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                  <text>Vol. 26 No. 3 (2022) July 2022</text>
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                <text>Jurnal Keuangan dan Perbankan Universitas Merdeka Malang&#13;
An Alternative for the External Debt with the Implementation of Islamic Financial Instrument: Study on Indonesia Deficit Budget Policy </text>
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                <text>Budget Deficit Policy; External Debt; Islamic Financial Instrument</text>
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                <text>Indonesian government tends to use a budget deficit policy which has an impact on the amount of the state budget being no larger than the revenue earned by the state. This certainly triggers the government to incur debt, especially foreign debt. Indonesia as a country with a majority Muslim population certainly has great potential in utilizing Islamic financial instruments as a substitute for foreign debt. Therefore, this study aims to examine &#13;
good state budget policies in avoiding state debt through the implementation of Islamic financial instruments such as zakat and waqf. The paper uses a descriptive qualitative approach. This study uses secondary data on state revenues, state expenditures, the state budget deficit, and Indonesia's sovereign debt in 2016-2020. The data were analyzed descriptively to determine the negative impact of Indonesia's current foreign debt. The result concludes that Islamic financial instruments such as zakat and waqf can be used as &#13;
an alternative to foreign debt. In addition, the government can also issue SBSN, such as Sukuk, which encourage public confidence to invest in the government.</text>
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                <text>Putri Rizka Citaningati, Kamaluddin</text>
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                <text>DOI : 10.26905/jkdp.v26i3.7789</text>
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                <text>Universitas Merdeka Malang</text>
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                <text>July 2022</text>
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                <text>Sri Wahyuni</text>
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                <text>ISSN: 2443-2687 (Online) ISSN: 1410-8089 (Print)</text>
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                <text>English</text>
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                <text>Jurnal Keuangan dan Perbankan Universitas Merdeka Malang</text>
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        <name>Budget Deficit Policy; External Debt</name>
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        <name>Islamic Financial Instrument</name>
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                  <text>Vol. 26 No. 3 (2022) July 2022</text>
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                <text>Jurnal Keuangan dan Perbankan Universitas Merdeka Malang&#13;
Analysis of Capital Market Reactions to the Merger of Indonesian Sharia Banks: BRIS Stocks Evidence </text>
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                <text>Abnormal Return; Trading Volume Activity; Granger Causality</text>
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                <text>This study aims to obtain evidence of the stock market’s reaction to the merger of Indonesian Islamic banks and its prediction power to JCI. The variables used in this study are abnormal returns and trading volume activity with an observation period of 60 days before the event and 60 days after the event. We use 2 types of time series data, which are daily data to analyze AR and trading volume activity, and weekly data to analyze the &#13;
causality relationship. The results showed that there were no differences in abnormal returns before and after the merger, but there were differences in trading volume activity before and after the merger. In addition, this study also aims to determine the reciprocal relationship using Granger causality between the JCI and BRIS stocks prices before and after the merger of Indonesian Islamic banks. The results of the study show that there is no reciprocal relationship between the Composite Stocks Price Index and the stock’s price of BRIS and vice versa.</text>
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            <name>Creator</name>
            <description>An entity primarily responsible for making the resource</description>
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                <text>Grisvia Agustin, Andik Pratama, Achmad Fakhruddin Arrozy, Muhammad Nur Arifin, Nur Muhammad Agung, Qorry Anggita Rishaq, Riqa Aniqa Helma Alam </text>
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            <description>A related resource from which the described resource is derived</description>
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                <text>DOI: 10.26905/jkdp.v26i3.7678</text>
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            <name>Publisher</name>
            <description>An entity responsible for making the resource available</description>
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                <text>Universitas Merdeka Malang</text>
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                <text>July 2022</text>
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                <text>Sri Wahyuni</text>
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            <description>Information about rights held in and over the resource</description>
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                <text>ISSN: 2443-2687 (Online) ISSN: 1410-8089 (Print)</text>
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                <text>English</text>
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                <text>Jurnal Keuangan dan Perbankan Universitas Merdeka Malang</text>
