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Gusti Ngurah Joko Adinegara
Universitas Dhyana Pura, Bali, Indonesia
Economics, Econometrics & Finance

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Analysis of Indonesian Capital Market Reaction to the Inauguration of the Indonesian Cabinet in 2024 Regita Putri Wardani; Christimulia Purnama Trimurti; Gusti Ngurah Joko Adinegara; I Wayan Ruspendi Junaedi
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 8 No 3 (2025): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v8i3.8509

Abstract

The inauguration of the Indonesian Cabinet is considered one of the major political events that has the potential to influence the capital market. This study aims to analyze the reaction of the Indonesian capital market to the 2024 Cabinet Inauguration event. Specifically, the research seeks to examine market conditions during the Cabinet Inauguration in 2024 and to determine whether there were any abnormal returns during this period. The study uses secondary data obtained from the Indonesia Stock Exchange (IDX), with a sample consisting of stock prices from 44 companies that remained in the LQ45 index during the period from May 22, 2025, to October 23, 2025. The research method involves abnormal return analysis and statistical testing (hypothesis testing) of abnormal returns. The results show that during the Cabinet Inauguration period, there were 110 positive abnormal returns and 154 negative abnormal returns among LQ45 stocks. This indicates that, in general, the LQ45 stocks yielded returns lower than the expected returns during the observation period. Hypothesis testing reveals that there were no statistically significant abnormal returns during the Cabinet Inauguration event in 2024. Therefore, the event did not contain information perceived as valuable for investment decision-making by investors and thus did not significantly affect abnormal returns in the Indonesian capital market.
The Effect of E-Service Quality and E-Trust on E-Loyalty of BNI Mobile Banking Users with E-Customer Satisfaction as an Intervening Variable Ni Putu Eka Wulandari Wulandari; Gusti Ngurah Joko Adinegara; Yeyen Komalasari; Christimulia Purnama Trimurti
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 1 (2026): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v9i1.8640

Abstract

The rapid development of digital banking services, particularly mobile banking, has become a crucial factor influencing customer satisfaction and loyalty. This study aims to analyze the effect of E-Service Quality and E-Trust on E-Loyalty of BNI Mobile Banking users, with E-Customer Satisfaction as the intervening variable. The research seeks to determine the extent to which service quality and user trust can enhance customer satisfaction and loyalty in using mobile banking services. The data used in this study are primary data obtained through questionnaires distributed to 97 respondents who are BNI Mobile Banking users in Denpasar City. The research applies a quantitative approach using Partial Least Square (PLS) analysis to examine both direct and indirect relationships among variables. The findings indicate that E-Service Quality has a significant positive effect on both E-Customer Satisfaction and E-Loyalty. Similarly, E-Trust significantly and positively influences E-Customer Satisfaction and E-Loyalty. Furthermore, E-Customer Satisfaction is proven to play an intervening role that strengthens the relationship between E-Service Quality and E-Trust with E-Loyalty. These results suggest that higher digital service quality and greater user trust lead to increased satisfaction, which ultimately fosters stronger loyalty among BNI Mobile Banking users. Based on these findings, it is recommended that banks continuously improve their digital service quality and build stronger customer trust to maintain satisfaction and sustain loyalty amidst the increasingly competitive digital banking industry.
The Effect of Product Quality and Service Quality on Repurchase Intention with Customer Satisfaction as an Intervening Variable (A Case Study at Gudang AKI Denpasar) Nailun Ni'mah; Gusti Ngurah Joko Adinegara; Yeyen Komalasari; I Wayan Ruspendi Junaedi
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 2 (2026): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v9i2.9932

Abstract

This study examines the effects of product quality (X1) and service quality (X2) on repurchase intention (Y), with customer satisfaction (Z) as a mediating variable among customers of Gudang Aki Denpasar. The research was conducted during March–June 2024 using a quantitative approach and primary data collected through questionnaires. The sample size was determined using Slovin’s formula, resulting in 99 respondents. Data were analyzed using SEM-PLS with SmartPLS 4.1 to test both direct and indirect relationships. The structural results indicate that product quality has a positive and significant effect on repurchase intention and a positive and significant effect on customer satisfaction. Service quality also shows a positive and significant effect on repurchase intention and on customer satisfaction. Moreover, customer satisfaction positively and significantly influences repurchase intention. Mediation testing confirms that customer satisfaction partially mediates the effect of product quality on repurchase intention and the effect of service quality on repurchase intention. The model explains the variance of repurchase intention and customer satisfaction, indicating a moderate explanatory power. In conclusion, product quality and service quality have a positive and significant effect on repurchase intention, both directly and through customer satisfaction; customer satisfaction is also proven to partially mediate the effects of product quality and service quality on repurchase intention, indicating that consistent improvements in product and service performance will strengthen satisfaction and encourage repeat purchases at Gudang Aki Denpasar.
Measurement of Individual Value at Risk in a Small-Cap Stock Portfolio on the Indonesia Stock Exchange I Nyoman Tri Arjana; Christimulia Purnama Trimurti; Gusti Ngurah Joko Adinegara; Yeyen Komalasari
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 2 (2026): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v9i2.10000

Abstract

Small-cap stocks are characterized by high volatility and relatively low liquidity, which increase market risk exposure. This study aims to estimate individual Value at Risk (VaR) and examine the effect of stock volatility, liquidity, and stock returns on VaR in small-cap stock portfolios listed on the Indonesia Stock Exchange during 2020–2023. VaR is estimated using the Monte Carlo simulation approach with a 95% confidence level and one-year holding period. The study employs panel data regression with 120 firm-year observations. The results indicate that stock volatility has a positive and significant effect on VaR, stock returns have a negative and significant effect on VaR, while stock liquidity does not significantly affect VaR. Simultaneously, volatility, liquidity, and returns significantly explain VaR variation, with an adjusted R² of 0.688. These findings confirm that volatility is the primary determinant of downside risk in small-cap stocks. The study contributes to risk measurement literature in emerging markets and provides implications for portfolio risk management strategies.
Co-Authors Christimulia Purnama Trimurti I Nyoman Tri Arjana I Wayan Ruspendi Junaedi Nailun Ni'mah Ni Putu Eka Wulandari Wulandari Regita Putri Wardani Yeyen Komalasari