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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 322 Documents
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Analysis of the Influence of Digital Technology on the Profitability of KBMI IV Banks In Indonesia Salsabilla, Andien Febia; Kaluge, David
Contemporary Studies in Economic, Finance and Banking Vol. 5 No. 1 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

Digital transformation has become a strategic urgency for KBMI IV banks in improving efficiency, competitiveness, and performance stability amid increasingly competitive and technology-based banking industry competition. This study aims to analyze the effect of mobile banking, internet banking, and ATMs on the profitability of KBMI IV banks in Indonesia for the period 2012–2023. The study uses a quantitative approach with the Fixed Effect Model panel data regression method. Profitability is measured using Net Profit Margin (NPM), with control variables in the form of size, Loan to Deposit Ratio (LDR), and BI Rate. The results show that mobile banking and internet banking have a significant positive effect on NPM, while ATMs have no significant effect. The variables of size and BI Rate have a significant positive effect, while LDR is not significant. These findings indicate that digitization can increase profitability when integrated with optimal fund collection and distribution strategies. Therefore, targeted, measurable digital transformation management that is aligned with core banking activities is needed to support long-term performance sustainability.
The Impact of Boycott Issues and Gold Price Volatility on PT X Stock Price santoso, feby indrawan; Fazaalloh, Al Muizzuddin
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 long-standing political and military conflict between Israel and Palestine has had an impact on Indonesia’s economy. The conflict triggered large-scale boycott policies against several well-known brands. One of the affected companies was the products of PT X, resulting in declining sales which also led to a decrease in share value. This study aims to examine the effect of gold prices and boycott policies on the share price of PT X and to test whether there is a difference in the share price trend of X before and after the Boycott Issue of Israeli products. The researchers applied a quantitative approach through multiple linear regression testing and a difference test. The results show that the boycott issue has a significant negative effect on X’s share price. Meanwhile, gold prices have a significant positive effect on X’s share price. Furthermore, a difference was found in X’s share price before and after the boycott issue.
The Influence of Third-Party Funds, LDR, CAR, and BI Rate on the Loan Distribution of Commercial Banks in Indonesia Fauzi, Farity Adelia Lestari; Devia, Vietha
Contemporary Studies in Economic, Finance and Banking Vol. 5 No. 2 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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This study aims to examine the influence of internal and external factors on the development of credit distribution in commercial banks during the period 2014–2023. Economic uncertainty and banking financial performance that potentially affect credit distribution have received relatively limited attention, particularly in the context of Business Group 4 Commercial Banks (BUKU 4) in Indonesia. This study employs panel data regression using the Random Effect Model (REM) approach. The results indicate that Third-Party Funds (DPK) and the Loan to Deposit Ratio (LDR) have a positive and significant effect on credit distribution, while the Capital Adequacy Ratio (CAR) and the BI Rate do not show a significant impact. These findings suggest that effective liquidity management and the optimization of third-party fund mobilization are key factors in supporting the expansion of bank credit distribution.
Analysis of the Influence of Financial Distress Based on Altman Z-Score Model on Stock Prices of Transportation and Tourism Companies in the Indonesia Stock Exchange in the Period of 2019-2023 Sidiq, Nadia Azhani; Devia, Vietha
Contemporary Studies in Economic, Finance and Banking Vol. 5 No. 2 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

This study aims to elaborate the effect of the Altman Z”-score (1984) financial distress variable on stock prices in the transportation and tourism sector listed on the Indonesia Stock Exchange. This study uses a descriptive method with a quantitative approach. The research data is secondary data sourced from the annual financial reports of transportation and tourism sector companies for the period 2019 – 2023, with the amount of samples attainable is 21 companies. Using panel data regression as a hypothesis testing technique, the following are the research results: 1. The Working Capital / Total Asset and Earnings Before Interest and Tax / Total Asset variables do not significantly affect stock prices, 2. The Retained Earnings / Total Asset and Book Value of Equity / Book Value of Debt variables have an influence on stock prices. Together, the four variables have a significant impact on stock prices. The four variables can also explain their impact on stock prices. The implications of this study provide an understanding for management and public investors about financial difficulties and to maintain the stability of the company's debt level.
The Influence of Car and Size on Intermediation Through Digital Transformation Efficiency in State-Owned Banks and Regional Development Banks for the 2010-2024 Period Nur Fitri, Alvira; Fadli, Faishal
Contemporary Studies in Economic, Finance and Banking Vol. 5 No. 2 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

