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All Journal Economic Journal of Emerging Markets Jurnal Keuangan dan Perbankan JDM (Jurnal Dinamika Manajemen) Journal of Economics, Business, & Accountancy Ventura Asia-Pacific Management and Business Application International Research Journal of Business Studies (E-Journal) EQIEN - JURNAL EKONOMI DAN BISNIS Journal of Humanities and Social Studies Dinasti International Journal of Economics, Finance & Accounting (DIJEFA) Quantitative Economics and Management Studies Devotion: Journal of Research and Community Service Interdisciplinary Social Studies Indonesian Capital Market Review Eduvest - Journal of Universal Studies International Research Journal of Business Studies
Rofikoh Rokhim
Department of Management, Faculty of Economics and Business, Universitas Indonesia
Aerospace Engineering Arts Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Health Professions Languange, Linguistic, Communication & Media Mathematics Neuroscience Public Health Social Sciences

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The Influence Of Agricultural Commodity On F&B Company’s Performance In Indonesia Puguh Setiawan, Rofikoh Rokhim,
INTERNATIONAL RESEARCH JOURNAL OF BUSINESS STUDIES Vol 6, No 1 (2013): April-July 2013
Publisher : Universitas Prasetiya Mulya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (326.983 KB)

Abstract

This research examines the influence of agricultural commodity price movements on stock price and gross profit of food and beverage companies in Indonesia, as well as the effect of volatility prices of agricultural commodities. Using time series data of food and beverages (F&B) companies that are listed at the Indonesia Stock Exchange (IDX),this research calculating the event studies to find the abnormal returns.The results showed that the movement of agricultural commodity prices has a positive effect on stock prices of F&B companies, with the dominant influence of commodity prices of corn and sugar. Agricultural commodity prices also affect positively on gross profit F&B companies, with the dominant influence of commodity prices of corn and palm oil.The increase in prices of agricultural commodities simultaneously affect the value of a positive cumulative abnormal return for stocks of F&B companies. The results also showed that the decline of agricultural commodities simultaneously affect the value of negative cumulative abnormal return for stocks of F&B companies.DOI : https://doi.org/10.21632/irjbs.6.1.13-28Keywords: Abnormal Return, Agricultural Commodity, F&B Companies, Gross Profit, Stock Price
Foreign Ownership and Bank Performance: Evidence From Indonesia Hapsari, Amarilla; Rokhim, Rofikoh
JDM (Jurnal Dinamika Manajemen) Vol 8, No 1 (2017): March 2017 (DOAJ Indexed)
Publisher : Department of Management, Faculty of Economics, Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/jdm.v8i1.10409

Abstract

The main objective of this study is to examine the impact of foreign entry on the domestic bank-ing markets profitability and overhead costs as financial sector FDI is a relatively new phenom-enon and typically takes the form of banks in industrialized countries establishing branches and facilities in developing countries. A panel data covering the period from 2000 to 2012 is set based on the financial data from 82 commercial banks, which operated in Indonesia as of De-cember 2012 and represented 92 percent of the commercial banks total assets. The results of this study are expected to complement the existing collection of studies on the foreign penetra-tion in the Indonesian banking industry, as to date there has been limited study of the impact of foreign ownership on bank performance in Indonesia. From a policy perspective, this study draws some conclusions which clarify the impacts of foreign penetration on banking industry. The government should continue to open the banking market up to foreign investors if they are proven to bring a positive impact, and should act conversely if they are proven to have an adverse impact on the local banking sector.
Corruption and Government Intervention on Bank Risk-Taking: Cases of Asian Countries Nurhidayat, Rizky Maulana; Rokhim, Rofikoh
JDM (Jurnal Dinamika Manajemen) Vol 9, No 2 (2018): September 2018 (DOAJ Indexed)
Publisher : Department of Management, Faculty of Economics, Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/jdm.v9i2.15951

Abstract

This paper aims to addresses the impact of corruption, anti-corruption commission, and government intervention on bank’s risk-taking using banks in Asian Countries such as  Indonesia, Malaysia, Thailand, and South of Korea during the period 1995-2016. This paper uses corruption variable, bank-specific variables, macroeconomic variables, dummy variables and interaction variable to estimate bank’s risk-taking variable. Using data from 76 banks in Indonesia, Malaysia, Thailand and South Korea over 21 years, this research finds consistent evidence that higher level of corruption and government intervention in crisis-situation will increase the risk-taking behaviour of banks. In the other hand, bank risk-taking behaviour minimized by the existence of anti-corruption commission. In addition, this paper also finds that government intervention amplifies corruption’s effect on bank’s risk-taking behaviour because of strong signs of moral hazard and weaknesses in the governance and supervision.
Bank-Specific Factors, Regional Economy, and RDBs’ Non-Performing Loans throughout Indonesia Aruninggar, Hesti; Rokhim, Rofikoh
Jurnal Keuangan dan Perbankan Vol 22, No 3 (2018): July 2018
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (983.388 KB) | DOI: 10.26905/jkdp.v22i3.2233

