Rizky Yudaruddin

RESEARCH INTERESTS

finance and banking

Scopus Publications

Is ownership structure effective in the relationship between ESG and bank performance?
Berna Dogan Basar, İbrahim Halil Ekşi, and Rizky Yudaruddin
Emerald
Purpose The purpose of this study is to examine the causality between the environmental, social and corporate governance (ESG) score, which is the component of banks’ performance obtained from ESG activities, and the capital costs, market values and bankruptcy risk of banks. For this purpose, 117 banks with fully accessible data from 29 developing countries were included. Design/methodology/approach In the methodology part of the study, the panel causality test developed by Emirmahmutoglu and Köse was used based on the periods 2015–2022. First, the cross-section test and delta tests were performed. Then, Levin, Lin and Chu, Breitung, Im, Pesaran, Shin, Fisher ADF and Fisher-PP panel unit root tests and Emirmahmutoglu and Köse panel causality test were performed. Findings As a result of the analyses, bidirectional causality was observed between ESG and weighted average cost of capital of private banks. Similarly, bidirectional causality from ESG to company market capitalization and from ESG to the risk indicator ZSCORE was determined in both private and state banks. The results reveal that ESG components should also be considered in relation to financial performance. In this respect, it is expected to guide regulatory and supervisory institutions in the establishment of regulations and guidelines regarding the determination and promotion of ESG practices that will increase capital efficiency and reduce corporate financing costs. Originality/value Focusing on ESG activities has ceased to be an arbitrary situation for banks. In today’s competitive conditions, financial institutions are turning to strategies that differentiate them from their competitors, such as ESG, as they have difficulty maintaining customer loyalty. Based on the lack of focus on structure differentiation before, the main research question of this study is whether the private and public structure will cause a difference in the effect of ESG activities on bank performance and cost.


Disruptions in global trade routes: market reactions to the US–Houthi conflict in the consumer cyclical sector
Rizky Yudaruddin, Dadang Lesmana, Yanzil Azizil Yudaruddin, Norliza Che Yahya, and Ayesha Anwar
Emerald
Purpose This study aims to investigate the market reaction in the cyclical consumer sector to the US–Houthi conflict. Furthermore, the authors explore the impact of this conflict on market reactions by market and region. Design/methodology/approach Using an event study methodology, this paper analyze a sample of 1,973 companies. This paper used multiple event windows, including a 15-day period before the invasion announcement as the preinvasion event and a 15-day period after the invasion announcement as the postinvasion event. Findings The authors find that pre the event of war, the market tended to show a positive reaction, but toward the event day until post event, the market in the consumer cyclical sector actually reacted significantly negatively to the conflict, especially in developed and developing markets. The Asia and Pacific market is the market that feels the most negative impact from the US–Houthi conflict compared to other markets. Furthermore, in terms of industry types in the consumer staples sector, Food and Tobacco and Personal and Household Products and Services felt the negative impact, although the majority of all industries reacted significantly negatively. Originality/value This study focuses on the US–Houthi conflict, an event that has not been extensively studied in the context of market reactions. Unlike previous research, this study specifically examines the impact of the conflict on the consumer cyclical sector, emphasizing the significance of trade route disruptions, particularly the Suez Canal, on global markets. By providing insights into how such geopolitical events affect different regions and industries, this study offers valuable guidance for policymakers and managers in mitigating the adverse effects of geopolitical risks on market stability.


