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Pengungkapan Environmental, Social, and Governance Disclosure Terhadap Volatilitas Harga Saham Syariah Dimoderasikan oleh Likuiditas Ardianto, Ferdi; Sukardi, Agung Slamet
Jurnal Ilmiah Ekonomi Islam Vol. 10 No. 3 (2024): JIEI : Vol.10, No.3, 2024
Publisher : ITB AAS INDONESIA Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29040/jiei.v10i3.15431

Abstract

This study examines the effect of ESG (Environmental, Social, and Governance) factors on the volatility of Islamic stock prices in the Jakarta Islamic Index (JII). The aim is to understand how sharia compliance, sustainability, social impact, and corporate responsibility affect sharia stock price fluctuations, as well as attract Muslim investors and potential investors to sharia instruments. Secondary data from JII companies for the 2021-2023 period was analyzed using purposive sampling method. The results show that ESG has a significant negative effect on Islamic stock price volatility. This suggests that companies with good ESG practices tend to be more stable and attractive to investors. However, this study also found that liquidity does not moderate the relationship between ESG and Islamic share price volatility. This means that the liquidity level of the company does not affect the negative effect of ESG on stock price volatility. This study has limitations, such as the use of JII data and a short research period. In the future, further research could consider ESG scores from various sources and compare the Islamic and conventional stock markets to understand the differences in characteristics and dynamics, as well as the role of ESG in both markets.
The Influence of BUMDes, Village Funds, and PADes on SDGs in Tourism Village of Kudus Regency Kunasari, Kunasari; Sukardi, Agung Slamet
PUBLIKA : Jurnal Ilmu Administrasi Publik Vol. 12 No. 1 (2026): Publika : Jurnal Ilmu Administrasi Publik
Publisher : UIR Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25299/jiap.2026.27384

Abstract

The focus of this study is to understand the impact of Village Owned Enterprises (BUMDes), Village Funds, and Village Owned Assets (PADes) on the achievement of the Sustainable Development Goals (SDGs) in tourist villages in Kudus Regency. This study employs a quantitative method with a non-probability sampling approach, specifically incidental sampling, and the sample size was calculated using the Lemeshow formula. Consequently, a questionnaire was distributed to the Kudus community with a total of 100 respondents, and SPSS version 20 was used to analyze the data. The variables were BUMDes (X1), Village Fund (X2), PADes (X3), and SDGs (Y). After testing these variables, the results of this study indicate that the BUMDes variable has a positive influence on the Sustainable Development Goals (SDGs) variable. Furthermore, the Village Fund variable has a significant influence on the Sustainable Development Goals (SDGs) Achievement variable in Tourism Villages in Kudus Regency. Meanwhile, the PADes variable has not yet been able to significantly influence the Sustainable Development Goals (SDGs) Achievement variable in Tourism Villages in Kudus Regency. This study aims to provide insights into the contribution of Village-Owned Enterprises (BUMDes) that play a role in the SDGs, and demonstrates that the Village Fund plays a very important role in the SDGs. Consequently, sustainable development can proceed as planned. However, this study also indicates that PADes has not yet had an impact on the SDGs.
The Influence of Infrastructure Development, Local Community Engagement, and Digital Promotion on Economic Welfare in Kudus Aulia, Cholivatul; Sukardi, Agung Slamet
PUBLIKA : Jurnal Ilmu Administrasi Publik Vol. 12 No. 1 (2026): Publika : Jurnal Ilmu Administrasi Publik
Publisher : UIR Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25299/jiap.2026.27416

Abstract

This study investigates the determinants of regional economic welfare across eight strategic tourism destinations in Kudus Regency, focusing on the interplay between physical infrastructure, local community participation, and digital promotion. Using a quantitative approach, economic welfare is operationally defined through indicators of household income, MSME profits, job opportunities, and productive asset accumulation. Data were collected via stratified random sampling from 100 integrated respondents, including local residents, MSME players, and tourists, to validate economic impact from both supply and demand perspectives. Multiple linear regression analysis conducted through EViews 8 reveals that infrastructure development ($X_1$) yields no significant impact on economic welfare ($p=0.190$), suggesting a saturation point in physical facilities. Conversely, community participation ($X_2$) shows a significant yet negative correlation ($p=0.011$), indicating a "social cost" where administrative engagement hinders household productivity. Digital promotion ($X_3$) emerges as the most dominant determinant ($p=0.000$), effectively bridging the information gap and minimizing economic leakage. Despite a moderate Adjusted R-squared of 0.1596, the model is statistically robust with a simultaneous significance (F-test) of 0.000191. The study concludes that regional economic acceleration in Kudus depends more on digital literacy and professionalized community management than on physical accessibility alone. Consequently, local authorities are recommended to shift policy focus toward integrating public facilities with creative economy hubs to ensure sustainable and inclusive economic growth.
Determinants of Purchase Decisions for Imported Packaged Food among Muslim Consumers in Kudus Regency Nastrilia, Maula Dwi; Sukardi, Agung Slamet
Indonesian Journal of Islamic Economics and Finance Vol. 6 No. 1 (2026)
Publisher : Institut Agama Islam Sunan Giri Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37680/ijief.v6i1.9427

