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All Journal Jurnal RAP Gadjah Mada International Journal of Business Biopsikososial: Jurnal Ilmiah Psikologi Fakultas Psikologi Universitas Mercubuana Jakarta Journal of Islamic Monetary Economics and Finance Eduvest - Journal of Universal Studies
Ronald Rulindo
International Islamic University Malaysia (IIUM)
Aerospace Engineering Computer Science & IT Economics, Econometrics & Finance Education Health Professions Neuroscience Public Health Social Sciences

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 1 
Efficiency and Productivity Performance of the National Private Banks in Indonesia Omar, Mohd. Azmi; Abd. Majid, M. Shabri; Rulindo, Ronald
Gadjah Mada International Journal of Business Vol 9, No 1 (2007): January - April
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (246.241 KB)

Abstract

This study investigates the efficiency and productivity performance of the national private banks in Indonesia during the period of 2002-2004. The data consist of 21 national private banks including two Islamic banks. Productivity is measured by the Malmquist Index using Data Envelopment Analysis (DEA) technique. Overall, the result shows that the Total Factor Production (TFP) Index of the national private banks has considerably increased for the whole industry, in which technical change is found to be a more important source of productivity growth to the Indonesian Banking Industry compared to efficiency change. Furthermore, the result also shows that the efficiency of two Islamic banks is above the average efficiency of the national private banks.
ISLAMIC FINANCING FOR RENEWABLE ENERGY IN INDONESIA: UNLOCKING POTENTIAL DEMAND FROM GCC INVESTORS Kasri, Rahmatina A.; Rulindo, Ronald; Sakti, Muhammad Rizky Prima; Rifqi, Muhammad; Yuniar, Adela Miranti
Journal of Islamic Monetary Economics and Finance Vol 10 No 2 (2024)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v10i2.1846

Abstract

This study examines the interest of Gulf Cooperation Council (GCC) investors in financing renewable energy (RE) projects in Indonesia using Islamic financing schemes. It employs a multi-criteria decision-making (MCDM) method and Analytical Hierarchy Process (AHP) model with expert respondents representing institutional investors from the GCC states. To validate and enrich the analysis, it also conducted Focus Group Discussion and additional interviews with industry players and Indonesian regulators. The main finding indicates that the return on investment is the most crucial factor in selecting appropriate RE projects, followed by risk and impact of the projects. Furthermore, while the GCC investors do not have sufficient knowledge about the potential and sources of RE in Indonesia, they consider the solar panel project as most preferable. Next, the study finds investment return, Shariah compliance and liquidity as the main criteria in choosing Islamic financing instruments, where equity-based are the most preferred instrument, followed by asset-backed securities and blended financing instruments. In addition, tax incentives, cross subsidy and feed-in-tariffs are the most preferred incentives needed by the investors. The additional interviews that we conducted further affirm these findings. The results are expected to provide insights for the Indonesian policy makers, particularly fiscal and financial/monetary authorities, and the GCC investors to invest in Indonesia for financing RE projects using Islamic financing schemes. Acknowledgment We gratefully acknowledge the support provided by Universitas Indonesia Research Grant. The grant facilitated the research presented in this paper, allowing us to conduct data collection and analysis as well as disseminate our findings to a wider audience.
DOES THE USE OF SOCIAL MEDIA AND MOTIVATIONAL SOURCES AFFECT LEARNING ACHIEVEMENT? REFLECTIONS ON THE LEARNING SYSTEM OF JUNIOR HIGH SCHOOL STUDENTS IN THE PANDEMIC PERIOD Rulindova, Alia Athaya; Mardhatillah, Amy; Rulindo, Ronald
Biopsikososial: Jurnal Ilmiah Psikologi Fakultas Psikologi Universitas Mercubuana Jakarta Vol 8, No 2 (2024): VOL. 8 NO. 2 OKTOBER 2024
Publisher : Universitas Mercu Buana Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22441/biopsikososial.v8i2.30354

Abstract

This study examines the impact of social media and motivational sources on learning achievement during the pandemic among junior high school students. The research specifically analyzes the effects of intrinsic and extrinsic motivation, as well as the role of social media in providing support for learning.Using a quantitative approach, data were collected from 327 students through questionnaires and analyzed via regression analysis. The results indicate that intrinsic motivation significantly influences learning achievement (B = 0.135, t(198) = 5.150, p < .001), while extrinsic motivation also has a significant effect (B = -0.057, t(198) = -2.090, p = .037). However, the hypothesis regarding social media as a supporting infrastructure for learning did not yield significant results (B = 0.031, t(198) = 0.399, p = .690). In contrast, social media's role in providing social support positively impacted learning achievement (B = 0.209, t(198) = 2.567, p = .011). No significant relationship was found between gender and academic achievement (B = 0.103, t(198) = 0.328, p = .743).The regression model explained 18% of the variance in learning achievement, indicating that additional factors may influence academic success. These findings highlight the importance of fostering intrinsic motivation and suggest that educational institutions should implement strategies to enhance students' intrinsic motivation, such as engaging learning activities and supportive environments. Furthermore, schools should leverage social media as a tool for providing social support, which can enhance learning outcomes. Future research should explore effective programs aimed at increasing intrinsic motivation to ensure sustained academic achievement utilizing online learning approaches.
DO INVESTORS REACT TO PERPETUAL BOND ANNOUNCEMENTS IN ASEAN? EVIDENCE FROM AN EVENT STUDY Manurung, Erwin; Rulindo, Ronald
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.v5i8.51290

