Economic shocks are believed to have a major impact on economic stability. The purpose of this st... more Economic shocks are believed to have a major impact on economic stability. The purpose of this study was to determine and analyze the effect of Liquidity, Leverage, Profitability and the Covid-19 pandemic on the firm value of state-owned banks listed on the Indonesia Stock Exchange (IDX). The data used is the financial statement data of state-owned banks listed on IDX for the 2011-2021 period. The population of this study are state-owned bank companies listed on the Indonesia Stock Exchange. Sampling in this study was carried out using purposive sampling method. Based on predetermined criteria, 44 data were obtained. The data analysis used in this research are Multiple Linear Regression Analysis and Data Panel, then at the end of analysis is also strengthened by Structural Break Test and Panel Cointegration Test. The results from Data Panel showed that Liquidity has a negative and significant effect on Firm Value, meanwhile Leverage and Profitability has insignificant effect on Firm Value. Structural Break Test and Panel Cointegration Test both strongly showed there is an impact the Covid-19 pandemic on Firm Value.
INOVASI: Jurnal Ekonomi, Keuangan dan Manajemen, 2022
In the era where technology and big data play the key role in determining success, a lot of start... more In the era where technology and big data play the key role in determining success, a lot of startups emerged utilizing the opportunities to grab market, Gojek is one of the successful startups which claimed itself as the first super-app in the world. Despite its claim, Gojek faces intense competition with Grab, another super-app in Indonesia, and therefore ensuring qualities in its application hold important role to determine customer satisfaction to maintain the market. This study aims to analyze the effect of qualities attributes of system, information, and digital payment on customer satisfaction of Gojek Super Application through a sample of 100 respondents which were selected through purposive sampling method. The result revealed that system, information, and digital payment quality affected customer satisfaction significantly both partially and simultaneously. This research recommends Gojek to evaluate the service quality in its super app by considering the qualities of system, information and digital payment to improve customer satisfaction.
RJABM (Research Journal of Accounting and Business Management), 2017
Does education can explain economic growth? The aim of this study is to find out the impact of ed... more Does education can explain economic growth? The aim of this study is to find out the impact of education on economic growth with two different approach that is the old approachcalled Augmented Solow Model (Neoclassical Growth Theory) and newer approach called New Growth Theory. Many research used this two model and found different result, in broad outline there are still two conclusion about impact education on economic growth. First, many researcher still conclude that education is one of important variable that influence economic growth, and vice versa. Apart from the fact that education still give two conclusion, New Growth Theory with TFP serves a broader view about what channel that used by education to influence economic growth that is from diffusion and innovation.
Human Capital is undeniably a very important factor for economic growth. In this paper, we invest... more Human Capital is undeniably a very important factor for economic growth. In this paper, we investigate the impact of Human Capital on growth using the Neoclassical and Endogenous Growth models. We use the Generalized Method of Moment (GMM) method with 8 different Human Capital proxies measured in terms of quantity and quality of education. Using the LSDV method, we find: (i) Human Capital plays a significant role in explaining growth, (ii) Identical initial technology assumption cannot be ignored in the growth model, (iii) The selection of proxies in terms of quantity and quality of education is very influential on the conclusion of the impact of Human Capital. to growth. With the GMM method, it is concluded that followers will diffuse to catch-up leader, while countries that are close to the leader will take advantage of the power of innovation. Our results also reinforce the view that trade and institutions are two of the most influential factors in our model. Finally, it is important to examine the issue of income inequality in developing country growth models and the issue of reverse causality between education and economic growth.
In times of uncertainty such as a crisis, a company needs to maintain its value for its investors... more In times of uncertainty such as a crisis, a company needs to maintain its value for its investors. Theory suggests that for uncertainty, the company needs to have cash holding, but on the other hand, it needs to pay dividends. Therefore, this research aims to prove the relationship between factors that affect firm value with cash holding and dividend policy as mediation. We conduct this research on the manufacturing company from 2015 to 2021 registered on Indonesia Stock Exchange. Using the purposive sampling method, 82 company was chosen and 574 data was studied. To test our hypotheses, we use SmartPLS. The results proved that cash holding can influence firm value, while dividend policy cannot. For the indirect effect, we found that profitability and net working capital indirectly affect firm value through cash holding. We explain the theory and practical implications and describe our study’s limitations. For future research, we suggest differentiating firm value before and during ...