Market reaction to dividend announcements during COVID-19 pandemic in ASEAN countries
Rizky Yudaruddin and Dadang Lesmana
Emerald
PurposeThis study aims to investigate the market reaction to dividend announcements in five ASEAN countries during the COVID-19 pandemic. We focus on sectors that are less vulnerable during the COVID-19 pandemic, such as communication services, consumer staples, healthcare and information technology.Design/methodology/approachA sample of 5,648 dividend announcements from listed companies is utilized for this study, employing the event study method. The market reaction is measured using cumulative abnormal return (CAR), and cross-section regression is employed to examine the determinants of market reaction.FindingsThe findings reveal a significant positive reaction in the communication services, consumer staples, healthcare and information technology sectors following the announcement of an increase or decrease in dividends. These results imply that dividend increase announcements serve as a positive signal for investors amidst the COVID-19 pandemic. However, the market does not respond significantly to announcements of decreased and constant dividends during the pandemic as they are perceived as unfavorable signals. This paper also highlights the role of dividends as a communication tool through which companies express optimism in facing the challenges posed by the COVID-19 pandemic to their investors.Practical implicationsThis study highlights the role of dividends as a communication tool through which companies express optimism in facing the challenges posed by the COVID-19 pandemic to their investors.Originality/valueThis study offers a novel cross-country analysis of the market reaction to dividend announcements in the ASEAN region, considering both the pandemic and post-pandemic periods and focusing on sectors less impacted by COVID-19. Unlike previous studies that are limited to single-country or sector-specific analyses, our research uniquely addresses the broader ASEAN context and includes insights into the “new normal” period.


Market reactions to the Israel-hamas conflict: A comparative event study of the US and Chinese markets
Rizky Yudaruddin, Dadang Lesmana, İbrahim Halil Ekşi, and William Ginn
Elsevier BV



Banking sector's reaction during the Russian invasion of Ukraine: who reacted the most?
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.


The market reaction of real estate companies to the announcement of the Russian–Ukrainian invasion




Liquidity and Credit Risk in Indonesia: The Role of FinTech Development
Rizky Yudaruddin, Bramantyo Adi Nugroho, Mardiany, Zhikry Fitrian, Pebiansyah Hapsari, Yuli Fitrianto, and Eka Nor Santi
SAGE Publications
This study examines the relationship between liquidity, FinTech development, and credit risk in the Indonesian banking industry. Specifically, it investigates the impact of FinTech, particularly in peer-to-peer lending and payment systems, on credit risk in conjunction with liquidity. The analysis is conducted using panel data from 142 commercial banks in Indonesia over a 15-year period from 2004 to 2018. The results reveal that higher liquidity leads to a reduction in credit risk, whereas FinTech development is found to increase credit risk, particularly in small banks (BUKU 3 and BUKU 4) and private national banks. Notably, this study identifies that the impact of liquidity on credit risk is conditional on the level of FinTech development. Furthermore, the findings suggest that the effects of FinTech on credit risk are contingent on the bank’s characteristics and the economic environment. These results have significant policy implications for designing an inclusive financial framework in the digital era, especially in managing the risks associated with FinTech development. JEL Classification: G231, F31. R10.


Financial technology and banking market discipline in Indonesia banking
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.


Dynamic Volatility Interactions Between Sustainable Crypto Currencies and Green Economy Indicators
Samet Gursoy, Ethem Kilic, Ibrahim Halil Eksi, Rizky Yudaruddin, and Mosab I Tabash
IEEE
As the importance of sustainable development increases, firms and investors are increasingly interested in sustainable/green practices. The clean energy index, green bonds, and sustainable crypto applications are among them. In this study, the four most important sustainable crypto assets and the S&P Global Clean Energy Index and S&P Green Bond Index variables are used. Applying the Dynamically Correlated Multivariate Stochastic Volatility with Multivariate Volatility (DC-MSV) model, we observed that the S&P Global Clean Energy Index, S&P Green Index, Cordano, Bitgreen, Ripple, and Stellar variables exhibit intense volatility clustering and their volatilities are predictable. These findings are important for the selection of crypto assets to be added to the portfolio and risk management.


