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Factors and Strategies Affecting and Improving Financial Performance of Old Age Protection Lumban Benget Hutajulu; Wita Juwita Ermawati; Alim Setiawan Slamet
International Journal of Social Science and Business Vol. 7 No. 1 (2023): February
Publisher : Universitas Pendidikan Ganesha

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23887/ijssb.v7i1.52570

The financial performance of the Old Age Security fund held by BPJS Ketenagakerjaan as an institution that is trusted to provide sustainable social security needs to receive great attention nowadays. This research aims to determine factors and strategies affecting and improving financial performance of old age protection in BPJS Ketenagakerjaan. In this study, there are five independent variables such as: Solvability ratio, effectiveness of membership, effectiveness of dues, efficiency ratio, and varian ratio, while dependent variable is growth assets measured by Return on Net Asset Ratio. T-Test was used to find out the difference of financial condition before and during pandemic, the method of multiple linear regression analysis with dummy variable was utilized with using 2019 and 2020 data to determine the factors that influence financial performance, and SWOT analysis used to determine strategies to improve financial performance. The result of this study shows that financial condition is different before and during pandemic, then solvability, effectiveness of membership, and efficiency factors significantly affect the financial performance of old age security program before and during pandemic. The strategies resulted from SWOT factors include: law enforcement, training, education and etc., related to old age financial performance. At the end, this study is expected to help management in BPJS Ketenagakerjaan improve financial performance of old age security program.

The Determinants of Unemployment Insurance Participation: An Application of Theory of Planned Behaviour Quisty Prima Zanellia; Eko Ruddy Cahyadi; Wita Juwita Ermawati
Jurnal Aplikasi Bisnis dan Manajemen (JABM) Vol. 9 No. 1 (2023): JABM, Vol. 9 No. 1, Januari 2023
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.9.1.25

Unemployment is one of the economic disorders that affect the economic growth rate. In addition, the recent pandemic outbreak has turned the medical crisis into a global financial downturn, threatening the health and employment of people around the world. Unemployment insurance is intended to assist workers with partial and momentary income replacement, access to skill training, and job placement assistance during their unemployment period. The scheme was launched in Indonesia on March 2021. This study analyzed the intention effect toward participation and the effect of attitude, subjective norms, and perceived behavioral control towards the intention to participate using the Theory of Planned Behaviour. The total number of registered companies in DKI Jakarta Regional is 111.855, while the registered workers are 5.853.717. The quantity of samples based on the minimum sample calculation findings with the minimum number of samples obtained is 170 respondents. There were 200 participants of BPJS Ketenagakerjaan in the DKI Jakarta regional office who participated as respondents during the research period. SEM analysis methods are used in this study. The result showed that attitude toward behavior, subjective norms, and perceived behavioral control positively and significantly influence the intention to participate. Subjective norm is significant as an intervening variable between attitude and perceived behavioral control toward the intention to participate. Thus, strategies focusing on these factors can increase participation in the unemployment insurance scheme. Keywords: attitude toward behavior, participation intention, perceived behavioral control, subjective norm, unemployment insurance

Revitalization of Organization and Business Determination of BUMDes Cibadak Mandiri of Cibadak Village, Ciampea District, Bogor Regency Mokhamad Syaefudin Andrianto; Rindang Matoati; Wita Juwita Ermawati
Jurnal Pengabdian kepada Masyarakat (Indonesian Journal of Community Engagement) Vol 9, No 1 (2023): March
Publisher : Direktorat Pengabdian kepada Masyarakat Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jpkm.79467

