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All Journal ETIKONOMI Al-Iqtishad : Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics) Jurnal Ekonomi Syariah Teori dan Terapan Jurnal Pengabdian Kepada Masyarakat (Indonesian Journal of Community Engagement) Jurnal Ekonomi dan Bisnis Islam Ikonomika : Jurnal Ekonomi dan Bisnis Islam Economica: Jurnal Ekonomi Islam al-Uqud : Journal of Islamic Economics Dinamisia: Jurnal Pengabdian Kepada Masyarakat NISBAH: JURNAL PERBANKAN SYARIAH Shirkah: Journal of Economics and Business JPPM (Jurnal Pengabdian dan Pemberdayaan Masyarakat) Journal of Islamic Monetary Economics and Finance Studi Kasus Inovasi Ekonomi Airlangga Journal of Innovation Management Asian Management and Business Review Review on Islamic Accounting
Rusmita, Sylva Alif
Department Of Islamic Economics, Faculty Of Economics And Business Univeritas Airlangga
Religion Humanities Civil Engineering, Building, Construction & Architecture Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Environmental Science Public Health Social Sciences Other

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The Impact of Overconfidence and Loss Aversion Bias on Investment Decision Making Among Users of Robo Advisors in Islamic Financial Technology Rahmat, Tsaniya Kamilah; Sukmaningrum, Puji Sucia; Rusmita, Sylva Alif
IKONOMIKA Vol 9, No 2 (2024)
Publisher : Universitas Islam Negeri Raden Intan Lampung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24042/ijebi.v9i2.23006

Abstract

The advent of the digital age has engendered profound societal transformations, among which is the proliferation of digital investment platforms. Robo Advisors, powered by artificial intelligence, offer investment counsel to investors, promising a sense of security through judicious strategies. Robo-advisors are a cost-effective alternative to traditional financial consultants, enjoying widespread adoption due to their accessibility. This research investigates the influence of human bias on investors' irrational decision-making processes, alongside discerning potential disparities between users and non-users of robo advisors. A quantitative study was conducted to address these inquiries, involving a sample of 123 participants. Structural Equation Modeling-Partial Least Squares was employed as the data analysis technique. The findings reveal that overconfidence and loss aversion bias significantly impact the irrationality levels observed in individual investors' decision-making processes. Furthermore, no discernible differences were observed between robo-advisor users and non-users concerning the influence of overconfidence and loss aversion bias on investment decision-making within the research framework.
Determinants of Dividend Policy: Evidence from Indonesia's Islamic Capital Market Laila Widya Hidayati; Sylva Alif Rusmita
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 11 No. 4 (2024): November-2024
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol11iss20244pp394-407

Abstract

This study aims to determine the factors that can influence a company's decision in dividend policy for companies in the Jakarta Islamic Index 70 (JII70) during the 2018-2022 period. This research uses a quantitative method with Binary Logistic Regression analysis technique, assisted by the SPSS 21 program. The results show that the profitability variable has a significantly positive effect on the dividend policy decision. Dividend policy is also influenced by institutional ownership structure and company liquidity, which have a significantly negative effect on the company's decision to distribute dividends. However, investment opportunity and inflation do not affect the decision on dividend distribution policy. Thus, it can be said that the main determinant for companies in making decisions for dividend distribution policy to shareholders is influenced by the level of profitability, where the higher the profitability level, the higher the company's capability to distribute dividends. This research can serve as a consideration for investors in making investments with a certain return orientation, namely dividends.
Factors Determining Investor Acceptance Towards Islamic Finance in India Irfan, Mohammad; Chowdhury, Shah Saeed Hassan; Rusmita, Sylva Alif
Economica: Jurnal Ekonomi Islam Vol. 12 No. 2 (2021)
Publisher : Fakultas Ekonomi dan Bisnis Islam UIN Walisongo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/economica.2021.12.2.8798

