Article Per Year (5 Year)
p-Index From 2020 - 2025
1.922
P-Index
This Author published in this journals
All Journal Jurnal Ilmu Manajemen (JIM) The Asian Journal of Technology Management (AJTM) Global Review of Islamic Economics and Business Journal of Islamic Monetary Economics and Finance MANAJEMEN DEWANTARA Proceeding of National Conference on Accounting & Finance Journal of Digital Marketing and Halal Industry Journal of Management and Entrepreneurship Research Jurnal Manajemen dan Pemasaran Jasa
Tastaftiyan Risfandy, Tastaftiyan
Fakultas Ekonomi dan Bisnis Universitas Sebelas Maret
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

Published : 12 Documents Claim Missing Document
Claim Missing Document
Check
Articles

Found 12 Documents
Search

 1   2 
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

Abstract

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

Abstract

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

Abstract

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

Abstract

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

Abstract

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.
ISLAMIC LABEL AND STOCK PRICE CRASH RISK Sutrisno, Bambang; Trinugroho, Irwan; Arifin, Taufiq; Risfandy, Tastaftiyan
Journal of Islamic Monetary Economics and Finance Vol. 11 No. 2 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v11i2.2661

Abstract

This study explores how an Islamic label on firms influences stock price crash risk in Indonesia. We utilize a sample of 566 nonfinancial firms listed between 2016 and 2021, apply panel data method, and find that the Islamic label benefits the firms by lowering crash risk. Investors consider firms with the Islamic label as lower risk due to leverage constraints they must adhere to, which contributes to a decreased crash risk. Our primary results are robust to various sensitivity analyses. We also find that dividend policy and audit quality strengthen the Islamic label-crash risk nexus. The COVID-19 pandemic weakens the link between the Islamic label and crash risk. Furthermore, the Islamic label-crash risk nexus persists for up to two years.  
Environmental responsibility performance and sales growth: Are service companies better? Ratih Wulandari, Trisninik; Saktiawan, Bimo; Risfandy, Tastaftiyan
Jurnal Manajemen dan Pemasaran Jasa Vol. 18 No. 1 (2025): Maret
Publisher : Lembaga Penerbit Fakultas Ekonomi dan Bisnis

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25105/v18i1.21204

Abstract

Concern about the environment continues to intensify amid the issues of global warming and climate change. Encourages consumers and the public to demand that companies do more to improve their environmental responsibility performance. As a developing country, Indonesia's environmental performance could be more effective than that of developed countries. This research investigates whether environmental responsibility performance affects sales growth. Using Refinitiv data on environmental responsibility performance and company financial report data in Indonesia from 2016-2022. The results showed that increasing environmental responsibility performance will have a positive and significant impact on the company's sales growth. Enhancing environmental responsibility performance will foster a positive image among consumers and society. The company's steps in improving environmental responsibility performance are reducing costs and creating environmentally friendly products. This product will attract more consumers and increase sales growth. However, after comparing service and non-service companies, we found that environmental performance is only significant in non-service companies. Because non-service companies' products and consumer expectations are directly related to environmental responsibility performance, they receive the benefits. On the one hand, the government can contribute to increasing environmental responsibility performance by issuing regulations and providing incentives or subsidies, especially for service companies.
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

Abstract

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.
DIVERSITAS GENDER, ESG, DAN KINERJA PERUSAHAAN Anindyastri, Ranty; Risfandy, Tastaftiyan
MANAJEMEN DEWANTARA Vol 9 No 2 (2025): MANAJEMEN DEWANTARA
Publisher : Universitas Sarjanawiyata Tamansiswa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30738/md.v9i2.20327

Abstract

Purpose: This study investigates the influence of board gender diversity on firm performance, mediated by ESG performance. It focuses on manufacturing firms in Indonesia, where sustainable practices and inclusive governance are increasingly relevant. Methodology: Using panel data from 27 manufacturing firms that listed on the Indonesia Stock Exchange during 2015–2023 (243 firm-year observations), this study measures gender diversity by the percentage of female board members, ESG performance by ESG scores, and firm performance by Return on Assets (ROA). Panel regression analysis is conducted with EViews 13, including a Sobel test to examine mediation effects. Findings: The results reveal that gender diversity positively affects ESG performance. Both gender diversity and ESG performance significantly enhance firm performance. Moreover, ESG performance partially mediates the relationship between gender diversity and firm performance. These findings highlight the strategic value of gender-inclusive boards in driving sustainability and profitability.
CFO Characteristics and Liquidity Creation: Evidence from Indonesia Bahbry, Mohammed Abdullah Salem; Risfandy, Tastaftiyan; Toro, Muh. Juan Suam
Journal of Management and Entrepreneurship Research Vol. 6 No. 3 (2025)
Publisher : Universitas Islam Nahdlatul Ulama Jepara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34001/jmer.2025.9.06.3-70

Abstract

Objective: While the importance of liquidity creation in banking has been widely acknowledged, limited empirical research has explored how Chief Financial Officer (CFO) characteristics influence this critical function, particularly within emerging markets such as Indonesia. This study addresses this gap by examining the impact of CFO attributes specifically gender, age, ethnicity, and tenure on liquidity creation in Indonesian banks. Research Design & Methods: This study adopts a quantitative research design utilizing secondary panel data from 40 banks listed on the Indonesia Stock Exchange (IDX) over the period 2013–2023. The analysis employs robust Ordinary Least Squares (OLS) regression to examine the effect of CFO characteristics including gender, age, ethnicity, and tenure on bank liquidity creation. Findings: The findings reveal that CFO age is positively associated with liquidity creation, indicating that older CFOs may be more effective in managing liquidity. Conversely, CFO gender and ethnicity exhibit significant negative effects, suggesting that female CFOs and those from minority ethnic backgrounds are linked to lower liquidity creation. CFO tenure, however, shows no statistically significant impact. Implications & Recommendations These results highlight the importance of executive demographics in shaping liquidity strategies and financial intermediation within bank-based economies. The study suggests that organizations should consider demographic diversity and experience when appointing financial leaders. Contribution & Value Added: This research adds to the limited literature on executive influence in liquidity creation, particularly in emerging markets. It offers practical insights for corporate governance, executive recruitment, and diversity policy in the financial sector.
Co-Authors Andriansa, Rama Anindyastri, Ranty Arifin, Taufiq Bahbry, Mohammed Abdullah Salem Bambang Sutrisno Deny Dwi Hartomo Dewi, Toifsa Rosita Irwan Trinugroho, Irwan Istiyanto, Choirul Kusumaningrum, Susana Diah Melati, Sophis Listy Nugrahani, Isnaini Dyah Pratiwi, Desti Indah Purnomowati, Nasyi'ah Hasanah Rahardjoputri, Rolina Ratih Wulandari, Trisninik Saktiawan, Bimo Suliyono, Joko Syaiful Amri Toro, Muh. Juan Suam Utami, Ayu Dwi