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All Journal Jurnal Ilmiah Ekonomi Islam Jurnal Informatika Ekonomi Bisnis Jurnal Informatika Ekonomi Bisnis
Citra Rahayu Indraswari
Universitas Brawijaya
Economics, Econometrics & Finance Social Sciences

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Pengaruh Pengungkapan ESG dan Kebijakan Dividen Terhadap Volatilitas Saham Syariah Pada Perusahaan JII70 Nurul Alam; Citra Rahayu Indraswari
Jurnal Ilmiah Ekonomi Islam Vol. 12 No. 3 (2026): Jurnal Ilmiah Ekonomi Islam
Publisher : ITB AAS INDONESIA Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29040/jiei.v12i3.19761

Abstract

This study aims to analyze the influence of ESG and dividend policy on the volatility of Islamic stocks in companies listed on the Jakarta Islamic Index 70 (JII70) for the 2022–2024 period. The background of this study is based on the increasing market capitalization of Islamic stocks accompanied by high stock price fluctuations, thus raising concerns about the dynamics of risk and stability of the Indonesian capital market post-pandemic. This study uses a quantitative approach with secondary data obtained from annual reports, company intention reports, and stock price data from Yahoo Finance. The sampling technique was purposive sampling, resulting in 31 companies with a total of 93 observations. The analytical method used is panel data regression with the Common Effect Model (CEM). The dependent variable in this study is stock volatility, while the independent variables include ESG and Dividend Yield, with Return on Assets (ROA), Debt to Equity Ratio (DER), and Firm Size as control variables. The results show that Dividend Yield has a positive and significant effect on stock volatility, indicating the dominance of short-term trading behavior such as Dividend Capture. Meanwhile, ESG coverage and the control variables ROA, DER, and company size showed no significant impact. This finding confirms that the volatility of sharia-compliant stocks on the JII70 index is more influenced by short-term market dynamics than fundamental factors and corporate intentions.
Credit Dynamics and Macroeconomic Stability in Indonesia: Evidence from ARDL–ECM Citra Rahayu Indraswari; Girindra Mega Paksi; Yudi Krisdianto
Jurnal Informatika Ekonomi Bisnis Vol. 8, No. 2 (June 2026)
Publisher : SAFE-Network

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37034/infeb.v8i2.1454

Abstract

This study examines the effects of money supply, exchange rate, inflation, and interest rate on bank credit in Indonesia using monthly time-series data from January 2004 to December 2024. The study applies the Autoregressive Distributed Lag approach and the Error Correction Model to distinguish short-run dynamics from long-run relationships. The selected ARDL model shows that money supply has a positive and significant short-run effect on bank credit, highlighting the role of liquidity in banking intermediation. Exchange rate movements exert significant lagged effects, suggesting that external monetary pressures influence credit gradually. Inflation negatively affects bank credit with a lag, indicating that price instability may weaken credit expansion. Conversely, the interest rate is not retained in the optimal model, implying a weaker direct transmission effect. The Bounds Test does not confirm cointegration, suggesting no stable long-run equilibrium. Overall, Indonesian bank credit is more responsive to short-run macroeconomic fluctuations than to persistent long-run relationships during the period.
Credit Dynamics and Macroeconomic Stability in Indonesia: Evidence from ARDL–ECM Citra Rahayu Indraswari; Girindra Mega Paksi; Yudi Krisdianto
Jurnal Informatika Ekonomi Bisnis Vol. 8, No. 2 (June 2026)
Publisher : SAFE-Network

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37034/infeb.v8i2.1454

Abstract

This study examines the effects of money supply, exchange rate, inflation, and interest rate on bank credit in Indonesia using monthly time-series data from January 2004 to December 2024. The study applies the Autoregressive Distributed Lag approach and the Error Correction Model to distinguish short-run dynamics from long-run relationships. The selected ARDL model shows that money supply has a positive and significant short-run effect on bank credit, highlighting the role of liquidity in banking intermediation. Exchange rate movements exert significant lagged effects, suggesting that external monetary pressures influence credit gradually. Inflation negatively affects bank credit with a lag, indicating that price instability may weaken credit expansion. Conversely, the interest rate is not retained in the optimal model, implying a weaker direct transmission effect. The Bounds Test does not confirm cointegration, suggesting no stable long-run equilibrium. Overall, Indonesian bank credit is more responsive to short-run macroeconomic fluctuations than to persistent long-run relationships during the period.
Co-Authors Girindra Mega Paksi Nurul Alam Yudi Krisdianto