linked to severe financial deterioration, provided the core motivation for identifying the most reliable predictive instrument, utilizing secondary data from the annual financial reports of delisted companies during the 2019-2023 observation period. Descriptive analysis techniques were employed to calculate the accuracy rate and Type Error for each model. The comparative results consistently indicate that the Springate Model is the most effective, consistent, and accurate model for predicting financial distress in delisted firms, achieving an accuracy rate of 89% in both the first and second years prior to delisting, while the Altman Z-Score model exhibited lower accuracy (68.75% and 62.50%). This key finding emphasizes the superiority of the Springate Model as a crucial diagnostic tool for investors and regulatory bodies in assessing corporate bankruptcy risk.
The Effect of Digitalization on Non Performing Loan and Fee Based Income in Banking Alkahfi, Muhammad Zaid; Prasetyo, Tri Joko; Sudrajat, Sudrajat
Journal of Finance and Business Digital Vol. 3 No. 1 (2024): March 2024
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/jfbd.v3i1.7454

Abstract

This research investigates the influence of mobile banking transactions, technology, and information investment on non performing loan and fee-based income. This study was conducted on commercial banks listed on the Indonesia Stock Exchange during 2018-2022. The purposive sampling method was used to select the sample, and the data came from the bank's annual report. Multiple regression analysis is used to analyze the relationship between variables. Partial test results show that mobile banking transactions have a significant adverse effect on the NPL ratio and a significant positive effect on fee-based income. Meanwhile, technology and information investment does not affect the NPL ratio but significantly positively affects fee-based income. These results show that increasing mobile banking transactions can support non performing loan and fee-based income.
Use of SWOT analysis to select feasible businesses as the mainstay business of BUMDes and MSMEs Marselina, Marselina; Prasetyo, Tri Joko; Ciptawaty, Ukhti; Aida, Neli; Suparta, I Wayan
Indonesian Journal of Community Services Cel Vol. 3 No. 1 (2024): Indonesian Journal of Community Services Cel
Publisher : Research and Social Study Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70110/ijcsc.v3i1.59

Abstract

COVID-19 pandemic, which lasted from 2020 to 2022, has affected the global economy. Activity restrictions had hampered the progress of various business sectors. As a result, there was a decline in economic growth globally. There was even an economic contraction of -13.7% in 2020 and many businesses experienced either setbacks or bankruptcies. Indonesia’s government made various recovery efforts, such as business assistance through village-owned enterprises (BUMDes) activities and capital assistance for MSMEs in the form of people’s business credit (Kredit Usaha Rakyat/KUR). Various trainings and assistance were conducted, but these activities focused more on reporting and administration of funds. The establishment of BUMDes mainly aims to improve the villages’ economy. The selection of BUMDes' mainstay business is highly important to realize the smooth running of the business chosen. For this reason, it is necessary to conduct training on how to select of the mainstay business and calculate the feasibility of the business chosen to be developed so that BUMDes and MSME actors can manage and develop their business properly. The selection can use SWOT analysis, namely by analyzing the strengths, weaknesses, opportunities, and threats of the potential business options. In this community services activity, BUMDes and MSME training was held in Bogorejo Village, Pesawaran Regency, Lampung Province. The results of SWOT analysis reveal that the feasible business options are digital financial services (BRI-Link), agricultural trading (waserda), and waste collection and waste bank. Waserda business aims to help market the local community's products. Waste management business economically generates small profits, but has long-term positive effects, both environmentally and socially. Meanwhile, tourism park and savings and loan are considered not feasible in the long-term, as these businesses are susceptible to bottlenecks and large losses so that they must be managed very carefully.
E-Procurement as a Pillar of Good Governance: A Literature Review of Fraud Prevention Efforts in the Public Sector Marisa Triana Mazta; Rindu Rika Gamayuni; Tri Joko Prasetyo
ROE: Research of Economics and Business Vol. 1 No. 2 (2025): (October) ROE: Research of Economics and Business
Publisher : PT. Altaf Publishing Corp

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70895/roe.v1i2.85

Abstract

This study aims to examine the role of e-Procurement as a pillar of Good Governance in preventing fraud within public sector goods and services procurement in Indonesia. The research employs a literature review approach by analyzing ten reputable national and international journal articles that investigate the relationship between e-Procurement implementation, fraud prevention, and the application of Good Governance principles. The findings consistently reveal that e-Procurement has a significant effect on fraud prevention through enhanced transparency, accountability, and efficiency in the procurement process. Several studies also highlight that its effectiveness depends on key determinants such as human resource competence, internal control systems, regulatory support, and organizational commitment to integrity. Moreover, social factors and community participation serve as complementary mechanisms that strengthen public oversight and transparency. Overall, this study concludes that e-Procurement functions not merely as a technological tool but as a governance instrument that reinforces integrity, accountability, and public trust in achieving clean and transparent government administration. The novelty of this article lies in its integrative synthesis that conceptualizes e-Procurement as both a technological innovation and a governance mechanism, bridging the gap between digital transformation and fraud prevention in the Indonesian public sector.
Evaluasi Akurasi Model Bankometer dalam Memprediksi Financial Distress BPR yang Dicabut Izin Usahanya oleh OJK Siti Atika Azzahrah; Tri Joko Prasetyo
Journal of Economics, Management, and Accounting Vol 1 No 1 (2025): July: Scripta Economica: Journal of Economics, Management, and Accounting
Publisher : CV SCRIPTA INTELEKTUAL MANDIRI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65310/8hm8z625

