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THE FUNDAMENTAL EFFECT OF COMPANY AND CAPITAL MARKET REACTION BEFOR AND DURING THE COVID-19 PANDEMIC ON STOCK RETURNS (CASE STUDY OF THE JAKARTA ISLAMIC INDEX 2016-2020 PERIOD) Alief Faisal; Alfiah Hasanah; Asep Muhammad Adam
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 8 No. 6 (2021): November-2021
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol8iss20216pp771-784

ABSTRAKPenelitian ini dilakukan untuk melihat bagaimana pengaruh dari Return on Equity, Price to Book Value, Earning Per Share,dan Debt to Equity Ratio terhadap return saham syariah serta untuk melihat reaksi pasar modal dari sebelum dan sesudah diumumkannya kasus pertama Covid-19 di Indonesia. Analisis data yang digunakan dalam penelitian ini adalah metode data panel dengan fixed effect model sebagai model terbaiknya, penelitian ini menggunakan data sekunder dengan runtun waktu 2016Q1-2020Q4. Hasil pengujian dengan fixed effect model menunjukkan adanya pengaruh, yaitu secara simultan variabel ROE, PBV, EPS, dan DER memiliki pengaruh terhadap return saham syariah. Sementara secara parsial hanya variabel PBV dan EPS yang berpengaruh terhadap return saham syariah sedangkan ROE dan DER tidak berpengaruh terhadap return saham syariah. Dalam penelitian ini juga menunjukkan bahwa terdapat abnormal return setelah pengumuman Covid-19 pertama kali diumumkan di Indonesia. Hasil penelitian ini diharapkan dapat memberikan manfaat dan gambaran bagi investor untuk menentukan strategi dan pengambilan keputusan investasi di pasar modal syariah pada masa pandemi. Kata Kunci: ROE, PBV, EPS, DER, Covid-19. ABSTRACTThis study was conducted to see the effect of Return on Equity, Price to Book Value, Earning Per Share, and Debt to Equity Ratio on Islamic stock market returns to see the reaction of the capital market before and after the announcement of the first Covid-19 in Indonesia. This study uses the panel data method with the fixed effect model as the best model, this study uses secondary data with the 2016Q1-2020Q4 time series. The test results with the fixed effect model show that there is an effect, namely the ROE, PBV, EPS, and DER variables simultaneously have an effect on returns sharia stock. While partially, only PBV and EPS variables have an effect on returns Islamic stock, while ROE and DER have no effect on returns Islamic stock. This study also shows that there are abnormal returns after the announcement of Covid-19 was first announced in Indonesia. The results of this study are expected to provide benefits and description for investors in determining strategies and making investment decisions in the Islamic capital market during the pandemic.Keywords: ROE, PBV, EPS, DER, Covid-19. DAFTAR PUSTAKAAdyatmika, I. G. P., & Wiksuana, I. G. B. (2018). Pengaruh inflasi dan leverage terhadap profitabilitas dan return saham pada perusahaan manufaktur di bursa efek Indonesia. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 3, 615. https://doi.org/10.24843/eeb.2018.v07.i03.p01Andansari, N. A., Raharjo, K., & Andini, R. (2016). Pengaruh return on equity (ROE), price earning ratio (PER), total asset turn over (TATO) dan price to book value (PBV) terhadap return saham (Studi kasus pada perusahaan manufaktur sektor makanan dan minuman yang terdaftar di BEI periode 2008-2014). urnal Ilmiah Mahasiswa S1 Akuntansi Universitas Pandanaran, 2(2), 1-11.Anwaar, M. (2016). Impact of firms’ performance on stock returns (Evidence from listed companies of FTSE-100 Index London, UK). Global Journal of Management and Business Research, 16(1), 1-10.Arfani, F. S. (2021). Analisis reaksi pasar modal sebelum dan saat peristiwa pandemi covid-19 (Event study pada perusahaan yang