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Dynamics effect of volatility index, interest rates, and commodity prices on Indonesian bond yields Darsono, Susilo Nur Aji Cokro; Firman, Afrizal; Nugraha, Pazri; Isnaini, Nurul; Wardani, Dyah Titis Kusuma
Jurnal Ekonomi & Studi Pembangunan Vol 25, No 1: April 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v25i1.22189

Several factors influence the movements and dynamics of bond yields in financial markets. The determination of monetary policy, specifically the decisions regarding interest rates made by central banks, is a critical factor. Moreover, bond yields can be influenced by various factors such as geopolitical events, financial volatility, market sentiment, and investor risk appetite. These factors can impact the demand and supply dynamics in bond markets. This research aims to analyze the influence of Interest Rates, IDR to USD Exchange Rates, Volatility Index (VIX), Gold and Oil Prices on Bond Yields in Indonesia. The data used in this research is secondary data, which consists of time series data from 2019-2023. This research investigates the impact of financial and commodity prices on bond yields in Indonesia by using the autoregressive distributed lag (ARDL) model to examine both the long-run correlation and short-run effect. Empirical results found that Interest Rate, Volatility Index (VIX), and Oil Prices have a significant positive influence. Meanwhile, the Gold Price variable has a significant negative influence. This research has several crucial policy implications for investors concerning the national monetary policy, exchange rate fluctuation, and global volatility index to create profitable and sustainable portfolio strategies. Moreover, investment managers and investors should be concerned about the global commodities prices that will affect bond yield performances. This research contributes to the recent literature presenting causal relations of global volatility index (VIX) on Indonesian bond yield.

The Influence of Gross Regional Domestic Product Per Capita and Foreign Direct Investment on Income Inequality: An Empirical Study of 34 Provinces in Indonesia Maichal, Maichal; Hartono, Powell Gian; Firman, Afrizal; Yudha, I Made Endra Kartika
Journal of Economics Research and Social Sciences Vol 8, No 2: August 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jerss.v8i2.23256

The study investigates the correlation between Gross Regional Domestic Product (GRDP) per capita, Foreign Direct Investment (FDI), and the Gini coefficient using panel data from 34 provinces in Indonesia from 2015 to 2023. A panel data regression analysis method was employed for data processing to optimize estimation results. The results obtained from the analysis using the Fixed Effects Model (FEM) consistently show strong positive outcomes. The findings imply a direct connection between higher GRDP per capita, increased FDI, and a higher Gini coefficient, suggesting that more significant foreign investment and higher per capita GDP contribute to increased income inequality across the Indonesian provinces. The study emphasizes the critical role of regional governments in addressing these disparities. It suggests strategies such as implementing regional policies to boost investment, enhancing infrastructure, creating more business opportunities, and promoting tourism. The proposal to establish the National Capital City (IKN) in East Kalimantan is presented as a long-term solution to reduce income inequality among the provinces.

The Influence of Gross Regional Domestic Product Per Capita and Foreign Direct Investment on Income Inequality: An Empirical Study of 34 Provinces in Indonesia Maichal, Maichal; Hartono, Powell Gian; Firman, Afrizal; Yudha, I Made Endra Kartika
Journal of Economics Research and Social Sciences Vol. 8 No. 2: August 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jerss.v8i2.23256

The study investigates the correlation between Gross Regional Domestic Product (GRDP) per capita, Foreign Direct Investment (FDI), and the Gini coefficient using panel data from 34 provinces in Indonesia from 2015 to 2023. A panel data regression analysis method was employed for data processing to optimize estimation results. The results obtained from the analysis using the Fixed Effects Model (FEM) consistently show strong positive outcomes. The findings imply a direct connection between higher GRDP per capita, increased FDI, and a higher Gini coefficient, suggesting that more significant foreign investment and higher per capita GDP contribute to increased income inequality across the Indonesian provinces. The study emphasizes the critical role of regional governments in addressing these disparities. It suggests strategies such as implementing regional policies to boost investment, enhancing infrastructure, creating more business opportunities, and promoting tourism. The proposal to establish the National Capital City (IKN) in East Kalimantan is presented as a long-term solution to reduce income inequality among the provinces.

Dynamics effect of volatility index, interest rates, and commodity prices on Indonesian bond yields Darsono, Susilo Nur Aji Cokro; Firman, Afrizal; Nugraha, Pazri; Isnaini, Nurul
Jurnal Ekonomi & Studi Pembangunan Vol. 25 No. 1: April 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v25i1.22189