BUMDes Cibadak Mandiri has stopped operating, so to revive it, it must be replaced by new management. The new management seeks a partner to restore and run the business. The "Dosen IPB Mengabdi" program in BUMDes Cibadak Mandiri aims to assist management in analyzing and evaluating previous management problems, determining business priorities, and motivating new management. The method used in analyzing the problem was a fishbone diagram with a participatory approach and used the brainstorming approach to determine priority business. Management, business unit leaders, and local participants attended the activity. The six main issues found were a need for more capability of human resources, capital, business partner responsibilities, unstructured organization/management, nonperforming loan, and lack of market understanding. Several alternatives were proposed by participants, such as gathering/workshops, training, looking for committed people, investors, and open recruiting volunteers. At the same time, the business priorities that should be carried out are karst mountain tourism, distribution and management of clean water (PAM), and bottled drinking water (AMDK). The methods were conducted to raise awareness of the new board and the role of related stakeholders, especially agreements in describing problems, alternative solutions, and choices of BUMDes business priorities. These processes give valuable insight into the current state of management to reactivate of BUMDes and alternatives action to tackle this situation

The Impact of Quick Response Adoption of Payment Code on MSMEs’ Financial Performance in Indonesia Ratih Anindita Wardhani; Yandra Arkeman; Wita Juwita Ermawati
International Journal of Social Service and Research Vol. 3 No. 3 (2023): International Journal of Social Service and Research (IJSSR)
Publisher : Ridwan Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46799/ijssr.v3i3.294

The COVID-19 and digitalization trends have brought changes to the way producers and consumers interact, especially in payment transactions. In Indonesia, one method of using digital payments is using a QR code standard known as the Quick Response Code Indonesian Standard (QRIS). In accepting technology, the Technology Acceptance Model (TAM) can help predict one's acceptance of technology. The purpose of this research is to see the effect of adopting QR codes for payment on the financial performance of MSMEs in Indonesia and identify the factors and indicators that influence MSMEs in adopting QRIS. There were 296 respondents, who are users and non-users of QRIS from micro businesses throughout Indonesia. Questionnaires were distributed online, and data processing used the Structural Equation Model (SEM). The results show that the intention to adopt QRIS can significantly affect the financial performance of MSMEs, which in this case relates to an increase in the number and nominal transactions, sales turnover, business cash flow, and sales records. Perceived convenience, social influence, perceived usefulness, and perceived cost have a significant effect on influencing micro businesses to use QRIS. On the other hand, perceived compatibility, trust, personal innovativeness, and moderation variable such as length of business and experience of using digital payment does not significantly affect the micro business intention of using QRIS.

The influence of Indonesia’s macroeconomic factors: Inflation and interest rate on large-cap cryptocurrency herding behavior Muhamad Rizky Ramadhan; Wita Juwita Ermawati; Anna Fariyanti
Journal of Accounting and Investment Vol 24, No 2: May 2023
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jai.v24i2.18146

Research aims: This study aims to investigate herding behavior in the large-capitalization cryptocurrency market and analyze the role/influence of Indonesia's macroeconomic factors, namely inflation and interest rates, on herding behavior in the large-cap cryptocurrency market.Design/Methodology/Approach: This study used secondary data from the daily closing prices of five large-cap cryptocurrencies and Indonesia's macroeconomic data (inflation and interest rates) from April 2019 to December 2022 by using the Cross-Sectional Absolute Deviation (CSAD) model and Newey-West estimator regression approach to detect herding behavior with a modified independent variable model involving factors influencing herding behavior.Research findings: Based on the results using the Newey-West estimator, three main results were obtained. First, large-cap cryptocurrency investors tend to be irrational in their decisions and follow the decisions of others without reference to their beliefs or herding during the sample period. Second of the two macroeconomic factors studied, i.e., inflation and interest rates, only changes in inflation rates influence investor herding behavior. Third, the market is inefficient with the proven tendency of herding behavior in large-cap cryptocurrencies.Practical and Theoretical contribution/Originality: This study narrows down the research of previous studies by using cryptocurrency research objects with a large market capitalization (large cap). In addition, this research extends the research of previous studies by considering external factors related to macroeconomic conditions in Indonesia in general, such as the inflation rate and the interest rate. This study can provide information about financial behavior in the cryptocurrency market, especially herding behavior, so that investors and policymakers can be assisted in formulating investment strategies and regulating cryptocurrencies.Research limitation: This research was limited to using only cryptocurrency assets by not using crypto-tokens, non-fungible tokens (NFT), and other crypto-assets.

