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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. 5 No. 1 (2026)" : 20 Documents clear
The Influence of Internal and External Factors on the Stock Returns of Idx30 for the 2019-2023 Period Prameswari, Rania
Contemporary Studies in Economic, Finance and Banking Vol. 5 No. 1 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

Climate change, sustainability demands, and global economic instability encourage investors to consider internal and external aspects in investment decisions. This study aims to analyze the influence of internal factors including Environment, Social, Governance performance through ESG Score, net income, ROA, EPS, and DPS, as well as external factors in the form of inflation, BI rate, and economic growth on the stock returns of companies incorporated in the IDX30 index for the 2019-2023 period. This research uses a quantitative approach with the panel data regression method. The data used is obtained from company financial reports, sustainability reports, and official macroeconomic data. Stock returns are calculated based on annual capital gains. The statistical test results show that Environment score, inflation, BI rate, Price Earning Ratio, and net income have a significant influence on stock returns, while Social and Governance score, ROA, EPS, DPS, and economic growth are not partially significant, but simultaneously significant. . These findings suggest that environmental sustainability factors, financial performance, and macroeconomic conditions need to be the main considerations in investment strategies in the Indonesian stock market. This research is expected to contribute to investors, issuers, regulators, and academics in understanding the dynamics of the stock market under current economic conditions.
Determinants of Generation X’s Interest in Using QRIS as a Digital Payment Method in Jakarta: English Azahra, Annisa; Pangestuty, Farah Wulandari
Contemporary Studies in Economic, Finance and Banking Vol. 5 No. 1 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

The development of the national digital payment system through QRIS has boosted transaction efficiency in Indonesia. However, its adoption rate among Generation X remains relatively low compared to younger generations, requiring an understanding of the factors that influence its use. This study aims to analyze the influence of perceived ease of use, perceived usefulness, trust, social influence, and financial literacy on Generation X's interest in using QRIS as a digital payment tool in DKI Jakarta. The research sample consisted of 160 respondents using a quantitative approach and the PLS-SEM method. The results showed that perceived ease of use had a significant negative effect on interest in using QRIS, but had a significant positive effect on perceived usefulness and had an indirect impact on interest in using QRIS through the mediating variable. Meanwhile, perceived usefulness and financial literacy have a significant positive effect on interest in using QRIS, while trust and social influence have no significant impact. These findings indicate that Generation X is more influenced by perceived benefits, financial literacy levels, and perceptions of usefulness based on ease of use in adopting QRIS, rather than by trust or social pressure. This study contributes theoretically by expanding the application of TAM in the context of national payment systems, as well as practically for governments and digital financial service providers in strengthening literacy and education on the benefits of QRIS for Generation X.
Sentiment Analysis of Unilever Stock Performance During the Palestine-Israel Boycott Crisis: A Study on the Stockbit Platform Firdausa, Annisya Zahro; Indraswari, Citra Rahayu
Contemporary Studies in Economic, Finance and Banking Vol. 5 No. 1 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

This study aims to examine investor sentiment regarding Unilever stock performance following the implementation of the Boycott, Divestment, and Sanction (BDS). Amid the intense air and ground assaults by the Israel Defense Forces (IDF) since October 7, 2023, resulting in thousands of casualties, global outrage has sparked calls for boycotts against companies associated with or supporting Israel. This research identifies a gap in understanding how such geopolitical shape investor sentiment. Analysis of Stockbit discussions highlights a shift in investor perspectives, with geopolitical concerns influencing their decisions on Unilever’s stock.
Investment Preference of Generation Z Between Physical and Digital Gold Based on Factors of Trust, Risk Perception, and Social Influence Putri, Chindi Oktafiani; Pangestuty, Farah Wulandari
Contemporary Studies in Economic, Finance and Banking Vol. 5 No. 1 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

As digital natives, Generation Z has great potential in adopting digital-based investment instruments. However, the tendency to choose physical gold persists amid the growing popularity of digital gold investments, highlighting the need for an analysis of the factors influencing gold investment preferences among Generation Z. This study aims to analyze the effects of trust, risk perception, and social influence on Generation Z's probability of choosing digital gold investments over physical gold. The study uses a quantitative approach with a survey method through questionnaires targeting Generation Z individuals who have an interest or experience in gold investment. The sample was determined using purposive sampling, and the data were analyzed using binary logistic regression. The results of the study indicate that trust and social influence act as driving factors for digital gold investment preferences, while risk perception acts as an inhibiting factor. These findings confirm that Generation Z's gold investment preferences are influenced by psychological and social factors, and have implications for the development of digital gold investment services and educational strategies.
Price Determinants of Emission Allowance: Stock Market and Economic Dynamics Rani, Aliya Cisya; Wulandari Pangestuty, Farah
Contemporary Studies in Economic, Finance and Banking Vol. 5 No. 1 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

The European Union Emission Trading System (EU ETS) is oftentimes viewed as the foundational model for national-level air ETS, given its status as the earliest and most extensive carbon market globally. Throughout the years of its operation, the price of the European Union Allowance experienced an upward trend which reached its highest point in the first quarter of 2023 only to drop significantly the year after. Persistent volatility in the price of carbon poses a threat to the effectiveness of EU ETS in reducing emissions. This study builds upon the limitations in previous literature to examine the possible price determinants of EUA focusing on GDP growth, R&D expenditures, and Dow Jones Euro Stoxx 50. The employed Vector Autoregression (VAR) model reveals that GDP growth positively affects EUA prices with a delayed effect, while stock market movements respond to rather than drive carbon price changes. Although R&D spending shows no direct impact, it may indirectly influence prices through economic growth.
Determinants of Flip.id Usage Intention: Usefulness and Ease Perceptions Hikmah, Ainun
Contemporary Studies in Economic, Finance and Banking Vol. 5 No. 1 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

