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Human Capital and Funding Success: Evidence from an Indonesian Equity Crowdfunding Kusumaningrum, Susana Diah; Risfandy, Tastaftiyan; Purnomowati, Nasyi'ah Hasanah; Hartomo, Deny Dwi
The Asian Journal of Technology Management (AJTM) Vol. 16 No. 1 (2023)
Publisher : Unit Research and Knowledge, School of Business and Management, Institut Teknologi Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12695/ajtm.2023.16.1.4

This study examines the impact of human capital on funding success in the context of Equity Crowdfunding (ECF) by analyzing data from 72 start-up companies seeking funding through SANTARA, the first ECF platform in Indonesia. Our findings indicate that various human capital indicators, including the number of directors, team members, economics undergraduate education, and graduates from foreign universities, do not significantly influence ECF success. However, we observed an intriguing result: start-up leaders with undergraduate degrees have a negative impact on crowdfunding success, leading to longer funding durations. This suggests that start-ups in Indonesia should not solely prioritize leaders with impressive educational backgrounds but should also consider individuals with practical experience in the business industry to enhance their chances of crowdfunding success.

BUSY COMMISSIONERS AND FIRM PERFORMANCE: DO SHARIAH-COMPLIANT FIRMS MATTER? Rahardjoputri, Rolina; Risfandy, Tastaftiyan; Utami, Ayu Dwi
Journal of Islamic Monetary Economics and Finance Vol 10 No 1 (2024)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v10i1.1995

The empirical literature on a one-tier board system has recently focused on busy directors, defined as directors holding multiple similar positions in more than one firm simultaneously. In the same spirit, this paper investigates the impact of busy commissioners (instead of busy directors) on firms' performance for the case of Indonesia, a country adopting a two-tier board system. We find that busy commissioners do not impact accounting performance but are negatively associated with market performance. The markets tend to react negatively to the presence of busy commissioners, while actually the firms are also not advantaged financially by their presence. Interestingly, we also find that Shariah-compliant firms tend to have better accounting performance but not with market performance. Our analysis further reveals that the negative impact of busy commissioners on market performance diminishes in non-Shariah-compliant firms. Perhaps, the different characteristics of Shariah-compliant and non-Shariah-compliant companies, wherein Shariah-compliant firms tend to restrict leverage and cash level, account for the results. These findings are robust across various regressions. This research calls on policymakers to enforce the regulation regarding commissioners to reduce its detrimental impact on performance. The regulators should also collaborate with relevant agencies to educate and promote the existence of Shariah-compliant firms in Indonesia. Acknowledgment The authors would like to thank Universitas Sebelas-Maret, Indonesia, for the partial funding for this study.

How does equity financing impact non-performing financing? Evidence from Indonesia Melati, Sophis Listy; Risfandy, Tastaftiyan; Pratiwi, Desti Indah; Hartomo, Deny Dwi
Global Review of Islamic Economics and Business Vol. 12 No. 2 (2024)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/grieb.2024.122-02

This study aims to investigate the impact of equity financing on non-performing financing (NPF) in Islamic commercial banks in Indonesia. To address this issue, we conducted a panel data regression analysis on 12 Islamic commercial banks in Indonesia from 2010 to 2022. The finding of this study suggests that an increase in equity financing is associated with a lower NPF ratio of Islamic banks. While it is theoretically argued that Islamic banks’ equity financing may be associated with higher risk, our empirical evidence indicates the opposite, suggesting an improved risk profile. Indonesia presents a favorable environment for the application of equity financing for Islamic banks because large Islamic banks in Indonesia are often government-owned, which can lead to“safe” loan portfolios and strong loan repayment. Indonesia is also considered a religious country, creating a suitable environment for mudarabah and musharakah financing. Our findings suggest that Islamic banks in Indonesia should consider offering more equity financing, particularly for low-risk projects, such as those initiated by the governments.

