Open for research collaboration: Orcid, Web of Science, Scopus, Google Scholar, Researchgate, SINTA, GARUDA, SISTER, BIMA Linkedin UPWORK
2024
Factors influencing Fintech adoption for women in the post-Covid-19 pandemic
Abstract
Understanding the factors influencing women in adopting and utilizing financial technology (Fintech) services will not only contribute to reduce the gender gap but will also accelerate financial inclusion. The main objective of this research is to examine the antecedents of behavioral intention and use behavior by extending the Technology Acceptance Model (TAM) of women in Indonesia, considering the mediating effect of government support, digital financial literacy and value of status quo in post-Covid-19 pandemic. Further, this study explores the potential differences in the determinants of use behavior between urban and rural respondents. By analyzing 403 Indonesian women respondents using Partial Least Square Structural Equation Modeling (PLS SEM), this study revealed that attitude has the most significant effect in explaining behavioral intention and value of status quo gained the greatest impact on use behavior in post-Covid-19 outbreak. Government support and digital financial literacy play a significant role with small effect size, while value of status quo has large effect size, in mediating the relationship between behavioral intention and use behavior. The finding also documented that the impact of government support on use behavior differs between urban and rural individuals. These findings highlight the need for a different government strategy to increase Fintech adoption for women residing in both urban and rural areas in Indonesia.
Role of Financial Literacy and Saving Habits on Fintech Adoption post Covid-19
Abstract
This research paper enriches existing literature on drivers of fintech adoption, including the impact of perceived trust, individual innovativeness, savings habits, and government support on Indonesian users’ post-COVID-19 pandemic fintech adoption intentions. This study examines the impact of post-Covid-19 changes in people’s behaviour, savings habits and accelerated financial literacy on strengthening Technology Adoption Model (TAM) among Indonesian fintech users. The researchers surveyed 536 people living in Indonesia. The data was analysed using structural equation modelling with moderator variables. It found that ease of use, usefulness, trust and personal innovativeness are key drivers of adoption intentions. The research also found that savings habits significantly increase the influence of government support on fintech adoption. This research has two important implications. First, digital finance companies should further improve fintech app service quality and security. Second, the government should also encourage the expansion of a fintech-based startup ecosystem by providing regulatory support to accelerate the progress of Indonesia’s digital finance industry.
2023
Quest for financial inclusion via digital financial services (Fintech) during COVID-19 pandemic: case study of women in Indonesia (download is limited)
Abstract
Based upon an extended Technology Acceptance Model (TAM), this study aims to investigate the factors influencing the behavioral intention to adopt Fintech from the perspective of Indonesian women. The research data were collected from 409 Indonesian female respondents and analyzed using the SEMinR statistical data analysis tool. Structural equation modeling (SEM) was used to assess this research’s measurement model and structural model. The result shows that perceived usefulness, perceived ease of use, user innovativeness, attitude, trust, and brand image significantly positively impact behavioral intention to adopt Fintech among Indonesian women. Meanwhile, perceived ease of use, financial literacy, and government support are found to have indirect relationships with behavioral intention. In addition, moderation analysis revealed that the saving habits of women during the COVID-19 pandemic reduced the relationship between their innovativeness and behavioral intention to adopt Fintech. Based on these results, we recommend practical suggestions to the government, policymakers, and aspiring Fintech service providers further to enhance women’s empowerment through digital financial inclusion.
