Rizky Yudaruddin
@unmul.ac.id
Faculty of Economics and Business
Mulawarman University
RESEARCH INTERESTS
finance and banking
Scopus Publications
Scholar Citations
Scholar h-index
Scholar i10-index
Scopus Publications
Rizky Yudaruddin
Emerald
Purpose This study aims to assess the effectiveness of the banking market discipline in relation to the development of Financial Technology (FinTech) startups. Design/methodology/approach Using panel data collected from 144 banks in Indonesia from 2004 to 2018, this study’s regression models were estimated using fixed effects with robust standard errors. Findings This study finds that FinTech startups disturb bank deposits. Meanwhile, market discipline exists in Indonesian banks, as indicated by depositors’ behavior with higher credit and liquidity risks. However, market discipline does not exist for bank insolvency risk, which is indicated by a significant and positive relationship with the dependent variable. Therefore, the higher the number of FinTech startups, the more effective the market discipline. Empirical findings also revealed that the joint impact between FinTech startups and bank risk is also important in explaining the difference in the effectiveness of banking market discipline. Practical implications This study has policy implications for banks in mitigating risk associated with market discipline and instability of financial intermediation. Originality/value This study offers a significant contribution to the empirical literature because it specifically explores the effectiveness of the banking market discipline by focusing on the joint impact of FinTech startups and bank risk on deposits. Furthermore, this study contributes to providing empirical evidence that links between FinTech startups and bank risk affect depositor behavior at government-owned, private, large and small, as well as nonmobile and mobile adoption banks.
D. Lesmana and R. Yudaruddin
Financial University under the Government of the Russian Federation
The purpose of the study is to investigate the market reaction to COVID-19 and the policy response in the ASEAN stock market. The subjects of this study are companies located in ASEAN countries (Indonesia, Malaysia, Thailand, the Philippines, and Vietnam) as many as 2349 companies. The basic methodology of this research uses the event study method using CAR (Cumulative Abnormal Return) as a measure of market reaction. We also regressed the effect of firm characteristics (SIZE, ROA, LEV, CASH, AGE) on market reaction. According to the paper’s results, the ASEAN stock market reacted negatively to the announcement of COVID-19 cases and deaths. In this condition, the markets in Malaysia, the Philippines, and Vietnam had the worst reactions to the pandemic outbreak. Moreover, the market negatively reacted to the policy response emphasizing the spread of this disease. We also find that several sectors also provided a negative reaction to COVID-19 and the policy response in the ASEAN stock market. In addition, the company’s characteristics significantly influenced the encouragement of market reactions to the pandemic and regulations. Practical implications were provided for policymakers regarding the need to consider market conditions in interventions in the spread of the health crisis. Investors should also consider the characteristics involved in handling the COVID-19 pandemic.
Gusti Noorlitaria Achmad, Fitriansyah Fitriansyah, Dadang Lesmana, and Rizky Yudaruddin
World Scientific and Engineering Academy and Society (WSEAS)
The purpose of this study is to examine the impact of social media (live streaming, promotional tools, and online reviews) and celebrity endorsements on online shopping behaviors. In addition, we investigate the role of celebrity endorsements as a moderator between social media and online shopping behavior. This study examines Generation Z in Indonesia with 543 respondents. This investigation employs the Structural Equal Modeling (SEM) technique. According to the findings of this study, online reviews and celebrity endorsements have a significant positive impact on online shopping behavior. When we interact with celebrity endorsements through online reviews, they have a strikingly positive impact on our online shopping behavior. This indicates that celebrities add a competitive advantage to a brand and that the brand has very good online reviews that will encourage consumers to buy products online. This study has implications for marketers and e-commerce, which can encourage consumers to make online purchases during a crisis.
