• The Journal of Asian Finance, Economics and Business
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• 제8권5호
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• pp.109-115
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• 2021

This study aims to examine the effect of Operating Costs and Income, Loan to Deposit Ratio on the Return on Asset (ROA) of Public-Private Foreign Exchange Banks listed on the Indonesia Stock Exchange (IDX) during the 2015-2018 period. This study is a quantitative study using financial reports of Public-Private Foreign Exchange Banks listed on the IDX as a data source. This study's population is 25 Public-Private Foreign Exchange Banks listed on the IDX. This study uses purposive sampling to determine the sample to produce 21 banking companies. Data was analyzed using multiple linear regression methods and descriptive statistics. The F Test calculation results state that all the variables of free operating expenses, operating income, and the loan to deposit ratio simultaneously and significantly affect the return on assets (ROA) variable in Public-Private Foreign Exchange Banks listed on the IDX. This study's results indicate that simultaneously Operational Costs, Operational Income, and Loan to Deposit Ratio have a significant effect on ROA. Operational Costs and Operational Income have a significant negative impact on Return on Assets. The third hypothesis shows that the Loan to Deposit Ratio has a positive and insignificant effect on Return on Assets.

• The Journal of Asian Finance, Economics and Business
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• 제8권2호
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• pp.545-553
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• 2021

This study examines the role of Leadership style and Organizational culture in predicting employee Performance. The aim of the research is: 1) to know the direct effect of Democratic Leadership on employee Performance, 2) to know the direct effect of Democratic Leadership on organizational culture, 3) to know the direct effect of Organizational culture on employee Performance, 4) to test the role of Organizational culture as mediation the effect of Democratic Leadership on employee Performance. The respondents were all employees at the Education Office East Java. The sampling method was used to collect data from 106 employees at the Education Office East Java, Indonesia, using surveys and questionnaires. The data obtained were analyzed using the Path Analysis with SPSS statistical software. The study had four findings. Firstly, Democratic Leadership has a significant effect on employee Performance. Secondly, Democratic Leadership also has a significant effect on Organizational culture. Thirdly, Organizational culture has a significant effect on employee performance. Fourthly, organizational culture mediates the effect of Democratic Leadership on employee Performance. Furthermore, the direct effect of Leadership style and the mediation role contribute to knowledge. The results showed that implementing Democratic Leadership supported by a conducive organizational culture guides employee to perform better.

• The Journal of Asian Finance, Economics and Business
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• 제8권4호
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• pp.105-112
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• 2021

This study aims to find empirical evidence of the effect of increasing income on the potential transfer of wealth from manufacturing companies that go public to stakeholders. Earnings management with an accrual approach with the Modified Jones model is an identifier of the availability of earnings management practices, without paying attention to both positive and negative symbols. The interpretation of the results of the discretionary accrual measurement between positive and negative symbols has different meanings. Positive discretionary accruals indicate that management uses income-increasing techniques. Meanwhile, negative discretionary accruals indicate that management uses income-reducing techniques. Income-increasing techniques tend to be viewed as opportunistic behavior of managers. This study used 111 data from manufacturing companies listed on the IDX (Indonesia Stock Exchange) from 2015-2018. Path analysis is used to test the hypothesis. The results of this study are in line with the point of view of management strategy, increasing income is used as a way to transfer potential welfare from the company to stakeholders. Social welfare (tax) and managerial remuneration are proven to be mediators in increasing the effect of increasing income on future company value. Further research can complete the potential welfare transfer against the shareholders related to income-increasing strategy.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.821-832
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• 2021

Economic deprivation of households remains a significant economic issue in the world. Researchers have shown great concern in identifying crucial factors to enhance poor households' socio-economic performance. Therefore, this paper aims to develop a new conceptual framework to investigate the influence of different microfinance services on households' socioeconomic performance using moderated mediation analysis of various crucial factors. Focus-group interviews with managements of the microfinance institution, i.e. Amanah Ikhtiar Malaysia (AIM), and a systematic literature review were conducted for this purpose, and a new framework for the future study has been developed. The result from focus-group interviews and systematic literature review propose microfinance financial services, training programs, and business coaching as independent factors, whereas household socioeconomic performance as a dependent factor in the proposed model. Specifically, this study provides the direction to scholars to empirically test the direct relationship between financial services and household socioeconomic performance and the indirect relationship between training programs, business coaching, and household socioeconomic performance. Further, microfinance institutions' service efficiency is also included as a moderator that can strengthen microfinance services' effectiveness. The study also provides useful implications for policymakers, financial institutions, households, micro-enterprises, and researchers to better understand microfinance interventions and household economic mechanisms.

• Advances in concrete construction
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• 제11권5호
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• pp.409-417
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• 2021

The incorporation of non-biodegradable tyre waste in cement-based material has gained more interest towards sustainable construction these days. Crumb rubber (CR) from waste tyre is an alternative for sand replacement in low strength applications. Many researchers have studied CR cement-based materials produced by normal mixing (NM) method and reported a significant decrease in compressive strength due to CR. To compensate this strength loss, this research aims to study the innovative incorporation of CR in cement composite via the preplaced mixing (PM) method. In this investigation, cement composite was produced with NM and PM methods by replacing sand with 0%, 50%, and 100% CR by volume. The test results showed no significant difference in terms of densities of cement composite prepared with both mixing methods. However, cement composite prepared with PM method had lower strength reduction (about 10%) and lowered drying shrinkage (about 20%). In addition, the sound absorption coefficient and noise reduction coefficient of CR cement composite prepared by PM method were in similar range as those prepared with NM method. Overall, the results demonstrate that the PM method is promising, and the maximum replacement level of 50% is recommended for CR in the cement composite.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.987-996
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• 2021