The impact of Covid-19 and Russia–Ukraine war on the financial asset volatility: Evidence from equity, cryptocurrency and alternative assets (downloadable)
This study investigates the volatility and external shock persistence within the financial and alternative assets markets during times of crises triggered by Covid-19 and the war in Ukraine. Univariate GARCH family models are used to capture the effect of financial turmoil caused by recent crises. Five different class of assets (which includes Islamic, ESG, Conventional, Crypto, FinTech, and commodities) have been chosen to represent a sample of the worldwide traditional financial market and alternative assets. The findings of this study revealed that almost all financial and alternative assets experienced an increase in volatility, except Bitcoin, across all observation periods. Islamic stock and ESG indexes exhibited high volatility before the Covid-19 outbreak. During the pandemic, all assets became more volatile. In addition, Islamic equities and ESG indexes showed relatively lower risk compared to conventional stocks and other alternative assets during the war. Multiple financial assets tend to be highly volatile during crises; however, global investors need to consider the advantages of incorporating Islamic stocks and ESG indexes as part of their investment portfolio innovation strategy, particularly in the presence of geopolitical risk.
What Drives Individuals to Adopt Fintech: Extended-TAM Model with Gender as Moderating Variable (downloadable)
Abstract
Access to financial services is pivotal in improving welfare, reducing poverty, and accelerating financial inclusion in the emerging nation. This study analyzes the factors that drive consumer adoption of fintech by extending the TAM model with financial literacy and government support, as well as gender as moderating variable. Data was collected from 397 respondents in Indonesia and analyzed using SmartPLS 3.0. The result shows that perceived usefulness, ease of use, financial literacy, and government support significantly affect the adoption of fintech. The moderation analysis reveals that men perceive usefulness as more important for fintech adoption and ease of use for women.
2022
Covid-19 pandemic, asset prices, risks, and their convergence: A survey of Islamic and G7 stock market, and alternative assets (downloadable)
Abstract
The coronavirus (Covid-19) pandemic created a shock not only for the health-care industry but also the global economy and finances. The pandemic also caused an increase in the risk of investing in various financial assets worldwide. To investigate this phenomenon empirically, this study analyzes the behavior of financial assets through risk and return in the time of the Covid-19 outbreak, using the GARCH (Generalized Auto Regressive Conditional Heteroskedasticity) family methods. This study conducts a group analysis asset price performance, based on stock markets in Muslim-majority countries and the Group of Seven (G7) and alternative financial assets. This asset group is selected to represent the characteristics of the global financial market with possibly varied behavior. The results of the study show, first, that the severity of the pandemic had a negative effect on the price performance of some assets, such as Indonesia (Jakarta Islamic Index), the UK (United Kingdom100 Index, ESG (Environmental, Social, and Governance), commodities, 10-year US bonds, and Bitcoin, but the price performance of other assets went in the opposite direction, for example, Malaysia (FBMHS Index), the US (S&P 500 Index), and gold. Second, during the pandemic, most assets became more risky. Third, prices on G7 and Islamic stocks and alternative asset groups had different price and risk convergence patterns. The pandemic contributed to price differentials but not much changed in the risk patterns of the assets. Stock prices in the markets of Muslim-majority countries moved randomly—that is, they did not tend to converge in the pre-crisis period. However, before and during the pandemic, asset risk converged in the markets of Muslim-majority countries, which means that the risk of investing in assets there has long-term risk following the same pattern (i.e., if it increases in one country, assets in the other countries will follow). This pattern makes it easier for investors to observe and make risk decisions on investment in Islamic assets in Muslim-majority countries, so this investment in these assets is sustainable. This study suggests that investment managers diversify financial portfolios based on the type of assets and the severity of the pandemic and the policy response in the relevant country.
Fintech Adoption Drivers for Innovation for SMEs in Indonesia (downloadable)
Abstract
The rapid evolution of technology and a large number of smartphone users are transforming the way the masses access financial services. Fintech companies consistently innovate in developing customized products and services for users and SMEs to increase financial access and inclusiveness to achieve the Indonesian national financial inclusion target of 90 percent by 2024. Access to digital financial products via Fintech contributes to greater financial inclusion for SMEs, particularly during the COVID-19 pandemic, which restricted economic activities. Using an extended TAM model, this study explores the driving factors of Fintech adoption for Indonesian SMEs during the COVID-19 outbreak. Data analysis of 415 respondents was conducted utilizing Smart-PLS 3.0 software. The findings confirm perceived usefulness, perceived ease of use, government support, trust, and user innovativeness to have a direct positive effect on the intention of SMEs to adopt Fintech. The result also reveals that financial literacy indirectly correlates with Fintech adoption mediated by user innovativeness. This indicates that Fintech could contribute to bridging financial inclusion where SMEs with lower financial literacy can utilize financial products and services via Fintech. This is a positive contribution of Fintech for SMEs in developing economies. The present study suggests that policymakers could foster the expansion of Fintech business infrastructure to improve access to SME financial services.
