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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 262 Documents
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An Analysis of the Effects of Russia’s Invasion to Ukraine on February 24, 2022 on Energy Stocks in Indonesia Saputro, Arif; Kaluge, David
Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 1 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/csefb.2025.04.1.01

Abstract

The conflict between Russia and Ukraine has had a significant macroeconomic impact, particularly in several economic sectors, including the energy sector, as one of the countries is a major global energy commodity supplier. This study aims to examine the influence of this conflict on Energy stocks, focusing on Abnormal Returns, Trading Volume Activity, Trading Frequency Activity, Bid-Ask Spread, and Market Capitalization. The research employs an Event Study method with a population of 73 companies and a sample of 5 companies based on specific criteria. The results indicate that Abnormal Returns, Bid-Ask Spread returns, and Market Capitalization returns are not significant before and after the event, whereas Trading Volume Activity and Trading Frequency Activity returns are significant both before and after the event
The Effects of Financial Ratios on The Stock Prices of Digital Banks Sagala, Timbul Pandapotan; Fadjar, Nurman Setiawan
Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 1 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/csefb.2025.04.1.20

Abstract

Digital bank stocks are one of the investment options in the capital market. However, most digital banks have volatile stock price movements. In addition, digital banks also have unstable and poor financial capabilities, especially in profitability, activity, and solvency. This study aimed to examine the effect of financial ratios on the stock price of digital banks. This study uses panel data regression with research objects consisting of 7 digital banks listed on the Indonesia Stock Exchange from 2018 to 2023. The results showed that Return On Assets, Total Assets Turnover, and Operating Expenses Operating Income have no effect on the stock price of digital banks. Meanwhile, Debt Equity Ratio has a negative effect and Loan Deposit Ratio has a positive effect on digital bank stock prices. This study is expected to be a reference for making investment decisions in digital bank stocks for investors and can be a reference for making policy directions for digital bank management.   Abstrak Saham bank digital merupakan salah satu opsi investasi di pasar modal. Namun, sebagian besar bank digital memiliki pergerakan harga saham yang fluktuatif. Selain itu, bank digital juga memiliki kemampuan finansial yang belum stabil dan cenderung buruk, khususnya pada profitabiltas, aktivitas, dan solvabilitas. Tujuan penelitian ini adalah meneliti pengaruh rasio keuangan terhadap harga saham bank digital. Penelitian ini menggunakan regresi data panel dengan objek penelitian yang terdiri dari 7 bank digital yang terdaftar di Bursa Efek Indonesia pada tahun 2018 hingga 2023. Hasil penelitian menghasilkan Return on Assets, Total Assets Turnover, dan Beban Operasi Pendapatan Operasi tidak berpengaruh terhadap harga saham bank digital. Sedangkan, Debt Equity Ratio berpengaruh negatif dan Loan Deposit Ratio berpengaruh positif terhadap harga saham bank digital. Penelitian ini diharapkan dapat menjadi referensi pengambilan keputusan investasi saham bank digital bagi investor, serta dapat menjadi referensi pengambilan arah kebijakan bagi pihak manajemen bank digital.
A Comparative Analysis of Global Stock Index Volatility Risks Before and During the Covid-19 Pandemic Permatasari, Ayu Indah; Muhammad Irfan Islami
Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 1 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/csefb.2025.04.1.17

