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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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Key drivers of profit sharing rates in mudharabah time deposits: Evidence from Islamic banks in Indonesia Muliji, Latifah; Kurniasih, Erni Panca; Yacoub, Yarlina
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.v9i2.87449

Abstract

People who save their funds tend to choose products that provide high profits. Profit sharing on Islamic bank deposit products is a unique attraction for people to save funds. Bank external and internal factors are needed in determining the amount of profit sharing. This study aims to identify the variables that affect the amount of profit sharing from deposits in the mudharabah system. With a quarterly observation period spanning from 2013 to 2022, the sample for this study consists of all Sharia commercial banks registered with the OJK. The error correction model (ECM) is the technique employed. Based on the long-term ECM test results, non-performing financing and interest rates partially have a positive and significant effect. The exchange rate has a negative and significant effect. In contrast, the liquidity ratio, inflation, and GDP per capita have no effect. In the short-term ECM test results, non-performing financing has a significant positive effect. In contrast, liquidity ratio, inflation, exchange rate, interest rate, and GDP per capita have no effect. These findings demonstrate that while the non-performing finance variable consistently impacts over the long and short-terms, the liquidity ratio, inflation, and GDP per capita variables consistently have no effect.
Green bond and economic development: Evidence from Asian and European Countries Joyonegoro, Andika Waskito; Pamungkas, Putra; Wibowo, Davin Satriyo
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.v8i2.81315

Abstract

This study aims to determine the influence of green bonds on economies in Asian and European countries in 2018-2021. Samples in this study, as many as 37 countries in Asian and European, were determined using the purposive sampling method. This study uses data from various sources such as the World Bank, International Monetary Fund, and United Nations Development Programme. This study is a quantitative study whose analysis uses a regression data panel to test the hypothesis of the use of green bonds on the economies of countries in Asian and European in 2018-2021 using Stata. The results showed that the green bond has a positive and significant impact on the economies of countries in Asian and European as measured by Gross Domestic Product. A country's level of well-being can be compared to the dynamic economic impact of an increase that drives growth in Gross Domestic Product. This study implies that the development of green bonds in Asian and European countries can be allocated to implement projects related to the environment and can help countries transform resources to improve the country's economy. Therefore, it is expected that countries in the Asian and European continents are making progress to develop green bonds further to increase the country's Gross Domestic Product.
How Islamic commercial banks in Indonesia contributing to achieving SDGs-8: Decent work and economic growth? Chairiyati, Fauziah; Herindar, Evania; Irsyad, Muhammad
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.v9i2.86849

Abstract

The aim is to improve overall well-being and alleviate poverty by achieving the Sustainable Development Goals (SDGs), which are rooted in universal human values and essential rights. In Indonesia, the focus remains on indices of economic sustainability, particularly decent work and economic growth. This study examines the role of Islamic Commercial Banks in Indonesia in achieving SDG-8: Decent Work and Economic Growth from 2016 to 2020. SEM PLS Analysis analyzes Financing, ROA, NPF, and CSR variables to assess their impact on SDG-8 indicators like unemployment, poverty, HDI, and GDP rate. The findings show that while Financing and CSR variables didn't significantly influence SDG-8, the ROA and NPF variables did. A potential reason is that most financing was used for consumption, and CSR programs were only partially aligned with SDG targets. ROA's significance might be due to the correlation between SDGs disclosure and profitability, while NPF's significance might stem from banks promoting sustainable development. The study recommends further attention from practitioners, academics, and regulators.
Behaviour change: The impact of consumer trust on product purchase decision making Pasaribu, Johni Paul Karolus; Nadapdap, Jones Parlindungan; Trisilo, Rismanto Gatot; Rahman, Andi Halim; Ismayanti, Pupung
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.v9i1.81361