Nurlia, Dwi Susilowati, Dahniyar, Rihfenti Ernayani, Yanzil Azizil Yudaruddin, and Rizky Yudaruddin
Elsevier BV
Rian Hilmawan, Yesi Aprianti, Rizky Yudaruddin, Ratih Fenty Anggraini Bintoro, Suharsono, Yuli Fitrianto, and Noor Wahyuningsih
Elsevier BV
Rian Hilmawan, Yesi Aprianti, Diem Thi Hong Vo, Rizky Yudaruddin, Ratih Fenty Anggraini Bintoro, Yuli Fitrianto, and Noor Wahyuningsih
Elsevier BV
Gusti Noorlitaria Achmad, Rizky Yudaruddin, Bramantyo Adi Nugroho, Zhikry Fitrian, Suharsono Suharsono, Ari Sasmoko Adi, Pebiansyah Hafsari, and Fitriansyah Fitriansyah
Elsevier BV
Rizky Yudaruddin, Pebiansyah Hafsari, Suharsono Suharsono, Puput Wahyu Budiman, Adi Hendro Purnomo, Bramantyo Adi Nugroho, and Ari Sasmoko Adi
EconJournals
This study aims to comprehensively analyze the impact of financial development on greenhouse gas emissions in Indonesia during the period from 2000 to 2019. Using ordinary least squares with robust standard errors, the study revealed a positive and significant relationship between financial development and total greenhouse gas emissions. The study revealed a positive and significant relationship between financial development and total greenhouse gas emissions by employing utilizing a comprehensive financial development index. The findings indicate that higher levels of financial development by employing utilizing a comprehensive financial development index led to increased greenhouse gas emissions. Moreover, sector-specific analyses demonstrated that financial development significantly and positively influences emissions across various sectors, including the energy sector, agriculture, forest, and other land uses, peatland fires, and waste. However, intriguingly, financial development was found to have a significant and negative impact on greenhouse gas emissions in the industrial processes and product use sector, suggesting its role in promoting sustainable practices and contributing to emissions reduction in this specific domain.
Irwansyah, Muhammad Rinaldi, Abdurrahman Maulana Yusuf, Muhammad Harits Zidni Khatib Ramadhani, Sitti Rahma Sudirman, and Rizky Yudaruddin
MDPI AG
This study investigates the impact of the COVID-19 pandemic on company performance in the consumer goods industry. Additionally, it explores how company characteristics influence the relationship between the pandemic and company performance based on industry type and region. Analyzing data from 1491 companies across 79 countries between 2018 and 2022, we utilized ordinary least squares (OLS) with robust standard errors. Our findings confirm the pandemic’s overall adverse effect on the performance of consumer goods companies. However, variations emerged when examining diverse industries and regions. Notably, larger companies, particularly in the Americas, Europe, and Asia–Pacific, demonstrated greater resilience and performance during the pandemic. Furthermore, effective leveraging, especially in the Americas and Asia–Pacific, contributed to supporting performance amid the pandemic. These results hold crucial policy implications for companies aiming to enhance their performance in the face of health crises.
Dwi Risma Deviyanti, Herry Ramadhani, Yoremia Lestari Ginting, Yunita Fitria, Yanzil Azizil Yudaruddin, and Rizky Yudaruddin
MDPI AG
Understanding a company’s capital structure is essential for optimizing financial resources amid the challenges posed by the COVID-19 pandemic. This research examines how the pandemic affected the capital structures of global consumer goods companies across industries, market types, and regions. In this study, a fixed effects model was employed to analyze panel-data regression data spanning from 2018 to 2022, encompassing 1491 companies across 80 countries. The results revealed a significant and positive impact of COVID-19 on capital structure in the initial two years, contrasting with a negative trend in the third year, notably in the short-term debt to total assets ratio. The pandemic’s influence on the capital structure varied across sectors, markets, and regions, starting with a consistent positive impact before shifting to a negative and significant effect. The study provides valuable insights for businesses, policymakers, and researchers grappling with the financial implications of external shocks like the pandemic. It underscores the importance of prudent financial decision-making, leveraging the opportunities stemming from a conservative debt approach, and the growing reliance on short-term debt while staying adaptable in response to evolving market dynamics and economic changes.
