Government responses to COVID-19 and market reactions to dividend announcements in ASEAN-5 countries Rizky Yudaruddin, Dadang Lesmana, Rozaimah Zainudin Asian Journal of Accounting Research, 2026 Purpose This study aimed to thoroughly examine the impact of government responses to the COVID-19 pandemic on market reactions to company dividend announcements in the Association of Southeast Asian Nations (ASEAN) countries. It also explored how these government responses influenced market reactions based on country-specific factors, dividend types and company characteristics. Design/methodology/approach In order to achieve the stated objectives, the event study method was adopted for this investigation using 5,648 dividend announcements made by various companies listed in 5 ASEAN countries from 2020 to 2022 to assess market reactions. Additionally, regression analysis with robust standard errors was conducted to examine the impact of government responses to COVID-19 on these market reactions. Findings The results showed that government responses to COVID-19 negatively affected market reactions to dividend announcements across the five explored ASEAN countries, with the strongest impact in Thailand and Indonesia. Investors in these countries were observed to be more concerned about the pandemic and strict policies such as lockdowns. This is particularly evident in dividend decreases and no-change announcements, as investors viewed stringent measures as signs of economic uncertainty, thereby reducing confidence in company stability. Accordingly, firm-level analysis showed that large, highly profitable and low-leverage companies experience stronger negative reactions, emphasizing the varying sensitivity of companies to government interventions. Originality/value The current study is the first to provide novel insights into government responses with the aim of determining the effectiveness of dividend announcements to market reactions during COVID-19 among companies in ASEAN countries.
Global material sector reactions to Trump's tariff postponement: multi-country evidence from an event study Ellen D. Oktanti Irianto, Rohana Nur Aini, Muhammad Ramadhani Kesuma, Dadang Lesmana, Rizky Yudaruddin Journal of Economics and Development, 2026 Purpose This study aims to investigate the market reactions of material firms to Trump's tariff postponement announcement on April 9, 2025, emphasizing variations across market types, industries, firm size, growth and tariff levels. Design/methodology/approach Applying an event study methodology, the research measures market reactions using Cumulative Abnormal Returns (CAR) for a sample of 1,174 firms from 47 countries. The analysis is conducted across market types, industries and firm characteristics, with cross-sectional regressions employed to assess the influence of tariff exposure on market behavior. Findings The findings reveal heterogeneous market reactions to the US tariff postponement announcement, with negative abnormal returns before the event turning significantly positive afterward across markets, industries and firm characteristics. The strongest post-event gains are concentrated in developed markets and highly trade-exposed industries such as Metals and Mining, Chemicals and Containers and Packaging, as well as among small-cap and high-growth firms. Cross-sectional results show that higher tariff exposure amplifies pre-event losses but leads to stronger positive cumulative abnormal returns after the announcement, reflecting investor optimism toward policy relief. Originality/value This study is the first to examine tariff postponements, rather than direct tariff impositions, across all US trade partners, offering new insights into how reduced policy uncertainty shapes global market sentiment. It also introduces the Material sector as a novel context, demonstrating how tariff shocks and their deferrals reverberate through industries that are central to global supply chains yet previously overlooked in the literature.
Asymmetric dynamics between global uncertainty and cryptocurrencies: evidence from quantile-on-quantile analysis Necati Altemur, İbrahim Halil Ekşi, Rizky Yudaruddin Journal of Modelling in Management, 2026 Purpose This study aims to provide a comprehensive examination of the nonlinear and asymmetric relationships between global uncertainty indicators, namely, gold (GOLD), the US Dollar Index (DXY) and the Volatility Index (VIX), and major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Cardano (ADA) and Binance Coin (BNB). It particularly focuses on how these dynamics evolve across different market conditions and the extent to which certain cryptocurrencies function as alternative safe-haven assets. Design/methodology/approach The analysis uses weekly data from January 2018 to June 2025, covering five major cryptocurrencies (BTC, ETH, XRP, ADA and BNB). To capture the dynamic and nonlinear relationships between global uncertainty indicators and cryptocurrency markets, the Quantile-on-Quantile Regression (QQR) approach is applied. Furthermore, the Quantile-on-Quantile Kernel-Based Regularized Least Squares (QQKRLS) technique is used as a robustness check to validate the findings. Findings The results demonstrate that the relationship between global uncertainty indicators and cryptocurrencies is neither linear, stationary nor unidirectional. Instead, it exhibits complex and asymmetric interactions that vary across quantiles and market conditions. Significant and predominantly inverse relationships are identified between the DXY, the VIX and cryptocurrencies, particularly at lower (0.05–0.30) and higher (0.70+) quantile levels. These findings suggest that investor behavior is influenced not only by economic fundamentals but also by uncertainty, market dynamics and risk perceptions. Originality/value This study is the first to apply QQR and QQKRLS methods to analyze the nonlinear and asymmetric linkages between global uncertainty indicators and major cryptocurrencies. It provides novel evidence on how these relationships shift across market conditions, offering fresh insights into the potential safe-haven role of cryptocurrencies.
