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All Journal Asia Pacific Journal of Management and Education Jurnal Pengabdian Masyarakat dan Riset Pendidikan
Ahalik Ahalik
Institut Bisnis dan Komunikasi Swadaya
Humanities Education Languange, Linguistic, Communication & Media Mathematics Other

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The Impact of Macroeconomic Variables on Firm Value: The Moderating Role of Expected Credit Loss in the Indonesian Banking Sector Ahalik Ahalik; Dinar Titah Sepdyandini
Asia Pacific Journal of Management and Education (APJME) Vol 9, No 1 (2026): March 2026
Publisher : AIBPM Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32535/apjme.v9i1.4418

Abstract

This study investigates the impact of macroeconomic variables, namely inflation and the Rupiah exchange rate, on firm value as proxied by Price to Book Value (PBV) in listed commercial banks in Indonesia during 2021–2023. Expected Credit Loss (ECL) is incorporated as a moderating variable to capture risk management dynamics in the banking sector. Using a quantitative causal approach, secondary data from Bank Indonesia and the Financial Services Authority (OJK) were analyzed using multiple regression and Moderated Regression Analysis (MRA). The results indicate that inflation and the exchange rate do not have a significant direct effect on PBV. However, their interaction with ECL significantly influences firm value. These findings highlight the importance of incorporating credit risk reserves as a moderating factor when assessing the impact of macroeconomic conditions on firm value. The study contributes to behavioral finance literature and provides practical implications for banking risk management.
Peningkatan Literasi Antikorupsi Berbasis Ekonomi Islam bagi Komunitas SSQ Holistik Internasional melalui Webinar Pengabdian Masyarakat: Pengabdian Rita Zunarti; Rahmawati Akeda; Opik Taupik; Puti Khairani Rijadi; Ahalik Ahalik; Ahmad Zaki Mubarok; Kristanti Rahman; Junet Kaswoto; Kurnia Rusmiyati
Jurnal Pengabdian Masyarakat dan Riset Pendidikan Vol. 4 No. 4 (2026): Jurnal Pengabdian Masyarakat dan Riset Pendidikan Volume 4 Nomor 4 April - Juni
Publisher : Lembaga Penelitian dan Pengabdian Masyarakat

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31004/jerkin.v4i4.5812

Abstract

Corruption constitutes a form of behavioral deviation that not only violates positive law and social norms but also fundamentally contradicts the core values of Islamic economics. Within the framework of Islamic economic thought, corruption is understood as a breach of amanah (trust), which results in the erosion of justice, the loss of material and spiritual blessing (barakah), and the disruption of public welfare. This condition underscores the necessity of sustained educational efforts to instill anti-corruption values from an early stage. This Community Service Program (PkM) was implemented in collaboration with SSQ Holistik Internasional as a partner institution, aiming to enhance anti-corruption literacy and awareness through an Islamic economics approach that emphasizes the internalization of Islamic values. The program was conducted in the form of a webinar, encompassing the delivery of conceptual materials, interactive discussions, and collective value reflection among participants. The results indicate an improvement in participants’ understanding of the concepts of amanah, justice, and economic responsibility within the Islamic perspective, as well as increased awareness that corruption entails not only legal consequences but also moral, social, and economic implications. Accordingly, this activity contributes to strengthening spiritually grounded anti-corruption literacy and Islamic economic ethics as a sustainable strategy for corruption prevention.
Co-Authors Ahmad Zaki Mubarok Dinar Titah Sepdyandini Junet Kaswoto Kristanti Rahman Kurnia Rusmiyati Opik Taupik Puti Khairani Rijadi Rahmawati Akeda Rita Zunarti