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Journal : Jurnal Ekonomi, Teknologi dan Bisnis

Predatory Short Selling and Market Volatility: an Empirical Analysis of The Impact of Leverage Constraints on The Stability of Financial Institutions on The Indonesia Stock Exchange Najah, Neneng Putri; Hidayat, Agus Rohmat; Komarudin, Komarudin
Jurnal Ekonomi Teknologi dan Bisnis (JETBIS) Vol. 4 No. 3 (2025): JETBIS : Journal of Economics, Technology and Business
Publisher : Al-Makki Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.57185/jetbis.v4i3.202

Abstract

This study analyzes the impact of predatory short selling on the stability of financial institutions on the Indonesia Stock Exchange by focusing on the role of leverage constraints in creating systemic vulnerability. Using panel data from 42 registered banks for the 2018-2023 period, this study applies an agent-based modeling approach combined with empirical analysis to understand the transmission mechanism of short selling to forced liquidation. The results show that financial institutions with a high leverage ratio (>8%) experience an increase in stock price volatility by 23.7% when facing intensive short selling pressure. The simulation model identifies three vulnerability regions: the safety region (leverage <6%), the vulnerability region (leverage 6%-8%), and the doomed region (leverage >8%). Empirical findings confirm that coordination between short sellers expands the doomed region, where liquidation becomes a single equilibrium. Panel regression analysis showed that every 1% increase in the short interest ratio increased the probability of forced liquidation by 0.47% in high-leverage institutions. The implementation of circuit breakers and short selling restrictions has proven effective in reducing manipulative short selling by 31% during the COVID-19 crisis period. This research provides an empirical justification for the temporary restriction of short selling on vulnerable financial institutions and contributes to the development of a more adaptive regulatory framework in emerging markets.
The Role of Digital Marketing in Increasing The Competitiveness of Msmes in The Era of The Industrial Revolution 5.0 Hidayat, Agus Rohmat; Wahyuni, Ani; Fitriani, Renita; Putra, Rifky Pratama; Supandji, Wahyu
Jurnal Ekonomi Teknologi dan Bisnis (JETBIS) Vol. 4 No. 3 (2025): JETBIS : Journal of Economics, Technology and Business
Publisher : Al-Makki Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.57185/jetbis.v4i3.204

Abstract

The Industrial Revolution 5.0 has changed the global business paradigm, especially for Micro, Small, and Medium Enterprises (MSMEs) in facing increasingly complex competitive challenges. This research aims to analyze the role of digital marketing in increasing the competitiveness of MSMEs in the era of the Industrial Revolution 5.0. The research method uses a quantitative approach with survey techniques on 385 MSMEs in the Greater Jakarta area that have implemented digital marketing strategies. Data collection was conducted using a structured questionnaire that had been validated with a Cronbach's Alpha value of 0.892. Data analysis was conducted using Structural Equation Modeling (SEM) with AMOS 24.0 software. The results of the study show that digital marketing has a positive and significant effect on the competitiveness of MSMEs with a path coefficient value of 0.784 (p<0.001). The most influential digital marketing indicator was social media marketing (B=0.856), followed by search engine optimization (B=0.743), and content marketing (B=0.692). The competitiveness of MSMEs increased significantly through increased operational efficiency (34.2%), market expansion (41.7%), and product innovation (28.9%). This research makes a theoretical contribution to the development of an integrated digital marketing framework model for MSMEs and practical implications for the development of MSME empowerment policies in the digital era.
Predatory Short Selling and Market Volatility: an Empirical Analysis of The Impact of Leverage Constraints on The Stability of Financial Institutions on The Indonesia Stock Exchange Najah, Neneng Putri; Hidayat, Agus Rohmat; Komarudin, Komarudin
Jurnal Ekonomi Teknologi dan Bisnis (JETBIS) Vol. 4 No. 3 (2025): Jurnal Ekonomi, Teknologi dan Bisnis
Publisher : Al-Makki Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.57185/jetbis.v4i3.202

Abstract

This study analyzes the impact of predatory short selling on the stability of financial institutions on the Indonesia Stock Exchange by focusing on the role of leverage constraints in creating systemic vulnerability. Using panel data from 42 registered banks for the 2018-2023 period, this study applies an agent-based modeling approach combined with empirical analysis to understand the transmission mechanism of short selling to forced liquidation. The results show that financial institutions with a high leverage ratio (>8%) experience an increase in stock price volatility by 23.7% when facing intensive short selling pressure. The simulation model identifies three vulnerability regions: the safety region (leverage <6%), the vulnerability region (leverage 6%-8%), and the doomed region (leverage >8%). Empirical findings confirm that coordination between short sellers expands the doomed region, where liquidation becomes a single equilibrium. Panel regression analysis showed that every 1% increase in the short interest ratio increased the probability of forced liquidation by 0.47% in high-leverage institutions. The implementation of circuit breakers and short selling restrictions has proven effective in reducing manipulative short selling by 31% during the COVID-19 crisis period. This research provides an empirical justification for the temporary restriction of short selling on vulnerable financial institutions and contributes to the development of a more adaptive regulatory framework in emerging markets.
The Role of Digital Marketing in Increasing The Competitiveness of Msmes in The Era of The Industrial Revolution 5.0 Hidayat, Agus Rohmat; Wahyuni, Ani; Fitriani, Renita; Putra, Rifky Pratama; Supandji, Wahyu
Jurnal Ekonomi Teknologi dan Bisnis (JETBIS) Vol. 4 No. 3 (2025): Jurnal Ekonomi, Teknologi dan Bisnis
Publisher : Al-Makki Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.57185/jetbis.v4i3.204

Abstract

The Industrial Revolution 5.0 has changed the global business paradigm, especially for Micro, Small, and Medium Enterprises (MSMEs) in facing increasingly complex competitive challenges. This research aims to analyze the role of digital marketing in increasing the competitiveness of MSMEs in the era of the Industrial Revolution 5.0. The research method uses a quantitative approach with survey techniques on 385 MSMEs in the Greater Jakarta area that have implemented digital marketing strategies. Data collection was conducted using a structured questionnaire that had been validated with a Cronbach's Alpha value of 0.892. Data analysis was conducted using Structural Equation Modeling (SEM) with AMOS 24.0 software. The results of the study show that digital marketing has a positive and significant effect on the competitiveness of MSMEs with a path coefficient value of 0.784 (p<0.001). The most influential digital marketing indicator was social media marketing (B=0.856), followed by search engine optimization (B=0.743), and content marketing (B=0.692). The competitiveness of MSMEs increased significantly through increased operational efficiency (34.2%), market expansion (41.7%), and product innovation (28.9%). This research makes a theoretical contribution to the development of an integrated digital marketing framework model for MSMEs and practical implications for the development of MSME empowerment policies in the digital era.