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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 dan Bisnis Islam Jurnal Ilmiah Ekonomi Islam Jurnal Ekonomi & Keuangan Islam Transformatif PengabdianMu: Jurnal Ilmiah Pengabdian kepada Masyarakat Journal of Islamic Accounting and Finance Research Oeconomicus Journal of Economics ASIAN JOURNAL OF ISLAMIC MANAGEMENT (AJIM) Jurnal REKSA: Rekayasa Keuangan, Syariah dan Audit Al-Buhuts (e-journal) Jurnal Ekonomika dan Bisnis Islam Indonesian Capital Market Review Jurnal Mediasas : Media Ilmu Syari'ah dan Ahwal Al-Syakhsiyyah An-Nisbah: Jurnal Ekonomi Syariah Madania: Jurnal Kajian Keislaman eJEBA
Rusgianto, Sulistya
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Religion Agriculture, Biological Sciences & Forestry Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Public Health Social Sciences Other

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Sectoral Stock Performance During Ramadan: Comparative Evidence from Indonesia Perdana, Yuda Mahesa; Rusgianto, Sulistya
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 12 No. 1 (2025): Februari-2025
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol12iss20251pp45-56

Abstract

This study aims to compare three stock sectors in Indonesia, namely the consumer goods, financial, and transportation sectors during the Ramadan period of 2020-2024, using the Kruskal-Wallis test. The data was taken from the daily closing prices of stocks in the consumer goods, financial, and transportation sectors listed on the ISSI index. The results of this study indicate that there is no significant abnormal return difference among the three stock sectors, with a significance value of 0.482. However, the financial sector showed a positive mean return compared to the other sectors. The limitations of this study lie in the scope of the three sectors and the time period of the research, while the implications suggest that the financial sector can be considered by investors for their portfolios, as it tends to be more stable than the other sectors during Ramadan.
Islamic Financial Literacy and Financial Behavior on Investment Intention Roemanasari, Febrita; Sabela, Jenny; Rusgianto, Sulistya
Jurnal Ilmu Ekonomi Terapan Vol. 7 No. 2 (2022)
Publisher : Department of Economics, Faculty of Economics and Business, Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jiet.v7i2.40679

Abstract

The low level of financial literacy, especially Islamic financial literacy which can affect individual readiness to plan finances and accept risks in relation to financial investments. This research aims to determine the effect of Islamic financial literacy and financial behavior on investment intentions.. The research used in this research is quantitative research with the questionnaire method on google form to respondents as well as using secondary data derived from literature and the results of previous studies then the survey results were processed using SPSS and analyzed and interpreted to conclude the findings. The result is that Islamic financial literacy, financial risk tolerance and behavioral biases have a positive effect on investment intentions.
Bagaimana Keberlanjutan Zakat dan Dampak Makroekonomi dalam Mengurangi Pengangguran: Peran Zakat dan Variabel Makroekonomi dalam Mengurangi Pengangguran di Indonesia Indirwan, Syanisma Khansa; Suprayitno, Aryadimas; Asya'bani, Nispia; Rusgianto, Sulistya
Transformatif Vol 9 No 2 (2025): ISSUED IN OCTOBER 2025
Publisher : POSTGRADUATE OF PALANGKA RAYA STATE ISLAMIC INSTITUTION

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23971/tf.v9i2.10528

Abstract

This study examines the short- and long-term impacts of inflation, economic growth, and zakat on unemployment in Indonesia, utilizing quarterly time-series data from 2011Q1 to 2022Q4. The unemployment rate serves as the dependent variable, while the independent variables comprise inflation, Gross Domestic Product (GDP), and total zakat distribution. The analysis employs the Vector Error Correction Model (VECM) to capture both the short-run dynamics and long-run equilibrium relationships among the variables. The empirical results reveal that, in the short run, inflation exerts no significant effect on unemployment, whereas zakat has a positive and significant influence, and economic growth demonstrates a negative and significant impact. In the long run, however, both inflation and economic growth have a positive and significant effect on unemployment, while zakat exhibits a negative and significant effect. These findings underscore the importance of maintaining price stability, enhancing productivity-oriented allocation of zakat, and fostering inclusive and high-quality economic growth to effectively reduce unemployment in Indonesia.
Pengaruh IPM, Investasi, dan UMP terhadap Tingkat Pengangguran Terbuka di Jawa Timur Tahun 2013-2020 Lailatul Qamariyah; Mardianita W.P, Olga; Rusgianto, Sulistya
OECONOMICUS Journal of Economics Vol. 7 No. 1 (2022): (December) edisi 13
Publisher : Program Studi Ilmu Ekonomi UIN Sunan Ampel Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15642/oje.2022.7.1.1-15