Abstract

This study examines how investors in ASEAN respond to announcements of perpetual bond issuance and whether firm-level characteristics influence the strength of market reactions. Based on 99 announcement events from 2019 and 2021-2024, the analysis employs an event study methodology combined with cross-sectional multiple linear regression. Cumulative abnormal return (CAR) over the (-1, +1) event window is used to capture short-term market responses, and is adjusted through one-sided winsorization to mitigate the influence of extreme positive values. The results show a significantly positive average CAR, suggesting that investors generally react favorably to such announcements. In the main regression model, the debt to equity ratio (DER) has a significant negative effect on CAR, while market return prior to the announcement (MR) has a significant positive effect. Other variables, including book to market ratio (BM), return on assets (ROA), and bond rating, are not statistically significant. Additional analysis with sector dummies reveals stronger responses for financial firms and a significant effect for BM, while country dummies show no notable variation across ASEAN markets. These findings suggest that capital structure and sectoral context play important roles in shaping investor perceptions of hybrid financing instruments such as perpetual bonds.
ROLE OF SPIRITUALITY IN PREDICTING THE GIG WORK SUCCESS Mardhatillah, Amy; Rulindo, Ronald; Rosida, Rosviana
Jurnal RAP (Riset Aktual Psikologi Universitas Negeri Padang) Vol 16, No 1 (2025)
Publisher : Universitas Negeri Padang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24036/rapun.v16i1.131268

Abstract

Abstract:Purpose: This study aims to examine the psychosocial predictors, namely government support, proactive personality, motivation, and spirituality, for the career satisfaction of gig workers in a new era of working.Design/methodology/approach: 323 gig workers across different sectors in Indonesia participated in this study. PLS-Structural Analysis Model (SEM) was performed to examine the hypothesis.Findings: A proactive personality has the highest path score in predicting gig work career satisfaction.  Government Support does not influence the satisfaction of gig work in Indonesia.Originality: This research stands out for its comprehensive examination of factors not previously studied within the Indonesian gig work environment, especially for spirituality. Additionally, the use of SEM analysis methods underscores an exhaustive approach to investigate relationships between the variables studied. The result that government support doesn't significantly impact career satisfaction offers fresh perspectives on the factors influencing gig work success in Indonesia. This study sheds light on psychosocial predictors that could have wider implications for gig workers globally as well as providing insight on the dynamics of gig work.
Management Risk Appetite as an Determinant of Bank Value and Performance: Theoretical Perspective and Empirical Evidence from Indonesia Handi, Handi; Rulindo, Ronald
Eduvest - Journal of Universal Studies Vol. 5 No. 9 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i9.51364

Abstract

This study examines the influence of the Management Risk Appetite Index (MRPI) on the value and financial performance of banks in Indonesia during the 2019–2023 period. The MRPI is constructed based on nine key indicators, covering both company-level dimensions—such as capital adequacy, credit risk, market risk, operational risk, and non-performing loans—and individual-level dimensions, including board size, gender diversity, academic qualifications, and the number of independent commissioners. The findings reveal that a higher MRPI is positively associated with firm value, indicating that banks with greater risk appetite tend to be more attractive in the eyes of the market. However, the effect on financial performance is mixed. While certain aspects of performance benefit from increased risk appetite, others, particularly related to efficiency and profitability, may experience negative impacts. This suggests a higher risk appetite does not automatically translate into stronger financial performance. The study also highlights the significant effects of the COVID-19 pandemic on banking operations, showing that the crisis influenced various performance indicators differently. Additionally, control variables such as bank size and age demonstrate consistent yet varying impacts on both value and performance, depending on the specific metric used. These results underline the importance of aligning risk appetite with governance structures and strategic objectives. For bank owners, regulators, and stakeholders, this implies the need for thoughtful selection of board members and commissioners, considering factors such as education, gender diversity, independence, and experience in risk management to support balanced and sustainable growth.
Co-Authors Amy Mardhatillah HANDI, HANDI M. Shabri Abd. Majid Manurung, Erwin Mohd. Azmi Omar Muhammad Rifqi Muhammad Rizky Prima Sakti, Muhammad Rizky Prima Rahmatina A. Kasri Rosida, Rosviana Rulindova, Alia Athaya Yuniar, Adela Miranti