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All Journal Jurnal Ekonomi Pembangunan ETIKONOMI Maksimum : Media Akuntansi Universitas Muhammadiyah Semarang Jurnal Ekonomi 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 Falah : Jurnal Ekonomi Syariah Jurnal Ilmiah Ekonomi Islam Jurnal Riset Akuntansi dan Keuangan Jurnal Ekonomi & Keuangan Islam Transformatif Shirkah: Journal of Economics and Business PengabdianMu: Jurnal Ilmiah Pengabdian kepada Masyarakat JESI (Jurnal Ekonomi Syariah Indonesia) Economic Education and Entrepreneurship Journal Journal of Islamic Accounting and Finance Research Media Agribisnis Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Oeconomicus Journal of Economics ASIAN JOURNAL OF ISLAMIC MANAGEMENT (AJIM) SEMAR Jurnal REKSA: Rekayasa Keuangan, Syariah dan Audit Daengku: Journal of Humanities and Social Sciences Innovation Al-Buhuts (e-journal) Jurnal Ekonomika dan Bisnis Islam Indonesian Community Journal Ijtimā`iyya: Journal of Muslim Society Research Indonesian Capital Market Review Journal of Islamic Economics Lariba SAUJANA : Jurnal Perbankan Syariah dan Ekonomi Syariah Jurnal Mediasas : Media Ilmu Syari'ah dan Ahwal Al-Syakhsiyyah An-Nisbah: Jurnal Ekonomi Syariah Madania: Jurnal Kajian Keislaman eJEBA
Sulistya Rusgianto
3Department Of Islamic Economy, Faculty Of Economy And Business, Universitas Airlangga (60286), Indonesia
Religion Agriculture, Biological Sciences & Forestry Humanities Computer Science & IT 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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Dampak Makro Ekonomi dan Financial Performance Terhadap Market Share Perbankan Syari’ah di Indonesia Nizar. H. Hadi, Muh. K. Fatihin, Eko Siswahto, Sulistya Rusgianto,
Jurnal Ekonomi Vol 25, No 1 (2020): March 2020
Publisher : Fakultas Ekonom dan Bisnis, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/je.v25i1.626

Abstract

Islamic banking market share is the biggest contributor on the development of the Islamic financial market share. This study aims to comprehensively examine the sharia banking market share growth in short-term and long-term dynamic interactions. The independent variables used in this study are inflation, industrial production index (IPI), intrest rate, Return of Assets (ROA) and financing to Deposite Ratio (FDR). The method used is the Autoregressive Distributed Lag Model (ARDL) with monthly data from 2011-2018. The results of this study indicate that interest rates have a significant negative effect on Islamic banking market share in the short and long term. Meanwhile, inflation, ROA, FDR have a positive effect on the sharia banking market share in the short term. IPI's industrial production index as a proxy for domestic product (gross domestic product) has no short-term and long-term impact. The results of this study have important implications for the central bank and the banking sector.
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.
Dampak Makro Ekonomi Dan Financial Performance Terhadap Market Share Perbankan Syari'ah Di Indonesia Muh. Khairul Fatihin; Eko Siswahto; Sulistya Rusgianto; Nizar Hosfaikoni Hadi
Jurnal Ekonomi Vol. 25 No. 1 (2020): March 2020
Publisher : Fakultas Ekonom dan Bisnis, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/je.v25i1.626

Abstract

Islamic banking market share is the biggest contributor to the development of the Islamic financial market share. This study aims to comprehensively examine the sharia banking market share growth in short-term and long-term dynamic interactions. The independent variables used in this study are inflation, industrial production index (IPI), interest rate, Return of Assets (ROA) and financing to Deposit Ratio (FDR). The method used is the Autoregressive Distributed Lag Model (ARDL) with monthly data from 2011-2018. The results of this study indicate that interest rates have a significant negative effect on Islamic banking market share in the short and long term. Meanwhile, inflation, ROA, FDR have a positive effect on the sharia banking market share in the short term. IPI's industrial production index as a proxy for the domestic product (gross domestic product) has no short-term and long-term impact. The results of this study have important implications for the central bank and the banking sector.
Effect of Timber, Palm Oil, and Gold Output on GNI in Indonesia in the Maqashid Framework Sulistya Rusgianto; Akhmad Kusuma Wardhana; Hasna Fauziana
Economic Education and Entrepreneurship Journal Vol 5, No 1 (2022): Economic Education and Entrepreneurship Journal (E3J)
Publisher : FKIP Universitas Lampung

