Budi Wahyono, Ph.D
Senior Researcher
Dr. Budi Wahyono is an Assistant Professor at the Department of Economics Education, Universitas Sebelas Maret, specializing in finance. He earned his Ph.D. in Finance from Yamaguchi University, Japan (2019–2022), after completing his bachelor’s and master’s degrees in Economics Education at Universitas Sebelas Maret. Dr. Budi has an impressive international publication record, with more than 10 articles in renowned journals such as Economics Letters, Finance Research Letters, and the Eurasian Economic Review. His research interests span political connections, Islamic finance, digital innovation, and financial stability. He also serves as a peer reviewer for several academic journals and is a member of the American Finance Association and the Indonesian Financial Management Association. His current research projects explore digital payments and disaster resilience in the context of firm performance.
Publications
- Susanto, H., Martono, T., Wardani, D. K., Sangka, K. B., & Wahyono, B. (forthcoming). Digital innovation in education: A study of e-procurement technology acceptance models. Information Technology for Development.
- Boungou, W., Rapih, S., Sangka, K. B., & Wahyono, B. (2025). Nobody (even stock markets) likes war: Evidence from the Israel-Hamas war. Economics Bulletin, 45(1), 188–195.
- Boungou, W., Gupta, P., & Wahyono, B. (2024). Coup d’état in Africa and stock market returns: The case of French companies. Economics Letters, 237, 111654. https://doi.org/10.1016/j.econlet.2024.111654
- Wahyono, B. (2023). Do political connections affect the environmental performance of Sharia-compliant and non-Sharia-compliant firms? Evidence from Indonesia’s PROPER program. Economics Bulletin, 43(4), 1771–1779.
- Rapih, S., Boungou, W., & Wahyono, B. (2023). Unleashing the wordsmith: Analysing the stock market reactions to the launch of ChatGPT in the US education sector. Finance Research Letters, 58, 104576. https://doi.org/10.1016/j.frl.2023.104576
- Rapih, S., & Wahyono, B. (2023). The relative impact of traditional and digital financial inclusion on economic growth: A threshold regression-based comparative analysis. International Review of Applied Economics, 37(6). https://doi.org/10.1080/02692171.2023.2281460
- Rapih, S., Susantiningrum, Borges, J. T., Phongsounthone, S., & Wahyono, B. (2023). Financial openness and fintech credit. Finance Research Letters, 56, 104134. https://doi.org/10.1016/j.frl.2023.104134
- Wahyono, B. (2023). Do political connections affect the market reaction to firms’ inclusion in or exclusion from the Sharia index? Eurasian Business Review, 13, 835–854. https://doi.org/10.1007/s40821-023-00249-0
- Wahyono, B. (2022). The value of political connections and Sharia compliance during the COVID-19 pandemic. Eurasian Economic Review, 12(1), 1–28. https://doi.org/10.1007/s40822-021-00197-y
- Wahyono, B. (2021). Dataset on political connections, Sharia, and abnormal returns surrounding M&A announcement in the Indonesian stock market. Data in Brief, 38, 107378. https://doi.org/10.1016/j.dib.2021.107378
- Wahyono, B. (2021). Political connections, Sharia and M&A performance: Evidence from Indonesia. Journal of East Asian Studies, 19, 105–120.
