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All Journal Economic Journal of Emerging Markets Jurnal Siasat Bisnis Jurnal Manajemen Terapan dan Keuangan MATRIK: JURNAL MANAJEMEN, STRATEGI BISNIS, DAN KEWIRAUSAHAAN Jurnal Keuangan dan Perbankan JDM (Jurnal Dinamika Manajemen) Jurnal Kawistara : Jurnal Ilmiah Sosial dan Humaniora Journal of Economics, Business, & Accountancy Ventura MIX : Jurnal Ilmiah Manajemen Asia-Pacific Management and Business Application International Research Journal of Business Studies (E-Journal) Petra International journal of Business Studies (IJBS) EQIEN - JURNAL EKONOMI DAN BISNIS Journal of Humanities and Social Studies EKUITAS (Jurnal Ekonomi dan Keuangan) Cakrawala Repositori Imwi Dinasti International Journal of Economics, Finance & Accounting (DIJEFA) Quantitative Economics and Management Studies Journal of Entrepreneurship & Business International Journal of Business, Economics, and Social Development Devotion: Journal of Research and Community Service International Journal of Quantitative Research and Modeling Interdisciplinary Social Studies International Journal of Science and Society (IJSOC) Indonesian Journal of Economics and Management Indonesian Capital Market Review Journal of Accounting and Finance Management (JAFM) Eduvest - Journal of Universal Studies e-Jurnal Apresiasi Ekonomi Economic Military and Geographically Business Review International Research Journal of Business Studies Jurnal Kawistara Matrik: Jurnal Manajemen, Strategi Bisnis, Dan Kewirausahaan International Journal of Small and Medium Enterprises and Business Sustainability
Rofikoh Rokhim
Department Of Management, Faculty Of Economics & Business, Universitas Indonesia, Jakarta, Indonesia
Aerospace Engineering Arts Humanities Computer Science & IT Decision Sciences, Operations Research & Management Earth & Planetary Sciences Economics, Econometrics & Finance Education Engineering Environmental Science Health Professions Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Materials Science & Nanotechnology Mathematics Neuroscience Physics Public Health Social Sciences

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Foreign Ownership and Bank Performance: Evidence From Indonesia Hapsari, Amarilla; Rokhim, Rofikoh
JDM (Jurnal Dinamika Manajemen) Vol 8, No 1 (2017): March 2017
Publisher : Department of Management, Faculty of Economics and Business, 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.
Indonesia’s export growth decomposition in ASEAN and ASEAN dialogue partners Setyoko, Nur Rakhman; Rokhim, Rofikoh; Rohman, Ibrahim Kholilul; Rofii, Muhammad Syaroni
Economic Journal of Emerging Markets Volume 16 Issue 2, 2024
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.vol16.iss2.art7

Abstract

Purpose ― This paper evaluates Indonesia's trade integration efforts and their impact on export competitiveness from 1989 to 2021. It examines the evolution of trade arrangements, starting with the ASEAN Preferential Trade Arrangement (APTA) and progressing to bilateral agreements.Methods ― Based on Leamer and Stern, the Constant Market Share Analysis (CMSA) measures Indonesia’s export competitiveness over the years.Findings ― The results indicate no significant improvement in competitiveness during the analysis period, with export growth primarily driven by the effect of world growth. Although competitiveness did not shift markedly over time, it remained positive overall, suggesting a buffer effect during economic crises.Implications ― The paper suggests Indonesia should pursue deeper trade integration and unilateral economic reforms. Drawing on Korea’s experience, combining export promotion policies with trade agreements could enhance market access and foster internal competitiveness.Originality ― This study provides long-term insights into Indonesia’s export competitiveness amidst global trade integration efforts and offers policy recommendations based on the success of Korea’s trade reforms.
Is ESG Companies' Performance Influenced by Ownership Structure? Evidence in ASEAN Kurniawan, Ivana; Rokhim, Rofikoh
Interdisciplinary Social Studies Vol. 2 No. 9 (2023): Special Issue
Publisher : International Journal Labs