Rizky Yudaruddin, Fitriansyah, Dadang Lesmana, Ratih Fenty Anggraini Bintoro, Adi Hendro Purnomo, Bramantyo Adi Nugroho, and Eka Nor Santi
Elsevier BV
Rizky Yudaruddin
Emerald
Purpose This study aims to examine the joint impact of the COVID-19 pandemic and the government response on the performance of Islamic and conventional banks. Design/methodology/approach Data were collected from a sample of 94 conventional and 14 Islamic banks in Indonesia from March 2020 to September 2021. The system generalized methods of moments estimation is used to analyze the data. Findings This study finds robust results regarding the negative impact of the COVID-19 pandemic and the positive effects of government responses to COVID-19 pandemic on bank performance in Indonesian banking. Moreover, in line with the rise in confirmed COVID-19 cases, a higher government policy responses index improves bank performance, both in conventional and Islamic banks. Practical implications This paper highlights the importance of the government policy responses index to absorb the negative impact of the COVID-19 outbreak on banking performance. Originality/value This paper provides novel insights into the joint impact of the COVID-19 pandemic and government responses to COVID-19 pandemic on bank performance between conventional and Islamic banks.
Rizky Yudaruddin
Emerald
PurposeThis paper investigates the joint impact of COVID-19, alliances and digital strategies on bank lending. Additionally, this study examines whether the effect of COVID-19, alliances and digital strategies on bank loans depends on the types of banks.Design/methodology/approachUsing a sample of 92 commercial banks in Indonesia from March 2020 to September 2021, a fixed-effects model (FEM) was used to analyze data.FindingsThis study provides robust results regarding the negative impact of the COVID-19 pandemic on bank loans in Indonesian banking. Furthermore, it reveals that collaboration between banks and FinTech does not substantially influence bank lending, despite the rise in proven cases tending to reduce credit expansion. It emphasizes the importance of the development of mobile banking as part of digitalization in boosting loan bank expansion, and this finding is more noticeable in private and small banks.Practical implicationsThis study highlights some policy recommendations to improve bank lending during the COVID-19 period, particularly the role of new alliances and digital strategy in involving COVID-19 pandemic mitigation within a novel financial ecosystem.Originality/valueThis study offers a significant contribution to the empirical literature that specifically explores the joint impact of the COVID-19 pandemic, alliances and digital strategies on bank lending in banking.
Rizky Yudaruddin, Wahyoe Soedarmono, Bramantyo Adi Nugroho, Zhikry Fitrian, Mardiany Mardiany, Adi Hendro Purnomo, and Eka Nor Santi
Elsevier BV
Rizky Yudaruddin
Emerald
Purpose This paper aims to examine the impact of financial technology (FinTech) startups on Islamic and conventional banking performance in Indonesia. Design/methodology/approach Data were collected from a sample of 124 conventional and Islamic banks in Indonesia from 2004 to 2018. The two-step generalized methods of moments was used to estimate the system model. Findings This study finds that FinTech startups have a detrimental effect on bank performance. This study also finds that Islamic banks have low performance compared to conventional banks. However, when FinTech startups interact with Islamic banks, this paper discovers that a greater number of FinTech startups have a positive effect on the performance of Islamic banks, particularly the peer-to-peer lending category. Additionally, this paper finds that FinTech startups improve Islamic banks' performance in both normal and crisis periods. Practical implications This paper provides recommendations for Islamic bank management and supervisors to deal with FinTech startups during normal and crisis periods by collaborating with FinTech startups and being willing to adopt cutting-edge financial technology applications. Originality/value This paper provides evidence of the impact of FinTech on the performance of Islamic banks, specifically on peer-to-peer lending and payment startup during the crisis and normal periods.
Reny Damayanti Safitri, Tastaftiyan Risfandy, Inas Nurfadia Futri, and Rizky Yudaruddin
Emerald Publishing Limited
Cornelius Rante Langi, Akbar Lufi Zulfikar, Indra Maulana, Nurfiza Widayati, and Rizky Yudaruddin
LLC CPC Business Perspectives
The primary goal of this study is to investigate the impact of social aid expenditures on the proportion of poor people in Indonesian provinces, as well as the additional impact of the COVID-19 pandemic on poverty levels, with a particular emphasis on the interaction between social assistance spending and the pandemic’s effects. Focusing on 34 provincial governments in Indonesia from 2004 to 2022, the data were analyzed using the two-step GMM system. The results of this study indicate that social aid expenditures negatively and significantly impact the proportion of Indonesia’s population living in poverty. This demonstrates that a rise in social aid expenditures lowers Indonesia’s proportion of the impoverished population. The observed negative impact suggests a real decrease in the poverty rate as social aid expenditures rise. In the meantime, this study discovers a positive and noteworthy impact of the COVID-19 variable. This indicates that compared to the time prior to the COVID-19 pandemic, a larger percentage of Indonesians lived in poverty during the pandemic. Furthermore, social aid expenditures were unable to reduce the number of poor people in Indonesia during the COVID-19 period.
