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Fangky A. Sorongan
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Journal of Business, Finance, and Banking
Published by Institut Keuangan-Perbankan dan Informatika Asia Perbanas
ISSN : -     EISSN : 31097103     DOI : https://doi.org/10.56174/jbfb.v1i1
Core Subject : Economy, Science, Education, Social,
Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences Other
The Journal of Business, Finance, and Banking (JBFB) is a scientific journal published by the Perbanas Institute in collaboration with the Indonesian Chamber of Commerce and Industry (KADIN). JBFB is dedicated to providing a platform for academics and practitioners to publish their quantitative and qualitative research findings in the fields of economics, business, finance, and banking. The journal is published biannually in July and January. The journal’s editors welcome empirical research articles and scholarly reviews. JBFB prioritizes the consistency and quality of scholarly work to advance knowledge and practice in economics, business, finance, and banking.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 23 Documents
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Integration of Sustainable Finance in KBMI 4 State-Owned Banks in Indonesia Hardy R. Hermawan; Jerry Marmen; Fangky A. Sorongan
Journal of Business, Finance, and Banking Vol. 2 No. 1 (2026): Journal of Business, Finance, and Banking (JBFB)
Publisher : Institut Keuangan-Perbankan Dan Informatika Asia Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56174/jbfb.v2i1.1078

Abstract

The Indonesian banking industry faces demands to integrate environmental, social, and governance (ESG) principles in line with OJK regulations and the Sustainable Finance Taxonomy. This study analyzes the implementation of sustainable finance at three state-owned banks in KBMI category 4—Bank Mandiri, BRI, and BNI—during the 2022–2024 period. The method used is content analysis of sustainability reports, quantified using content analysis scoring based on GRI indicators and OJK regulations. The results show that Bank Mandiri excels in green financing, BRI excels in microfinance inclusion, and BNI plays a role as a development agent. Disclosure scores range from 70–77 percent, reflecting formal compliance but suboptimal in depth, transparency, and impact measurement. Theoretical analysis using Sustainable Finance Disclosure Theory, Greenwashing Typology, and the ESG Integration Maturity Model indicates that regulatory pressures, market expectations, and reputational demands influence the quality of ESG reporting. All three banks are still in the transition stage from compliance to impact-based integration. External verification, consistency of quantitative indicators, and measurement of tangible results are required so that sustainability reporting functions not merely as a normative obligation, but as an instrument of strategic legitimacy and ongoing accountability.
Environmental Sustainability and Business Feasibility of Digital Platforms: A Sharia-Based Approach Reny Fitriana Kaban; Natasya Amelia Yupita; Najwa Tsalisa Karim
Journal of Business, Finance, and Banking Vol. 2 No. 1 (2026): Journal of Business, Finance, and Banking (JBFB)
Publisher : Institut Keuangan-Perbankan Dan Informatika Asia Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56174/jbfb.v2i1.1159

Abstract

The rapid expansion of digital platform ecosystems has played a crucial role in promoting economic inclusion and innovation, particularly in emerging economies. However, this growth has also generated significant environmental challenges that are often overlooked in conventional business feasibility assessments. This study aims to analyze the environmental impacts of PT GoTo Gojek Tokopedia Tbk (GoTo) and to evaluate its business feasibility through an integrated sharia-based perspective. Methods: This research employs a qualitative descriptive approach by integrating Environmental Impact Assessment (AMDAL), SWOT analysis, and maqashid shariah as a normative ethical framework. Data were collected from GoTo’s annual and sustainability reports, regulatory documents, and relevant national and international scholarly literature. The findings indicate that GoTo demonstrates strong economic feasibility through job creation, financial inclusion, and MSME empowerment, reflecting the fulfillment of maslahah and hifz al-mal. Nevertheless, substantial environmental challenges persist, particularly related to transportation emissions, energy-intensive digital infrastructure, and packaging waste, indicating limited fulfillment of hifz al-bi’ah. The study concludes that integrating environmental sustainability into core business strategies and aligning corporate decision-making with maqashid al-shariah principles are essential to ensure the long-term feasibility and ethical legitimacy of digital platform businesses.
What Drives Customer Intention in Digital Banking? Evidence from Trust, Security Risk, and Technological Innovation Yohanes Ferry Cahaya; Alloysius Pamurda Dhika Mahendra; Herni Pujiati; Ilham Nawang Armanda
Journal of Business, Finance, and Banking Vol. 2 No. 1 (2026): Journal of Business, Finance, and Banking (JBFB)
Publisher : Institut Keuangan-Perbankan Dan Informatika Asia Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56174/jbfb.v2i1.1160

