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<![CDATA[The Impact of Foreign Investment on Economic Growth in Regencies/ Municipalities of West Java Province ]]>
<![CDATA[Akhmalul Akbar, Muhammad Ilham]]>;
<![CDATA[Al Muizzuddin Fazaalloh]]>
<![CDATA[ Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 2 (2025) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Brawijaya ]]>
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DOI: 10.21776/csefb.2025.04.2.11
<![CDATA[The West Java Province region is an area that has the highest amount of foreign investment compared to other provinces on the island of Java. Foreign Direct Investment (FDI) is one of the most important factors aimed at boosting the economy of a country/region. Therefore, this research aims to analyze the impact of Foreign Direct Investment (FDI) on economic growth in West Java Province. By using secondary data in the form of data on the amount of foreign investment, government expenditure, labor and gross regional domestic product (GRDP) during the period 2010-2023 in West Java Province. Data analysis and hypothesis testing were carried out using Dynamic Panel Data Analysis (GMM) using the Stata-17 application. The results of this research partially show that the Foreign Investment and Government Expenditure variables have a positive and significant effect on Economic Growth, while the Labor variable has a significant negative effect on Economic Growth.]]>
<![CDATA[Phenomenon the Day of Week and Monday Effect on the Return of The Jakarta Composite Index (JCI) ]]>
<![CDATA[Assyifa, Baiq Siti Ainaya]]>;
<![CDATA[Hascaryani, Tyas Danarti]]>
<![CDATA[ Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 2 (2025) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Brawijaya ]]>
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DOI: 10.21776/csefb.2025.04.2.16
<![CDATA[There is enough information to influence price movements in the capital market. Investors often overreact to this information, significantly affecting their investment decisions and potentially triggering market anomalies. This study aims to analyze the day of the week effect and Monday effect anomaly on the return of the Jakarta Composite Index (JCI) at the Indonesia Stock Exchange during the period 2019-2023, using closing price data. The research employs descriptive and quantitative methods, using non-parametric statistical tests, Kruskal-Wallis and Mann-Whitney U Tests, to analyze differences in daily stock returns. The results indicate significant differences in the average stock returns across the five trading days, suggesting the presence of the day of the week effect. Additionally, it was found that returns on Monday tend to be lower and negative, supporting the existence of the monday effect. These findings suggest a violation of the weak-form efficient market hypothesis, where returns should not be predictable based on specific days. The practical implications of this study can assist investors in designing investment strategies.]]>
<![CDATA[Analysis of The Implementation of Artificial Intelligence (AI) on The Satisfaction of Customers with Digital Banking Services ]]>
<![CDATA[Juniar, Silvia Nursesa]]>;
<![CDATA[Muttaqin, Aminullah Achmad]]>
<![CDATA[ Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 2 (2025) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Brawijaya ]]>
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DOI: 10.21776/csefb.2025.04.2.03
<![CDATA[This study aims to analyse the impact of Artificial Intelligence (AI) implementation on customer satisfaction in digital banking services in East Java. Expectancy Disconfirmation Theory (EDT) serves as the theoretical framework to assess how expectation, perceived performance, and Disconfirmation influence customer satisfaction with AI-based banking services. A quantitative approach was employed, collecting data through a digital questionnaire covering key variables: expectation, perceived performance, and Disconfirmation as independent variables, and customer satisfaction as the dependent variable. Multiple linear regression analysis was conducted to evaluate the contribution of each independent variable to customer satisfaction. Furthermore, instrument validity and reliability tests, along with classical assumption tests—including normality, multicollinearity, and heteroscedasticity tests—were performed to ensure the suitability of the regression model. The findings provide valuable insights into the role of AI in shaping customer satisfaction in digital banking and offer practical implications for financial institutions to optimize AI-driven banking services.]]>
<![CDATA[The Effect of Monetary Economic Variables on Unemployment in Indonesia: Inflation as a Moderating Variable ]]>
<![CDATA[Solihah, Amilatus]]>
<![CDATA[ Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 2 (2025) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Brawijaya ]]>
