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Dwi Ardi Wicaksana Putra
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Gedung Fakultas Bisnis, Universitas Darwan Ali, JL. Batu Berlian, No. 10, Sampit, Kabupaten Kotawaringin Timur, Provinsi Kalimantan Tengah, 74325
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Keizai
Published by Universitas Darwan Ali
ISSN : 28075668     EISSN : 28073967     DOI : http://dx.doi.org/10.56589/keizai
Core Subject : Economy, Science, Social,
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences
KEIZAI: Jurnal Kajian Ekonomi, Manajemen, dan Akuntansi mengundang para praktisi, peneliti, dan mahasiswa untuk memberikan temuan kajian-kajian di lingkup ekonomi, manajemen, dan akuntansi sebagai berikut: (1) Ekonomi perilaku, Studi ekonomi spasial (wilayah, perkotaan, pedesaaan, dsb), Perencanaan pembangunan, dan Kebijakan pembangunan termasuk makroekonomi dan mikroekononomi; (2) Manajemen Keuangan; Pemasaran; Sumber Daya Manusia; dan Manajemen Produksi; (3) Akuntansi Biaya, Akuntansi Pajak, Akuntansi Keuangan, Akuntansi Manajemen
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 91 Documents
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Analisis Dampak Event Pengoplosan BBM terhadap Return Saham PT Pertamina Geothermal Energy (PGEO) Herbenita, Herzalina
Keizai Vol 6, No 1 (2025): Maret-Agustus
Publisher : Universitas Darwan Ali

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56589/keizai.v6i1.503

Abstract

This study aims to analyze the impact of the illegal fuel mixing event on PT Pertamina Geothermal Energy (PGEO) stock returns. A quantitative approach was employed, utilizing linear regression and the event study method. The event window covered four days: the event day (H), and four days after the event (H+3). The results indicate that during the observation period, the market did not react significantly to the illegal fuel mixing event in the context of PGEO's stock. This may be because investors perceived the event as not directly relevant to the company's operations. The study concludes that PGEO’s stock returns are more influenced by overall market conditions than by the specific event.
Kapan Investor Bereaksi? Studi Empiris Dampak Kasus Korupsi Korporat Terhadap Return Saham Rahel, Herlina Kristin
Keizai Vol 6, No 1 (2025): Maret-Agustus
Publisher : Universitas Darwan Ali

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56589/keizai.v6i1.507

Abstract

This study aims to determine the point at which the disclosure of corruption cases has the greatest impact on stock returns. The study also seeks to examine the effect of corruption case disclosure on stock returns. The study uses cross-sectional data with a quantitative data type and a sample size of 7 companies involved in corruption cases in 2024 and 2025. This research consisted of 29 regressions that were conducted to answer the research questions. The results show that the stock market reacts two days after the disclosure of corruption cases, meaning that investors react on the second day after negative information about the corruption case is circulated. The study also consistently found in many regressions that corruption disclosure negatively affects the company's stock returns.
Pengaruh Rasio Profitabilitas, Pertumbuhan Penjualan, dan Operating Cash Flow Terhadap Keputusan Investasi Saham: Studi Eksperimen Pada Calon Investor Pemula Apriliani, Lina; Kesuma, Wendy
Keizai Vol 6, No 1 (2025): Maret-Agustus
Publisher : Universitas Darwan Ali

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56589/keizai.v6i1.489

Abstract

This study aims to analyze how profitability ratios, sales growth, and operating cash flow affect investment decisions empirically. The research employs an experimental methodology with a logistic regression approach. The sample consists of 50 novice investors who have acquired basic investment knowledge. The results indicate that profitability ratios, sales growth, and operating cash flow positively and significantly impact investors' stock investment decisions. Sales growth exhibits the strongest influence on investment decisions. These findings confirm that investors tend to make more rational investment decisions when they understand the fundamental aspects of a company.
Pengaruh Koneksi Politik dan Militer pada Pengungkapan Green Banking: Studi pada Perbankan Indonesia Edi, Edi; Sarwani, Sarwani
Keizai Vol 6, No 1 (2025): Maret-Agustus
Publisher : Universitas Darwan Ali