terdaftar LQ-45 di Bursa Efek Indonesia Tahun 2020). Skripsi tidak dipublikasikan. Surakarta: Universitas Muhammadiyah Surakarta.Arnova, I. (2016). Pengaruh ukuran kinerja ROA, ROE, EPS dan EVA terhadap return saham. Ekombis Review: Jurnal Ilmiah Ekonomi Dan Bisnis, 4(1). https://doi.org/10.37676/EKOMBIS.V4I1.153Campbell, J. Y., Lo, A. W., & MacKinlay, A. C. (1997). The econometrics of financial markets. Princeton: Princeton University Press.Dewi, P. E. D. M. (2017). Pengaruh rasio likuiditas, profitabilitas, solvabilitas, aktivitas dan penilaian pasar terhadap return saham. JIA (Jurnal Ilmiah Akuntansi), 1(2), 109–132. https://doi.org/10.23887/JIA.V1I2.9988Dianti, O., & Badjra, I. . (2016). Pengaruh earning per share, tingkat pertumbuhan perusahaan dan current ratio terhadap kebijakan dividen. E-Jurnal Manajemen Unud, 5(11), 6795-6824.Diniar, A., Diniar, A. H., & Kiryanto, K. (2016). Analisis dampak pemilu presiden jokowi terhadap return saham (Studi kasus saham LQ-45 di Bursa Efek Indonesia). Jurnal Akuntansi Indonesia, 4(2), 97–108. https://doi.org/10.30659/jai.4.2.97-108Fadillah, R., Mansur, M., & Wahono, B. (2021). Perbandingan abnormal return saham sebelum dan sesudah perubahan waktu perdagangan selama pandemi covid-19. Jurnal Ilmiah Riset Manajemen, 10(03). http://riset.unisma.ac.id/index.php/jrm/article/view/10286Fama, E. F. (1970). Efficient capital markets: A review of theory and empirical work. The Journal of Finance, 25(2), 383. https://doi.org/10.2307/2325486Hanafi, M, M., & Halim, A. (2012). Analisis laporan keuangan. Yogyakarta: UPP STIM YKPN.Hanivah, V., & Wijaya, I. (2018). Pengaruh debt to equity ratio, total asset turnover, inflasi dan BI Rate terhadap Return Saham. 11(1), 106-119. DOI: http://dx.doi.org/10.22441/profita.v11.01.008Jogiyanto. (2003). Teori portofolio dan analisis investasi. Yogyakarta: BPFE.Kriswanto. (2014). Pengaruh faktor fundamental dan ekonomi makro terhadap return saham syariah di Jakarta Islamic Index (JII) Periode 2010-2013. Skripsi tidak dipublikasikan. Yogyakarta: Universitas Negeri Yogyakarta.Metwally, M. (1995). The Islamic economic theory. Jakarta: Rising First Media.Nugraha, B. E. (2010). Reaksi harga saham dengan adanya peristiwa pemilihan presiden tahun 2009. Skripsi tidak dipublikasikan. Surakarta: Universitas Muhammadiyah Surakarta.Oktavia, I., & Sitinjak, N. D. (2021). Respon cepat pasar modal (LQ 45) terhadap pandemi covid-19. Jurnal Ilmiah Bisnis Dan Perpajakan (Bijak), 3(2), 1–7. https://jurnal.unmer.ac.id/index.php/jb/article/view/6591Parwati, R. R. A. D., & Sudiartha, G. M. (2016). Pengaruh profitabilitas, leverage, likuiditas dan penilaian pasar tehadap return saham perusahaan manufaktur. E-Jurnal Manajemen Universitas Udayana, 5(1), 385-413.Setyowati Hasanah, & Ningsih Riyanti. (2016). Pengaruh faktor fundamental, risiko sistematis dan ekonomi makro terhadap return saham syariah yang tergabung di Jakarta Islamic Index (JII) pada periode 2010–2014. Kajian Bisnis STIE Widya Wiwaha, 24(1), 54-70. DOI: https://doi.org/10.32477/jkb.v24i1.158Syamsuddin, L. (2011). Manajemen keuangan perusahaan: Konsep aplikasi dalam perencanaan, pengawasan, dan pengembaian keputusan. Jakarta: Rajawali.Tandelilin, E. (2010). Portofolio dan investasi teori dan aplikasi. Yogyakarta: Kanisius.Ya, C. M. R. U., & Aliamin, A. (2018). Pengaruh debt to equity ratio, earning per share, dan ukuran perusahaan terhadap return saham syariah pada perusahaan yang terdaftar di Jakarta Islamic Index (JII) tahun 2011-2015. Jurnal Ilmiah Mahasiswa Ekonomi Akuntansi, 3(4), 559–567.Yuliantari W., N., & Sujana, I. (2014). Pengaruh financial ratio, firm size, dan cash flow operating terhadap return share perusahaan F&B. E-Jurnal Akuntansi, 7(3), 547–558.

