IDEAS home Printed from https://ideas.repec.org/a/idn/journl/v28y2025i3gp465-504.html

RTGS Determinant & Sub-transaction Behavior during COVID-19 in Indonesia

Author

Listed:
  • Bastian Muzbar Zams

    (Bank Indonesia, Indonesia)

  • Akhmad Ginulur Pangersa

    (Bank Indonesia, Indonesia)

  • Gemala Srihati

    (Bank Indonesia, Indonesia)

  • Primitiva Febriarti

    (Bank Indonesia, Indonesia)

  • Nur Annisa Hasniawati

    (Bank Indonesia, Indonesia)

Abstract

This research investigates the influence of Corporate Governance (CG) practices on the Sustainability Performance (SP) of Indian non-financial firms. The study, utilizing a balanced panel of 1550 firm-year observations, demonstrates that overall corporate governance score and CEO duality improve sustainability performance. However, the moderation effect indicates that the positive effect of CG practices on SP is compromised when the same person holds both CEO and chairperson positions in a firm. Additionally, the relationship between CG and SP varies based on ownership structure, i.e., group-affiliated and non-group affiliated firms, as well as different industrial sectors, i.e., manufacturing, service, and diversified sectors.

Suggested Citation

  • Bastian Muzbar Zams & Akhmad Ginulur Pangersa & Gemala Srihati & Primitiva Febriarti & Nur Annisa Hasniawati, 2025. "RTGS Determinant & Sub-transaction Behavior during COVID-19 in Indonesia," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 28(3), pages 465-504, October.
    • Handle: RePEc:idn:journl:v:28:y:2025:i:3g:p:465-504
    DOI: https://doi.org/10.59091/2460-9196.2487
    as

