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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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The Impact of Pre-Trade Transparency on Market Quality and Retail Participation in the Pre-Opening Session of the Indonesia Stock Exchange Famy Kurnia Putri; Rofikoh Rokhim
Eduvest - Journal of Universal Studies Vol. 5 No. 8 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i8.51242

Abstract

This paper examines the impact of enhanced pre-trade transparency on market quality during the pre-opening session of the Indonesia Stock Exchange (IDX) in the pre and post period of enhanced pre-trade transparency starting from March, 25th 2024. Pre-trade transparency refers to the disclosure of order prices and volumes prior to transaction execution, a crucial factor in market efficiency and price discovery. Utilizing empirical data from LQ45 index constituent over the period of October 2023 to September 2024, this paper examines the effects of enhanced pre-trade transparency on market quality, such as bid-ask spread, market depth, and overnight volatility. Based on multiple linear regression analysis, the findings reveal that increased pre-trade transparency significantly narrows the bid-ask spread, enhances market depth, and boosts retail investor participation. However, it also contributes to an increase in overnight volatility.
ANALISIS FINTECH LENDING TERHADAP KETIMPANGAN PENDAPATAN DENGAN INKLUSI KEUANGAN SEBAGAI VARIABEL INTERVENING Dharma, Rifadhio Rivansyah; Rokhim, Rofikoh
Jurnal Manajemen Terapan dan Keuangan Vol. 14 No. 03 (2025): Jurnal Manajemen Terapan dan Keuangan
Publisher : Program Studi Manajemen Pemerintahan dan Keuangan Daerah Fakultas Ekonomi dan Bisnis Universitas Jambi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22437/jmk.v14i03.48124

Abstract

Perkembangan fintech lending di Indonesia telah memberikan dampak yang signifikan terhadap akses keuangan masyarakat, khususnya dalam meningkatkan inklusi keuangan. Namun, di sisi lain, perlu diteliti lebih lanjut bagaimana pengaruh fintech lending terhadap ketimpangan pendapatan di berbagai provinsi. Penelitian ini bertujuan untuk menganalisis hubungan antara fintech lending dan ketimpangan pendapatan dengan inklusi keuangan sebagai variabel intervening. Penelitian ini menggunakan pendekatan kuantitatif dengan metode analisis jalur (path analysis) berbasis regresi data panel. Data yang digunakan mencakup 34 provinsi di Indonesia dan bersumber dari publikasi resmi seperti Otoritas Jasa Keuangan (OJK) dan Badan Pusat Statistik (BPS). Hasil penelitian menunjukkan bahwa fintech lending berpengaruh positif dan signifikan terhadap inklusi keuangan, yang berarti peningkatan penyaluran fintech lending dapat meningkatkan akses masyarakat terhadap layanan keuangan. Ditemukan juga bahwa baik inklusi keuangan maupun fintech lending berpengaruh negatif dan signifikan terhadap ketimpangan pendapatan, mengindikasikan bahwa keduanya berkontribusi pada pengurangan kesenjangan ekonomi. Lebih lanjut, hasil Sobel test menunjukkan bahwa inklusi keuangan berperan sebagai variabel mediasi yang signifikan dalam hubungan antara fintech lending dan ketimpangan pendapatan.
Does foreign board increase the company’s performance? the evidence from Indonesia Muhammad Zhafran Joenoes; Rofikoh Rokhim
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.
Evaluation of individual stock portfolio performance on the Indonesia stock exchange using the Ortiz, Jorion, and Markowitz approaches Enggal Dwi Mulyaningtyas; Rofikoh Rokhim
Economic Military and Geographically Business Review Vol. 4 No. 1: (July) 2026
Publisher : Institute for Advanced Science Social, and Sustainable Future

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61511/emagrap.v4i1.2026.3789