Abstract

Despite India, having the second largest Muslim population in the world, Islamic finance is in its nascent stage. Thus, it is important from the perspective of the investor to understand the concept of Islamic Finance. This study scrutinizes the factors affecting the acceptance of Islamic Finance in India. A questionnaire was distributed to collect data from 354 investors from cities across India with snowball sampling. The results of the study reveal the high degree of reliability and validity of the data as reflected by Cronbach’s Alfa (α) at 0.86. Kaiser-Mayer-Olkin Measure of Sampling Adequacy (KMO) is .776, which is statistically significant. Factor analysis extracted highly loaded (Eigen value > 1) consisting of six factors with 29 items. Together these six factors explained a total variance of 76.24%. These factors are Awareness of Shariah indices, Religious motive, Social responsiveness, Understanding of Shariah screening, Ethical investment, and Socio-economic reasons.
Pengaruh Literasi Keuangan Islam, Sikap Terhadap Uang, dan Lingkungan Sosial Terhadap Perencanaan Keuangan Keluarga pada Pasangan Muda Muslim di Surabaya Anindita, Nandini; Sukmaningrum, Puji Sucia; Rusmita, Sylva Alif
Airlangga Journal of Innovation Management Vol. 5 No. 3 (2024): Airlangga Journal of Innovation Management
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/ajim.v5i3.60549

Abstract

Disciplined financial planning can create a more durable and financially stable marriage. However, many people still depend on fate, leading to financial planning being overlooked in daily life. Economic factors remain the second most common cause of divorce in Surabaya. Indonesia’s Sharia financial literacy index is only 8.93%, and only 6.3% of the population prepares for long-term financial goals. This study has the purpose of observing the modification theory of planned behavior with the variable Islamic financial literacy, attitude towards money, and social environment on family financial planning among young Muslim couples, especially in Surabaya. This research uses a quantitative approach used multiple linear regression analysis, utilizing IBM SPSS version 27 as the analytical tool. The subjects of this research are young Muslim couples in Surabaya, as younger generations often lack sufficient financial knowledge and tend to make poor financial decisions. The total sample consists of 75 respondents. The results show that Islamic financial literacy and social environment variables positively and significantly affect family financial planning. Meanwhile, the attitude towards money variable also shows an influence but is not statistically significant. These findings highlight the importance of improving Islamic financial literacy and leveraging the social environment to enhance family financial planning outcomes.
Do Islamic stock indexes integrated with conventional stock indexes?: Evidence from Indonesia and Malaysia Rusmita, Sylva Alif; Swastika, Putri
Asian Management and Business Review Volume 1 Issue 1, 2021
Publisher : Master of Management, Department of Management, Faculty of Business and Economics Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (435.688 KB) | DOI: 10.20885/AMBR.vol1.iss1.art6

Abstract

The portfolios performance that are develop either a substitute or complement in terms of risk-taking is important information for investors whether the return portfolio could hedge the risk of shock market. An understanding of volatility and the correlation between asset returns over time vary is highly important for investors (both domestic and international) with the sight of diversifying their portfolios for hedging from unexpected risk. The research method uses a DCC MGARCH approach to examine the correlation among two countries in time variant manner to indicate the degree of financial integration. With daily data from April 2012 until December 2017 and use 3 category index (composite, Islamic and conventional) the result shows that Malaysia and Indonesia have strong correlation. Among Islamic, composite and conventional have financial integration, but conventional index in Malaysia have the lowest integration from other index that it makes suitable for diversification. Unfortunately, conventional index that contain non halal product was not suitable for investor that sharp pointed into sharia. The shock in Malaysia’s Index will be perform different from historical or previous return. Contrary with Indonesia’s index, the return probably based on the historical. The implication of this research is we found that the Islamic investor could not have best diversification on the Malaysia and Indonesia market, since the Islamic index was sturdily correlated.
Growth and Value Effect on Jakarta Islamic Index: Analysis towards Performance of Sharia Equity Mutual Fund Rusmita, Sylva Alif; Che Mohd Salleh, Marhanum; Sucia Sukmaningrum, Puji; Zulaikha, Siti
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol. 11 No. 1 (2019)
Publisher : UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v11i1.9670

