Garuda - Garba Rujukan Digital

THE READINESS OF ISLAMIC BANKING IN INDONESIA TO IMPLEMENT DIGITAL AND GREEN BANKING Cahyadin, Malik; Sarmidi, Tamat; Nurrachma, Elsa Adelia
Jurnal Ekonomi Pembangunan: Kajian Masalah Ekonomi dan Pembangunan Vol 20, No 2 (2019): JEP 2019
Publisher : Muhammadiyah University Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/jep.v20i2.6757

This study aims to analyze: (a) the relationship between Islamic banking asset and financing, ICT Index, and Environmental quality index in Indonesia; and (b) the readiness level of Islamic banking in Indonesia to implement digital and green banking. The data used are asset growth, financing growth, IDI and IKLH. Period of data used is annual from 2010-2016. Methods of data analysis include descriptive statistics, correlation and Granger causality test. The results show that: (a) asset and financing of Islamic Banking have correlation/causality with IDI and IKLH; and (b) the readiness level of digital banking is 3 while the readiness level of green banking is 1. Islamic banking in Indonesia has utilized ICT in asset management and financing. Meanwhile, Islamic banking has not been able to play an active role in controlling the environmental impact of financial transactions. The recommendation of this research is OJK should set periodization of digital and green banking implementation in Islamic banking supported by DSN-MUI fatwa. OJK could also establish the index of digital and green banking in Indonesia Islamic banking.

Public Debt and Budget Deficit Threshold Levels on New Fiscal Sustainability Indicator Cahyadin, Malik; Sarmidi, Tamat; Khalid, Norlin; Law, Siong Hook
Signifikan: Jurnal Ilmu Ekonomi Vol 12, No 1 (2023)
Publisher : Faculty of Economic and Business Syarif Hidayatullah State Islamic University of Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/sjie.v12i1.31005

Fiscal sustainability can be determined and assessed using financial technology (FinTech). Consequently, a new indicator of fiscal sustainability can be constructed. This study also estimates threshold levels of public debt and budget deficit by considering institutions for 88 developing and 35 developed countries in 2014 and 2017. The principal component analysis (PCA) and the cross-section threshold regression are employed. The main findings revealed that the threshold levels of public debt-to-GDP ratio for developed and developing countries in 2014 were 100.37% and 63.04%, while that in 2017 were 90.09% and 84.28%, respectively. Moreover, the threshold levels of budget deficit-to-GDP ratio for developed and developing countries in 2014 were -3.04% and -1.24%, while those in 2017 were -0.97% and -5.75%, respectively. Therefore, policymakers should emphasize a certain public debt and budget deficit level to warrant a fiscally sustainable level.JEL Classification: C13, E62, H60 How to Cite:Cahyadin, M., Sarmidi, T., Khalid, N. & Law, S. H. (2023). Public Debt and Budget Deficit Threshold Levels on New Fiscal Sustainability Indicator. Signifikan: Jurnal Ilmu Ekonomi, 12(1), 97-116. https://doi.org/10.15408/sjie.v12i1.31005.

The impacts of worker and total sales of SMEs on economic growth in Central Java Province: Evidence from ARDL Bound Test Irianto, Heru; Cahyadin, Malik; Widyamurti, Nidyah; Harini, Harini; Sarmidi, Tamat; Wei, Yong Sze
Jurnal Ekonomi & Studi Pembangunan Vol 24, No 2: October 2023
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v24i2.19162

This study attempts to examine the impact of workers and total sales of SMEs on economic growth in Central Java Province throughout 2009:1 – 2020:4. The ARDL Bound Test is employed. The findings reveal that worker and total sales have a positive, significant, and linear impact on economic growth in the short-run. Total sales also have a positive, significant, and linear impact on economic growth in the long-run. Conversely, there is no evidence of workers' impact on economic growth. In addition, workers and total sales have a long-run cointegration on economic growth. Therefore, the local government of Central Java Province should emphasize the contribution of SME workers and total sales to stimulate economic growth in the long-run.