The Impact of The Russia-Ukraine War on The Dynamics of The Asean-5 Stock Market Damar Agung; Wita Juwita Ermawati; Gendut Suprayitno
Eduvest - Journal of Universal Studies Vol. 3 No. 12 (2023): Journal Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v3i12.984

The capital market can be defined as activities related to public offerings, securities trading, public companies, institutions, and certain professions. One of the factors considered in stock investment is the Efficient Market Hypothesis. The Efficient Market Hypothesis is a financial theory that discusses how asset prices in the market already reflect all available information. This study employs an approach to detect market reaction and market efficiency based on the event of the world oil price decline due to the Russian invasion of Ukraine on March 10, 2022, through excess or abnormal return, price impact, and fluctuation patterns observed using a multifractal model. The research results on the abnormal return of the ASEAN-5 stock index showed a significant negative reaction at t-5 and t-3 during the event of the world oil price decline due to the Ukraine and Russia war in 2022 and a significant positive reaction at t-0 during the event. The average abnormal return before and after the announcement of the world oil price decline due to the Ukraine and Russia war in 2022 showed a significant negative reaction, but there was no significant difference in price impact between before and after the event. The efficiency level of the stock index in ASEAN-5 did not show a significant difference after the announcement of the world oil price decline due to the Ukraine and Russia war in 2022.

Pengaruh Diversifikasi Pendapatan Terhadap Profitabilitas dan Stabilitas Perbankan di Indonesia: The Impact of Income Diversification on Banking Profitability and Stability in Indonesia Tiara Kusumadewi; Wita Juwita Ermawati; Tony Irawan
Jurnal Aplikasi Bisnis dan Manajemen (JABM) Vol. 10 No. 1 (2024): JABM, Vol. 10 No. 1, Januari 2024
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.10.1.239

The global economic crisis that occurred during the COVID-19 pandemic causing credit contraction that negatively affected the banking industry. Previous studies have shown that diversifying the bank's income to non-interest sources able to rescue banks to overcome financial hardship in the crisis but very few studies have been conducted to measure the impact of crisis during COVID-19 pandemic on bank’s profitability and stability. This paper aims to investigates the dynamics and the impact of income diversification on banking profitability and stability in Indonesia uses statistic descriptive and panel data regression of 72 conventional banks grouped into business groups based on core capital during 2017-2021 period, along with bank-specific (cost to income, loan to deposit ratio, capital adequacy ratio, size) and macroeconomic (crisis dummy during COVID-19 pandemic) used as control variables. Based on statistic descriptive, BUKU 1 group's income diversification increased during the crisis but shown a low profitability and stability. BUKU 2 and BUKU 3 group’s stability increased during the crisis but income diversification and profitability decreased. BUKU 4 group has the finest income diversification approach for achieving great profitability and stability. Results of panel data regression show that income diversification have a positive impact on bank’s profitability and stability. Keywords: conventional bank, crisis during covid-19 pandemic, bank’s income diversification, bank’s profitability, bank’s stability

Rationality of Institutional Investor and Investment Decisions in Crisis (A Case Study in Indonesia's Top-4 Banks) Yudha Pradipta Putra; Wita Juwita Ermawati; Gendut Suprayitno
Jurnal Aplikasi Bisnis dan Manajemen (JABM) Vol. 10 No. 1 (2024): JABM, Vol. 10 No. 1, Januari 2024
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.10.1.125

The Covid-19 pandemic triggered fluctuations on the Indonesia Stock Exchange (BEI), particularly in 2020 and 2021. Using data from 720 institutional investors from Indonesia's four largest banks (known as KBMI 4), this study aims to (1) examine the rationality of institutional investors during the pandemic by focusing on investment changes and (2) identifying variables associated with macroeconomics, financial fundamentals, and stock performance that may influence their investment decision. This study employed the Kruskal-Wallis test followed by Dunnett's Multiple Comparison Test. The analysis of the entire sample of investors revealed no statistically significant differences in the value of their investments during the observation period. Further clustered based analysis reveals that investors with high investment value (>$98,700) exhibit investment dynamics, as investment values rose from pre-pandemic levels. The conclusion is that institutional investors have a distinct rationality than individual investors and are generally less susceptible to bias. Panel data modeling: inflation rate, Loan at Risk (LAR) ratio, LAR coverage and Return on Equity (ROE) have a statistically significant impact on the stock investments made by institutional investors in KBMI 4 banks. This identifies asset quality and profitability as two crucial considerations for investors during the pandemic-induced crisis. Keywords: behavioral finance, covid-19, determinant factors, institutional investors, stock investment