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        <name>Abnormal Return</name>
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                  <text>Vol. 26 No. 3 (2022) July 2022</text>
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            <description>A name given to the resource</description>
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              <elementText elementTextId="51940">
                <text>Jurnal Keuangan dan Perbankan Universitas Merdeka Malang&#13;
Comparison of Microeconomics and Stock Returns Relationships in Financial Sector in 2019 and 2020 </text>
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          <element elementId="49">
            <name>Subject</name>
            <description>The topic of the resource</description>
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                <text>COVID-19 Pandemic, Financial Sector, icroeconomics Variables, Stock Return</text>
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            <description>An account of the resource</description>
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                <text>Stock return is crucial to analyze before making investment since gaining return is the main objective. The analyzing can implement fundamental analysis which involves microeconomics variables of company. According to IDX, financial sector generates the highest return, unfortunately it is still volatile. Moreover, since COVID-19 pandemic, economic situation becomes unstable. This research aims to analyze and compare partial and simultaneous relationship of microeconomics variables (Book Value Per Share, &#13;
Price to Book Value, Price Earning Ratio, Debt to Equity Ratio, Net Profit Margin and Debt Ratio) with stock return in financial sector main board companies in 2019 (before COVID-19 pandemic) and 2020 (during COVID-19 pandemic). Multiple linear regression is implemented and resulting that in 2019, only Price to Book Value, Price Earning Ratio and Net Profit Margin have significant relationship with stock return. In 2020, only Price Earning Ratio and Debt to Equity Ratio have significant relationship with stock return. For both years, simultaneous relationship between all &#13;
microeconomics variables and stock return are found. The result can be used for investor and main board financial sector companies. </text>
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            <name>Creator</name>
            <description>An entity primarily responsible for making the resource</description>
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              <elementText elementTextId="51943">
                <text>Mei Siang Jemima Aurelia, Edwin Setiawan Nugraha</text>
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            <description>A related resource from which the described resource is derived</description>
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              <elementText elementTextId="51944">
                <text>DOI: 10.26905/jkdp.v26i3.7887</text>
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            <description>An entity responsible for making the resource available</description>
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                <text>Universitas Merdeka Malang</text>
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                <text>Sri Wahyuni</text>
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            <description>Information about rights held in and over the resource</description>
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                <text>ISSN: 2443-2687 (Online) ISSN: 1410-8089 (Print)</text>
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                <text>English</text>
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                <text>Jurnal Keuangan dan Perbankan Universitas Merdeka Malang</text>
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        <name>COVID-19 pandemic</name>
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        <name>Financial Sector</name>
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        <name>icroeconomics Variables</name>
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        <name>JURNAL NASIONAL AKUNTANSI</name>
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        <name>Stock Return</name>
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              <name>Title</name>
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                <elementText elementTextId="51874">
                  <text>Vol. 26 No. 3 (2022) July 2022</text>
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            <name>Title</name>
            <description>A name given to the resource</description>
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              <elementText elementTextId="52031">
                <text>Jurnal Keuangan dan Perbankan Universitas Merdeka Malang&#13;
Corporate Governance Internal Mechanisms, Directors' Remuneration, and Financial Performance: Evidence from Indonesia Banking Industries </text>
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            <name>Subject</name>
            <description>The topic of the resource</description>
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                <text>performance of the company, corporate governance internal mechanism, director’s remuneration</text>
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                <text>This study was conducted to analyze the effect of the corporate corporate governance mechanism and director remuneration on the company's performance. This study examines the internal mechanism comprising the size of the board of directors, internal and external directors, the Audit Committee, the Nomination and Remuneration Committee, the frequency of board meetings, and the ownership structure. Return on Assets (ROA) is &#13;
used to measure a company's financial performance, while Price to Book Value (PBV) is &#13;
