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All Journal Social Landscape Journal The International Journal of Financial Systems
Maftuchah, Istiana
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Economics, Econometrics & Finance Education Environmental Science Social Sciences

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A Structural Equation Model of Governing Factors Influencing the Development of Sustainable Insurance Product in the Future: Evidence from Indonesian Insurance Industry Ismalina, Poppy; Junarsin, Eddy; Maftuchah, Istiana
The International Journal of Financial Systems Vol. 1 No. 1 (2023)
Publisher : Otoritas Jasa Keuangan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61459/ijfs.v1i1.8

Abstract

Designing and proposing sustainable insurance programs to insurance companies that run their businesses in Indonesia have been one of the insurers’ approaches to creating more stable and certain industry climate. Moreover, the Indonesian Financial Services Authority or OJK encourages financial services sector actors in creating, developing sustainable product innovations, and supporting financing of production activities that can create economic growth, social justice and environmental quality improvement. We conduct survey and analyze whether insurance companies in Indonesia are interested in implementing sustainable finance in insurance industry and developing sustainable insurance products. Participants’ responses depict insurance firms’ paradigm on sustainable insurance. In this study a framework is proposed for governing factors that impact the development of sustainable insurance product in the future such as the level of knowledge, readiness, and current sustainable insurance product development. To clarify the relationships, a structural equation model is utilized to examine the framework fit with the hypothesis for the four latent variables of this study. Acceptable goodness of fit is established for validity of the measurement model. The test of validity is accepted for the structural model in this study. The SEM results conclude that an insurer’s knowledge of sustainable finance principles affects the insurance firm’s readiness to implement sustainable insurance. Subsequently, the insurer’s readiness affects its current level of sustainable insurance product development. Eventually, the insurer’s knowledge and current development in sustainable insurance products have a positive effect on the insurance firm’s willingness to develop sustainable insurance products in the future. Thus, this study provides valuable information about factors affecting the development of sustainable insurance products in the future as a key for a successful implementation of sustainable finance in Indonesian insurance industry.
Disclosure Quality Assessment of Sustainability Reporting Practices in Emerging Countries: Case of Indonesia’s Banking Sector Maftuchah, Istiana; Pramono, Teddie; Bachtiar, Novita
The International Journal of Financial Systems Vol. 1 No. 1 (2023)
Publisher : Otoritas Jasa Keuangan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61459/ijfs.v1i1.15

Abstract

Indonesia has become a major force in advancing sustainable finance across emerging countries. One of the reasons was due to the role of the regulator and supervisor of Indonesia’s financial services industry, Indonesia Financial Services Authority, who required, through its regulation, Financial Services Institutions, Issuers and Public Companies to submit sustainable reports to Indonesia FSA and publish them for the public. This study is intended to conduct an assessment on the scope of disclosure presented on the sustainability report submitted by the Indonesian banking industry. The methodology used is qualitative with descriptive analysis. The evaluation was conducted through a desk study by analyzing banks’ sustainability reports available on their websites. The results of the analysis demonstrated that two years before the implementation of the Indonesia FSA sustainable finance regulation, only 28,5% of sustainability reports, which have submitted voluntarily by large commercial banks, are in line with materiality and stakeholders’ engagement principles. After the sustainable finance regulation was implemented, it was found that only 56,6% of the sustainability reports submitted met the materiality and stakeholders’ engagement principles required by the regulation. Therefore, the biggest challenge lies in the effort to promote awareness and understanding on the importance of sustainable finance and the quality of sustainability report disclosure.
IMPACT OF CARBON MARKETS ON FINANCING RENEWABLE ENERGY IN EMERGING ECONOMIES Othman, Asaad Belal; Maftuchah, Istiana
Social Landscape Journal Vol 6, No 3 (2025): November
Publisher : Universitas Negeri Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56680/slj.v6i3.76851

Abstract

Transitioning to renewable energy is thus a very important component of global efforts toward combating climate change, especially in emerging economies where energy demand is fast outpacing supply. Carbon markets have emerged as a vital financial mechanism for supporting renewable energy projects by enabling the trade of carbon credits. The following abstract discusses how carbon markets affect multi-dimensionally the financial flows of renewable energy in developing nations: attracting investment, reducing capital costs, driving technology innovation, and delivering decentralized energy. Through case studies from Kenya, India, and Brazil, the article illustrates how carbon markets have indeed served to mobilize such large-scale renewable projects as wind farms and solar installations that improve the lot of rural and underserved communities. Despite the promise of carbon markets, it still faces regulatory gaps, market volatility, high transaction costs, and limited participation from local stakeholders. This may spell out actionable solutions, such as the development of regional carbon trading systems, enhancement of voluntary carbon markets, blended finance models, and the integration of emerging economies into global carbon market initiatives within frameworks like those under the Paris Agreement. Carbon markets could have a real catalyzing role in the transition toward renewable energy, with accelerated rates of greenhouse gas emission reduction and sustainable development in emerging economies, if they are able to successfully address these tacked barriers.
Co-Authors Bachtiar, Novita Eddy Junarsin Othman, Asaad Belal Poppy Ismalina Pramono, Teddie