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All Journal QIJIS (Qudus International Journal Of Islamic Studies) EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis Economic Education Analysis Journal Asia-Pacific Management and Business Application Syntax Literate: Jurnal Ilmiah Indonesia JMKSP (Jurnal Manajemen, Kepemimpinan, dan Supervisi Pendidikan) Ultima Management : Jurnal Ilmu Manajemen Jurnal Mantik Dinasti International Journal of Education Management and Social Science Al-Kharaj: Journal of Islamic Economic and Business Journal of Economics and Business UBS International Journal of Social Service and Research Multidiciplinary Output Research for Actual and International Issue (Morfai Journal) International Journal of Islamic and Social Sciences (ISOS) Indonesian Capital Market Review Journal of Finance and Islamic Banking
Nur Dhani Hendranastiti
Universitas Indonesia
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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Stability and Performance of Conventional and Sharia Banking in Indonesia Before and After the Covid-19 Pandemic Eko Nugroho, Taufik; Hendranastiti, Nur Dhani
Journal of Finance and Islamic Banking Vol. 7 No. 1 (2024)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/jfib.v7i1.9184

Abstract

This study examines the impact of the COVID-19 outbreak on the performance and stability of Indonesia's dual banking system. Our sample includes the top 20 banks by assets, both conventional and sharia, from 2018 Q1 to 2023 Q3. Data for conventional banks is obtained from Bloomberg, while data for Islamic banks is sourced from each bank's official website. We use ROA, ROE, and NIM as performance variables and Z-Score and NPL as stability variables. External factors such as GDP, Inflation, BI Rate, and Exchange Rate serve as independent variables, while bank-specific variables act as controls. Panel data regression is used to determine causal relationships between these factors and banking performance and stability. We also compare bank performance and stability before and after COVID-19 using the Mann-Whitney Test. Findings indicate that the pandemic significantly affected conventional banks' Z-Score, NPL, ROA, ROE, and NIM, while only NPL was significantly affected in sharia banks. The results highlight the significant impact of GDP, exchange rate, and BI Rate on banking variables, while inflation had no effect. The type of bank significantly influences performance but not stability.
Determinants Of The Proportion Of Tabarru' Funds In Indonesian Sharia General And Life Insurance For The 2018-2022 Period Anasang Diskan Poetra; Nur Dhani Hendranastiti
EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis Vol 12 No 4 (2024): Oktober
Publisher : UNIVED Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37676/ekombis.v12i4.6415

Abstract

This study examines the impact of claim expense ratio, commission expense ratio, total assets, and investment profit sharing income ratio on the proportion of tabarru' funds in general and life Islamic insurance in Indonesia, both sharia and full-fledged business units. The aim is to recognise the factors that influence the allocation of tabarru' funds and how it affects the financial performance of the company. Using panel data regression analysis, this study found that the claims expense ratio has a significant positive impact on full-fledged insurers, while the commission expense ratio has a significant positive effect on the combined model and Islamic business units. In contrast, total assets negatively affect the proportion of tabarru' funds significantly in the combined model and Islamic business units, but not significantly in full-fledged insurers. The investment profit-sharing income ratio does not show a significant effect in all models. These results provide useful insights for the financial management of Islamic insurance companies in designing effective tabarru' fund allocation policies, especially during the transition period from Islamic business units to full-fledged Islamic insurance companies.
MARKET REACTIONS TO BOYCOTT ANNOUNCEMENTS: ANALYZING THE IMPACT ON TARGETED COMPANIES IN INDONESIA Avianuari, Fanny; Hendranastiti, Nur Dhani
International Journal of Social Service and Research Vol. 4 No. 10 (2024): International Journal of Social Service and Research
Publisher : Ridwan Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46799/ijssr.v4i10.1026

