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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 302 Documents
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The Effects of Macroeconomic Factors and Malaysian and Vietnamese Stock Indices on the Jakarta Composite Index Athaya, Mahadiva Frylia; Kaluge, David
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.2025.04.2.20

Abstract

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.
Analysis of the Effects of Financial Technologies on Income Improvements of Culinary MSMEs Dian Nuke Saraswati
Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 3 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/csefb.2025.04.3.10

Abstract

Micro, Small and Medium Enterprises (MSMEs) have a very important role in the Indonesian economy. From a macroeconomic perspective, MSEMs are seen as increasing people's income, reducing poverty levels and opening up job vacancies. However, MSMEs find it difficult to find capital because banking institutions and the government often consider MSMEs not bankable and feasible to finance. This makes MSMEs choose financing from informal institutions. One of the financing models used to support MSMEs is Financial Technology, the type of fintech with the most users, namely Peer to Peer Lending and Digital Payment. The research uses Disruption Theory, Financial Intermediation Theory and Endogenous Growth Theory. The data analysis technique in this study uses the Structural Equation Modeling (SEM) approach, which includes Measurement Model Testing and Structural Modeling Testing. The results of the analysis show that peer-to-peer lending and digital payments have a positive and significant influence on increasing MSME income. This is incited by the t-statistics values ​​of 6.111 and 4.874, specifically, which exceeds the t-table value of 1.96. in addition, the p-value for both variables is 0.000, indicating that both hypotheses in this study are statistically accepted.
The Influence of Perceived Ease of Use, Security, and Trust on Generation Z's Decision to Use Bank Jago Salsabila Anggraeni; Muttaqin, Aminnullah Achmad
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.2025.04.4.09

Abstract

The rapid growth of digital banking in Indonesia has reached Rp15.881.5 trillion in transactions during the first quarter of 2024, with Generation Z representing 60% of digital bank users. This study aims to analyze the influence of perceived ease of use, security, and trust on Generation Z's decision to use Bank Jago digital banking services. Using a quantitative approach with descriptive-explanatory design, data were collected from 130 Generation Z respondents who actively use Bank Jago services through online surveys. Principal Component Regression Analysis (PCRA) was employed to examine the relationships between variables. The results demonstrate that all three factors (perceived ease of use, security, and trust) positively and significantly influence Generation Z's decision to use Bank Jago services (t-value = 11.992, p < 0.001). Among these variables, perceived ease of use emerged as the strongest predictor, indicating that Generation Z prioritizes user-friendly interfaces and seamless digital experiences. The findings provide valuable insights for digital banking institutions to develop targeted strategies focusing on intuitive design while maintaining robust security measures to attract and retain.
The Effects of Macroeconomic, Fundamental, and Technical Variables on the Infobank15 Stock Price Index During the January 2020 – December 2024 Period Suwandi, Bryan Zelig; Sakti, Rachmad Kresna
Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 3 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/csefb.2025.04.3.01

Abstract

This study aims to analyze the effects of Macroeconomic Variables, namely Inflation and Interest Rates, Fundamental Variable namely Net Interest Margin, and Technical Variable namely Exponential Moving Average 21 on The INFOBANK15 Stock Price Index in the range January 2020 to December 2024. This research uses a quantitative approach, using secondary data sourced from Otoritas Jasa Keuangan, Bank Indonesia, Bursa Efek Indonesia, and Yahoo Finance. The data analysis tool uses Panel Data Regression and is processed with Stata 17 software. The results showed that the Inflation, Net Interest Margin, and Exponential Moving Average 21 Variables had a positive and significant effect on The INFOBANK15 Stock Price Index, while the Interest Rate Variable had a negative and significant effect on The INFOBANK15 Stock Price Index.
Comparative Analysis of Investment Performance Between Conventional and Islamic Stocks (A Study of the Jakarta Islamic Index (JII) and Bisnis27 Index in the 2020-2024 Period) Widiawati, Farradila Echa; Tyas Danarti Hascaryani
Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 3 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/csefb.2025.04.3.13

Abstract

The rapid expansion of the Islamic capital market in Indonesia has heightened public interest in sharia-compliant investments. The purpose of this research is to compare the investing performance of conventional stocks with Islamic stocks from 2020 to 2024. The measurement used is using the risk adjusted performance method which consists of the sharpe ratio, treynor ratio, and alpha jensen ratio. This research uses samples of JII index as a representatives of sharia stocks and Bisnis27 index as representatives of conventional stocks. The method of analysis uses the mann-whitney u test. The result of this research showed that there is no difference in stock investment performance between conventional stocks and Islamic stocks as measured using the sharpe ratio and treynor ratio. While the alpha jensen ratio there is a difference in stock investment performance between conventional stocks and Islamic stocks.
The Effects of Premium, Claim, and Invesment Yield on the Earning of Islamic Insurance Companies for the 2023 – 2024 Period Febrian, Mohammad Rizky; Widiyanti, Dwi Retno
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.2025.04.4.06