THE POTENTIAL FOR INTER-INSTITUTIONAL COOPERATION FOR SHARIA ACTUARY NON-CERTIFICATION PROGRAMS FOR SHARIA INSURANCE IN INDONESIA Alfiah Hasanah; FNU Cupian; Eko Fajar Cahyono; Lina Nugraha Rani
Airlangga International Journal of Islamic Economics and Finance Vol. 1 No. 2 (2018): July-December 2018
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/aijief.v1i2.20797

This study aims to explore the potential model of collaboration among institutions such as the Financial Services Authority (OJK) as regulators, higher education institutions, general higher education institutions and religious higher education, sharia insurance industry associations, actuary professional associations and sharia insurance companies to carry out non-sharia certification of the sharia actuary profession. This study uses descriptive qualitative approach and literature study method. The results of the study recommend that certification programs that span sharia actuaries require several institutional roles includingFinancial Services Authority (OJK), National Sharia Council (DSN), Indonesian Ulema Council (MUI), Indonesian Syariah Insurance Association (AASI) and Indonesian Actuary Association (PAI). Each agency has their respective duties and functions such as regulators, prospective actuary providers, distance education providers, certification providers, and material providers.

Comparison of Financial Performance on Full Sharia Life Insurance Companies and Sharia Business Units Life Insurance in Indonesia Based on EWS and RBC Ratios Farah Aima Syahida; Alfiah Hasanah; Asep Muhammad Adam
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 9 No. 3 (2022): Mei-2022
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol9iss20223pp338-351

