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All Journal Iqtishoduna: Jurnal Ekonomi Islam Likuid: Jurnal Ekonomi Industri Halal
Ishfaq Ahmed
The University of Lahore
Economics, Econometrics & Finance

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Unraveling The Influence of Halal Certification Logos on Consumer Choises: A Meta-Analysis in The Indonesian Market Syaakir Sofyan; A. Syathir Sofyan; Ishfaq Ahmed; Ega Rusanti; Noval Noval; Nur Syamsu
IQTISHODUNA: Jurnal Ekonomi Islam Vol. 14 No. 2 (2025): October
Publisher : Department of Sharia Economics Faculty of Islamic Economics and Business, Universitas Islam Syarifuddin Lumajang, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54471/iqtishoduna.v14i2.2886

Abstract

The aim of this research is to examine the development of research on the influence of halal logos on purchasing decisions for halal products in Indonesia. The method used is meta analysis by reviewing 33 studies published in 2013-2023 with the help of the OpenMEE application. The results of this research show that there is a positive influence of the logo on decisions with a p-value obtained <0.001 and an estimated value of 0.415, which indicates that the strength of the relationship is in the medium category. The influence of the halal cosmetics industry is greater than that of the halal food industry. In terms of sample type, the student sample effect is greater than the general public sample effect. Meanwhile, in the location group, the effect of the provincial capital is greater than the effect of location in the district. Theoretically, this study strengthens the Theory of Planned Behavior (TPB) by confirming the role of halal logos as external cues that influence consumer attitudes and intentions. It also highlights the halal logo as a trust signal that shapes purchasing behavior across different contexts. Study limitations include limited sample size and lack of adequate moderators to explain within-subgroup variation. Therefore, future research needs to consider testing other important aspects, such as participant groups, countries/regions, and other variables.
Market Capitalization And Trading Volume Activity Before And After Boycott Movement: Evidence From Pt. Unilever Indonesia Tbk Mohammad Hamim Sultoni; Faiqur Rohman Nafisy; Wasilul Chair; Fahrurrozi; Lukmanul Hakim; Ishfaq Ahmed
Likuid Jurnal Ekonomi Industri Halal Vol. 6 No. 2 (2026): LIKUID: Jurnal Ekonomi Industri Halal
Publisher : Sharia Economics Study Program Faculty of Islamic Economics and Business UIN Sunan Gunun

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Abstract

This study aims to analyze Muslim Customer Behavior through Market Capitalization and Trading Volume Activity before and after the Indonesian Council of Ulama passed Fatwa (religious decree) No. 83 of 2023. This study uses a comparative descriptive quantitative approach using secondary data to examine market capitalization, stock prices per share, trading volume, and the number of shares outstanding of PT. Unilever Indonesia, Tbk. The unit analysis is the trading day and using event study to measure market capitalization and trading volume activity indicators in the stock trading period 40 days before (11 Sept 2023 until 06 Nov 2023) and 40 days after (09 Nov 2023 until 08 Jan 2024) the issuance of Indonesian Council of Ulama fatwa No.83 of 2023 on November 8, 2023. This study using normality test and wilcoxon test. The results of the study show there is a significant difference in the form of a decrease in market capitalization and trading volume activity before and after boycott movement. This decline is the effect of the market reaction to the movement not to buy certain products, resulting in product distribution being hampered, sales activities slowing down, and the company's stock market value plummeting. Analysis of events related to market capitalization and trading volume activity can be a reference for companies in acting to overcome the decline in capital market response.
Co-Authors A. Syatir Sofyan Ega Rusanti Fahrurrozi Faiqur Rohman Nafisy Lukmanul Hakim Mohammad Hamim Sultoni Noval Noval Nur Syamsu Sofyan, Syaakir Wasilul Chair