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INDONESIA
Journal of Financial Economics & Investment
Published by Universitas Muhammadiyah Malang
ISSN : 29872820     EISSN : 28089413     DOI : https://doi.org/10.22219/jofei.v2i1.19441
Core Subject : Economy,
Economics, Econometrics & Finance
including financial economics, banking finance, corporate finance, public sector finance, international finance, Islamic finance, financial risk management and analysis, financial accounting and reporting, investment education, investment behavior, public sector investment, private sector investment, portfolio and trade optimization, investment management.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Keuangan
Articles 68 Documents
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DAMPAK INVESTASI ENERGI TERBARUKAN TERHADAP EMISI KARBON DI NEGARA OECD Sukmawati, Mega Listiani; Hariyani, Happy Febrina
Journal of Financial Economics & Investment Vol. 5 No. 1 (2025): Journal of Financial Economics & Investment
Publisher : Program Studi Ekonomi Pembangunan

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Abstract

Global warming causes various negative impacts such as decreased productivity, rising sea levels, and losses in the agricultural sector which ultimately have a negative impact on GDP. Many economic sectors rely on fossil fuels, increasing carbon dioxide emissions, which worsen global warming. In OECD countries, although the economy continues to grow, there are efforts to reduce emissions through energy efficiency and changes in economic structure. Renewable energy has emerged as an important solution to reduce carbon emissions and environmental damage, with renewable energy consumption proving to be more effective in driving economic growth than fossil fuels. This study aims to examine the impact of renewable energy investment on carbon emissions in OECD countries, with the main variables including renewable energy, GDP, electricity generation, and CO₂ emissions. This study uses a panel regression method consisting of 18 OECD countries for the period 2013-2021 with a Random Effect Model. The results of the study show that Renewable Energy Investment, GDP and Power Generation have an effect on CO2 Emissions in OECD countries. The implication is to create policies on CO2 emission reduction targets in OECD countries while maintaining economic growth and energy security.
DETERMINAN INDEKS HARGA SAHAM GABUNGAN DENGAN NILAI TUKAR SEBAGAI VARIABEL MODERASI Riswanto, Gendy; Riyanto, Wahyu Hidayat
Journal of Financial Economics & Investment Vol. 5 No. 1 (2025): Journal of Financial Economics & Investment
Publisher : Program Studi Ekonomi Pembangunan

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Abstract

Indonesian Stock Exchange provides a forum for assessing the performance of all shares which can be seen or listed on Composite Stock Price Index. This research aims to determine and understand the influence of, Bank Indonesia interest rates, the money supply, and Bank Indonesia interest rates and the amount of money in circulation on the Composite Stock Price Index, using exchange rates as a moderating variable. By utilizing secondary data for the 2021-2023 period from www.ksei.co.id, www.satudata.kemendag.go.id, and www.idx.co.id, regression analysis was carried out using Smart PLS software. The results of analysis show that the BI rate and money supply have a significant influence on the composite stock price index. On the other hand, the exchange rate shows an inability to moderate or weaken the relationship between the BI rate and the amount of money in circulation on the Composite Stock Price Index. The implications of this research are to design effective policies in maintaining the stability of the capital market and exchange rates by the government and financial authorities as well as the basis for making investment decisions, especially anticipating the impact of exchange rate fluctuations on stock market movements.  
ANALISIS INKLUSI KEUANGAN TERHADAP PERTUMBUHAN EKONOMI DI INDONESIA Ibrohim, Muhammad Andhika; Susilowati, Dwi; Yuli, Sri Budi Cantika
Journal of Financial Economics & Investment Vol. 5 No. 1 (2025): Journal of Financial Economics & Investment
Publisher : Program Studi Ekonomi Pembangunan

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Abstract

Economic growth and financial inclusion have a mutually reinforcing relationship. Financial inclusion consists of three indices, namely Availability, Access, and Usage. The purpose of this study is to determine the influence of the level of financial inclusion on economic growth in Indonesia and to determine which indicators most influence economic growth in Indonesia. The method used in this study is Partial Lie Square (PLS) analysis. The study period is 2017-2023 with quarterly data with independent variables (Financial Inclusion) as latent variables that have many indicators. The results of the analysis show that of the three latent variables of financial inclusion, there are two variables that affect economic growth, namely Access with indicators of debit cards, credit cards, and e-money cards. and Usage with indicators of debit transaction volume. The implication of the research results is that government and central bank policies are to encourage access and use of digital financial services in the community, especially those underserved by formal financial institutions as an effort to accelerate economic growth in Indonesia.
PERAN BPR SYARIAH TERHADAP PERTUMBUHAN EKONOMI DAERAH MELALUI KETAHANAN PANGAN: DAMPAK MODERASI INFLASI PANGAN DI DAERAH ISTIMEWA YOGYAKARTA Sistiyarini , Evi; Poerwanti, Ririn; Kartika, Titis Puspitaningrum Dewi
Journal of Financial Economics & Investment Vol. 5 No. 3 (2025): Journal of Financial Economics & Investment
Publisher : Program Studi Ekonomi Pembangunan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22219/jofei.v5i3.42040

