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Perdana Wahyu Santosa
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INDONESIA
Research of Finance and Banking
Published by Santoso Academy Network
ISSN : 2987288X     EISSN : 29872871     DOI : https://doi.org/10.58777/rfb
Core Subject : Economy,
Economics, Econometrics & Finance
The Research of Finance and Banking RFB is an open access and peer review journal that publishes theoretical and empirical research articles, review papers, and case studies on all major financial and banking topics. The journals mission is to offer a forum for growing scholarly research on corporate finance, banking, financial institutions, and the money and capital markets in which they operate. The Journal emphasizes theoretical advancements and their application, empirical, practical, and policy oriented research in finance and banking and other local and international financial institutions and markets.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 32 Documents
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Interpretable Machine Learning for Predicting Financial Distress in Emerging Market Insurance Sectors Palas, Jahir Uddin; Majumder, Benazir Imam
Research of Finance and Banking Vol. 4 No. 1 (2026): APRIL 2026
Publisher : SAN Scientific

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58777/rfb.v4i1.548

Abstract

This study develops an interpretable early-warning framework to predict financial distress among non-life insurers operating in a thin-premium market context. While prior studies widely rely on traditional models such as the Z-score, a critical research gap remains, as these models are not well-suited to the insurance industry due to its unique capital structures, regulatory requirements, and underwriting dynamics. Specifically, conventional distress prediction approaches tend to overlook operational characteristics such as reinsurance dependency, reserve adequacy, and expense management, which are central to insurer solvency. Addressing this gap, the study applies machine learning techniques combined with explainable artificial intelligence to enhance both predictive capability and transparency. Using firm-level panel data, the research incorporates key financial and operational indicators to construct a context-specific predictive framework. The methodology emphasizes balanced model evaluation, feature relevance, and interpretability to ensure practical applicability for supervisory authorities. By integrating explainability into predictive modeling, this study helps bridge the regulatory trust gap associated with black-box algorithms. The proposed framework offers a policy-relevant tool for early identification of vulnerable insurers and for facilitating timely intervention. Overall, this research advances the literature by aligning predictive accuracy with institutional usability in emerging insurance markets.
What Drives Firm Value in Emerging Markets? Evidence from Indonesian Telecom Firms Sihombing, Pardomuan; Amirullah, Aditya Sabrian
Research of Finance and Banking Vol. 4 No. 1 (2026): APRIL 2026
Publisher : SAN Scientific

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58777/rfb.v4i1.595

Abstract

This study analyzes the effects of sustainability (ESG disclosure), business risk, dividend policy, and capital structure on firm value, with profitability as a mediating variable in telecommunications companies listed on the Indonesia Stock Exchange during 2020–2024. Although prior research has explored firm value determinants, findings on ESG disclosure and financial policies remain inconsistent, particularly in emerging markets, and few studies integrate these variables within a mediation framework. Using panel data analysis, the results indicate that ESG disclosure and dividend policy have a significant negative impact on firm value, suggesting that the market has not fully valued sustainability initiatives and views higher dividend payouts as limiting reinvestment opportunities. Conversely, capital structure and profitability show significant positive effects, emphasizing the importance of effective leverage management and strong earnings performance in influencing investor perceptions. Business risk has a positive but insignificant relationship with firm value. Mediation testing reveals that profitability mediates the relationship between capital structure and firm value, but does not mediate the effects of ESG disclosure, business risk, or dividend policy. These findings highlight the conditional role of profitability in linking financial decisions to firm value and suggest that ESG disclosure has not yet produced short-term valuation benefits in emerging markets.

Page 4 of 4 | Total Record : 32

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