ABSTRAK Perkembangan industri asuransi syariah saat ini mengalami pertumbuhan yang cepat sejalan dengan perkembangan perbankan syariah di Indonesia. Meski memiliki catatan pertumbuhan yang baik setiap tahunnya, bukan berarti perusahaan asuransi syariah memiliki kinerja keuangan yang baik. Maka, penelitian ini bertujuan untuk mengetahui perbedaan kinerja asuransi full jiwa dan perusahaan asuransi jiwa unit syariah dengan menggunakan rasio-rasio pada Early Warning System dan metode RBC untuk peninjauan pada tahun 2015-2020 di Indonesia. Uji Mann-Whitney digunakan sebagai metode analisis data untuk menjawab tujuan dalam peneltiian ini. Hasil analisis kinerja keuangan menunjukkan bahwa adanya perbedaan yang signifikan pada kinerja keuangan perusahaan asuransi jiwa full syariah dan perusahaan asuransi jiwa unit usaha syariah jika dilihat menggunakan Retention Ratio, rasio cadangan teknis, dan rasio kecukupan dana. Di sisi lain, tidak ditemukan perbedaan yang begitu signifikan antara kinerja perusahaan asuransi jiwa full syariah dan perusahaan asuransi jiwa unit usaha syariah dalam hal Solvency Margin Ratio, rasio beban klaim asuransi, rasio likuiditas, tingkat pertumbuhan premi, dan RBC. Hasil penelitian ini dapat menjadi gambaran bagi dan pertimbangan bagi pemangku kebijakan untuk meningkatkan kinerja perusahaan asuransi syariah di Indonesia. Kata Kunci: Asuransi Syariah, Early warning System, Risk-Based capital, Uji Mann-Whitney. ABSTRACT The development of the sharia insurance industry is currently experiencing rapid growth in line with the development of sharia banking in Indonesia. Although it has a good record of growth every year, it does not reflect that Islamic insurance companies have a good financial performance. Thus, this study aims to determine the differences in the performance of life insurance and sharia unit life insurance companies by using the ratios in the Early Warning System and the RBC method in the period 2015–2020 in Indonesia. The Mann-Whitney test was used as a data analysis method. The results show that there is a significant difference in the financial performance of a full sharia life insurance company and a sharia business unit life insurance company when viewed using the Retention Ratio, technical reserve ratio, and fund adequacy ratio. In addition, there is no significant difference between the performance of a full sharia life insurance company and a sharia business unit life insurance company in terms of Solvency Margin Ratio, insurance claim expense ratio, liquidity ratio, premium growth rate, and RBC. The results of this study could portray policymakers to improve the performance of Islamic insurance companies in Indonesia. Keywords: Sharia Insurance, Early Warning System, Risk-Based Capital, Mann-Whitney Test. DAFTAR PUSTAKA Adhita, O., Fauziah, E., & Azib, A. (2017). Analisis perbandingan kinerja keuangan berdasarkan rasio keuangan early warning system pada PT prudential life insurance syariah dan PT asuransi bringin jiwa sejahtera syariah. Prosiding Hukum Ekonomi Syariah, 3(1), 155–161. https://doi.org/10.29313/SYARIAH.V3I1.5436 Amani, Z. A., & Sukmaningrum, P. S. (2019). Kinerja keuangan pada perusahaan asuransi syariah di indonesia dan perusahaan asuransi syariah di Malaysia periode 2013-2015. Jurnal Ekonomi Syariah Teori dan Terapan, 5(8), 645. https://doi.org/10.20473/vol5iss20188pp645-663 Awaliyah, H., Barnas, B., Akuntansi, J., & Bandung, P. N. (2020). Perbandingan kinerja keuangan perusahaan asuransi syariah berdasarkan early warning system dan risk-based capital pada PT asuransi jiwa syariah jasa mitra abadi tbk sebelum dan sesudah go public. Journal of Applied Islamic Economics and Finance, 1(1), 1–14. https://doi.org/10.35313/JAIEF.V1I1.2386 Boitan, I. (2012). Development of an early warning system for evaluating the credit portfolio’s quality. A case study on Romania. Prague Economic Papers, 3, 347–362. https://doi.org/10.18267/J.PEP.428 Chen, R., & Wong, K. A. (2004). The determinants of financial health of Asian insurance companies. Journal of Risk and Insurance, 71(3), 469–499. https://doi.org/10.1111/J.0022-4367.2004.00099.X Fahmi, I. (2012). Analisis kinerja keuangan. Bandung: CV. Alfabeta. Fitri, A., Sepky, N., Sekolah, M., Ekonomi, T., & Sebi, I. (2016). Kinerja keuangan perusahaan asuransi syariah di Indonesia: Surplus on contribution. Akuntabilitas, 9(1). https://doi.org/10.15408/AKT.V9I1.3590 Hansen, & Mowen. (2005). Management accounting. Jakarta: Salemba Empat. Hidayati, A. A., & Shofawati, A. (2018). Determinan kinerja keuangan asuransi syariah di Indonesia periode 2014-2016. Jurnal Ekonomi Syariah Teori dan Terapan, 5(11), 892–907. https://doi.org/10.20473/VOL5ISS201811PP892-907 Hosen, M. N., Ali, A. H., & Muhtasib, A. B. (2008). Materi dakwah ekonomi syariah. Jakarta: PKES (Pusat Komunikasi Ekonomi Syariah). Kustanti, H., & Indriani, A. (2016). Analisis perbandingan efisiensi bank umum syariah (BUS) dan unit usaha syariah (UUS) dengan metode stochastic frontier analysis (SFA) periode 2010-2014. Jurnal Studi Manajemen Organisasi, 13(2), 140-148. https://doi.org/10.14710/jsmo.v13i2.13405 Mahsun, M., Sulistiyowati, F., & Purwanugraha, H. A. (2011). Akuntansi sektor publik. Yogyakarta: BPFE UGM. Munawir. (1992). Analisa laporan keuangan. Yogyakarta: Liberty. Nurfadila, S., Hidayat, R. R., & Sulasmiyati, S. (2015). Analisis rasio keuangan dan risk based capital untuk menilai kinerja keuangan perusahaan asuransi (Studi pada PT asei reasuransi indonesia (Persero) periode 2011-2013). Jurnal Administrasi Bisnis, 22(1). Ramdhana, D., & Tandika, D. (2018). Analisis perbandingan kinerja keuangan asuransi syariah dan konvensional menggunakan metode risk based capital dan early warning system. Prosiding Manajemen, 0(0), 135–141. https://doi.org/10.29313/.V0I0.9086

