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All Journal Maksimum : Media Akuntansi Universitas Muhammadiyah Semarang Jurnal Ekonomi, Bisnis dan Kewirausahaan (JEBIK) IQTISHODUNA Jurnal Ekonomi Syariah Teori dan Terapan JURNAL EKONOMI DAN BISNIS AIRLANGGA An-Nisbah: Jurnal Ekonomi Syariah JIET (Jurnal Ilmu Ekonomi Terapan) Jurnal Ekonomi & Keuangan Islam PengabdianMu: Jurnal Ilmiah Pengabdian kepada Masyarakat Journal of Islamic Accounting and Finance Research ASIAN JOURNAL OF ISLAMIC MANAGEMENT (AJIM) Jurnal REKSA: Rekayasa Keuangan, Syariah dan Audit Jurnal Ekonomika dan Bisnis Islam Jurnal Mediasas : Media Ilmu Syari'ah dan Ahwal Al-Syakhsiyyah Madania: Jurnal Kajian Keislaman
Rusgianto, Sulistya
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Religion Agriculture, Biological Sciences & Forestry Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Law, Crime, Criminology & Criminal Justice Public Health Social Sciences Other

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WHAT DRIVES RETURN OF SUKUK IN THE LONG AND SHORT TERMS? Bella, Firsty izzata; Chalid, Fitria Idham; Rusgianto, Sulistya
An-Nisbah: Jurnal Ekonomi Syariah Vol 8 No 2 (2021): An-Nisbah
Publisher : IAIN Tulungagung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21274/an.v8i2.4676

Abstract

This study aims to determine the effect of liquidity, inflation, and interest rates on the return of State Retail Sukuk (SUKRI) both in the short term and in the long term. Sampling in this study used a purposive sampling method by considering that the maturity of the series is the most recent and can be obtained in the secondary market and the data sources obtained from the monthly statistical reports of the Indonesia Stock Exchange (idx.go.id), the official website of Bank Indonesia (bi.go.id), as well as through a special request to The Indonesia Capital Market Institute (TICMI). Analysis of the data used in this study is a time series, namely research that is measured over a certain period of time. The period data used was in March 2017 on the grounds that the 009 Retail Sukuk as the object of this study were published in that month and ended in March 2020. The method used in this study is ARDL-ECM after going through the stationarity test and cointegration test. The results show that in the long term only the BI rate variable has a significant positive effect on Sukuk Returns, while in the short term only the Liquidity variable has a significant effect on Sukuk Returns. On the other hand, the inflation variable is known to have no significant effect on the Sukuk Returns in the long and short term. This research can be a reference for investors to make decisions in choosing SUKRI as their investment portfolio, as well as a consideration for the government in regulating risk management policies and determining the results offered to SUKRI which will be issued for subsequent series.
Drivers of Purchase Intention Behavior on Islamic Boarding School (Pesantren) Product at Java Island Juminten, Rekno; Rusgianto, Sulistya; Isro’i, Moch Imron
IQTISHODUNA IQTISHODUNA (Vol. 20, No. 1, 2024)
Publisher : Fakultas Ekonomi, UIN Maliki Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18860/iq.v20i1.22654

Abstract

This study aims to analyze Halal Perceived Value, Brand Image, and Religious Belief on the purchase intention of Pesantren Products at Java Island. This research uses 132 respondents from consumers who live at Java Island, and who have bought pesantren products. The data collected by the researchers were analyzed using a quantitative approach, with the PLS analysis technique using Smart PLS 4 software. Based on the conclusion that both internal and external factors affecting customers might influence their purchasing behavior on Pesantren products. Internal factors of consumers include religious beliefs and attitudes, and the external aspects include halal perceived value and brand image. Additionally, consumer purchase intentions for pesantren products are unaffected by halal trust, this could be because pesantren products have many competitors with similar products, so even though they are guaranteed halal, they still do not affect the intention to purchase the product. This study found the importance of product halal certificates to increase perceptions of halal values and the brand image of pesantren as a halal industry.
Pengaruh Inflasi, Kurs, BI Rate, dan Harga Emas Dunia Terhadap Jakarta Islamic Index (JII) Periode 2020-2022 Sjam, Dewi; Chrisananda, Riska Anin; Rusgianto, Sulistya
Jurnal Ekonomika dan Bisnis Islam Vol 6 No 2 (2023): Agustus
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26740/jekobi.v6n2.p57-66

