PurposeThis study aims to investigate the market reaction to the Russian invasion of Ukraine, spe... more PurposeThis study aims to investigate the market reaction to the Russian invasion of Ukraine, specifically in the banking sector.Design/methodology/approachThe research uses an event study and cross-sectional analysis, with market reaction measured by cumulative abnormal return (CAR). The sample comprised 1,126 banks.FindingsThe results show that the market reacted negatively to the invasion both before and after its announcement. Developed and emerging markets saw a negative impact from the invasion, while frontier markets experienced only a slight impact. The authors also find that the banking markets of North Atlantic Treaty Organization (NATO) members reacted significantly and negatively both before and after the invasion was announced. This demonstrates that the negative market reaction of NATO members was more impactful than that of other markets. Overall, this study shows that investors in the banking market are very sensitive to war.Originality/valueThis is the first study t...
Journal of Open Innovation: Technology, Market, and Complexity
This study aims to comprehensively analyze the market reaction within the consumer staples sector... more This study aims to comprehensively analyze the market reaction within the consumer staples sector towards the Russian invasion of Ukraine. With a sample size of 2376 companies operating in the consumer staples industry, the event study method utilizing cumulative abnormal return (CAR) is employed to measure market response. The findings reveal a significant negative impact of the invasion on the global consumer staples market, particularly in developed and emerging markets. All industries within the consumer staples sector exhibited adverse reactions both before and after the announcement, with the beverage and household product industry experiencing the most severe consequences compared to other sectors. Moreover, our study uncovers that NATO members showcased relatively lower reactions prior to the invasion but displayed stronger responses following the announcement. To the best of our knowledge, this research is the first to shed light on market reactions specifically within the consumer staples sector regarding this invasion. The implications of our findings hold relevance for policy makers, managers, and investors, guiding them in making informed decisions amidst wartime scenarios.
The agent is granted decision-making authority over the company’s operations to achieve the princ... more The agent is granted decision-making authority over the company’s operations to achieve the principal’s objectives (Jensen & Meckling, 1976). The economic crisis during the pandemic compelled managers to exert additional effort, such as earnings management. They aimed to achieve the desired profit and serve the principal’s best interests. Board structure elements such as board size, independence, women membership, and chief executive officer (CEO) duality correlate with board governance. The elements improve the quality of financial reports and reduce earnings management practices. Therefore, this study aimed to investigate the board structure’s influence on the earnings management of Indonesian firms before and during the pandemic. Covering a sample of 539 firms recorded on the Indonesia Stock Exchange (IDX) in Indonesia from 2019Q1 to 2020Q4, panel data regression is utilized to test the hypothesis. This study finds that only board size significantly impacted earnings management. ...
After restrictions on community activities caused by the COVID-19 pandemic were lifted, numerous ... more After restrictions on community activities caused by the COVID-19 pandemic were lifted, numerous businesses, including restaurants and cafes, have already resumed normal operations. Competition is also unavoidable. Thus, companies should motivate their managers to develop various operational strategies to increase customer satisfaction. This study aims to analyze the relationship between customer satisfaction and operational management activities, including layout, decoration, location, and cleanliness. In addition, it examines human resource management, food quality, and atmosphere as mediating variables. Data were obtained using an online questionnaire conducted between June and December 2021. A total of 1,068 clients of cafes and restaurants were selected as the participants using purposive random sampling. Data were evaluated using variance-based structural equation modeling. The results showed that operational management activities promote cafes and restaurants (p-value = 0.000...
International Journal of Energy Economics and Policy
This study aimed to investigate the effect of board structure on voluntary environmental and ener... more This study aimed to investigate the effect of board structure on voluntary environmental and energy disclosure of listed firms in Indonesia. The study employed a one-step and two-step system generalized method of moments (GMM) using an unbalanced data panel of 356 non-finance companies. The findings showed that board size positively and significantly affected environmental and energy disclosure. Moreover, board independence negatively and significantly influenced environmental and energy disclosure, while women on board and CEO duality have an insignificant impact. The strategic implication showed that adding more members to the board of directors boosted voluntary environmental and energy disclosure.