BANK DIVERSIFICATION STRATEGY AND STOCK PRICE VOLATILITY DURING COVID-19 IN AN EMERGING COUNTRY Felisitas Defung, Ardi Paminto, Djoko Setyadi, Rizky Yudaruddin Corporate and Business Strategy Review, 2026 This study examines the impact of the COVID-19 pandemic on stock price volatility in the Indonesian banking sector and evaluates the moderating role of income diversification. The analysis covers 27 listed commercial banks during the 2017–2023 period across three phases: pre-pandemic, pandemic, and post-pandemic. Grounded in the efficient market hypothesis (EMH) and portfolio diversification theory, which suggest that markets rapidly reflect new information and that diversification can reduce risk, the study employs a fixed-effects regression model to assess volatility dynamics (Fama, 1970; Markowitz, 1952). The findings show that stock price volatility significantly increased during the pandemic, reflecting heightened market uncertainty, and gradually normalized in the post-pandemic phase. While income diversification does not significantly influence volatility in normal periods, it proves to be an effective risk-mitigation strategy during crisis periods. Banks with higher levels of diversification experienced lower volatility amid the pandemic, highlighting the stabilizing role of diversified income sources in times of market distress. These findings underscore the importance of strategic income diversification for enhancing resilience in the banking sector, contributing empirical evidence on how diversification interacts with systemic shocks, and offering practical implications for risk management and regulatory strategies in emerging financial markets.
Islamic Spiritual Care and consumer loyalty in Islamic hospitals: the roles of trust and satisfaction Muhammad Sadik Sahil, Syarifah Hudayah, Herning Indriastuti, Saida Zainurossalamia, Rizky Yudaruddin Innovative Marketing, 2026 Type of the article: Research ArticleAbstractSpiritual care has gained increasing relevance as an essential component of holistic healthcare, particularly within Islamic hospitals where religious values guide patient expectations and service experiences. This study aims to examine the influence of consumer trust, satisfaction, and service quality on the implementation of Integrated Islamic Spiritual Care (IISC), as well as to assess the mediating role of IISC in shaping consumer loyalty. A quantitative approach was employed, and data were collected through online and offline surveys, resulting in 265 valid patient responses from several Islamic hospitals in Indonesia. Structural Equation Modeling using the Partial Least Squares method was applied to evaluate the proposed relationships. The findings indicate that consumer trust (β = 0.330, p < 0.05), consumer satisfaction (β = 0.255, p < 0.05), and service quality (β = 0.366, p < 0.05) significantly contribute to the implementation of IISC. In turn, IISC exerts a substantial positive effect on consumer loyalty (β = 0.595, p = 0.000). The analysis of direct effects further reveals that only service quality has a significant impact on consumer loyalty (β = 0.703, p = 0.000), while the effects of trust and satisfaction are positive but not statistically significant (p > 0.05). Mediation testing confirms that IISC significantly mediates the effects of trust, satisfaction, and service quality on loyalty. These results demonstrate the strategic importance of spiritually integrated services in enhancing patient loyalty within Islamic hospital management.
Environmental awareness and digital financial literacy in improving the financial performance of medium enterprises in Indonesia: The roles of decision making and government support Siti Rohmah, Djoko Setyadi, Irwansyah Irwansyah, Ardi Paminto, Rizky Yudaruddin Investment Management and Financial Innovations, 2026 Type of the article: Research ArticleAbstractThis study examines how medium-sized enterprises improve financial performance through environmental awareness and digital financial literacy, with accounting information-based decision making as a mediating mechanism. The study focuses on medium-sized enterprises operating in East Kalimantan, particularly in the cities of Samarinda, Balikpapan, and Bontang, Indonesia, as this region represents a rapidly developing economic area with increasing environmental and digitalization challenges. Data were collected from 244 business owners and managers using stratified random sampling from June 2025 to September 2025. Partial Least Squares Structural Equation Modeling (PLS-SEM) is employed for analysis. The empirical results reveal that digital financial literacy has a stronger influence on financial performance than environmental awareness, emphasizing the dominant role of digital capability in driving firm outcomes. Furthermore, accounting information-based decision making significantly mediates these relationships, confirming its role as a crucial mechanism through which internal capabilities are translated into improved financial outcomes. The model also demonstrates strong explanatory and predictive power, indicating that the proposed framework effectively captures the key determinants of financial performance. The findings show that environmental awareness and digital financial literacy significantly enhance financial performance both directly and indirectly through accounting information-based decision making. The mediating role of decision making emerges as a key mechanism linking internal capabilities to firm performance, while government support does not significantly moderate these relationships. These results highlight the importance of internal behavioral and cognitive capabilities in strengthening the financial performance of medium-sized enterprises.