Abstract

As a country with tremendous potential due to its large Muslim population, the Islamic capital market receives the most attention. This country's sharia-based capital market has grown more competitive since the Jakarta Islamic Index (JII) was issued as an index of stock prices. Various macroeconomic variables, spanning from external to internal factors, have been studied in relation to JII equities. This study will investigate the simultaneous and partial effects of external factors on JII stock prices, including inflation, exchange rates, interest rates, and the price of gold on a global scale. This is a form of quantitative research that utilizes secondary data sources. The research population consists of monthly data from the dependent and independent variables. Only the interest rate (BI Rate) was found to have no significant effect on JII stock prices. While other variables have a significant and positive impact. The Jakarta Islamic Index (JII) stock price is influenced by the inflation rate, the exchange rate, and the price of gold on a global scale. Although partially, neither the interest rate nor the BI rate affects Islamic stock prices. Nonetheless, 67% of the macroeconomic variables have a significant influence on the JII stock price simultaneously, while the remaining 33% are influenced by other variables.
PENGARUH VARIABEL MAKRO EKONOMI TERHADAP PENGHIMPUNAN DANA ZAKAT, INFAQ, DAN SEDEKAH (ZIS) DI INDONESIA TAHUN 2018-2022 Almeyda, Devia; Rusgianto, Sulistya
Jurnal Ekonomika dan Bisnis Islam Vol 6 No 2 (2023): Agustus
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26740/jekobi.v6n2.p137-149

Abstract

Zakat has an effect on the nation's aggregate demand, which can boost economic growth and lower the number of people living in poverty. Reduce the obstacles that may limit the ability for ZIS fund collection in order to enhance the potential for zakat revenue and combat poverty. To ascertain the impact of these elements on the volume of zakat, infaq, and sadaqah (ZIS) funds collected in Indonesia, this study will look at the effect of population, industrial production index, domestic investment, gross domestic product, exchange rate, and inflation in 2018-2022. The results showed that simultaneously, all macroeconomic variables affect the collection of ZIS funds. While partially, only the gross domestic product variable has an influence on the collection of ZIS funds in Indonesia.
PENGARUH ENVIRONMENTAL AWARENESS, RELIGIOSITY, DAN RISK AVERSION TERHADAP MINAT GEN Z SURABAYA DALAM BERINVESTASI GREEN SUKUK Affan, Ibnu; Rusgianto, Sulistya
Jurnal Ekonomika dan Bisnis Islam Vol 6 No 2 (2023): Agustus
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26740/jekobi.v6n2.p1-11

Abstract

This study aims to determine the effect of factors such as environmental awareness, religiosity, and risk aversion on the interest of gen Z Surabaya investors in investing green sukuk. The research method uses a quantitative approach with Structural Equation Model (SEM) data analysis. Purposive sampling technique was used to get 90 respondents through a questionnaire. The results of the study state that environmental awareness has no effect on Gen Z Surabaya's interest in investing green sukuk, while religiosity and risk aversion have a significant effect on investment interest. The implications of the results of this research will contribute to attracting more investors, especially Gen Z, to invest in green sukuk.  
FAKTOR-FAKTOR PENENTU PROFITABILITAS DENGAN PERAN KECUKUPAN MODAL SEBAGAI INTERVENING PADA BANK SYARIAH Pertiwi, Tanza Dona; Kholison, Rohmatul Farokhah; Rusgianto, Sulistya
Jurnal Ekonomika dan Bisnis Islam Vol 7 No 2 (2024): Agustus
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26740/jekobi.v7n2.p43-63