The purpose of this study is to examine the effect of the business cycle and bank specific on net... more The purpose of this study is to examine the effect of the business cycle and bank specific on net interest margin during the post-financial crisis 2007/2008. The research method uses the system generalized method moment (SYS-GMM) to analyze dynamic panel data bank in Indonesian period 2009-2015. The results showed that during the post-financial crisis, the effect business cycle especially the total bank loan (Credit) can be increased net interest margin in Indonesian banking but the Gross Domestic Product (GGDP) Growth is not significant. Second, bank specific on bank size (SIZE) and Capital Ratio (CAR) have a negative and significant effect on net interest margin. Meanwhile, Market Concentration (CR3) and Liquidity (LIQ) have a negative but not significant effect. Finally, Credit Quality has a positive impact on net interest margin but no significant.
Dalam pembangunan Kabupaten Kutai Timur, perusahaan juga terlibat untuk membantu pemerintah melal... more Dalam pembangunan Kabupaten Kutai Timur, perusahaan juga terlibat untuk membantu pemerintah melalui Dana Corporate Social Responsibility (CSR). Akan tetapi, dengan besar bantuan perusahaan yang dimiliki, pembangunan Kutai Timur khususnya perdesaan masih belum optimal. Penelitian ini bertujuan menganalisis pemanfaatan dana yang dilakukan oleh penerima bantuan dari perusahaan dalam bentuk CSR dalam pembangunan di kabupaten kutai timur. Penelitian ini menggunakan metode deskriptif kualitatif dengan mengunakan analisis SWOT. Hasil penelitian ini menunjukkan beberapa faktor yang menjadi potensi yaitu keterbukaan perusahaan dalam menyalurkan dana CSR, dukungan pemerintah daerah dan kecamatan, adanya peraturan yang melindungi masyarakat dalam menggunakan dana CSR. Di sisi lain, faktor yang menjadi masalah yaitu kapasitas Masyarakat Desa dalam membuat pengajuan, perencanaan, pengadministrasian, serta pengelolaan bantuan yang masih rendah, kapasitas pendamping juga masih rendah, serta sering...
Foreign direct investment (FDI) inflows into developing countries play an important role in the d... more Foreign direct investment (FDI) inflows into developing countries play an important role in the dynamics of economic growth. Meanwhile, financial development (FDV) and corruption have been considered a determinant of FDI. Therefore, this study aims to assess the effect of FDV and corruption on FDI in developing countries. In addition, this study explores the combined impact of FDV and corruption on FDI. Furthermore, the data for 108 developing countries were collected from the World Development Indicators (WDI) of the World Bank from 1993 to 2017. The results showed that FDV has a positive and significant effect on FDI, while corruption does not have a statistically significant impact. This demonstrates that FDV has contributed to the growth of foreign investment and the important sources of financing for developing countries. However, the interaction between FDV and corruption has a negative effect on FDI. This implies that FDV followed by an increase in corruption tends to reduce ...
Banking policy makers in maintaining financial stability, especially funding activities, have bec... more Banking policy makers in maintaining financial stability, especially funding activities, have become a serious concern after thefinancial crisis 2007/2008. Based on these conditions, the purpose of this study is to analyze the effect of funding risk on bank stability in Indonesian banking. Using the hyphotesis funding risk-stability and ownership, funding risk-stability, this study analyzes 141 conventional banks in Indonesia for the period 2004-2018, using the generalized method moment (SYS-GMM) system. The results of the study finding the banking industry in Indonesia supports the hypothesis of a positive funding risk had effect on bank stability. However, using the ownership base core capital, this study finding small banks (BUKUI) had a negative significance effect on stability with funding risk. Then, large bank (BUKUIV) had negative effect on bank stability with funding risk but not significance. However, medium size bank (BUKUII and BUKUIII) has positive not significance effe...