The impact of ESG risks on bank stability in Indonesia
Felisitas Defung, Rizky Yudaruddin, Nita Priska Ambarita, Norliza Che-Yahya, and Nur Zahidah Bahrudin
LLC CPC Business Perspectives
The influence of Environmental, Social, and Governance (ESG) risks on bank stability has become a critical area of study in the banking sector. This study examines the influence of ESG risks on bank stability using unbalanced panel data from 134 commercial banks in Indonesia from 2003 to 2022. Employing a fixed effects model, the findings reveal a significant negative effect of ESG risks on bank stability, where higher ESG risks significantly reduce bank stability. Specifically, government-owned banks face a greater stability decline than private banks due to their often higher exposure to regulatory and reputational pressures. Smaller banks are more adversely affected than larger ones because they lack the resources and diversification to effectively mitigate ESG risks. Additionally, non-listed banks experience a larger decrease in stability than listed banks, as the latter tend to have stricter governance structures and more robust risk management practices. These findings underscore the need for tailored risk management strategies to address ESG risks, particularly for government-owned, smaller, and non-listed banks.


Impact of the Israel–Hamas conflict on financial markets of MENA region – a study on investors’ reaction
Rizky Yudaruddin, Dadang Lesmana, Yanzil Azizil Yudaruddin, İbrahim Halil Ekşi̇, and Berna Doğan Başar
Emerald
PurposeThis study aims to examine market reactions to the Israel–Hamas conflict in neighboring countries, particularly focusing on the Middle East North Africa (MENA) region.Design/methodology/approachThe study adopts an event study methodology, employing average abnormal return (AAR) and cumulative abnormal return as measures to assess market reactions. The sample for this study comprises 1,314 companies, with October 9, 2023, identified as the event day for analysis.FindingsThe results of our study indicate that countries in close proximity to Israel and Palestine encountered detrimental effects on their capital markets, as evidenced by negative responses observed across various sectors. Our analysis also reveals that countries in the midst of conflict, particularly Israel, experienced a decrease in their stock markets across various sectors, with the exception of materials and real estate. In addition, our investigation reveals disparities in market responses according to different categories of company size.Originality/valueThis research is the first to study market reactions to Israel–Hamas in the MENA region at the company level.


The Impact of Knowledge Management on Digital Innovation in Time of Covid-19 Pandemic: The Role of Digital Capability and Digital Orientation
Syarifah Hudayah, Melda Aulia Ramadhani, Sugeng Raharjo, Nita Priska Ambarita, Hidayani Hidayani, and Rizky Yudaruddin
World Scientific and Engineering Academy and Society (WSEAS)
This study examines the relationship between knowledge management, digital capabilities, digital orientation, and digital innovation by focusing on small and medium enterprises (SMEs) in Indonesia during the COVID-19 pandemic. Data collection used survey data from SME managers during the period July to December 2021. Data analysis used Structural Equation Modeling with the Partial Least Square method by focusing on 247 managers. The findings in this study are that knowledge management has a positive effect on digital capability and digital orientation. Meanwhile, digital competence and digital orientation mediate the impact of knowledge management on digital innovation. These findings underline the importance of digitalization during periods of crisis for SMEs.


AIDS SOCIAL EXPENDITURES, POVERTY AND INEQUALITY IN TIME OF COVID-19 PANDEMIC IN INDONESIA
Syaiful Anwar, Rizky Yudaruddin, Dewi Naprida, Bagus Rai Wibowo, and Dadang Lesmana
Malaysian Institute of Planners
The research investigates the correlation between social aid expenditure and poverty, and inequality across 34 Indonesian provinces from 2004 to 2022. Utilizing the two-step Generalized Method of Moments (GMM) estimate, it examines the impact of social aid expenditure on poverty rates and the Gini coefficient during the COVID-19 pandemic. Results show a significant decrease in the proportion of the impoverished population due to social aid expenditure, with minimal effects on inequality. The study highlights a substantial increase in both poverty and inequality during the pandemic, particularly in rural and urban areas. Analyzing the relationship between social welfare spending and COVID-19 impact reveals a positive influence on disadvantaged populations and inequality in Indonesian provinces. This underscores the need for a comprehensive review of social aid programs, especially amidst COVID-19 challenges.