Abstract

Banks' operational quality heavily depends on their financial performance, which serves as a primary parameter for assessing their contribution to the economy and social welfare. This study looks at how financing risk (NPF), third-party funds (DPK), efficiency (BOPO), and liquidity (FDR) affect profitability (ROA), with capital adequacy ratio (CAR) being a variable that works in between for Islamic banks. The findings, which were conducted on a sample of 12 Islamic banks in Indonesia during the 2019–2023 period using quarterly data, indicate that NPF and DPK are not significant to ROA but influence CAR. BOPO negatively affects ROA, while FDR is not significant to ROA but significant to CAR. CAR acts as an intervening variable, strengthening the relationship between these factors and ROA. This underscores the need for Islamic banks to pay greater attention to managing financing risk, third-party funds, operational efficiency, and liquidity to maintain the balance between capital and profitability. The implications of this study underscore the critical importance of risk and capital management in Islamic banking, as success in these areas will impact the sector's competitiveness and contribution.
English English Suprayitno, Aryadimas; Rusgianto, Sulistya; Arifin, Samsul
Jurnal Ekonomika dan Bisnis Islam Vol 7 No 2 (2024): Agustus
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26740/jekobi.v7n2.p33-42

Abstract

Poverty is a problem in developing countries resulting from the dualism of modern sector development that provides limited employment opportunities. The handling of the problem can be done by multidimensional policies based on economic and non-economic aspects. This study aims to analyze the effect of digitalization, foreign investment, education, economic growth, and Islamic banks partially on poverty in Indonesia. The object of observation is 33 provinces in Indonesia over 10 years from 2012 to 2021 and processed with static panel regression. The results showed that digitalization, foreign direct investment, and education have a negative significant effect on poverty. On the other hand, Islamic bank has negative and insignificant effect on poverty. Economic growth has a positive and significant effect on poverty. The implication of this research is that strengthening digital infrastructure and expanding access to education can have a positive impact on investment, while economic growth can in turn reduce poverty. This research contributes to providing recommendations on how strengthening digital infrastructure and wider access to education can reduce poverty in Indonesia.
The Impact of Islamic Finance Development, Economic Growth, Function of Regional Government Budgets on Carbon Emissions in Indonesia Mamduh, Muhammad Faizul; Rusgianto, Sulistya
MAKSIMUM: Media Akuntansi Universitas Muhammadiyah Semarang Vol 14, No 2 (2024): MAKSIMUM: Media Akuntansi Universitas Muhammadiyah Semarang
Publisher : Universitas Muhammadiyah Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26714/mki.14.2.2024.136-150

Abstract

Carbon emissions are a pressing global issue, with international agreements such as the Kyoto Protocol, Paris Agreement, and COP26 aiming to limit temperature rise and achieve net zero emissions. This research investigates the impact of Islamic financial development, economic growth, and government budget functions on carbon emissions in Indonesia, using panel data from 2018 to 2022. The study reveals that Islamic finance, specifically Sharia banking financing, significantly reduces carbon emissions. Conversely, economic growth (GRDP) is positively associated with carbon emissions, while the government’s environmental budget shows a negative relationship but lacks statistical significance. These findings highlight the effectiveness of Islamic finance in promoting environmentally sustainable practices and underscore the need for more effective government budgeting and regulatory measures. Future research should explore a broader range of Islamic finance sectors and budgetary functions to provide a more comprehensive understanding of their impact on carbon emissions. This study’s insights can guide policymakers in reinforcing successful strategies and developing new approaches to achieve emission reduction goals.
IMPACT OF SECTORAL GROWTH ON EMPLOYMENT ABSORPTION: EVIDENCE FROM KEY INDONESIAN INDUSTRIES Awaludin, Azrul Afrillana; Al Khaidar, Moch Aridhi; Cholil, Muhammad; Rusgianto, Sulistya
Jurnal Ekonomi Bisnis dan Kewirausahaan (JEBIK) Vol 13, No 2 (2024): Jurnal Ekonomi Bisnis dan Kewirausahaan (JEBIK)
Publisher : Fakultas Ekonomi dan Bisnis, UNTAN

