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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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Effect of Profitability, Good Corporate Governance, and Macroeconomic on Banking Stock Prices Haekal, Achmad; Indraswari, Citra Rahayu
Contemporary Studies in Economic, Finance and Banking Vol. 5 No. 2 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

The banking subsector plays an important role in the Indonesian economy and represents the largest contributor to market capitalization on the Indonesia Stock Exchange (IDX). Stock prices can be influenced by various factors, such as financial performance, corporate governance, and macroeconomic conditions. However, empirical evidence reveals a research gap where increases in profitability are not always followed by rising stock prices, prior studies on Good Corporate Governance (GCG) show inconsistent results, and macroeconomic variables do not always align with financial theory. Moreover, studies integrating profitability, GCG, and macroeconomic factors simultaneously remain limited. This study aims to analyze the effects of financial performance, GCG, and macroeconomic factors on stock prices in the banking subsector listed on the IDX during 2020–2024. This research employs a quantitative approach using panel data regression analysis. The results indicate that Return on Equity (ROE) has a positive and significant effect on stock prices, while Net Interest Margin (NIM) and the BI Rate have a significant negative effect. Meanwhile, GCG variables and economic growth are not significant. These findings imply that investors should prioritize profitability indicators, while policymakers and management need to consider macroeconomic conditions and governance practices.
The Influence of NPL, OER, and CAR on the Profitability of Regional Development Banks in Indonesia Ayuni, Novia Indah Tantri; Wahyudi, Setyo Tri
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 determine the influence of Non-Performing Loans (NPL), OER, and Capital Adequacy Ratio (CAR) on the profitability of Regional Development Banks (BPD) in Indonesia, as measured by Return on Assets (ROA). The data used are BPD annual financial reports obtained from each bank's official website. The research object covers 23 Regional Development Banks in Indonesia with an observation period of 2019-2023. The analytical method used is panel data regression analysis with the Fixed Effect Model (FEM) approach, which was determined as the best model based on the results of the Chow and Hausman tests. The results show that partially NPL has a positive and significant effect on ROA, BOPO has a negative effect on ROA, while CAR does not show a significant effect on ROA. Simultaneously, these three independent variables are proven to affect BPD profitability. The findings of this study indicate that operational efficiency and credit risk management characteristics have a more dominant role in determining BPD profitability than capital adequacy factors. Therefore, the results of this study are expected to serve as a reference for BPD management and policymakers in formulating more effective strategies to improve the profitability of regional banks.
The Influence of Investor Sentiment, Dividend Yield, and Trade Volume on the Stock Price Volatility of Banking Sector Companies at the IDX Alfareza, Muhammad Rifat Noer; Susilo
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 analyze the effect of investor sentiment, dividend yield, and trading volume on the stock price volatility of banking sector companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. This research employs a quantitative approach using panel data regression on 10 banking companies, resulting in a total of 40 observations. The model selection results indicate that the Random Effect Model (REM) estimated using the Generalized Least Squares (GLS) approach is the most appropriate estimation method. The findings reveal that investor sentiment has a positive and significant effect on stock price volatility, indicating that psychological factors play a more dominant role in shaping stock price dynamics within the banking sector. In contrast, dividend yield and trading volume do not have a significant effect on stock price volatility. These results suggest that stock price volatility in the banking sector during the observed period is more strongly driven by investors perceptions and expectations. This study is expected to provide valuable insights for investors in understanding the dynamics of the Indonesian stock market.
Impact of Non-Cash Transactions on Household Consumption: Inflation Mediation Zikri, Adios Amigo; 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 research examines the influence of non-cash payment instruments on household consumption patterns in Indonesia, while accounting for inflation as an intervening factor. The study employs monthly time-series data covering the period from 2015 to 2024. The analytical framework combines the Autoregressive Distributed Lag–Error Correction Model (ARDL–ECM) to capture both short-run dynamics and long-run relationships, alongside Structural Equation Modeling (SEM) to evaluate the mediating effect. The long-run estimation indicates that transactions conducted through e-money and ATM/debit instruments have a positive and statistically significant impact on household consumption. In contrast, credit card transactions and interest rates do not exhibit significant effects. Inflation is found to significantly influence consumption in the long run and exerts a positive effect in the short run. The ECM results further confirm the presence of a stable adjustment process that restores the system toward long-run equilibrium. Nevertheless, the mediation analysis reveals that inflation does not function as an effective intermediary in the relationship between non-cash payment instruments and household consumption. Overall, the findings suggest that non-cash payment systems affect household consumption predominantly through direct channels rather than indirectly via inflation.
The Influence of Internal Factors and Interest Rates on State-Owned Enterprise Credit Distribution Gusanto, Priskilla Annetta Amanda; Sakti, Rachmad Kresna
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 analyze the effect of internal bank factors and Loan interest rates on credit distribution of state-owned banks in Indonesia during the period 2020–2025. The study is motivated by the suboptimal credit growth in the post-Covid-19 period despite adequate banking liquidity and government fund placement policies. The variables include Loan interest rates, Loan to Deposit Ratio (LDR), Operating Expenses to Operating Income (BOPO), and Capital Adequacy Ratio (CAR) as independent variables, and credit distribution as the dependent variable. This research employs a quantitative approach using the Autoregressive Distributed Lag (ARDL) model based on monthly time series data obtained from the Financial Services Authority (OJK). The long-run estimation results indicate that Loan interest rates have a positive and significant effect on credit distribution, while LDR and BOPO have a negative and significant effect. Meanwhile, CAR has a negative but insignificant effect. These findings suggest that in the long run, operational efficiency and liquidity management are key determinants of credit distribution, while capital adequacy is not a dominant factor. This study is expected to provide insights for policymakers and banking institutions in formulating more effective strategies to enhance financial intermediation and support economic recovery.
The Influence of Environmental, Social, and Governance on the Financial Performance of Banking Companies Listed on the Indonesia Stock Exchange in the 2019-2024 Period Theresa Echa Rianti; 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 aims to examine the effect of Environmental, Social, and Governance (ESG) scores on the financial performance of banking companies measured by Return on Assets (ROA). The sample consists of banks listed on the Indonesia Stock Exchange during the 2019–2024 period. The study employs a quantitative approach using secondary data obtained from Bloomberg Terminal and annual reports. The analysis technique applied is dynamic panel regression using the System Generalized Method of Moments (System GMM), with bank size and BOPO as control variables. The results indicate that the Environmental variable has a positive and significant effect on ROA in the short term. The Governance variable has a negative and significant effect, suggesting the presence of compliance costs that may reduce short-term profitability. Meanwhile, the Social variable does not show a significant effect on ROA. Simultaneously, ESG variables influence financial performance, although the effects differ across variables. These findings imply that ESG implementation in the banking sector requires a balanced and efficient strategy to enhance sustainable performance.
The Impact of Mergers on Bank Soundness Levels Based on the Risk Based Bank Rating (RBBR) Approach Allissandri, Furaida; Ashar, Khusnul
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 examine the impact of a merger on the financial health of a bank using the Risk-Based Bank Rating (RBBR) approach. The research focuses on the case of Bank Danamon and Bank Nusantara Parahyangan, which underwent a merger to comply with the single ownership regulation mandated by the Financial Services Authority (OJK) of Indonesia. The study adopts a descriptive quantitative method, utilizing secondary data from the banks’ financial reports before and after the merger. The RBBR framework employed in the analysis includes four key indicators: Risk Profile, Good Corporate Governance (GCG), Earnings, and Capital. The findings reveal significant changes in the banks’ health levels post-merger, as indicated by improvements and variations in key financial ratios such as Non-Performing Loans (NPL), Loan to Deposit Ratio (LDR), Return on Assets (ROA), Net Interest Margin (NIM), and Capital Adequacy Ratio (CAR). These results suggest that the merger had a positive influence on enhancing operational efficiency and overall financial stability. Thus, mergers can serve as a strategic tool to strengthen banking institutions and improve competitiveness in the financial sector.
The Influence Non-Cash Payment Transactions on Inflation in Indonesia in the 2020-2024 Period Permatahati, Hanifa Aulia; Fitanto, Bahtiar
Contemporary Studies in Economic, Finance and Banking Vol. 5 No. 2 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