The impact of Russia-Ukraine invasion on market reaction across various industries: an event study on the ASEAN market
Dadang Lesmana and Rizky Yudaruddin
Inderscience Publishers



COVID-19 PANDEMIC AND CASH HOLDING IN CONSUMER GOODS SECTOR: INTERNATIONAL EVIDENCE
Irwansyah Irwansyah, Muhammad Iqbal Pribadi, Ahmad Roy, Dharma Yanti, Yanzil Azizil Yudaruddin, and Rizky Yudaruddin
Virtus Interpress
Cash holdings, or the amount of cash and cash equivalents a company holds, become more significant when economic uncertainty increases. Reddaway (1936) argued that cash holdings serve transactional, precautionary, and speculative purposes, underscoring their importance, particularly during economic downturns. This pandemic has encouraged companies to manage their financial resources carefully. This research explores the impact of the COVID-19 pandemic on cash holdings in consumer goods companies across the initial three years of the pandemic. Data were sourced from the Wall Street Journal Database (WSJ), spanning 2018 to 2022. Utilizing the fixed effects model (FEM), the analysis encompasses a dataset of 1.491 companies from 80 countries. The findings indicate a substantial and positive correlation between the COVID-19 pandemic and cash holdings within the consumer goods sector. This effect is pronounced in the first, second, and third years of the pandemic, highlighting companies’ decisions to bolster cash reserves as a response to pandemic-induced uncertainty. This analysis underscores the widespread influence of the COVID-19 pandemic on cash holdings across industries, market types, and geographical regions.


FINTECH P2P LENDING AND BANK LOAN IN TIME OF COVID-19
Cornelius Rante Langi, Sugeng Raharjo, Swadia Gandhi Mahardika, Adi Tri Pramono, Rizky Yudaruddin, and Yanzil Azizil Yudaruddin
Virtus Interpress
This study investigates the dual impact of peer-to-peer (P2P) FinTech lending and the COVID-19 pandemic on bank lending in Indonesia spanning from 2016 to 2022. Rooted in Christensen’s theory of disruptive innovation, the research underscores how FinTech startups, by leveraging innovative technology, create intense competition for traditional banks (Christensen, 1997). Analyzing data from 121 banks, the findings reveal that the proliferation of P2P lending negatively influences bank loan growth, indicating a potential diversion of borrowers from traditional institutions. Surprisingly, the COVID-19 pandemic exhibits no significant impact on overall bank lending, highlighting the sector’s stability owing to government and financial institution interventions. Notably, when scrutinizing the joint impact of P2P lending and the pandemic, a positive effect on bank lending emerges, particularly benefiting smaller banks. This suggests that P2P lending activities complement traditional bank lending, especially during challenging periods like the pandemic. Smaller banks, in particular, demonstrate adaptability and resilience by strategically leveraging P2P lending, countering disruptions. The study underscores the pivotal role of smaller banks in navigating economic challenges, providing valuable insights for policymakers, regulators, and financial institutions to adapt to the evolving landscape of financial technology and enhance financial access for the public.


The market reaction of energy companies to the announcement of the Russian–Ukrainian invasion
Rizky Yudaruddin and Dadang Lesmana

PurposeThis study aims to empirically analyze the market response of energy companies to the Russian-Ukrainian invasion. Additionally, it examines the comparison of market reactions between companies in NATO member countries and non-member countries.Design/methodology/approachThis study utilizes a sample of 1,511 energy sector companies. To achieve the research objectives, two methods are employed. First, an event study is used to analyze the market reaction using Cumulative Abnormal Return (CAR) to the announcement of Russia's invasion of Ukraine on February 24, 2022 (event day) within an event window of (−30, +30). Second, a cross-sectional analysis is conducted to compare the responses of companies in NATO member countries with those in non-member countries.FindingsThe findings of this study reveal that energy companies worldwide reacted positively both before and after the announcement of the invasion, with significant reactions observed in companies from the Americas, Europe, and Asia & Pacific regions. However, the Middle East and Africa markets did not show significant reactions. Furthermore, the study indicates that most developed and emerging markets responded positively, likely due to the increase in energy commodity prices during the war. Moreover, the market reaction of companies in NATO member countries was stronger compared to other markets.Originality/valueThis study contributes to the existing literature by being the first to examine the impact of the Russian invasion of Ukraine on the energy sector, while categorizing markets as developed, emerging, and frontier. It also specifically explores the market reaction of energy companies in NATO member countries, providing unique insights into the differential responses within the energy sector.


