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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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Market Risk Measures Impact on Systemic Risk in Indonesia Banking Industry Surya Gustanto, Jodi; Rokhim, Rofikoh
Dinasti International Journal of Economics, Finance & Accounting Vol. 5 No. 5 (2024): Dinasti International Journal of Economics, Finance & Accounting (November - De
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijefa.v5i5.2837

Abstract

This study investigates the relationship between market risk measures and systemic risk in Indonesia's banking sector. It aims to inform policymakers and regulators in promoting financial stability. By examining how market risk measures, specifically total risk encompassing systematic and idiosyncratic components, influence systemic risk in Indonesia's banking system, this study addresses a notable research gap, particularly in emerging markets like Indonesia. This research contributes to the understanding of systemic risk dynamics in an emerging market context, offering insights into how market risk measures contribute to systemic risk. Employing a quantitative approach, this study utilizes secondary data from the Indonesia Stock Exchange and Datastream Refinitiv Eikon. Non-probability sampling selects banks listed on the Indonesia Stock Exchange, with daily stock price data used to construct market risk measures. Systemic risk is measured using both CoVaR and MES, and regression analysis is employed to explore the relationship between market risk and systemic risk. The study reveals a significant positive association between total risk and systemic risk, highlighting the crucial role of idiosyncratic risk in this relationship. These findings underscore the importance of considering both systematic and idiosyncratic market risk when assessing systemic risk in Indonesia's banking sector. The study emphasizes the need for robust risk management practices and regulatory measures to ensure financial stability in emerging markets.
Comparison Analysis of Peer-to-Peer Lending Performance During COVID-19 Activity Restrictions in Indonesia Robby Farhan, Abdul; Rokhim, Rofikoh
Dinasti International Journal of Economics, Finance & Accounting Vol. 5 No. 5 (2024): Dinasti International Journal of Economics, Finance & Accounting (November - De
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijefa.v5i5.2840

Abstract

In recent years the peer-to-peer lending industry has been popular and growing in Indonesia, however activity restrictions due to Covid 19 had an impact on the global economy, especially on financial institutions including peer-to-peer lending. The Indonesian government has determined activity restrictions due to Covid-19 in March 2020 and activity restrictions will be lifted in December 2023. Researchers conducted an analysis to see the stability of peer-to-peer lending by comparing performance data of peer-to-peer lending companies through loan default and the number of loan distributions in the period before, during and after there were no restrictions on Covid 19 activities. The sample in this study used a purposive sampling technique of 72 samples of monthly peer-to-peer lending statistical data that had been registered and supervised by Otoritas Jasa Keuangan in 2018-2023, research was conducted using the General Linear Model Repeated Measure Test and the Friedman Test to determine whether there were significant differences between the three groups, namely the period before, during and after there were no restrictions on Covid 19 activities. The results of the analysis showed that there were significant differences in the loan default statistical values between the group before and during restrictions, the group after and during the Covid 19 pandemic restrictions with p values respectively 0.012 and 0.005. The average amount of loan disbursement has increased every year, but it was found that there was no significant difference between conditions before and during the Covid-19 pandemic restrictions.
The Influence of Enterprise Risk Management Implementation on Financial Performance and Firm Value in East Asia Natasha, Tiurma; Rokhim, Rofikoh
Dinasti International Journal of Economics, Finance & Accounting Vol. 5 No. 5 (2024): Dinasti International Journal of Economics, Finance & Accounting (November - De
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijefa.v5i5.2871

Abstract

Risk management is critical for businesses since every organization is accountable for delivering value to stakeholders and developing corporate strategy through management decisions at all levels. As a result, a comprehensive strategy to risk management is required . A solid and effective risk management and internal control system must be implemented in conjunction with good corporate governance. Implementing effective and well-managed risk management will help company to reach the goals, increase the performance, and produce better work. The study examines the impact of Enterprise Risk Management on the financial performance and firm value of selected listed firms in East Asia for the period 2018 to 2022. This research was conducted using data from the Financial Statements of 151 companies that meet the specific criteria and are listed on the Exchange of five East Asian countries. The data was collected from 2018 through 2022. The Multiple Linear Regression model was employed. The research findings suggest that the financial performance of a corporation is positively correlated with the implementation of Enterprise Risk Management.
Can Board Gender Diversity Strengthen ESG’s Role in Preventing Financial Fraud in ASEAN-5? Fairuz; Rokhim, Rofikoh
Eduvest - Journal of Universal Studies Vol. 5 No. 6 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i6.50195

