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All Journal Jurnal Keuangan dan Perbankan DeReMa (Development Research of Management) Jurnal Manajemen Binus Business Review JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi) Owner : Riset dan Jurnal Akuntansi Jurnal ULTIMA Accounting EKUITAS (Jurnal Ekonomi dan Keuangan) Journal of Business and Applied Management Jurnal Proaksi Jurnal Akuntansi Jurnal Ilmiah Manajemen Kesatuan Enrichment : Journal of Management Budapest International Research and Critics Institute-Journal (BIRCI-Journal): Humanities and Social Sciences Journal of Sustainable Community Development (JSCD) The South East Asian Journal of Management Proceeding National Conference Business, Management, and Accounting (NCBMA) Proceeding of International Conference on Entrepreneurship (IConEnt) Al-Iqtishad
Sung Suk Kim
Department Of Management, Business School, Universitas Pelita Harapan Jl. M.H. Thamrin Boulevard 1100, Tangerang, 15811
Religion Arts Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Social Sciences

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Faktor Penentu Profitabilitas Bank Tercatat di Indonesia: Pendekatan dengan Regresi Kuantil Restiana Ie Tjoe Linggadjaya; Apriani Dorkas Rambu Atahau; Gracia Shinta S. Ugut; Kim Sung Suk
Jurnal Proaksi Vol. 11 No. 1 (2024): Januari - Maret
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Muhammadiyah Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32534/jpk.v11i1.5246

Abstract

This quantitative study examines 6 predictors that are presumed to affect profitability for listed banks in Indonesia.  The purpose of this study is to examine the determinants of profitability and the magnitude of the influence of such determinant on profitability of listed banks in Indonesia. This study uses the entire population of listed banks in Indonesia and focused on the period from 2013 to 2022 with a total of 47 listed banks. The statistical analysis instrument used is panel data quantile regression using R. Bank profitability is measured by return on assets (ROA), whereas liquidity, assets quality, asset management, leverage, efficiency, and capital adequacy are used as bank‐specific factors. The research result are that asset quality, asset management, capital adequacy affect bank profitability significantly and positively, while asset quality and efficiency negatively affect profitability. Meanwhile, LDR has a negative relationship with profitability. The novelty of this study is that it is the first study on the determinants of profitability for banks registered in Indonesia using quantile regression. The results of quantile regression provide deeper insight than OLS linear regression or fixed effect panel regression because it can describe the distinctive influence and direction of each quantile of profitability. Quantile regression analysis of profitability has been carried out on return on assets, and not yet being performed on net interest margin and return on equity. Suggestions for future research to add a lagged effect (t-1) for asset quality to profitability and also add robustness check.
The Impact of Greenwashing Practices on Stock Liquidity and Volatility in Indonesia Melvien Deisie Christin Welang; Juli Hendri; Sung Suk Kim
Proceedings of the International Conference on Entrepreneurship (IConEnt) Vol. 5 (2025): Proceedings of the 5th International Conference on Entrepreneurship (IConEnt)
Publisher : Universitas Pelita Harapan

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Abstract

This study examines the impact of greenwashing on stock liquidity and volatility, using data from companies listed on the Indonesian stock exchange in the period 2018 to 2022. The results show that greenwashing has a positive impact on liquidity. The results show that greenwashing has a positive effect with stock price volatility, which indicates that increased greenwashing leads to higher market uncertainty. Furthermore, greenwashing has a negative effect on liquidity during the Covid-19 pandemic, but the effect of greenwashing on stock volatility is not different during the Covid-19 period.
Board Gender Diversity and IPO Price Formation in Indonesia Vivi Liu; Sung Suk Kim
Proceedings of the International Conference on Entrepreneurship (IConEnt) Vol. 5 (2025): Proceedings of the 5th International Conference on Entrepreneurship (IConEnt)
Publisher : Universitas Pelita Harapan

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Abstract

This study aims to analyze the effect of gender diversity in boards of commissioners and directors on the level of underpricing on the first trading day following an Initial Public Offering (IPO) in Indonesia. The data used consist of companies that conducted IPOs in Indonesia dure in Indonesia during the period 2021-2024. The results indicate that in the Indonesian market, investors place greater emphasis on firms’ fundamental factors rather than gender-related aspects when making investment decisions at the time of an IPO. Market Capitalization, Return on Assets (ROA), and Share Overhang (SO) are found to be significant variables. This study contributes to the literature on factors influencing stock market performance during IPOs and provides practical implications for firms and regulators in formulating IPO strategies. Future research could be extended by incorporating additional factors such as financial characteristics, macroeconomic conditions, and managerial aspects in shaping investor decision-making.
Isomorphism Pressure to Micro-Business Decision on Digital Payment Acceptance in SME Indonesia Lisyiana, Riani; Kim, Sung Suk
Jurnal Ilmiah Manajemen Kesatuan Vol. 14 No. 1 (2026): JIMKES Edisi January 2026
Publisher : LPPM Institut Bisnis dan Informatika Kesatuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37641/jimkes.v14i1.4529