Model peramalan indeks kripto setelah masa pandemi Covid-19 dengan Markov Switching Autoregressive Nugrahani, Isnaini Dyah; Risfandy, Tastaftiyan
Jurnal Ilmu Manajemen Vol. 13 No. 1 (2025)
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26740/jim.v13n1.p1-12

This study applies the Markov Switching Model Autoregresive Models (MSAR) with two regimes to predict movements in the Bitwise crypto index. An autoregressive model with one lag (AR1) is used to capture the complex dynamics of the crypto market, focusing on two main phases: bullish and bearish. The model accounts for the probability of transitioning between regimes, allowing it to identify when the market shifts between positive and negative conditions. The estimation results show that the model fits the data well, with key variables such as historical prices and other indicators providing accurate predictions in both regimes. In both phases, the model exhibits near-perfect fit, indicating it explains almost all variability in the data. However, despite the strong fit, some parameters do not show high statistical significance, which may point to challenges in the estimation process. The transition probabilities reveal that the bearish condition is more dominant and tends to persist longer, while transitions to the bullish phase occur with lower probability. Thus, the use of the Markov Switching Model offers deeper insights into crypto market movement patterns, especially in identifying sudden shifts between different market phases. These findings are relevant for investors and analysts, providing a better understanding of volatility and aiding in investment decision-making strategies in the crypto market.

ISLAMIC BANKING MARKET DISCIPLINE IN INDONESIA Suliyono, Joko; Risfandy, Tastaftiyan
Journal of Islamic Monetary Economics and Finance Vol. 7 No. 3 (2021)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v7i3.1376

This paper examines the market discipline of Islamic banks, as manifested by the responses of depositors with regard to their deposits and profit-sharing ratio to the fundamentals of the banks in the case of Indonesia. We analyse the supply and demand function of deposits using panel data from 10 Islamic banks from 2010 Q1 to 2019 Q4. We empirically find that market discipline in Indonesian Islamic banks is relatively weak, and conjecture that this is for two reasons. First, religious depositors have driven the unusual behaviour of Islamic banks, as we find that they stay with the same bank, even if it has poor fundamental conditions. Second, the profit and loss sharing mechanism means that Islamic bank depositors do not have great flexibility in demanding a higher rate relevant to the risk they must bear. This is because depositors' actual return is set to be consistent with the actual profit obtained from the banks' lending activities. Our results lead to the call for policymakers to effectively monitor the fundamental conditions of Islamic banks and to collaborate with agencies and organisations that promote Islamic bank development in Indonesia.

Financial Benefits from The Millennial Generation in Choosing Islamic Mortgages: Do Digital Marketing Channels Matter? Amri, Syaiful; Risfandy, Tastaftiyan; Saktiawan, Bimo; Dewi, Toifsa Rosita
Journal of Digital Marketing and Halal Industry Vol. 7 No. 1 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Islam UIN Walisongo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/jdmhi.2025.7.1.26163

The slow provision of houses or residences that are not balanced with the number needed has led to a backlog in Indonesia. As a result, house prices are getting higher, making it difficult for the lower middle class. This problem has become a burden for millennials when building an ideal family with affordable housing. Many think owning a house is a dream that is difficult to realize. To overcome this, the government has tried to provide homeownership credit (kredit pemilikan rumah-KPR) or mortgage loans to provide subsidies for affordable housing in conventional and Sharia or Islamic contracts. Unlike conventional mortgages, Islamic mortgages have a contract as a sale, purchase, or cooperation, not an interest-bearing debt. This study investigates whether financial benefits and digital marketing channels influence the millennial generation's decision to use Islamic mortgages. The research sample consisted of 131 BTN Syariah bank customers born between 1981 and 1996. Our PLS-SEM analysis revealed that financial benefits and digital marketing channels directly affect choosing Islamic mortgages. However, the interaction between the two variables does not have a significant effect. The possibility behind this result is that financial benefits are the main attribute that stands alone regardless of whether it is communicated through digital marketing channels. Therefore, this study suggests that bank managers and stakeholders strive to improve the financial benefits of Islamic mortgages as a core value to attract consumers. In addition, they also need to properly manage the digital marketing channels they have to provide a positive impression.

BUSY COMMISSIONERS AND FIRM PERFORMANCE: DO SHARIAH-COMPLIANT FIRMS MATTER? Rahardjoputri, Rolina; Risfandy, Tastaftiyan; Utami, Ayu Dwi
Journal of Islamic Monetary Economics and Finance Vol. 10 No. 1 (2024)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v10i1.1995

The empirical literature on a one-tier board system has recently focused on busy directors, defined as directors holding multiple similar positions in more than one firm simultaneously. In the same spirit, this paper investigates the impact of busy commissioners (instead of busy directors) on firms' performance for the case of Indonesia, a country adopting a two-tier board system. We find that busy commissioners do not impact accounting performance but are negatively associated with market performance. The markets tend to react negatively to the presence of busy commissioners, while actually the firms are also not advantaged financially by their presence. Interestingly, we also find that Shariah-compliant firms tend to have better accounting performance but not with market performance. Our analysis further reveals that the negative impact of busy commissioners on market performance diminishes in non-Shariah-compliant firms. Perhaps, the different characteristics of Shariah-compliant and non-Shariah-compliant companies, wherein Shariah-compliant firms tend to restrict leverage and cash level, account for the results. These findings are robust across various regressions. This research calls on policymakers to enforce the regulation regarding commissioners to reduce its detrimental impact on performance. The regulators should also collaborate with relevant agencies to educate and promote the existence of Shariah-compliant firms in Indonesia. Acknowledgment The authors would like to thank Universitas Sebelas-Maret, Indonesia, for the partial funding for this study.