Abstract

This study provides evidence that value and growth stocks are able to explain Net Asset Value of sharia mutual fund. Growth and value stocks in 2013-2017 are used to predict mutual fund profits. Thus, prior to any losses or lower Net Asset Value experienced by customers, investment managers and investors can estimate the profit or loss obtained. This study uses quantitative method with the latest secondary data from companies indexed in the Jakarta Islamic Index and sharia mutual fund data. The results of statistical tests show that growth and value shares equally affect the profit of sharia mutual funds. The growth stock has a larger R-Square than stock value. Meanwhile, the ratios that most affect Net Asset Value of sharia mutual fund are the Return on Equity and Book to Market Value. Penelitian ini membuktikan bahwa growth stock dan value stock mampu menjelaskan Net Asset Value dari mutual fund syariah. Growth stock dan value stock digunakan untuk memperdiksi keuntungan dari mutual fund. Sehingga, sebelum nasabah mengalami keuntungan atau kerugian atas Net Asset Value, manajer investasi dan investor dapat memprediksi kemungkinan keuntungan dan kerugian yang akan didapat. Artikel ini menggunakan metode kuantitatif dengan data sekunder yang diperoleh dari perusahanperusahaan yang terindeks oleh Jakarta Islamic Index dan data mutual fund syariah. Hasil penguajian data statistic menunjukkan bahwa baik growth stock maupun value stock mempengaruhi keuntung mutual fund syariah. Growth stock menunjukkan R-square lebih besar daripada stock value. Sementara itu, rasio yang paling berpengaruh terhadap Net Asset Value pada mutual fund syariah adalah Return on Equity dan Book to Market Value.
ENVIRONMENTAL PERFORMANCE ENCOURAGES RETURN INVESTMENT IN CONSUMPTION COMPANIES: CASE ISLAMIC STOCK INDONESIA (2016-2020) Khoirotun Nisa, Ihda Fransiska; Rusmita, Sylva Alif; Sudaryati, Erina
Jurnal Ekonomi dan Bisnis Islam (Journal of Islamic Economics and Business) Vol. 8 No. 1 (2022): JANUARY-JUNE 2022
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jebis.v8i1.31277

Abstract

As khalifah (leader), human beings are supposed to guard the earth. In this modern era, one way to do it can be by supporting the companies that maintain their environmental performance. As Muslims invest in Islamic indexes, they can take care of the earth at the same time. Therefore, this study aims to examine the behavior of investors in the environmental performance of companies listed in the Islamic index. The dependent variables are stock return, and the independent are market value added (MVA), PROPER value, and return on equity (ROE). The sample of this study is consumption companies registered with Indonesia Islamic Stock Index (ISSI) from2016 to 2020. There are 90 observational data in this study. Using the multiple regression analysis techniques, this study confirms that there is a significant positive effect of the PROPER and ROE on stock returns. At the same time, the MAV has no significant positive effect on stock returns. Many other variables should be investigated further regarding their effect on stock return in consumer goodscompanies, such as NPM, ROA, and DER. Investors may consider index PROPER as the benchmark for investment in Islamic stock. There is a high potential return based on environmental performance. If the company's PROPER value is good, then there is also an indication of a high investment return.
SENSITIVITY ISLAMIC STOCK RETURN IN ASIA: THE EFFECT OF EXCHANGE RATE VOLATILITY Dewanti, Larasayu Anindya; Rusmita, Sylva Alif; Samad, Khairunnisa Abd
Jurnal Ekonomi dan Bisnis Islam (Journal of Islamic Economics and Business) Vol. 8 No. 2 (2022): JULY - DECEMBER 2022
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jebis.v8i2.39018