Enhancing Financial Inclusion in the MSME Sector: An Investigation of Fintech Adoption in Indonesia through Structural Equation Modeling Vidya Purnamasari; Seprillina, Linda; Qurrata, Vika Annisa; Sarmidi, Tamat; Cahayati, Nila
International Journal of Islamic Business and Economics (IJIBEC) Vol 9 No 1 (2025): Volume 9 Nomor 1 Tahun 2025
Publisher : Universitas Islam Negeri K.H. Abdurrahman Wahid Pekalongan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.28918/ijibec.v9i1.11307

This study aims to critically analyze the determinants of fintech adoption among micro, small, and medium-sized enterprises (MSMEs) in Indonesia, utilizing the robust Structural Equation Modelling (SEM) method. Financial Technology (fintech) represents a disruptive innovation that is transforming traditional banking and financial services by integrating digital financial products and services, including payment transactions and security systems such as e-payments, peer-to-peer lending, remittances, crowdfunding, and retail investment. The research focuses on four key variables: the Decision to Use Fintech (DUF) as the dependent variable, and three independent variables —Perceived Ease of Use of the Fintech Platform (POE), Perceived Risk (POR), and Benefits Offered/Sales Promotion (BP). Data was collected via surveys from owners and managers of MSMEs in Malang City, East Java, Indonesia. The findings reveal that the ease of use and time-saving features of fintech significantly influence adoption decisions among MSMEs, underscoring its positive impact on business operations and economic efficiency. Conversely, perceived risks and promotional benefits were found to have no significant effect on the decision to adopt fintech platforms.

Inovasi Packaging dan Implementasi Pemasaran Digital UMKM Anggota Kopontren Syarifuddin dalam Mewujudkan Sustainable Development Goals (SDG's) Purmiyati, Atik; Sylviana, Widya; Wurjaningrum, Febri; Pradipta, Reza; Kause, Jeremia Theodore; Anggela, Nonny; Rahmadani, Laila; Baskoro, Nino; Sarmidi, Tamat
Aksiologiya: Jurnal Pengabdian Kepada Masyarakat Vol 7 No 3 (2023): Agustus
Publisher : Universitas Muhammadiyah Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30651/aks.v7i3.17003

Di Era industri 4.0, teknologi seharusnya dapat dimanfaatkan oleh para pelaku usaha khususnya Koperasi Pondok Pesantren (KOPONTREN) secara maksimal. Progam pengabdian masyarakat dengan KOPONTREN Syarifuddin di Kabupaten Lumajang dilakukan untuk (1) meningkatkan keterampilan dan motivasi anggota KOPONTREN dalam mengelola sistem pemasaran usaha melalui online secara profesional, (2) melakukan pelatihan pemasaran secara digital melalui e-commerce sebagai penunjang kegiatan pemasaran produk, (3) meningkatkan pemahaman mengenai pentingnya inovasi pengemasan (packaging) dalam strategi penjualan suatu produk. Kegiatan pengabdian kepada masyarakat dilakukan dengan cara memberikan edukasi dan pelatihan mengenai packaging produk serta digitalisasi pemasaran. Hasil dari kegiatan ini yaitu para pelaku UMKM anggota KOPONTREN berlomba-lomba untuk meningkatkan kualitas packaging produknya untuk meningkatkan pemasarannya, para pelaku UMKM anggota KOPONTREN telah memiliki akun instagram dan whatsapp bisnis serta dapat memperluas pasar artinya pendapatan UMKM anggota KOPONTREN didapatkan dari penjualan secara offline dan online.Â Â

Public Debt and Budget Deficit Threshold Levels on New Fiscal Sustainability Indicator Cahyadin, Malik; Sarmidi, Tamat; Khalid, Norlin; Law, Siong Hook
Signifikan: Jurnal Ilmu Ekonomi Vol. 12 No. 1 (2023)
Publisher : Faculty of Economic and Business, Universitas Islam Negeri Syarif Hidayatullah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/sjie.v12i1.31005