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DOI: 10.21776/csefb.2025.04.2.09
<![CDATA[Indonesia's primary concern is its high unemployment rate. High unemployment is not only a social issue but also a challenge for the economy, particularly in maintaining inflation stability. The relationship between unemployment and inflation is explained through the Phillips Curve theory. Inflation control can be managed through monetary policy, making this study essential in analyzing the influence of various monetary variables on Indonesia’s unemployment rate, with inflation as a moderating variable. This study examined data collected on a semi-annual basis from 2008 to 2023. The model used in this research followed a recursive simultaneous equation system, applying the Two-Stage Least Squares (2SLS) method. The hypothesis testing results indicated that monetary economic variables did not have a significant effect on unemployment, either directly or through inflation. Additionally, inflation did not significantly impact unemployment. However, interest rates significantly influenced unemployment, aligning with the IS-LM theory. Meanwhile, exchange rates and money supply did not have a significant effect on the unemployment rate. ]]>
<![CDATA[Foreign and Domestic Investments as the Economic Growth Determinants in 34 Indonesian Provinces in the 2015-2023 Period ]]>
<![CDATA[Dyah Putri Sekar Arum]]>;
<![CDATA[Kaluge, David]]>
<![CDATA[ Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 2 (2025) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Brawijaya ]]>
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DOI: 10.21776/csefb.2025.04.2.02
<![CDATA[This study examines the relationship between Foreign Direct Investment (FDI) and Domestic Investment (DDI) on economic growth in 34 Indonesian provinces, considering other variables as control variables. The research gap lies in the limited understanding of the relative contribution of FDI and DDI to regional economic growth. The purpose of this study is to analyze the effect of both types of investment and the factors that influence the differences in their flows. The method used is panel data analysis with a quantitative causality approach with the population of GRDP, FDI, and FDI of all provinces in Indonesia using saturated sampling. The research findings show that both FDI and FDI have a significant positive influence on economic growth, but the contribution of each varies between provinces. The implication of this study is that it provides insights for policymakers to design more effective investment strategies, by considering local factors that influence investment success.]]>
<![CDATA[The Effects of Non-Cash Payment Instruments on Money Supply (M2) in Indonesia In The 2019-2024 Period ]]>
<![CDATA[Nindrianto, Nabila Rahma]]>;
<![CDATA[Galuh, Ajeng Kartika]]>
<![CDATA[ Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 2 (2025) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Brawijaya ]]>
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DOI: 10.21776/csefb.2025.04.2.08
<![CDATA[This study identifies a research gap regarding the impact of non-cash payment tools on money circulation (M2) in Indonesia, especially in relation to the context of rapid development of financial technology and evolving societal behavior in making transactions. This study seeks to examine the measurable influence of ATM/debit cards, credit cards, and electronic banking variables using control variables on money circulation (M2) during the period 2019-2024. This research method applies a quantitative approach with an explanatory design, using secondary data obtained from official reports published by Bank Indonesia and the Central Statistics Agency are tested using multiple linear regression to examine the causal relationship between output variables and input variables. The results of this analysis reveal that the volume of ATM/debit card transactions has an insignificant impact with a positive direction. While credit cards and e-banking have a significant impact with a negative and positive direction respectively related to money circulation (M2) in Indonesia. As well as inflation and interest rates have an insignificant impact with a positive and negative direction respectively related to money circulation (M2) in Indonesia. Keywords: Money Supply, Non Cash Payment, Electronic Banking]]>
<![CDATA[The Impact of Monetary Policy on Labor Absorption in the Trade and Industry Sectors ]]>
<![CDATA[Elia Nurul Mahmudah]]>;
<![CDATA[Wildan Syafitri]]>
<![CDATA[ Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 2 (2025) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Brawijaya ]]>
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DOI: 10.21776/csefb.2025.04.2.15
