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Contemporary Studies in Economic, Finance and Banking (CSEFB)
Published by Universitas Brawijaya
ISSN : -     EISSN : 29633303     DOI : 10.21776/ub.csefb
Core Subject : Economy, Social,
Economics, Econometrics & Finance Social Sciences
Publish all forms of quantitative and qualitative research articles as well as other scientific studies related to the fields of Economics, Finance, and Banking.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 20 Documents
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Search results for , issue "Vol. 4 No. 4 (2025)" : 20 Documents clear
Analysis of the Influence Dow Jones Islamic Index and Macroeconomic Variables on the Jakarta Islamic Index Laleno, Farazdaq; Fadli, Faishal
Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 4 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/csefb.2025.04.4.05

Abstract

This research seeks to examine the effect of the Dow Jones Islamic Index and macroeconomic variables on the Jakarta Islamic Index (JII) over the period from March 2019 to March 2024. A quantitative method is applied using the Error Correction Model (ECM) to explore both short-term dynamics and long-term equilibrium relationships among the variables. The findings indicate that, in the long run, DJIUS has a significantly negative influence on JII, while DJICHK exerts a significantly positive impact. Additionally, the COVID-19 dummy variable shows a notable negative effect. In the short run, however, none of the independent variables exhibit a significant effect on JII, although the significance of the error correction term (ECT) shows significant results.
Analysis of the Influence of Digital Banking, CAR, and BOPO on Bank Financial Performance for the 2014-2023 Period Fauzul Azim Muhajir; Farah Wulandari Pangestuty
Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 4 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/csefb.2025.04.4.14

Abstract

Digital transformation has become inevitable in the banking industry, with banks striving to adopt new technologies and enhance digital services to remain competitive and meet customer demands. Financial performance serves as a key indicator of a company’s stability and profitability. This study investigates the effect of digital banking, Capital Adequacy Ratio (CAR), and Operating Expenses to Operating Income (BOPO) on Return on Assets (ROA) in commercial banks during the period 2014–2023. Bank financial performance is measured through profitability (ROA). The study applies a quantitative research approach using secondary data obtained from six commercial banks. Multiple regression analysis with panel data is employed as the analytical method. The findings reveal that the independent variables collectively influence ROA. Partially, digital banking and BOPO exert a significant negative effect on ROA, whereas CAR shows no significant effect on profitability. Overall, digital banking, CAR, and BOPO jointly affect the ROA of commercial banks within the observed period.
The Effects of Macroeconomic Factors and Singapore and Thailand Stock Indices on The Volatility of the Jakarta Composite Index Situmorang, Trisna Vela; Kaluge, David
Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 4 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/csefb.2025.04.4.12

Abstract

This research examines the influence of domestic and external macroeconomic factors on stock market volatility in Indonesia, particularly the Jakarta Composite Index (JCI). While stock market volatility has become a global concern, there remains a research gap regarding the impact of regional global factors—such as neighboring countries' stock indices—on JCI volatility. The main objective of this research is to analyze the effects of inflation, exchange rate, and trade balance as domestic factors, alongside the Singapore stock index (Straits Times Index) and Thailand stock index (Stock Exchange of Thailand) as external factors, and S&P 500 and foreign exchange reserves as control variables, on JCI volatility over the period 2014–2023. The study employs the Autoregressive Distributed Lag (ARDL) method using monthly data. The results show that in the long term, the exchange rate and the SET index have a significant effect on JCI volatility, while in the short term, only the exchange rate shows a significant impact. Other factors do not demonstrate a consistent significant influence. These findings highlight the importance of exchange rate stability and regional stock market dynamics in influencing domestic stock market fluctuations.
The Effects of Asymetric Information, Inflation, BI Rate, and Exchange Rate on the Returns of LQ45 Stocks Febriyanti, Ulima Digna; Tyas Danarti Hascaryani
Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 4 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/csefb.2025.04.4.15

Abstract

The purpose of this research is to determine the influence of the variables asymmetric information, inflation, BI rate, and the rupiah exchange rate on the return of LQ45 shares listed on the Indonesia Stock Exchange in 2018-2022. This research took samples from 23 companies listed on LQ45 of the Indonesian Stock Exchange in 2018-2022. This research uses a panel data regression analysis method. The panel data regression model chosen is the Common Effect Model (CEM). The research results show that the asymmetric information variable has a significant positive effect on stock returns and the inflation variable has a significant negative effect on stock returns. Meanwhile, the BI rate and rupiah exchange rate variables do not have a significant effect on the return of LQ45 shares listed on the Indonesia Stock Exchange for the 2018-2022 period.
The Effects of Exchange Rate, BI Rate, and Money Supply on Inflation in Indonesia Dalimunthe, Laila Ramadani; Bintoro, Nugroho Suryo
Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 4 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/csefb.2025.04.4.11

Abstract

This study aims to analyze the effect of exchange rates, Bank Indonesia interest rates (BI-RATE), and money supply on inflation in Indonesia during the period January 2018 to December 2023. Using the Error Correction Model (ECM) approach, this study also highlights the phenomenon of rapidly increasing economic digitalization, which affects the speed of money circulation and inflation fluctuations through changes in consumption patterns and electronic transactions. The findings show that these three variables and the phenomenon of digitalization have an important role in maintaining inflation stability amidst global economic dynamics. This study emphasizes the need for integrated policy management to control inflation and encourage national economic growth.
The Impact of Digital Payments on Inflation in G20 Countries Lie, Clara Faustine; Indraswari, Citra Rahayu
Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 4 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/csefb.2025.04.4.19

