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Sebelas Maret Business Review
Published by Universitas Sebelas Maret
ISSN : 25280627     EISSN : 25280635     DOI : -
Core Subject : Economy, Science,
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance
SMBR publishes both empirical and non-empirical (contextual, descriptive, case-study) articles emphasizing on the recent business issues nationally or internationally. To cope with the current advancement of publishing world especially in academic journal article, SMBR follows the modern-style of article journal presentation. Each article published in SMBR have an outstanding story inside, strong background and contribution, robust analysis and empirical testing, and convincing conclusion and managerial implications. Articles submitted to the SMBR should cover key business disciplines: general management, finance, accounting, marketing, human capital, operations management, entrepreneurship, leadership, strategy, business ethics, Islamic business, and international business. Other topics are welcome, as long as it could stimulate discussions about business. SMBR operate blind review processes for each submitted article to ensure rigorous publishing process.
Arjuna Subject : -
Articles 48 Documents
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What are the determinants of non-performing financing in Islamic banks during Covid-19? Rahmadany, An Nisaa'; Risfandy, Tastaftiyan; Harahap, Burhanudin
Sebelas Maret Business Review Vol 8, No 1 (2023): June 2023
Publisher : Universitas Sebelas Maret

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20961/smbr.v8i1.77185

Abstract

Several trading and banking sectors strive to survive the current pandemic. Despite the intense competition in the financial industry recently, Islamic banks have demonstrated remarkable growth. However, the issue of defaults in Islamic banks often arises, where debtors cannot repay the obtained financing, disrupting banking performance. This research investigates the factors influencing funding troubles in Islamic banks, especially during COVID-19. Specifically, this study examines whether factor-specific banks and macroeconomics in Islamic banks control troubled funding. The research utilizes quarterly data from Islamic banks in Southeast Asia (Malaysia and Indonesia) from 2020 to 2021. The findings indicate that liquidity risk, inefficiency, and economic growth do not significantly affect troubled financing in Islamic banks. At the same time, capital, profitability, and inflation significantly negatively impact funding troubles. These results recommend that Islamic banks increase their capital and profitability proportion to reduce the risk of funding trouble.
Do financial ratios affect stock prices in the consumer non-cyclical sector? Rokhyani, Ida; Widodo, Saniman; Sari, Mella Katrina
Sebelas Maret Business Review Vol 8, No 2 (2023): December 2023
Publisher : Universitas Sebelas Maret

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20961/smbr.v8i1.77448

Abstract

Maintaining a company's position among its competitors requires significant investment funds. The capital market is an alternative for companies to overcome investment funding constraints. Capital market performance is reflected in the Stock Index, which describes stock price movements. Fluctuating stock index movements indicate that there are things that influence the direction of the index. This research method uses secondary data sourced from the official website of the Indonesian Central Securities Depository (Kustiodian Sentral Efek Indonesia-KSEI), the Indonesian Stock Exchange (Bursa Efek Indonesia-BEI), the Financial Services Authority (Otoritas Jada Keuangan-OJK), and www.investing.com. Thirty-three companies operating in the non-cyclical consumer sector and listed on the Indonesian Sharia Stock Index (ISSI) for the 2018-2022 period are the sample in this research. Furthermore, the approach used in this research is a quantitative method with multiple linear regression analysis tools processed using the SPSS 25.00 program. The results have a positive and insignificant effect, namely the Current Ratio (CR) and Debt to Equity Ratio (DER). On the contrary, Earning Per Share (EPS) and Return On Equity (ROE) are factors that have a positive and significant influence on share prices in the non-cyclical consumer sector recorded in the Indonesian Sharia Stock Index (ISSI) for the 2018-2022 period.
The effect of auditor switching, audit opinions, and financial distress on audit delay Wicaksono, Yudho; Afrizal, Reza; Nunes, Arsenio Sinoc Almeida; Hidayat, Ihsan Dzuhur
Sebelas Maret Business Review Vol 8, No 1 (2023): June 2023
Publisher : Universitas Sebelas Maret

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20961/smbr.v8i2.78750

Abstract

Mining companies are among the Indonesian capital market's most popular or sought-after sectors. As companies listed on the Indonesia Stock Exchange (Bursa Efek Indonesia-BEI), they are also obliged to provide regular financial reports. An independent auditor will review this financial report. The process of auditing financial statements until the final report by an independent auditor is called audit delay. Audit delay is the time required to carry out an audit from the end of the financial year until an independent auditor completes the audit report. Researchers in this study looked at the possibility that audit delays were caused by factors such as auditor switching, audit opinion, and financial distress. Mining business actors on the Indonesia Stock Exchange (Bursa Efek Indonesia-BEI) are the subjects of this research. This research used non-probability sampling and purposive sampling to obtain 140 research samples. Non-participant observation is used to get this data. To analyze the data using multiple linear regression with the help of the Statistical Package for Social Science (SPSS) software. The research results show that auditor switching has no impact on audit delay. In the case of audit delay, it does not matter whether the auditor changes or not. On the other hand, audit delay can occur due to the audit opinion given by the auditor, especially if the argument is unreasonable. Last, audit delays are exacerbated if the company experiences financial distress, whether caused by internal or external factors. The reason is that when auditors carry out audits on companies experiencing financial distress, they will be more careful, and of course, it will take a long time.
Measuring stability in Islamic rural banks: The influence of bank concentration and capital Pratiwi, Desti Indah; Fadli, Adennia Oktaviana; Setyowati, Arum
Sebelas Maret Business Review Vol 8, No 2 (2023): December 2023
Publisher : Universitas Sebelas Maret

