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All Journal Equator Journal of Management and Entrepreneurship Majapahit Journal of Islamic Finance dan Management Majapahit Journal of Islamic Finance dan Management
Lumintang, Zulfikar Halim
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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A Study of Interest Rate Thresholds on Foreign Investment in the Construction Sub-Sector in Indonesia Lumintang, Zulfikar Halim; Damayanty , Prisila; Mubarok, Faizul
Majapahit Journal of Islamic Finance and Management Vol. 5 No. 3 (2025): Islamic Finance and Management
Publisher : Department of Sharia Economics Institut Pesantren KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v5i3.544

Abstract

The construction subsector plays a strategic role in driving infrastructure development, regional connectivity, and national economic competitiveness. However, the realization of foreign direct investment (FDI) in this subsector remains relatively low compared to other sectors, despite the improving investment climate in Indonesia. One of the main factors influencing foreign investors’ decisions is macroeconomic variables such as interest rates, exchange rates, and foreign reserves, which in the context of the construction subsector are suspected to have a complex and not entirely linear relationship. This study aims to analyze the realization of FDI in the construction subsector along with the macroeconomic factors affecting it, to identify the nonlinear relationship pattern between interest rates and FDI, and to estimate the optimal interest rate threshold to attract foreign investment. The research uses quarterly secondary data from 2010–2023, analyzed with the Vector Error Correction Model (VECM), supported by RESET test, Johannsen cointegration, IRF, and FEVD. The results reveal a nonlinear inverted U-shaped relationship between interest rates and FDI in the construction subsector, with an optimal threshold at 4.195%. At moderate levels, interest rates have a significant positive effect, but become negative when exceeding this optimal point. Conversely, exchange rates and foreign reserves do not significantly affect FDI, although their directional relationships are consistent with theoretical expectations. These findings suggest that prudent interest rate management, exchange rate stability, and structural improvements in the construction subsector are crucial to enhancing Indonesia’s attractiveness to foreign investors.
A Study of Interest Rate Thresholds on Foreign Investment in the Construction Sub-Sector in Indonesia Lumintang, Zulfikar Halim; Damayanty , Prisila; Mubarok, Faizul
Majapahit Journal of Islamic Finance and Management Vol. 5 No. 3 (2025): Islamic Finance and Management
Publisher : Department of Sharia Economics Institut Pesantren KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v5i3.544

Abstract

The construction subsector plays a strategic role in driving infrastructure development, regional connectivity, and national economic competitiveness. However, the realization of foreign direct investment (FDI) in this subsector remains relatively low compared to other sectors, despite the improving investment climate in Indonesia. One of the main factors influencing foreign investors’ decisions is macroeconomic variables such as interest rates, exchange rates, and foreign reserves, which in the context of the construction subsector are suspected to have a complex and not entirely linear relationship. This study aims to analyze the realization of FDI in the construction subsector along with the macroeconomic factors affecting it, to identify the nonlinear relationship pattern between interest rates and FDI, and to estimate the optimal interest rate threshold to attract foreign investment. The research uses quarterly secondary data from 2010–2023, analyzed with the Vector Error Correction Model (VECM), supported by RESET test, Johannsen cointegration, IRF, and FEVD. The results reveal a nonlinear inverted U-shaped relationship between interest rates and FDI in the construction subsector, with an optimal threshold at 4.195%. At moderate levels, interest rates have a significant positive effect, but become negative when exceeding this optimal point. Conversely, exchange rates and foreign reserves do not significantly affect FDI, although their directional relationships are consistent with theoretical expectations. These findings suggest that prudent interest rate management, exchange rate stability, and structural improvements in the construction subsector are crucial to enhancing Indonesia’s attractiveness to foreign investors.
ESTIMASI THRESHOLD PRODUKSI PERIKANAN TANGKAP KAWASAN SULAMPUA MENUJU UMKM PERIKANAN TANGKAP YANG BERKELANJUTAN Lumintang, Zulfikar Halim; Nur’aini, Dyah Tari
Equator Journal of Management and Entrepreneurship (EJME) Vol 13, No 4 (2025): Equator Journal of Management and Entrepreneurship
Publisher : Universitas Tanjungpura

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26418/ejme.v13i4.102319

Abstract

UMKM perikanan khususnya perikanan tangkap merupakan salah satu UMKM yang keberlanjutannya bergantung pada kondisi alam. Blue Economy (BE) merupakan konsep yang semakin populer sebagai strategi untuk menjaga sumber daya air. Wilayah Sulampua terletak di sekitar 6 Wilayah Pengelolaan Perikanan (WPP) yang memiliki peluang besar bagi perikanan tangkap di Indonesia. Optimalisasi ini perlu diselaraskan dengan pengelolaan berkelanjutan, salah satunya melalui penangkapan ikan yang terukur. Oleh karena itu, penelitian ini bertujuan untuk menganalisis determinan pertumbuhan ekonomi perikanan, menentukan ambang batas tangkapan ikan, dan faktor-faktor penting pendukung produksi perikanan tangkap di Wilayah Sulampua. Metode analisis yang digunakan adalah Analisis Fuzzy K-Means, Regresi Nonlinier dan Regresi Data Panel. Hasil penelitian menunjukkan bahwa pertumbuhan ekonomi perikanan tangkap di Sulampua dipengaruhi secara positif oleh produksi tangkapan, investasi, dan nilai ekspor. Terdapat dua klaster yang dikelompokkan berdasarkan nilai K-means, dan lima provinsi yang memiliki nilai ambang batas tangkapan. Produksi perikanan di Provinsi Sulawesi Tengah dan Papua Barat secara signifikan dipengaruhi oleh jumlah nelayan, sedangkan di Provinsi Sulawesi Utara dipengaruhi oleh perahu motor.
Co-Authors Damayanty , Prisila Faizul Mubarok Nur’aini, Dyah Tari