Surahman, Dadang Lesmana, Dewi Naprida, Bagus Rai Wibowo, and Rizky Yudaruddin
LLC CPC Business Perspectives
The study aims to analyze how factors such as environmental attitude, subjective norms, perceived behavioral control, and environmental knowledge impact the willingness of Generation Z tourists in Indonesia to make green or environmentally friendly purchases. It also explores the moderating role of environmental knowledge in the relationship between environmental attitude and green purchase intentions. The analysis focuses on Generation Z respondents, totaling 543 individuals. The paper employs the structural equation modeling (SEM) method. The results show that when considered individually, consumer behavior, encompassing environmental attitude, subjective norms, and perceived behavioral control, exerts a significantly positive impact on green purchase intentions. These results suggest that tourists’ attitudes toward the environment, influence from family or friends, and the ability to control their actions are pivotal in fostering green purchase intentions while traveling. Furthermore, the study demonstrates a substantial positive correlation between environmental knowledge and tourists’ green purchase intentions. Additionally, environmental knowledge moderates environmental attitude, amplifying its positive effect on tourists’ green purchase intentions. This highlights the vital role of environmental knowledge, which not only stimulates green purchase intentions but also motivates tourists to adopt pro-environmental behavior by opting for eco-friendly products.
Ardi Paminto, Ibnu Abni Lahaya, Muhammad Iqbal, Yanzil Azizil Yudaruddin, and Rizky Yudaruddin
LLC CPC Business Perspectives
This study aims to analyze the impact of the COVID-19 pandemic on insurance companies` performance. Data spanning 2018 to 2022 from the Wall Street Journal Database was employed, encompassing 1,931 companies across 65 countries. The research distinguishes between developed (808 insurers) and emerging markets (1,123 insurers) to identify more real consequences of the pandemic. The random effects model was utilized for regressions, which run in three stages. The dependent variables (Return on Assets and Return on Equity) and the independent variables (the COVID-19 pandemic and four firm-specific factors such as claim expenses, company size, leverage, and liquidity) were analyzed. In developed markets, the study confirms the significant negative consequences of the COVID-19 pandemic on insurance firms, resulting in a global decline in performance. Conversely, emerging markets reveal a different scenario where company size plays a substantial role in insurance company performance, particularly in return on assets, aligning with findings favoring larger insurance entities. However, when considering company size’s interaction with COVID-19, larger insurers in emerging markets experienced performance declines during the pandemic. While leverage significantly affects insurance firm performance in both market types, its interaction with the pandemic shows no substantial impact. Liquidity, as represented by cash holding does not significantly enhance performance, particularly in developed markets, but higher cash reserves during the pandemic negatively affect performance, primarily in emerging markets. These findings provide insights for insurance company managers to develop adaptive strategies amid evolving market conditions and potential crises, including pandemics like COVID-19.
Felisitas Defung, Michael Hadjaat, and Rizky Yudaruddin
LLC CPC Business Perspectives
This study analyzes the impact of the COVID-19 pandemic on the performance of 944 Leisure, Arts, and Hospitality companies from 59 countries listed on global stock exchanges between 2018 and 2022. Using Ordinary Least Squares with robust standard errors, the study reveals a consistent and statistically significant negative impact of COVID-19 on the performance of firms. The results highlight the difficulties faced by companies in this industry during the pandemic. In addition, the study investigates the relationship between firm characteristics and company performance during the COVID-19 pandemic, revealing that company size, liquidity, and leverage play crucial roles in influencing firm performance across industries. Larger corporations exhibit greater resiliency, while greater liquidity facilitates better navigation of pandemic-induced obstacles. In contrast, companies with greater leverage experience more pronounced negative effects on their performance, highlighting the significance of debt management during a crisis. Based on these findings, policymakers are strongly urged to provide targeted assistance to Leisure, Arts, and Hospitality industries to address the challenges the pandemic poses effectively. Regulators should encourage the resiliency of larger firms and stress the importance of maintaining higher liquidity levels for financial stability. It is recommended that managers should prudently manage debt to limit pandemic repercussions and boost performance in the face of extraordinary challenges.