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

Abstract

This study had a purpose to observe if the natural resources production had a significant impact on GNI of Indonesia. this study also observed if the management of natural resources in Indonesia has been appropriate based on maqashid sharia principle.  This study used secondary data gathered from Faostat for palm oil and Roundwood coniferous production, and the world bank for data about gross national income (GNI) and total gold reserved. The data was collected using purposive sampling from Indonesia, starting from 1970 to 2019. The data were analyzed using vector error correction model method and processed by Eviews version 10. The result showed that palm oil and Roundwood coniferous productions had no significant effect to GNI. However, ouput of gold production had a significant effect to GNI of Indonesia. This study also showed that in the case of palm oil and Roundwood production, the way they had obtained was not appropriate according to the principle of maqashid sharia. In the case of palm tree plantation, the plantation could damage the nature and affect the social economy of the local people. In the case of Roundwood coniferous production, there was may illegal logging to increase the output. 
THE EFFECT OF EXCHANGE RATE VOLATILITY ON THE VOLATILITY OF INDONESIA’S SHARIA STOCK MINING SECTOR INDEX Nanda Lismatiara Zubaid; Sulistya Rusgianto
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 7 No. 9 (2020): September-2020
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol7iss20209pp1743-1754

Abstract

ABSTRAKVolatilitas merupakan refleksi besarnya risiko dari naik turunnya harga saham atau valuta asing. Penelitian ini bertujuan untuk menganalisis pengaruh volatilitas nilai tukar terhadap volatilitas indeks sektor pertambangan saham syariah Indonesia. Pengambilan sampel 10 emiten dilakukan dengan teknik purposive sampling selama periode penelitian 12 Mei 2011 hingga 31 Desember 2019. Metode yang digunakan adalah model EGARCH. Volatilitas nilai tukar ditemukan berpengaruh signifikan terhadap sektor pertambangan saham syariah. Hasil dari penelitian ini memberi bukti empiris dalam memprediksi pergerakan nilai tukar dan indeks sektor pertambangan, serta  dapat menjadi sumber informasi bagi pemerintah untuk mempertimbangkan kebijakan insentif terhadap emiten di sektor pertambangan yang sensitif akibat fluktuasi nilai tukar, dan informasi bagi investor dalam mempertimbangan investasi di sektor pertambangan.Kata Kunci: Volatilitas, Nilai Tukar, Indeks Sektor Pertambangan Saham Syariah ABSTRACTVolatility is a reflection of risk from the increase and decrease of stock price or exchange rate. This study aims to analyze the effect of exchange rate volatility on Indonesia’s sharia stock mining sector index. Sample from 10 companies was obtained by using a purposive sampling technique with an observation period from 12 May 2011 until 31 December 2019. The method used in this study is the EGARCH model. This study shows that exchange rate volatility has a significant effect on the sharia stock mining index. The results of this study provide empirical evidence in predicting exchange rate movements and mining sector index and can be a source of information for the government to consider incentive policies for issuers in the mining sector that are sensitive due to exchange rate fluctuations, and information for investors in considering mining sector investments.Keywords: Volatility, Exchange Rate, Sharia Stock Mining Sector Index
THE EFFECT OF STOCK RETURN, STOCK RISK, ECONOMIC GROWTH, PROFIT SHARING ON DEPOSIT, COMPANY SIZE, AND REVENUE SHARING OF UNDERWRITING SURPLUS ON INVESTMENT PROPORTION OF SHARIA INSURANCE COMPANIES IN INDONESIAN SHARIAH STOCKS Ulandari Ulandari; Sulistya Rusgianto
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 7 No. 11 (2020): November-2020
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol7iss202011pp2267-2285