The development of Internet technology can affect firm value through the use of social media by business people. Nowadays, social media affect businesses of all sizes in several different ways. Despite the various benefits obtained by using social media, research at the organizational level and its impact on business performance have not grown as fast as desired. This research aims to examine the effect of social media on oil and gas firms' value. The research sample consists of 9 oil and gas firms listed on the Indonesian Stock Exchange 2013-2018. Social media proxies are firms' social media, other social media mentions, and social media sentiment. Firm value is measured by the market value to assets ratio. Data analysis uses a random-effect regression test. Based on the analysis, the social media account of a firm has a positive effect on firm value. It indicates that social media give advantages for oil and gas firms to give a signal of business prospect, make use of opportunities related to industry alliances, recruit employees globally, and c. On the other hand, the positive sentiment on social media has no effect on oil and gas firms' value.

• The Journal of Asian Finance, Economics and Business
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• 제8권2호
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• pp.737-745
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• 2021

This study aims to determine whether there are differences in the average abnormal return, trading volume activity, and trading frequency activity in pharmaceutical stocks before and after the announcement of the first case of the coronavirus (COVID-19) in Indonesia. The sample was selected using a purposive sampling method and collected as many as nine pharmaceutical companies listed on the Indonesia Stock Exchange during 2019-2020. The data used in this study were secondary data in the form of daily data on stock closing prices, Composite Stock Price Index (IHSG), stock volume trading, number of shares outstanding, and stock trading frequency. This study was an event study with an observation period of 14 days, namely seven days before and seven days after the announcement of the coronavirus's first positive case in Indonesia. Hypothesis testing employed the paired sample t-test method. Based on the results, it was found that there was no difference in the average abnormal return of pharmaceutical stocks before and after the announcement of the first case of COVID-19. However, there was a difference in the average trading volume activity and the average trading frequency activity in pharmaceutical stocks before and after the announcement of the first case of COVID-19.

• The Journal of Asian Finance, Economics and Business
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• 제8권2호
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• pp.933-941
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• 2021

This research aims to test the effect of corporate governance factors on corporate social responsibility (CSR) disclosure and its impact on a company's financial performance. The factors of corporate governance referred to in this research are foreign ownership, state ownership, number of board of commissioners, the proportion of independent commissioners, and educational background of commissioners' board. Based on the purposive sampling method, 194 companies were selected with a total of 582 observations. The data analysis used in this study was the Structural Equation Model (SEM) approach by using the alternative Partial Least Square (PLS) method. The results of this research indicated that state ownership, number of board of commissioners, and the proportion of independent commissioners had a significant positive effect on CSR disclosure. While the foreign ownership and the educational background of the commissioners' board have had an insignificant effect on CSR disclosure. Then, CSR disclosure had a significant positive effect on the companies' financial performance. The findings of this study suggest that the positive effect of the CSR disclosure on performance is because the disclosure is able to improve the company's reputation; the more social activities are carried out will improve the customers' loyalty as well as the support from other stakeholders which in turns will improve the company's performance.

• The Journal of Asian Finance, Economics and Business
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• 제8권1호
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• pp.187-198
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• 2021

The objective of this study is to examine the direct and indirect influences of government's role, organizational commitment, and media exposure on the corporate social and environmental responsibility disclosure (CSERD) of 42 Indonesian state-owned enterprises (SOEs) with good corporate governance as the mediator. This study uses a quantitative approach with path analysis to test the hypothesis. The sample in this study was directors of 42 state-owned enterprises in Indonesia. The data was collected using a questionnaire with items assessed on a five-point Likert scale. This study finds that 1) the government's role, organizational commitment, and media exposure have direct influences on good corporate governance and corporate social responsibility disclosure; 2) the government's role and organizational commitment have significant influences on corporate social and environmental responsibility disclosure with the mediation of good corporate governance, indicating that government's role and the organizational commitment are factors affecting Indonesian state-owned enterprises; and 3) the media exposure through good corporate governance mediation does not have a significant effect on corporate social and environmental responsibility disclosure. This means that media exposure is only one of the tools for CSERD, while SOEs have no obligation to disclose CSER through website or printed media.

• Natural Product Sciences
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• 제27권1호
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• pp.1-9
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• 2021

Methicillin-resistant Staphylococcus aureus (MRSA) infection often complicates burn wounds. Mupirocin is the antibiotic of choice for superficial MRSA infection, and its resistance is on the rise due to its frequent and widespread use. This study aimed to develop and evaluate Curcuma xanthorriza extract (CXE)-containing gel as a topical agent against MRSA-infected second-degree burn wound in rats. CXE was obtained using maceration with 96% ethanol. Xanthorrhizol level, antibacterial, and antioxidant activity were evaluated using a standardized method. In vivo, the wound's healing and bacterial load were evaluated every three days, whereas the histopathology of the wound was examined on day 12 of treatment. One-Way ANOVA and Kruskal-Wallis test were used to analyze the data. In this study, 27.0% and 7.10% of the obtained CXE were xanthorrhizol and curcumin, respectively. Additionally, an IC50 of 64.27 ppm was shown in antioxidant activity measurement, and MIC against MRSA was 5 mg/ml. Treatment with CXE-containing gels showed a significant reduction in bacterial load and proliferation of connective tissue in a dose-dependent manner. In conclusion, CXE-containing gel showed a greater reduction of bacterial load and more advanced wound healing phase than mupirocin.