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56589/keizai.v6i1.523

Abstract

A company’s reputation plays an important role in shaping how people see the values the company holds. The rising concern about climate change and global warming has made environmentally conscious stakeholders pay more attention to the environmental impact of a company’s activities. This situation has made environmental performance a key factor in helping companies improve their business value. In this context, one strategy that can be used by the banking sector to respond to sustainability issues is adopting a green banking approach. This study aims to examine the influence of political and military connections on green banking disclosure in banking companies listed on the Indonesia Stock Exchange (IDX) during the years 2019–2022. The study uses a quantitative approach. The research population includes 45 banking companies listed on the IDX, and 21 of them met the sample criteria. The findings show that political connections have a significant positive effect on green banking disclosure, while military connections have no significant effect. Companies with political ties tend to be more careful in their operations, which leads them to build a stronger reputation in public, one way being through the disclosure of green banking implementation.
Analisis Pengaruh Peringkat Asia Sustainability Reporting Rating, Corporate Risk, Firm Size dan Profitabilitas terhadap Risiko Investasi Saham Febriani, Nova
Keizai Vol 6, No 1 (2025): Maret-Agustus
Publisher : Universitas Darwan Ali

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56589/keizai.v6i1.510

Abstract

This study examines the influence of the Asia Sustainability Reporting Rating (ASRRAT), corporate risk, firm size, and profitability on investment risk. The population in this study consists of companies listed in the SRI-KEHATI Index. The research sample was selected using a purposive sampling technique, comprising 15 companies. The study was conducted over the period from 2021 to 2023. This study used panel regression as the data analysis technique. The results show that ASRRAT ratings and profitability do not affect investment risk. In contrast, corporate risk has a positive effect, whereas firm size has a negative effect on investment risk.
Pengaruh Komitmen Organisasi, Pengetahuan Whistleblowing, Sikap, dan Personal Cost Terhadap Minat Melakukan Whistleblowing Pada Bank BNI 46 Wilayah 9 Banjarmasin Hidayat, Erwan
Keizai Vol 6, No 1 (2025): Maret-Agustus
Publisher : Universitas Darwan Ali

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56589/keizai.v6i1.519

Abstract

Whistleblowing is one of the media to obtain information from within the company to find out if there is fraud or unethical actions in the company. This study aims to determine the interest in conducting whistleblowing by employees as seen from the variables of organizational commitment, whistleblowing knowledge, attitude and personal cost. This study uses quantitative methods using primary data sources. The data collection technique used a questionnaire distributed to employees of the BNI Regional Office 9 Banjarmasin. The sample used in the study was 140 respondents including employees of the BNI Regional Office 9 Banjarmasin. The results of the study show that organizational commitment and whistleblowing knowledge do not influence the interest in conducting whistleblowing. Meanwhile, personal costs have a positive influence on the interest in conducting whistleblowing and attitude variables have a negative influence on the interest in conducting whistleblowing.
Pengaruh Pengungkapan Elemen-Elemen Integrated Reporting terhadap Nilai Perusahaan pada Perusahaan Properti dan Real Estate Tahun 2019-2022 Irfansyah, Muhammad Eddy; Hifni, Syaiful
Keizai Vol 6, No 1 (2025): Maret-Agustus
Publisher : Universitas Darwan Ali

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56589/keizai.v6i1.513

Abstract

This study aims to examine the effect of integrated reporting element disclosures on firm value in property and real estate companies listed on the Indonesia Stock Exchange during the period 2019–2022. The sampling technique used was purposive sampling, and 22 companies were selected as the sample. The results show that the disclosure of the business model element and performance element has a significant negative effect on firm value, while the remaining elements have no significant impact. These findings indicate that the disclosure of elements in integrated reports has not yet had a meaningful influence on firm value in Indonesia. This could be due to the low quality of disclosures, limited investor understanding of non-financial information, and the fact that the market is still developing. These findings should serve as a point of evaluation for companies and stakeholders to improve the relevance of integrated reporting. Companies need to enhance the quality of disclosures by avoiding general, normative, and irrelevant narratives. It is recommended that companies present a more consistent and logical connection between strategy, business model, risks, and performance. When disclosing elements such as risks, future outlook, and resource allocation, companies should include quantitative indicators and impact assessments. Companies must also maintain a balance in transparency, especially when reporting on performance and risk elements.
Dividends and Attention: Herding, Neglect, and Distraction Among Indonesian Retail Investors Kesuma, Wendy
Keizai Vol 6, No 1 (2025): Maret-Agustus
Publisher : Universitas Darwan Ali

