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The Impact Analysis of Macroeconomic Factors to Indonesia’s Export Performance Mustofa, Hafidz Zainul; Faizin, Moh.
Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijakan Publik Vol. 10 No. 1 (2025): Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijak
Publisher : Direktorat Jenderal Perbendaharaan, Kementerian Keuangan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33105/itrev.v10i1.1092

Research Originality — This study provides an empirical analysis of the influence of macroeconomic factors on Indonesian exports in the short and long term. Unlike previous studies that tend to focus on one main variable, this study integrates several macroeconomic factors, namely foreign direct investment (FDI), exchange rate, inflation, interest rate, and gross domestic product (GDP), to evaluate their collective impact on Indonesia's export performance. By applying the Vector Error Correction Model (VECM), this study provides new insights into the dynamics of Indonesian exports from a macroeconomic perspective. Research Objectives — This study aims to analyze the influence of macroeconomic factors on Indonesian exports during the period 2007–2022. Specifically, this study examines the impact of FDI on export volume and value, the effect of exchange rate fluctuations on the competitiveness of export products, the correlation between inflation rate and export structure, the impact of interest rates on investment and exports, and the contribution of GDP to exports. Research Methods — This study uses a quantitative approach with the VECM model to analyze secondary time series data published quarterly during the period 2007–2022. Data were obtained from the Statistic Indonesia (BPS), the Ministry of Investment (BKPM), and Central Bank of Indonesia (BI). The analysis was conducted using E-Views 10 software to identify the short-term and long-term relationships between macroeconomic variables and Indonesian exports. Empirical Results — The results of the study indicate that FDI has an indirect positive impact on exports through changes in production structure and technology transfer. The exchange rate has a positive impact in the long term, but a negative impact on exports in the short term. Inflation has a positive effect on exports in the long term, but is not significant in the short term. Interest rates have a negative impact in both the short and long term, while GDP has a negative impact on exports in the long term, but a positive impact in the short term. Implications — The findings in this study have important policy implications for stakeholders in the economic sector. The proposed recommendations include providing incentives for foreign investment to increase export competitiveness, stable exchange rate management to reduce the impact of volatility, effective inflation control so as not to disrupt export competitiveness, interest rate policies that support the export sector, and economic growth policies that are oriented towards export market expansion.

Perbandingan Rasio Keuangan Bank Muamalat, BTN Syariah dan Bank Syariah Indonesia Periode 2017-2023 Retno Farika; Faizin, Moh.
Falahiya: Journal of Islamic Banking and Finance Vol. 4 No. 1 (2025)
Publisher : Institut Agama Islam Negeri Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21154/falahiya.v4i1.3988

Introduction: Ratio explains the relationship between one amount and another amount. An analyst can gain insight into a company's financial situation and its good and bad aspects by using ratios as an analytical tool. The purpose of financial ratio analysis is to help managers understand what a business should do given its limited financial data. This research aims to compare the financial ratios of BSI, BTN Syariah and Bank Muamalat Indonesia in terms of NPF, ROA and FDR. Research Methods: This research is included in Quantitative research using comparative analysis. The population in this study were financial reports from BSI, BTN Syariah and BMI with 84 financial report samples. Analysis of this research data used the One Way Anova test with the help of the IBM SPSS version 26 program. Results: From this research, the results obtained: there is no difference in the financial ratios of BSI, BTNS and BMI on the NPF variable. The financial ratios in terms of BSI ROA do not have a significant difference with the BTNS ROA value, and the BSI and BTNS ROA values have a significant difference with the BMI ROA value. Conclusion: There are differences in the financial ratios of BSI, BTNS and BMI in terms of FDR

Effect of Macroeconomic Factors on Economic Growth in Indonesia Mustofa, Hafidz Zainul; Faizin, Moh.
Journal of Developing Economies Vol. 10 No. 1 (2025)
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jde.v10i1.60620

Indonesia’s GDP growth from 2007 to 2022 shows a significant trend, reflecting the positive dynamics of a growing economy. This growth is influenced by macroeconomic factors such as inflation, interest rates, unemployment, fiscal and monetary policies, and international trade conditions. This study investigates the factors affecting Indonesia’s economic growth, mainly focusing on foreign direct investment (FDI), exchange rate, inflation rate, interest rate, and exports. This study uses quantitative methods with quarterly data from 2007 to 2022. The data used are time series data obtained from the Central Statistics Agency (BPS), the Investment Coordinating Board (BKPM), and Bank Indonesia (BI). The analysis used the Vector Error Correction Model (VECM) approach to understand the long-run and short-run relationships. The findings show that FDI is insignificant for Indonesia’s economic growth, while exchange rates and exports negatively impact growth in the short and long run. Inflation has a negative effect in the long run, and interest rates have a positive impact in the long run. Policy implications include improving FDI efficiency, maintaining currency stability, controlling inflation, setting appropriate interest rate policies, and diversifying exports to support economic growth.