Abstract

Business is an interesting thing among young people today, where business programs continue to be promoted and become the main thing so that economic stability continues like a rolling wheel. The purpose of this study was to determine the impact of consumer behaviour on product trust through social media on purchasing decisions with respondents being social media users. Social media, an expansive digital landscape fostering communication and interaction, emerges not merely as a conduit for social engagement but significantly as a hub for the strategic promotion and marketing of products, amplifying consumer interest and engagement. The method used in this research is a quantitative method with a direct survey and a questionnaire, the research sample is 120 community respondents who actively buy products through social media. The profound revelations gleaned from this study unveiled a pivotal correlation: the palpable influence wielded by-product trust cultivated through social media channels on the decisions to purchase. Notably, the findings underscore the compelling and direct positive impact wielded by-product trust engendered via social media interactions on shaping and actualizing consumer purchasing behaviors.
Optimal portfolio strategy: A stock index-based analysis Saputra, Darma; Trinugroho, Irwan; Mubarok, Faizul
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.v9i2.95170

Abstract

The classification of stock indices published by Indonesia Stock Exchange (2021) has resulted in variations of stock indices, whereby a stock index may contain stocks that are the same, similar, or different from other stock indices. Based on the portfolio theory in Hartono (2014) and the Markowitz model in Lutfi and Hendrian (2020), variations or differences in portfolio performance can be influenced by the variations or differences in stock indices. This article analyzes the differences between optimal portfolio performances based on these variations of stock indices. Based on a sample of 88 stocks from 10 stock indices over the last 10 years, divided into 3 data periods of stock price, we found no significant difference between optimal portfolio performances based on stock indices. We also found that no stock index can be the suitest for constructing a portfolio exhibiting optimal performance. Thus, the ability of a stock index to represent the performance of IHSG or whole stocks is the same as other stock indices. In this research, we also found that the line of risk-free returns to optimal portfolio performances, which were constructed without a short-selling approach, did not effectively engage the outermost boundary of the efficient portfolio frontier.                                                
Incumbents’ re-election incentives and financial report disclosure in Indonesian local government Yuliati, Retno; Hidayat, Athalia Ariati; Raharjo, Taufik
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.v8i2.81363

Abstract

This study investigates the relationship between incumbents' re-election incentives and financial reporting disclosure in the Indonesian local government. This study uses a sample of 351 local governments at the city or district level throughout 2015-2017 when they ran a local election. Content analysis is used to assign scores to the extent of disclosure. The incumbent mayor or regent who runs a second election is signaled by 1 and 0 otherwise as the proxy for the incumbent's re-election incentives. Cross-sectional multiple regressions will be conducted to examine the hypothesis that there is a significant relationship between an incumbent's re-election incentives and disclosure of financial statements in the local government. Our findings show that incumbent re-election incentives do not have a relationship with the disclosure of financial reports. The incumbent incentive to be re-elected does not necessarily drive an incumbent to disclose its financial statements. Regarding the control variables, significant negative relationships exist between dependencies and the size of the local government towards disclosure level. However, the complexity of the population was positively related to the disclosure level of financial reports. On the contrary, political competition, debt ratio, and type of local government were not related to the disclosure level of the local government's financial reports.
Optimizing profitability: The impact of operational efficiency and FDR from Muamalat Islamic bank Sumarni, Novia; Goestjahjanti, Francisca Sestri; Pramono, Tias; Murti, Wahyu
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.v9i2.95517

Abstract

This research examines the role of Bank Muamalat Indonesia’s (BMI) operational efficiency and Financing to Deposit Ratio (FDR) in affecting its profitability. This topic becomes more important considering the issue of the bank being hit by a drastic decline in profits. Collected data from quarterly financial reports published on the BMI's official website from 2013 to 2023, covering 44 observation periods. The data were analyzed using SPSS 27. The results indicate the negative effect of BOPO and the positive effect of FDR on ROA. Indicates that operational inefficiencies will suppress profitability. On the other hand, through increased funding distribution, banks will also benefit from the profit sharing obtained. So, if a bank wants to increase profitability, the two methods are operational efficiency and increasing FDR. This result suggested that Islamic banks must manage their operational income while controlling their operation costs to maintain operational efficiency. Also advised to maintain their bank’s performance by observing the financing options they offer for their customers. This finding is also expected, especially for policyholders at BMI, as an essential implication for getting out of the difficult situation.
Analysis of fraud hexagon theory in detecting fraudulent financial statements: The role of Big 4 Kuncara, Eska Setia; Pamungkas, Putra
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.v9i1.84653