This study is intended to analyze the extent to which the influence of the perception of expediency and perception of convenience to the interest in the use of applications Flip.id at the University of Brawijaya students. The approach used is quantitative with the method of data collection through the distribution of questionnaires to students of FEB Universitas Brawijaya. Sampling technique is done by purposive sampling, which is the selection of respondents based on certain criteria, namely active students who have used the application Flip.id. The number of samples was determined using the Slovin formula so that a sample of 100 respondents was obtained. Data analysis techniques applied are descriptive statistical analysis and PLS-SEM analysis conducted with the help of SmartPLS version 4.0. The results showed that the perception of expediency and the perception of convenience has a positive and significant influence on the interest in using the application Flip.id. The practical implications of these results suggest that managers Flip.id it is necessary to strengthen the aspects of expediency and ease in the development of application features and design, as well as education on active use in the campus environment.
The Effect of Financial Literacy, Capital Variation, Risk Tolerance, and Herding Behavior on Investment Intention Rifqi Nisa Rahmaddani Pangesti; Tyas Danarti Hascaryani
Contemporary Studies in Economic, Finance and Banking Vol. 5 No. 1 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

Despite the fact that information and investment facilities are becoming more widely available, the phenomenon of low public participation in investing serves as the basis for this study's analysis of the relationship between financial literacy, capital variation, risk tolerance, and herding behavior and interest in investing. This research uses a quantitative approach and data obtained by distributing questionnaires online to 100 eligible respondents. The analysis technique to answer the problem and hypothesis with the path coefficient test in the SmartPLS program. The results showed that financial literacy, risk tolerance, and herding behavior have a positive and significant effect on investment interest A statistically significant negative effect is seen in the variation of capital. This research suggests that people's interest in investing is significantly influenced by their attitude toward risk, increased financial literacy, and convenience of choosing an investment amount. The implication of this study is the importance of financial education and individualized approach in encouraging public participation in investment.
The Effect of Fee-Based Income, Loan-to-Deposit Ratio, and Gross Domestic Product on Return on Assets at Bank Central Asia for the 2016-2023 Period Prajna Paramananda; Vietha Devia
Contemporary Studies in Economic, Finance and Banking Vol. 5 No. 1 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

This study aims to investigate the impact of Fee-Based Income (FBI), Loan to Deposit Ratio (LDR), and Gross Domestic Product (GDP) growth on the Return on Assets (ROA) of Bank BCA between 2016 and 2023. Employing a descriptive quantitative approach, this research utilizes secondary data in the form of panel data derived from time series data. The sample comprises quarterly financial statement data of Bank Central Asia (BCA) from 2016 to 2023 and cumulative GDP growth data sourced from the Central Statistics Agency for National Statistics. The analysis reveals that FBI, LDR, and GDP collectively influence the ROA of Bank BCA during the specified period. However, when examined individually, only the Loan to Deposit Ratio (LDR) does not have a statistically significant effect on Bank BCA's ROA. Conversely, both Fee-Based Income (FBI) and GDP growth individually exert a significant influence on Bank BCA's ROA from 2016 to 2023.
An Analysis of the Effects of Capital, Labor, and Information Technology on the Revenues of Milkfish-Product MSME in Gresik Regency Rahmawati, Lili; Sri Muljaningsih
Contemporary Studies in Economic, Finance and Banking Vol. 5 No. 1 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

This study aims to examine (1) the effect of business capital on the income of milkfish processed MSMEs in Gresik District; (2) the effect of labor on the income of milkfish processed MSMEs in Gresik Regency; (3) the effect of information technology on the income of milkfish processed MSMEs in Gresik Regency. The research employe a descriptive quantitative method on multiple variables. Data collection was conducted through questionnaires distributed to 40 milkfish processed MSMEs in Gresik Regency. Cross-sectional multiple regression analysis, including regression analysis tests, classical assumption tests, and hypothesis tests, was utilized. The findings indicate that (1) capital has a positive and significant impact on the income of milkfish-processed MSMEs in Gresik Regency; (2) labor has a positive but insignificant impact on the income of milkfish-processed MSMEs in Gresik Regency; (3) information technology has a negative and insignificant impact on the income of milkfish-processed MSMEs in Gresik Regency.
Determinants of Capital Flight: Macroeconomic and Non-Macroeconomic Perspectives Taufik Hidayat; Fadli, Faishal
Contemporary Studies in Economic, Finance and Banking Vol. 5 No. 1 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

Studies on capital flight in developing economies often lack comprehensive post-pandemic analysis for the ASEAN-5 region. This study fills this gap by analyzing the determinants of capital flight in Indonesia, Malaysia, Thailand, the Philippines, and Vietnam (2010–2023). Using the World Bank’s residual method and a Fixed Effect Model (FEM), the research examines the impact of the Current Account-to-Export Ratio (RCAE), Budget Deficit Ratio, Inflation, and Control of Corruption. Findings reveal that strong external capacity (RCAE) significantly mitigates capital flight, whereas monetary instability (Inflation) exacerbates it via flight-to-safety mechanisms. The Budget Deficit Ratio proves statistically insignificant, suggesting investors prioritize fiscal credibility over nominal deficits. A critical anomaly appears where improved Control of Corruption significantly increases capital flight; this indicates that better governance facilitates licit capital outflows (normal capital outflow) due to shallow domestic financial markets. Policymakers must prioritize external stability and deepen financial markets to retain liquidity generated by improved governance.

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