Abstract

The Indonesian government and financial institutions have promoted the adoption of digital payments among small businesses to improve efficiency and economic inclusion. This study aims to examine the factors influencing micro sellers’ intention to adopt non-cash payment technology. A quantitative approach was employed, with an estimated population of 876 sellers in Pasar Wisma Asri, North Bekasi. Data were collected using questionnaires and analyzed using PLS-SEM through SmartPLS. The results indicate that coercive pressure from government regulations and normative pressure from industry standards significantly and positively affect sellers’ intention to use digital payment technology. Mimetic pressure contributes to the formation of social norms but does not directly motivate the intention to adopt the technology. Normative isomorphism shows a significant direct effect on intention, suggesting that professional pressure and normative standards strengthen adoption intentions even without increasing subjective norms. Subjective social norms were found to have no significant effect on usage intention in the traditional market context studied. This study expands understanding of non-cash payment adoption through institutional pressures and subjective norms, and provides insights for policymakers, business actors, and stakeholders in designing strategies to accelerate digital payment adoption in the informal sector, thereby supporting financial inclusion and economic welfare.
MENTAL ACCOUNTING AND LOSS AVERSION ON INDONESIA FIRM’S PERFORMANCE DURING COVID-19 Grace Turangan; Sung Suk Kim
EKUITAS (Jurnal Ekonomi dan Keuangan) Vol 7 No 3 (2023): September
Publisher : Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya(STIESIA) Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24034/j25485024.y2023.v7.i3.5356

Abstract

The world shocked by the found of new virus COVID-19 which impact the firm’s performance. The objective of this study is to examine the effect of mental accounting behavior and loss aversion on the performance of companies in Indonesia listed on KOMPAS100 during the period of pandemic COVID-19. The Ordinary Least Square (OLS) regression model on panel data was formed using the two dependent variables ROA and Tobin’s Q. The results show that loss aversion behavior gives a negative impact on company performance, both on variable ROA and Tobin's Q variables and that behavior generally has an increasing impact when the crisis due to the COVID-19 pandemic occurs. While mental accounting behavior also influence on a negative impact on company performance by using the ROA variable along COVID-19 pandemic period, this behavior significantly increased giving a negative impact on company performance. However, these results are not in line with research using Tobin's Q which shows significant results that mental accounting behavior gives positive impact on company performance and the impact increases when crisis period due to COVID-19 pandemic. The research concluded previous research shows that both mental accounting and loss aversion gave impact to the company performance.
DETERMINAN MAKROEKONOMI TERHADAP STOCK MARKET DEVELOPMENT DI ASEAN Hazimah I’za Zain; Kim Sung Suk
Proceeding National Conference Business, Management, and Accounting (NCBMA) 9th National Conference Business, Management, and Accounting
Publisher : Faculty of Economics and Business Universitas Pelita Harapan

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Abstract

This study investigates the relationship between macroeconomic factors and stock market development. Specifically, it examines the roles of gross domestic product, inflation, trade openness, financial intermediary development, investment rate, and saving rate across multiple dimensions of market development, including stock market capitalization, equity trading, turnover ratio, and the number of listed companies in ASEAN countries over the period 2000–2024. Testing methods conducted by a fixed effects panel data approach with Driscoll–Kraay standard errors to account for heteroscedasticity and cross-sectional dependence, the findings reveal substantial heterogeneity in the effects of macroeconomic variables. The results indicate that gross domestic product, inflation, financial intermediary development, and investment rate have an insignificant relationship across most stock market development indicators. Trade openness demonstrates a positive and significant relationship, particularly when proxied by equity trading and listed companies. Saving rate indicates a robust significant effect on stock market capitalization, further supported by turnover ratio dynamics. These findings highlight the differentiated transmission mechanisms of macroeconomic factors within ASEAN financial systems and underscore the need for coordinated macro-financial policies to enhance the complementarity between banking institutions and capital markets, thereby fostering sustainable market development.
PENGARUH STRUKTUR MODAL TERHADAP PROFITABILITAS PERBANKAN KONVENSIONAL DI INDONESIA DENGAN REGRESI KUANTIL Gokma Simbolon; Sung Suk Kim
Proceeding National Conference Business, Management, and Accounting (NCBMA) 9th National Conference Business, Management, and Accounting
Publisher : Faculty of Economics and Business Universitas Pelita Harapan