Abstract

Economic development is an effort to improve people's living standards through expanding job opportunities and directing the distribution of income evenly. However, in reality there are still many problems that occur, especially in unemployment. The purpose of this study was to determine the effect of the variable Human Development Index, Investment, and Provincial Minimum Wage on the open unemployment rate in East Java in 2013-2020. The method used in this study is a quantitative method with multiple linear regression analysis model. The data used are secondary data obtained from BPS. This study shows that the HDI and Investment variables have a positive influence on the open unemployment rate. However, the UMP variable has a negative effect on the open unemployment rate in East Java in 2013-2020. This study contributes to the existing literature that it is not always the HDI, Investment, and UMP variables that can affect the open unemployment rate which can hinder economic growth.  
DECIPHERING THE DETERMINATION OF INDEX SHARIA FINANCIAL INCLUSION IN THE INDONESIAN LANDSCAPE Arifin, Samsul; Rusgianto, Sulistya; Suprayitno, Aryadimas; Sholikah, Nia Mariatus
e-Journal Ekonomi Bisnis dan Akuntansi Vol. 11 No. 2 (2024): e-JEBA Volume 11 Number 2 Year 2024
Publisher : UPT Penerbitan Universitas Jember

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

Abstract

This research aims to provide an in-depth review of the literature on the Index Sharia Financial Inclusion (ISFI) and examine the determinants influencing it. The study employs a quantitative approach across 28 provinces in Indonesia. The ISFI value is calculated using a well-established formula referenced in prior studies. The methodology adopted is a widely recognized one, utilizing the EViews 10 software for analysis. The results indicate that two variables, GDP per Capita and the Human Development Index (HDI), have a significant positive impact on ISFI. Conversely, the Number of Poor Population and the Gini Ratio exhibit a significant negative effect. Additionally, Unemployment and Zakat Distribution in the economic sector do not show a significant impact. The findings of this research are intended to serve as a reference for evaluating and enhancing sharia financial inclusion in Indonesia.
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 : UIN Sayyid Ali Rahmatullah 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.
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.
Analisis Pengaruh Pengeluaran Pemerintah terhadap Kualitas Sumber Daya Insani Perspektif Maqasyid Syariah: Bukti Empiris di Negara-Negara Berkembang OKI sukran, sukran; rusgianto, sulistya; fasiha, fasiha
Jurnal Ilmiah Ekonomi Islam Vol. 9 No. 3 (2023): JIEI : Vol.9, No.3, 2023
Publisher : ITB AAS INDONESIA Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29040/jiei.v9i3.10574

Abstract

The purpose of this study is to examine the impact of government expenditure on education and health on enhancing the quality of human resources in developing nations that are members of the OIC under maqasyid sharia. This study employs panel data and spans eight emerging nations (upper middle-income countries) from 2011 to 2020. The panel data model employed is the random effect model. The findings reveal that the variable of government spending on education has no effect on the growth of human resource quality. Government health investment has a considerable beneficial impact on the development of human resources in OIC emerging nations. When examined concurrently, government investment in education and health has a considerable beneficial effect on human capital development. Thus, long-term and coordinated investment in these two areas can bring significant rewards in terms of boosting human capital quality. According to maqasyid sharia, government expenditure in these two areas can assist individuals in achieving goals such as defending religion, soul, mind, children, and property in order to attain Falah
The Determinan Niat Crowdfunders Dalam Menggunakan Model Wakaf Crowdfunding: Integrasi 3 Model dengan Kepercayaan Sebagai Mediasi Siska Arie Novita; Rusgianto, Sulistya
Al-Buhuts Vol. 19 No. 2 (2023): Al- Buhuts
Publisher : Institute Agama Islam Negeri (IAIN) Sultan Amai Gorontalo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30603/ab.v19i2.4186