The impact of fintech peer-to-peer lending and Islamic banks on bank performance during COVID-19
Sri Wahyuni, Abiyajid Bustami, Rinna Ramadhan Ain Fitriah, Muh Shadiqul Fajri AF, and Rizky Yudaruddin
LLC CPC Business Perspectives
This study delves into the influence of Peer-to-Peer (P2P) Fintech lending on bank performance in Indonesia, with a specific focus on its effects on Islamic banks both before and during the COVID-19 pandemic. Employing a fixed-effects model, unbalanced panel data from 121 banks, including 16 Islamic banks, were analyzed. The findings unveil a significant and positive impact of growth loan disbursement to borrowers from P2P lending on bank performance, particularly in terms of return on assets. Additionally, Islamic Banks exhibit a significant and favorable effect on overall bank performance. Conversely, the joint interaction between P2P lending and Islamic Banks demonstrates a negative and significant influence on Islamic bank performance, suggesting that while P2P lending may benefit conventional banks, it adversely affects Islamic banks. Furthermore, this negative impact is exacerbated during the COVID-19 period. These outcomes underscore the importance of collaboration or strategic alliances between P2P lending platforms and Islamic banks, particularly in the context of the COVID-19 pandemic.


Market Reaction to COVID-19 and Policy Response across different sectors: an event study on aseaN stock Market
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.


The Impact of Social Media on Online Shopping Behavior of Gen Z Consumers In Time of Covid-19 Pandemic; The Moderating Role of Celebrity Endorsements
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.


Performance of energy sector companies in time of pandemic COVID-19; International evidence
Nurlia, Dwi Susilowati, Dahniyar, Rihfenti Ernayani, Yanzil Azizil Yudaruddin, and Rizky Yudaruddin
Elsevier BV



Public sector innovation in local government and its impact on development outcomes: Empirical evidence in Indonesia
Rian Hilmawan, Yesi Aprianti, Rizky Yudaruddin, Ratih Fenty Anggraini Bintoro, Suharsono, Yuli Fitrianto, and Noor Wahyuningsih
Elsevier BV



Rural development from village funds, village-owned enterprises, and village original income
Rian Hilmawan, Yesi Aprianti, Diem Thi Hong Vo, Rizky Yudaruddin, Ratih Fenty Anggraini Bintoro, Yuli Fitrianto, and Noor Wahyuningsih
Elsevier BV



Government support, eco-regulation and eco-innovation adoption in SMEs: The mediating role of eco-environmental
Gusti Noorlitaria Achmad, Rizky Yudaruddin, Bramantyo Adi Nugroho, Zhikry Fitrian, Suharsono Suharsono, Ari Sasmoko Adi, Pebiansyah Hafsari, and Fitriansyah Fitriansyah
Elsevier BV



Impact of Financial Development on Greenhouse Gas Emissions in Indonesia: A Comprehensive Analysis (2000-2019)
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.

RECENT SCHOLAR PUBLICATIONS

Is ownership structure effective in the relationship between ESG and bank performance?
B Dogan Basar, İH Ekşi, R Yudaruddin
Journal of Financial Regulation and Compliance 2025



Invasi Rusia-Ukraina: Geopolitik Dan Reaksi Pasar
R Yudaruddin
Deepublish 2025



Disruptions in global trade routes: market reactions to the US–Houthi conflict in the consumer cyclical sector
R Yudaruddin, D Lesmana, YA Yudaruddin, NC Yahya, A Anwar
International Journal of Development Issues 2025



Market reaction to dividend announcements during COVID-19 pandemic in ASEAN countries
R Yudaruddin, D Lesmana
Asia-Pacific Journal of Business Administration 2025



Market reactions to the Israel-Hamas conflict: a comparative event study of the US and Chinese markets
R Yudaruddin, D Lesmana, İH Ekşi, W Ginn
Borsa Istanbul Review 24 (6), 1345-1357 2024