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55324/iss.v2i9.485

Abstract

Background: According to studies on sustainability dimensions – environmental, social, and governance (ESG) – companies that effectively address the stakeholders’ ESG expectations are likely to outperform companies that poorly implement ESG principles. Studies show mixed results of the relationship between ESG and financial performance. Besides, ESG adoption in ASEAN countries is still in early stage compared with European countries or US region. Aim: The purpose of this paper is to investigate the relationship between Environmental, Social and Governance (ESG) performance and firm performance of ASEAN listed companies moderated by company ownership structure. Method: This paper selects publicly listed companies in ASEAN stock exchanges with data period of 2017-2021, a total of 607 companies samples with 1,309 data observations. Refinitiv Eikon ESG rating is adopted in this paper to measure ESG performance while ownership structure is measured in three aspects, which include ownership concentration, equity balances, and institutional investor shareholding. Findings: The research found that (1) ESG performance has negative and significant relation to both market-based and accounting-based firm performances, (2) ownership concentration has no significant moderating role on ESG – firm performance relationship, (3) equity balance is only significant in moderating ESG relationship to Tobin’s Q, meanwhile (4) institutional ownership is found statistically significant in moderating the ESG relationship to Tobin’s Q and ROE but not to ROA.
The Influence of Agricultural Commodity on F&B Company’s Performance in Indonesia Rokhim, Rofikoh; Setiawan, Puguh
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 | DOI: 10.21632/irjbs.6.1.13-28

Abstract

This research examines the influence of agricultural commodity price movements on stock price and gross profit of food and beveragecompanies 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.
Business Model and Bank Risk in Indonesian Islamic Bank Anggaredho, Panji Patra; Rokhim, Rofikoh
APMBA (Asia Pacific Management and Business Application) Vol. 5 No. 3 (2017)
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.2017.005.03.2

Abstract

This study aimed to analyze the relationship between business model of bank's risk in Islamic banks in Indonesia. Bank risk is represented by Z-score, while business model is represented in two ways, namely the portion of fee based income in income structure and the portion of non deposit funding in funding structure. This study analyzed panel data observed through the data 33 Islamic banks in Indonesia in 2005 to 2015. The results of this study concluded that the overall size of data portion of fee based income effect on the risk of bank, while the magnitude of portion of non deposit funding is not effect on bank's risk. Then, for robustness checks, We conducted a regression between variables to categorize Islamic banks into large and small Islamic banks. In the category of large banks, both fee based income and non deposit funding did not affect bank’s risk, while for banks categorized as small, the magnitude of portion of fee based income has an influence on risk of bank, while the magnitude of portion of non deposit funding has no effect the bank's risk.
Corporate Resilience During the Covid-19 Pandemic: the Role of ESG Performance and Financial Flexibility Khrisna Ariyudha, Pande Putu Khrisna Ariyudha; Rokhim, Rofikoh
MATRIK: JURNAL MANAJEMEN, STRATEGI BISNIS, DAN KEWIRAUSAHAAN Vol. 18 No. 1 (2024)
Publisher : Faculty of Economics and Business Udayana University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/MATRIK:JMBK.2024.v18.i01.p01

Abstract

Stocks of substantial ESG firms have been claimed to perform better during crisis periods and consequently serve as an "equity vaccine" for investors. This study explores ESG ratings and financial flexibility's impact on stock performance. We test these hypotheses in the ASEAN-5 setting by assessing the relation between ESG and financial flexibility to stock price resilience in terms of time to recover during 2020 and 2021. The method used in this study is a cross-sectional data regression analysis. In a sample of 142 stocks from 5 countries consisting of Indonesia, Malaysia, Thailand, Philippines, and Singapore, we found that firms with higher ESG ratings had a better stock market performance. They tend to recover faster to achieve their lowest price in 2019. We also discovered that having more cash and liquid assets before Covid-19 doesn't make a company better at dealing with the impacts of the pandemic compared to other companies.
Is There any Effect of ESG Performance in the Improvement of Financial Risk in ASEAN-5? Nadia Rahma; Rofikoh Rokhim
International Journal of Quantitative Research and Modeling Vol. 3 No. 2 (2022): International Journal of Quantitative Research and Modeling
Publisher : Research Collaboration Community (RCC)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46336/ijqrm.v3i2.274