Fintech and Financial Health in Vietnam during the COVID-19 Pandemic: In-Depth Descriptive Analysis (downloadable)
Abstract
The growing popularity of smartphones and the proliferation of technology have accelerated the development of the digital payment industry. Fintech enables customers to access financial services more efficiently and faster than traditional business, especially during the COVID-19 pandemic due to health protocols, including restrictions on physical contact. This study investigates financial literacy, fintech adoption, and the impact of the COVID-19 crisis on the financial health of consumers in Vietnam. The relatively higher level of the unbanked population in Vietnam and the lower level of adult financial literacy compared with the ASEAN region motivated this study. Based on judgment sampling, participants were approached using the mall intercept technique, and those familiar with fintech were selected for the research interview. Thirty participants were interviewed and were given a survey form to be filled online using their mobile phones. Data analysis was conducted using IBM SPSS software version 23. Perceived ease of use, perceived usefulness, trust, brand image, government support, user innovativeness, and attitude are found to be significantly correlated with fintech adoption in Vietnam, while financial literacy was found to be not significantly correlated with fintech adoption. Furthermore, further analysis using multiple linear regression revealed user innovativeness and attitude have a positive impact towards fintech adoption, and in contrast, financial literacy showed significant negative impact on fintech. This inverse relationship could indicate that in Vietnam, fintech may play a role of bringing financial inclusion where people with lower financial literacy are able to use technology for financial transactions, which was previously inaccessible to them. This could also mean that Vietnamese with higher financial literacy do not see fintech as an important tool for their financial transactions, as they may already have strong access to traditional financial facilities. This research contributes to knowledge in the field of Fintech adoption in Vietnam at the time of the COVID-19 outbreak. To foster greater financial inclusivity and access for the Vietnamese consumers, policy makers could promote the development of fintech business infrastructure and regulatory sandboxes to foster fintech startups.
Fintech for Improved Financial Inclusion in Indonesia and Hungary (book chapter)
Indonesia and Hungary have just celebrated 65 years of bilateral cooperation in November 2020. The two countries agreed to improve relations in the technology sector by conducting a two-day HunIndoTech 2.0 Business Forum on 17-18 November 2020. Technology experts and prominent fintech companies from Hungary and Indonesia shared their thoughts on digital solutions, covering infrastructure development, cyber security, and fintech. In conclusion, Government-to-Government (G2G) cooperation would further strengthen the financial sector of both countries, where Indonesia could further boost its internet penetration and financial literacy rate, while Hungary could further cooperate to increase its stock market participation. This would be further accelerated by the rise of fintech in the two countries, which creates financial inclusion to more people in both countries.
Economic and Business Trajectory: Indonesia, Asia and Europe (book chapter)
McKinsey Global Institute, a global business and research agency, forecasts that Indonesia will be the 7th largest economy in the world by 2030. Further, Indonesia’s economy will rise to fourth place by 2050, surpassing advanced economies such as Japan and Germany, according to Pricewaterhouse Coopers (PwC). To turn projections into reality, we need to have the ability to seize all opportunities that can provide economic benefits from various sectors, such as financial technology (Fintech), circular economy, bioenergy, tourism, disaster management, higher education, business, and Small Medium Enterprises (SMEs), agriculture, and other industries.
In this book, we examine the economic activities of other countries in Asia and Europe to explore how they can add value to the Indonesian economy. The majority of the content in this book is based on academic research conducted by 25 authors from 5 countries, including several European Professors.