    Download full text from publisher

    File URL: https://bulletin.bmeb-bi.org/cgi/viewcontent.cgi?article=2487&context=bmeb
    Download Restriction: no
    File URL: https://libkey.io/https://doi.org/10.59091/2460-9196.2487?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Valentina Aprigliano & Guerino Ardizzi & Libero Monteforte, 2019. "Using Payment System Data to Forecast Economic Activity," International Journal of Central Banking, International Journal of Central Banking, vol. 15(4), pages 55-80, October.
    2. Saurabh Ghosh & Abhishek Ranjan, 2023. "A Machine Learning Approach to GDP Nowcasting: An Emerging Market Experience," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 26(Special I), pages 33-54, February.
    3. Laine, Tatu (ed.), 2015. "Quantitative analysis of financial market infrastructures: further perspectives on financial stability," Scientific Monographs, Bank of Finland, number 50/2015.
    4. Fidlizan Muhammad & Mohd Yahya Mohd Hussin & Azila Abdul Razak & Norimah Rambeli & Gan Pei Tha, 2013. "The Relationship between Macroeconomic Variables and Passenger Vehicle Sales in Malaysia," Business and Economic Research, Macrothink Institute, vol. 3(2), pages 115-126, December.
    5. Alexander Lubis & Constantinos Alexiou & Joseph G. Nellis, 2019. "What Can We Learn From The Implementation Of Monetary And Macroprudential Policies: A Systematic Literature Review," Journal of Economic Surveys, Wiley Blackwell, vol. 33(4), pages 1123-1150, September.
    6. Narayan, Paresh Kumar, 2021. "COVID-19 research outcomes: An agenda for future research," Economic Analysis and Policy, Elsevier, vol. 71(C), pages 439-445.
    7. Frederic S. Mishkin, 2001. "The Transmission Mechanism and the Role of Asset Prices in Monetary Policy," NBER Working Papers 8617, National Bureau of Economic Research, Inc.
    8. Bernanke, Ben S & Blinder, Alan S, 1992. "The Federal Funds Rate and the Channels of Monetary Transmission," American Economic Review, American Economic Association, vol. 82(4), pages 901-921, September.
    9. Koop, Gary & Pesaran, M. Hashem & Potter, Simon M., 1996. "Impulse response analysis in nonlinear multivariate models," Journal of Econometrics, Elsevier, vol. 74(1), pages 119-147, September.
    10. Paresh Kumar Narayan & Chun Ping Chang & Xin-Xin Zhao, 2024. "Impact of Covid-19 on International Trade," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 27(4), pages 681-696, December.
    11. Raju, Sudhakar & Balakrishnan, Mahadevan, 2019. "Nowcasting economic activity in India using payment systems data," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 13(1), pages 72-81, March.
    12. Marius Jurgilas & Antoine Martin, 2013. "Liquidity-saving mechanisms in collateral-based RTGS payment systems," Annals of Finance, Springer, vol. 9(1), pages 29-60, February.
    13. Kaustubh & Soumya Bhadury & Saurabh Ghosh, 2024. "Reinvigorating GVA Nowcasting in the Post-pandemic Period: A Case Study for India," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 27(Spesial I), pages 95-130, February.
    14. Valeriano F. García & Lin Liu, 1999. "Macroeconomic Determinants of Stock Market Development," Journal of Applied Economics, Universidad del CEMA, vol. 2, pages 29-59, May.
    15. Xavier Freixas & Antoine Martin & David Skeie, 2011. "Bank Liquidity, Interbank Markets, and Monetary Policy," The Review of Financial Studies, Society for Financial Studies, vol. 24(8), pages 2656-2692.
    16. Valeriano F. Garcia & Lin Liu, 1999. "Macroeconomic Determinants of Stock Market Development," Journal of Applied Economics, Taylor & Francis Journals, vol. 2(1), pages 29-59, May.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Rudra P. Pradhan & Mak B. Arvin & John H. Hall & Sahar Bahmani, 2014. "Causal nexus between economic growth, banking sector development, stock market development, and other macroeconomic variables: The case of ASEAN countries," Review of Financial Economics, John Wiley & Sons, vol. 23(4), pages 155-173, November.
    2. Hartwell, Christopher A., 2014. "The impact of institutional volatility on financial volatility in transition economies : a GARCH family approach," BOFIT Discussion Papers 6/2014, Bank of Finland, Institute for Economies in Transition.
    3. Mohamed Benbouziane & Abdelhak Benamar & Mustapha Djennas, 2010. "The Liquidity Effect in Algeria and Morocco: A Multivariate Threshold Autoregressive Investigation," Working Papers 525, Economic Research Forum, revised 06 Jan 2010.
    4. Stefano Puddu, 2013. "Real Sector and Banking System: Real and Feedback Effects. A Non-Linear VAR Approach," IRENE Working Papers 13-01, IRENE Institute of Economic Research.
    5. Claus Brand & Nuno Cassola, 2004. "A money demand system for euro area M3," Applied Economics, Taylor & Francis Journals, vol. 36(8), pages 817-838.
    6. Sin-Yu Ho & N.M. Odhiambo, 2018. "Analysing the macroeconomic drivers of stock market development in the Philippines," Cogent Economics & Finance, Taylor & Francis Journals, vol. 6(1), pages 1451265-145, January.
    7. James Chapman & Ajit Desai, . "Using payments data to nowcast macroeconomic variables during the onset of Covid-19," Journal of Financial Market Infrastructures, Journal of Financial Market Infrastructures.
    8. Yilmaz Bayar, 2016. "Institutional Determinants of Stock Market Development in European Union Transition Economies," Romanian Economic Journal, Department of International Business and Economics from the Academy of Economic Studies Bucharest, vol. 19(61), pages 211-226, September.
    9. Parmendra Sharma & Eduardo Roca, 2011. "Reâ Designing Financial Systems: A Review of the Role of Stock Markets in Developing Economies," Discussion Papers in Finance finance:201120, Griffith University, Department of Accounting, Finance and Economics.
    10. Pan, Wei-Fong, 2018. "Does the stock market really cause unemployment? A cross-country analysis," The North American Journal of Economics and Finance, Elsevier, vol. 44(C), pages 34-43.
    11. Al-Raeai, Arafat Mansoor & Zainol, Zairy & Abdul Rahim, Ahmad Khilmy, 2019. "The Influence of Macroeconomics Factors and Political Risk on the Sukuk Market Development in Selected GCC Countries: A Panel Data Analysis," Jurnal Ekonomi Malaysia, Faculty of Economics and Business, Universiti Kebangsaan Malaysia, vol. 53(2), pages 199-211.
    12. Daniela Șerban & Andreea Gabriela Tănase & Cosmin-Octavian Dobrin & Viorel - Costin Banța, 2023. "Capital Markets During Postcrisis And Pandemic: A Global Perspective (2008-2020) In The Context Of Industry 4.0," Annals of University of Craiova - Economic Sciences Series, University of Craiova, Faculty of Economics and Business Administration, vol. 1(51), pages 44-51, August.
    13. José-Luis Peydró [AP BACKUP – NOW EXTERNAL] & Miguel Boucinha & Carlo Altavilla & Frank Smets & José-Luis Peydró, 2019. "Banking Supervision, Monetary Policy and Risk-Taking: Big Data Evidence from 15 Credit Registers," Working Papers 1137, Barcelona School of Economics.
    14. Edoardo GAFFEO & Ivan PETRELLA & Damjan PFAJFAR & Emiliano SANTORO, 2010. "Reference-dependent preferences and the transmission of monetary policy," Working Papers of Department of Economics, Leuven ces10.28, KU Leuven, Faculty of Economics and Business (FEB), Department of Economics, Leuven.
    15. Karamé, Frédéric, 2015. "Asymmetries and Markov-switching structural VAR," Journal of Economic Dynamics and Control, Elsevier, vol. 53(C), pages 85-102.
    16. Wilkinson, Katherine J. & Young, Martin R. & Young, Shirley, 2001. "The effects of monetary policy shocks on exchange rates: Evidence from New Zealand and Australia," Pacific-Basin Finance Journal, Elsevier, vol. 9(4), pages 427-455, August.
    17. Dimitris Korobilis, 2013. "Assessing the Transmission of Monetary Policy Using Time-varying Parameter Dynamic Factor Models-super-," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 75(2), pages 157-179, April.
    18. Chris Doucouliagos & Jakob de Haan & Jan-Egbert Sturm, 2022. "What drives financial development? A Meta-regression analysis [A new database of financial reforms]," Oxford Economic Papers, Oxford University Press, vol. 74(3), pages 840-868.
    19. Kerry Loaiza-Marín & Jose Pablo Barquero-Romero, 2025. "Monetary Policy and the Credit Channel, 2008-2019," Documentos de Trabajo 2504, Banco Central de Costa Rica.
    20. Hartwell, Christopher A., 2014. "The impact of institutional volatility on financial volatility in transition economies: a GARCH family approach," BOFIT Discussion Papers 6/2014, Bank of Finland Institute for Emerging Economies (BOFIT).

    More about this item

    Keywords

    ;
    ;
    ;
    ;

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:idn:journl:v:28:y:2025:i:3g:p:465-504. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Shinta Fitrianti or Jimmy Kathon (email available below). General contact details of provider: https://edirc.repec.org/data/bigovid.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.