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20961/smbr.v8i2.79715

Abstract

The Islamic Rural Bank, commonly referred to as BPRS in Indonesia, is a vital player in the country's economic landscape, providing limited banking services rooted in Islamic principles. BPRS serves as an economic catalyst across various regions, including both urban and rural areas, thereby shaping the level of concentration, capital ownership, and stability in the financial sector. This study centers its focus on BPRS, a unique financial institution that contributes significantly to the nation's economy. The research, conducted throughout Indonesia in 2020 from the first to the fourth quarter, offers fresh insights into BPRS as a subject of study. By employing quantitative methods, the study endeavors to explore the impact of concentration and capital ownership on the stability of BPRS in Indonesia. Interestingly, the findings in this research suggest that concentration levels don't provide a clear explanation of the relationship between BPRS concentration and stability. On the other hand, BPRS capital ownership is positively and significantly related to stability, indicating that a strong capital base enhances the overall stability of these Islamic rural banks. These results offer valuable insights into the financial dynamics of BPRS in Indonesia, providing essential information for policymakers and stakeholders as BPRS continues to drive the nation's economic development.
Joglosemar in the investment vortex: Is inclusive growth just rhetoric? Manasika, Rina; Purnomosidi, Romanus Yoseph Kun Haribowo
Sebelas Maret Business Review Vol 10, No 1 (2025): June 2025 (Article in progress)
Publisher : Universitas Sebelas Maret

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20961/smbr.v10i1.101318

Abstract

Doubling per capita income may create the illusion of progress, but it hides a more troubling fact by obscuring the underlying socio-economic challenges. As a national economic, strategic area (Kawasan Strategis Ekonomi-KSE) and the golden triangle in Central Java Province - Special Region of Yogyakarta, the achievement of inclusive economic growth in the cities of Yogyakarta, Surakarta, and Semarang remains a question. This study aims to analyze the role of investment in the leading sector in achieving inclusive economic growth in the Joglosemar reliable area. The objective was achieved using location quotient (LQ), shift share (SS), Klassen typology analysis methods, and path analysis. As a result, developing strategic projects and establishing Joglosemar’s main development area, which attracts investment in leading sectors, have not created inclusive economic growth. Foreign direct investment (FDI) or (penanaman modal asing-PMA) and domestic direct investment (DDI) or (penanaman modal dalam negeri-PMDN) partially do not have a significant effect on the inclusive economic growth of the Joglosemar reliable area through the leading sector. To strengthen the broad multiplier effect, the government can align fiscal and monetary policies with the needs of leading sector development. In addition, the government can also create a collaboration scheme between FDI and DDI to maximize the contribution of both as a source of investment.
Small business in a small city: The implementation of augmented reality Ariyadi, Muhammad Yusuf; Augtiah, Imfrianti; Kurniawan, Wakhid
Sebelas Maret Business Review Vol 9, No 1 (2024): June 2024
Publisher : Universitas Sebelas Maret

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20961/smbr.v9i1.81416

Abstract

SMEs (Small and Medium Enterprises) are the most are the most numerous sector in Indonesia; the MSME sector is the sector that absorbs the most workers. The MSME sector will dominate in Indonesia in 2023. The MSME sector's contribution to GDP will reach 60.5%, and total labor absorption will be 96.9% (Coordinating Ministry for the Economy, 2022). The total export contribution of MSMEs increased from 14.37% in 2020 to 15.69% at the end of 2022 (Coordinating Ministry for the Economy, 2022). Technology and digitalization have touched all elements of life. Education is one of the fundamental elements in life. This research examines the implementation of technology that can synergize aspects of education, information, and, at the same time, entertainment with augmented reality (AR) screen printing media in the alternative digital business for MSMEs as an innovative media for young people in Karanganyar Regency. This research uses a qualitative approach with a 2 stage interview method: pre-test and post-test in participant testing. The participants in this research were 51 people who were classified as producers, MSME employees, and t-shirt screen printing consumers aged 15-24 years as classified by the Central Statistics Agency (Badan Pusat Statistik-BPS). To maintain good distribution, participants in this research are expected to be representatives of all sub-districts in the Karanganyar Regency area. Implementing augmented reality (AR) technology in digital business alternatives for SMEs as innovative media for young people in Karanganyar Regency has very good prospects and potential.
Online customer reviews vs influencer endorsements: Which drives purchase intention through trust? Permatasari, Harnung Indah; Rany, Tarysha Aulya Putri; Firizqi, Henny; Firdaus, Husban Yarjuna
Sebelas Maret Business Review Vol 9, No 2 (2024): December 2024
Publisher : Universitas Sebelas Maret