The transformation of digital payment systems in Indonesia has driven a massive increase in cashless transactions, which has the potential to affect money circulation, aggregate demand, and ultimately price stability. This study aims to analyze the effect of debit cards, credit cards, electronic money, and QRIS on inflation in Indonesia using monthly data from 2020 to 2024. The method used is Autoregressive Distributed Lag (ARDL) to examine the dynamics of short-term and long-term relationships between variables. The results show that debit cards have a significant positive effect on inflation in the short and long term. Credit cards have a significant positive effect in the short term and a significant negative effect in the long term. Electronic money has a significant negative effect in the short term and no significant effect in the long term. QRIS has a significant positive effect in the short term and no significant effect in the long term. These findings indicate that not all non-cash payment instruments have the same impact on inflation, so the development of digital payment systems needs to be balanced with policies that maintain supply-side equilibrium.
Analysis of the Influence of Financial Literacy and Digital Financial Inclusion on the Use of QRIS Among MSMEs Maharani, Pingkan Ayu; Ajeng Kartika Galuh
Contemporary Studies in Economic, Finance and Banking Vol. 5 No. 2 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

The digital transformation of payment systems has encouraged Micro, Small, and Medium Enterprises (MSMEs) to begin implementing cashless payment technologies such as the Quick Response Code Indonesian Standard (QRIS). However, increased use of QRIS has not been fully accompanied by adequate levels of financial literacy and understanding of digital financial inclusion, resulting in suboptimal utilization. This study aims to analyze the influence of financial literacy and digital financial inclusion on the decision to use QRIS among MSMEs in Malang City. The study employs a quantitative approach using purposive sampling of 393 MSME owners who use QRIS. Data analysis was conducted using multiple linear regression with the help of SPSS. The results indicate that financial literacy and digital financial inclusion have a positive and significant effect on the decision to use QRIS, both partially and simultaneously. These findings reinforce the importance of improving financial literacy and expanding digital financial inclusion to promote the optimal use of QRIS among MSMEs.
Financial Literacy, Lifestyle, and Employees' Financial Behavior Al Qorni, Hawa; Widiyanti, Dwi Retno
Contemporary Studies in Economic, Finance and Banking Vol. 5 No. 2 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

The low level of financial literacy in Indonesia remains an important issue because it can affect how individuals manage income, control consumption, prepare savings, and make financial decisions. This study aims to examine the influence of financial literacy and lifestyle on the financial behavior of employees in Gresik Regency. This research uses a quantitative approach with employees in Gresik Regency as the research object. The data were collected through questionnaires and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 3.0 software. The results show that financial literacy has a significant influence on financial behavior, as indicated by a significance value of 0.000 < 0.05. This means that employees with better financial literacy tend to demonstrate better financial management behavior. Meanwhile, lifestyle does not have a significant influence on financial behavior, as shown by a significance value of 0.313 > 0.05. These findings imply that improving financial literacy is more essential than lifestyle factors in strengthening employees’ financial behavior, especially in supporting better budgeting, saving habits, and financial decision-making

Page 32 of 33 | Total Record : 322

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