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All Journal International Journal of Economics, Business and Accounting Research (IJEBAR) Budapest International Research and Critics Institute-Journal (BIRCI-Journal): Humanities and Social Sciences Multidiciplinary Output Research for Actual and International Issue (Morfai Journal)
Harjum Muharram
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Religion Agriculture, Biological Sciences & Forestry Arts Humanities Chemical Engineering, Chemistry & Bioengineering Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Energy Engineering Environmental Science Health Professions Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Materials Science & Nanotechnology Social Sciences Other

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ANALYSIS OF THE INFLUENCE OF THE UNITED STATES (US) AND CHINA ECONOMIC POLICY UNCERTAINTY (EPU) ON STOCK VOLATILITY IN 5 ASEAN COUNTRIES BEFORE AND DURING COVID-19 Khaeru Nisa Aulia Urakhma; Harjum Muharram
International Journal of Economics, Business and Accounting Research (IJEBAR) Vol 5, No 4 (2021): IJEBAR : Vol. 05, Issue 04, December 2021
Publisher : LPPM ITB AAS INDONESIA (d.h STIE AAS Surakarta)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29040/ijebar.v5i4.3931

Abstract

The purpose of this study is to analyze the effect of Economic Policy Uncerianty (EPU) on the volatility of the ASEAN 5 stock market. The method used in this study is a quantitative research method using a regression model and Generalized Autoregressive Conditional Heteroscedasticity (GARCH). The sample of this research is 5 ASEAN countries, namely Indonesia, Malaysia, Singapore, Thailand and the Philippines. The results showed that the United States EPU found a positive effect on the volatility of the stock market indexes of Malaysia, Singapore, and Thailand while Indonesia and the Philippines did not have a positive effect in the period before and during COVID-19. China's EPU has no effect on the volatility of the ASEAN 5 stock market indexes before and during COVID-19. This study also finds that the volatility of the previous period affects the volatility of the current ASEAN 5 stock market index before and during COVID-19. Keywords: Economic Policy Uncertainty (EPU), GARCH, Volatility of stock market indices, COVID-19 pandemic
The Influence of Financial Adequacy, Religiosity, Humanity and Institutions on Donating Behavior at LAZISMU Magelang City Ariq Fikria Niagasi; Harjum Muharram
Budapest International Research and Critics Institute-Journal (BIRCI-Journal) Vol 5, No 3 (2022): Budapest International Research and Critics Institute August
Publisher : Budapest International Research and Critics University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33258/birci.v5i3.6012

Abstract

The huge potential of zakat in Indonesia makes it an opportunity for zakat institutions in Indonesia to collect zakat funds from the public. Based on the 2020 Census data by the Central Statistics Agency, there are 270 20 million people in Indonesia. 70.72% are of productive age, which can be a potential muzakki zakat income, and 85% are Muslim. However, the income zakat collected in Indonesia is still relatively small. At the same time, the number of zakat institutions in Indonesia is enormous. This study uses quantitative methods, and the research data is obtained by distributing questionnaires to donors containing questions related to donors' behavior in giving donations to Lazismu, Magelang City. So it is found that the data that the donors who secure their contributions through Lazismu Magelang City are not because of the problem of whether or not their financial strength is sufficient or not to meet their daily needs but because of the high level of concern among others.
THE INFLUENCE OF RISK GOVERNANCE ON THE PROFITABILITY OF REGIONAL GOVERNMENT-OWNED GENERAL BANKS IN INDONESIA BEFORE AND DURING THE COVID-19 PANDEMIC Tri Reswanti; Harjum Muharram
Multidiciplinary Output Research For Actual and International Issue (MORFAI) Vol. 5 No. 3 (2025): Multidiciplinary Output Research For Actual and International Issue
Publisher : RADJA PUBLIKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/morfai.v5i3.2992

