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All Journal Jurnal Pendidikan Ekonomi & Bisnis Jesya (Jurnal Ekonomi dan Ekonomi Syariah)
Khavid Normasyhuri
Faculty of Economics and Business, University of Lampung, Indonesia
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education

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Determinants of Economic Growth in ASEAN-5: A Sharia Economics Analytical Perspective Ahsanal Huda; Anton Bawono; Muhammad Iqbal; Wan Ruslan Abdul Ghani; Khavid Normasyhuri
Jesya Vol 9 No 2 (2026): ARTICLES : RESEARCH JUNI 2026
Publisher : LPPM Sekolah Tinggi Ilmu Ekonomi Al-Washliyah Sibolga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36778/jesya.v9i2.2731

Abstract

Economic growth in ASEAN countries faces persistent challenges from macroeconomic instability and structural constraints. This study examines labor, inflation, exchange rates, and foreign direct investment (FDI)as determinants of economic growth in the ASEAN-5, namely Indonesia, Vietnam, Malaysia, the Philippines, and Thailand. Employing a quantitative associative method, the research uses panel data from the World Bank period 2004 until 2023 with a total of 100 observations and applies a Fixed Effect Model using Eviews 12. The results indicate that inflation, exchange rates, and FDI significantly determine economic growth, whereas labor does not. The key empirical contribution is to provide robust, country-specific evidence that can guide policymakers in prioritizing macroeconomic stability and investment climate reforms over labor quantity expansion to sustain regional growth. From a Sharia economics perspective, growth must uphold justice, balance, and holistic welfare.
The Moderating Role of Information Media in Generation Z’s Sharia Investment Decisions Khavid Normasyhuri; Adli Rikanda Saputra; Harold Kevin Alfredo; Ahsanal Huda; Rubi Febriansyah
Jurnal Pendidikan Ekonomi Dan Bisnis (JPEB) Vol. 13 No. 01 (2025): Jurnal Pendidikan Ekonomi & Bisnis (DOAJ & SINTA 2 Indexed)
Publisher : Faculty of Economics, Universitas Negeri Indonesia,Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21009/JPEB.013.1.5

Abstract

This study examines the relationships among information quality, subjective norms, and behavioral control in influencing Generation Z’s Islamic investment decisions during the COVID-19 pandemic, while assessing the moderating role of information media. A quantitative method was employed using SmartPLS 3.0 for statistical analysis. Primary data were collected through purposive sampling of 500 Islamic investors between December 2021 and December 2022 using Google Forms, and all variables were measured with a Likert scale. The findings show that information quality and behavioral control had a positive and significant impact on Generation Z’s Islamic investment decisions during the pandemic. In contrast, subjective norms exhibited a negative relationship, implying that social pressure and external expectations did not consistently promote sharia-based investment behavior. Information media acted as a moderating factor that strengthened the relationship among information quality, subjective norms, and behavioral control in investment decision-making. The results suggest that digital media platforms provided access to timely, accurate, and relevant information, enhancing confidence among young Muslim investors. However, Islamic investment instruments remain limited compared to conventional alternatives. Therefore, expanding and diversifying Islamic financial products is essential to assist investors in developing sustainable and Sharia-compliant investment portfolios that promote ethical growth and long-term economic resilience.  
Co-Authors Adli Rikanda Saputra Ahsanal Huda Ahsanal Huda Anton Bawono Harold Kevin Alfredo Muhammad Iqbal Rubi Febriansyah Wan Ruslan Abdul Ghani