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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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The Effects of Non-Cash Payment Instruments on Money Supply (M2) in Indonesia In The 2019-2024 Period Nindrianto, Nabila Rahma; Galuh, Ajeng Kartika
Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 2 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/csefb.2025.04.2.08

Abstract

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
The Impact of Monetary Policy on Labor Absorption in the Trade and Industry Sectors Elia Nurul Mahmudah; Wildan Syafitri
Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 2 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/csefb.2025.04.2.15

Abstract

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.
The Influence of Corporate Governance and Corporate Profitability on Corporate Value with CSR Disclosure as a Mediator Dewi Regita Cahyanti; Indraswari, Citra Rahayu
Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 3 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

This study is based on the importance of enhancing Corporate Value through sound governance practices and strong profitability, while considering the role of Corporate Social Responsibility (CSR) disclosure as a mediating mechanism. The study aims to analyze the influence of Corporate Governance and Corporate Profitability on Corporate Value, as well as to examine the mediating role of CSR disclosure in these relationships. A quantitative approach was employed using the Structural Equation Modeling-Partial Least Squares (SEM-PLS) method, with secondary data obtained from the annual reports of primary dealer banks listed on the Indonesia Stock Exchange during the 2016–2023 period. The results show that Corporate Governance has a significant positive effect on CSR disclosure, while Corporate Profitability has no significant effect. However, neither Corporate Governance nor CSR disclosure has a significant effect on Corporate Value. In contrast, Corporate Profitability has a significant positive effect on Corporate Value. Furthermore, CSR disclosure does not mediate the relationship between either Corporate Governance or Corporate Profitability and Corporate Value. These findings imply that profitability remains the main factor considered by investors in assessing firm value, while CSR is not yet perceived as a value-driving factor in the banking sector.
The Effect of Microprudential Policies on the Profitability of Conventional Banks Qoriroh, Nisrina; Aminullah Achmad Muttaqin
Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 3 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

This study aims to examine the relationship between microprudential policies and the variables LDR, NPL, CAR, CIR, and Dummy_GCG on profitability in conventional banking in Indonesia. This study provides insights into the impact of microprudential policies focused on bank health and corporate governance on bank profitability. The study employs quantitative methods and panel data regression. The data used in this study are secondary data obtained from the annual financial reports of conventional banks using purposive sampling. The sample consists of 9 conventional banks with a study period from 2017 to 2023. The results show that microprudential policies with the LDR variable have a positive and insignificant effect on ROA and ROE, the NPL variable has a negative and significant effect on ROA and ROE, the CAR variable has a negative effect on ROA and a positive but insignificant effect on ROE, the CIR variable has a negative and significant effect on ROA and ROE, and the Dummy_GCG variable has a positive and insignificant effect on ROA and ROE. Simultaneously, LDR, NPL, CAR, CIR, and Dummy_GCG affect the profitability of conventional banks.
Market Reaction to Bond Rating Announcements: Evidence from Infrastructure Firms Nafisah, Silmy Maulan; Fadli, Faishal
Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 3 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

Debt credibility signals through bond rating announcements are crucial information, especially for capital-intensive sectors such as infrastructure sector. This study examines the Indonesian infrastructure sector’s stock market reaction to bond rating announcements during 2023. Using an event study methodology with a 15-day event window on a sample of 14 companies, this research analyses actual and expected returns before and after the announcement event, as well as abnormal returns before, during, and after the announcement event. Abnormal returns are calculated as the difference between actual returns and expected returns that estimated using the market-adjusted model. The primary findings show no statistically significant abnormal returns before, during, or after the announcement date. Although data observations indicate a pattern of delayed market reactions, the effect is not strong enough to generate abnormal returns. This finding is consistent with the semi-strong form of the efficient market hypothesis, which implies that public information from bond rating announcements is anticipated and already fully reflected in stock prices.
Analysis of the Effects of Financial Performance on Dividend Policy (A Case Study of Material Companies Listed on the Indonesia Stock Exchange in the 2019-2023 Period) Ningtiyas, Tiara Zumarroh; Galuh, Ajeng Kartika
Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 3 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