Perkembangan Sektor Keuangan Islam dan Pertumbuhan Ekonomi: Studi Empiris Negara OKI Cupian Cupian; Arie Febriansyah; Alfiah Hasanah
Al-Tijary Vol 6 No 1 (2020): AL-TIJARY VOL. 6, NO. 1, DESEMBER 2020
Publisher : Fakultas Ekonomi dan Bisnis Islam Universitas Islam Negeri Sultan Aji Muhammad Idris Samarinda

This study explores the effect of the development of Islamic Financial sectors toward the economic growth of ten Islamic countries based on the Global Islamic Economy Indicator (GIEI) from 2014 to 2018. The Islamic financial sectors consist of issuing covering finance represented by the value of Islamic funds and the value of outstanding Sukuk. The governance factor is represented by the number of Islamic finance regulations and the number of Islamic finance scholars. The awareness is represented by some institution education about Islamic Finance and several news/articles about Islamic finance. The Islamic social fund is represented by the fund of Zakat and Charities, and the fund of Corporate Social Responsibility (CSR). This research use panel data and a random effect for analyses. The result shows that three variables positively contribute to economic growth; the value of outstanding Sukuks, the number of Islamic finance regulations, and the number of Islamic educations about Islamic finance. Meanwhile, the number of Islamic finance regulations, the number of Islamic finance scholars, the number of news/articles, the value of zakat and charity, and the CSR scores index do not significantly contribute to the economic growth of ten Islamic countries.

Analisis Pengaruh Faktor Eksternal dan Internal Terhadap Tingkat Permintaan Sukuk Ritel SR008 Cupian Anzal; Muhammad Ikhwan Al Ayyubi; Alfiah Hasanah
Al-Tijary AL-TIJARY VOL. 7, NO. 1, DESEMBER 2021
Publisher : Fakultas Ekonomi dan Bisnis Islam Universitas Islam Negeri Sultan Aji Muhammad Idris Samarinda

Sukuk Retail SR008 was issued in 2016 as one of instrument to finance government deficit in spending . Sukuk Retail SR008 reported to have the largest number of investors and total issuance in the history of retail sukuk in Indonesia. This study investigates the effect of internal and external variables on the trading volume of retail sukuk SR008 in the short and long term. Using a montly data from June 2016 to February 2019 and use the Vector Error Correction Model (VECM), the independent variables used in this study are, retail sukuk SR008 price and yield, ORI013 retail bond price, mudhorabah profit sharing for one month, and GDP level. The results show that price sukuk retail SR008, yield sukuk retail SR008 and PDB have a positive and significant effect on the trading volume of retail sukuk SR008 in the longrun however variable share rate of mudhorabah one-month and price bond retail ORI013 have negative effect . In the short run, all independent variables have no significant effect on the retail sukuk SR008 trading volume.