International Journal of Finance, Insurance and Risk Management, 2020
The primary aim of this study is to explain the causality between exchange rate and
stock price... more The primary aim of this study is to explain the causality between exchange rate and
stock prices, particulary in ASEAN-5 countries. The research also aims to complement
previous researches discussing the relationship between exchange rate and stock prices. This research employs secondary data from 5 ASEAN countries, Malaysia, Indonesia, Singapore, Thailand, and the Philippines. The data include stock prices and daily exchange rates in the period 2010-2018. The research uses time series analysis through several procedures such as stationarity test and cointegration test, then applies Bivariate Vector Autoreggresive (BVAR) towards the data to identify whether they support traditional approach or portfolio balance aproach. This research also applies time series analysis to increase the accuracy of the findings. This research found that between the period 2010-2018, there were two countries within the ASEAN-5 which support the research hypothesis of portfolio balance approach,
Singapore and Malaysia, whereas the rest did not support neither hypotheses, the traditional approach and the portfolio balance approach. Among three of the ASEAN-5, Indonesia, Thailand, and the Philippines, it can be assumed that exchange rate is not the proper indicator for stock market condition in those countries as previously assumed by researchers. On the other hand, the result of the remaining two countries Malaysia and Singapore showed vibrant insight on the causality between their financial sector and exchange rate.
Does education promote economic growth? The aim of this study is to find out the impact of educat... more Does education promote economic growth? The aim of this study is to find out the impact of education on economic growth in Indonesia. This research employed panel data technique to investigate the relationship between education and economic growth in Indonesia during the period 1996-2009. The empirical results show that education per worker has a positive and significant impact on economic growth. The estimates of panel model suggest that a 1% increase in average education per worker will lead to about 1.56% increase in output. By using instrument analysis, researchers found that Jawa Timur is a province with highest economic growth in Indonesia. In contrast, Bengkulu experiences the lowest position with the lowest economic growth. The results show us that there are still substantial disparities within the provinces in Indonesia.
Does education can explain economic growth? The aim of this study is to find out the impact of ed... more Does education can explain economic growth? The aim of this study is to find out the impact of education on economic growth with two different approach that is the old approach called Augmented Solow Model (Neoclassical Growth Theory) and newer approach called New Growth Theory. Many research used this two model and found different result, in broad outline there are still two conclusion about impact education on economic growth. First, many researcher still conclude that education is one of important variable that influence economic growth, and vice versa. Apart from the fact that education still give two conclusion, New Growth Theory with TFP serves a broader view about what channel that used by education to influence economic growth that is from diffusion and innovation.
Research Journal of Accounting and Business Management, 2018
Time series analysis in financial sector has grown in popularity since the last few decades, theo... more Time series analysis in financial sector has grown in popularity since the last few decades, theories about capital markets are increasingly studied since Capital Asset Pricing Model (CAPM) and Arbitrage Pricing Theory (APT) are often compared and paired with one another. The development of APT is widespread by involving many macroeconomic variables. Unfortunately there is no consensus until now. This paper aims to examine the relevance of APT in the case of Indonesia during the period 2009-2017 with standard multiple regression equations. From three independent variables, only exchange rates have a significant influence on the composite stock price (IHSG) in Indonesia, while inflation and GDP have no significant effect on stock prices. 99.8% variation in stock price formation can be explained by independent variables where there is a positive relationship between exchange rate and stock price indicates a mechanism of stock price formation through strong domestic demand before fourt...