Abstract

This study examines the determinants of digital banking adoption intention among Book IV bank customers in Indonesia, focusing on the interplay between trust, security risks, and technological innovation. Using Smart PLS-SEM with data from 385 respondents, we investigate how technological innovation influences customer trust and perceived security risks, which subsequently affect digital banking usage intention. Results reveal that technological innovation significantly enhances trust while reducing security risk perceptions. Trust emerges as the strongest predictor of digital banking intention, while security risks negatively impact adoption. The study contributes theoretical insights into technology acceptance in emerging markets and provides practical implications for banks developing digital transformation strategies in competitive environments.
Policy Recommendations for Enhancing Sustainable Performance in Banking Through Leveraging FinTech Mercurius Broto Legowo; Raka Fahlevi; Fangky A. Sorongan; Nguyễn Kim Thanh
Journal of Business, Finance, and Banking Vol. 2 No. 1 (2026): Journal of Business, Finance, and Banking (JBFB)
Publisher : Institut Keuangan-Perbankan Dan Informatika Asia Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56174/jbfb.v2i1.1161

Abstract

The emergence and acceleration of technology innovation and digitalization in the financial system are increasingly being developed nowadays, especially in the banking and financial sectors. One of them is financial technology, known as FinTech, which increased sustainable business performance in banking. However, it turns out that this synergy and collaboration between banking and fintech has given rise to new problems in the banking and financial system for financial and banking regulators, especially regulatory issues and their implementation. The objective of this study is to formulate policy recommendations for strategies that enhance sustainable performance in the banking sector through leveraging financial technology. For developing policy recommendations, this study uses a mixed-method research approach, which can provide credible research results. The final empirical research results developed a strategic map to inform policy recommendations for sustainable performance improvement strategies in the banking sector for leveraging FinTech. The novelty of this study lies in its application of a mixed-methods approach to formulate policy recommendations for leveraging fintech in enhancing sustainable banking performance. The findings of this study make a significant contribution to the formulation of policy recommendations for Indonesia’s financial regulators, namely Bank Indonesia and the Financial Services Authority.
Digital Competence and Transformation Effects on Employee Performance at BPR Padma Denpasar Bali Anak Agung Gde Alit Wiradyatmika
Journal of Business, Finance, and Banking Vol. 2 No. 2 (2026): Journal of Business, Finance, and Banking (JBFB)
Publisher : Institut Keuangan-Perbankan Dan Informatika Asia Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56174/jbfb.v2i2.1176

Abstract

The purpose of this study is to examine how employee performance at BPR Padma Denpasar Bali is impacted by digital transformation and digital competencies. Thirty employees made up the research sample, and the study employed a quantitative approach with a survey method. Questionnaires were used for data collection, and SPSS 26.0 was used for data analysis using multiple linear regression. The study's findings demonstrate that both digital transformation and employee performance are positively and significantly impacted by digital competence. With a determination coefficient value (R2) of 0.582, which indicates that 58.2% of employee performance variations can be explained by these two variables, digital competence and digital transformation taken together also significantly affect employee performance. In addition to offering management implications for training planning and digitizing operational procedures, these findings confirm the significance of enhancing employees' digital competencies and putting organizational digital transformation into practice to boost performance in BPRs. Future studies will build on this research to include additional factors that may impact workers' performance in microfinance organizations.
Exploring the Dimensions and Determinants of Islamic Ethical Marketing in SMEs in Promoting Sustainable Entrepreneurship: A Systematic Literature Review Zulkhulafair Muchtar; Fitriany; Didiek Handayani Gusti
Journal of Business, Finance, and Banking Vol. 2 No. 2 (2026): Journal of Business, Finance, and Banking (JBFB)
Publisher : Institut Keuangan-Perbankan Dan Informatika Asia Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56174/jbfb.v2i2.1185