Abstract

This research is motivated by the phenomenon of the Covid-19 pandemic. In recent years, the Covid-19 pandemic has caused a shock to the stock market. As a result, there is a significant difference in the stock index before or during the Covid-19 pandemic. Stock indices are important indicators to measure stock market fluctuations so that they can be taken into consideration for investor decision making. This study uses global stock indices, namely the United States stock index (S&P 500 and Nasdaq), Japan stock index (Nikkei 225), China stock index (SSE), Hong Kong stock index (Hang Seng), Germany stock index (Dax 30), and European stock index (Euronext). That is because the seven stock indices are the indices with the largest market capitalization in the world. This research is a quantitative research. This research uses time series data, which is data accumulated over time on an object in order to describe the development of the object. In this study, the type of data used is secondary data in the form of historical stock index data. Then the researchers conducted the Garch Test to determine the volatility risk of the entire stock index in the period before and during Covid-19.   Abstrak Penelitian ini  dilatarbelakangi oleh fenomena pandemi Covid-19. Dalam beberapa tahun terakhir, pandemi Covid-19 menyebabkan guncangan pada pasar saham. Imbasnya, terjadi perbedaan signifikan pada indeks saham sebelum atau saat pandemi Covid-19. Indeks saham adalah indikator penting untuk mengukur fluktuasi pasar saham sehingga dapat menjadi bahan pertimbangan guna pengambilan keputusan investor. Penelitian ini menggunakan indeks saham global yaitu indeks saham Amerika Serikat (S&P 500 dan Nasdaq), indeks saham Jepang (Nikkei 225), indeks saham China (SSE), indeks saham Hong Kong (Hang Seng), indeks saham Jerman (Dax 30), dan indeks saham Eropa (Euronext). Itu karena ketujuh indeks saham tersebut merupakan indeks dengan kapitalisasi pasar terbesar di dunia. Penelitian ini merupakan penelitian kuantitatif. Penelitian ini menggunakan data time series, yakni data yang diakumulasikan dari waktu ke waktu pada suatu objek guna mendeskripsikan perkembangan objek. Dalam penelitian ini jenis data yang digunakan merupakan data sekunder berupa data historis indeks saham. Kemudian peneliti melakukan Uji Garch guna mengetahui risiko volatilitas dari seluruh indeks.
The Effect of Mobile Banking Service on the Saving Intentions of Generation Z Maharani, Syifa Nadhira; Fadli, Faishal
Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 1 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/csefb.2025.04.1.14

Abstract

Over the last four years, Generation Z has shown little interest in saving. One of the reasons Jakarta's Generation Z has little interest in saving money is a lack of financial understanding. The aim of this research is to investigate, by employing dependent variables, the impact of the quality of Bank HIMBARA's mobile banking services on the saving interest of Generation Z from 2019 to 2023. This study used speed, security, trust, and utility as independent factors. Validity testing, reliability testing, hypothesis testing, and multiple linear regression are the analytical methodologies employed in this study, which used a sample of 130 members of Generation Z who had been using Bank HIMBARA's mobile banking for at least a year between 2019 and 2023.
E-Wallet, Paylater, and Financial Literacy: Impact on Student Consumption Pranata, Cahyo Rendi Agung; Wildana, Muhammad Dandy Alif
Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 1 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/csefb.2025.04.1.02

Abstract

The development of e-commerce has triggered fintech companies to create innovative payment methods, as evidenced by the existence of e-wallets and paylater which are currently the most frequently used payment methods in Indonesia. The ease of transactions using fintech e-wallet and paylater and the level of financial literacy may have an impact on people's consumptive behavior, especially in the tech savvy generation. This is interesting to study, which is supported by the different results in previous studies. This study aims to determine the effect of using fintech e-wallet features, paylater, and financial literacy on student consumptive behavior. This research is limited to the use of e-wallet and paylater Shopeepay and Gopay. This research uses a quantitative approach with Structural Equation Model Partial Least Square (SEM-PLS) data analysis techniques. The results of this study indicate that the variable use of e-wallet and the variable use of paylater have a significant effect on student consumptive behavior, while financial literacy has no significant effect on the consumptive behavior of Brawijaya University students.
The Role of Productivity, Household Consumption, Export, and Foreign Direct Investment In Indonesia’s GNI Improvements Rosyadi, Thalita Maulydia; Setyo Tri Wahyudi
Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 1 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/csefb.2025.04.1.11

Abstract

Economic growth is a key indicator of a country's successful development. Indonesia has been categorized as a middle income country for the past dozen years and is currently working to upgrade its status to a high income country. This raises the potential that Indonesia has been trapped in a middle income trap. One of the reasons why Indonesia is still a middle income country is that Indonesia has stagnated in increasing per capita income or gross national income. This study aims to analyze the middle income trap in Indonesia as one of the studies to determine the factors that affect economic growth consisting of productivity, household consumption, exports, and foreign direct investment on Indonesia's gross national income during the period 1991-2022 using the Error Correction Model (ECM) approach. The results of this study indicate that the variables of productivity, household consumption, exports, and FDI have a significant effect on Indonesia's GNI per capita in the long run. While in the short term only household consumption and export variables have a significant effect on Indonesia's GNI per capita. The results also show that Indonesia is projected to achieve high income status in 2059 by maintaining an average economic growth of at least 5%.
Analysis of Factors Affecting the Use of Drop-Off Service Communities Among Universitas Brawijaya Students Putri, Marcella Haspirani; Fadjar, Nurman Setiawan
Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 1 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/csefb.2025.04.1.04

