Prof. Irwan Trinugroho

    Senior Researcher

    Prof. Dr. Irwan Trinugroho is a Professor at the Faculty of Economics and Business, Universitas Sebelas Maret. He earned his Master of Science degree from the University of Groningen, the Netherlands, and completed his Ph.D. at Universitas Gadjah Mada, Indonesia. For more than a decade, he has been actively involved in international research collaborations in the fields of finance, particularly banking, Islamic finance, and corporate governance. His research interests include banking stability, financial inclusion, and financial development in emerging markets. He also serves as an editor and reviewer for various reputable international journals and is frequently invited as a speaker in academic and policy forums both nationally and internationally.

    Publications

    • Goh, L. T., Law, S. H., & Trinugroho, I. (2025). Green Power: Exploring the Nexus Between Renewable Energy and Foreign Direct Investment Flows. SAGE Open, 15(2). https://doi.org/10.1177/21582440251345661
    • Hindasah, L., Trinugroho, I., Atmaji, & Setiawan, D. (2025). Stock immunity during the COVID-19 pandemic: financial performance, maximum drawdown, and recovery. International Journal of Monetary Economics and Finance, 18(6), 395–427. https://doi.org/10.1504/IJMEF.2025.150822
    • Law, S. H., Sabri, M. F., Damayanti, S. M., Trinugroho, I., & Putri, A. M. (2025). Economic uncertainty, financial inclusion, and income inequality in developing countries: Evidence from a dynamic panel threshold analysis. Borsa Istanbul Review, 100761. https://doi.org/10.1016/j.bir.2025.11.002
    • Prabowo, A., Santoso, W., Suhardjanto, D., & Trinugroho, I. (2025). Paradox of consumer protection in platform development and digital banking performance. International Journal of Monetary Economics and Finance, 18(6), 480–501. https://doi.org/10.1504/IJMEF.2025.150830
    • Sutrisno, B., Trinugroho, I., Arifin, T., & Risfandy, T. (2025). Stock liquidity and stock price crash risk. International Journal of Trade and Global Markets, 21(6), 607–625. https://doi.org/10.1504/IJTGM.2025.151473
    • Daud, S. N. M., Ahmad, A. H., Trinugroho, I., Rusgianto, S., & Ridhwan, M. M. (2025). FinTech and unemployment: New evidence on the role of labor market regulation. Research in International Business and Finance, 79. https://doi.org/10.1016/j.ribaf.2025.103060
    • Pamungkas, P., Septianto, F., Trinugroho, I., Ab-Rahim, R., Ridhwan, M. M., & Sergi, B. S. (2025). Monetary Policy via Bank Lending Channel: Evidence from Lending Decomposition. Journal of Risk and Financial Management, 18(5). https://doi.org/10.3390/jrfm18050249
    • Trinugroho, I., Achsanta, A. F., & Pamungkas, P ., Sajidan. (2025). The impact of investment on environmental quality: evidence from Indonesian Provinces. International Journal of Trade and Global Markets, 21(1), DOI : https://doi.org/10.1504/IJTGM.2025.146310
    • Trinugroho, I., Septianto, F., Karyani, E., Hanafi, M. M., Alfitman, Salim, A., & Sergi, B. S. (2025). Non-Performing Loans and Bank Performance: Does Institutional Quality Matter? International Journal of Economics and Management, 19(1), 85–98. https://doi.org/10.47836/IJEAM.19.1.06
    • Tang C.F., Qi Z., Trinugroho I. Tourism-Led Growth in Shandong, China: A Comparison of Inbound and Domestic Tourism (2025) Tourism, 73 (2), pp. 227 – 239, DOI: https://doi.org/10.37741/t.73.2.3
    • Trinugroho I., Septianto F., Karyani E., Hanafi M.M., Alfitman, Salim A., Sergi B.S. Non-Performing Loans and Bank Performance: Does Institutional Quality Matter? (2025) International Journal of Economics and Management, 19 (1). 85 – 98, DOI: https://doi.org/10.47836/ijeam.19.1.06