Corporate Social Responsibility and financial performance: Evidence in Indonesia (basic industry and chemical sector) Istiyanto, Choirul; Risfandy, Tastaftiyan; Andriansa, Rama
Proceeding of National Conference on Accounting & Finance Volume 6, 2024
Publisher : Master Program in Accounting, Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar

Research on corporate social responsibility on financial performance has had various results. Differences in models, objects and several other supporting variables add to the uniqueness of CSR research on financial performance. This research uses a sample of manufacturing companies in the basic industrial and chemical sectors listed on the IDX in 2019-2022. Using Tobin's Q as a measure of financial performance and using the KLD method as a CSR measurement.

Basic psychological needs and financial well-being among e-commerce outsourcing employees: The role of financial attitude Anindyastri, Ranty; Risfandy, Tastaftiyan; Arumsari, Septiana Lisa
Jurnal Siasat Bisnis VOL 30, NO 1 (2026)
Publisher : Management Development Centre (MDC) Department of Management, Faculty of Business and Economics Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jsb.vol30.iss1.art3

Purpose – This study investigates the relationship between basic psychological needs and financial well-being among outsourced employees in the e-commerce sector of Indonesia, with financial attitude as a mediating variable. Based on Self-Determination Theory (SDT), it aims to explore how the fulfillment of autonomy, competence, and relatedness contributes to positive financial outcomes.Design/methodology/approach – This research applied a quantitative method by collecting survey data from 422 outsourced employees in Indonesia’s e-commerce sector. Data were obtained through an online questionnaire distributed via Google Forms and analyzed using Structural Equation Modeling with the Partial Least Squares (SEM - PLS) technique, using SmartPLS version 4.0.9.9Findings – The research results show that basic psychological needs have a significant positive effect on financial attitude and financial well-being. Financial attitude was found to partially mediate the relationship between psychological needs and financial well-being. When the psychological needs of e-commerce outsourcing employees are fulfilled, they not only feel better emotionally and become more motivated but also exhibit more adaptive financial behaviors. Adaptive financial behavior, combined with positive financial attitudes, can help employees achieve greater financial well-being.Research limitations/implications – This study is limited by its cross-sectional design and narrow employment context, which may affect generalizability. Using self-report surveys alone may not capture the full experiences of outsourced employees. Future research should consider longitudinal methods and qualitative approaches, such as interviews, to explore psychological needs and financial well-being more deeply.Practical implications – Organizations should foster supportive work environments that meet employees’ psychological needs and integrate financial education into employee support programs. This holistic approach can enhance financial well-being, particularly in unstable or outsourced work settings.Originality/value – This study expands the application of Self-Determination Theory within financial behavior by emphasizing how psychological needs influence individuals’ financial attitudes and outcomes. It also highlights the essential role of psychological resources in supporting financial well-being, especially among workers in unstable or uncertain employment conditions.

Profit distribution management and Islamic banks market power Risfandy, Tastaftiyan
Sebelas Maret Business Review Vol 4, No 2 (2019): December 2019
Publisher : Universitas Sebelas Maret

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20961/smbr.v4i2.36103

Operating in the competitive dual banking market, Islamic banks’ behavior often mimics conventional banks. One of the ways to do this is by managing their earnings so that their deposit rate of return could be closely pegged to the conventional banks’ deposit interest rate. Farook et al. (2012) define this term as “profit distribution management” or PDM. This paper investigates whether PDM practice in Islamic banks is affected by their market power. Using a sample of Islamic banks from 2009 to 2013 from Indonesia, the most populous Muslim country adopting dual banking market, we find that bank with a high market power are less engage in PDM. This means that, when Islamic banks are able to set high price of their banking product in the competitive market, they are already reach specific market position. In this case, Islamic banks is observed manage their earnings but in the lower intensity. We also provide empirical evidence that other factors such as governance structure and market share of Islamic banks are also matter for the PDM. Some policy implications are discussed.

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