Information technology capability and financial reporting quality in local governments: the mediating role of accounting information system quality Ahyar Muhammad Diah, La Ode Hasiara, Dadang Lesmana, Sugeng Raharjo, Yesi Aprianti, Rizky Yudaruddin Cogent Business and Management, 2026 This study examines how information technology (IT) capability influences Accounting Information System (AIS) quality and Financial Reporting Quality (FRQ) in Indonesian local governments. Using survey data from 735 public sector employees and Partial Least Squares Structural Equation Modeling (PLS-SEM), the results show that IT capability, reflected in government commitment as well as individual IT competence, knowledge and experience, significantly improves both AIS quality and FRQ. Notably, AIS quality emerges as the most critical driver of financial reporting quality and serves as a key mediating mechanism linking IT capability to reporting outcomes. The findings highlight that improvements in financial reporting are not driven solely by technology or human resources independently, but by their integration through effective accounting systems. This study contributes to the literature by providing an integrated framework that connects the Resource-Based View, Dynamic Capability Theory and the Information System Success Model in a public sector context. The results offer practical insights for policymakers to strengthen digital capacity and enhance accountability in local government financial management.
Market reaction to dividend announcements during COVID-19 pandemic in ASEAN countries Rizky Yudaruddin, Dadang Lesmana Asia Pacific Journal of Business Administration, 2025 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.
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, Ayesha Anwar International Journal of Development Issues, 2025 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.
FINTECH P2P LENDING AND BANK LOAN IN TIME OF COVID-19 Cornelius Rante Langi, Sugeng Raharjo, Swadia Gandhi Mahardika, Adi Tri Pramono, Rizky Yudaruddin, Yanzil Azizil Yudaruddin Risk Governance and Control Financial Markets and Institutions, 2024
Determinants of corporate cash holdings: Evidence of the mining sector in indonesia International Journal of Scientific and Technology Research, 2019
Economic conditions and lending Behavior; Evidence from the regional development banks in Indonesia International Journal of Economic Research, 2017
The impact of economic conditions on bank profitability of regional development bank in Indonesia International Journal of Applied Business and Economic Research, 2017
RECENT SCHOLAR PUBLICATIONS
Information technology capability and financial reporting quality in local governments: the mediating role of accounting information system quality AM Diah, LO Hasiara, D Lesmana, S Raharjo, Y Aprianti, R Yudaruddin Cogent Business & Management 13 (1), 2654816 , 2026 2026
Geopolitical conflict, military capability, and energy market stability: Evidence from the Israel–Hamas conflict N Alsagr, R Yudaruddi̇n, İH Ekşi̇, N Hacıevliyagil Energy Policy 215, 115333 , 2026 2026
Asymmetric dynamics between global uncertainty and cryptocurrencies: evidence from quantile-on-quantile analysis N Altemur, İH Ekşi, R Yudaruddin Journal of Modelling in Management 21 (4), 1608-1629 , 2026 2026 Citations: 1
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 35 (2), 290-306 , 2026 2026 Citations: 20
From Value Creation to Sustainability: Exploring the Mediating Effect of Acculturative Isolating Product Advantage in Iconic Textile Enterprises DI Aprianti, SS Riadi, H Indriastuti, S Hariyadi, R Yudaruddin F1000Research 15, 494 , 2026 2026
Impact of Trump’s tariff policy on the information technology sector: analysis of global market reactions LD Ariswati, M Henrika, MR Kesuma, D Lesmana, R Yudaruddin Digital Policy, Regulation and Governance, 1-22 , 2026 2026
Government responses to COVID-19 and market reactions to dividend announcements in ASEAN-5 countries R Yudaruddin, D Lesmana, R Zainudin Asian Journal of Accounting Research 11 (2), 166-182 , 2026 2026 Citations: 5
Global material sector reactions to Trump's tariff postponement: multi-country evidence from an event study EDO Irianto, RN Aini, MR Kesuma, D Lesmana, R Yudaruddin Journal of Economics and Development, 1-19 , 2026 2026 Citations: 1
Investigating the direct and indirect effects of accounting practices on business information and entrepreneurial growth in the supporting regions of indonesia’s new capital city LO Hasiara, AM Diah, EA Widyanto, LM Hasriadi, R Yudaruddin Cogent Business & Management 12 (1), 2519967 , 2025 2025 Citations: 7