PurposeThis study aims to investigate the market reaction to the Russian invasion of Ukraine, spe... more PurposeThis study aims to investigate the market reaction to the Russian invasion of Ukraine, specifically in the banking sector.Design/methodology/approachThe research uses an event study and cross-sectional analysis, with market reaction measured by cumulative abnormal return (CAR). The sample comprised 1,126 banks.FindingsThe results show that the market reacted negatively to the invasion both before and after its announcement. Developed and emerging markets saw a negative impact from the invasion, while frontier markets experienced only a slight impact. The authors also find that the banking markets of North Atlantic Treaty Organization (NATO) members reacted significantly and negatively both before and after the invasion was announced. This demonstrates that the negative market reaction of NATO members was more impactful than that of other markets. Overall, this study shows that investors in the banking market are very sensitive to war.Originality/valueThis is the first study t...
Journal of Open Innovation: Technology, Market, and Complexity
This study aims to comprehensively analyze the market reaction within the consumer staples sector... more This study aims to comprehensively analyze the market reaction within the consumer staples sector towards the Russian invasion of Ukraine. With a sample size of 2376 companies operating in the consumer staples industry, the event study method utilizing cumulative abnormal return (CAR) is employed to measure market response. The findings reveal a significant negative impact of the invasion on the global consumer staples market, particularly in developed and emerging markets. All industries within the consumer staples sector exhibited adverse reactions both before and after the announcement, with the beverage and household product industry experiencing the most severe consequences compared to other sectors. Moreover, our study uncovers that NATO members showcased relatively lower reactions prior to the invasion but displayed stronger responses following the announcement. To the best of our knowledge, this research is the first to shed light on market reactions specifically within the consumer staples sector regarding this invasion. The implications of our findings hold relevance for policy makers, managers, and investors, guiding them in making informed decisions amidst wartime scenarios.
The agent is granted decision-making authority over the company’s operations to achieve the princ... more The agent is granted decision-making authority over the company’s operations to achieve the principal’s objectives (Jensen & Meckling, 1976). The economic crisis during the pandemic compelled managers to exert additional effort, such as earnings management. They aimed to achieve the desired profit and serve the principal’s best interests. Board structure elements such as board size, independence, women membership, and chief executive officer (CEO) duality correlate with board governance. The elements improve the quality of financial reports and reduce earnings management practices. Therefore, this study aimed to investigate the board structure’s influence on the earnings management of Indonesian firms before and during the pandemic. Covering a sample of 539 firms recorded on the Indonesia Stock Exchange (IDX) in Indonesia from 2019Q1 to 2020Q4, panel data regression is utilized to test the hypothesis. This study finds that only board size significantly impacted earnings management. ...
After restrictions on community activities caused by the COVID-19 pandemic were lifted, numerous ... more After restrictions on community activities caused by the COVID-19 pandemic were lifted, numerous businesses, including restaurants and cafes, have already resumed normal operations. Competition is also unavoidable. Thus, companies should motivate their managers to develop various operational strategies to increase customer satisfaction. This study aims to analyze the relationship between customer satisfaction and operational management activities, including layout, decoration, location, and cleanliness. In addition, it examines human resource management, food quality, and atmosphere as mediating variables. Data were obtained using an online questionnaire conducted between June and December 2021. A total of 1,068 clients of cafes and restaurants were selected as the participants using purposive random sampling. Data were evaluated using variance-based structural equation modeling. The results showed that operational management activities promote cafes and restaurants (p-value = 0.000...
International Journal of Energy Economics and Policy
This study aimed to investigate the effect of board structure on voluntary environmental and ener... more This study aimed to investigate the effect of board structure on voluntary environmental and energy disclosure of listed firms in Indonesia. The study employed a one-step and two-step system generalized method of moments (GMM) using an unbalanced data panel of 356 non-finance companies. The findings showed that board size positively and significantly affected environmental and energy disclosure. Moreover, board independence negatively and significantly influenced environmental and energy disclosure, while women on board and CEO duality have an insignificant impact. The strategic implication showed that adding more members to the board of directors boosted voluntary environmental and energy disclosure.
