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INDONESIA
Eduvest - Journal of Universal Studies
Published by Green Publisher Indonesia
ISSN : 27753735     EISSN : 27753727     DOI : 10.36418
Core Subject : Health, Science, Social, Engineering,
Aerospace Engineering Computer Science & IT Health Professions Neuroscience Social Sciences
Eduvest - Journal of Universal Studies is a double blind peer-reviewed academic journal and open access to multidiciplinary fields. The journal is published monthly by Green Publisher Indonesia. Eduvest - Journal of Universal Studies provides a means for sustained discussion of relevant issues that fall within the focus and scopes of the journal which can be examined empirically. This journal publishes research articles multidisciplinary sciences, which includes: Humanities and social sciences, contemporary political science, Educational sciences, religious sciences and philosophy, economics, Engineering sciences, Health sciences, medical sciences, design arts sciences and media. Published articles are from critical and comprehensive research, studies or scientific studies on important and current issues or reviews of scientific books.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 2,419 Documents
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The Impact of Income Diversification and Liquidity Risk on Stability of Conventional Banks In Indonesia Gustama, Abi; Danarsari, Dwi Nastiti
Eduvest - Journal of Universal Studies Vol. 5 No. 9 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i9.51344

Abstract

This study aims to analyze the effect of income diversification and liquidity risk on the stability of conventional banks in Indonesia, the research of banks listed on Indonesia Stock Exchange during the periode 2014 – 2023 and using panel data regression methods. The results indicate that income diversification has a significant negative effect on bank stability. However, the moderating factors of KBMI 3 and KBMI 4 are able to strengthen the relationship between income diversification and bank stability. Liquidity risk doest not affect bank stability, While KBMI 1 and KBMI 4 are found waken the impact of liquidity risk on stability. In Contrast KBMI 2 strengthen effect of liquidity risk on bank stability. Banks need to carefully consider banking activities in diversifying income an take into account tier capital 1 in mitigating liquidity risk. KBMI as a moderating both income diversification and liquidity risk. To the best of the author's knowledge, KBMI as a moderating variable in the relationship between income diversification and liquidity risk has not been previously examined. The implication of this study highlights the importance of regulatory oversight regarding risk exposure arising from income diversification and the optimization of liquidity within each KBMI category.
The Influencer of ESG and ERM on Financial and Non-Financial Performance of Energy Companies Listed on the Indonesia Stock Exchange for the 2019-2023 Syamsi, Rachmii; Hanggraeni, Dewi
Eduvest - Journal of Universal Studies Vol. 5 No. 9 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i9.51345

Abstract

This study investigates the influence of Environmental, Social, and Governance (ESG) practices and Enterprise Risk Management (ERM) on both financial and non-financial performance of energy companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2023 period. The main objective is to examine whether ESG and ERM significantly affect profitability (ROA and ROE), market valuation (Tobin’s Q), and investor trust, particularly in the context of a post-pandemic economic landscape. The novelty of this research lies in its integrated analysis of ESG and ERM as simultaneous predictors of firm performance, while incorporating non-financial outcomes that are often overlooked, such as investor perception. This study also adds value by offering empirical evidence from an emerging market context and focusing on the energy sector, which plays a strategic role in sustainable development and economic resilience. Empirical findings reveal that ESG significantly influences Return on Assets (ROA), indicating that sustainability initiatives contribute to more efficient asset utilization. However, ESG does not show a significant effect on Return on Equity (ROE) or investor trust, implying that its long-term benefits may not be immediately reflected in equity returns or stakeholder perception. Conversely, ERM demonstrates a significant impact on ROA, ROE, and investor trust, highlighting the importance of structured risk management in enhancing financial outcomes and building investor confidence. These findings suggest that both ESG and ERM can play a strategic role in improving firm performance, but their influence may vary depending on the dimension of performance being assessed.
The Effectiveness of Stock Hedging with Cryptocurrency in the Indonesian Capital Market Pre-Pandemic, Pandemic and Post-Pandemic Periods Jauhari, Tantowi; Husodo, Zaäfri Ananto
Eduvest - Journal of Universal Studies Vol. 5 No. 9 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i9.51358