Market reaction to dividend announcements during COVID-19 pandemic in ASEAN countries R Yudaruddin, D Lesmana Asia-Pacific Journal of Business Administration 17 (5), 1364-1392 , 2025 2025 Citations: 3
Dynamic causality between ESG indices and traditional asset classes: insights from global crises using the CWTC method E Torun, BD Başar, IH Ekşi, D Lesmana, R Yudaruddin International Journal of Emerging Markets, 1-24 , 2025 2025 Citations: 2
Dynamic interaction among Islamic sectoral indices: time-varying linkages and asymmetric spillover effects S Gursoy, N Altemur, R Yudaruddin, İH Ekşi Journal of Islamic Accounting and Business Research, 1-23 , 2025 2025 Citations: 2
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 24 (3), 315-336 , 2025 2025 Citations: 11
Assessing the influence of ESG risk on asset quality: insights from Indonesia's banking industry YA Yudaruddin, R Yudaruddin Total Quality Management & Business Excellence 36 (13-14), 1388-1404 , 2025 2025 Citations: 6
Economic Freedom and Banking Performance: Capital Buffers as the Key to Profitability and Stability in Liberalized Markets WA Pratomo, A Warokka, R Yudaruddin, AZ Aqmar Journal of Risk and Financial Management 18 (10), 544 , 2025 2025 Citations: 5
Market reactions to the US-Houthi conflict: an event study of the US stock market R Yudaruddin, D Lesmana, N Nurhadiansjah, YA Yudaruddin, W Ginn Journal of Economic Studies, 1-20 , 2025 2025 Citations: 3
How ESG risk influences bank performance: Insights from Islamic banking sector in Indonesia R Yudaruddin, N Che Yahya, SN Mohd Rashid Journal of Islamic Accounting and Business Research , 2025 2025 Citations: 12
The Red Sea conflict and market reactions: examining the role of military strength in financial markets R Yudaruddin, D Lesmana, İ Halil EKŞİ, W Ginn, MI Tabash Peace Economics, Peace Science and Public Policy 31 (2), 193-227 , 2025 2025 Citations: 6
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 33 (3), 347-358 , 2025 2025 Citations: 16
Invasi Rusia-Ukraina: Geopolitik Dan Reaksi Pasar R Yudaruddin Deepublish , 2025 2025
MOST CITED SCHOLAR PUBLICATIONS
Statistik Ekonomi Aplikasi Dengan Program SPSS Versi 20 R Yudaruddin Yogyakarta: Interpena 73 , 2014 2014 Citations: 206
Financial technology and performance in Islamic and conventional banks R Yudaruddin Journal of Islamic Accounting and Business Research 14 (1), 100-116 , 2023 2023 Citations: 142
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 2023 Citations: 137
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 2023 Citations: 104
Forecasting untuk kegiatan ekonomi dan bisnis R Yudaruddin Samarinda: RV Pustaka Horizon , 2019 2019 Citations: 98
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 2022 Citations: 95
Green perceived value and green product purchase intention of Gen Z consumers: Moderating role of environmental concern S Hudayah, MA Ramadhani, KA Sary, S Raharjo, R Yudaruddin Environmental Economics 14 (2), 87 , 2023 2023 Citations: 75
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 2021 Citations: 70
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 2016 Citations: 65
The Benefits of e-Commerce before and during the Covid-19 Pandemic for Small Enterprises in Indonesia S Maria, R Yudaruddin, D Lestari, S Zainurossalamia, SS Riadi WSEAS Transactions on Environment and Development 18, 69-79 , 2022 2022 Citations: 54
Financial technology and bank stability in an emerging market economy R Yudaruddin, W Soedarmono, BA Nugroho, Z Fitrian, M Mardiany, ... Heliyon 9 (5) , 2023 2023 Citations: 48
Bank lending during the COVID-19 pandemic: do alliances and digital strategies matter? R Yudaruddin Managerial Finance 49 (7), 1221-1238 , 2023 2023 Citations: 46
The effect of COVID-19 on consumer goods sector performance: the role of firm characteristics Irwansyah, M Rinaldi, AM Yusuf, MHZK Ramadhani, SR Sudirman, ... Journal of Risk and Financial Management 16 (11), 483 , 2023 2023 Citations: 43
The impact of COVID-19 on bank stability: Do bank size and ownership matter S Maria, R Yudaruddin, YA Yudaruddin Banks and Bank Systems 17 (2), 124-137 , 2022 2022 Citations: 43
The effect of digital transformation and innovation on SMEs’ performance in times of COVID-19 H Shee, S Kaswi Problems and Perspectives in Management 21 (4), 84-100 , 2023 2023 Citations: 42
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 2021 Citations: 41
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 2018 Citations: 41
Bank concentration and bank stability during the COVID-19 pandemic SS Riadi, M Hadjaat, R Yudaruddin Emerging Science Journal 6, 262-274 , 2022 2022 Citations: 40
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 2023 Citations: 38
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 2020 Citations: 36