The Effect of Macroeconomic Variables on Stock Returns of The Jakarta Islamic Index: A Panel Vector Error Correction Model Approach Budi, Bagus Setiyo; Faizin, Moh.
Etihad: Journal of Islamic Banking and Finance Vol. 4 No. 1 (2024)
Publisher : Institut Agama Islam Negeri Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21154/etihad.v4i1.9019

Introduction: This study was conducted because there were differences in stock return trends in JII during 2016-2018, where stock return movements simultaneously decreased, but different conditions occurred in 2019-2022, where trend returns experienced different conditions between companies. This was caused by the domino effect of the Covid-19 Pandemic, which resulted in changes in Indonesia's BI Rate and Inflation. Thus, this study aims to analyze the long and short-term effects of BI Rate and Inflation on changes in the return of company shares in JII. Research Methods: This study uses the Panel Vector Error Correction Model (VECM) method, secondary data in the form of a Panel of Stock Return of 4 companies, BI Rate and Inflation during 2016-2022. Results: The long and short-term results in the previous two and three-quarters of the BI Rate were significantly positive for stock returns. While in the long and short term, inflation was significantly negative for stock returns. Conclusion: The research found that the BI Rate does not always negatively affect return. When the BI Rate increases, it gives investors confidence that the value of their investment is protected from depreciation. This can create a positive environment for the stock market so that it has an impact on rising stock prices.

AN EFFORTS TO INCREASE STUDENTS’ ACTIVENESS USING TEAM GAMES TOURNAMENT IN SMPN 14 SURABAYA Fitriyah, Farihatil; Syuroyyah, Chalimatus; Brillianti, Sabrina Fatimah; Hidayati, Nur; Faizin, Moh.
Tarbiyah Islamiyah: Jurnal Ilmiah Pendidikan Agama Islam Vol. 14 No. 2 (2024): December
Publisher : UIN Antasari Banjarmasin

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18592/jtipai.v14i2.13805

It is imperative to recognise the significance of student activity in the context of learning, as it serves as an indicator of the efficacy of the teaching and learning process. Furthermore, student activeness is pivotal to the development of their understanding, skills, and meaningful experiences in learning. The present study aims to explore efforts to increase student activeness through the use of the TGT (Team Games Tournament) model in PAI and Budi Pekerti lessons at the junior high school level. The present study employs a descriptive qualitative research method. In March 2024, the researchers conducted the study at SMPN 13 Surabaya in class 8B, with the participation of 30 students. The researchers conducted direct observations of activities in the field related to the issue under investigation. Prior to the implementation of the TGT model in the PAI and Budi Pekerti subjects, the results of the study at SMPN 13 Surabaya in class 8B demonstrated that students exhibited increased levels of activity and enthusiasm following the implementation of the TGT cooperative learning model.

Internalization of Islamic Education Values in the Pancasila Student Profile Strengthening Project through a Multidisciplinary Approach Uroidli, Ali; Faizin, Moh.; Aziz, Yahya; Yudi, Usman
Al-Tadzkiyyah: Jurnal Pendidikan Islam Vol 15 No 1 (2024): Al-Tadzkiyyah: Jurnal Pendidikan Islam
Publisher : Universitas Islam Negeri Raden Intan Lampung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24042/002024151690800

This research aims to explore the internalization of Islamic values in the Pancasila Student Profile Strengthening Project at SMA Negeri 1 Gedangan, Sidoarjo Regency. The focus of the research was the eleventh-grade odd-semester students using a case study approach. The research method used was descriptive qualitative. The data collecting techniques employed were observation and interviews with various informants, such as the principal, curriculum representative, project assistant teacher, and Islamic religious education teacher. The researchers conducted data analysis using the Miles and Huberman analysis method to reduce data, present data, and draw conclusions. The results showed the importance of the integration of Islamic values in student character education at SMA Negeri 1 Gedangan, making a significant contribution to understanding Islamic education strategies to strengthen Pancasila values at the senior high school level.

Social Intelligence in Islamic Education; Analysis of the Social Jurisprudence Ideas of KH. MA. Sahal Mahfudh Prasetia, Senata Adi; Fahmi, Muhammad; Faizin, Moh.
An-Nida' Vol 47, No 1 (2023): June
Publisher : Lembaga Penelitian dan Pengabdian kepada Masyrakat