Abstract

This study analyzes the effectiveness of Bitcoin and Ethereum as hedging instruments for LQ45 stock portfolios in Indonesia over three market periods: pre-pandemic (2018–2020), pandemic (2020–2022), and post-pandemic (2023–2024). The research applies GARCH(1,1) to estimate stock volatility and the DCC-GARCH model to measure dynamic correlations with cryptocurrencies. Hedge effectiveness is assessed using the Hedge Effectiveness Index (HEI). The findings show that both Bitcoin and Ethereum failed to reduce portfolio risk in Indonesia, with HEI values mostly negative throughout all periods. The implication is that these cryptocurrencies tend to increase volatility rather than serve as effective hedging tools. The study recommends traditional assets or stablecoins as more reliable alternatives for Indonesian investors.
Continuity of the Use of AI-Based Collection Systems in Credit Collection: The Influence of Employee Perception and Risk Management in Shaping Sustainability Intentions Ganda Dimulya, Aditya Pranata; Arviansyah, Arviansyah
Eduvest - Journal of Universal Studies Vol. 5 No. 9 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i9.51359

Abstract

The use of Artificial Intelligence (AI) in the Indonesian banking industry has driven transformation in operational processes, especially in improving customer service in the business initiation process. However, in addition to the business initiation process, AI can be used in the credit collection process, where Bank XYZ is one of the state-owned banks that is a pioneer in the use of AI-based Collection Systems for credit collection activities. This study aims to analyze and find out how user perception, including risk perception, affects users' sustainable intentions towards the AI-based Collection System at Bank XYZ with a quantitative approach. Data was collected through a questionnaire with respondents using the Collection System (employees) in the billing division at Bank XYZ. The data that has been collected is analyzed through 3 (three) stages, namely the preparation of the questionnaire (pre-test), the main analysis using Structural Equation Modeling - Partial Least Square (SEM-PLS) with an outer model measurement model to understand the basic characteristics of the research sample, and the structural model measurement stage using an inner model to assess the relationship between research variables and hypothesis testing using bootsrapping. The research update lies in the analysis of the use of AI in the back end process in banking (credit collection) and the identification of risk perception as a factor that also influences Continuous Intention (CI), in addition to other traditional variables in the Expectation Confirmation Model (ECM). The results show that users' perception of intelligence, human nature, and usefulness of AI technology.
"Sustainability vs. Speculation: How ESG Reshapes Stock Market Behavior in ASEAN Plus Three" Azis, Dwi Farid Rahmadhani
Eduvest - Journal of Universal Studies Vol. 5 No. 9 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i9.51360

Abstract

This study examines the impact of Environmental, Social, and Governance (ESG) scores on stock price synchronicity among publicly listed firms in the ASEAN Plus Three (APT) region. Employing panel data analysis over the period 2019–2023, the study investigates how ESG performance influences the extent to which firm-specific information is incorporated into stock prices. The analysis leverages ESG ratings from Refinitiv Eikon and daily stock return data to construct a synchronicity measure based on firm-level regressions. Findings reveal that higher ESG scores are significantly associated with lower stock price synchronicity, indicating enhanced information transparency and reduced information asymmetry. These results underscore the role of ESG integration in improving market efficiency, providing valuable implications for investors, policymakers, and corporate managers in both emerging and developed markets.
Integration of Green Innovation in Default Risk Management with Altman's Z"-Score and ZMIJEWSKI'S Zm-Score Jemitra, Jemitra; Wibowo, Buddi
Eduvest - Journal of Universal Studies Vol. 5 No. 9 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i9.51361

Abstract

This study analyzes the effect of green innovation on the default risk of non-financial companies in Indonesia and China during the period 2018–2024. Both countries were selected because they have banking-based financial systems but face different environmental challenges. Default risk is measured using a combined accounting-based approach, namely Altman's Z”-Score, and Zmijewski's ZM-Score. The estimation results using the Fixed Effect Model show that in aggregate, green innovation has no significant relationship with default risk. However, when analyzed per country, the effect of green innovation is proven to be significant and negative on default risk in companies in China, while in Indonesia the relationship is not statistically significant. These findings indicate that the effectiveness of green innovation as a financial risk mitigation strategy is greatly influenced by institutional readiness and national policies. This study provides important insights for policymakers and market players in developing countries regarding the importance of supporting the green innovation ecosystem to strengthen financial stability.
Effect of ESG Score on Financial Risk in IDX ESG Companies Hadiwibowo, Arief; Chalid, Dony Abdul
Eduvest - Journal of Universal Studies Vol. 5 No. 9 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i9.51363