The purpose of this study is to examine the effect of the business cycle and bank specific on net... more The purpose of this study is to examine the effect of the business cycle and bank specific on net interest margin during the post-financial crisis 2007/2008. The research method uses the system generalized method moment (SYS-GMM) to analyze dynamic panel data bank in Indonesian period 2009-2015. The results showed that during the post-financial crisis, the effect business cycle especially the total bank loan (Credit) can be increased net interest margin in Indonesian banking but the Gross Domestic Product (GGDP) Growth is not significant. Second, bank specific on bank size (SIZE) and Capital Ratio (CAR) have a negative and significant effect on net interest margin. Meanwhile, Market Concentration (CR3) and Liquidity (LIQ) have a negative but not significant effect. Finally, Credit Quality has a positive impact on net interest margin but no significant.
Dalam pembangunan Kabupaten Kutai Timur, perusahaan juga terlibat untuk membantu pemerintah melal... more Dalam pembangunan Kabupaten Kutai Timur, perusahaan juga terlibat untuk membantu pemerintah melalui Dana Corporate Social Responsibility (CSR). Akan tetapi, dengan besar bantuan perusahaan yang dimiliki, pembangunan Kutai Timur khususnya perdesaan masih belum optimal. Penelitian ini bertujuan menganalisis pemanfaatan dana yang dilakukan oleh penerima bantuan dari perusahaan dalam bentuk CSR dalam pembangunan di kabupaten kutai timur. Penelitian ini menggunakan metode deskriptif kualitatif dengan mengunakan analisis SWOT. Hasil penelitian ini menunjukkan beberapa faktor yang menjadi potensi yaitu keterbukaan perusahaan dalam menyalurkan dana CSR, dukungan pemerintah daerah dan kecamatan, adanya peraturan yang melindungi masyarakat dalam menggunakan dana CSR. Di sisi lain, faktor yang menjadi masalah yaitu kapasitas Masyarakat Desa dalam membuat pengajuan, perencanaan, pengadministrasian, serta pengelolaan bantuan yang masih rendah, kapasitas pendamping juga masih rendah, serta sering...
Foreign direct investment (FDI) inflows into developing countries play an important role in the d... more Foreign direct investment (FDI) inflows into developing countries play an important role in the dynamics of economic growth. Meanwhile, financial development (FDV) and corruption have been considered a determinant of FDI. Therefore, this study aims to assess the effect of FDV and corruption on FDI in developing countries. In addition, this study explores the combined impact of FDV and corruption on FDI. Furthermore, the data for 108 developing countries were collected from the World Development Indicators (WDI) of the World Bank from 1993 to 2017. The results showed that FDV has a positive and significant effect on FDI, while corruption does not have a statistically significant impact. This demonstrates that FDV has contributed to the growth of foreign investment and the important sources of financing for developing countries. However, the interaction between FDV and corruption has a negative effect on FDI. This implies that FDV followed by an increase in corruption tends to reduce ...
Banking policy makers in maintaining financial stability, especially funding activities, have bec... more Banking policy makers in maintaining financial stability, especially funding activities, have become a serious concern after thefinancial crisis 2007/2008. Based on these conditions, the purpose of this study is to analyze the effect of funding risk on bank stability in Indonesian banking. Using the hyphotesis funding risk-stability and ownership, funding risk-stability, this study analyzes 141 conventional banks in Indonesia for the period 2004-2018, using the generalized method moment (SYS-GMM) system. The results of the study finding the banking industry in Indonesia supports the hypothesis of a positive funding risk had effect on bank stability. However, using the ownership base core capital, this study finding small banks (BUKUI) had a negative significance effect on stability with funding risk. Then, large bank (BUKUIV) had negative effect on bank stability with funding risk but not significance. However, medium size bank (BUKUII and BUKUIII) has positive not significance effe...
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