Impact of the Israel–Hamas conflict on financial markets of MENA region–a study on investors’ reaction
R Yudaruddin, D Lesmana, YA Yudaruddin, İH Ekşi̇, BD Başar
Journal of Economic and Administrative Sciences 2024



AIDS SOCIAL EXPENDITURES, POVERTY AND INEQUALITY IN TIME OF COVID-19 PANDEMIC IN INDONESIA
S Anwar, R Yudaruddin, D Naprida, BR Wibowo, D Lesmana
PLANNING MALAYSIA 22 2024



Banking sector's reaction during the Russian invasion of Ukraine: who reacted the most?
R Yudaruddin, D Lesmana
Journal of Economic Studies 51 (5), 1011-1035 2024



The market reaction of energy companies to the announcement of the Russian–Ukrainian invasion
R Yudaruddin, D Lesmana
European Journal of Management and Business Economics 2024



The market reaction of real estate companies to the announcement of the Russian–Ukrainian invasion
R Yudaruddin, D Lesmana
Journal of European Real Estate Research 17 (1), 102-122 2024



Liquidity and Credit Risk in Indonesia: The Role of FinTech Development
R Yudaruddin, BA Nugroho, Mardiany, Z Fitrian, P Hapsari, Y Fitrianto, ...
SAGE Open 14 (2), 21582440241245248 2024



Financial technology and banking market discipline in Indonesia banking
R Yudaruddin
Journal of Asia Business Studies 18 (2), 299-317 2024



The Impact of Bank Competition and Institutional Quality on Bank Stability: International Evidence
R Yudaruddin, Y Ulfah, D Lesmana
Economic Alternatives, 767-780 2024



THE IMPACT OF ESG RISKS ON BANK STABILITY IN INDONESIA
F Defung, R Yudaruddin, NP Ambarita, NC Yahya, NZ Bahrudin
2024



Market Reaction to COVID‑19 and Policy Response Across Different Sectors: An Event Study on ASEAN Stock Market
D Lesmana, R Yudaruddin
Финансы: теория и практика 28 (1), 30-42 2024



The impact of Russia-Ukraine invasion on market reaction across various industries: an event study on the ASEAN market
D Lesmana, R Yudaruddin
Afro-Asian Journal of Finance and Accounting 14 (4), 515-529 2024



The impact of knowledge management on digital innovation in time of Covid-19 pandemic: The role of digital capability and digital orientation
S Hudayah, MA Ramadhani, S Raharjo, NP Ambarita, H Hidayani, ...
WSEAS Transactions on Business and Economics 21, 1276-1285 2024



FINTECH P2P LENDING AND BANK LOAN IN TIME OF COVID-19.
CR Langi, S Raharjo, SG Mahardika, AT Pramono, R Yudaruddin, ...
Risk Governance & Control: Financial Markets & Institutions 14 (1) 2024



COVID-19 PANDEMIC AND CASH HOLDING IN CONSUMER GOODS SECTOR: INTERNATIONAL EVIDENCE.
MI Pribadi, A Roy, D Yanti, YA Yudaruddin, R Yudaruddin
Risk Governance & Control: Financial Markets & Institutions 14 (1) 2024



The impact of fintech peer-to-peer lending and Islamic banks on bank performance during COVID-19
S Wahyuni, A Bustami, RRA Fitriah, R Yudaruddin
Banks and Bank Systems 19 (1), 195 2024

MOST CITED SCHOLAR PUBLICATIONS

Statistik Ekonomi Aplikasi Dengan Program SPSS Versi 20
R Yudaruddin
Yogyakarta: Interpena 73 2014
Citations: 179



Forecasting untuk kegiatan ekonomi dan bisnis
R Yudaruddin
Samarinda: RV Pustaka Horizon 2019
Citations: 100



Financial technology and performance in Islamic and conventional banks
R Yudaruddin
Journal of Islamic Accounting and Business Research 14 (1), 100-116 2023
Citations: 91