Abstract

This study examines the effect of Environmental, Social, and Governance (ESG) scores on financial risk and stock investment performance of issuers listed on the IDX ESG index over the period 2017 to 2023. Using a quantitative approach, this study applies panel data regression analysis to explore the relationship between ESG scores and financial risk and stock risk. The variables analyzed include ESG score, Return on Assets (ROA), leverage ratio, corporate assets, earnings per share and book value per share. The research findings show that ESG score has a significant negative effect on financial risk, which means that the higher the ESG score, the lower the financial risk faced by the company. However, its effect on stock risk is not significant. The practical implication of this study is the importance of improving the quality of ESG scores as a strategy to mitigate financial risk and increase firm value. This study makes an original contribution by focusing on Indonesia's emerging capital market and highlighting the role of governance aspects in risk management, thus enriching ESG literature in the context of emerging economies and supporting ESG policy development in Indonesia.
Management Risk Appetite as an Determinant of Bank Value and Performance: Theoretical Perspective and Empirical Evidence from Indonesia Handi, Handi; Rulindo, Ronald
Eduvest - Journal of Universal Studies Vol. 5 No. 9 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i9.51364

Abstract

This study examines the influence of the Management Risk Appetite Index (MRPI) on the value and financial performance of banks in Indonesia during the 2019–2023 period. The MRPI is constructed based on nine key indicators, covering both company-level dimensions—such as capital adequacy, credit risk, market risk, operational risk, and non-performing loans—and individual-level dimensions, including board size, gender diversity, academic qualifications, and the number of independent commissioners. The findings reveal that a higher MRPI is positively associated with firm value, indicating that banks with greater risk appetite tend to be more attractive in the eyes of the market. However, the effect on financial performance is mixed. While certain aspects of performance benefit from increased risk appetite, others, particularly related to efficiency and profitability, may experience negative impacts. This suggests a higher risk appetite does not automatically translate into stronger financial performance. The study also highlights the significant effects of the COVID-19 pandemic on banking operations, showing that the crisis influenced various performance indicators differently. Additionally, control variables such as bank size and age demonstrate consistent yet varying impacts on both value and performance, depending on the specific metric used. These results underline the importance of aligning risk appetite with governance structures and strategic objectives. For bank owners, regulators, and stakeholders, this implies the need for thoughtful selection of board members and commissioners, considering factors such as education, gender diversity, independence, and experience in risk management to support balanced and sustainable growth.
Investor Sentiment Dynamics and Market Volatility in Indonesia: Hybrid Approach Using GARCH-Midas and Machine Learning Siagian, Lina Denita; Makaliwe, Willem
Eduvest - Journal of Universal Studies Vol. 5 No. 9 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i9.51365

Abstract

The Indonesian stock market, represented by the Jakarta Composite Index (IHSG), experiences significant volatility influenced by both domestic and global macroeconomic factors as well as investor sentiment. This study investigates the impact of key macroeconomic variables and investor sentiment indicators, such as the Consumer Confidence Index (CCI) and Trading Volume Activity (TVA), on IHSG volatility. The research applies the GARCH-MIDAS model to capture long-term macroeconomic effects and integrates machine learning techniques, Extreme Gradient Boosting (XGBoost) for short-term volatility prediction. Monthly data on macroeconomic variables and sentiment indicators are combined with daily IHSG return data. Performance metrics like Mean Square Error are used to compare the forecast with realized volatility. The findings show that macroeconomic variables, particularly Inflation and Exchange Rates, significantly affect IHSG volatility, while sentiment indicator CCI play crucial roles and demonstrated the highest predictive power. The hybrid GARCH-MIDAS-XGBoost model outperformed the traditional GARCH-MIDAS, reducing MSE by approximately 20% and improving MAE by 15% during volatile periods. The model also excelled in predicting volatility spikes, especially during market turbulence. This study confirms that both macroeconomic variables and investor sentiment indicators, especially CCI, significantly impact stock market volatility. The hybrid model improves forecasting accuracy, offering valuable insights for investors and policymakers navigating market risks.
The Influence of Audit Committees, Independent Commissioners, Company Size and Audit Quality on Report Integrity Kusumaningrum, Permata; Rohman, Abdul
Eduvest - Journal of Universal Studies Vol. 5 No. 9 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i9.51366

Abstract

This study aims to obtain empirical evidence regarding the influence of the audit committee on financial statement integrity, the influence of independent commissioners on financial statement integrity, the influence of company size on financial statement integrity, and the influence of audit quality on financial statement integrity. The sample in this study consists of property and real estate companies listed on the Indonesia Stock Exchange for the 2021-2023 period. The total sample in this study is 45 data points. Data collection was conducted through the official IDX website and the official websites of property and real estate companies listed on the Indonesia Stock Exchange for the 2021-2023 period. The data analysis technique used in this study is multiple linear regression analysis with SPSS 18.0 software. The results of data processing tests show that the audit committee has a positive effect on financial statement integrity, while the influence of independent commissioners, company size, and audit quality negatively affects financial statement integrity.

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