Financial Market Development on Economic Growth in Indonesia using Principal Component Regression Analysis (downloadable)
Abstract
This study investigates the relationship between macroeconomic variables and financial market development on economic growth in Indonesia using principal component analysis. A quantitative data was collected from World Bank dataset from 2002 to 2019. Data were analysed using statistical software R. Findings reveal principal component analysis is better than multiple linear regression in explaining the correlation among independent and dependent variables. This study also reveals stock traded of total value as percentage of GDP has the biggest effect on the performance on Indonesian economy during research period. In contrast, unemployment has the smallest impact on economic growth in Indonesia. The results assist in understanding the importance of macroeconomic variables and financial market development on the performance of Indonesian economy.
Predicting the Indonesian Islamic Stock Market during Covid-19 Pandemic: A Lasso Approach (downloadable)
Abstract
The study aimed to evaluate the determinant of the Indonesian Islamic stock market price using the Covid-19 index. The dataset consists of the daily closing price of the Jakarta Islamic Index (JII) and six different Covid-19 indices, namely Aggregate Covid Index, Medical Index, Travel Index, Uncertainty Index, Vaccine Index, and Covid Index. This study also accounts for the Covid-19 new cases and death in Indonesia from March 11, 2020, to April 5, 2021. The study adopts Multiple Linear Regression Analysis (MLRA), Principal Component Regression Analysis (PCRA), and Least Absolute Shrinkage and Selection Operator (Lasso) for estimation. Our results show that Lasso outperforms the other two methods, PCRA and MLRA. Vaccine Index, new cases, and new deaths have a positive effect, while Aggregate Covid Index and Covid Index negatively impact predicting the JII during the estimation period.
Forecasting Fintech Stock Index during Covid-19 Outbreak (downloadable)
Abstract
The health crisis caused by the coronavirus (Covid-19) is becoming increasingly severe. Policies such as curfew and lockdowns have impacted decreasing the spread of the virus but pose challenges for the global economy and financial markets. This study investigates the effect of Covid-19 pandemic on the Fintech stock index during the health pandemic. This paper uses the new Covid-19 index dataset, consisting of medical index, travel index, uncertainty index, Covid index, vaccine index, and aggregate Covid index. The KBW NASDAQ financial technology index (KFTX) is adopted as a proxy of the Fintech stock index. Several methods, namely MLRA, PCRA, and Lasso, are applied in predicting factors affecting the Fintech stock index. The findings reveal that PCRA is more efficient and simple in predicting Fintech stock index than MLRA and Lasso. This study also finds that vaccine index positively impacts, while the other five variables, such as aggregate Covid index, medical index, travel index, uncertainty index, and Covid index have a negative correlation to Fintech stock index. Despite the fact that Covid-19 is still evolving, the findings provide the determinants of the Fintech stock index that will be useful for investors to diversify their portfolio of financial assets during a crisis.