used to measure its market performance. This study information is taken from secondary data and the company's official annual report. This study's sample was drawn from a financial institution listed on the Indonesia Stock Exchange (IDX) between 2016 and 2020. This study sampled 38 companies using a technique purposive sampling. Using the EViews software, this research employs a panel data regression model for its analysis. The data &#13;
demonstrated that the Audit Committee positively affected ROA but had no effect on PBV. The frequency of board meetings had no effect on ROA, but a negative effect on PBV. ROA and PBV were unaffected by the size of the board of directors, internal directors, external directors, Nomination and Remuneration Committee, ownership structure, and compensation of directors. The most relevant finding of this research indicates that the &#13;
influence of independent variables on ROA and PBV differs between large and small banks. In addition, board size had a negative effect on ROA during the Covid-19 pandemic in 2020, but a good effect on PBV. In the meantime, director's compensation had a beneficial effect on PBV, but no effect on ROA. </text>
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                <text>Technological developments change the characteristics of customers and banking business processes. This is a challenge for banks to continue to serve customers with excellence. This phenomenon certainly has an impact on banking performance. In order for bank operations to continue running, leaders need to analyze performance for strategic decision making. Therefore, proper measurement or indicators of banking performance are needed. The purpose of this study is to find the right banking performance indicators by developing the concept of a balanced scorecard. The research method used is literature review and measurement quality testing through validity and reliability tests using SmartPLS 3.0. This study resulted in 21 indicators called Digital Banking Balanced Scorecard. The contribution of this research are (1) the development of the balanced scorecard concept which has four perspective and 21 indicators, (2) banks can use the Digital Banking Balanced Scorecard measurement to measure their performance, especially banks that have implemented banking digitalization, (3) further researchers can use this as a reference indicator of banking performance variables.  </text>
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                <text>This study investigates the role of financial integration, technology transfer, and labor productivity growth in economic growth pre-and-during the COVID-19 pandemic crisis. The data collected is panel data from 20 countries of the G20 in the period 2018Q4–2021Q1. By using fixed-effects regression, the results showed that foreign direct investment had a significant effect on economic growth during the COVID-19 crisis, while foreign portfolio investment did not. Furthermore, labor productivity growth has been proven to play a role in moderating foreign portfolio investment, foreign direct investment, and technology transfer in pre-crisis economic growth. However, entering into the COVID-19 crisis stage, labor productivity growth is no longer proven to be moderating, due to a major lockdown policy that led to a decline in labor productivity. This study contributes to helping &#13;
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                <text>Jurnal Keuangan dan Perbankan Universitas Merdeka Malang&#13;
Income Diversification Strategy on Bank Stability: International Banks Evidence </text>
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                <text>income diversification, non-interest income, bank stability, bank z�score, GM </text>
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                <text>This study aims to analyze the implementation of the income diversification strategy on bank stability carried out by international banks. This study uses panel data from 32 international banking companies from 2010-2019 with a total of 320 firm years of observation. The generalized method of moments is used as a statistical analysis tool for &#13;
panel data. The study results show that the mplementation of the income diversification &#13;
strategy carried out by international banks was convincingly able to increase bank stability.  This indicates that international banks were able to perform cost diversification efficiency to achieve better stability. Furthermore, the use of high leverage could reduce bank stability. This study shows robust results in the measurement of income diversification using either the Herfindahl Hirschman Index (HHI) or the ratio of non-interest income to total income. This is a premier formal assessment of the nexus between income diversification strategies and risk management among the largest commercial banks in the world context. This research is expected to be useful for banking management, regulators, and investors in the banking sector. </text>
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                <text>Handy Octavianus, Khaira Amalia Fachrudin</text>
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                <text>DOI: 10.26905/jkdp.v26i3.7764 </text>
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                <text>Universitas Merdeka Malang</text>
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                <text>Sri Wahyuni</text>
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              <elementText elementTextId="51922">
                <text>ISSN: 2443-2687 (Online) ISSN: 1410-8089 (Print)</text>
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                <text>Jurnal Keuangan dan Perbankan Universitas Merdeka Malang</text>
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                  <text>Vol. 26 No. 3 (2022) July 2022</text>
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                <text>Jurnal Keuangan dan Perbankan Universitas Merdeka Malang&#13;