Abstract

Background: Indonesia's capital market has experienced a sustained increase in investor participation, creating a stronger need for systematic and implementable portfolio construction methods. This study evaluates estimation risk in mean-variance optimization by comparing traditional Markowitz optimization with two mean-shrinkage approaches: the parameter-focused Bayes-Stein estimator of Jorion and the decision-focused optimal shrinkage of means proposed by Ortiz et al. Methods: The study uses monthly individual stock data from the Indonesia Stock Exchange over January 2006-December 2025. Excess returns are calculated relative to a monthly risk-free proxy, and portfolios are evaluated using a 120-month rolling-window out-of-sample backtest under long-only constraints. The sample is a balanced panel of 74 stocks with complete monthly data, and the monthly deposit insurance rate of the Indonesia Deposit Insurance Corporation (LPS) is used as the risk-free proxy. Portfolio performance is assessed using monthly and annualized Sharpe ratios, while weight stability is assessed using average weight volatility and turnover. Newey-West tests are used to evaluate whether differences across methods are statistically significant. Findings: The Ortiz approach consistently selects an optimal shrinkage intensity of zero, making its weights and performance effectively identical to the traditional Markowitz portfolio. Markowitz and Ortiz record an annualized out-of-sample Sharpe ratio of 0.0713, while Jorion records 0.0608. The statistical tests indicate that differences in out-of-sample performance and stability are not significant across the three approaches. In economic terms, the annualized Sharpe ratios of all three methods are very low (below 0.08), indicating that long-only optimization of individual Indonesian stocks delivered only marginal risk-adjusted excess returns over the sample period. Conclusion: In the Indonesian stock market setting, more complex mean-shrinkage methods do not automatically produce superior portfolio outcomes. Novelty/Originality of this article: This article provides Indonesian market evidence on the comparison between parameter-focused and decision-focused shrinkage approaches within a consistent rolling-window portfolio backtesting framework.
Loan Supply and Demand in Rural Regional Bank: Evidence from Indonesia Rofikoh Rokhim; Nadia Listiyani
International Journal of Small and Medium Enterprises and Business Sustainability Vol. 2 No. 4 (2017): November
Publisher : Lembaga Penerbit Fakultas Ekonomi dan Bisnis Universitas Trisakti

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

Abstract

This study tries to identify the impact of third party funds, average lending rate (ALR) of working capital, non-performing loans (NPLs), and gross domestic regional products (GDRP) on loan supply in Rural Regional Banks (RRBs). In addition, this research also analyzes GDRP, region’s inflation, and ALR of working capital that influence loan demand of RRBs. This study uses panel data and regression method with random effect model from regional and time differences. The study proves that third party funds, ALR of working capital, NPL, and GDRP simultaneously have significant affects on the loan supply. Then GDRP, region’s inflation, and ALR of working capital simultaneously affect the loan demand.
Do corruption and political connections drive bank risk-taking behavior? The moderating role of governance across Asian economies Bekti Ayu Selawati; Rofikoh Rokhim
Economic Military and Geographically Business Review Vol. 4 No. 1: (July) 2026
Publisher : Institute for Advanced Science Social, and Sustainable Future

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61511/emagrap.v4i1.2026.3805

Abstract

Background: Previous studies have examined the effects of corruption and political connections on bank risk taking; however, evidence regarding their effects on banking stability remains inconclusive. This study examines the effects of corruption, political connections, and the role of corporate governance in moderating the relationship between corruption and banking risk, considering the income classification of Asian countries. Methods: This study uses descriptive analysis and random-effects panel regression to examine the effects of corruption, political connections, and corporate governance on bank risk. The sample comprised 95 Asian banks observed from 2019 to 2024. Findings: The results indicate that corruption has a negative and significant effect on banking stability. Corruption increases the risk of bank insolvency. Testing of subsamples of middle-income and high-income countries shows that corruption increases the risk of bank insolvency in middle-income countries but has a different effect on high-income countries’ banks. The positive and significant effect of political connections on bank stability is only observed in middle-income countries. In middle-income countries, governance, proxied by gender composition and educational qualifications, moderates the effect of corruption on the dependent variable. The findings indicate that increasing the proportion of women in the board structure moderates the effect of corruption on banking risk in the sample of banks in middle-income countries. Conclusion: Corruption increases risks in middle-income countries. Political connections and governance variables demonstrate different effects in countries with different income categorization levels. Novelty/Originality of this article: By integrating the variables of corruption, political connections, and corporate governance into banking risk analysis, this study offers a novel contribution while also considering heterogeneity in income levels across countries.
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