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All Journal Indonesian Journal of Social Research (IJSR) Jurnal Ekonomika Manajemen Dan Bisnis
Hanifan, Muhammad Zakie
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Humanities Economics, Econometrics & Finance Education Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Social Sciences

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Analisis Perbedaan Harga Saham, Volume Perdagangan Saham, Return Saham Dan Volatilitas Harga Saham Sebelum Dan Sesudah Stock Split Periode 2020-2023 Fadilah, Imas Nur; Maulani, Denia; Hanifan, Muhammad Zakie
Jurnal Ekonomi Manajemen dan Bisnis (JEMB) Vol. 4 No. 1 (2025): Januari - Juni
Publisher : CV. ITTC INDONESIA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47233/jemb.v4i1.2622

Abstract

This research aims to determine differences in stock prices, trading volume, stock returns and stock price volatility before and after the stock split in companies listed on the Indonesia Stock Exchange (BEI) for the 2020-2023 period. The population in this research are all companies listed on the Indonesia Stock Exchange (BEI) that implemented a stock split policy during the 2020-2023 period. Sampling in this study used a purposive sampling method, based on predetermined criteria, a sample size of 32 companies was obtained. The method used is different tets analysis with observation periods -7 (7 days before the stock split), +7 (7 days after the stock split) and -3 (3 days before the stock split), +3 (3 days after the stock split). Hypothesis testing in this research was carried out using the Paired Sample T- Test which was used for normally distributed data and the Wilcoxon Signed Rank Test used for data which was not normally distributed. Based on the research results, it was found that there were differences in stock prices before and after the stock split, there were differences in stock trading volume before and after the stock split and there were no differences in stock returns before and after the stock split and there is no difference in stock price volatility before and after stock split.
Digitalization and Bank Financial Performance: The Role of Fintech Lending and Cyber Risk Management in Indonesia Hanifan, Muhammad Zakie; Wahyuni, Neng Ayu Sri; Agung, Syahrum; Adeoye, Moses Adeleke
Indonesian Journal of Social Research (IJSR) Vol 8 No 1 (2026): Indonesian Journal of Social Research (IJSR)
Publisher : Universitas Djuanda

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30997/ijsr.v8i1.970

Abstract

This study aims to analyze the impact of fintech lending collaboration, as a proxy for digitalization, and the effectiveness of cyber risk management on the financial performance of banks. This quantitative research uses panel data from 40 commercial banks in Indonesia over the 2019-2023 period. The analysis was conducted using Moderated Regression Analysis (MRA) with Return on Assets (ROA) as a dependent variable. The results show that: (1) fintech lending collaboration increases ROA by an average of 1.2 percentage points; (2) a one-unit increase in cyber risk management effectiveness (measured using a maturity index on a scale of 1–5) has a significant positive impact on ROA of 0.4 percentage points; and (3) the interaction between the two variables shows a positive and significant moderating effect (interaction coefficient of 0.15), indicating that banks with more mature cyber risk management are able to maximize the positive impact of fintech collaboration by up to 30%. These findings confirm that the competitive advantage of banking digitalization relies heavily on an effective cyber resilience foundation. The implication is that investment in cyber risk governance is not merely a defensive necessity, but also a critical moderating factor that enhances the strategic value of fintech innovation. While the findings are robust, this study acknowledges limitations related to disclosure-based measurement of cyber risk management, which may not fully capture actual cybersecurity effectiveness, as well as potential endogeneity issues inherent in panel data analysis. Robustness checks were conducted to ensure the consistency of the results.
Co-Authors Adeoye, Moses Adeleke Anuraga Kusumah Arnanda, Dody Wira Denia Maulani Fadilah, Imas Nur Rinda, Rachmatulaily Tinakartika Syahrum Agung Wahyuni, Neng Ayu Sri