Abstract

ABSTRAKiPenelitian ini imemiliki itujuan untuk imenganalisis lebih dalam mengenai ifaktor-faktor yang imempengaruhi iperusahaan iasuransi ijiwa isyariah, dalam mengambil ikebijakan ibesaran proporsi iinvestasi dana ipersahaan pada isaham syariah. Hal ini dilakukan untuk imemberikan sebuah iwawasan secara iteoritis kepada perusahaan dalam mengambil ikebijakan mengenai iproporsi iinvestasi dana perusahaan. Fokus penelitian ini di Indonesia dengan pendekatan kuantitatif. Data diperoleh dari 10 perusahaan asuransi jiwa syariah yang beroperasi dari 2012 hingga 2018. Metode yang digunakan regresi data panel dengan random effect model. Hasil ipenelitian ini adalah ireturn saham, risiko saham, dan ibagi ihasil deposito secara statistik iberpengaruh signifikan terhadap proporsi investasi dana perusahaan asuransi jiwa syariah pada saham syariah. Sedangkan ipertumbuhan ekonomi, iukuran iperusahaan dan pendapatan pembagian surplus underwriting secara statistik tidak iberpengaruh terhadap proporsi investasi dana iperusahaan iasuransi ijiwa syariah pada isaham syariah. Kata Kunci: Proporsi Investasi, Return Saham, Risiko Saham, Pertumbuhan Ekonomi, Bagi Hasil Deposito, Ukuran Perusahaan dan Pendapatan Pembagian Surplus Underwritting ABSTRACTThis study aimed to analyze more deeply the factors that influence sharia life insurance companies in making a policy of the proportion of investment in company funds in sharia stocks. This study to provide a theoretical insight into the company in making policy regarding the proportion of the company's investment funds to adapt it to the circumstances experienced by the company. Focus of research in Indonesia with quantitative approach which data collected from 10 sharia life insurance companys financial statements among 2012 until 2018. Method of research uses regression panel data with random effect model. The results of this study were stock returns, stock risk, and profit-sharing on deposits had a significant effect on the proportion of investment in Islamic life insurance company funds in sharia stocks. Meanwhile, economic growth, company size, and revenue sharing of the underwriting surplus do not affect the proportion of sharia life insurance company investment in sharia stocks. Keywords: Investment Proportion, Stock Returns, Stock Risk, Economic Growth, Deposit Profit Sharing, Company Size and Income Share of the Underwriting Surplus
Macroeconomic’s effect on Islamic and conventional banking profitability: Evidence from Indonesian dual-banking system Achmad Fadlil Abidillah; Roisatun Kasanah; Sulistya Rusgianto
Jurnal Ekonomi & Keuangan Islam Volume 8 No. 1, January 2022
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jeki.vol8.iss1.art1

Abstract

Purpose – This paper aims to analyze the effect of macroeconomic and global crisis variables on Islamic and conventional banking profitability, evidence from Indonesian dual-banking system.Methodology – Time-series data from 2008q1–2021q2 were analyzed using an Autoregressive Distributed Lag (ARDL) model. This method can describe both long run and short run equilibrium between banking profitability and macroeconomic variables.Findings – The results point out that in a long run model, sharia banking's profitability is more resistant to macroeconomics shock than conventional's. Then, in a short run model, sharia's ROA and conventional's ROA face different effects of economic growth, exchange rate, and global crisis. Sharia's NPM is more affected by macroeconomic variables than conventional's.Originality – This study used an ARDL model to develop a dynamic relation between macroeconomic variables and dual bankings profitability.
Impact of Agricultural Land and the Output of Agricultural Products Moderated with Internet Users toward the Total export of Agricultural Product in Three Islamic South East Asian Countries Tiara Trenawulan Barkah; Sulistya Rusgianto; Akhmad Kusuma Wardhana
Media Agribisnis Vol 6 No 1 (2022): Mei
Publisher : Program Studi Agribisnis, Fakultas Pertanian, Universitas Muhammadiyah Buton