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20961/smbr.v9i2.98544

Abstract

Digital marketing has changed the traditional paradigm, focusing on enhancing product image, competitiveness, and market share through deeper consumer interaction through online platforms. Concentrating on improving product image through features and enhancements, rather than price reduction, is a more effective strategy today. Digital marketing accentuates consumer interaction and brand equity strengthening through platforms facilitating consumer reviews and influencer endorsements. Nonetheless, the influencer's audience fits with the target demographic and the impression they carry needs to be considered by manufacturers. This study addresses the complex relationship between influencer endorsement and online customer reviews on purchase intention combined with trust as a mediator. Data from 333 respondents in Indonesia were analyzed using Structural Equation Modeling (SEM) in SmartPLS. Online reviews, as a form of electronic word-of-mouth (eWOM), significantly influence purchase decisions by increasing trust through objectivity and transparency of product quality and value information. However, influencer endorsement in digital marketing, which is more cost-efficient than conventional media, did not show a significant effect. This research offers important insights for manufacturers in managing their digital marketing strategies by considering the critical role of customer reviews and consumer trust.
Determinants of stock price volatility in Shariah-compliant firms Sukma, Aji Kumara; Nurofik, Nurofik; Ahmad, Zulfikar Ali
Sebelas Maret Business Review Vol 8, No 2 (2023): December 2023
Publisher : Universitas Sebelas Maret

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20961/smbr.v8i2.81376

Abstract

This study examines how inflation, exchange rates, interest rates, earnings per share, debt-to-equity ratio, and dividend payout ratio impact the volatility of stock prices among companies listed on the Indonesia Stock Exchange between 2015 and 2018. The research focuses on companies included in both the Indonesian Sharia Stock Index (ISSI) and the broader Indonesia Stock Exchange (BEI) during this period. This research obtained a total of 680 samples with a purposive sampling method. This paper also uses regression data panel models by Eviews 9 software. The results of the test show that interest rates and earnings per share positively affect stock price volatility. Meanwhile, inflation and debt-to-equity ratio negatively affect stock price volatility. Apart from that, the exchange rate and DPR do not affect stock price volatility. The findings in this article can contribute to the existing literature related to stock price volatility and also provide benefits to policies for company stakeholders.
Independent directors and profitability: Evidence from Indonesia Rachmadi, Erfan; Saktiawan, Bimo
Sebelas Maret Business Review Vol 9, No 1 (2024): June 2024
Publisher : Universitas Sebelas Maret

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20961/smbr.v9i1.90198

Abstract

The primary response to this issue was to introduce and strengthen the role of independent directors in the board of directors. Independent directors aim to improve the quality of corporate governance by ensuring adequate management supervision so that stakeholders and shareholders can be well looked after. This article examines independent directors' influence on company profitability in Indonesia. The data used in this research comes from 90 companies in Indonesia from 2013 to 2022. We use panel data regression analysis as a method to measure the influence of independent directors on profitability. We find that independent directors have a significant favorable influence on company profitability. These findings support the hypothesis that the presence of independent directors can improve company performance through effective monitoring and objective decision-making. In addition, these results show that good corporate governance practices, namely practices involving independent directors, are an essential factor in increasing company profitability in Indonesia.
The effect of economic development, income inequality and banking sector development on environmental quality: Empirical evidence in Indonesia Irene, Jenni; Septianto, Fadli; Christanti, Rossalina; Trinarningsih, Wahyu
Sebelas Maret Business Review Vol 9, No 1 (2024): June 2024
Publisher : Universitas Sebelas Maret

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20961/smbr.v9i1.83362

Abstract

Our research explores how government expenditure, inequality, and bank lending could impact environmental quality. We assess the quality of the environment by utilizing the Environmental Quality Index, as supplied by the Ministry of Environment and Forestry. We use annual regional-level data from 2012 to 2021 gathered from the Indonesia Statistics Bureau (Badan Pusat Statistik-BPS), Bank Indonesia, and the environment reports of Indonesia provided by the Ministry of Environment and Forestry. Our final sample consists of 34 provinces across Indonesia. We use the human development index, the Indonesia democracy index, and the Gini index provided by the Indonesia Statistics Bureau to measure inequality. We use regional-level bank loan data provided by Bank Indonesia to measure bank lending. Lastly, we measure government expenditure using regional government expenditure data. This study uses the random effect model to estimate the empirical model. Hausman test is conducted to determine which model is appropriate between the fix and random effect models. These results imply that banking sector development, economic development proxied by government expenditure, and inequality proxied by the human development index and Indonesia democratic index negatively impact the environmental quality. Derived from the findings of the regression test, the overall expenditure at the regional level demonstrates a detrimental effect on environmental health. This is evident in the developmental trajectory of the state government, which has yet to be oriented towards environmental concerns. This is also supported by the results of subsample tests, which show that this linkage significantly affects regions with high inequality.

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