Abstract

This research aims to examine the changes in abnormal returns (AR) and trading volume activity (TVA) before and after the announcement of MUI Fatwa Number 83 of 2023, which targets companies for boycott due to their alleged affiliation with Israel. This study employed an event study approach, using a 5-day event window, 10-day event window, 20-day event window and 30-day event window before and after the Fatwa's announcement to measure abnormal returns and trading volume activity. The analysis began by examining the normality of the data to determine whether it was normally distributed. For normally distributed data, a Paired Sample T-test was used, while the Wilcoxon Signed Rank test was applied to non-normally distributed data. The analysis reveals a significant difference in AR during the initial 5-day window, indicating a strong short-term market reaction driven by investor sentiment and uncertainty. However, for longer windows (10, 20, and 30 days), no significant differences in AR were found, suggesting that the market stabilized as new information was absorbed, consistent with the Efficient Market Hypothesis (EMH) by Eugene Fama (1970). Conversely, TVA showed significant increases across all event windows, indicating sustained investor interest and heightened trading activity. This suggests that while the impact on stock prices was short-lived, the boycott had a lasting influence on trading volume, reflecting continued portfolio adjustments.
The Influence of Boycott Threats on Abnormal Returns and Trading Volume: Evidence from the Israel-Palestine Conflict Avianuari, Fanny; Dhani Hendranastiti, Nur
Dinasti International Journal of Education Management And Social Science Vol. 6 No. 2 (2025): Dinasti International Journal of Education Management And Social Science (Decem
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijemss.v6i2.3679

Abstract

This study examines the impact of the October 7, 2023 escalation of the Israel-Palestine conflict on companies targeted by boycott threats due to their alleged ties to Israel. Using abnormal returns (AR) and trading volume activity (TVA) as key indicators of stock performance, the research analyzes changes across 5-day, 30-day, and 120-day event windows. An event study methodology is applied to assess shifts in these indicators before and after the boycott threat. The results show a significant difference in TVA in the 5-day and 30-day event windows, indicating notable changes in trading behavior following the boycott. However, significant differences in abnormal returns were observed only in the 5-day window, with no significant changes in the 30-day and 120-day windows. Similarly, no significant difference in TVA was found in the 120-day event window, suggesting that the effects of the boycott diminished over time. These findings suggest that while the boycott influenced trading volume in the short term, its impact on stock prices, as measured by abnormal returns, was brief and faded over time.
ESG and Financial Risk in ASEAN-5: Mediating Role of Financial Constraints Azmi, Nurul Farida; Hendranastiti, Nur Dhani
Al-Kharaj: Journal of Islamic Economic and Business Vol. 7 No. 1 (2025): All articles in this issue include authors from 3 countries of origin (Indonesi
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v7i1.7071

Abstract

This study investigates the influence of Environmental, Social, and Governance (ESG) scores, both in aggregate and by individual pillars (Environmental, Social, and Governance) on financial risk, and examines the mediating role of financial constraints measured using the SA Index. The analysis uses 595 firm-year observations from 119 non-financial publicly listed companies in ASEAN-5 countries (Indonesia, Malaysia, the Philippines, Thailand, and Singapore) during the period 2019–2023. Financial risk is proxied by the Altman Z-Score, and the model is estimated using panel data regression with the Two-Stage Least Squares (2SLS) method, Driscoll-Kraay standard errors to address potential endogeneity and heteroskedasticity, and Random Effects model. The results show that only the Social (S) pillar has a significant and positive direct effect on the Altman Z-Score, indicating a reduction in financial risk, while aggregate ESG, Environmental (E), and Governance (G) scores show no significant direct impact. However, all ESG components are significantly negatively associated with financial constraints, implying that better ESG performance improves internal financial conditions. Mediation analysis using the coefficient-based approach and Sobel Test confirms that financial constraints significantly mediate the relationship between ESG and financial risk. These findings emphasize the importance of ESG integration in financial management as a strategy to mitigate bankruptcy risk in developing economies
LEVERAGE EFFECT BETWEEN ISLAMIC STOCK AND SRI INDICES: CASE OF INDONESIA Hendranastiti, Nur Dhani
ULTIMA Management Vol 14 No 2 (2022): Ultima Management : Jurnal Ilmu Manajemen
Publisher : Universitas Multimedia Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31937/manajemen.v14i2.2912