Abstract

The potential of waqf is huge in Indonesia, but it has yet to be optimized. One of the developing waqf models is cash waqf. With the development of technology, it can be an opportunity to maximize the collection of cash waqf funds in Indonesia. This research aims to provide knowledge for waqf institutions to adopt financial technology in developing cash waqf as productive and social waqf. The research assesses the Technology Acceptance Model (TAM 3), Theory of Planned Behavior (TPB), Unified Theory of Acceptence and Use of Technology (UTAUT 2), Perceived Trust (PT) as a mediating variable in seeing the behavior of the muwakif. This study uses a structural equation modeling (SEM) analysis model to test the hypothesis. Based on puroisve sampling, distributing questionnaires through online surveys using google form from various regions. The respondents collected from this study were 126 from the questionnaires that had been given. The results showed that TAM3, TPB and UTAUT2 had no effect on crowdfunders' behavioral intentions. PT has a significant positive effect on behavioral intentions. UTAUT2 has an effect on behavioral intention mediated by PT. The results of this study provide advice to the waqf authority to increase waqf collection by integrating fintech and promoting to the entire community.
PENGARUH LITERASI KEUANGAN DAN PENDAPATAN PERKAPITA TERHADAP KONSUMSI RUMAH TANGGA DI INDONESIA: ANALISIS EKONOMI ISLAM Wahab, Abd; Suprayitno, Aryadimas; Athallah Susanto, Arva; Rusgianto, Sulistya
Jurnal Ekonomika dan Bisnis Islam Vol 8 No 2 (2025): Agustus
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26740/jekobi.v8n2.p20-35

Abstract

The decline in people's purchasing power and weakening household consumption growth in recent years pose serious challenges for the Indonesian economy. Financial literacy and income inequality are thought to be factors that influence people's consumption behavior. This study aims to analyze the effect of financial literacy and per capita income on household consumption in Indonesia from an Islamic economic perspective. A quantitative approach was used with panel data regression analysis through the Fixed Effect Estimated Generalized Least Squares (EGLS) model. The data used was secondary data from 34 provinces in Indonesia for the three periods of 2016, 2019, and 2022, sourced from the Financial Services Authority (OJK) and the Central Statistics Agency (BPS). The results of the study show that financial literacy and per capita income have a positive and significant effect on household consumption, which means that the higher the level of literacy and income, the greater the level of consumption. These findings emphasize the importance of improving financial literacy as an effort to strengthen household financial welfare. From an Islamic economic perspective, the results of this study emphasize the importance of fair, balanced, and socially oriented consumption behavior as a manifestation of the implementation of the maqashid sharia principle, which will encourage wiser and more sustainable household financial management.
Co-Authors Ahmad Fadlur Rahman Bayuny Al Khaidar, Moch Aridhi Almeyda, Devia Asya'bani, Nispia Asya’bani, Nispia Athallah Susanto, Arva Awaludin, Azrul Afrillana Bella, Firsty Izzata Cholil, Muhammad Chrisananda, Riska Anin Fasiha, Fasiha Fathurrohman, Muhammad Said Fauzi, R. Mohammad Qudsi Fitria Idham Chalid Habibi, Zamzam Hafizhah, Nur Zakiya Hasyim, Fuad Hidayati, Niswatin Nurul Hikmah, Lailatul Ibnu Affan Indirwan, Syanisma Khansa Isro’i, Moch Imron Jazilinni’am, Naili Juminten, Rekno Kanasibah, Auvi Diyanati Kefeli, Zurina Kholison, Rohmatul Farokhah Lailatul Qamariyah Mamduh, Muhammad Faizul Mardianita W.P, Olga Muhamad Nafik Hadi Ryandono, Muhamad Nafik Nurul Fauziah Perdana, Yuda Mahesa Pertiwi, Tanza Dona Purnomo, Joko Hadi Putra, Bintang Fajar Muskan Ramly, Arroyan Ramly, Arroyyan Ririn Tri Ratnasari Robbani, Ridho Roemanasari, Febrita Rokhmah, Fatma Nur Sabela, Jenny Samsul Arifin Setianingsih, Hesti Eka Sholikah, Nia Mariatus Siska Arie Novita Sjam, Dewi Sukmaningrum, Puji sucia Sucia Sukran, Sukran Suprayitno, Aryadimas Susanto, Arva Athallah Wahab, Abd Wedari, Dinda Tamara Widayanti, Mega Ayu