Abstract

This study examines the role of Islamic rural banks in promoting regional economic growth in the Special Region of Yogyakarta (DIY), with food inflation as a moderating variable. Using secondary data, a purposive sample of 10 Islamic Rural Banks (BPR Syariah) was analyzed. The variables include Financing to Deposit Ratio (FDR) (X1), Non-Performing Financing (NPF) (X2), bank size (X3), Farmers’ Terms of Trade (NTP) (X4), food inflation (Z), and economic growth measured by Gross Regional Domestic Product (GRDP) (Y). Moderated Regression Analysis (MRA) was employed. Before moderation, NTP (X4) had a significant positive effect on economic growth, while FDR (X1), NPF (X2), and bank size (X3) showed positive but insignificant effects. Food inflation had a positive but insignificant effect as a moderator. After moderation, FDR (X1) and bank size (X3) remained positive but insignificant, while NPF (X2), NTP (X4), and food inflation had significant positive effects on economic growth. Food inflation did not moderate the effect of FDR (X1) but significantly and negatively moderated the effect of NTP (X4) on economic growth. These findings highlight the nuanced role of Islamic rural banks and macroeconomic variables in regional economic development.
PERAN PENDAPATAN, MARKETPLACE DAN PEMBAYARAN DIGITAL TERHADAP PERILAKU DOOM SPENDING PADA KONSUMEN GENERASI Z Wijayanti , Devi Risky; Boedirochminarni, Arfida
Journal of Financial Economics & Investment Vol. 6 No. 1 (2026): Journal of Financial Economics & Investment
Publisher : Program Studi Ekonomi Pembangunan

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Abstract

This study aims to analyze doom spending behavior among Generation Z in Malang City within the context of consumption convenience in the digital era through marketplaces and digital payments. The research was conducted on Generation Z employees of Bank Jatim in Malang City during the period from May to July, using an online questionnaire distributed via Google Form as the data collection technique. The data were measured using a Likert scale and analyzed using the Partial Least Squares method. The results indicate that the marketplace variable has a significant effect on doom spending behavior, with an influence value of 48.6%. In contrast, income and digital payment variables do not have a significant effect, with coefficient values of -30.9% and -20%, respectively. These findings suggest that increased marketplace usage can encourage doom spending behavior among Generation Z, while higher income levels and increased use of digital payments do not necessarily lead to such behavior. This condition indicates that good financial literacy plays an important role in controlling doom spending behavior among Generation Z employees of Bank Jatim in Malang City.
PERAN RISIKO PEMBIAYAAN DALAM MEMODERASI PENGARUH EFISIENSI OPERASIONAL DAN PERMODALAN TERHADAP PROFITABILITAS BPRS DI JAWA TIMUR Fena Nurmala; Firdha Aksari Anindyntha
Journal of Financial Economics & Investment Vol. 6 No. 1 (2026): Journal of Financial Economics & Investment
Publisher : Program Studi Ekonomi Pembangunan

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Abstract

Sharia Rural Banks have a strategic role in financing the micro sector, but profitability as measured by Return on Assets (ROA) shows fluctuations and tends to decline during the 2020-2024 periods. This study aims to analyze the effect of operational efficiency (BOPO) and capital structure (CAR) on profitability (ROA) with financing risk (NPF) as a moderating variable at BPRS in East Java for the 2020-2024 periods. This study uses panel data, namely a combination of time series data for the 2020-2024 period and a cross-section of 24 BPRS resulting in 120 observations, with the analysis technique Moderated Analysis Regression using the Common Effect Model. The results show that operational efficiency, capital structure, and financing risk have a significant negative effect on bank profitability. The moderation test shows that NPF is unable to moderate the effect of BOPO and CAR on ROA. These findings indicate that operational efficiency and capitalization have a direct impact on profitability, regardless of the level of financing risk. This research contributes to the development of Islamic banking literature as well as managerial implications for BPRS in increasing efficiency, optimizing capital, and sustainable management of financing quality.
PENGARUH SIZE DAN DIGITAL BANKING TERHADAP ROE DENGAN BOPO SEBAGAI VARIABEL MEDIASI Afkarina, Izza; Tri Kurniawati, Eris
Journal of Financial Economics & Investment Vol. 6 No. 1 (2026): Journal of Financial Economics & Investment
Publisher : Program Studi Ekonomi Pembangunan

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Abstract

This study analyzes the effect of SIZE and digital banking on ROE with BOPO as a mediating variable, with digital banking proxied by the adoption of digital services (electronic money). The research sample consists of 7 Category 4 banks registered with the OJK with complete quarterly financial reports for the 2021–2024 period, yielding 112 observations. The analysis method used Structural Equation Modeling (SEM). The research results show that the mediation test indicates that operational efficiency does not mediate the relationship between bank size and profitability, while digital banking mediates the relationship between bank size and operational efficiency, but does not mediate the relationship between bank size and profitability. These findings indicate that the contribution of digital banking is more dominant in increasing operational efficiency than its direct impact on profitability, thus requiring a sustainable digitalization strategy to support long-term financial performance.
DAMPAK ALIRAN MODAL ASING TERHADAP STABILITAS SISTEM KEUANGAN INDONESIA Mufid, Taufik khurohman Miftahul; Suliswanto, Muhammad Sri Wahyudi
Journal of Financial Economics & Investment Vol. 6 No. 1 (2026): Journal of Financial Economics & Investment
Publisher : Program Studi Ekonomi Pembangunan

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Abstract

This study aims to analyze the effect of foreign capital inflows on financial system stability in Indonesia, proxied by the Non-Performing Loan ratio. The variables employed include Foreign Direct Investment, portfolio investment, exchange rate, inflation, and money supply, using quarterly data for the period 2013Q2–2021Q4. The Autoregressive Distributed Lag method is utilized to examine the impact of foreign capital inflows on financial system stability in both the short run and the long run. The analytical procedures include stationarity testing, optimal lag selection, ARDL model estimation, Bounds Test for cointegration, as well as diagnostic and stability tests of the model. The results indicate the presence of cointegration; in the long run, only inflation has a significant effect on financial stability, while the other variables are insignificant. In the short run, inflation remains significant, whereas the other variables continue to show no significant effect. These findings suggest that Indonesia’s financial system stability is influenced more by domestic macroeconomic factors particularly inflation than by foreign capital inflows, highlighting the importance of inflation control in maintaining banking credit quality.

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