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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 342 Documents
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Determining the Cumulative Initial Return of IPO Stocks: A Comparative Analysis of the Bagger and Non-Bagger Groups Puspitarini, Nectarina; Hascaryani, Tyas Danarti
Contemporary Studies in Economic, Finance and Banking Vol. 5 No. 3 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

Capital markets often exhibit anomalies in the form of extreme post-IPO price movements that are difficult to explain through conventional analysis. This study aims to analyze the determinants of Cumulative Initial Return (CIR) and differentiate the characteristics of financial signal influences between bagger and non-bagger stock groups on the Indonesia Stock Exchange for the 2023-2025 period. Using a quantitative approach, 129 IPO companies were selected through purposive sampling. Analysis was conducted using multiple linear regression (OLS), the Chow Test, and interaction effects to identify the influence of fundamental variables and market indicators. The results show that fundamental factors (ROA, GPM, RG) and market indicators (initial return and offering share) significantly affect CIR, with striking differences in signal strength between the two groups. Bagger stocks exhibit a stronger response to profitability indicators and market momentum compared to non-bagger stocks. Therefore, investors should integrate fundamental and liquidity analysis to assess potential extreme returns and risks in emerging markets.
Inside Bank Lending: Financial Ratios and Monetary Variables Sabry, Mayra; Maski, Ghozali
Contemporary Studies in Economic, Finance and Banking Vol. 5 No. 3 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

This study examines the effects of internal banking factors and monetary variables on credit distribution of conventional commercial banks in Indonesia during 2018-2025. Internal factors include CAR, CKPN, COF, DPK, and LAR while monetary variables consist of inflation and the BI7DRR. Monthly time-series data from OJK and Bank Indonesia are analyzed using the Engle-Granger Error Correction Model (ECM) to capture short-run dynamics and long-run relationships. The results show that in the short run, CAR and CKPN negatively affect credit, while DPK has a positive and significant effect. In the long run, DPK, inflation, and BI7DRR significantly influence credit distribution, whereas other variables exhibit no consistent impact. These findings suggest that credit dynamics are shaped by both internal banking conditions and long-term monetary transmission mechanisms.
The Determinants of Indonesia's Economic Growth During the 2016–2024 Global Crisis Era Rismawan, Farrel; Rachmad Kresna Sakti
Contemporary Studies in Economic, Finance and Banking Vol. 5 No. 3 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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This study examines the effects of monetary policy, fiscal policy, investment, and consumption on Indonesia’s economic growth during 2016–2024 in the context of global crises. It analyzes the impacts of the BI policy rate, government expenditure, bank investment credit, gross fixed capital formation (GFCF), and the Retail Sales Index (RSI), while evaluating the effects of the Covid-19 pandemic and the Russia–Ukraine conflict using dummy variables. The study employs an Autoregressive Distributed Lag (ARDL) approach with three model specifications. The findings show that, in the long run, the BI policy rate and government expenditure negatively affect economic growth, whereas the Retail Sales Index has a positive effect. In the short run, bank investment credit, GFCF, and the Retail Sales Index positively influence growth. Crisis dummy variables are insignificant, indicating that crisis effects mainly operate through macroeconomic fundamentals. These findings highlight the need to balance economic stability, improve public spending effectiveness, and maintain household purchasing power.  
Capital Market Reaction to the Announcement of the 2021 DTP PPNBM Incentive Policy Salsabila; Muhammad Irfan Islami
Contemporary Studies in Economic, Finance and Banking Vol. 5 No. 3 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

The effectiveness of fiscal incentive policies depends on the speed with which the market responds to public information. In a semi-strong efficient market, security prices should only react after the information is officially released to all market participants. However, if abnormal price and volume movements are detected before the announcement date, this indicates information asymmetry that can disrupt market integrity and undermine investor confidence. To verify the existence of this phenomenon on the Indonesia Stock Exchange, this study aims to examine the semi-strong efficiency of the Indonesian capital market in response to the announcement of the PPnBM DTP incentive policy on February 11, 2021. Using an event study approach, market reaction is measured using the cumulative average abnormal return and cumulative average trading volume variables in three main periods: before, during, and after the announcement. This research is a quantitative research using secondary data in the form of closing price data, daily trading volume and the number of outstanding shares of all issuers included in the automotive component sub-sector and the automotive retail sub-industry on the Indonesia Stock Exchange for the period of August 25, 2020 to March 1, 2021. The results of the study indicate that the Indonesian capital market is inefficient in a semi-strong form for the information context of the announcement of the 2021 PPnBM DTP incentive policy, evidenced by the presence of a significant CAAR in the period before the policy announcement.
Leverage, Firm Size, and Institutional Ownership on Coal Firms' Stock Price Synchronicity Huwaidi, Miqdad; Satria, Dias
Contemporary Studies in Economic, Finance and Banking Vol. 5 No. 3 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

This study analyzes stock price synchronicity in emerging markets, where firm-specific information is often overshadowed by market movements, specifically within the Indonesian coal sector during 2020–2024. The research aims to examine the impact of leverage, firm size, and institutional ownership on stock price synchronicity. Using the Common Effect Model (CEM) panel regression on 20 sampled companies, results show that leverage and profitability have a significant negative effect on synchronicity. This indicates that financial risk and fundamental performance drive stock prices to be more informative and idiosyncratic. Conversely, firm size has a significant positive effect as large companies align more with market dynamics. Institutional ownership was found to have no significant impact. The study concludes that leverage and firm size significantly influence stock price synchronicity, while institutional ownership does not. The implications suggest that investors must perform deep fundamental analysis, while regulators are encouraged to strengthen transparency policies to enhance market efficiency.
The Effect of ESG Disclosure on Financial Performance and Stock Returns: Evidence from Non-Financial Companies in the IDX ESG Leaders Index Hartanto, Nancy Nathania; Supriani, Indri
Contemporary Studies in Economic, Finance and Banking Vol. 5 No. 3 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

