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The Contrarian: Finance, Accounting, and Business Research
Published by Yayasan Widyantara Nawasena Raharja
ISSN : 29639743     EISSN : 2986190X     DOI : https://doi.org/10.58784/cfabr
Core Subject : Economy, Science, Social,
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences
The Contrarian: Finance, Accounting, and Business Research (CFABR) is a double peer-reviewed journal published by the Yayasan Widyantara Nawasena Raharja. The Contrarian: Finance, Accounting, and Business Research (CFABR) will publish the articles bi-annually. The article submitted to The Contrarian: Finance, Accounting, and Business Research (CFABR) is written in English and it is not under consideration or published by other publishers.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 64 Documents
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The impact of crude oil prices, interest rates, and the Rupiah exchange rate on the transportation and logistics sector stock index (IDX-TRANS), 2021–2025 Dias Febriansyah Subekti; Joy Elly Tulung; Priskila Bernita Rottie
The Contrarian : Finance, Accounting, and Business Research Vol. 5 No. 1 (2026)
Publisher : Yayasan Widyantara Nawasena Raharja

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58784/cfabr.465

Abstract

This study examines the impact of crude oil prices, interest rates, and the Rupiah exchange rate on the Transportation and Logistics Sector Stock Index (IDX-TRANS) on the Indonesia Stock Exchange for the period 2021–2025. Unlike prior sectoral studies that model a narrower set of macroeconomic drivers of IDX-TRANS, this study extends the specification by incorporating the BI Rate as an additional systematic risk factor and by explicitly controlling for the structural break associated with the COVID-19 mobility-restriction (PPKM) period. Grounded in Arbitrage Pricing Theory (APT) and the Efficient Market Hypothesis (EMH), this research employs a quantitative causal design using 59 monthly time-series observations (reduced from a nominal 60 months due to first-differencing). Variables are transformed into growth rates and first differences to satisfy stationarity requirements, confirmed using the Augmented Dickey-Fuller (ADF) test. Multiple linear regression analysis is conducted with inflation and a PPKM policy dummy as control variables, and classical assumption tests (normality, multicollinearity, autocorrelation, and heteroscedasticity) confirm that the model satisfies Best Linear Unbiased Estimator (BLUE) criteria. The simultaneous test (F-test) confirms that all variables jointly and significantly affect IDX-TRANS movements (Prob > F = 0.0062). Partially, interest rates (BI Rate) exert a significant negative effect (coefficient = −13.3604; p = 0.021), and the Rupiah exchange rate also has a significant negative effect (coefficient = −1.7850; p = 0.027), while crude oil prices show no significant effect (p = 0.547), attributed to the pass-through effect mechanism. The model explains 18.79% of IDX-TRANS variation (Adjusted R² = 0.1879). These findings suggest that monetary policy tightening and currency depreciation pose the greatest systemic risks to capital-intensive transportation firms in Indonesia.
World uncertainty and IPO underpricing: Evidence from Indonesia in the post-COVID-19 period Jan Sen; Lawren Julio Rumokoy; Victoria N. Untu
The Contrarian : Finance, Accounting, and Business Research Vol. 5 No. 1 (2026)
Publisher : Yayasan Widyantara Nawasena Raharja

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58784/cfabr.467

Abstract

This study investigates the effect of global uncertainty on IPO underpricing in the Indonesian capital market during the post-COVID-19 period. Drawing on information asymmetry theory and signaling theory, we argue that elevated global uncertainty amplifies adverse selection risk and widens the informational gap between issuers and investors, thereby increasing the degree of underpricing. Using a sample of 145 IPOs listed on the Indonesia Stock Exchange (IDX) between 2023 and 2025 and employing ordinary least squares (OLS) regression, we find that the World Uncertainty Index (WUI) is positively and significantly associated with IPO underpricing, consistent with the prediction that heightened macro-level uncertainty intensifies investor risk perception and compels underwriters to set deeper offer price discounts. Additionally, underwriter reputation is negatively and significantly related to underpricing, indicating that reputable underwriters serve as credible quality signals that mitigate information asymmetry and improve pricing efficiency. Firm-level variables, including return on assets, firm size, firm age, and number of shares offered, do not exert significant effects on underpricing, suggesting that macro-level uncertainty dominates firm-specific fundamentals as the primary pricing force during this period. These findings contribute to the emerging literature on global uncertainty and IPO markets by providing the first empirical evidence from Indonesia using a globally aggregated uncertainty measure, and offer practical implications for issuers, investors, underwriters, and market regulators.
Intellectual capital and firm performance in the Indonesian banking sector: A post-pandemic reassessment Abygail Flower Sigar; Agus T. Poputra; Lidia M. Mawikere
The Contrarian : Finance, Accounting, and Business Research Vol. 5 No. 2 (2026)
Publisher : Yayasan Widyantara Nawasena Raharja

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58784/cfabr.468

Abstract

Prior studies on intellectual capital and firm performance report inconsistent findings, particularly in the banking sector, where reliance on intangible resources is high yet operations are increasingly automated through digital technology. This study re-examines that relationship by testing the effect of human capital and relational capital on the performance of banking companies listed on the Indonesia Stock Exchange during the 2022-2024 period, a period marked by accelerated digital transformation in the industry. Human capital is proxied using value added human capital (VAHU), relational capital using relational capital efficiency (RCE), and company performance using return on assets (ROA). Using a quantitative causal-associative design, 84 firm-year observations were selected through purposive sampling and analyzed using multiple linear regression. The results show that neither human capital nor relational capital has a significant effect on company performance, with the two variables jointly explaining only 2.2% of the variation in ROA. These findings suggest that in an increasingly digitalized banking industry, traditional intellectual capital components alone are insufficient to explain firm performance, and that operational, risk-based, and technological factors likely play a more dominant role. The study contributes to Resource-Based Theory by highlighting boundary conditions under which intangible resources fail to translate into measurable financial performance, and offers practical implications for banking companies in reassessing their intellectual capital management strategies.
The effect of tax understanding and individual taxpayer education level on msme compliance in npwp ownership: A survey of MSMEs in Mapanget District, Manado City Nazillah Diva Adnayah Mardatillah; Harijanto Sabijono; Wulan D. Kindangen
The Contrarian : Finance, Accounting, and Business Research Vol. 5 No. 2 (2026)
Publisher : Yayasan Widyantara Nawasena Raharja

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58784/cfabr.476

Abstract

MSME compliance in Taxpayer Identification Number (NPWP) ownership remains low in Mapanget District, Manado City, and is thought to depend on taxpayers' tax understanding and educational background. This study examines the effect of tax understanding (X1) and individual taxpayer education level (X2) on MSME compliance in NPWP ownership (Y) using a quantitative survey of 95 MSME actors selected through purposive sampling. Data were analyzed with multiple linear regression in SPSS after instrument validity/reliability and classical assumption tests. Tax understanding had a positive and significant effect on compliance (B=0.959; t=28.960; Sig.<0.001), while education level had no significant effect (B=0.268; t=1.089; Sig.=0.279). The model was significant overall (F(2,92)=790.50; Sig.<0.001) and explained 94.4% of the variance (Adjusted R2=0.944). Given this unusually large effect size, a Harman's single-factor test indicated that common-method bias is unlikely to fully explain the result (single-factor variance=41.7%). These findings suggest that tax understanding, not formal education, is the dominant driver of formal MSME tax compliance, implying that tax authorities and MSME support agencies should prioritize understanding-based over credential-based compliance interventions.

Page 7 of 7 | Total Record : 64

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