This study analyzes the effect of Capital Adequacy Ratio (CAR), bank size (SIZE), and digital transformation efficiency on banking intermediation, as well as the role of digital efficiency as a mediator in state-owned banks and regional development banks in Indonesia. Annual financial report data from 2010 to 2024 were analyzed using panel data regression (CEM) and Sobel's test. Intermediation is measured by LDR, while digital efficiency is measured by the ratio of IT costs to total operating costs. The results show that in regional banks, CAR and SIZE have a significant positive effect on intermediation, and digital efficiency mediates this relationship (z = 2.07; p = 0.038; z = 2.42; p = 0.015). Meanwhile, in state-owned banks, digital efficiency only has a direct effect on intermediation without a mediating effect, and NPL is not a distinguishing factor in the intermediation mechanism. These findings emphasize the importance of efficient digital capabilities to drive intermediation, especially in regional development banks.
The Effects of Covid-19 Global Crisis on the Resistance of Conventional Banks in Indonesia Indra Jalu Asmara; Silvi Asna Prestianawati
Contemporary Studies in Economic, Finance and Banking Vol. 5 No. 2 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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This research analyzes the impact of the global COVID-19 crisis on the resilience of Conventional banking in Indonesia. Conventional banking is often considered strong and resistant to global crises, thus requiring further investigation due to the lack of prior research on this topic. Variables used to represent the global crisis include inflation, interest rates, IDR/USD exchange rates, crude oil prices, and the industrial production index, which affect the Conventional banking resistance index aggregated from total assets, total credit, non-performing loan, third-party funds, operating expenses to operating income, loan to deposit ratio, capital adequacy ratio, and return on assets. The results of the VAR/VECM model indicate that inflation does not have a significant impact in both the short and long term. Meanwhile, interest rates, crude oil prices, and the industrial production index have a significant negative impact in the long term, whereas the IDR/USD exchange rate shows a significant positive effect in the long term. Conventional banks are shown to respond well to changes in independent variables, as demonstrated by the impulse response function results. The variance decomposition values reveal that the influence of independent variables diminishes over time. Based on these findings, it can be concluded that conventional banks are resilient in facing economic crises.
Factors Influencing Vulnerable Workers in Indonesia Bharata, Diva Adhiesti; Prestianawati, Silvi Asna
Contemporary Studies in Economic, Finance and Banking Vol. 5 No. 2 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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This article examines worker vulnerability in Indonesia through an empirical study using data from the 2024 National Labor Force Survey (Sakernas). Employing a binary logistic regression method, this research defines vulnerable workers as individuals who meet at least two of the following four criteria: (1) earning wages below the Regional Minimum Wage (UMR), (2) lacking employment, social, or health benefits, (3) working in the informal sector, and (4) having an education level below senior high school. The analysis reveals that age, migration status, job training, and technology access significantly affect the probability of an individual being classified as a vulnerable worker. Young workers, non-migrants, and those without prior job training or access to technology face a higher risk of vulnerability in the labor market. These findings empirically affirm that human capital investment is a crucial determinant of worker vulnerability. Therefore, this research recommends government policy interventions focused on the equitable distribution of digital infrastructure and the inclusivity of vocational programs. Furthermore, the public is encouraged to proactively engage in skill development to avoid the risks of employment vulnerability.
Bank Profitability: A View on Macroeconomic and Internal Factors of KBMI 2, 3 and 4 Putra, Yohan Fernanda; SS, Vietha Devia
Contemporary Studies in Economic, Finance and Banking Vol. 5 No. 2 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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In carrying out intermediation activities to generate profits, banks face various factors influencing their financial performance, encompassing both macroeconomic and bank-specific factors. This study aims to analyze the impact of macroeconomic and bank-specific factors on profitability, measured by Return on Assets (ROA). The sample in this study includes banks listed on the Indonesia Stock Exchange (IDX) with a minimum core capital of 6 Trillion rupiah during the period Q1 2018 to Q4 2024. This study uses a dynamic panel data regression model with the Generalized Method of Moments - System (GMM) approach to address endogeneity problems and provide more accurate estimations. The research findings indicate that Inflation, BI Rate, and Net Interest Margin (NIM) have a significant positive effect on ROA. Conversely, Credit Growth (CG) and Operating Expenses to Operating Income (BOPO) have a significant negative effect on ROA. Meanwhile, Non-Performing Loans (NPL), Capital Adequacy Ratio (CAR), and Loan to Deposit Ratio (LDR) do not have a significant effect on ROA. The results of this study can be utilized by regulators and stakeholders to optimize banking performance and health amidst fluctuating macroeconomic conditions.
Determinants of Asean-6 Economic Growth 2013 2023 Period Simbolon, Chelsea Paulin; Girindra Mega Paksi
Contemporary Studies in Economic, Finance and Banking Vol. 5 No. 2 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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This study aims to analyze the effect of Foreign Direct Investment (FDI), Labor Force Participation Rate (LFPR), Research and Development (R&D), and Trade Openness (TO) on economic growth in six ASEAN countries (Indonesia, Malaysia, Thailand, Singapore, the Philippines, and Vietnam) during the period 2013–2023. The research is motivated by the variation in economic growth among ASEAN-6 countries despite their significant contribution to the region’s total GDP. The study employs a quantitative approach using panel data analysis with the Fixed Effect Model (FEM) as the best-fitted model, determined through the Chow test and the Hausman test. Classical assumption tests and robust standard errors are applied to address potential heteroskedasticity. The findings reveal that LFPR and TO have a positive and significant impact on economic growth, while FDI and R&D show no significant effect. Simultaneously, all four independent variables significantly influence economic growth in ASEAN-6. These results indicate that the region’s economic growth is more strongly supported by labor force participation and trade openness rather than foreign direct investment or research and development. This study suggests that ASEAN-6 countries should improve labor quality and strengthen trade openness while implementing structural reforms to maximize the benefits of FDI and enhance investments in R&D.
Analysis of Determinants of Trade Intensity Index Indonesia-Malaysia and Indonesia-Thailand Muhammad Iqbal Andra Satria; Dwi Retno Widiyanti, SE.I., M.Sc.
Contemporary Studies in Economic, Finance and Banking Vol. 5 No. 2 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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The objectives of this study include Analyzing TII from Indonesia to Malaysia and Thailand with supporting variables namely AFTA, Culture and GDP of each country. Indonesia's bilateral trade with Malaysia and Thailand from 2015 to 2023 is discussed in this study. While AFTA does not always have a positive impact, the results show that economic factors and geographical location are the main determinants. Socio-cultural factors such as religion, culture, and language have no significant influence, suggesting that trade in ASEAN is more influenced by economic forces and location.

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