Several factors influence the movements and dynamics of bond yields in financial markets. The determination of monetary policy, specifically the decisions regarding interest rates made by central banks, is a critical factor. Moreover, bond yields can be influenced by various factors such as geopolitical events, financial volatility, market sentiment, and investor risk appetite. These factors can impact the demand and supply dynamics in bond markets. This research aims to analyze the influence of Interest Rates, IDR to USD Exchange Rates, Volatility Index (VIX), Gold and Oil Prices on Bond Yields in Indonesia. The data used in this research is secondary data, which consists of time series data from 2019-2023. This research investigates the impact of financial and commodity prices on bond yields in Indonesia by using the autoregressive distributed lag (ARDL) model to examine both the long-run correlation and short-run effect. Empirical results found that Interest Rate, Volatility Index (VIX), and Oil Prices have a significant positive influence. Meanwhile, the Gold Price variable has a significant negative influence. This research has several crucial policy implications for investors concerning the national monetary policy, exchange rate fluctuation, and global volatility index to create profitable and sustainable portfolio strategies. Moreover, investment managers and investors should be concerned about the global commodities prices that will affect bond yield performances. This research contributes to the recent literature presenting causal relations of global volatility index (VIX) on Indonesian bond yield.

Empowering Women Entrepreneurs: Economic, Social, and Environmental Contributions to Tourism Development in South Sulawesi Firman, Afrizal; Maichal, Maichal
Journal of Economics Research and Social Sciences Vol. 9 No. 1: February 2025
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jerss.v9i1.24708

This study explores how economic, social, and environmental empowerment affects women entrepreneurs in micro-small-medium enterprises (UMKM) in the tourism sector of South Sulawesi and the resulting implications for sustainable tourism development. This study shows sustainability traits, and all hypotheses offer substantial evidence for the connection between women's attributes of sustainability empowerment and sustainable tourism. To assess the hypotheses and ascertain the reliability and validity of this study, quantitative methods of SmartPLS-SEM 4.0. tool and questionnaire surveys from 100 women entrepreneurs are employed. The findings enhance our comprehension of women's empowerment within theory and provide managerial insights for women entrepreneurs aiming to effectively engage visitors in sustainable tourism development in South Sulawesi. The research concludes the need for collaborative efforts between government and communities to empower women in tourism enterprises, fostering sustainable development. Collaboration between government and community is essential for facilitating women's empowerment in tourism enterprises, including cultural attractions and social entrepreneurship. This study highlights several limitations, focusing only on South Sulawesi with a low sample size, and proposes directions for future investigation.

Revitalizing Green Economic Capability to Maintain the Financial Stability of MSMEs in Bira Beach Sharon, ST Salmah; Monalisa, Monalisa; Muchtar, Muchtar; Firman, Afrizal; Basir, Mustika Kusuma; Arif, Muh
Jurnal Ekonomi & Studi Pembangunan Vol. 26 No. 1: April 2025
Publisher : Universitas Muhammadiyah Yogyakarta

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

To maintain the financial stability of Micro, Small and Medium Enterprises (MSMEs) is a vital issue which needs a revitalization of green economic capability. This study explores the impact of Green Economy Capability (GEC) on the financial stability of MSMEs in the coastal region of Bira Beach, with a focus on the mediating role of government support. A SmartPLS-SEM used in this study to investigate the survey involving 150 MSMEs. The key variables measured include GEC, financial stability, and government support, with the data analyzed through descriptive and inferential statistical techniques. The findings indicate that GEC significantly influences government support, which in turn has a positive effect on financial stability. However, GEC does not have a direct impact on MSMEs' financial stability. These findings underscore the critical role of government policies in supporting the adoption of sustainable practices among MSMEs, particularly in regions heavily dependent on tourism. This research contributes to the literature by providing empirical evidence of the indirect relationship between GEC and financial stability through government support in the coastal MSME sector. In results, we offered two solutions. First, the policymakers must prioritize initiatives that strengthen MSME’s capacity for sustainable practices. Second, the need for tailored support systems in coastal areas like the adoption of green practices which must be integrated with local economic strategies to yield both environmental and financial benefits.

The interrelations among tourism industry, social media, and technological innovation: A systematic review approach Firman, Afrizal
Bahasa Indonesia Vol 5 No 1 (2025): APRIL 2025
Publisher : School of Tourism, Universitas Ciputra Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37715/jtce.v5i1.5468

Technological approach affecting on tourism industry development is uncertainties from era to era. This study examines the impact of social media and technological innovation on tourism outcomes through a systematic review. Data were collected from three databases: EBSCO (1984-2019), Scopus (2005–2021), and Web of Science (2009-2020), using keywords such as technology innovation, digitalization, social media, and enhancing tourism industry outcomes. Quality assessment was performed using SPSS and Cohen’s Kappa statistics by two reviewers. Out of 156 articles initially screened, nine qualitative studies were included after further review. The findings indicate that social media platforms have the most significant impact on the development of the tourism industry. However, the study has limitations, including not exploring the impact of blockchain technology adoption. The concept of tourism has evolved into smart tourism, influencing tourist behavior through digital marketing, creative digital solutions, and digital payments. This has modernized and enhanced the tourism industry, requiring further efforts to meet tourist demands and expectations. Technologies like AI, IoT, VR, and AR are key factors in improving the tourism industry. To boost competitiveness and sustainable performance, stakeholders, governments, and tourism practitioners need to collaborate on developing strategies and technological innovations.

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