External Capital Analysis on Sustainability of MSMEs Led by Women Hana Fauzia; Alfiah Hasanah
JEJAK: Jurnal Ekonomi dan Kebijakan Vol 15, No 2 (2022): September 2022
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/jejak.v15i2.36811

Micro small and medium enterprises (MSMEs) led by women have many challenges to confront continue to exist. Various external capitals come with advantages and disadvantages. The investigation looks at the business sustainability of MSMEs led by women by comparing banks or non-banking institutions as the source of the main capital as the main independent variables as well as other variables such as employee, characteristics of female entrepreneur; age, education, marriage status, participation in arisan, household characteristics ; asset, size, young children andÂ elderly member. The data from Indonesian Family Life Survey (IFLS)Â 2014 is used and probit estimation is applied. The result shows that women led MSMEs are more likely to sustained the business as much as 1.8 percentage points if they start the business from informal financial institutions/friends/family (non-banking) as a source of funding compared to women led MSMEs that start the funding from bank institutions.Â Estimations results also show that factors such as age, education, participation in arisan, household size, and employee also positive and significantly contribute to the business survival of women led MSMEs. However, other factors such as married status, household assets, and having children, are negatively contribute to the business survival of women led MSMEs.

Do Muslim households with above-average levels of education give more to alms? Pricilia Devani; Alfiah Hasanah
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 10 No. 6 (2023): November-2023
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol10iss20236pp541-550

ABSTRACT The aim of this study was to examine the effect of above-average educational attainment of Muslim households on the amount of alms given by the household. This study uses panel data from the Indonesian Family Life Survey Wave 4 and Wave 5, with a sample consisting of Muslim household heads with a history of secondary education (SMA/SMK) and higher education. The data were processed and analysed using the fixed effects regression method using STATA software version 17. The results of this study indicate a significant and positive influence between the above-average level of education of Muslim households and the amount of charitable expenditure of the household. A household headed by a person with a high school, vocational school, or university education is predisposed to a higher amount of alms giving. Individual characteristics of the household head, including marital status, occupation, and religious observance, play a significant role in determining the amount of household alms given. This research has potential implications for providing recommendations to the community, religious institutions, and the government to increase participation and the amount of alms given. Keywords: household alms, secondary education, higher education, IFLS, fixed effect ABSTRAK Tujuan dari penelitian ini adalah untuk menyelidiki pengaruh tingkat pendidikan rumah tangga muslim di atas rata-rata terhadap jumlah pengeluaran sedekah rumah tangga. Penelitian ini menggunakan data panel yang bersumber dari data Indonesian Family Life Survey gelombang 4 dan gelombang 5, dengan sampel yang terdiri atas kepala rumah tangga beragama Islam dan memiliki riwayat pendidikan menengah (SMA/SMK) dan Perguruan Tinggi. Data tersebut diolah dan dianalisis menggunakan metode regresi Fixed Effect dengan bantuan software STATA versi 17. Hasil penelitian ini menunjukkan bahwa terdapat pengaruh yang signifikan dan positif antara tingkat pendidikan rumah tangga muslim di atas rata-rata dengan jumlah pengeluaran sedekah rumah tangga. Rumah tangga dengan kepala rumah tangga dengan riwayat pendidikan pada tingkat SMA/SMK dan Perguruan Tinggi cenderung memberikan jumlah sedekah yang lebih besar. Selain tingkat pendidikan, karakteristik individu kepala rumah tangga seperti status perkawinan, pekerjaan, dan kepatuhan beribadah menjadi faktor yang cukup penting dalam memengaruhi besaran sedekah rumah tangga yang diberikan. Penelitian ini dapat berimplikasi sebagai dasar untuk memberikan rekomendasi kepada masyarakat, lembaga agama, dan pemerintah dalam upaya meningkatkan partisipasi dan jumlah sedekah. Kata Kunci: Sedekah Rumah Tangga, Pendidikan Menengah, Perguruan Tinggi, IFLS, Fixed Effect

Social Capital and Participation in Moslem Organizations Hawari, Muhammad Irsyad; Hasanah, Alfiah; Adam, Asep Muhammad
Al-Tijary AL-TIJARY VOL. 7, NO. 2, JUNI 2022
Publisher : Faculty of Islamic Economics and Business Sultan Aji Muhammad Idris State Islamic University Samarinda