    • Goh, L. T., Trinugroho, I ., Law, S. H., & Rusdi, D. (2024). Institutional quality, FDI inflows, human capital development and poverty: a case of Indonesia. International Journal of Social Economics, 51(11). DOI : https://doi.org/10.1108/IJSE-09-2023-0733
    • Trinugroho, I., Pamungkas, P., Wiwoho, J., Damayanti, S,M., Pramono, T., Adoption of digital technologies for micro and small business in Indonesia, Finance Research Letters, Volume 45, 2022, ISSN 1544-6123, https://doi.org/10.1016/j.frl.2021.102156
    • Pamungkas P., Arifin T., Trinugroho I., Lau E., Sergi B.S. COVID-19, stability and regulation: evidence from Indonesian banks (2024) Studies in Economics and Finance, 41 (4), 741 – 750, DOI: https://doi.org/10.1108/SEF-12-2022-0569
    • Saputro N., Pamungkas P., Trinugroho I., Mahulette Y.C., Sergi B.S., Thye G.L. Google Trends, bank popularity and depositors’ fears in Indonesia (2024) Managerial Finance, 50 (6), 1089 – 1100, DOI:  https://doi.org/10.1108/MF-03-2023-0144
    • Yusgiantoro I., Pamungkas P., Trinugroho I. The sustainability and performance of Bank Wakaf Mikro: waqf-based microfinance in Indonesia (2024) International Journal of Islamic and Middle Eastern Finance and Management, 17 (1), pp. 86 – 101, DOI: https://doi.org/10.1108/IMEFM-06-2022-0233
    • ​​Trinugroho, I., Achsanta, A. F., Pamungkas, P., Saputro, N., & Yuniarti, S. (2023). Democracy, economic growth, and income inequality: Evidence from province level data. In Cogent Economics and Finance (Vol. 11, Issue 1). Cogent OA. https://doi.org/10.1080/23322039.2023.2220244
    • Mohd Daud S.N., Ahmad A.H., Trinugroho I. Financial inclusion, digital technology, and economic growth: Further evidence (2024) Research in International Business and Finance, 70. https://doi.org/10.1016/j.ribaf.2024.102361
    • Affandi Y., Ridhwan M.M., Trinugroho I., Hermawan Adiwibowo D. Digital adoption, business performance, and financial literacy in ultra-micro, micro, and small enterprises in Indonesia (2024) Research in International Business and Finance, 70, art. no. 102376 https://doi.org/10.1016/j.ribaf.2024.102376
    • Doddy Ariefianto M., Trinugroho I., Yustika A.E. Diversification, capital buffer, ownership and credit risk management in microfinance: An investigation on Indonesian rural banks (2024) Research in International Business and Finance, 69, art. no. 102268, DOI: https://doi.org/10.1016/j.ribaf.2024.102268
    • Wiwoho J., Trinugroho I., Kharisma D.B., Suwadi P. Islamic crypto assets and regulatory framework: evidence from Indonesia and global approaches (2024) International Journal of Law and Management, 66 (2),. 155 – 171,. DOI : https://doi.org/10.1108/IJLMA-03-2023-0051
    • Ariefianto M.D., Trinugroho I. Bank’s loan loss provisioning in large emerging countries: the role of motivation, capital buffer, business cycle and governance (2024) International Journal of Monetary Economics and Finance, 16 (6), pp. 481 – 504,. DOI: https://doi.org/10.1504/IJMEF.2023.136088
    • ​​Md Jamil, A. R., Law, S. H., Khair-Afham, M. S., & Trinugroho, I. (2024). Financial inclusion and income inequality in developing countries: The role of aging populations. Research in International Business and Finance, 67, 102110. https://doi.org/10.1016/J.RIBAF.2023.102110
    • Wiwoho J., Trinugroho I., Kharisma D.B., Suwadi P. Cryptocurrency mining policy to protect the environment (2024) Cogent Social Sciences, 10 (1), art. no. 2323755. DOI: https://doi.org/10.1080/23311886.2024.2323755