2021
GARCH (1,1) Models and Analysis of Stock Market Turmoil during Covid-19 Outbreak in an Emerging and Developed Economy (downloadable)
Abstract
COVID-19 pandemic has led to uncertainties in the financial markets around the globe. The pandemic has caused volatilities in the financial market at varying magnitudes, in the emerging versus developed economy. To examine this phenomenon, this study investigates the impact of COVID-19 pandemic on stock market returns and volatility in an emerging economy, i.e., Indonesia, versus developed country, i.e., Hungary, using an event-study approach methodology utilizing GARCH (1,1) model. In this study, the Jakarta Composite Index (JCI) and the Budapest Stock Exchange (BUX) data were obtained from Investing and Bloomberg, covering two global events observed within the selected period from 27 September 2006 to 31 August 2021. The data is compared with the stock market volatility data from the global financial crisis in 2007/08. Findings reveal that the recent COVID-19 pandemic had negative stock market returns at a greater magnitude compared to the global financial crisis, in both the emerging and developed economy’s equity market. Stock markets in Indonesia and Hungary have experienced volatility during the crisis. While comparing the result between COVID-19 and the global financial crisis, we found that the volatility on the stock markets is higher in the COVID-19 pandemic than during the global financial crisis. The higher stock market negative returns and volatility during the COVID-19 pandemic triggered the lockdown and limited economic activities, which impacted supply and demand shock. The virus’s propagation and mutation are continually evolving, reminding us that the pandemic is far from over. Developed countries with larger fiscal space seem to find it easier to make responsive policies than countries with a tighter financial budget. Fiscal and monetary policies seem to be a quick solution to stabilize the economy and maintain investor confidence in the Indonesian and Hungarian capital markets. Furthermore, the extension of stock market volatility understanding ensures relevant information for investors, which benefits to mitigate the risk and build sustainable investments of the unprecedented events and enables the promotion of Sustainable Development Goal number 8 (SDG8) to communities, with access to financial products including the stock market, especially during economic and financial uncertainties.
User Innovativeness and Fintech Adoption in Indonesia (downloadable)
Abstract
The integration of the financial industry and financial technology (Fintech) plays a pivotal role in increasing financial services reach and inclusion for the large unbanked population in Indonesia. Fintech adoption optimization expands the financial access to formal financial institutions, especially to vulnerable groups such as the unbanked population who predominantly reside in rural areas far from formal financial institutions. Fintech is viewed as a game changer to bring finance to the unreached communities via information technology and digital financial landscape. In this causal research, data collection was done via online questionnaires to 485 Fintech users between December 2020 and April 2021. Data analysis and path modelling was performed using smartPLS 3.0 software. Result shows user innovativeness as a significant predictor, directly and indirectly affecting the adoption of Fintech in Indonesia, while user attitude found the most important factor towards Fintech adoption. Financial literacy is the least important variable to predict Fintech adoption, contrary to popular belief. This indicates that Fintech usage requires less financial literacy and is potential to reach unbanked population and those with low financial literacy. To make Fintech more inclusive, the government needs to accelerate improving Information and Communications Technology (ICT) infrastructure such as widening mobile broadband penetration and soft infrastructure by encouraging Fintech startup, allowing regulatory sandbox for startups, and driving financial institutions to innovate through Fintech to bring financial services to unbanked population.
Achieving Sustainable Economic Growth: Analysis of Islamic Debt and the Islamic Equity Market (downloadable)
Abstract
The financial sector is divided into two broad categories: equity and banking markets. The healthy functioning of these sectors plays an imperative role in any economy. This study aimed to examine the short- and long-term relationship between the Islamic financial sector (Islamic debt and Islamic equity market), and sustainable economic growth of the two economies with the largest Muslim populations. Quarterly data were collected from 2010 to 2019 for Indonesia and Pakistan. The study used autoregressive distributive lag (ARDL) and the error correction method (ECM). The results revealed that in the long run, the Islamic banking sector imparts a significant and positive effect on achieving sustainable economic growth in both countries. However, in the short run, the Islamic stock market was found to have a positive relationship with Pakistan, while the Islamic banking sector had a positive and significant relationship with economic growth in Indonesia.
Financial Market Development and Economic Growth: Evidence from ASEAN and CEE Region (downloadable)
Abstract
Developed financial markets act as a catalyst in promoting greater economic growth for nations. Healthy financial market growth among nations is found to improve good job creations and aid economic growth in line with Sustainable Development Goal 8. Developing economies could emulate the growth principles from developed economies on financial market development. This paper analyzes the impact of financial market development and economic growth in middle-income and high-income countries of ASEAN and CEE countries from 2002 to 2019. Annual time series data were sourced from World Bank using stock market development indicators. The panel data based on the random effect model was employed to determine the correlation between stock market development and economic growth. The findings of the study reveal that market capitalization and total stock traded from the total value positively impact economic growth. In contrast, the relationship between the stock traded of domestic share and GDP growth is negative. To foster greater economic growth, countries and policymakers need to focus on developing the financial market sector and maintaining the macroeconomic stability.