Abstract

This study aims to explore the conceptual development and dimensions of Islamic value-based ethical marketing within small and medium-sized enterprises (SMEs), to identify the principal determinant factors, and to analyze its relationship with business performance and sustainability (sustainable entrepreneurship). The method employed is a non-systematic literature review of 38 journal articles indexed in Scopus, relevant to the topics of Islamic business ethics, SMEs, financial literacy, innovation, ethical leadership, and digitalization. The analytical process was conducted through thematic analysis techniques to categorize findings into conceptual dimensions, determinant factors, and their relationships with business performance and sustainability. The findings indicate that Islamic value-based ethical marketing has evolved from a normative approach into an integrative one, encompassing spiritual values, regulatory frameworks, and technology. Furthermore, financial literacy, innovation, ethical leadership, and digital transformation were identified as the primary factors influencing the implementation of ethical marketing. The findings also demonstrate that ethical marketing is associated with business performance and sustainability through various mechanisms, including social responsibility, financial behavior, and technological adaptation. The conclusions of this study affirm that Islamic value-based ethical marketing constitutes a strategic approach that supports the sustainability of SMEs, and requires a multidimensional integration of values, internal capacity, and technology in its implementation.
Macroeconomic Determinants of the Jakarta Composite Index: An Arbitrage Pricing Theory Approach Latifatun Istiqomah; Naufal Noor Hanan
Journal of Business, Finance, and Banking Vol. 2 No. 2 (2026): Journal of Business, Finance, and Banking (JBFB)
Publisher : Institut Keuangan-Perbankan Dan Informatika Asia Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56174/jbfb.v2i2.1301

Abstract

This study aimed to analyze the effect of macroeconomic variables, specifically the exchange rate, inflation, and interest rate (BI Rate), on the Composite Stock Price Index (IHSG) in Indonesia. The research used a quantitative approach with monthly time-series data spanning from January 2021 to December 2025, totaling 60 observations. The data were analyzed using multiple linear regression with Log-Log and Log-Lin specifications through EViews 13 software. To overcome classical assumption violations, specifically heteroskedasticity and positive autocorrelation, the study applied the Heteroskedasticity and Autocorrelation Consistent (HAC) Newey-West standard errors correction. The results of the simultaneous test showed that the exchange rate, inflation, and interest rate significantly influenced the IHSG, which supported the Arbitrage Pricing Theory (APT). However, the partial test revealed an anomaly where the depreciation of the Rupiah exchange rate had a significant positive effect on the IHSG. This finding suggests the presence of a cushioning effect, driven by the windfall profits of export-oriented commodity companies. Meanwhile, inflation and interest rates did not have a significant effect on the IHSG, indicating that the moderate inflation rate and the central bank's hawkish monetary policy were well-anticipated (priced-in) by market investors
An Integrated Governance-Risk Framework: Examining the Influence of Corporate Governance and Credit Risk Management on the Financial Performance and Sustainability of Rural Banks in the Philippines Christine Aguirre Cayanan
Journal of Business, Finance, and Banking Vol. 2 No. 2 (2026): Journal of Business, Finance, and Banking (JBFB)
Publisher : Institut Keuangan-Perbankan Dan Informatika Asia Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56174/jbfb.v2i2.1325