Analysis Of Factors Affecting The Intensity Of Octo-Mobile Usage By CIMB Niaga Eka Ayu Agustina; Wita Juwita Ermawati; Rizal Ahmad Fauzi
Eduvest - Journal of Universal Studies Vol. 4 No. 8 (2024): Journal Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v4i8.1443

This study aims to analyze the factors that influence the intensity of use of Octo Mobile mobile banking by CIMB Niaga. This study identifies 8 variables, namely perceived useful-ness, perceived ease of use, interaction needs, perceived risk, perceived cost, trust, credi-bility and compatibility with lifestyle. Through hypothesis testing, this study confirmed the significant effect of these variables on the intensity of use of Octo Mobile. The results show that the most influential factor is compatibility with lifestyle and user needs. This indicates that users highly value the compatibility of mobile banking features with their daily banking activities and overall lifestyle. The next influential factor is the credibility of CIMB Niaga as a mobile banking service provider. Users perceive CIMB Niaga as a trustworthy institution, which ensures the security of personal information and transactions, thus increasing their confidence in using the service. The last influencing factor is perceived usefulness. Users feel that Octo Mobile by CIMB Niaga improves their job performance, makes banking tasks easier, and is overall useful. These findings suggest that to increase the intensity of Octo Mobile usage, CIMB Niaga needs to focus on improving the compatibility of the service with modern lifestyles, maintaining and enhancing credibility through strong security measures and transparent privacy policies, and continuing to innovate to add features that are useful and make users' banking activities easier. This strategic approach is expected to not only increase the intensity of usage but also directly proportional to the increase in bank revenue.

The influence of Indonesia’s macroeconomic factors: Inflation and interest rate on large-cap cryptocurrency herding behavior Muhamad Rizky Ramadhan; Wita Juwita Ermawati; Anna Fariyanti
Journal of Accounting and Investment Vol. 24 No. 2: May 2023
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jai.v24i2.18146

Research aims: This study aims to investigate herding behavior in the large-capitalization cryptocurrency market and analyze the role/influence of Indonesia's macroeconomic factors, namely inflation and interest rates, on herding behavior in the large-cap cryptocurrency market.Design/Methodology/Approach: This study used secondary data from the daily closing prices of five large-cap cryptocurrencies and Indonesia's macroeconomic data (inflation and interest rates) from April 2019 to December 2022 by using the Cross-Sectional Absolute Deviation (CSAD) model and Newey-West estimator regression approach to detect herding behavior with a modified independent variable model involving factors influencing herding behavior.Research findings: Based on the results using the Newey-West estimator, three main results were obtained. First, large-cap cryptocurrency investors tend to be irrational in their decisions and follow the decisions of others without reference to their beliefs or herding during the sample period. Second of the two macroeconomic factors studied, i.e., inflation and interest rates, only changes in inflation rates influence investor herding behavior. Third, the market is inefficient with the proven tendency of herding behavior in large-cap cryptocurrencies.Practical and Theoretical contribution/Originality: This study narrows down the research of previous studies by using cryptocurrency research objects with a large market capitalization (large cap). In addition, this research extends the research of previous studies by considering external factors related to macroeconomic conditions in Indonesia in general, such as the inflation rate and the interest rate. This study can provide information about financial behavior in the cryptocurrency market, especially herding behavior, so that investors and policymakers can be assisted in formulating investment strategies and regulating cryptocurrencies.Research limitation: This research was limited to using only cryptocurrency assets by not using crypto-tokens, non-fungible tokens (NFT), and other crypto-assets.

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