Faizal Reza, 2012. Impact of Education on Economic Growth in Indonesia Province: Neoclassical App... more Faizal Reza, 2012. Impact of Education on Economic Growth in Indonesia Province: Neoclassical Approach and New Growth Theory, under the guidance of Budiono Sri Handoko. Does education affect economic growth?, The aim of this study was to find the impact of education on economic growth in Indonesia provinces by using the Neoclassical approach and New Endogenous Growth Theory. This thesis uses panel data methods to investigate the relationship between education and economic growth in Indonesia during the period 2000-2010. The results showed that although there are differences in the assumptions between two approaches, but both were able to explain the impact of education on growth variables very well. In Neoclassical approach, education has positive and significant impact on growth through its growth rate. While on the other hand, NGT through its productivity show to us the important role of education in derive growth through innovation and diffusion of technology. The result also showed to us that although in general category of the provinces gain benefit from education to facilitate innovation, but there are only a few categories of provinces are able to get educational benefits in facilitating technology diffusion (i.e. the upper and lower provinces). Finally, the findings generally reinforce the hypothesis that the leaders will continue to innovate and maintain their position while the follower regions tend to perform diffusion to pursue areas that have been developed
The aim of this research was to provide the evidence of economic benefits resulted from developme... more The aim of this research was to provide the evidence of economic benefits resulted from development of APT Pranoto airport towards East Kalimantan which will strengthen the support of the development of the new airport from various stakeholders. This research applied input-output, analysis to estimate the economic impact i.e impact of expenditure on construction phase. Direct impact includes the increase in gross value added as well as income from tax payment and create new employment. Indirect impact includes increase in capital spending of the workers and more money circulated within the area of East Kalimantan. This study conclude that there are direct and indirect impacts from APT Pranoto airport during construction phase within the period of 5 years. The findings can be used to emphasize APT Pranoto Airport Project in gaining funding and acceptance from local economy.
Economic shocks are believed to have a major impact on economic stability. The purpose of this st... more Economic shocks are believed to have a major impact on economic stability. The purpose of this study was to determine and analyze the effect of Liquidity, Leverage, Profitability and the Covid-19 pandemic on the firm value of state-owned banks listed on the Indonesia Stock Exchange (IDX). The data used is the financial statement data of state-owned banks listed on IDX for the 2011-2021 period. The population of this study are state-owned bank companies listed on the Indonesia Stock Exchange. Sampling in this study was carried out using purposive sampling method. Based on predetermined criteria, 44 data were obtained. The data analysis used in this research are Multiple Linear Regression Analysis and Data Panel, then at the end of analysis is also strengthened by Structural Break Test and Panel Cointegration Test. The results from Data Panel showed that Liquidity has a negative and significant effect on Firm Value, meanwhile Leverage and Profitability has insignificant effect on Firm Value. Structural Break Test and Panel Cointegration Test both strongly showed there is an impact the Covid-19 pandemic on Firm Value.
INOVASI: Jurnal Ekonomi, Keuangan dan Manajemen, 2022
In the era where technology and big data play the key role in determining success, a lot of start... more In the era where technology and big data play the key role in determining success, a lot of startups emerged utilizing the opportunities to grab market, Gojek is one of the successful startups which claimed itself as the first super-app in the world. Despite its claim, Gojek faces intense competition with Grab, another super-app in Indonesia, and therefore ensuring qualities in its application hold important role to determine customer satisfaction to maintain the market. This study aims to analyze the effect of qualities attributes of system, information, and digital payment on customer satisfaction of Gojek Super Application through a sample of 100 respondents which were selected through purposive sampling method. The result revealed that system, information, and digital payment quality affected customer satisfaction significantly both partially and simultaneously. This research recommends Gojek to evaluate the service quality in its super app by considering the qualities of system, information and digital payment to improve customer satisfaction.
RJABM (Research Journal of Accounting and Business Management), 2017
Does education can explain economic growth? The aim of this study is to find out the impact of ed... more Does education can explain economic growth? The aim of this study is to find out the impact of education on economic growth with two different approach that is the old approachcalled Augmented Solow Model (Neoclassical Growth Theory) and newer approach called New Growth Theory. Many research used this two model and found different result, in broad outline there are still two conclusion about impact education on economic growth. First, many researcher still conclude that education is one of important variable that influence economic growth, and vice versa. Apart from the fact that education still give two conclusion, New Growth Theory with TFP serves a broader view about what channel that used by education to influence economic growth that is from diffusion and innovation.
Human Capital is undeniably a very important factor for economic growth. In this paper, we invest... more Human Capital is undeniably a very important factor for economic growth. In this paper, we investigate the impact of Human Capital on growth using the Neoclassical and Endogenous Growth models. We use the Generalized Method of Moment (GMM) method with 8 different Human Capital proxies measured in terms of quantity and quality of education. Using the LSDV method, we find: (i) Human Capital plays a significant role in explaining growth, (ii) Identical initial technology assumption cannot be ignored in the growth model, (iii) The selection of proxies in terms of quantity and quality of education is very influential on the conclusion of the impact of Human Capital. to growth. With the GMM method, it is concluded that followers will diffuse to catch-up leader, while countries that are close to the leader will take advantage of the power of innovation. Our results also reinforce the view that trade and institutions are two of the most influential factors in our model. Finally, it is important to examine the issue of income inequality in developing country growth models and the issue of reverse causality between education and economic growth.