Fiscal sustainability can be determined and assessed using financial technology (FinTech). Consequently, a new indicator of fiscal sustainability can be constructed. This study also estimates threshold levels of public debt and budget deficit by considering institutions for 88 developing and 35 developed countries in 2014 and 2017. The principal component analysis (PCA) and the cross-section threshold regression are employed. The main findings revealed that the threshold levels of public debt-to-GDP ratio for developed and developing countries in 2014 were 100.37% and 63.04%, while that in 2017 were 90.09% and 84.28%, respectively. Moreover, the threshold levels of budget deficit-to-GDP ratio for developed and developing countries in 2014 were -3.04% and -1.24%, while those in 2017 were -0.97% and -5.75%, respectively. Therefore, policymakers should emphasize a certain public debt and budget deficit level to warrant a fiscally sustainable level.JEL Classification: C13, E62, H60 How to Cite:Cahyadin, M., Sarmidi, T., Khalid, N. & Law, S. H. (2023). Public Debt and Budget Deficit Threshold Levels on New Fiscal Sustainability Indicator. Signifikan: Jurnal Ilmu Ekonomi, 12(1), 97-116. https://doi.org/10.15408/sjie.v12i1.31005.

Corporate Debt, Institutional Differences and Firms’ Financial Distress in Emerging Economies under Uncertainty Mulyaningsih, Tri; Sarmidi, Tamat; Cahyadin, Malik
JDM (Jurnal Dinamika Manajemen) Vol 14, No 2 (2023): September 2023
Publisher : Department of Management, Faculty of Economics and Business, Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/jdm.v14i2.46197

Firms with high leverage are more vulnerable, particularly during uncertainty due to the COVID-19 pandemic. This study aims to examine the impact of leverage on firms’ financial distress by capturing two countries, Indonesia and Malaysia, which have different levels of leverage and financial development that affect access to external funding. The Altman Z-score—for a rich dataset comprising quarterly data of publicly traded companies between 2015 and 2020—is calculated to measure firms’ financial distress. Furthermore, the Difference-in-Differences (DiD) technique is employed to test the hypothesis that highly leveraged firms have a higher bankruptcy risk that leads to financial distress during the COVID-19 pandemic. This study finds that firms’ financial distress during the pandemic is higher than prior the pandemic. Indonesian firms’ financial distress was higher than Malaysian firms. Finally, highly leveraged firms are exposed to higher bankruptcy risk than firms with lower debt.

PENINGKATAN POTENSI EKONOMI BERBASIS BUDAYA LOKAL DALAM MENINGKATKAN DAYA SAING EKSPOR KOMODITAS KOPI DAN TEMBAKAU DI DESA PRANCAK KABUPATEN SUMENEP Purmiyati, Atik; Musta’in, Musta’in; Hendrawati, Lucy Dyah; Wahyuni, Sri; Sarmidi, Tamat
Abdimas Galuh Vol 5, No 2 (2023): September 2023
Publisher : Universitas Galuh

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25157/ag.v5i2.11297

Sektor pertanian merupakan salah satu sektor yang mampu bertahan dari goncangan yang disebabkan oleh penyebaran virus covid-19. Komoditas unggulan dari sektor pertanian yaitu kopi dan tembakau memegang peranan penting terbukti dari hasil sektor pertanian yang berkontribusi besar terhadap Produk Domestik Bruto (PDB). Desa Prancak merupakan salah satu desa yang memiliki potensi besar sebagai desa penghasil tembakau dan kopi unggulan di Pulau Madura. Pengabdian ini bertujuan untuk meningkatkan potensi ekonomi lokal dan menerapkan salah satu tujuan Sustainable Development Goals (SDG’s) yaitu meningkatkan kesejahteraan masyarakat dengan cara menganalisis kelemahan dan kekuatan usaha mikro yang dijalankan masyarakat Desa Prancak menggunakan teknik analisis SWOT dengan IFAS dan EFAS. Bersadarkan hasil analisis SWOT yang disertai dengan analisis IFAS dan EFAS menunjukkan posisi ekonomi Desa Prancak berada di kuadran 2. Hasil perhitungan IFAS dan EFAS yang menunjukkan posisi Desa Prancak di kuadran 2 menunjukkan bahwa Kelemahan Desa Prancak lebih besar dari pada kekuatan yang dimiliki. Oleh karena itu diperlukan action untuk memindahkan posisi Desa Prancak ke kuadran 1 dengan meningkatkan kekuatan dan mengurangi kelemahannya. Peningkatan kekuatan Desa Prancak dapat dilakukan melalui pelatihan pembuatan produk yang berkualitas ekspor dan teknik pemasaran. Sedangkan untuk memperkuat potensi bidang pertanian tembakau dan kopi dapat dilakukan dengan cara memberikan pelatihan penggunaan marketplace dalam memasarkan produk hasil olahan pertanian.