Abstract

Public awareness in social and environmental sustainability became a challenge that turned into general assessments. ESG (Environmental, Social, Governance) performance became essential. Hence, the firm that does not apply ESG criteria in its business activities will face a consequence from investors impacting its performance, associated with financial risk. This study examines ESG performance within ESG score, ESG controversy, and BGD (Board Gender Diversity) on the total and systematic risk as a proxy for the financial risk of public companies listed on the stock exchange. This study uses a sample of 105 listed public firms from each stock exchange in ASEAN-5 (Philippines, Indonesia, Malaysia, Singapore, and Thailand) from 2016 to 2020 and applies panel regression analysis. The result suggests that ESG Score significantly influences total but not systematic risk in ASEAN-5. ESG controversy does not considerably affect total and systematic risk. BGD significantly influences total risk but not systematic risk. The findings will help investors and portfolio managers evaluate how ESG performance influences the firm's financial risk and make better investment decisions in ASEAN-5.
Hybridizing Structural Credit Risk and Machine Learning for Corporate Distress Prediction: Evidence from Indonesian Non-Financial Public Firms Nakula Senchaki; Rofikoh Rokhim
Journal of Accounting and Finance Management Vol. 7 No. 2 (2026): Journal of Accounting and Finance Management (May - June 2026)
Publisher : DINASTI RESEARCH

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/jafm.v7i2.3266

Abstract

This study develops an explainable early-warning framework for predicting corporate distress among non-financial firms listed on the Indonesia Stock Exchange. Using a firm-month panel of 107,448 observations from 2014 to 2024, the study constructs a 12-month forward distress label based on PKPU and bankruptcy events. The analysis compares Logistic Regression, Random Forest, XGBoost, and a hybrid XGBoost model incorporating Merton-based structural indicators, evaluated using ROC-AUC, PR-AUC, precision, recall, and F1-score under a time-based split. The results show that tree-ensemble models outperform Logistic Regression, with XGBoost achieving the strongest standalone rare-event performance, including PR-AUC of 0.151 and F1-score of 0.217. Adding Merton structural indicators does not improve aggregate ROC-AUC or PR-AUC, but improves recall and F1-score, indicating incremental detection value at the operational threshold. SHAP analysis shows that distress predictions are mainly driven by solvency, leverage, retained earnings, debt-servicing capacity, profitability, asset structure, and market signals. The model captures 66.7% of distress events with an average lead time of 8.5 months. The study contributes an interpretable hybrid framework for corporate distress early warning in an emerging-market setting.
Can Board Gender Diversity Strengthen ESG’s Role in Preventing Financial Fraud in ASEAN-5? Fairuz Fairuz; Rofikoh Rokhim
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 Thalia Dinda Millenia Putri; Rofikoh Rokhim
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.v5i3.50226

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.
Co-Authors Adhiguna Wijaya Indrasuci Aisha Putrina Sari Alfita Intan Putri Permata Damayanti Andreas Krisvian Anita Handayani Aruninggar, Hesti Ayudya Shinta Yunica Bekti Ayu Selawati Brilyanputra Firjatullah Wahyu Christina Indah Dharma, Rifadhio Rivansyah Dian Angga Prasetyo Enggal Dwi Mulyaningtyas Fairuz Fairuz Famy Kurnia Putri Hapsari, Amarilla Hapsari, Amarilla Ibrahim Kholilul Rohman Havid Rozaq Iin Mayasari Iskandar, Muhammad Ikbal Jayadinata, Difa Haq Joenoes, Muhammad Zhafran Junanta, Geryan Khaesarani, Rena Khrisna Ariyudha, Pande Putu Khrisna Ariyudha Kurniawan, Ivana Lintang Dewanti Mal Isnaini Sri Mey Yanti Marwadi Marwadi Marwadi Marwadi, Marwadi Muhammad Syaroni Rofii Muhammad Zaki Ashyari Muhammad Zhafran Joenoes Nadia Listiyani Nadia Rahma Nakula Senchaki Natasha, Tiurma Nevya Wulandary Nurhidayat, Rizky Maulana Nurhidayat, Rizky Maulana Pande Putu Khrisna Ariyudha Pangaribuan, Thomas Ariel Hasiando Panji Patra Anggaredho Panji Patra Anggaredho, Panji Patra Pramudito, Yohannes Samuel Satrio Pranata, Bahal Anugrah Puguh Setiawan Regina Aria Putri Rifiana, Alya Syafi Robby Farhan, Abdul Setyoko, Nur Rakhman Surya Gustanto, Jodi Thalia Dinda Millenia Putri Wicaksana, Lazuardi Zulfikar Yinylia Rusli Yudha Abimanyu