Abstract

Regional development was directed to achieve national targets by taking into account the potential, aspirations, and development issues in the regions. One of the inclusive work programs in Indonesian Financial Services Sector Master Plan 2015-2019 was to develop regional economic potential by strengthening the function and role of the regional development bank in supporting the regional economy. We analyzed the influence of bank-specific factors and economic conditions of the regions, where headquarters of the regional development bank (RDB) operates, on non-performing loans recorded by RDBs throughout Indonesia. The research conducted at 25 RDBs spread all over Indonesia for six years. The data used panel data regression with the Fixed Effects method due to a possibility of region and time differences. We found that bank-specific factors and local economic conditions affect non-performing loans at RDBs. This can be seen from higher bank capitalization and operational inefficiency costs which had stimulated a significant rise in non-performing loans at RDBs, while increasing bank profitability had driven non-performing loans to drop significantly. Furthermore, in the factor of regional economic conditions, gross regional domestic product and inflation in the regions had a significant effect on decreasing level of non-performing loans at RDBs throughout Indonesia. JEL Classification: E32; G21; G28; R10; R11DOI: https://doi.org/10.26905/jkdp.v22i3.2233
Jakarta Interbank Spot Dollar Rate (JISDOR) as The Reference Rate: Is It Effective? Marwadi, Marwadi; Rokhim, Rofikoh
Indonesian Capital Market Review Vol. 8, No. 2
Publisher : UI Scholars Hub

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Abstract

This study analyze the influence of non-deliverable forward (NDF) and the spot rate of USD/IDR against Bank Indonesia reference rate, Jakarta Interbank Spot Dollar Rate (JISDOR). NDF which came earlier than JISDOR is used by the market participant as the reference rate. The simple method of NDF determination had a great impact on the volatility of the rupiah currency, pushing the Bank Indonesia to issue its own reference currency. JISDOR is an indication of the rates issued by Bank Indonesia as the reference rate for the foreign exchange market in domestic and overseas. The method of creating the reference rate is by weighting the average rate of real transactions through a monitoring system which is managed by the central bank. However, the question arises: what should be done by the monetary authority when there is a party outside the jurisdiction issued the NDF rate as a benchmark that may affect the domestic exchange rate of rupiah in accordance with the desired agenda of the party. We use OLS and ARCH/GARCH to see if independent variables have an influence on dependent variable. Granger Causality test is also used to observe whether there are any relations among the variables.
Does foreign board increase the company’s performance? the evidence from Indonesia Joenoes, Muhammad Zhafran; Rokhim, Rofikoh
Journal of Economics, Business, and Accountancy Ventura Vol. 22 No. 2 (2019): August - November 2019
Publisher : Universitas Hayam Wuruk Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/jebav.v22i2.1449

Abstract

This study examined the effect of foreign board members in promoting corporate governance and performance. This study used the fixed effect model from the panel data of 4,282 company-observations over the period of 2007-2017. This study found that the presence of foreign board has a significant and positive effect on the company’s performance measured by return on asset and return on equity ratios. On the other hand, the presence of Asian nationality board member was found to have negative significant effect on the company’s performance, and this is due to the companies having Asian Board members coming mostly from developing countries. In general, this research show that the presence of a foreign board member can bring differences to the companies and this affects their performance. This means that companies in Indonesia need to increase the number of foreign board of commissioners from outside Asian countries in order to increase their profitability.
The Influence Of Esg Performance And Sustainability Reports On The Financial Performance Of Indonesian Companies In 2014 – 2023 Pangaribuan, Thomas Ariel Hasiando; Rokhim, Rofikoh
JHSS (JOURNAL OF HUMANITIES AND SOCIAL STUDIES) Vol 8, No 3 (2024): JHSS (Journal of Humanities and Social Studies)
Publisher : UNIVERSITAS PAKUAN

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33751/jhss.v8i3.10369

Abstract

This research uses data from 31 public companies listed on the Indonesia Stock Exchange (IDX) over a span of 10 years (2014 – 2023). This study employs the panel data regression method with a Fixed Effect on Model A – ESG and a Random Effect on Model B – Sustainability Report. It was found that the Environment pillar has a negative and significant effect on ROA, however, the Social and Governance pillars have a positive and insignificant effect on ROA. The presence of a Sustainability Report has a negative and insignificant effect on the ROA of companies in Indonesia
Does Fintech Lending Disrupt Consumer Lending From Commercial Bank? Evidence From Listed Bank In Indonesia Iskandar, Muhammad Ikbal; Rokhim, Rofikoh
JHSS (JOURNAL OF HUMANITIES AND SOCIAL STUDIES) Vol 8, No 3 (2024): JHSS (Journal of Humanities and Social Studies)
Publisher : UNIVERSITAS PAKUAN