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56589/keizai.v6i1.530

Abstract

This study explores retail investor behavior in the context of dividend events by testing three interrelated hypotheses: the dividend-herding hypothesis, the neglected firm hypothesis, and the divided attention hypothesis. Utilizing the Google Search Volume Index (SVI) as an innovative proxy for measuring retail investor attention, the study analyzes 642 dividend events in the Indonesian stock market. The empirical findings support all three hypotheses. First, retail investors demonstrate limited attention to dividend-paying stocks, despite extensive evidence of positive price reactions, suggesting a herding pattern driven by inattention. Second, dividend announcements serve as attention-grabbing events that increase visibility for previously overlooked or neglected firms. Third, when multiple companies announce dividends on the same trading day, retail investor attention becomes fragmented, resulting in reduced focus on individual stocks. These findings offer new insights into behavioral finance in emerging markets and highlight the importance of investor attention in understanding market reactions to corporate events.
Model Financial Satisfaction Berbasis Financial Literacy dan Self-Control Melalui Financial Well-Being pada Karyawan Perempuan Bank BUMN di Kota Jambi Rusita, Dea; Wediawati, Besse; Fazri, Andang; Ratnawati, RTS
Keizai Vol 6, No 2 (2025): September-Februari
Publisher : Universitas Darwan Ali

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56589/keizai.v6i2.526

Abstract

Financial satisfaction is an important indicator of individual financial well-being, especially for female employees who often face the dual burden of managing work and household finances. This study aims to analyze the influence of financial literacy and self-control on financial satisfaction through financial well-being as a mediating variable among female employees of state-owned banks in Jambi City. This quantitative research uses a survey method with 100 respondents selected through purposive sampling. Data analysis uses Structural Equation Modeling-Partial Least Square (SEM-PLS) with SmartPLS 3.0 software. The results show that: financial literacy has a positive and significant effect on financial satisfaction; self-control has no direct effect on financial satisfaction; both financial literacy and self-control have a positive and significant effect on financial well-being; financial well-being has a strong positive effect on financial satisfaction; and financial well-being significantly mediates the relationship between financial literacy and self-control on financial satisfaction. This study provides important implications for financial education programs and employee welfare policies in the banking sector.
Political Event Risk (Elections and Election Announcements) on LQ45 Stock Returns Desliniati, Nurfitri; Andika, Retno
Keizai Vol 6, No 2 (2025): September-Februari
Publisher : Universitas Darwan Ali

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56589/keizai.v6i2.532

Abstract

This study is motivated by the need to understand the impact of political event risk on Indonesia’s capital market, especially on highly liquid and large-cap stocks such as those in the LQ45 index. Political events, both domestic and international, can influence investor behavior and create stock price volatility. Therefore, this research aims to analyze the effect of political event risk on LQ45 stock returns. The study applies a quantitative approach with an event study method. The sample includes companies listed in the LQ45 index during the observation period, which covers several key political events. Secondary data in the form of daily stock prices were analyzed by calculating returns around the event window to identify any significant impact of political events on stock returns. The event window used in this study spans 30 days before (H-30) and 30 days after (H+30) the political events. The results show different impacts of political event risk across the two phases. During the election result announcement, political event risk had a significant positive effect on LQ45 stock returns, reflecting greater certainty about Indonesia’s political direction and increased investor confidence. Conversely, during the election period, political event risk had no significant effect on LQ45 stock returns, indicating that the market had already anticipated these dynamics. These findings highlight the importance of distinguishing political event phases when assessing market responses.

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