This study examines the effect of environmental, social, and governance (ESG) disclosure on the financial performance and stock returns of non-financial companies included in the IDX ESG Leaders Index in Indonesia. The study is motivated by inconsistent empirical evidence regarding the impact of ESG disclosure on firm performance, particularly in emerging markets with mandatory sustainability reporting. A quantitative approach was employed using panel data from 19 companies during 2018–2024. ESG disclosure was measured based on 32 indicators derived from POJK No. 51/POJK.03/2017 and SEOJK No. 16/SEOJK.04/2021. Financial performance was proxied by return on assets (ROA), return on equity (ROE), and stock returns, with firm size and leverage included as control variables. Panel data regression with panel-corrected standard errors (PCSE) was applied. The results indicate that ESG disclosure has no significant effect on ROA, ROE, or stock returns, and these findings remain robust when one-period lagged ESG disclosure is employed. The findings suggest that, within a mandatory ESG disclosure environment and among firms with relatively homogeneous ESG characteristics, ESG disclosure has not yet become a significant determinant of corporate financial performance or short-term market responses.
Determinants of MSME Revenues Based on Legality and Training: A Comparative Study in 2024 Oktabella, Nyssa Puri; Wildan, Syafitri
Contemporary Studies in Economic, Finance and Banking Vol. 5 No. 3 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

Revenues disparities among micro, small, and medium enterprises (MSMEs) across regions indicate that a large number of business units does not necessarily lead to equal economic performance, highlighting the need to identify contextual determinants of MSME revenues. This study aims to examine the relationship between business legality and entrepreneurship training with MSME revenues and to compare these relationships across Surabaya City, Banyuwangi Regency, and Pacitan Regency. A quantitative approach was employed using cross-sectional data from the August 2024 National Labor Force Survey (Sakernas). After data cleaning, 1,702 MSMEs were analyzed using Ordinary Least Squares (OLS) multiple linear regression with a split-sample regression approach. The results show that business legality has a positive and significant relationship with MSME revenues in all regions, whereas entrepreneurship training is significant only in Pacitan Regency. The number of workers and working hours consistently show positive relationships, while the effects of e-commerce vary across regions and bookkeeping is negatively associated with revenues. These findings imply that MSME development policies should strengthen business formalization, provide region-specific training, promote digitalization, and improve managerial assistance within the national MSME development framework.
The Role of Perceived Security in BYOND Mobile Banking Customers’ Intention to Use Bimantoro, Hendwi Putra
Contemporary Studies in Economic, Finance and Banking Vol. 5 No. 3 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

This major change to a digital economy triggered tightness competition in mobile banking services which pressures service providers such as the BYOND application from Bank Syariah Indonesia (BSI) to guarantee system security and client data privacy against vulnerable cyber threats. The research intends to analyse the effect of Perceived Security on the Use Intention. The research approach is quantitative and explanatory. The main data were obtained from 385 BYOND users in Bandar Lampung using a Likert scale questionnaire, selected with a purposive sample technique, and analysed with Partial Least Square (PLS) based Structural Equation Modelling (SEM) using the SmartPLS software. The test's results demonstrate that Use Intention is positively and significantly impacted by Perceived Security. The outcomes of this research conclude that the system security is the key basis of customer trust. This is eventually performed into concrete financial transaction decisions.
Profitability, Capital Structure, and Bank Going Concern: The Moderating Role of Green Banking Vira Dwiyati Sabita Melati; Moh. Athoillah
Contemporary Studies in Economic, Finance and Banking Vol. 5 No. 3 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

Companies must not only focus on managing financial performance to ensure sound going concern but must also address environmental challenges. Corporate operations, particularly in the banking sector, cannot be separated from these influencesGreen banking refers to a business approach that integrates environmentally friendly practices to reduce carbon emissions and support sustainable development. This research aims to examine the relationship between profitability, capital structure, and banking going concern, with green banking serving as a moderating variable. ROA was used to measure profitability, whereas capital structure was assessed using the DER Rat, going concern was measured by the CAR, and green banking was measured using the Green Banking indicator. Data analysis in this study employed moderated linear regression. The findings reveal that ROA positively and significantly influences CAR. In contrast, DER shows no significant effect on CAR. Furthermore, green banking plays a significant moderating role in the relationship between ROA and CAR.
The Influence of Risk Perception, Bank Reputation, Accessibility, Interest Rate, and Security Perception on the Saving Preferences of Bank BRI Customers Amid the Social Engineering Case Maharani, Rachmadina Selvi Dwijannati; Susilo
Contemporary Studies in Economic, Finance and Banking Vol. 5 No. 3 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

The advancement of digital technology in banking poses a new challenge in the form of increasing social engineering crimes, which theoretically should reduce customer deposit preferences as risk perception increases. However, at BRI Bank, the number of customers continues to increase despite facing social engineering, creating a gap between prospect theory and empirical conditions. This study aims to determine the influence of risk perception, bank reputation, accessibility, interest rates, and security perceptions on BRI Bank customers' deposit preferences amidst social engineering cases. The method used is a quantitative approach with explanatory research, and data were analyzed using binary logistic regression. Data were obtained through an online questionnaire distributed to BRI Bank customers in Malang City. The results of this study indicate that bank reputation and security perceptions have a significant positive effect on customer deposit preferences, while risk perceptions, accessibility, and interest rates have no effect. These findings indicate that customer deposit preferences are more influenced by trust in the bank and confidence in system security. This research is expected to serve as a reference for BRI Bank in maintaining its reputation and strengthening security to maintain customer deposit preferences.

Page 34 of 35 | Total Record : 342

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