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33751/jhss.v8i3.10374

Abstract

This study aims to analyze the impact of fintech lending financing on commercial banks' distribution of consumer credit in Indonesia. We use panel data regression with random effects from 32 commercial banks listed on the Indonesia Stock Exchange as of September 2023. The distribution of consumer credit from these banks accounts for more than 70% of Indonesia's total consumer credit distribution. The study's results indicate that fintech lending grows simultaneously with commercial banks' consumer credit, suggesting a complementary relationship. The result is supported by commercial banks' distribution of consumer credit through channeling schemes to fintech lending. However, the outstanding value of such channeling credit remains limited, hence it is yet to be significant. Based on bank ownership, fintech lending competes with private banks in KBMI 1 as they target the same segmentation. The study concludes that, generally, fintech lending does not disrupt the distribution of consumer credit by incumbents.
Can Active Investment Managers Beat The Market? A Risk-Adjusted Return & Three Factor Model Study On Active And Passive Portfolios In Indonesia Pramudito, Yohannes Samuel Satrio; Rokhim, Rofikoh
JHSS (JOURNAL OF HUMANITIES AND SOCIAL STUDIES) Vol 8, No 3 (2024): JHSS (Journal of Humanities and Social Studies)
Publisher : UNIVERSITAS PAKUAN

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33751/jhss.v8i3.10373

Abstract

Is your portfolio safe in the hands of the investment manager you have chosen? This research goes into depth on the comparison of returns and risks in active portfolios managed by investment managers with active strategies, and passive portfolios managed with passive strategies or mimicking the composition of an index. The sample for this research are stock/equity mutual funds data spanning within the period of 2019-2023 and also several stock indexes and selected stock index ETFs spanning a similar period. Data was obtained from various historical data portals ranging from the OJK mutual fund website to the Refinitiv Eikon financial data portal. By using fundamental ratios from the Capital Asset Pricing Model (CAPM) such as the Sharpe, Treynor and Jensen ratios, this research aims to find a significant relationship between portfolio performance with the portfolio types. To add robustness, this research also uses the Fama French Three-Factor Model method to then identify the existence of systematic and unsystematic risk within the research samples. The sample tested includes 209 active stock/equity mutual fund portfolios and 10 stock indexes, some of which are represented by index ETF proxies. The significance of the results are then tested with Z-test and chi-squared test.
Navigating Downturns: Machine Learning Approaches In Government Stocks Investment Wicaksana, Lazuardi Zulfikar; Rokhim, Rofikoh
JHSS (JOURNAL OF HUMANITIES AND SOCIAL STUDIES) Vol 8, No 3 (2024): JHSS (Journal of Humanities and Social Studies)
Publisher : UNIVERSITAS PAKUAN

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33751/jhss.v8i3.10371

Abstract

This research examines how machine learning techniques, specifically Random Forest and Long Short-Term Memory (LSTM) models enhanced by technical analysis indicators, can effectively predict stock price, particularly downturn to manage risks in government stock investment. Given the high-risk, high-return profile of stocks and their limited use in government strategies where legal complications is intense, it is essential to promptly identify potential declines in stock prices to mitigate losses and prevent legal issues. This research uses all stock during 2000-2022 from the Indonesian capital market and focuses on integrating predictive models with trading strategies such as active trading guided by predictions, delayed trading decision to account for administrative processes, and drawdown-based strategies to mainly minimizing risks while keeping potential returns optimum. The univariate LSTM model with a 7-day lag (n_lag 7) exhibited the best overall performance, followed by the Random Forest model. Daily active trading strategies were most effective when using LSTM multivariate models, with a 5% drawdown limit proving optimal for managing risks while maximizing returns.
Co-Authors Aruninggar, Hesti Fairuz Hapsari, Amarilla Hapsari, Amarilla Ibrahim Kholilul Rohman Havid Rozaq Iskandar, Muhammad Ikbal Jayadinata, Difa Haq Joenoes, Muhammad Zhafran Junanta, Geryan Khaesarani, Rena Kurniawan, Ivana Marwadi Marwadi Marwadi Marwadi, Marwadi Millenia Putri, Thalia Dinda Muhammad Syaroni Rofii Natasha, Tiurma Nurhidayat, Rizky Maulana Nurhidayat, Rizky Maulana Pangaribuan, Thomas Ariel Hasiando Panji Patra Anggaredho, Panji Patra Pramudito, Yohannes Samuel Satrio Pranata, Bahal Anugrah Puguh Setiawan Rifiana, Alya Syafi Robby Farhan, Abdul Setyoko, Nur Rakhman Surya Gustanto, Jodi Wicaksana, Lazuardi Zulfikar