Abstract

This study aims to analyze the application of the Fraud Hexagon Theory in detecting fraud in financial statements by considering the role of the Big 4 Public Accounting Firm. This study focuses on research on financial sector companies and banks in Indonesia. The background of this problem begins with the frequent occurrence of financial statement fraud cases, which in turn can harm shareholders and reduce public confidence in the integrity of financial statements. This trend raises the most important question regarding the effectiveness of the Big 4 (Kantor Akuntan Publik-KAP) audits. The research method used is quantitative research, using a secondary data analysis approach based on the company's financial statements. The research sample was selected based on the purposive sampling technique, and the data analysis testing tool used panel data regression analysis with E-Views application to test the hypothesis using various tests needed to form a good regression model. The results of this study indicate that the average fraud on financial statements in the sample taken is relatively low. The findings show that rationalization, ability, and collusion can be used to detect financial statement fraud, while KAP Big 4 can moderate the fraud risk. This study provides new insights into the dynamics of financial statement fraud in Indonesia, especially in the financial and banking sectors, and suggests the need for tighter supervision and improved audit quality to reduce the potential for financial statement fraud.
GCC entrepreneurs’ business expansion: A case study of Manchester City FC Aiman, Aiman; Risfandy, Tastaftiyan; Purnomo, Sabrina Najwa Putri; Suwardi, Zahraa orchidta
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.v9i2.97384

Abstract

This paper examines the business expansion of Gulf Cooperation Council (GCC) entrepreneurs by acquiring European football clubs, focusing on Manchester City as a case study from the 2008/2009 to 2020/2021 seasons. Football, having evolved from a mere sport into a profitable industry, attracts significant investments from stakeholders, including billionaires and global corporations. This research highlights the increasing trend of Middle Eastern investors acquiring renowned football clubs facilitated by substantial financial resources and strategic management. The analysis reveals that Sheik Mansour's acquisition of Manchester City in 2008 catalysed a remarkable transformation in the club's financial performance, leading to substantial revenue growth and competitive success in domestic and European leagues. By employing financial ratio analysis, the paper evaluates the club's performance pre- and post-acquisition, revealing significant improvements in revenue streams, operational profitability, and overall financial stability. The findings underscore the potential benefits and strategic advantages of such investments in the football industry, contributing to the growing body of literature on sports management and financial strategies in contemporary business.
The implementation of a balanced scorecard perspective to SMEs performance Damayanti, Rosita Mei; Utami, Eva Yuniarti; Pramesti, Diah; Yuninata, Dama; Pratama, Rohmawan Adi; Pratama, Versiandika Yudha
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.v8i2.81155

Abstract

This paper aims to investigate the impact of implementing the balanced scorecard perspective on the performance of micro, small, and medium enterprises (SMEs) in the F&B, fashion, craft, and services sectors in Central Java and Yogyakarta. A total of 170 respondents participated in the online and offline survey, and after removing incomplete data, 164 observations were analysed. The balanced scorecard perspective, consisting of financial, customer, internal process, and organizational learning and growth perspectives, was used as an independent variable, while performance was used as a dependent variable. The research also included digitalization and control variables such as gender, education sector, and size of SMEs. The results suggest that customer satisfaction and loyalty significantly affect SMEs’ performance and profitability. Testing the implementation of the balanced scorecard across various sectors, the research finds that its effects are not significant in sectors such as fashion, craft, services, and others sectors. The research recommends emphasizing the importance of maintaining a positive relationship with customers to increase revenue and profitability. Though financial and learning variables did not have significant effects, SMEs should still consider them as they may lead to customer satisfaction.

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