Islamic Financial Depth, Financial Intermediation, and Sustainable Economic Growth: ARDL Approach (downloadable)
Abstract
The pre-eminence of Islamic finance from the perspective of economic growth has been a long-standing debate. In recent decades, there has been a paradigm shift from interest-based banking to Islamic financial system. This study intends to examine the dynamic interaction of Islamic financial depth (IFD), Islamic financial intermediation (IFI), and asset quality with economic growth in a dual banking system. The paper employs autoregressive distributive lag regression (ARDL), error correction model (ECM) and Granger causality to examine the long and short run linkage by using the quarterly data of Pakistan from 2005 to 2019. The authors run two models to analyze the relative importance of financial depths (Islamic and conventional), financial intermediation (Islamic and conventional), and asset quality of both financial systems. A long-run relationship flowing from finance to growth in both Islamic and conventional finance models has been observed in our study. Furthermore, the findings recommend that strong financial intermediation plays an imperative role in driving economic growth by both financial sectors. The presence of a higher degree of Islamic financial assets in the economy contributes towards economic growth in the short-run. The results show that asset quality possibly plays an important intervening role in the overall finance-growth nexus.
Financial Literacy and Stock Market Participation in Indonesia (downloadable)
Abstract
Financial literacy is critical for the future well-being of individuals. Understanding the basic concept of finance enables people to make sound financial decisions and gain a better knowledge of investment. The study measures financial literacy and its impact on stock market participation using the big three questions of interest compounding, inflation, and risk diversification. An empirical survey was conducted on 215 respondents in Indonesia. The data was collected through an online questionnaire from June 14 to September 30, 2021. The binary logistic regression was applied to analyze the data. The empirical result confirms that fewer than half of respondents answer financial literacy questions correctly. The proportion of correct answers for compound interest is 47%, followed by risk diversification and inflation at 37% and 34%. Furthermore, employment status, compound interest, and inflation significantly impact stock market participation. However, gender, marital status, and risk diversification were insignificantly related to stock market participation in Indonesia. The research contributes to policymakers in understanding the determinant of stock market participation in Indonesia.
The Need for Financial Literacy Education for University Students in Indonesia (downloadable)
Abstract
The purpose of the financial literacy education program is to provide basic finance skills and increase the financial inclusion of the younger generation, especially Indonesian students. Financial training includes knowledge of inflation, numeracy and compound interest, and risk diversification. The objects of financial literacy training are students in Palembang from various universities, both public and private. The study finds that students’ knowledge of numeracy and inflation is relatively higher than risk diversification. This training is also in line with the goal of the Indonesian government, which targets public financial literacy above 75%. In the future, students who have attended the training can apply basic financial knowledge in making financial planning and decision.
Pendampingan Penyusunan Laporan Intelijen Bisnis Produk Elektronik ITPC Budapest (downloadable)
Abstract
Kegiatan ekspor dan impor berperan penting bagi perekonomian Indonesia. Oleh kerena itu, pemerintah perlu menentukan strategi guna memperkuat ekspor Indonesia ke negara lain, termasuk Hongaria. Laporan intelijen bisnis dilakukan untuk melihat peluang ekspor produk-produk Indonesia ke Eropa, khususnya melalui kantor International Trade Promotion Center (ITPC) Budapest. Laporan ini disusun untuk memberikan gambaran tentang potensi pengembangan pasar produk Indonesia ke Hongaria. Analisis dilakukan dengan pendekatan kualitatif dan kuantitatif. Secara khusus, laporan ini menyajikan hasil pengamatan terhadap produk-produk elektornik dengan kode HS-85. Produk HS-85 yang dianalisis memiliki kontribusi besar terhadap total ekspor Indonesia ke Hongaria. Selain itu, tren positif dari produk-produk HS-85 menggambarkan stabilitas permintaan produk Indonesia di Hongaria, juga menjadi poin penting dalam analisa bisnis.
