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All Journal Diponegoro Journal of Management
Erman Denny Arfinto
Departemen Manajemen Fakultas Ekonomika dan Bisnis Universitas Diponegoro
Decision Sciences, Operations Research & Management

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THE EFFECT OF NSFR, LCR, RRR, AND LDR ON CAR OF FOREIGN BANKS IN INDONESIA (Study on Foreign Banks in Indonesia for the Period 2018-2021) Christopher Marcellino Tejosantoso; Erman Denny Arfinto; Foza Hadyu Hasanatina
Diponegoro Journal of Management Volume 12, Nomor 2, Tahun 2023
Publisher : Faculty of Economics and Business Diponegoro University

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ABSTRACT During the COVID-19 shock, banks have to absorb the impact of economic crisis by supplying vital credit to the corporate sector and households which affect the CAR of the banks. CAR represents the banks’ health and can be affected by several liquidity ratios such as NSFR, LCR, RRR, and LDR. This study aims to unravel the effect of NSFR, LCR, RRR, and LDR on Capital Adequacy Ratio (CAR) of foreign banks operating in Indonesia for the period 2018-2021. The sample used in this study consists of 20 foreign banks operating in Indonesia for the period 2018-2021. Multiple regression analysis method is used to analyze the effect of independent variables on the dependent variable. The results of this study show that NSFR, LCR, and RRR partially has a positive and significant effect on CAR. Meanwhile, partially LDR has a positive and insignificant effect on CAR. Simultaneously, NSFR, LCR, RRR, and LDR variables affect CAR of foreign bank operating in Indonesia. Based on Adjusted R Square, simultaneously NSFR, LCR, RRR, and LDR have an effect on the CAR by 81% while the remaining 19% is influenced by other variables that have not been studied
THE IMPACT OF ENVIRONMENTAL, SOCIAL, AND GOVERNANCE (ESG) ON RETURN ON ASSETS (ROA) (Cross-Country Evidence of the Energy Sector in 2019-2021) Andika Daffa Elianto; Erman Denny Arfinto; Nana Varian Januardi
Diponegoro Journal of Management Volume 12, Nomor 2, Tahun 2023
Publisher : Faculty of Economics and Business Diponegoro University

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ABSTRACT The purpose of this study is to examine how Environmental, Social, and Governance Disclosure affects business profitability. Three factors, including the environmental (ENVDiscI), social (SOCDiscI), and corporate governance (GOVDiscI) Disclosures components, are used to assess ESG disclosure. Meanwhile, Return on Assets serves as a proxy for the company's financial performance (ROA). Financial Leverage (FL) and Asset Turnover (AT) are two additional control variables used in this study. A total of 140 companies consists of energy sector enterprises in Indonesia, Germany, Finland, the United States, Brazil, India, and South Africa made up the sample for this study, which employed purposive sampling and secondary data from Bloomberg Database. Multiple linear regression analysis is used in this study’s analysis, and IBM SPSS Statistics 25 is used to handle the data. The results suggest a significant correlation between a company's disclosure practices and its ROA. Specifically, ENVDiscI and SOCDiscI demonstrated a positive and significant impact on ROA, whereas GOVDiscI negatively influenced ROA. These results suggest that prioritizing environmental and social disclosures can potentially enhance a company's Return on Assets, while an excessive emphasis on governance disclosures may be counterproductive. This study's findings underline the crucial role transparency in environmental and social practices can play in driving a company's profitability, emphasizing the need for more comprehensive ESG disclosures in shaping industry best practices.
PENGARUH REKOMENDASI ANALIS, ORDER IMBALANCE, TRADING VOLUME ACTIVITY, DAN MOMENTUM TERHADAP RETURN SAHAM PADA PERUSAHAAN YANG TERDAFTAR DALAM INDEKS LQ45 PERIODE 2020-2021 Sigit Setyo Wicaksono; Erman Denny Arfinto; Nana Varian Januardi
Diponegoro Journal of Management Volume 12, Nomor 3, Tahun 2023
Publisher : Faculty of Economics and Business Diponegoro University

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ABSTRACT Stocks present a promising investment opportunity, however, they also come with high risks due to their sensitivity to changes. As the number of stock investors in Indonesia increases, more and more securities analysts are providing recommendations on purchasing shares through various media. This research aims to explore the impact of Analyst Recommendations, Order Imbalance, Trading Volume Activity, and Momentum on Stock Returns for companies listed on the LQ45 Index during the period of 2020-2021. To carry out this study, secondary data was obtained from the Bloomberg Terminal and www.idx.co.id. The researchers utilized purposive sampling, which resulted in a sample of 35 companies that remained listed on the LQ45 Index during the period of 2020- 2021, producing a total of 521 data points. The data were analyzed using multiple linear regression and IBM SPSS Statistics 25 software, which passed all classic assumption tests. The findings suggest that Analyst Recommendations, Order Imbalance, and Trading Volume Activity have a significant positive effect on stock returns. On the other hand, Momentum has a significant negative impact on stock returns. These results highlight the importance of considering these factors when making investment decisions, especially for companies listed on the LQ45 Index.
Co-Authors Andika Daffa Elianto Christopher Marcellino Tejosantoso Foza Hadyu Hasanatina Nana Varian Januardi Sigit Setyo Wicaksono