Peramalan jumlah produksi tanaman kelapa sawit dengan menggunakan metode ARIMA (Autoregressive Integrated Moving Average)
SP Elvani, AR Utary, R Yudaruddin
Jurnal Manajemen 8 (1), 95-112 2016
Citations: 67



The impact of financial development and corruption on foreign direct investment in developing countries
D Lestari, D Lesmana, YA Yudaruddin, R Yudaruddin
Investment Management & Financial Innovations 19 (2), 211 2022
Citations: 62



The impact of COVID-19 pandemic on performance of small enterprises that are e-commerce adopters and non-adopters
D Lestari, M Siti, W Wardhani, R Yudaruddin
Problems and Perspectives in Management 19 (3), 467 2021
Citations: 57



The Benefits of e-Commerce before and during the Covid-19 Pandemic for Small Enterprises in Indonesia
SS Riadi, A Heksarini, D Lestari, S Maria, S Zainurossalamia, ...
WSEAS Transactions on Environment and Development 18, 69-79 2022
Citations: 52



Rural development from village funds, village-owned enterprises, and village original income
R Hilmawan, Y Aprianti, DTH Vo, R Yudaruddin, RFA Bintoro, Y Fitrianto, ...
Journal of Open Innovation: Technology, Market, and Complexity 9 (4), 100159 2023
Citations: 45



Bank lending during the COVID-19 pandemic: do alliances and digital strategies matter?
R Yudaruddin
Managerial Finance 49 (7), 1221-1238 2023
Citations: 36



The impact of financial distress on cash holdings in Indonesia: does business group affiliation matter?
M Hadjaat, R Yudaruddin, SS Riadi
The Journal of Asian Finance, Economics and Business 8 (3), 373-381 2021
Citations: 34



The impact of COVID-19 on bank stability: do bank size and ownership matter?
S Maria, R Yudaruddin, Y Azizil Yudaruddin
Banks and Bank Systems 17 (2), 124-137 2022
Citations: 32



Pengaruh cash flow, expenditure dan nilai perusahaan terhadap cash holding pada perusahaan sektor pertambangan yang terdaftar di bursa efek indonesia periode 2012-2015
D Ariana, M Hadjaat, R Yudaruddin
Jurnal Manajemen 10 (1), 7-13 2018
Citations: 32



Determinants of micro-, small-and medium-sized enterprise loans by commercial banks in Indonesia
R Yudaruddin
The Journal of Asian Finance, Economics and Business 7 (9), 19-30 2020
Citations: 31



Bank concentration and bank stability during the COVID-19 pandemic
SS Riadi, M Hadjaat, R Yudaruddin
Emerging Science Journal 6, 262-274 2022
Citations: 28



Sumber daya alam untuk kesejahteraan penduduk lokal: Studi analisis dampak pertambangan batu bara di empat kecamatan area Kalimantan Timur, Indonesia
RB Suharto, R Hilmawan, R Yudaruddin
Jurnal Organisasi Dan Manajemen 11 (2), 127-137 2015
Citations: 27



Government policy response to COVID-19 and bank performance: a comparison between Islamic and conventional banks
R Yudaruddin
Journal of Islamic Accounting and Business Research 14 (6), 952-972 2023
Citations: 25



Government support, eco-regulation and eco-innovation adoption in SMEs: The mediating role of eco-environmental
GN Achmad, R Yudaruddin, BA Nugroho, Z Fitrian, S Suharsono, AS Adi, ...
Journal of Open Innovation: Technology, Market, and Complexity 9 (4), 100158 2023
Citations: 24



The impact of economic conditions on bank profitability of regional development bank in Indonesia
R Yudaruddin
International Journal of Applied Business and Economic Research 15 (19), 1-12 2017
Citations: 24



Financial technology and bank stability in an emerging market economy
R Yudaruddin, W Soedarmono, BA Nugroho, Z Fitrian, M Mardiany, ...
Heliyon 9 (5) 2023
Citations: 23



Determinants of corporate cash holdings: Evidence of the mining sector in Indonesia
R Yudaruddin
International Journal of Scientific & Technology Research 8 (10), 1523-1526 2019
Citations: 22