2020
Does US-China Trade War Matter on ASEAN Stock Market: Event-study Approach (downloadable)
Abstract
The trade war between the US and China by imposing tariffs has the potential to affect global financial stability. As the largest economy in the world, the US and China had been trading goods and services globally. Then, when these countries have retaliated, the tariff war will affect the global supply chain, international trade, economy, and the stock market. This research examined the effect of the US-China trade war on ASEAN stock prices using an event-study approach. The result shows that the ASEAN stock market has positive abnormal returns during pre-event period (12%). In contrast, ASEAN stock markets shifted to negative abnormal return (-7.4%) in the short-term window, indicating that the stock market is efficient. Stock price reflects the information from the market quickly. However, the impact of the trade war on the ASEAN stock market is insignificant.
Stock Market Development and Commodity Price on ASEAN-5 Economic Growth (downloadable)
Abstract
The advance in financial service industry and commodity price’s fluctuation play a pivotal role for the development of economic growth. This study attempted at analyzing the relationship among stock market development (market capitalization, total value traded ratio and turnover ratio), commodity price (Coal, CPO, Oil, Rubber, and Gold) on economic growth in ASEAN-5 countries, namely Indonesia, Malaysia, Singapore, Thailand, and the Philippines. All the annual data has been taken from World Bank over the period of 2000 to 2018. The panel data was applied by using Eviews 9. The result revealed that market capitalization, total value traded ratio, oil and rubber have positive impact, while turnover ratio, crude palm oil, and gold have negative impact on economic growth. This research will help investors and policy makers to understand the impact of stock market development and commodity price for economic growth in ASEAN-5 countries.
Descriptive Analysis of Financial Literacy: Evidence from Public and Private University Students in Indonesia (downloadable)
Abstract
Financial knowledge plays a pivotal role to survive in modern society. The study measures the financial literacy level of public and private university students in Indonesia by distributing an online questionnaire to 608 respondents. The questions of financial literacy refer to the Standard & Poor’s Rating Services, which covered three subjects, namely numeracy and compound interest, inflation, and risk diversification. For this purpose, the level of financial literacy was conducted using descriptive statistics (Eviews). The result shows that there is 12% of the respondents from public universities answered all questions correctly, which is relatively high compared to private university students are at 10%. In addition, more than half of respondents are able to answer the question about numeracy and compound interest correctly, and inflation is 39%. On the other hand, the score is only 27% for the correct answer related to risk diversification. Financial illiteracy consequences are poor financial decisions that can impact their future finance.
Edukasi Literasi Keuangan bagi Mahasiswa di Kota Palembang (downloadable)
Literasi Keuangan Pelaku Usaha Mikro, Kecil dan Menengah (UMKM) Kota Palembang (downloadable)
2019
Exploring Consumer Vulnerability Using Fintech and Bank Loan Data (downloadable)
Abstract
Financial services play a pivotal role to improve people’s lives. Despite its importance, about 40% of Indonesian population remains financially excluded from credit. Although there have been numerous studies analyzing barriers to financial services in Indonesia, none of these focus on understanding consumer vulnerability in the context of both fintech and bank loan. This study identifies different factors contributing to consumer vulnerability for fintech and long-term bank loan customers. Age has different roles in determining the loan vulnerability, with a higher risk for fintech loan customers and lower risk for property mortgage (KPR). This paper helps fintech companies and policy makers to understand the factors contributing to consumer vulnerability both short-term and long-term credit loans.