Abstract

The sustainability and resilience of rural banks have become increasingly important amid rapid digital transformation, evolving regulatory requirements, and heightened risk exposures. This study examined the combined influence of corporate governance and credit risk management practices on the financial performance of rural banks in the Philippines using an Integrated Governance-Risk Framework. A quantitative descriptive-correlational research design was employed involving 54 respondents from 18 rural banks in Central Luzon. Primary data were collected through structured questionnaires, while secondary data were obtained from the Bangko Sentral ng Pilipinas (BSP) Data Center and published financial statements . Descriptive statistics, Pearson correlation, and multiple regression analyses were used to examine the relationships among the variables. The findings revealed that rural banks exhibited high levels of corporate governance and credit risk management implementation. Corporate governance practices significantly influenced financial performance, demonstrating that stronger governance contributes to improved profitability and organizational effectiveness. In contrast, credit risk management practices showed no significant direct effect on financial performance, although they remained essential in maintaining financial stability, asset quality, and regulatory compliance. The study concludes that integrating sound corporate governance with effective credit risk management provides a comprehensive framework for enhancing the financial performance, sustainability, and long-term resilience of rural banks in the Philippines
Impact of Marketing Mix and Brand Religiosity Aura on Consumer Purchase Decisions: A Study of Rabbani Muslim Fashion Reny Fitriana Kaban; Prameswara Samofa Nadya; Maulana Ilham Akbar
Journal of Business, Finance, and Banking Vol. 2 No. 2 (2026): Journal of Business, Finance, and Banking (JBFB)
Publisher : Institut Keuangan-Perbankan Dan Informatika Asia Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56174/jbfb.v2i2.1328

Abstract

Muslim fashion has emerged as a significant segment within the global halal economy, yet empirical studies examining the interplay between conventional marketing strategies and religion-based brand identity in driving consumer purchase behavior remain limited. This study investigates the influence of the marketing mix comprising product, price, place, and promotion alongside brand religiosity aura on consumer purchase decisions within the context of Rabbani, an established Indonesian Muslim fashion brand. Employing a quantitative cross-sectional design, data were collected from 100 purposively selected consumers with prior purchasing experience of Rabbani products. The findings reveal that all five variables exert statistically significant effects on purchase decisions, with place and promotion emerging as the dominant predictors. These results underscore the strategic importance of distribution accessibility and promotional communication in shaping consumer behavior within the Muslim fashion market, while also highlighting the role of religious brand identity as a distinct purchase driver beyond conventional marketing attributes. This study contributes to the growing literature on Islamic marketing and halal consumption by providing empirical evidence from an emerging market context. Future research is encouraged to broaden geographical sampling and to incorporate contemporary variables such as social media influence, digital marketing engagement, and generational consumption patterns, particularly among Generation Z Muslim consumers
Islamic Fintech as a Catalyst for Digital Economic Transformation: Opportunities, Challenges, and Policy Strategies in Indonesia Andi Setyo Pambudi
Journal of Business, Finance, and Banking Vol. 2 No. 2 (2026): Journal of Business, Finance, and Banking (JBFB)
Publisher : Institut Keuangan-Perbankan Dan Informatika Asia Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56174/jbfb.v2i2.1336

Abstract

Digital transformation has significantly reshaped the Islamic economic landscape through the adoption of financial technology (fintech), which offers faster, more efficient, and inclusive financial services. As the country with the world's largest Muslim population, Indonesia possesses substantial potential to leverage Islamic fintech in supporting Islamic economic development through expanded financial access, enhanced financing for micro, small, and medium enterprises (MSMEs), the growth of Sharia-compliant investments, and the optimization of digital zakat and waqf management. Nevertheless, the development of Islamic fintech continues to face several challenges, including low levels of Islamic financial and digital literacy, limited human resource capacity, cybersecurity risks, capital constraints, and the need for regulatory harmonization. This study aims to analyze the transformation of the Islamic economy in the digital era, identify the opportunities offered by Islamic fintech, examine the challenges it encounters, and formulate strategies for its sustainable development. The study employs a descriptive qualitative approach through a literature review, utilizing content analysis and SWOT analysis of scientific publications and policy documents. The findings indicate that Islamic fintech plays a strategic role in enhancing financial inclusion, strengthening the halal ecosystem, and supporting inclusive economic development. Therefore, strengthening regulations, improving public literacy, developing human resources, enhancing digital security, and integrating the halal ecosystem are essential to improving the long-term competitiveness of Islamic fintech.

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