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26418/jebik.v13i2.79592

Abstract

This study aims to analyse the impact of growth in key industrial sectors on labor absorption in Indonesia, using time series data from 2011Q1 to 2023Q4 and employing the Autoregressive Distributed Lag (ARDL) model. This method captures the long-term and short-term relationships between industrial growth and labor absorption. The findings reveal that, in the long term, the oil and gas processing industry, non-oil and gas manufacturing, trade, and finance sectors significantly influence labor absorption. In contrast, the agriculture and mining sectors do not show a significant long-term effect. However, in the short term, all variables display varying impacts. Interestingly, the agriculture and mining sectors exhibit significant short-term effects despite their lack of long-term influence. This study contributes to the unemployment literature and suggests that the Indonesian government should focus on industrialisation to reduce unemployment. Industrialisation can stimulate job creation and support sustainable economic growth. These findings highlight the need for well-targeted policy strategies to optimise the industrial sector's role in reducing unemployment and enhancing economic stability.JEL: B22, E24, L60.
The impact of the Russia-Ukraine conflict on market volatility: stability of Islamic cryptocurrency Hasyim, Fuad; Rusgianto, Sulistya; Setianingsih, Hesti Eka; Fauziah, Nurul; Ramly, Arroyan
Journal of Islamic Accounting and Finance Research Vol. 6 No. 2 (2024)
Publisher : Universitas Islam Negeri Walisongo Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/jiafr.2024.6.2.22363

Abstract

Purpose - This research investigates how the Russia-Ukraine conflict affects the volatility of cryptocurrencies, with a specific focus on the comparative stability of Islamic gold-backed cryptocurrencies versus conventional cryptocurrencies, such as Bitcoin.Method - Utilizing the GARCH model, this study examines the risk factors and volatility transmission among cryptocurrencies (Bitcoin and Tether-gold), traditional financial markets (gold and stock markets), and their interrelationships during the conflict period. The study employs the daily closing prices of Bitcoin, Tether-gold, gold, the S&P 500, and the Dow Jones Islamic Market Index from February 7, 2020, to November 30, 2023.Result - Bitcoin experienced significant volatility during the conflict, while the Tether-gold remained more stable. Islamic gold-backed cryptocurrencies have proven to be more stable than conventional ones during geopolitical crises.Implication - The findings offer valuable insights for investors seeking safe-haven assets during periods of economic uncertainty. Gold-backed cryptocurrencies present a more stable investment option compared to conventional cryptocurrencies, especially for investors adhering to Shariah principles.Originality - This research highlights the stability of Islamic gold-backed cryptocurrencies during geopolitical events, contributing to the understanding of safe-haven assets and offering practical implications for portfolio diversification and risk management.
Co-Authors Ahmad Fadlur Rahman Bayuny Al Khaidar, Moch Aridhi Almeyda, Devia Asya’bani, Nispia Awaludin, Azrul Afrillana Bella, Firsty Izzata Cholil, Muhammad Chrisananda, Riska Anin Fathurrohman, Muhammad Said Fauzi, R. Mohammad Qudsi Fitria Idham Chalid Hafizhah, Nur Zakiya Hasyim, Fuad Hidayati, Niswatin Nurul Hikmah, Lailatul Ibnu Affan Isro’i, Moch Imron Jazilinni’am, Naili Juminten, Rekno Kanasibah, Auvi Diyanati Kefeli, Zurina Kholison, Rohmatul Farokhah Mamduh, Muhammad Faizul Muhamad Nafik Hadi Ryandono, Muhamad Nafik Nurul Fauziah Perdana, Yuda Mahesa Pertiwi, Tanza Dona Purnomo, Joko Hadi Ramly, Arroyan Ririn Tri Ratnasari Robbani, Ridho Roemanasari, Febrita Sabela, Jenny Samsul Arifin Setianingsih, Hesti Eka Sjam, Dewi Suprayitno, Aryadimas Susanto, Arva Athallah Wedari, Dinda Tamara Widayanti, Mega Ayu