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All Journal El Dinar International Journal of Zakat (IJAZ)
Muhammad Nur Faaiz Fathah Achsani
IPB University
Religion Other

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BOYCOTT MOVEMENTS AND STOCK RETURN VOLATILITY: EVIDENCE FROM INDONESIA’S CONVENTIONAL AND ISLAMIC MARKETS Rafli Ananta Zikri; Muhammad Nur Faaiz Fathah Achsani; Asep Nurhalim
EL DINAR: Jurnal Keuangan dan Perbankan Syariah Vol 14, No 1 (2026): El Dinar
Publisher : Faculty of Economics Universitas Islam Negeri Maulana Malik Ibrahim Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18860/ed.v14i1.36535

Abstract

Geopolitical tensions and consumer boycott movements have increasingly become sources of uncertainty in financial markets, yet their implications for stock return volatility remain underexplored, particularly in dual financial systems. This study examines the influence of boycott movements and macroeconomic factors on the volatility of stock returns of Indonesia’s traditional and Islamic stock markets. Daily time series data for the period between January 2021 and April 2025 was considered in order to examine the behaviour of the IDX Composite (IHSG) and Indonesia Sharia Stock Index (ISSI). The volatility dynamics were assessed by applying ARCH/GARCH models, while short-term and long-term relationships were analyzed through the use of the Autoregressive Distributed Lag (ARDL) approach. The results found that the Islamic stocks showed higher resilience compared to traditional shares as indicated by the rapid convergence towards the long-term equilibrium and reduced reactions to shocks associated with the boycott movement. The evidence caused a significant increase in the volatility of the IHSG in the long run; however, it did not impact the volatility of the ISSI because of the protective function of Sharia-based stock selection systems. The reduction of the stock market volatility due to the positive effect of inflation and industrial production rates on stock returns has been found; on the other hand, exchange rate depreciations have opposite effects. Oil prices and sentiment index influence is inconsistent and mostly short-term.
The Effect of Macroeconomics on the Receipt of Zakat, Infaq, and Shadaqah at BAZNAS Central for 2015-2024 Period Noer Resky Juliarty; Resfa Fitri; Muhammad Nur Faaiz Fathah Achsani; Irfan Syauqi Beik
International Journal of Zakat Vol. 10 (2025): Special Issue 2
Publisher : Center of Strategic Studies (PUSKAS) BAZNAS

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37706/ijaz.v10i4.661

Abstract

In recent years, Indonesia's economy has grown steadily, supported by strong household purchasing power and stable investment. However, this stability was disrupted with the emergence of the COVID-19 pandemic in early 2020. This study aims to analyze the effect of macroeconomic variables on the collection of zakat, infaq, and sadaqah at BAZNAS Central during the 2015–2024 period. The research use secondary quarterly time-series data from 2015 to 2024. The analysis is conducted using descriptive analysis combined with the Autoregressive Distributed Lag (ARDL) method. The results show more clearly that GDP consistently exerts a positive and significant influence on zakat as well as infaq and shadaqah receipts in both the short and long run, confirming the central role of economic growth in strengthening Islamic philanthropic capacity. Meanwhile, the Consumer Price Index (CPI), as a proxy for inflation, and the BI Rate were not proven to significantly affect infaq and shadaqah receipts; however, CPI demonstrates a positive long-run effect on zakat, and the BI Rate shows a negative but weak influence, indicating limited monetary policy transmission to ZIS behavior. The impact of the COVID-19 pandemic was found to be significantly negative for zakat receipts, but relatively insignificant for infaq and shadaqah. Furthermore, digitalization at BAZNAS is shown to significantly increase ZIS collection, underscoring the growing role of technological adoption in expanding accessibility and strengthening fundraising performance. Overall, these findings highlight the need for macroeconomic stability and continuous digital transformation to optimize ZIS mobilization.
Co-Authors Asep Nurhalim Irfan Syauqi Beik Noer Resky Juliarty Rafli Ananta Zikri Resfa Fitri