<![CDATA[The research explores the impact of monetary policy on employment in the trade and industry sectors in Indonesia from 1990 to 2023. The trade and industry sectors were chosen due to their significant roles in the national economy, however both are heavily impactd by macroeconomic policies, particularly monetary policy. This study utilizes the Mundell-Fleming model to explore the interactions between the goods market and the money market, as well as how monetary policy affects economic output and labor absorption. By employing the Vector Error Correction Model (VECM), it aims to address the long-term relationship between monetary policy and labor absorption while also accounting for short-term dynamics. Although there are numerous studies on the impact of monetary policy on macroeconomic variables such as inflation and economic growth, there remains a research gap in understanding the specific effects on employment in these sectors. This study aims to fill that gap by providing a more focused and comprehensive analysis, as well as presenting strategic implications for more effective policymaking in creating jobs and supporting sustainable economic growth.]]>
<![CDATA[Analysis of the Effects of Financial Ratios on the Dividend Policies of Lq-45 Companies in the 2019-2023 Period ]]>
<![CDATA[Wardani, Ni Putu Nila Puspita]]>;
<![CDATA[Muttaqin, Aminnullah Achmad]]>
<![CDATA[ Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 2 (2025) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Brawijaya ]]>
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DOI: 10.21776/csefb.2025.04.2.19
<![CDATA[This research aims to analyze the influence of financial ratios on dividend policy in companies included in the LQ-45 index from 2019 to 2023. This research uses a quantitative method with data panel regression analysis. Based on purposive sampling technique, 17 companies were studied using secondary data from the LQ-45 Fact Sheet on the Indonesia Stock Exchange. This study found that leverage, profitability, and liquidity ratios significantly influence dividend policy. The results show that the Debt to Asset Ratio (DAR) Return on Assets (ROA), and Current Ratio have a significant and negative impact on the Dividend Payout Ratio (DPR), while the Price to Book Value has a significant positive impact on DPR. On the other hand, the Earning per Share (EPS) does not have a significant effect on dividend policy.]]>
<![CDATA[The Effects of Short Selling Bans on the Stock Price Volatility of LQ45 Banking Companies in Indonesia ]]>
<![CDATA[Mustapha Bayu Firdaush]]>;
<![CDATA[Indraswari, Citra Rahayu]]>
<![CDATA[ Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 2 (2025) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Brawijaya ]]>
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DOI: 10.21776/csefb.2025.04.2.17
<![CDATA[The COVID-19 pandemic has significantly impacted the stability of Indonesia's financial markets. The ensuing economic recession has led to high volatility in the stock market, particularly for banking stocks included in the LQ45 index. One of the policy implemented by regulator to mitigate market volatility was a wide ban on short selling. This study aims to analyze the impact of the short selling ban imposed by the Indonesian Stock Exchange in March 2020 on the volatility of LQ45-indexed banking stocks in Indonesia during the COVID-19 pandemic. Secondary data will be used, and the analysis will employ a panel data regression method. The results of this study indicate that the short selling bans had a statistically significant positive effect on the volatility of LQ45-indexed banking stocks in Indonesia.]]>
<![CDATA[The Effects of Macroeconomic Factors and Malaysian and Vietnamese Stock Indices on the Jakarta Composite Index ]]>
<![CDATA[Athaya, Mahadiva Frylia]]>;
<![CDATA[Kaluge, David]]>
<![CDATA[ Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 2 (2025) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Brawijaya ]]>
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DOI: 10.21776/csefb.2025.04.2.20
<![CDATA[This study aims to examine the influence of macroeconomic factors (inflation, interest rates, and exchange rates), as well as regional stock indices KLCI (Malaysia) and VNI (Vietnam) on the movement of the Composite Stock Price Index (IHSG) in Indonesia. The background of this research stems from the limitations of previous studies, which tended to focus on domestic factors without considering stock market integration within the ASEAN region. This research adopts a quantitative approach using monthly secondary data from 2020 to 2023, analyzed through the Error Correction Model (ECM) to identify both short-term and long-term effects. The results show that in the long run, inflation, interest rates, and VNI have a positive and significant influence on the IHSG dynamics, with varying degrees of influence depending on the time horizon. The implications of this research highlight the importance of considering regional economic integration in investment strategies and policy making in Indonesia’s capital market.]]>