In times of uncertainty such as a crisis, a company needs to maintain its value for its investors... more In times of uncertainty such as a crisis, a company needs to maintain its value for its investors. Theory suggests that for uncertainty, the company needs to have cash holding, but on the other hand, it needs to pay dividends. Therefore, this research aims to prove the relationship between factors that affect firm value with cash holding and dividend policy as mediation. We conduct this research on the manufacturing company from 2015 to 2021 registered on Indonesia Stock Exchange. Using the purposive sampling method, 82 company was chosen and 574 data was studied. To test our hypotheses, we use SmartPLS. The results proved that cash holding can influence firm value, while dividend policy cannot. For the indirect effect, we found that profitability and net working capital indirectly affect firm value through cash holding. We explain the theory and practical implications and describe our study’s limitations. For future research, we suggest differentiating firm value before and during ...
International Journal of Finance, Insurance and Risk Management, 2020
The primary aim of this study is to explain the causality between exchange rate and
stock price... more The primary aim of this study is to explain the causality between exchange rate and
stock prices, particulary in ASEAN-5 countries. The research also aims to complement
previous researches discussing the relationship between exchange rate and stock prices. This research employs secondary data from 5 ASEAN countries, Malaysia, Indonesia, Singapore, Thailand, and the Philippines. The data include stock prices and daily exchange rates in the period 2010-2018. The research uses time series analysis through several procedures such as stationarity test and cointegration test, then applies Bivariate Vector Autoreggresive (BVAR) towards the data to identify whether they support traditional approach or portfolio balance aproach. This research also applies time series analysis to increase the accuracy of the findings. This research found that between the period 2010-2018, there were two countries within the ASEAN-5 which support the research hypothesis of portfolio balance approach,
Singapore and Malaysia, whereas the rest did not support neither hypotheses, the traditional approach and the portfolio balance approach. Among three of the ASEAN-5, Indonesia, Thailand, and the Philippines, it can be assumed that exchange rate is not the proper indicator for stock market condition in those countries as previously assumed by researchers. On the other hand, the result of the remaining two countries Malaysia and Singapore showed vibrant insight on the causality between their financial sector and exchange rate.
Does education promote economic growth? The aim of this study is to find out the impact of educat... more Does education promote economic growth? The aim of this study is to find out the impact of education on economic growth in Indonesia. This research employed panel data technique to investigate the relationship between education and economic growth in Indonesia during the period 1996-2009. The empirical results show that education per worker has a positive and significant impact on economic growth. The estimates of panel model suggest that a 1% increase in average education per worker will lead to about 1.56% increase in output. By using instrument analysis, researchers found that Jawa Timur is a province with highest economic growth in Indonesia. In contrast, Bengkulu experiences the lowest position with the lowest economic growth. The results show us that there are still substantial disparities within the provinces in Indonesia.
Does education can explain economic growth? The aim of this study is to find out the impact of ed... more Does education can explain economic growth? The aim of this study is to find out the impact of education on economic growth with two different approach that is the old approach called Augmented Solow Model (Neoclassical Growth Theory) and newer approach called New Growth Theory. Many research used this two model and found different result, in broad outline there are still two conclusion about impact education on economic growth. First, many researcher still conclude that education is one of important variable that influence economic growth, and vice versa. Apart from the fact that education still give two conclusion, New Growth Theory with TFP serves a broader view about what channel that used by education to influence economic growth that is from diffusion and innovation.
Research Journal of Accounting and Business Management, 2018
Time series analysis in financial sector has grown in popularity since the last few decades, theo... more Time series analysis in financial sector has grown in popularity since the last few decades, theories about capital markets are increasingly studied since Capital Asset Pricing Model (CAPM) and Arbitrage Pricing Theory (APT) are often compared and paired with one another. The development of APT is widespread by involving many macroeconomic variables. Unfortunately there is no consensus until now. This paper aims to examine the relevance of APT in the case of Indonesia during the period 2009-2017 with standard multiple regression equations. From three independent variables, only exchange rates have a significant influence on the composite stock price (IHSG) in Indonesia, while inflation and GDP have no significant effect on stock prices. 99.8% variation in stock price formation can be explained by independent variables where there is a positive relationship between exchange rate and stock price indicates a mechanism of stock price formation through strong domestic demand before fourt...