The optimal dividend policy is one that maximizes the balance between dividend distribution and investment allocation to foster sustainable development. In a formulating this policy, management must take into consideration the interests of shareholders and the company’s long-term viability, while also accounting for various factors that influence dividend decisions, particularly financial performance. Accordingly, this research aims to examine the impact of financial performance on dividend policy. The sample was selected through purposive sampling, targeting companies in the basic materials sector listed on the Indonesia Stock Exchange (IDX) during the 2019-2023 period. The data were analyzed using panel data regression. The outcome of this research revealed that CR positively affects dividend policy, whereas ROA and TATO exert a negative effect. Meanwhile, DER and firm size show no a significant effect on dividend policy.
The Impact of Coal Price, Global Oil, and Macroeconomic Indicators on Coal Subsector Stock Prices Agung, Dewawngga Amarta; Galuh, Ajeng Kartika
Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 3 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

This study investigates the impact of coal benchmark prices (HBA), global oil prices (HMD), inflation, and interest rates on the stock prices of coal sub-sector companies listed on the Indonesia Stock Exchange during 2019–2023. The urgency of this research lies in the absence of recent empirical studies during a period marked by significant energy and macroeconomic fluctuations. Employing a panel data regression with a Random Effect Model (REM), the findings reveal that HBA, HMD, and interest rates positively and significantly affect coal stock prices, while inflation exerts a significant negative influence. These findings reinforce the Arbitrage Pricing Theory (APT), which explains that macroeconomic variables and commodities systematically impact stock valuation. The study contributes practical implications for investors and policymakers to formulate adaptive strategies in the dynamic commodity and financial markets.
Analysis of the Effects of Financial Ratios on the Dividend Policies of Lq-45 Companies in the 2019-2023 Period Wardani, Ni Putu Nila Puspita; Muttaqin, Aminnullah Achmad
Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 2 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/csefb.2025.04.2.19

Abstract

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.
The Effectiveness of Loan Interest Rate, Money Supply, Exchange Rate, Investment, and Inflation on Economic Growth: A Comparative Study Between Pre- and Post-2008 Global Crisis Periods Putih Nurmala Sari; Ghozali Maski
Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 3 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

This study aims to analyze the effectiveness of Bank Indonesia’s monetary policy, represented by loan interest rate, money supply, exchange rate, investment, and inflation, on Indonesia’s economic growth before and after the 2008 global financial crisis. The methods used are the Domowitz-El Badawi Error Correction Model (ECM) and Chow test to examine structural differences between the two periods. The findings reveal that the selected variables are not statistically significant in affecting economic growth during both periods, except for the exchange rate which has a significant negative effect in the pre-crisis period. The Chow test confirms the presence of a significant structural shift, indicating a change in monetary policy effectiveness after the crisis. These results provide empirical insights and practical implications for formulating more adaptive monetary policies in post-crisis economic conditions.
The Effect of Company Fundmentals and Macroeconomics Factors on Stock Prices in the 2019-2023 Period (A Study on Banking Companies in the Infobank15 Index) Rafi, Izzan Ayman; Paksi, Girindra Mega
Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 3 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

This study aims to analyze the factors that influence banking stock prices with large market capitalization, which impact the Composite Stock Price Index (IHSG) on the Indonesia Stock Exchange. The variables used include macroeconomic variables (interest rates) and company fundamental variables (ROA, PBV, DER). This research is quantitative and explanatory, using purposive sampling on 12 companies listed in the Infobank15 index for the 2019-2023 period. The analysis was conducted using multiple linear regression and classical assumption tests, including normality, multicollinearity, heteroscedasticity tests. The results show that PBV and interest rates have a significant positive effect on banking stock prices, while ROA and DER have no significant effect on banking stock price movements. This study recommends that investors focus more on interest rates and PBV indicators to predict banking stock price movements.

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