Abstract

Abstract- This paper examines the difference in leverage effect between the Islamic stock index and the SRI index using the Indonesian data for a period before and during-after the COVID-19 pandemic. The interrelated issues of health and environment, starting from the COVID-19 pandemic, energy use, and environmental issues can have a different effects on different asset classes. With the distinctive feature of the Islamic stock index and SRI index, it can attract investors who want to diversify their portfolio to hedge against the health and environmental crisis. This study aims to examine the volatility risk in ISSI and SRI-Kehati as an impact of various events in 2020-2022. This paper attempts to test the leverage effect for a longer period incorporating the various major events in 2020-2022. This study uses daily price index data of ISSI and SRI-Kehati Index for the period 10/04/2013-28/11/2022 and employed the ARMA-EGARCH models to answer the objectives. The results show that there is a leverage effect in ISSI and SRI-Kehati for a period before and during-after the COVID-19 pandemic although the magnitude is lower after the during-after pandemic. The leverage effect indicates that the negative return that occurred in the constituents of both indices leads to higher volatility, implying that both indices are not prone to various events. The lower magnitude of the leverage effect on SRI-Kehati can give better assurance for investors regarding the volatility risk of the index. Keywords: Islamic Stock Index; SRI Index; COVID-19; Crisis; Leverage Effect
ESG DIMENSIONS AND CORPORATE PERFORMANCE – FINANCIAL SLACK AS A MODERATING VARIABLE: EVIDENCE FROM EMERGING MARKETS Aulia Rayendra Rahman; Nur Dhani Hendranastiti
Multidiciplinary Output Research For Actual and International Issue (MORFAI) Vol. 5 No. 4 (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.v5i4.3101

Abstract

This paper analyzes the effects of Environmental, Social, and Governance (ESG) factors, including their three pillars and ESG controversies, on corporate performance in environmentally sensitive industries across ASEAN countries. ESG issues have gained prominence due to their association with environmental degradation, labor exploitation, and lack of transparency, all of which pose risks to corporate sustainability. In emerging markets, the implementation of ESG practices faces challenges such as inadequate infrastructure and financial limitations, which may hinder companies from adopting sustainable practices and improving performance. This study addresses these challenges by introducing financial slack as a moderating variable, aiming to determine if financial flexibility impacts the relationship between ESG engagement and corporate performance, assessed through Return on Equity (ROE), Return on Assets (ROA), and Tobin's Q. Utilizing panel data from 2019 to 2023 and applying moderated regression analysis reveals that ESG engagement and its pillars are negatively linked to corporate performance. Furthermore, financial slack mitigates the negative outcome of overall ESG engagement, along with the Environmental and Governance pillars, on these performance indicators. These findings highlight the importance of financial flexibility in supporting ESG implementation in emerging economies and environmentally sensitive industries.
Kontribusi Literasi Keuangan Digital terhadapKeputusan Finansial Pekerja Muda: Pendekatan Empiris di Ibukota Provinsi Indonesia Nugraha, Zulfian Winanda; Hendranastiti, Nur Dhani
Journal of Economics and Business UBS Vol. 14 No. 5 (2025): Journal of Economics and Business UBS
Publisher : Cv. Syntax Corporation Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52644/hm670c61

Abstract

Lonjakan pinjaman online dan penggunaan paylater, bersama dengan ketidakpastian ekonomi global dari pandemi dan konflik, menegaskan perlunya kesadaran tinggi terhadap Pengambilan Keputusan Keuangan (FDM) yang bijaksana. Penelitian ini bertujuan menganalisis FDM pada pekerja urban muda, menggunakan metodologi kuantitatif dengan Model Persamaan Struktural (SEM) dan analisis Partial Least Squares (PLS) pada sampel 252 individu. Temuan menekankan relevansi literasi keuangan digital, kapabilitas keuangan, otonomi, dan impulsivitas dalam FDM. Hasilnya memberikan pemahaman lebih dalam mengenai faktor-faktor yang memengaruhi pengambilan keputusan keuangan di kalangan pekerja urban muda, menjadi dasar pengembangan program literasi keuangan. Implikasi temuan mendukung pengambilan keputusan keuangan yang lebih efektif.
Co-Authors Ameliawati, Hertya Dwi Anasang Diskan Poetra Annisaningrum Yuliastuti Aryati, Yustia Asutay, Mehmet Aulia Rayendra Rahman Avianuari, Fanny Azka, Fahmi Amika Azmi, Nurul Farida Chandra Susilo Eko Nugroho, Taufik Garin Rizki Arishaldi Indrastomo, Banjaran Surya Nugraha, Zulfian Winanda Rahmatina Awaliah Kasri Zafirah Rizka