Abstract

This study aims to analyze the impact of premiums, claims, and investment returns on the profitability of Islamic insurance companies in Indonesia during the period 2023-2024. The method used is quantitative by utilizing secondary data taken from the financial statements of Islamic insurance companies registered with the Otoritas Jasa Keuangan (OJK). The analysis technique applied is panel data analysis, which combines cross-section and time series data. It is hoped that the results of this study can provide deeper insight into the factors that affect the profitability of Islamic insurance companies and provide practical implications for industry players and regulators in formulating more effective and efficient management strategies.
Determining Factors for Mobile Banking Usage Among KBMI 4 Banks: A UTAUT-3 MODEL Rihan, Raffi Syawallul; Pangestuty, Farah Wulandari
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.2025.04.4.01

Abstract

Digital services and the latest innovations currently emphasize providing increasingly better banking services in line with technological advancements. This study aims to examine the factors driving the adoption of mobile banking and to explore the development of a more specific UTAUT-3 model to identify which factors banks need to improve in order to enhance their services based on users' perspectives. The results of the study, using Structural Equation Modeling (SEM), indicate that Hedonic Motivation, Habit, Facilitating Condition, and Personal Innovativeness are significant predictors influencing users' intention to use mobile banking. Meanwhile, Performance Expectancy, Effort Expectancy, Social Influence, and Price Value do not significantly affect users' intention. These findings can serve as considerations for policymakers in designing strategies to improve payment system services
Analysis of The Determinants of The Velocity of Money in ASEAN Countries for The Period 2013-2023 Amalia, Shafira Rosa; Girindra Mega Paksi
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.2025.04.4.10

Abstract

This study aims to analyze the factors that influence the velocity of money circulation in ASEAN countries. The variables used are macroeconomic variables including economic growth, interest rates, inflation, and money supply. This study is quantitative and explanatory research using purposive sampling in ASEAN countries for the period 2013-2023. The analysis was carried out using panel data regression and classical assumption tests, including autocorrelation, multicollinearity, and heteroscedasticity tests. The results of the study show that economic growth and interest rates have a positive and significant effect on the velocity of money circulation. Meanwhile, inflation does not affect the velocity of money circulation, and the velocity of money circulation in Indonesia has a higher average than other ASEAN countries. This study recommends expanding the scope of data, regions, and research periods and considering other structural variables.
Analysis of Factors Influencing Fintech Service Adoption in Indonesia: A Study of DANA Digital Payment Service Maharani, Adellia Rose Maya; Dias Satria
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.2025.04.4.02

Abstract

This study aims to analyze the factors influencing the adoption of DANA fintech services in Indonesia. A quantitative approach was applied, using an online questionnaire distributed to 385 respondents. Generation Y and Z are used ase one of the criteria for the dominant group of digital service users. Data were analyzed using (SEM-PLS). The independent variables tested include perceived ease of use, perceived usefulness, attitude, financial literacy, user innovativeness, and government support. The results show that perceived ease of use, perceived usefulness, attitude, financial literacy, and user innovativeness have a significant effect on DANA adoption. Government support has no significant influence. These findings provide insights for fintech developers and policymakers to enhance digital financial service adoption more effectively.
Analysis of the Influence of Banking Risk on Bank Financial Stability: A Case Study of KBMI 4 Banks Maulida, Rosa Arin; Munawar Ismail
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.2025.04.4.04

Abstract

This study aims to analyze the effect of banking risks, consisting of Non-Performing Loans (NPL), Loan to Deposit Ratio (LDR), and Capital Adequacy Ratio (CAR), as well as the control variables Inflation, BI Rate, and GDP, on the financial stability of banks in the KBMI 4 group during the period 2012–2023. The data used are secondary data obtained from the annual financial reports of each bank, analyzed using panel data regression. The results show that NPL, CAR, and the BI Rate have a significant effect on banking stability, while LDR, inflation, and GDP do not. These findings indicate that banking stability is more strongly influenced by internal bank factors than by macroeconomic indicators. The results of this study are expected to serve as a reference for bank management in strengthening risk management and maintaining financial system stability.

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