Abstract

This study aims to evaluate the accuracy of the Bankometer model in predicting financial distress in 22 rural banks (BPR) and rural bank cooperatives (BPRS) whose business licenses were revoked by the Financial Services Authority (OJK) during the period 2022–2024. The background of this study stems from the increasing number of failed rural banks, which indicates that the conventional ratio-based supervisory approach has not been fully effective in detecting early signs of performance decline. The method used is quantitative descriptive analysis using quarterly financial reports as secondary data and applying the Bankometer S-score calculation to classify the level of bank health. The results show that one year before the revocation of licenses, only a small portion of BPRs were in the distress category, while more than half were classified as very healthy. Two years earlier, the entire sample was even in the super sound category, so the model was unable to provide early signals of deteriorating efficiency and asset quality. These findings indicate that Bankometer is less sensitive to the operational dynamics of rural banks. This study concludes that the model needs to be revised to be more adaptive to the characteristics of microbanking risk
Does the Indonesian Capital Market React to Christmas and New Year Holidays? Evidence from LQ45 Companies (2021–2024) Halida Khairiyah; Tri Joko Prasetyo; Niken Kusumawardani
Akuntansi dan Ekonomi Pajak: Perspektif Global Vol. 2 No. 4 (2025): Akuntansi dan Ekonomi Pajak: Perspektif Global (AEPPG)
Publisher : Asosiasi Riset Ekonomi dan Akuntansi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61132/aeppg.v2i4.1754

Abstract

This study examines the stock market reaction to the Christmas and New Year holidays by analyzing abnormal return and trading volume activity for companies consistently listed in the LQ45 Index during 2021–2023. Using a quantitative causal approach and an event study design, the research observes market behavior within a 10 day estimation window and a 10 8day event window surrounding the holiday period. The findings show that abnormal return exhibits limited but notable reactions, with a significant decline observed before the holiday, indicating that investors tend to reduce risk exposure prior to market closure. After the holiday, significant movements still appear, but they remain negative, suggesting that investor activity and confidence have not fully recovered. In contrast, trading volume activity does not show significant differences either before or after the holiday, implying that changes in prices are influenced more by sentiment and price adjustments rather than shifts in trading intensity. These results indicate that the Indonesian capital market demonstrates characteristics of a semi-strong form efficiency, where public information such as national holidays is largely anticipated and absorbed by the market.
The Effect of Environmental Performance and Environmental Disclosure on Market Performance: Financial Performance as a Moderating Variable Saputra, Febi; Prasetyo, Tri Joko; Alvia, Liza
Jurnal Economic Resource Vol. 8 No. 1 (2025): March-August
Publisher : Fakultas Ekonomi & Bisnis Universitas Muslim Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.57178/jer.v8i1.1264

Abstract

This study investigates the effect of environmental performance and environmental disclosure on market performance, with financial performance as a moderating variable. The research is motivated by the growing emphasis on sustainable practices and the market's increasing attention to Environmental, Social, and Governance (ESG) metrics. A quantitative method using explanatory research was applied, with data collected from 34 companies listed in the SRI-KEHATI, ESG, and LQ45 Low Carbon indices on the Indonesia Stock Exchange from 2014–2023. Environmental performance was measured using PROPER ratings, environmental disclosure through the GRI-based CSR Disclosure Index, and market performance via Cumulative Abnormal Return (CAR). Return on Equity (ROE) was used as the moderating variable. The results indicate that neither environmental performance nor disclosure has a statistically significant direct effect on market performance. However, financial performance was found to significantly moderate the relationship between environmental performance and market performance, suggesting that companies with higher ROE can better leverage environmental initiatives to influence investor perceptions. In contrast, financial performance did not moderate the effect of environmental disclosure on market performance, implying that investors may respond more directly to environmental transparency rather than being influenced by financial condition. The findings support signaling and legitimacy theories while highlighting the need for more detailed environmental disclosures. Limitations include the narrow sample and inconsistencies in disclosure timing. Future research should consider larger samples, external market factors, and alternative performance indicators to further explore the nexus between sustainability and financial outcomes.
Co-Authors Aditia Inggit Perdana Alkahfi, Muhammad Zaid Amelia, Yunia Apief Miftahul Huda Aryan Danil Mirza. BR Cahya M, Intan Ciptawaty, Ukhti Desyandri Desyandri Dwi Widya Wati Einde Evana Einde Evana, Einde Ellen Betha Chindo Erani, Indri Fabillah, Ikhsan Habib Farhan Azmi Asavandra Febrina Amelia Valentina Gusektiono Halida Khairiyah Harsono Edwin Puspita Hassan, Khothibul Umam Heryawan, Heryawan I Wayan Suparta . Kamadie Sumanda Syafis Kayla Amanda Liza Alvia Malva Axela Mandavani, Tufahati Ainia Marisa Triana Mazta Marselina Marselina Minggara, Ferdyan Falevi Muhammad Chandra Gunawan Neli Aida Niken Kusumawardani Nisrina Aisya Kesuma Putri Nur Muslima Dwi Yantika Putri, Widya Rizki Putri, Widya Rizki Eka Reni Oktavia Rialdi Azhar Ricardo Herendra Rindu Rika Gamayuni Saputra, Febi Saputro, Arfan Rachmadias Sari Indah Oktanti Sembiring SARING SUHENDRO Siti Atika Azzahrah Sudrajat Sudrajat Susi Sarumpaet Syaipudin, Usep Tubarad, Chara Pratami Tidespania Usep Syaipudin Vinka Triyuni Sarpta Wibowo, Rendi Widya Rizki Eka Putri Winarsaputri, Nabila