Integration of Indonesian Capital Market and ASEAN Capital Market: A Study during the Covid-19 Pandemic  </text>
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                <text> Financial Crisis, Cointegration, Stock market index, International financial markets</text>
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                <text>This research was conducted to examine the integration of the Indonesian capital market with the capital markets of other countries in ASEAN before and during the COVID-19 pandemic, so the results of this study are expected to provide an overview for investors in making investment decisions. Investment decision-making, especially in international diversification. The sample used in this study is the capital market index of Indonesia, &#13;
Malaysia, Singapore, the Philippines, Thailand, and Vietnam. The analysis technique uses the Vector Error Correction Model (VECM). The analytical tool used is Eviews 11 software. The results show that there is proven integration between the Indonesian capital market and the capital markets of Malaysia, Singapore, the Philippines, Thailand, and Vietnam. In addition, this research also states that there is an increase in the integration of the Indonesian capital market with the capital markets that are members of the ASEAN Exchange, especially during the Covid-19 period. </text>
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                <text>Ursula Brigitta, Linda Ariany Mahastanti</text>
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                <text>DOI : 10.26905/jkdp.v26i3.7813 &#13;
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                <text>Universitas Merdeka Malang</text>
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                <text>July 2022</text>
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              <elementText elementTextId="52064">
                <text>Sri Wahyuni</text>
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            <elementTextContainer>
              <elementText elementTextId="52065">
                <text>ISSN: 2443-2687 (Online) ISSN: 1410-8089 (Print)</text>
              </elementText>
            </elementTextContainer>
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            <name>Format</name>
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              <elementText elementTextId="52066">
                <text>PDF</text>
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            <name>Language</name>
            <description>A language of the resource</description>
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              <elementText elementTextId="52067">
                <text>English</text>
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                <text>Jurnal Keuangan dan Perbankan Universitas Merdeka Malang</text>
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                <elementText elementTextId="51874">
                  <text>Vol. 26 No. 3 (2022) July 2022</text>
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          <element elementId="50">
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            <description>A name given to the resource</description>
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              <elementText elementTextId="51875">
                <text>Jurnal Keuangan dan Perbankan Universitas Merdeka Malang&#13;
Is there financial accelerator in indonesian banking?</text>
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            </elementTextContainer>
          </element>
          <element elementId="49">
            <name>Subject</name>
            <description>The topic of the resource</description>
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              <elementText elementTextId="51876">
                <text>Business Cycle, Price-cost Margin, Financial Accelerator, Banking</text>
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            <description>An account of the resource</description>
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                <text>The purpose of this study is to examine the effect of the business cycle on price-cost margins in Indonesian banking. The research method used is the System Generalized Method Moment (SYS-GMM) to analyze 94 conventional banks in Indonesia for the period 2011-2020. The results of this study indicate that the business cycle has two effects on the price�cost margin in Indonesian banking. First, GDP has no effect on the price-cost margin. Second, credit has a negative effect on price-cost margins in Indonesian banks. Our result &#13;
study is to prove the results of research on "financial accelerators" in previous studies. This &#13;
study suggests banks and policymakers in Indonesia must be able to assist the economy in  providing credit to accelerate economic recovery, which can reduce the default risk.</text>
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              <elementText elementTextId="51878">
                <text>Dadang Lesmana, Felisitas Defung, Wirasmi Wardhani</text>
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              <elementText elementTextId="51879">
                <text>DOI : 10.26905/jkdp.v26i3.7556</text>
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            <name>Publisher</name>
            <description>An entity responsible for making the resource available</description>
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              <elementText elementTextId="51880">
                <text>Universitas Merdeka Malang</text>
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                <text>Sri Wahyuni</text>
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            <description>Information about rights held in and over the resource</description>
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              <elementText elementTextId="51883">
                <text>ISSN: 2443-2687 (Online) ISSN: 1410-8089 (Print)</text>
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