Faizal Reza, 2012. Impact of Education on Economic Growth in Indonesia Province: Neoclassical App... more Faizal Reza, 2012. Impact of Education on Economic Growth in Indonesia Province: Neoclassical Approach and New Growth Theory, under the guidance of Budiono Sri Handoko. Does education affect economic growth?, The aim of this study was to find the impact of education on economic growth in Indonesia provinces by using the Neoclassical approach and New Endogenous Growth Theory. This thesis uses panel data methods to investigate the relationship between education and economic growth in Indonesia during the period 2000-2010. The results showed that although there are differences in the assumptions between two approaches, but both were able to explain the impact of education on growth variables very well. In Neoclassical approach, education has positive and significant impact on growth through its growth rate. While on the other hand, NGT through its productivity show to us the important role of education in derive growth through innovation and diffusion of technology. The result also showed to us that although in general category of the provinces gain benefit from education to facilitate innovation, but there are only a few categories of provinces are able to get educational benefits in facilitating technology diffusion (i.e. the upper and lower provinces). Finally, the findings generally reinforce the hypothesis that the leaders will continue to innovate and maintain their position while the follower regions tend to perform diffusion to pursue areas that have been developed
The aim of this research was to provide the evidence of economic benefits resulted from developme... more The aim of this research was to provide the evidence of economic benefits resulted from development of APT Pranoto airport towards East Kalimantan which will strengthen the support of the development of the new airport from various stakeholders. This research applied input-output, analysis to estimate the economic impact i.e impact of expenditure on construction phase. Direct impact includes the increase in gross value added as well as income from tax payment and create new employment. Indirect impact includes increase in capital spending of the workers and more money circulated within the area of East Kalimantan. This study conclude that there are direct and indirect impacts from APT Pranoto airport during construction phase within the period of 5 years. The findings can be used to emphasize APT Pranoto Airport Project in gaining funding and acceptance from local economy.
Uploads
Papers by Faizal Reza
stock prices, particulary in ASEAN-5 countries. The research also aims to complement
previous researches discussing the relationship between exchange rate and stock prices. This research employs secondary data from 5 ASEAN countries, Malaysia, Indonesia, Singapore, Thailand, and the Philippines. The data include stock prices and daily exchange rates in the period 2010-2018. The research uses time series analysis through several procedures such as stationarity test and cointegration test, then applies Bivariate Vector Autoreggresive (BVAR) towards the data to identify whether they support traditional approach or portfolio balance aproach. This research also applies time series analysis to increase the accuracy of the findings. This research found that between the period 2010-2018, there were two countries within the ASEAN-5 which support the research hypothesis of portfolio balance approach,
Singapore and Malaysia, whereas the rest did not support neither hypotheses, the traditional approach and the portfolio balance approach. Among three of the ASEAN-5, Indonesia, Thailand, and the Philippines, it can be assumed that exchange rate is not the proper indicator for stock market condition in those countries as previously assumed by researchers. On the other hand, the result of the remaining two countries Malaysia and Singapore showed vibrant insight on the causality between their financial sector and exchange rate.
stock prices, particulary in ASEAN-5 countries. The research also aims to complement
previous researches discussing the relationship between exchange rate and stock prices. This research employs secondary data from 5 ASEAN countries, Malaysia, Indonesia, Singapore, Thailand, and the Philippines. The data include stock prices and daily exchange rates in the period 2010-2018. The research uses time series analysis through several procedures such as stationarity test and cointegration test, then applies Bivariate Vector Autoreggresive (BVAR) towards the data to identify whether they support traditional approach or portfolio balance aproach. This research also applies time series analysis to increase the accuracy of the findings. This research found that between the period 2010-2018, there were two countries within the ASEAN-5 which support the research hypothesis of portfolio balance approach,
Singapore and Malaysia, whereas the rest did not support neither hypotheses, the traditional approach and the portfolio balance approach. Among three of the ASEAN-5, Indonesia, Thailand, and the Philippines, it can be assumed that exchange rate is not the proper indicator for stock market condition in those countries as previously assumed by researchers. On the other hand, the result of the remaining two countries Malaysia and Singapore showed vibrant insight on the causality between their financial sector and exchange rate.