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24014/an-nida.v47i1.21865

The article explores the development of social intelligence in Islamic education. In this period, Islamic education tended to be oriented only to cognitive and affective aspects but hardly to psychomotor ones. This shows that many students cannot interact with their environment. This article argues that the development of social intelligence in Islamic education under the guidance of KH. MA. Sahal Mahfudh focuses more on the aspects of social intelligence that are included in the idea of social fiqh. The findings suggest that the idea of social fiqh KH. MA. Sahal Mahfudh is the most essential foundation for the development of students' social intelligence. In this case, the development of social intelligence is displayed through social sensitivity, social insight, and social communication. Through education that focuses on social sensitivity, social knowledge and social communication, Kiai Sahal has created a strong foundation for developing aspects of social intelligence in the context of Islamic education in Indonesia. The concrete form of social intelligence development carried out by Kiai Sahal is reflected in the formulation of intellectual, social-community education, organizational education, sports and health education, and skills education. Applying the idea of social fiqh, Kiai Sahal in Islamic education should be a model and a new paradigm for developing social intelligence in learners.Abstrak: Artikel ini membahas bagaimana pengembangan kecerdasan sosial dalam pendidikan Islam dan relevansinya di era kontemporer perspektif KH. Sahal Mahfudh. Sebagai makhluk sosial, manusia tidak bisa hidup sendiri dan selalu memerlukan orang lain untuk berinteraksi. Atas dasar itu, pengembangan kecerdasan sosial dalam pendidikan Islam sangat dibutuhkan. Artikel ini berargumen bahwa pengembangan kecerdasan sosial dalam pendidikan Islam di bawah bimbingan KH. MA. Sahal Mahfudh lebih menitikberatkan pada aspek kecerdasan sosial yang tercakup dalam gagasan fikih sosial. Melalui penelitian kualitatif-eksploratif dan kepustakaan, serta dokumentasi dan pengayaan literatur serta analisis data menggunakan tiga aspek; kondensasi data, display data dan verifikasi data, hasil temuan menunjukkan bahwa gagasan fikih sosial KH. MA. Sahal Mahfudh menjadi basis utama bagi pengembangan kecerdasan sosial peserta didik. Dalam hal ini, perkembangan kecerdasan sosial ditampilkan melalui kepekaan sosial, wawasan sosial, dan komunikasi sosial. Melalui pendidikan yang terfokus pada sensitivitas sosial, pengetahuan sosial, dan komunikasi sosial, Kiai Sahal telah menciptakan landasan yang kuat guna pengembangan aspek kecerdasan sosial dalam konteks pendidikan Islam di Indonesia. Bentuk konkret pengembangan kecerdasan sosial yang dilakukan Kiai Sahal tercermin dalam rumusan pendidikan intelektual, pendidikan sosial kemasyarakatan, pendidikan organisasi, pendidikan olahraga dan kesehatan, serta pendidikan keterampilan. Penerapan pemikiran fikih sosial Kiai Sahal dalam pendidikan Islam hendaknya menjadi model dan paradigma baru dalam mengembangkan kecerdasan sosial pada peserta didik pada pendidikan Islam Indonesia kontemporer.

Crowdfunding Innovation In Village Tourism Development: A Sustainable Investment Model For Community Economic Improvement Faizin, Moh.; Anggraini, Yulia; Ridwan, Mohammad
Eko-Regional: Jurnal Pembangunan Ekonomi Wilayah Vol 20 No 2 (2025): September 2025
Publisher : Faculty of Economics and Business Universitas Jenderal Soedirman

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32424/er.v20i2.15856

The development of tourism villages is a crucial strategy for enhancing the economic well-being of rural communities, although limited capital often acts as a barrier. This study examines crowdfunding-based investment innovations as an alternative to traditional fundraising methods for tourism villages, using case study in Ketapanrame Village. The study focuses on tourism infrastructure financing, community empowerment, and business diversification rooted in local wisdom. Results show increased citizen participation, job creation, and accelerated inclusive economic growth in the village. Community funding through crowdfunding has proven effective with transparent mechanisms, community-based dividend distribution, and clear boundaries. In addition to strengthening sustainability, this model promotes direct community involvement in development. These findings are expected to serve as a reference for policymakers and investors to design more innovative, educational, and community-responsive tourism village funding schemes.

Crowdfunding Innovation In Village Tourism Development: A Sustainable Investment Model For Community Economic Improvement Faizin, Moh.; Anggraini, Yulia; Ridwan, Mohammad
Eko-Regional: Jurnal Pembangunan Ekonomi Wilayah Vol 20 No 2 (2025): September 2025
Publisher : Faculty of Economics and Business Universitas Jenderal Soedirman

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32424/er.v20i2.15856

The development of tourism villages is a crucial strategy for enhancing the economic well-being of rural communities, although limited capital often acts as a barrier. This study examines crowdfunding-based investment innovations as an alternative to traditional fundraising methods for tourism villages, using case study in Ketapanrame Village. The study focuses on tourism infrastructure financing, community empowerment, and business diversification rooted in local wisdom. Results show increased citizen participation, job creation, and accelerated inclusive economic growth in the village. Community funding through crowdfunding has proven effective with transparent mechanisms, community-based dividend distribution, and clear boundaries. In addition to strengthening sustainability, this model promotes direct community involvement in development. These findings are expected to serve as a reference for policymakers and investors to design more innovative, educational, and community-responsive tourism village funding schemes.

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