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Evaluation of Interest Rate Policies in Creating Financial Stability and Price Stability in Indonesia Algifari Algifari; Haryono Subiyakto; Astuti Purnamawati
Telaah Bisnis Vol 24, No 1 (2023): July 2023
Publisher : Sekolah Tinggi Ilmu Manajemen YKPN Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35917/tb.v24i1.322

This study aims to evaluate the interest rate policy (rediscount policy) by Bank Indonesia to create financial stability and price stability in Indonesia. This research used data on the SBI interest rate, exchange rate of rupiah to US dollar, inflation rate, and money supply in Indonesia from January 2014 to December 2021. The econometric model to test the research hypothesis is the structural equation model - partial least square. The results showed that the interest rate instrument to create financial stability in Indonesia was appropriate because the interest rate had a negative impact on the exchange rate. It means that if desired exchange rate will decrease (the rupiah appreciated) it can be done by increasing the interest rate. However, the policy of raising the interest rate can cause the inflation rate to rise. Because the interest rate has a positive effect on the inflation rate. The money supply can mediate the effect of the interest rate on the inflation rate in Indonesia.

Pengaruh Persepsi Manfaat dan Persepsi Kemudahan Terhadap Minat Menggunakan E-Wallet dan Persepsi Kemudahan Dimediasi oleh Kepercayaan (Kasus Di Provinsi Daerah Istimewa Yogyakarta) Novitawati, Jessica; Algifari, Algifari
Business and Accounting Education Journal Vol 4 No 2 (2023): Business and Accounting Education Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/baej.v4i2.70526

The aims of this study is to examine the effect of perceived usefulness and perceived ease of use on interest in using e-wallet of the people of province DIY. This study also examines the ability of trust to mediate the effect of perceived ease on the interest of the people of DIY in using e-wallet. The population in this study is the people who using e-wallet in the province of DIY. The sampling technique used purposive sampling method with a total sample of 107 respondents. Data collection in this study used a questionnaire distributed in the form of a Google Form with the criteria of respondents being aged 20 to 40 years and had used e-wallet for transactions. The hypothesis in this study was tested using the Macro Hayes model in the SPSS program. The results of this study indicate that perceived usefulness and perceived ease have a positive effect on interest in using e-wallet. Trust is able to mediate the effect of perceived ease on interest in using e-wallet people in the province of DIY.

The impact of the COVID-19 pandemic on the country's national economy: The Indonesian experience Algifari, Algifari; Subiyakto, Haryono; Rohman, Isnanda Zainur
Journal of Governance and Accountability Studies Vol. 4 No. 1 (2024): January
Publisher : Goodwood Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/jgas.v4i1.1550

Purpose: This study aims to examine the effects of inflation, exchange rates, and the Covid-19 pandemic on Indonesia's trade balance position and to develop an empirical estimation model to predict its position. Method: The data used in this research are the inflation rate, exchange rate of rupiah to the US dollar, export value, and import value of Indonesia from January 2012 to March 2021. The econometric model used in this study was a binary logistic regression model. Results: The results indicate that The regression coefficient of the inflation rate is negative at 0.3621, with an odds ratio of 0.696. This suggests that 1 percent in inflation reduces the probability of a trade balance surplus of 0.696. The regression coefficient for the exchange rate was positive at 2.18, with an odds ratio of 8.85. This means that every 2.72 rupiah increase in the exchange rate raises the probability of a trade balance surplus of 8.85 times. However, this study does not find empirical evidence that inflation, exchange rates, and pandemic of Covid-19 have no impact on the position of Indonesia's trade balance. Limitations: This study focuses on two factors believed to influence the position of trade balance in Indonesia: the inflation rate and foreign exchange rates. Contributions: This study provides insights into government policy.

Analisis Pengaruh Investasi terhadap Produk Domestik Regional Bruto dalam Kerangka Pembangunan Berkelanjutan Ngabiyanto, Ngabiyanto; Nurkhin, Ahmad; Rahman, Yozi Aulia; Fauzi, Ahmad Syahrul; Lestari, Puji; Saputro, Iwan Hardi; Algifari, Algifari
Business and Accounting Education Journal Vol. 5 No. 2 (2024): Business and Accounting Education Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/baej.v5i2.12563