Abstract

In the face of global uncertainty such as the Covid-19 pandemic, the resilience of the banking system becomes a strategic issue, especially for regional government-owned commercial banks that have an important role in regional economic stability. This study aims to examine the effect of risk disclosure, the number of risk monitoring committees, and risk committee activities on bank profitability as measured by Return on Assets (ROA) and Return on Equity (ROE), and to test the differences using the paired sample t-test method for each variable before and during the Covid-19 pandemic. This research method uses a quantitative approach. Hypotheses H1–H6 are tested by regression, while hypotheses H7a–H7e are tested by paired sample t-test. The results of the first regression show that only H1 is accepted, namely risk disclosure has a significant positive effect on ROA (t = 2.525; p = 0.013). However, H2 and H3 are rejected because the Number of Risk Committees and risk committee activities do not have a significant effect on ROA (t = -1.741; p = 0.084 and t = -1.923; p = 0.056). The first regression model has a determination value (R²) of 0.078, which means that 7.8% of the variation in ROA can be explained by the independent variables. The second regression shows that only H5 is accepted, namely the number of risk committees has a significant positive effect on ROE (t = 2.019; p = 0.045). While H4 and H6 are rejected because risk disclosure and risk committee activities do not have a significant effect on ROE (t = -0.920; p = 0.359 and t = -1.695; p = 0.092). The determination value (R²) of 0.055 indicates that 5.5% of the variation in ROE is explained by the model. Furthermore, the results of the paired sample t-test showed that only H7c, H7d, and H7e were accepted. Risk committee activity increased significantly during the pandemic (t = -2.048; p = 0.044), and there was a significant decrease in ROA during the Covid-19 pandemic (t = 3.446; p = 0.001) and ROE (t = 4.920; p = 0.000). Meanwhile, H7a and H7b were rejected because risk disclosure (t = -1.000; p = 0.320) and the number of risk committees (t = -1.211; p = 0.230) did not experience significant differences before and during the Covid-19 pandemic. This study provides evidence that risk disclosure and the number of risk monitoring committees contribute to explaining bank profitability, although in general the explained variation is relatively small. This finding highlights the importance of improving the quality of risk governance that is more adaptive in responding to the crisis.
ANALYSIS OF THE EFFECT OF COMPANY SIZE, AGE, GOVERNANCE, AND OPERATING COSTS ON THE FINANCIAL PERFORMANCE OF FINANCING COMPANIES IN INDONESIA Budiyono; Harjum Muharram
Multidiciplinary Output Research For Actual and International Issue (MORFAI) Vol. 5 No. 3 (2025): Multidiciplinary Output Research For Actual and International Issue
Publisher : RADJA PUBLIKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/morfai.v5i3.3000

Abstract

Conventional finance companies are an important part of the non-bank financial industry in Indonesia, which functions in financing investment, working capital, and public consumption. As a financial institution that supports national economic growth, its financial performance needs to be continuously analyzed and improved. This study aims to examine the effect of company size, company age, corporate governance, and operating costs on the financial performance of conventional finance companies in Indonesia. The method used in this study is a quantitative method using secondary data obtained from the annual financial reports of conventional financing companies registered with the Financial Services Authority (OJK) for the period 2019–2023. From a population of 179, 141 financing companies met the purposive sampling criteria, resulting in a total of 705 observations. After outlier trimming was carried out because there were indications of normality and heteroscedasticity problems, the final data analyzed were 495 observations. The analysis was carried out with SPSS 26.00 software using the multiple regression analysis method. The results of the study indicate that company size has a positive and significant effect on financial performance (ROA) (sig. 0.000; t-stat 3.713), company age has a significant positive effect on financial performance (ROA) (sig. 0.003; t-stat 2.953), corporate governance has a significant positive effect on ROA (sig. 0.007; t-stat 2.690), and operating costs have a negative effect on financial performance (ROA) (sig. 0.068; t-stat -1.832). The coefficient of determination (R² square) value of 0.109 indicates that the independent variables are able to explain 10.9% of the variation in financial performance of finance companies proxied by ROA. The implications of this study emphasize the importance for finance companies to expand their company scale and control operating costs strictly in order to improve financial performance. This study also opens up opportunities for further research to expand the scope of other factors, such as external macroeconomic factors that can affect the financial performance of finance companies in the future
Co-Authors Ariq Fikria Niagasi BUDIYONO Khaeru Nisa Aulia Urakhma Tri Reswanti