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INDONESIA
Indonesian Financial Review
Published by YAYASAN PENDIDIKAN PENELITIAN DAN PENGABDIAN AL AMSI
ISSN : -     EISSN : 28073886     DOI : https://doi.org/10.55538/ifr.v1i1
Core Subject : Economy,
Economics, Econometrics & Finance
The intent of the Editors of The Indonesia Financial Review is to discuss, explore, and disseminate the latest issues and developments in Empirical Financial Economics (JEL classification: G), particularly those related to financial frictions in the Emerging Markets. The others are accepted such as capital markets, financial institutions and services, corporate finance, risk modeling and management, market microstructure in financial markets, Islamic finance, behavioral finance, and financial crisis.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 75 Documents
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Earnings Persistence in Regulated Industries: The Role of Book–Tax Differences and the Limited Effect of Firm Size Lutfi, Asep Muhammad; Hajar, Novita
Indonesian Financial Review Vol. 5 No. 2 (2025)
Publisher : Yayasan Pendidikan Penelitian Dan Pengabdian Al-amsi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55538/ifr.v5i2.142

Abstract

This study examines earnings persistence in a highly regulated industry by focusing on the role of Book–Tax Differences (BTD) and the limited effect of firm size. Using panel data from Indonesian pharmaceutical firms over the 2014–2024 period, this research incorporates fiscal-accounting dynamics under the post-reform environment of the Harmonized Tax Law. Panel regression analysis with robustness checks is employed to test the proposed relationships. The results show that BTD has a positive and significant effect on earnings persistence, indicating that fiscal reconciliation primarily reflects structured timing differences rather than opportunistic reporting behavior. In contrast, firm size does not have a significant impact, suggesting that industry-specific constraints weaken the conventional relationship between firm scale and earnings stability. These findings highlight the dominant role of fiscal-institutional factors in shaping earnings sustainability, thereby challenging traditional earnings quality perspectives that emphasize firm-level characteristics, particularly in emerging market contexts
Regulatory Compliance, Financial Oversight, and Allocative Efficiency in Village Fund Management: A Governance Perspective Azzahra, Fatimah; Fauziah Augustine, Az-Zahra; Bergkam Habeahan, Yoel
Indonesian Financial Review Vol. 5 No. 2 (2025)
Publisher : Yayasan Pendidikan Penelitian Dan Pengabdian Al-amsi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55538/ifr.v5i2.147

Abstract

This study examines Village Fund management within a public financial management framework from a governance perspective, focusing on regulatory compliance, financial oversight, and allocative efficiency in decentralized fiscal systems. Using a qualitative approach, data were collected through interviews, observations, and document analysis in Kemadang Village. The findings indicate that financial regulatory and oversight mechanisms are effectively operationalized through structured budgeting, reporting, and audit systems, reflecting strong procedural compliance. However, regulatory effectiveness remains limited, as transparency and accountability practices are predominantly administrative and lack performance-based financial information. Financial control mechanisms reduce corruption risks but do not effectively mitigate inefficiency or enhance allocative effectiveness due to the absence of cost–benefit analysis and measurable indicators. These findings reveal a compliance, effectiveness gap and highlight the importance of performance-based evaluation in improving allocative efficiency.
Strengthening Public Financial Governance through Village Facilitators: Evidence from Village Fund Management in Indonesia Sonny, Sonny; Syauqi, Ahmad; Lubis, Iman
Indonesian Financial Review Vol. 5 No. 2 (2025)
Publisher : Yayasan Pendidikan Penelitian Dan Pengabdian Al-amsi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55538/ifr.v5i2.148

Abstract

This study examines the role of Village Facilitators in strengthening public financial governance through the implementation of government financial policy in village fund management. Using a qualitative approach based on observations, in-depth interviews, focus group discussions, and document analysis, the study explores how facilitators enhance accountability, transparency, and allocative efficiency in decentralized financial systems. The findings show that Village Facilitators act not only as administrative supervisors but also as strategic intermediaries who translate financial regulations into practical governance mechanisms. Through social mapping, participatory planning, and community organization, they improve financial decision-making and accountability structures. However, challenges such as political dynamics, limited institutional capacity, and uneven digital literacy constrain effectiveness. This study highlights the importance of intermediary actors in linking financial policy and governance outcomes to achieve sustainable and accountable public financial management.
Investigating the Impact of Stock Trading Volume, Market Capitalization, and Dividend Policy on Stock Returns: Challenges and Strategic Insights Putri, Andini Amelia; Muliyani, Muliyani
Indonesian Financial Review Vol. 5 No. 2 (2025)
Publisher : Yayasan Pendidikan Penelitian Dan Pengabdian Al-amsi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55538/ifr.v5i2.154

Abstract

This study examines the influence of trading volume, market capitalization, and dividend policy on stock returns of LQ45 companies listed on the Indonesia Stock Exchange from 2019 to 2023. Using a quantitative approach with purposive sampling and panel data regression analysis, the study analyzes 65 observations from 13 firms based on annual reports. The results indicate that all variables jointly affect stock returns. Partially, market capitalization has a significant positive effect, trading volume is not significant, and dividend policy has a significant negative effect. These findings suggest that stock returns in Indonesia are predominantly driven by firm fundamentals rather than market activity indicators. Trading activity may reflect short-term speculative behavior rather than fundamental value. By integrating signaling theory, market efficiency theory, and asset pricing theory, this study provides a comprehensive explanation of stock return determinants.
Digital Payments, QRIS Growth, and State-Owned Bank Portfolio Returns in Indonesia Bisri, Bisri; Siwi, Herlin Wida
Indonesian Financial Review Vol. 5 No. 2 (2025)
Publisher : Yayasan Pendidikan Penelitian Dan Pengabdian Al-amsi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55538/ifr.v5i2.155

Abstract

This study examines whether QRIS growth and digital payment activity are associated with the equal-weight stock-return portfolio of Indonesian state-owned banks. Using a balanced exact-month sample of 12 observations drawn from official Bank Indonesia publications and market data, the article places correlation analysis at the center of the empirical design and treats parsimonious OLS-HC3 regressions as supporting evidence only. The results show that QRIS growth has a near-zero association with portfolio returns, while logged digital payment activity displays only a weak and unstable relationship once simple macro controls are introduced. These findings suggest that aggregate payment-system expansion should not be interpreted as an immediate stand-alone signal for short-run stock returns in state-owned banks. The article contributes by offering a cautious measurement-first design for Indonesian digital-finance research and by showing that policy-relevant payment-system deepening does not necessarily translate into contemporaneous market revaluation within a small balanced monthly window.

Page 8 of 8 | Total Record : 75

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