Tujuan penelitian adalah menganalisis pengaruh investasi terhadap Produk Domestik Regional Bruto (PDRB) dalam kerangka pembangunan berkelanjutan. Investasi yang dimaksud dalam penelitian ini adalah penanaman modal asing (PMA) dan investasi sumber daya yang diukur dengan indeks pembangunan manusia (IPM). Di samping itu, analisis pengaruh jumlah angkatan kerja, ekspor, dan impor juga dilakukan. Jenis penelitian adalah penelitian kuantitatif dengan model analisis regresi data panel. Melalui teknik dokumentasi, diperoleh 102 unit data dari pemerintah provinsi di Indonesia selama tahun 2020-2022. Teknik analisis data yang dilakukan adalah analsisis regresi data panel. Hasil penelitian mengindikasikan bahwa PMA mempunyai pengaruh positif dan signifikan terhadap PDRB. IPM, jumlah angkatan tenaga kerja, ekspor, dan impor tidak berpengaruh signifikan terhadap PDRB. Temuan penelitian menegaskan bahwa pemerintah daerah harus mengambil kebijakan yang tepat untuk meningkatkan PMA di wilayahnya masing-masing. Peningkatan investasi dengan indikator kontribusi PMA terhadap PDB merupakan salah satu pilar yang telah ditentukan oleh pemerintah sebagai bagian dari tujuan dan indikator keberhasilan pilar pembangunan ekonomi berkelanjutan. Abstract The purpose of this study is to analyze the effect of investment on Gross Regional Domestic Product (GRDP) within the framework of sustainable development. The investment referred to in this study is foreign investment (FDI) and investment in resources as measured by the human development index (HDI). In addition, an analysis of the effect of the number of workforce, exports, and imports was also carried out. The type of research is quantitative research with a panel data regression analysis model. Through documentation techniques, 102 data units were obtained from provincial governments in Indonesia during 2020-2022. The data analysis technique used is panel data regression analysis. The results of the study indicate that FDI has a positive and significant effect on GRDP. HDI, the number of workforce, exports, and imports do not have a significant effect on GRDP. The research findings emphasize that local governments must take appropriate policies to increase FDI in their respective regions. Increasing investment with an indicator of FDI contribution to GDP is one of the pillars that has been determined by the government as part of the objectives and indicators of the success of the pillars of sustainable economic development.

ANALISIS DETERMINAN FOREIGN DIRECT INVESTMENT (FDI) DI INDONESIA Nurkhin, Ahmad; Rahman, Yozi Aulia; Fauzi, Ahmad Syahrul; Kusumantoro, Kusumantoro; Algifari, Algifari
Jurnal Ekonomi dan Pendidikan Vol. 21 No. 2 (2024)
Publisher : Universitas Negeri Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21831/jep.v21i2.78278

Studi ini bertujuan untuk mendeskripsikan Foreign Direct Investment (FDI) di Indonesia dan menganalisis determinan FDI. Analisis regresi data panel digunakan untuk mengungkap faktor yang mempengaruhi FDI di Indonesia. Dokumentasi digunakan untuk mengumpulkan data dan diperoleh balanced data panel sebanyak 306 unit data dari periode pengamatan selama 2014-2022. Hasil analisis deskriptif menunjukkan terjadinya peningkatan signifikan investasi asing di Indonesia pada tahun 2023 setelah mengalami penurunan pada tahun 2021-2022. Hasil pengujian hipotesis mengindikasikan bahwa hanya variabel produk domestik regional bruto (PDRB) dan ekspor yang berpengaruh signifikan dan positif terhadap FDI. Variabel lain seperti indeks pembangunan manusia (IPM), upah minimum provinsi (UMP), angkatan kerja (AK), anggaran penerimaan dan belanja daerah (APBD), belanja modal (BM), dan impor tidak terbukti berpengaruh signifikan terhadap FDI. Pemerintah seharusnya menjaga PDRB yang tinggi karena akan mendorong investor asing. Tingkat ekspor yang tinggi juga akan menarik perhatian investor asing.

The relationship between student environmental education, knowledge, attitude, and behavior Nurkhin, Ahmad; Mukhibad, Hasan; Wirawan, Arif Wahyu; Isnarto, Isnarto; Utomo, Asep Purwo Yudi; Saputro, Iwan Hardi; Algifari, Algifari
Journal of Environment and Sustainability Education Vol. 3 No. 3 (2025)
Publisher : Education and Development Research

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62672/joease.v3i3.94

Environmental sustainability is a crucial concern for universities due to the environmental impacts of their operations, including energy use, waste, and transportation. As key actors, higher education institutions play a vital role in promoting sustainability by enhancing students' knowledge, attitudes, and active participation in sustainable practices. This study aims to analyze the relationship between environmental education, knowledge, attitude, and behavior. A total of 376 students of Universitas Negeri Semarang were involved in this study. Data were collected through questionnaires distributed online. Data analysis was carried out using the PLS-SEM analysis technique. The results showed that environmental attitude has a positive effect on student environmental behavior. However, environmental education and knowledge were not proven to significantly influence environmental behavior directly. Environmental education has been shown to play an important role in significantly increasing knowledge and attitudes towards the environment. In addition, environmental education can indirectly influence environmental behavior through the formation of environmental attitudes. The implication of this study shows that the universities and higher education policymakers need to emphasize strengthening positive attitudes toward the environment in environmental education curricula, rather than just focusing on increasing knowledge alone.