Abstract

This study examines the factors influencing the use of personal shopping communities among university students, particularly at Universitas Brawijaya. The research aims to analyze the impact of service quality, price, utility, and preference on the perceived utility of using these personal shopping communities. Employing a quantitative approach and logistic regression analysis, data were collected through questionnaires distributed to students utilizing personal shopping services. The findings reveal that service quality has a significant negative impact on utility, while utility itself exhibits a significant positive influence. Although price and preference are considered important, they do not show statistically significant effects. The study concludes that utility plays a crucial role in enhancing student satisfaction, whereas unmet quality expectations can reduce satisfaction levels. The implications of this research include the development of personal shopping business strategies that prioritize efficiency and student consumer needs, as well as theoretical contributions to the literature on consumer behavior in the digital era.
Analisis Analyzing Banks’ Efficiency in Distributing Credit (Loans) Using Data Envelopment Analysis (DEA) Method Dewi, Putu Ayu Padma; Ismail, Munawar
Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 1 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/csefb.2025.04.1.10

Abstract

Abstract: The aim of this research is to measure the efficiency of conventional commercial banks in distributing credit in the 2018 – 2022 period using the DEA method. For this study, 42 Indonesian conventional commercial banks serve as the analytic unit. The input variables used consist of Third Party Funds and labor costs, while the output variables consist of credit and interest income. The results of this research indicate that Indonesia's traditional commercial banks are currently not operating efficiently. Of the 42 banks examined throughout the five-year research period, just nine of them attained a 100% efficiency level. To reach a 100% efficiency value, inefficient banks can increase their output or decrease their input.  
Determinants of Non-Performing Loans in Indonesian Public Banks: A Case Study of Covid-19 Pandemic Ezha Lintang Erdiningrum; Satria, Dias
Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 1 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/csefb.2025.04.1.13

Abstract

Banks as intermediary institutions play an important role in a country's econo-my. When operating, there are several risks that must be faced and managed by banks. One of them is credit risk which is measured using the NPL ratio as the main indicator. Although there have been many studies on the determinants of NPL, there is still a re-search gap related to the impact of the global crisis such as the COVID-19 pandemic. So the purpose of this study is to identify the determinants of NPL in public banks in Indone-sia or banks that have been listed on the IDX during the period Q1 201 to Q4 2023. The results of the study using a dynamic panel data model with the System GMM approach show that inflation and solvency ratios have a negative and significant effect on NPL while interest rates, BOPO and Dummy COVID-19 have a positive effect on NPL. While GDP, ROE, SIZE and LLP have no effect on NPL. The results of this study can be a con-sideration for policy makers in formulating policies related to NPL and can provide in-sight for banks in managing credit risk or optimizing risk management strategies amidst economic dynamics.
Analysis of Factors Affecting FEB UB Student’s Shopee Paylater Consumption Behavior Khalisa, Fitra; Suryo Bintoro, Nugroho
Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 1 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/csefb.2025.04.1.06

Abstract

The rapid adoption of digital financial technology, including Buy Now, Pay Later (BNPL) services, has changed consumer behaviour patterns. Shopee PayLater has emerged as a popular payment option, especially among college students. Despite being increasingly used, this service may increase the risk of uncontrolled consumptive behaviour. This study aims to analyze the factors that influence the consumption behaviour of students of the Faculty of Economics and Business, Universitas Brawijaya, using Shopee PayLater. This study uses a quantitative approach and a survey of 119 respondents. It analyzes how Shopee PayLater, income, expenses, and financial literacy influence student consumption behaviour. The regression analysis results show that the use of Shopee PayLater and spending have a significant effect on consumption behaviour. In contrast, income and financial literacy have no significant effect. The implications of this study emphasize the need to increase practice-based financial literacy and stricter regulations on digital credit services to reduce the risk of excessive consumption among college students.

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