Indonesia, as the country with the largest Muslim population in the world, has numerous Muslim organizations that play a significant role in the social and economic lives of its people. This study aims to address the impact of participation in Moslem organizations on social capital in a setting of a country with the biggest Moslem population in the world. A survey of members and non-members of Moslem organization Muhammadiyah in Bandar Lampung City was conducted. The quantitative approach is used to display the data on the degree to which Muhammadiyah Moslem organizations' involvement has impacted the social capital index. The data analysis technique used is propensity score matching (PSM) analysis. The findings demonstrated that members of Muhammadiyah and non-Muhammadiyah had different social capital indices. Additionally, a person's involvement in Muslim groups significantly affects social capital. It suggests that Moslem organizations are not only present to provide religious understanding for their members but also capable of providing added value for them, that is, the addition of social capital for each member. Based on the study, participation in Moslem organizations like Muhammadiyah significantly enhances social capital among members, suggesting that these organizations provide not only religious guidance but also valuable social benefits.

The Effects of Cash and In-Kind Transfer by Religious Organizations on Muslim Households’ Expenditure: Indonesian Family Life Survey 2014 Hasanah, Alfiah; Apriliano, Muhammad Hilmy; Adam, Asep Muhammad
Al-Tijary Vol 9 No 1 (2023): AL-TIJARY VOL. 9, NO. 1, DESEMBER 2023
Publisher : Faculty of Islamic Economics and Business Sultan Aji Muhammad Idris State Islamic University Samarinda

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21093/at.v9i1.7261

Cash and in-kind transfers are two of the instruments utilized in an endeavor to further expand the economy and solve household welfare concerns. Aside from the government social security program, religious organizations provide a few informal cash and in-kind transfers to largely disadvantaged households. The primary goal of this research is to investigate the effect of cash and in-kind transfers from religious organizations on the consumption expenditures of Muslim households. The Indonesian Family Life Survey (IFLS) 2014 data is used. Using the Ordinary Least Squares method, this study discovers that Muslim households spend the cash and in-kind transfers from religious organizations on two types of household expenditure, namely personal expenditure and utility expenditure, due to the minimal disbursement. The subsidies distributed by the religious organization had a favorable impact on the consumption of Muslim households. An implication of the results is that Muslim households receiving cash and in-kind transfers from religious organizations became opportunities to smooth consumption expenditure. However, these two expenses made just a minor contribution to the overall household cost, so it is necessary to consider other potential impacts, such as savings, investment, or overall household welfare, on the fulfillment of needs that affect expenditure in Muslim households.

Pengaruh Pembatasan Sosial dan Variabel Ekonomi Terhadap Prevalensi Pandemi Covid-19 di Provinsi Jawa Barat Aperdanaste, Jordi; Hasanah, Alfiah; Siregar, Adiatma Y. M.
Jurnal Ekonomi Kesehatan Indonesia Vol. 6, No. 2
Publisher : UI Scholars Hub

Show Abstract | Download Original | Original Source | Check in Google Scholar

There are numerous factors that might affect social restrictions regulation on the reduction of the number of Covid-19 cases in 27 cities and districts in West Java Province. This study aims to identify the effect of social restrictions and economic variables on Covid-19 pandemic in West Java Province. The investigation uses several data sourced from the Covid-19 Information & Coordination Center of West Java Province, and the Central Bureau of Statistics in West Java Province. The dependent variable in this study is the average increase in daily Covid-19 cases. Meanwhile, the independent variable in this study are dummy of social restrictions, population density, per capita GRDP, education level, mobility level, unemployment rate, number of health workers, percentage of the poor population, and life expectancy. All the information gathered in the period between March 2, 2020 and March 2, 2021, which consists of 17 periods based on the Decree of the Governor of West Java. A panel data analysis with the Feasible Generalized Least Square (FGLS) approach is applied using Stata MP-64 software. The results show that social restrictions, population density, unemployment rate, and the number of health workers have a positive and significant effect against the reduction of the Covid-19 cases in West Java Province. Per capita GRDP shows a positive effect against the reduction of the Covid-19 cases, however it is not significant. Level of education, level of mobility, percentage of the poor population, and life expectancy have a negative and significant effect against the reduction of the Covid-19 cases in West Java Province. Therefore, social restrictions are the right policies to reduce the Covid-19 pandemic in West Java Province.

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