    • ​Md Jamil, A. R., Law, S. H., Khair-Afham, M. S., & Trinugroho, I. (2024). Financial inclusion and income inequality in developing countries: The role of aging populations. Research in International Business and Finance, 67, 102110. https://doi.org/10.1016/J.RIBAF.2023.102110
    • Mortadza, N. S., Purwaningsih, Y., Trinugroho, I., & Mulyaningsih, T. (2024). DO INSTITUTIONAL ACTS AS ‘BULLET-PROOF’ FOR DUAL BANKING SECTOR DURING COVID-19 PANDEMIC? EMPIRICAL EVIDENCE FROM SELECTED HIGH-AND MIDDLE-INCOME COUNTRIES. International Journal of Business and Society, 25(3), 947–972. https://doi.org/10.33736/ijbs.8553.2024
    • ​Mortadza, N. S., Purwaningsih, Y., Trinugroho, I., Mulyaningsih, T., & Hakim, L. (2024). Interplay of Institutional Quality, Efficiency, and Stability in The Islamic Banking Sector of Malaysia. International Journal of Economics and Management, 18(1), 73–90. https://doi.org/10.47836/IJEAM.18.1.05
    • Trinugroho, I., Achsanta, A. F., Pamungkas, P., Saputro, N., & Yuniarti, S. (2023). Democracy, economic growth, and income inequality: Evidence from province level data. In Cogent Economics and Finance (Vol. 11, Issue 1). Cogent OA. https://doi.org/10.1080/23322039.2023.2220244
    • Achsanta A.F., Pamungkas P., Trinugroho I., Gunarto, Goestjahjanti F.S. How Do Banks Set Their Propping Behavior Through Related Party Transactions During a Bail-In Regime? Evidence From an Emerging Market  (2023) International Journal of Economics and Management, 17 (1), pp. 53 – 59, DOI: https://doi.org/10.47836/IJEAM.17.1.04
    • Wiwoho J., Trinugroho I., Kharisma D.B., Suwadi P. Islamic crypto assets and regulatory framework: evidence from Indonesia and global approaches (2024) International Journal of Law and Management, 66 (2),. 155 – 171,. DOI : https://doi.org/10.1108/IJLMA-03-2023-0051
    • Ariefianto M.D., Trinugroho I. Bank’s loan loss provisioning in large emerging countries: the role of motivation, capital buffer, business cycle and governance  (2024) International Journal of Monetary Economics and Finance, 16 (6), pp. 481 – 504,. DOI: https://doi.org/10.1504/IJMEF.2023.136088
    • Md Jamil, A. R., Law, S. H., Khair-Afham, M. S., & Trinugroho, I. (2024). Financial inclusion and income inequality in developing countries: The role of aging populations. Research in International Business and Finance, 67, 102110. https://doi.org/10.1016/J.RIBAF.2023.102110
    • Arifin, T., Achsanta, A. F., & Trinugroho, I. (2023). Do academics in the boardroom create value for firms? Entrepreneurial Business and Economics Review, 11(2), 157–170. https://doi.org/10.15678/EBER.2023.110208
    • Brahmana, R.K., Setiawan, D., Trinugroho, I. (2022). The impact of government nonmarket policy on a firm’s financial performance: A lesson from COVID-19 pandemic lockdown’s policy. Asia-Pacific Journal of Business Administration.
    • Trinugroho, I., Pamungkas, P., Wiwoho, J., Damayanti, S.M., Pramono, T. (2022). Adoption of digital technologies for micro and small business in Indonesia. Finance Research Letters, Article in Press.
    • Wiwoho, J., Saputro, N., Pamungkas, P., Trinugroho, I., Ariefianto, M.D., Goestjahjantie, F.S. (2021). Rural bank and regional economic development: Evidence from Indonesia. International Journal of Business and Society, Vol. 22, No. 3.
    • Tye, G.L., Law, S.H., Trinugroho, I. (2022). Do oil price fluctuations affect the inflation rate in Indonesia asymmetrically? Singapore Economic Review, 67(4), 1333–1353.