Purchase Intention in Mediating the Effect of Promotion on Purchase Decisions in Tiktok Shop Santoso, Theo Angelo; Andriyani, Bianka; Algifari, Algifari
Equity: Jurnal Akuntansi Vol. 6 No. 1: September 2025
Publisher : Universitas Bhayangkara Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46821/equity.v6i1.675

This study aims to analyze the influence of promotion, purchase intention, and price perception on purchasing decisions in TikTok Shop. Using a quantitative approach with 132 STIE YKPN Yogyakarta students as the sample, the research utilized multiple regression analysis. The results show that promotion does not have a significant positive effect on purchasing decisions. However, both purchase intention and price perception were found to positively influence purchasing decisions. These findings suggest that while promotions alone may not drive purchases on TikTok Shop, fostering purchase intention and maintaining favorable price perceptions can be key strategies for influencing purchasing decisions. This research highlights the importance of understanding consumer behavior and the mediating role of purchase intention in the context of online shopping platforms like TikTok Shop.

The impact of the COVID-19 pandemic on the country's national economy: The Indonesian experience Algifari, Algifari; Subiyakto, Haryono; Rohman, Isnanda Zainur
Journal of Governance and Accountability Studies Vol. 4 No. 1 (2024): January
Publisher : Goodwood Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/jgas.v4i1.1550

Purpose: This study aims to examine the effects of inflation, exchange rates, and the Covid-19 pandemic on Indonesia's trade balance position and to develop an empirical estimation model to predict its position. Method: The data used in this research are the inflation rate, exchange rate of rupiah to the US dollar, export value, and import value of Indonesia from January 2012 to March 2021. The econometric model used in this study was a binary logistic regression model. Results: The results indicate that The regression coefficient of the inflation rate is negative at 0.3621, with an odds ratio of 0.696. This suggests that 1 percent in inflation reduces the probability of a trade balance surplus of 0.696. The regression coefficient for the exchange rate was positive at 2.18, with an odds ratio of 8.85. This means that every 2.72 rupiah increase in the exchange rate raises the probability of a trade balance surplus of 8.85 times. However, this study does not find empirical evidence that inflation, exchange rates, and pandemic of Covid-19 have no impact on the position of Indonesia's trade balance. Limitations: This study focuses on two factors believed to influence the position of trade balance in Indonesia: the inflation rate and foreign exchange rates. Contributions: This study provides insights into government policy.

A DETERMINANTS OF DIVIDEND POLICY: EMPIRICAL EVIDENCE FROM INDONESIAN PUBLICLY LISTED COMPANIES Theresia Trisanti; Algifari Algifari; Astuti Purnamawati; Conny Tjandra Rahardja
Kajian Ekonomi dan Bisnis Vol. 21 No. 1 (2026):
Publisher : Sekolah Tinggi Ilmu Ekonomi SBI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.51277/keb.v21i1.303

This study examines the determinants of dividend policy among Indonesian listed manufacturing firms. Specifically, it investigates the effects of sales, profitability, leverage, and asset growth on dividend payout ratio. The study employs secondary data obtained from 80 manufacturing firms listed on the Indonesia Stock Exchange during the 2023–2025 period, resulting in 320 firm-year observations. Multiple regression analysis is used to test the proposed hypotheses. The findings reveal that sales and profitability have a positive and significant effect on dividend payout, indicating that firms with stronger financial performance tend to distribute higher dividends to shareholders. In contrast, asset growth has a negative and significant effect, suggesting that firms with higher growth opportunities prefer to retain earnings for expansion. Meanwhile, leverage shows a negative but statistically insignificant relationship with dividend payout. Overall, the results highlight the trade-off between growth opportunities and dividend distribution decisions in emerging market contexts.

The impact of the COVID-19 pandemic on the country's national economy: The Indonesian experience Algifari Algifari; Haryono Subiyakto; Isnanda Zainur Rohman
Journal of Governance and Accountability Studies Vol. 4 No. 1 (2024): January
Publisher : Goodwood Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/jgas.v4i1.1550

Purpose: This study aims to examine the effects of inflation, exchange rates, and the Covid-19 pandemic on Indonesia's trade balance position and to develop an empirical estimation model to predict its position. Method: The data used in this research are the inflation rate, exchange rate of rupiah to the US dollar, export value, and import value of Indonesia from January 2012 to March 2021. The econometric model used in this study was a binary logistic regression model. Results: The results indicate that The regression coefficient of the inflation rate is negative at 0.3621, with an odds ratio of 0.696. This suggests that 1 percent in inflation reduces the probability of a trade balance surplus of 0.696. The regression coefficient for the exchange rate was positive at 2.18, with an odds ratio of 8.85. This means that every 2.72 rupiah increase in the exchange rate raises the probability of a trade balance surplus of 8.85 times. However, this study does not find empirical evidence that inflation, exchange rates, and pandemic of Covid-19 have no impact on the position of Indonesia's trade balance. Limitations: This study focuses on two factors believed to influence the position of trade balance in Indonesia: the inflation rate and foreign exchange rates. Contributions: This study provides insights into government policy.

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