Macroeconomic Indicators and Stock Market Development on Economic Growth: Empirical Evidence from ASEAN Countries (downloadable)
Abstract
ASEAN region takes benefit from a great financial integration; however, this region has been subjected to external economic shock. This study focused on analyzing the impact of macroeconomic indicators and stock market development on economic growth in ASEAN countries (Indonesia, Malaysia, Singapore, Thailand, The Philippines, and Vietnam) for the period from 2008 to 2018. The panel data was employed to determine how market capitalization, turnover ratio, real interest rate, and inflation have impact on economic growth in ASEAN. This study revealed that all stock market development variables have positive impact on economic growth, but the correlation between real interest rate and inflation was negative. As a result, this study recommends that ASEAN authorities should focus on stock market development as well as control macroeconomic variables prudently to boost economic growth.
Sosialisasi Blockchain sebagai Solusi Bisnis Masa Depan bagi Pelaku Usaha Mikro, Kecil dan Menengah (UMKM) di Kota Palembang (downloadable)
Pelatihan Literasi Keuangan Generasi Milenial di Palembang (downloadable)
2018
LASSO Technique Application in Stock Market Modelling: An Empirical Evidence in Indonesia (downloadable)
Abstract
The stock market has captured the attention of many investor communities and scholars. It has become one of the most crucial aspects of a modern market economy. This study aims to determine the LASSO technique applications on the stock market in Indonesia. Furthermore, this research also compare linear regression techniques using the least squares method and using the LASSO approach to find out which model is the most appropriate and simple in making the estimation. The data is composed of daily closing stock price over the period from January 1,2000 to December 31, 2014. The results suggest that the best model in Indonesia Stock Market data of 2000-2014 is using LASSO techniques due to more simpler and the result of estimation relatively similar with least square regression model.
Perbandingan Dampak Ekonomi Transportasi Berbasis Jaringan dan Transportasi Konvensional di Negara Berkembang: Studi Kasus di Kota Palembang, Indonesia (downloadable)
Edukasi Literasi Keuangan Pasar Modal Pengurus PKK Kecamatan SAKO Palembang (downloadable)
Edukasi E-Commerce pada Pelaku Usaha Mikro, Kecil dan Menengah (UMKM) di Kota Palembang (downloadable)
2017
Forecasting Islamic and Conventional Stock Price using Artificial Intelligence: A Case Study in Indonesia (downloadable)
Abstract
This study is conducted to forecast stock price in Indonesia using artificial intelligence. The data is composed of daily closing stock index both Jakarta Islamic Index (JII) over the period from January 2, 1995 – August 31, 2017 and Jakarta Composite Index (JCI) from April 4, 1983 to August 31, 2017. The research methodology employed includes artificial neural network (ANN). The result of this study reveal evidence that the most effective network design to predict JII are 4 input layers, 4 hidden layers, and 1 output layer. On the other hand, JCI’s effective network design are 2 input layers, 6 hidden layers, and 1 output layer. Futhermore, we find that ANN has better function to predict on stock market prices which has short term period instead of medium term and long term period.
The Impact of G7 Stock Market to ASEAN-5 Stock Market (downloadable)
Pengaruh Pasar Modal Negara G-3 terhadap Pasar Modal ASEAN-5 (downloadable)
Perbandingan Kinerja Pasar Modal Syariah dan Konvensional: Suatu Kajian Empiris pada Pasar Modal Indonesia (downloadable)
2016
The Influence of United States Stock Market to ASEAN-5 Stock Market in Condition: Before and During Subprime Mortgage Crisis (downloadable)
Abstract
This study is conducted to determine the impact of U.S. stock market on ASEAN five stock markets before and during subprime mortgage crisis. The data is composed of daily closing stock price over the period from January 1st 2000 – June 1st 2007 (before crisis), June 2nd 2007 – April 2nd 2009 (during crisis),. The research methodology employed includes linear regression and chow test. The results of this study reveal evidence that U.S. stock market significantly give the positive effect on ASEAN five stock markets before, and during subprime mortgage crisis. Chow test result showed that there are differences of influence among U.S. stock market and ASEAN five stock markets before and during subprime mortgage crisis.
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