    • Risfandy, T., Tarazi, A., Trinugroho, I. (2022). Competition in dual markets: Implications for banking system stability. Global Finance Journal, Volume 52, 100579.
    • Chia, P.S., Law, S.H., Trinugroho, I., Wiwoho, J., Damayanti, S.M., Sergi, B.S. (2022). Dynamic linkages among transparency, income inequality and economic growth in developing countries: Evidence from panel vector autoregressive (PVAR) model. Research in International Business and Finance, 60, 101599.
    • Trinugroho, I., Risfandy, T., Hanafi, M.M., RadityaSukmana (2022). Busy commissioners and firm performance: Evidence from Indonesia. International Journal of Emerging Markets.
    • Trinugroho, I., Law, S.H., Lee, W.C., Wiwoho, J. (2021). Effect of financial development on innovation: Roles of market institutions. Economic Modelling, 103.
    • Trinugroho, I., Santoso, W., Irawanto, R., Pamungkas, P. (2021). Is spin-off policy an effective way to improve performance of Islamic banks? Research in International Business and Finance, 56.
    • Ariefianto, M.D., Trinugroho, I., Lau, E., Sergi, B.S. (2021). Banks liquidity management dynamics: Evidence from Indonesia. International Journal of Emerging Markets.
    • Achsanta, A.F., Risfandy, T., Pamungkas, P., Trinugroho, I. (2021). Related bank deposits: Good or bad for stability? Eurasian Economic Review.
    • Saputro, N., Nugroho, A.A., Trinugroho, I. (2021). Financial technology and bank risk: A cross-country study. International Symposia in Economic Theory and Econometrics, 28.
    • Syakir, M.F., Risfandy, T., Trinugroho, I. (2021). CEOs social capital and performance of zakat institutions: Cross-country evidence. Journal of Behavioral and Experimental Finance, 31.
    • Trinugroho, I., Pamungkas, P., Tarazi, M.D.A.a.A. (2020). Deposit structure, market discipline, and ownership type: Evidence from Indonesia. Economic Systems, Vol. 44.
    • Trinugroho, I., Ariefianto, M.D., Abdurachman, R.W.a.E. (2020). The effect of competition and capacity on intermediation cost: A cross-country study. International Journal of Economics and Management.
    • Law, S.H., Lau, W.T., M, a.N.N.A., Trinugroho, I. (2020). Can innovation improve income inequality? Evidence from panel data. Economic Systems.
    • Soedarmono, W., Sobarsyah, M., Yudhi, W.S.A., Trinugroho, I., Warokka, A., Pramono, a.S.E. (2020). Loan growth, capitalization, and credit risk in Islamic banking. International Economics, Vol. 163.
    • Degl’Innocenti, M., Fiordelisi, F., Trinugroho, I. (2020). Competition and stability in the credit industry: Banking vs. factoring industries. British Accounting Review, Vol. 52.
    • Alamsyah, H., Ariefianto, M.D., Saheruddin, H., Wardono, S., Trinugroho, I. (2020). Depositors’ trust: Some empirical evidence from Indonesia. Research in International Business and Finance, Vol. 54.
    • Trinugroho, I., Risfandy, T., Harahap, B., Hakim, A.R., Nugroho, S.a.L.I. (2020). Equity financing at Islamic banks: Do competition and bank fundamentals matter? Emerging Markets Finance and Trade.
    • Santoso, W., Trinugroho, I., Risfandy, T. (2020). What determines loan rate and default status in financial technology online direct lending? Evidence from Indonesia. Emerging Markets Finance and Trade.
    • Trinugroho, I., Law, S.H., Setiawan, D., Prabowo, M.A. (2020). Introduction to symposium: Recent development in finance and banking in emerging market. Emerging Markets Finance and Trade, Vol. 56.
    • Setiawan, D., Phua, L.K., Chee, H.K., Trinugroho, I. (2020). The effect of audit committee characteristics on earnings management: The case of Indonesia. Afro-Asian Journal of Accounting and Finance, Vol. 10.

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