Surahman, Himanshu Shee, Zhikry Fitrian, Ari Sasmoko Adi, and Rizky Yudaruddin
LLC CPC Business Perspectives
This study examines the impact of digital capabilities and digital orientation on the digital transformation and digital innovation of small and medium enterprises (SMEs) during the COVID-19 pandemic. In addition, this study assesses how the role of digital transformation and digital innovation mediates the relationship between digital capabilities, digital orientation, and SME performance during the COVID-19 pandemic. Using a sample of 247 SMEs managers, data were analyzed using the structural equation modeling with a partial least square approach. The findings demonstrate the significant and positive influence of digital capability and orientation on SMEs’ digital transformation and innovation during the pandemic. Additionally, the study confirms that digital transformation and innovation positively affect SMEs’ performance during the pandemic. Furthermore, the study reveals that digital transformation and innovation mediate the relationship between digital orientation and capability on SMEs’ performance during the pandemic. However, digital innovation was not found to significantly mediate the link between digital capability and SMEs’ performance.
Sukisno Selamet Riadi, Pebiansyah Hapsari, Puput Wahyu Budiman, Khairil Anwar, and Rizky Yudaruddin
LLC CPC Business Perspectives
The purpose of this study is to investigate the impact of knowledge management on the performance of small and medium-sized enterprises during the COVID-19 period in Indonesia. Furthermore, the study also highlights the role of digital variables such as digital capability, digital orientation, and digital innovation as mediating variables. A total of 247 valid responses were collected for this study through the survey conducted among managers of SMEs in Indonesia. The collected data were analyzed using Structural Equation Modeling with the Partial Least Squares approach. The study’s findings revealed several significant insights. It established the positive impact of knowledge management on digital capability, digital orientation, and digital innovation during the COVID-19 pandemic. Additionally, the study identified digital capability as a mediating factor between knowledge management and SMEs’ performance. However, the full support for the mediating roles of digital orientation and digital innovation in the relationship between knowledge management and SME performance was not confirmed, suggesting potential context-specific variations. This implies that the influence of knowledge management on SMEs’ performance is mainly channeled through digital capability. The research underscores the importance of knowledge management and digital factors in shaping SMEs’ performance, particularly in the challenging context of the COVID-19 pandemic.
Syarifah Hudayah, Melda Aulia Ramadhani, Kezia Arum Sary, Sugeng Raharjo, and Rizky Yudaruddin
LLC CPC Business Perspectives
The primary objective of this study is to examine the connection between Generation Z Indonesian consumers’ perceptions of value for green products and their purchase intentions, with a supplementary investigation into how environmental concerns moderate the influence of perceived green value on their intention to purchase green products. Between June and December 2021, a probability sampling technique, specifically stratified random sampling, was used to select a sample of 543 Indonesian Generation Z consumers. The data were analyzed using a variance-based method, namely partial least squares, within the context of structural equation modeling. The analysis reveals that functional value, conditional value, and environmental concern significantly and positively affect the intention to purchase green products. This indicates that Generation Z consumers are more inclined to choose green products when they perceive them to have good functional value, when specific conditions or requirements support the purchase, and when they have a high environmental concern. Moreover, environmental concern moderates the effect of social value on the intention to purchase green products. This suggests that more environmentally conscious consumers are more likely to be influenced by social value benefits when deciding to buy green products, highlighting the complex interplay between environmental and social motivations in shaping consumer behavior towards sustainability.
Rizky Yudaruddin and Dadang Lesmana
Emerald
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 to provide international evidence, specifically on the banking sector's reaction during the Russian invasion of Ukraine.