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Abstract

The banking sector plays a critical role in maintaining financial stability and supporting economic growth. In banking institutions, capital adequacy is a key determinant of financial resilience and operational performance. However, the relationship between capital adequacy and profitability remains debated, particularly regarding whether higher capital level consistently enhances bank performance or instead creates inefficiencies due to excess capital holdings. This study aims to examine the impact of capital structure on the profitability of convention banks in Indonesia while emphasizing the potential non-linear relationship between capital adequacy and bank profitability. The study utilizes panel data from 41 conventional banks in Indonesia over the period 2014 – 2024, comprising 451 observations. Bank profitability is measured using Return on Equity (ROE). The primary explanatory variables include Capital Adequacy Ratio (CAR) and its squared term (CAR2) to capture potential non-linear effects. Control variables include Non-Performing Loan (NPL), Operating Expenses to Operating Income (BOPO), Loan to Deposit Ratio (LDR) and Net Interest Margin (NIM), while macroeconomic variables include Gross Domestic Product Growth (GDP), Inflation (INF) and market concentration measured using the Herfindahl-Hirschman Index (HHI). The empirical analysis applies panel quantile regression using STATA to capture heterogeneous effects across different profitability levels. The results show the bank-specific factors significantly influence profitability. BOPO and NPL negatively affect ROE, while NIM positively contributes to profitability. Furthermore, the findings reveal a non-linear relationship between capital adequacy and profitability, indicating the existence of an optimal capital level in the banking sector. In contrast, macroeconomic factors such as GDP growth, INF and HHI do not significantly affect bank profitability. This study contributes to the literature by providing empirical evidence on heterogeneous capital-profitability dynamics using a quantile regression framework in the Indonesia banking industry.
MACRO HERD BEHAVIOUR AND THE SIZE EFFECT: A COMPARATIVE ANALYSIS BETWEEN SHARIA (ISSI) AND NON-SHARIA STOCKS IN INDONESIA Laurensius Avellino; Vivi Liu; Kim Sung Suk
Al-Iqtishad: Jurnal Ekonomi Syariah Vol. 7 No. 01 (2025): Juli-Desember 2025
Publisher : Program Studi Ekonomi Syariah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53649/al-iqtishad.v7i01.1308

Abstract

This study aims to identify and analyze the patterns of macro herding behavior in the Indonesian Stock Market (IHSG) and to compare the intensity of general herding and the influence of Market Capitalization (Size Effect) between the Sharia Stock Index (ISSI) and Non-ISSI sub-samples. Utilizing weekly stock price data from all IDX-listed companies for the 2011???2024 period, the study applies the more robust Tessler and Venezia Herding Model (2022). Comparative analysis is performed on the Total IHSG, ISSI, and Non-ISSI segments. It is found that macro herding is detected in the IHSG, predominantly during extreme market conditions. The intensity of general herding is found to differ significantly between the ISSI and Non-ISSI groups, and the influence of Market Capitalization on herding also exhibits distinct patterns across the two sub-samples.The originality lies in the application of the robust Tessler and Venezia Model (2022) in the Indonesian Market and the comparative analysis of herding and Size Effect in the dualistic ISSI/Non-ISSI market. The findings confirm that Sharia compliance and firm size are important determinants moderating collective investor behavior, providing strong practical implications for regulators (OJK) and market participants.
Co-Authors Agus Diemas Prayoga Andre Suryadinata Anthony Lukmawijaya Apriani Dorkas Rambu Atahau Bang Jessica Santiyano Budhidharma, Valentino Carissa Carissa Clara Constantine Clara, Nathania Cynthia Wijayanti Darmia, Darmia Derry Irahadi Derry Rijken Irahadi Dewi, Shinta Kurnia Dimu, Darmia Edwin Hendra Edwin Hendra, Edwin Edwin Wijaya Eko Cristian felicia julianti Felicia Julianti Ferdinand, Ferry Vincenttius Freshtriana, Freshtriana Gokma Simbolon Golrida Karyawati Grace Turangan Gracia S Ugut Hazimah I’za Zain Herlina Lusmeida Irwan Adi Ekaputra Iyvon Herliawan Jasen, Lie Jeanice Jeanice Jonathan Gunalan Joseph, Widyatama Juli Hendri Juliana, Rita Juniarty Kasiha, Nathalia W N Kasiha, Nathalia Wanda Nova Katherine, Hartati Kie Van Ivanky Saputra Kurniawan Kurniawan Laurensius Avellino Lisyiana, Riani Liza Handoko Maria Stevani Sianturi Maria Stevani Sianturi Melvien Deisie Christin Welang Metta Dewi Monica Shendiana Sugianto Muhamad Farhan Muljono, Danella Rachel Nugroho, Vina Parengkuan, Samuel Ray Aditya Purba, Golrida Karyawati R. Rinda Rachmawati Brata Rahmawanti, Tamara Restiana Ie Tjoe Linggadjaya Sandra Sandra Sembel, Jacquelinda Sandra Sidharta, Kevin Stanley Mulja Stefanus Hugo Lusida Suryadinata, Andre Sylvia Samuel Tri Mulyana Vivi Liu Vivi Liu Waluyo, Herlina Wennars, Lesely Willyandi Tairas Wirdy Leonarsan Yoga Rima Hadi