Abstract

This research explores the upward trend in the consumption of imported packaged foods, many of which lack halal certification, alongside the higher costs associated with these imports compared to local alternatives. This situation complicates the ability of Muslim consumers in Kudus Regency to ascertain halal status and make purchases that align with their financial capabilities. This study is conducted to analyze the impact of the impact of religiosity, halal awareness, and income on the purchase decisions of imported packaged food products among Muslim consumers in Kudus Regency, both individually and collectively. The employed methodology is an explanatory quantitative technique, in which data from 100 respondents selected through purposive sampling were then analyzed using SPSS. The study demonstrates that all independent variables contribute positively and significantly to purchase decisions, both on their own and in combination, accounting for 69.9% of the dependent variable, with the remaining portion explained by factors beyond the scope of this research. This study indicates that religiosity, halal awareness, and income are significant determinants in the purchase decisions of Muslim customers for imported packaged food in Kudus Regency. Therefore, all three should be incorporated into marketing plans and halal product regulation policies.
Role of Halal Digital Ecosystem and Msmes Strengthening in Jepara Toward Sustainable Economy in Industry 4.0 Nada, Niswatin; Sukardi, Agung Slamet
Dinar : Jurnal Ekonomi dan Keuangan Islam Vol 13, No 1: Januari 2026
Publisher : Universitas Trunojoyo Madura

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21107/dinar.v13i1.33631

Abstract

This study examines the low level of digital literacy and limited understanding of halal certification among MSMEs in Jepara Regency and how this affects their ability to effectively utilizehalal certification in the digital era. This issue is highlighted by the low level of knowledge and use of halal certification among MSMEs in Jepara, both in understanding the certification process and in using it as a business development strategy.   The findings indicate that government initiatives to promote digital transformation and halal certification have not yet been fully effective due to limited digital skills, inadequate human resources, and continued reliance on manual processes. Advances in Industry 4.0 technology and digital marketing have created opportunities for small and medium sized enterprises (SMEs) to increase their competitiveness and expand their market reach however, in practice, small businesses still face several challenges, particularly limited business funding, high halal certification costs, and difficulties in product packaging. The study also shows that collaboration among public institutions, certification facilitators, cooperatives, and MSMEs actors has strong potential to build an integrated digital halal ecosystem that supports business sustainability and regional economic development. This research provides a conceptual framework linking digital capability, certification readiness, and institutional collaboration as key drivers of MSMEs competitiveness. This framework provides a practical contribution to Jepara Regency in developing a digital based halal ecosystem strengthening strategy to enhance MSMEs competitiveness and market access.
Implementation Policy of ITF (Inflation Targeting Framework) Bank Indonesia on Inflation Rate In Indonesia Sukardi, Agung Slamet
MALIA: Journal of Islamic Banking and Finance Vol 7, No 1 (2023): Malia: Journal of Islamic Banking and Finance
Publisher : IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/malia.v7i1.14280

Abstract

Inflation is the effect of a long economic crisis that hit a country. Inflation is a condition in which prices continue to rise. The purpose of this study was to determine the effect of the money supply, interest rates, and exchange rates on inflation in the period 2000-2018. The type of data in the discussion of quantitative data and sourced from secondary data 2000-2018. Data analysis used multiple linear regression and data collection techniques with samples that were in accordance with the purpose of the assessment and adapted to the characteristics of the study. The results of the F test show that there is a significant effect of the ITF policy using the money supply, exchange rate and interest rates on inflation suppression. The t test results show that the interest rate variable has an effect on inflation. In other words, the interest rate variable partially has a positive effect on inflation. For the government to be more careful and pay attention to the monetary policies taken in relation to the money supply, exchange rates and interest rates in influencing inflation.