Abstract

A digital payment system is a transaction or payment method that uses digital means without involving cash, offering various benefits, such as transaction effectiveness and efficiency, and promoting financial inclusion. By 2021, 76 percent of adults worldwide will have an account at a bank, other financial institution, or electronic money service provider. Several previous studies have included digital payment system variables, but these were limited to Indonesia and over varying time periods. This study aims to analyze the impact of digital payment systems on inflation in G20 countries, thereby providing an empirical picture of the interaction between technology, monetary policy, and price stability. The study used panel data regression involving digital payment instruments such as debit, credit, and electronic money. The analysis shows that digital payment systems play a significant role in influencing inflation, with varying effects depending on the type of instrument and country characteristics. These findings provide several important implications regarding monetary policy and digital payment system regulations, which must be adapted to the conditions and level of technological development in each country.
Analysis of the Effects of Financial Inclusion and Peer-to-Peer (P2P) FinTech Lending on Economic Growth in Indonesia Maghfiroh, Ramadhani Rohmatul; Tyas Danarti Hascaryani
Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 4 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/csefb.2025.04.4.20

Abstract

The financial sector plays a crucial role in the economy, leading many countries to utilize the level of financial inclusion as a key indicator of success in achieving long-term economic growth. Furthermore, the emergence of Peer-to-Peer (P2P) lending FinTech in the digital era is widely considered to have the potential to address the financial access gap left by traditional financial institutions. However, empirical studies investigating the influence of P2P lending FinTech on economic growth, particularly in Indonesia, remain very limited. The objective of this study is to examine the impact of financial inclusion and FinTech P2P lending on economic growth in Indonesia. Employing a quantitative approach, this research utilizes panel data regression with the Fixed Effect Model (FEM), drawing on panel observations from 33 provinces over the period 2019–2024. The results of the study indicate that the proxy for financial inclusion based on the number of bank branches (access) has a negative and statistically significant effect on economic growth. Conversely, the proxy for financial inclusion based on the amount of bank credit disbursement (usage), along with FinTech P2P lending, both exhibit a positive and statistically significant effect on economic growth.
The Effects of Inflation, Bi Rate, and Government Securi-ties Yield on the Third-Party Fund Growth of Digital Banks (A Case Study of PT Bank Jago Tbk) Ma'ana, 'Asa Rahmatillah; Munawar
Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 4 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/csefb.2025.04.4.18

Abstract

Banking digitalization continues to grow in line with technological advances. Many digital banks have emerged as alternatives to conventional banks. Similar studies have been conducted, but only on conventional banks. Therefore, this study aims to analyze the effect of inflation, BI Rate, and Government Securities (SBN) yields on Bank Jago's Third Party Funds (DPK). This study uses quantitative methods with Autoregressive Distributed Lag (ARDL) and Error Correction Model (ECM) analyses to identify the short-term and long-term relationships between the independent variables and the dependent variable. The results show that in the long term, inflation has a significant effect on the growth of Bank Jago's DPK, namely on demand deposits and time deposits, and only has a significant effect on time deposits in the short term. The BI Rate has a significant effect on Bank Jago's DPK, namely demand deposits in the long term, and has a significant effect on the growth of time deposits in the short term. The yield on SBN has no significant effect on the growth of Bank Jago's DPK.
Impact of the 2024 United States’ Presidential Election on the DJIA Index Putra, Aditia Dwi; Fadli, Faishal
Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 4 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/csefb.2025.04.4.16

Abstract

Major global political shifts, such as the United States Presidential Election, inevitably trigger waves of economic uncertainty worldwide. Because of this inherent volatility, it becomes absolutely essential for market participants to deeply understand how capital markets respond to such high-stakes events. This research is dedicated to examining the specific impact of the 2024 US Presidential Election on the major companies listed within the Dow Jones Industrial Average (DJIA). Focusing on two critical variables, which is Average Abnormal Return (AAR) and Average Trading Volume Activity (ATVA), this study adopts a quantitative event study methodology. By applying a Paired Sample t-Test, the research analyzes data across a specific observation window, comparing the 14 days immediately preceding the election against the 14 days following it. The analysis yields a compelling insight. There was a statistically significant shift in AAR values, there was no corresponding significant change in ATVA. This distinction highlights that the market’s reaction is primarily visible through price adjustments rather than spikes in transaction volume. Ultimately, this suggests that investors holding blue-chip stocks manage political risk strategically through efficient asset revaluation rather than engaging in impulsive trading, proving the market's resilience.
Comparative Analysis of The Influence of Bank Financial Performance on Loan Distribution for MSME in Indonesia Sipayung, Alya Anggreani; Fitanto, Bahtiar
Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 4 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/csefb.2025.04.4.17

Abstract

This study aims to examine a comparative analysis of the effect of the financial performance of conventional state-owned banks, reflected in the Capital Adequacy Ratio (CAR), Return on Assets (ROA), Non-Performing Loans (NPL), and Loan to Deposit Ratio (LDR), on MSME credit distribution during the periods January 2016-December 2019 and January 2021-December 2024. The analysis was conducted using Multiple Linear Regression. The results for the 2016–2019 period show that, individually, only ROA had a significant effect on MSME credit distribution. Simultaneously, the independent variables did not significantly affect MSME credit distribution. The analysis results for the 2021–2024 period demonstrate that CAR and LDR had no significant effect. On the other hand, ROA and NPL had a significant effect on MSME credit distribution. Simultaneously, all variables had a significant influence on MSME credit distribution. The study results indicate a significant difference in the financial performance of state-owned conventional banks in relation to MSME credit distribution in Indonesia between the 2016–2019 and 2021–2024 periods

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