Modeling Risk-Based Stock Portfolio: Evidence from Long Time Series Cahyadin, Malik; Riesendra, Luthfi Aradhana; Sarmidi, Tamat
EQUITY Vol 28 No 2 (2025): EQUITY
Publisher : Department of Accounting, Faculty of Economics and Business, Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34209/equ.v28i2.11110

The judicious selection of a stock portfolio necessitates a meticulous and precise analysis of risk and return levels. Therefore, this study employs a simulation model to generate a practical and optimally diversified stock portfolio by considering risk level. Secondary data were employed on 952 Indonesian stocks and 4 global ETFs across four stages cover historical data, liquidity, risk-return performance, and fundamental indicators during 1st March 2007– 1st March 2025. Sharpe Ratio Maximization (SR Max) and Risk Parity (RP) methods were utilized. The findings reveal that during all daily data SR Max exhibited a Compound Annual Growth Rate (CAGR) of 16.15%, a volatility of 17.39%, and a drawdown of -39.11%. Meanwhile, RP recorded CAGR of 12.81%, a volatility of 13.24%, and a drawdown of -32.98%. By considering risk analysis, SR Max is appropriate for investors who accept high levels of risk in pursuit of significant growth opportunities. Conversely, RP is better suited to investors who prioritise stability and are willing to accept lower returns. Furthermore, the implication stimulates investors able to formulate a more rational and sustainable asset allocation strategies. In addition, the financial authority should pay more attention on the financial market stability. Keywords: Stock Portfolio; Risk Parity; Sharpe Ratio; Investor Decision Making.

Modeling Risk-Based Stock Portfolio: Evidence from Long Time Series Cahyadin, Malik; Riesendra, Luthfi Aradhana; Sarmidi, Tamat
EQUITY Vol 28 No 2 (2025): EQUITY
Publisher : Department of Accounting, Faculty of Economics and Business, Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34209/equ.v28i2.11110

The judicious selection of a stock portfolio necessitates a meticulous and precise analysis of risk and return levels. Therefore, this study employs a simulation model to generate a practical and optimally diversified stock portfolio by considering risk level. Secondary data were employed on 952 Indonesian stocks and 4 global ETFs across four stages cover historical data, liquidity, risk-return performance, and fundamental indicators during 1st March 2007– 1st March 2025. Sharpe Ratio Maximization (SR Max) and Risk Parity (RP) methods were utilized. The findings reveal that during all daily data SR Max exhibited a Compound Annual Growth Rate (CAGR) of 16.15%, a volatility of 17.39%, and a drawdown of -39.11%. Meanwhile, RP recorded CAGR of 12.81%, a volatility of 13.24%, and a drawdown of -32.98%. By considering risk analysis, SR Max is appropriate for investors who accept high levels of risk in pursuit of significant growth opportunities. Conversely, RP is better suited to investors who prioritise stability and are willing to accept lower returns. Furthermore, the implication stimulates investors able to formulate a more rational and sustainable asset allocation strategies. In addition, the financial authority should pay more attention on the financial market stability. Keywords: Stock Portfolio; Risk Parity; Sharpe Ratio; Investor Decision Making.

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