Abstract

This study focuses on analyzing the effect of Environmental, Social, and Governance (ESG) performance on financial fraud indication probability in publicly listed companies in ASEAN-5 Countries, with board gender diversity as a moderating variable. This research utilizes panel data from ASEAN-5 non-financial listed companies during the period of 2019-2023, and applies logistic regression methods to test the hypotheses, using The Beneish M-Score to assess the level of financial statement fraud. Our results shows that higher ESG score can reduce the probability of financial fraud significantly, while the female board prove to strenghthen the negative impact between ESG performance and Financial Fraud, also intensify the performance of E and G in inhibiting the probability of financial fraud indication. Furthermore, this paper provides new insights into how ESG performance can contribute to reducing financial fraud, with the moderation of board gender diversity. Also, by developing and enforcing the regulation regarding corporate governance and information disclosure, regulators and policy makers can mitigate the risk of financial fraud in ASEAN-5 country.
The Impact of The Indonesian Ulema Council’s Fatwa on Stock Performance Using the Causal Impact Method: Empirical Evidence From Suspected Pro-Israel Firms Millenia Putri, Thalia Dinda; Rokhim, Rofikoh
Eduvest - Journal of Universal Studies Vol. 5 No. 3 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i4.50226

Abstract

The Israel-Palestine conflict has long influenced geopolitical and economic spheres globally, affecting sectors including religious organizations. In Indonesia, the Indonesian Ulema Council (MUI) issued Fatwa No. 83 in November 2023, calling for a boycott of companies perceived as supporting Israel. This fatwa is expected to impact the stock performance of associated companies, especially in sectors sensitive to public sentiment, such as retail and fast food. Although religious announcements are known to affect consumer behavior and financial markets, limited research exists on the impact of religious interventions, like fatwas, on Indonesia’s capital markets (Alshammari & Ory, 2023; Li & Cai, 2016). This study examines the impact of MUI’s fatwa on the stock performance of three Indonesian companies—PT Mitra Adiperkasa Tbk. (MAPI), PT Fast Food Indonesia Tbk. (FAST), and PT Unilever Indonesia Tbk. (UNVR)—with alleged ties to Israel. By assessing post-fatwa stock price changes, it aims to reveal how religiously motivated socio-political actions influence investor sentiment and market behavior in Indonesia’s emerging market. Utilizing the Bayesian Structural Time-Series (BSTS) model within the Causal Impact framework, this study analyzes daily stock price data over six months pre-fatwa (from May 8, 2023) and three post-fatwa intervals: 7 days (November 15, 2023), 14 days (November 22, 2023), and 30 days (December 8, 2023) after the fatwa. The Indonesia Composite Index (IHSG) serves as a covariate to distinguish the fatwa’s specific impact from general market trends.
Navigating Capital Structures Through ESG and Gender Diversity: Evidence from ASEAN Countries Rifiana, Alya Syafi; Rokhim, Rofikoh
Eqien - Jurnal Ekonomi dan Bisnis Vol 14 No 2 (2025): Jurnal Ekonomi dan Bisnis
Publisher : Fakultas Ekonomi dan Bisnis Universitas Islam DR KH EZ Mutaqien

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34308/eqien.v14i2.2098

Abstract

The integration of Environmental, Social, and Governance (ESG) criteria into corporate strategies has gained prominence as companies aim to improve transparency, reduce capital costs, and meet stakeholder expectations. Simultaneously, board gender diversity has been recognized as a critical factor influencing corporate governance and financial decision-making. This study aims to examine and analyze the influence of ESG performance and board gender diversity on capital structure. This research was conducted in 5 ASEAN countries, using the Random Effect Model static panel regression test and a research period of 6 years, from 2018 to 2023. The results showed that ESG performance negatively affects the capital structure as measured by book leverage. Meanwhile, gender diversity shows a positive effect on capital structure as measured by book leverage. This finding aligns with Stakeholder Theory, which posits that ESG engagement builds investor trust, leading to a preference for equity financing.
Analysis of Housing Affordability Stress (HAS) in Indonesia: Determinants and Influencing Condition Jayadinata, Difa Haq; Rokhim, Rofikoh
Eqien - Jurnal Ekonomi dan Bisnis Vol 14 No 2 (2025): Jurnal Ekonomi dan Bisnis
Publisher : Fakultas Ekonomi dan Bisnis Universitas Islam DR KH EZ Mutaqien