Abstract

The current study focuses on the existence of exchange rate volatility that impacts the return of MSCI Islamic stocks in Asia emerging countries. The study also sees comparisons between Islamic emerging markets in Asia (India, China, and Korea) and Southeast Asia regions (Indonesia, Malaysia, Thailand, and the Philippines). This study's daily time series data is from January 2015 to June 2020, employing time series regression as an analysis technique. The EGARCH method is used to indicate the asymmetric model and examines the impact of both good and bad shocks generated. The results highlight that the volatility of the MSINI is statistically positive, whereas MSCNI and MSKRI show a significant adverse effect on volatility. On the other hand, Southeast Asia (MSIDI, MSMYI, MSTHI, and MSPH) has no significant effect on exchange volatility. It is interpreted that the currencies of Southeast Asian countries are not strong enough because they still depend on other exchange rates. This result can be utilized to invest in the Islamic stock market in Southeast Asia because it is not affected by exchange rate volatility. Investors can quickly react to sensitive stocks to avoid uncertainty in stock returns. The government must be advised to increase the fiscal stimulus space and provide ease of business in the real sector.
EXPLORING ISLAMIC FINTECH: A BIBLIOMETRIC APPROACH Irfan, Mohammad; Rusmita, Sylva Alif
Jurnal Ekonomi dan Bisnis Islam (Journal of Islamic Economics and Business) Vol. 9 No. 1 (2023): JANUARY-JUNE 2023
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jebis.v9i1.45713

Abstract

Introduction: In recent years, Islamic Fintech and bibliometric analysis in general have drawn more attention in the finance literature. In this study, all papers indexed in the Dimensions database that cover the wide topic of Fintech and Islamic Fintech from 2017 to 2023 are examined using bibliometric analytical tools.  Methods: The authors discovered 675 papers that met the set function, subject, and criteria requirements. The papers' publishing by knowledge area, annual study output, national contribution, author count, and most prestigious journals were all analysed. The co-occurrence of keywords and document citations was visually analysed using the VOS viewer. Filter the data set from "Islamic Fintech” or "Bibliometric Analysis” or "Literature Reviews”, and concluding the research on the 76 final publications. Results: According to the findings, the dimensions database includes depicts the second search on the keyword of "Islamic Fintech” or "Bibliometric Analysis”, than research found 97 publication from the different filed like, 51 publication form the articles, 19 publication from the edited book, 15 publication form the chapters, 7 publication form the preprint, 4 from proceedings, and 1 from the monograph. Research limitations/implications : The bibliometric analysis carried out was confined to Dimensions data. Other national and international databases were not taken into account for this research. Conclusion and suggestion: Between 2017 and 2023, this study examined relevant studies on bibliometric analysis of Islamic Fintech Publication. The study presents a concise review of the literature accessible to researchers working in this area and provides recommendations for future research.
Co-Authors Afifatun Ni’mah Ahmad Fadlur Rahman Bayuny Ainun Azaria Ainun Azaria Anindita, Nandini Che Mohd Salleh, Marhanum Chowdhury, Shah Saeed Hassan Devy Ariesta Putri Devy Ariesta Putri Dewanti, Larasayu Anindya Eko Fajar Cahyono, David Kaluge Erina Sudaryati Filianti, Dian Hazar Ihza Fauziah Khoirotun Nisa, Ihda Fransiska Laila Widya Hidayati M. Faris Fadillah Mardianto Mardianto, M. Faris Fadillah Marhanum Che Mohd Salleh Marhanum Che Mohd Salleh Marhanum Che Mohd Salleh, Marhanum Che Maulidah Atha Mukhlifah Mohammad Irfan Mohammad Irfan Muhamad Nafik Hadi Ryandono, Muhamad Nafik Muhamat Romadhoni Muryani Muryani Nisful Laila Niswatin Chasanah Olga Mardianita Afifa Puji Sucia Sukmaningrum Putri Swastika, Putri Putri, Devy Ariesta Rahmat, Tsaniya Kamilah Rani, Lina Nugraha Sahabuddin , Mohammad Salleh, Marhanum Che Mohd Samad, Khairunnisa Abd Shah Saeed Hassan Chowdhury Shochrul Rohmatul Ajija Siti Zulaikha Sri Herianingrum