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34308/eqien.v14i2.2099

Abstract

Housing Affordability Stress (HAS) has become an increasingly critical issue in Indonesia, with housing costs rising faster than income growth. This issue is particularly concerning in urban areas, where living costs are significantly higher than in other regions. Although previous studies have explored factors influencing HAS, research in developing countries with low financial literacy levels remains limited. This study employs two research models to analyze HAS in Indonesia. The first model examines the effects of household size, homeownership status, and residential location on HAS, while the second model investigates the role of financial literacy. Utilizing data from the National Socioeconomic Survey (SUSENAS) and the National Survey on Financial Literacy and Inclusion (SNLIK), the research identifies significant relationships between these variables and HAS. The findings reveal that larger households tend to face lower levels of HAS, while renters and urban residents are more likely to experience higher housing stress. Financial literacy is also shown to significantly influence HAS. However, the context of residential location remains a critical factor, as urban households continue to experience higher HAS levels despite higher financial literacy compared to rural areas. These insights highlight the need for integrated approaches that combine financial literacy initiatives with location-specific housing policies. The study offers practical recommendations for policymakers to develop inclusive strategies that address housing affordability challenges while fostering economic resilience and well-being.
Analysis Influence Working Capital Investment On Company Value and Investment Decisions Long Term : An Empirical Study of the Sector Manufacturing 2014 – 2023 in Indonesia Khaesarani, Rena; Rokhim, Rofikoh
Eqien - Jurnal Ekonomi dan Bisnis Vol 14 No 2 (2025): Jurnal Ekonomi dan Bisnis
Publisher : Fakultas Ekonomi dan Bisnis Universitas Islam DR KH EZ Mutaqien

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34308/eqien.v14i2.2100

Abstract

This research aims to investigate the impact of working capital investment on firm value and long-term investment decisions in the manufacturing sector in Indonesia. The study utilizes annual panel data from 100 to 150 manufacturing firms listed on the Indonesia Stock Exchange (IDX) during the period 2014-2023. Findings indicate that efficient working capital investment has a positive influence on firm value and long-term investment decisions. This study utilizes the Trade-Off, Agency, and Resource-Based View theories as a framework. The results provide valuable implications for finance managers in the manufacturing sector to optimize working capital management to enhance firm profitability and long-term growth.
Does AI Sentiment Affect Stock Returns? Evidence from Indonesia’s Banking Sector Junanta, Geryan; Rokhim, Rofikoh
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.qems3995

Abstract

This study investigates the heterogeneous effects of AI-related investor sentiment on the stock returns of Indonesian banks. Using a correlation-weighted AI Sentiment Index (AI-SVI) derived from Google Trends, panel regressions reveal that only fintech-driven banks show significant responsiveness to AI sentiment, while conventional, independent digital, and conglomerate-backed banks do not. These findings are supported by a supplementary investor perception survey, which confirms that market participants associate visible and strategic AI adoption primarily with fintech institutions. The results suggest that AI sentiment can act as a behavioral signal of valuation in emerging financial markets, but its effectiveness depends on how innovation is perceived and communicated. Policymakers and investors should be cautious in interpreting sentiment-driven movements, especially in sectors with uneven technological maturity.
Analysis on the Determinants of Republic of Indonesia Sovereign Sukuk Liquidity in Secondary Market Pranata, Bahal Anugrah; Rokhim, Rofikoh
Devotion : Journal of Research and Community Service Vol. 5 No. 1 (2024): Devotion: Journal of Research and Community Service
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/devotion.v5i1.662

Abstract

This study investigates the determinants of liquidity in Sharia Securities (SBSN) by analyzing the impact of bond-specific and macroeconomic factors on the bid-ask spread as a proxy for liquidity. Using panel data regression analysis, the study examines 62 tradable series of SBSN from 2013 to 2022, considering factors such as outstanding amount, time to maturity, yield to maturity, Rupiah exchange rate, inflation rate, reference interest rate, Indonesia Stock Exchange Composite Index (IHSG), and Indonesia Credit Default Swap (CDS). Results indicate that time to maturity, yield to maturity, central bank reference interest rate (BIRate), IHSG, and CDS significantly influence the bid-ask spread of SBSN, while outstanding amount, Rupiah exchange rate, and inflation rate do not. Additionally, analysis reveals that a strengthening IHSG and higher CDS widen the bid-ask spread, indicating reduced liquidity. These findings provide insights for stakeholders including issuers, investors, and regulators in managing SBSN liquidity in the Indonesian market.
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