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35326/agribisnis.v6i1.2261

Abstract

Agriculture was the key to preserving the main supply of food. Internet users could moderate the output of agricultural product. This study has a purpose to observe if agricultural land and its products moderated with internet users could affect the total exports of agricultural materials in. This study used secondary data collected from sesric.org and fao.org from three OIC countries, Idonesia, Malaysia, and Brunei. This study used the number of internet users as a moderating variable on the effect of agricultural production which was divided into several types toward exports.The endogenous variable was total export, a moderating variable was the total of internet users, while the agricultural products were exogenous variables. The data were analyzed using moderated regression analysis to observe if the moderating variable affected exogenous variables. The result showed that before the variables such as width of agricultural land, total output of cow’s meat, chicken’s meat,and freshwater fish were being moderated by number of internet users, all of them had no significant effect to total export. It could be concluded that number of internet users could strengthen the effect of two exogenous variables, which was agricultural land and cow’s meat output toward total export.
The Effect of Education, Income, Unemployment, and Poverty toward the Gini Ratio in Member of OIC Countries Hasna Fauziana; Akhmad Kusuma Wardhana; Sulistya Rusgianto
Daengku: Journal of Humanities and Social Sciences Innovation Vol. 2 No. 2 (2022)
Publisher : Lembaga Penelitian dan Pengembangan Teknologi dan Rekayasa, Yayasan Ahmar Cendekia Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (500.552 KB) | DOI: 10.35877/454RI.daengku874

Abstract

This study aims to observe the effect of the Gini Ratio with factors of education, income, unemployment, and poverty in OIC member countries. This study uses purposive sampling in collecting data in the form of 24 OIC countries between 2010-2019. The data were observed using a random effect model after the Chow and Iju Hausman tests were carried out. The results show that only poverty has a significant effect on the Gini ratio. Poverty which is certainly caused by inequality in income received against expenditure causes a serious increase in poverty which in turn affects the Gini index number. Factors such as income, primary school education, and unemployment have no significant effect on the Gini ratio.
Application of Vector Error Correction Model on Macroeconomic Variables toward Changes in the Composite Stock Price Index Andini Cahyaning Pratiwi; Akhmad Kusuma Wardhana; Sulistya Rusgianto
Daengku: Journal of Humanities and Social Sciences Innovation Vol. 2 No. 2 (2022)
Publisher : Lembaga Penelitian dan Pengembangan Teknologi dan Rekayasa, Yayasan Ahmar Cendekia Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (422.692 KB) | DOI: 10.35877/454RI.daengku883

Abstract

Macroeconomic variables are still interesting to study because some studies still find inconsistent results and dependence on the dynamics of the capital market and international financial markets, especially when there is turmoil in the domestic and international stock markets. This study aims to analyze the causality and cointegration relationship of macroeconomic variables, namely: interest rates (BI Rate), inflation and exchange rates to changes in the composite stock price index (CSPI) using the Vector Error Correction Model (VECM) method with the analysis tool Eviews 10 using secondary time series data based on the period 1990 to 2021. Exogenous variables tested include the BI rate, Inflation and the Logarithm of the Natural Exchange Rate (LnKurs) while the endogenous variables are the Natural Logarithm of the Composite Stock Price Index (LnIHSG). The results showed that the cointegration test results with Johansen's Cointegration Test found that the movement of the LnIHSG, BI Rate, Inflation and Exchange Rates had a relationship of stability/balance and the similarity of movements in the long term. In the causality test with Granger's Causality Test, there is a unidirectional causality relationship between the BI Rate variable and the LnIHSG variable, while there is a two-way causality between the Foreign Exchange variable and the BI Rate variable and vice versa, as well as a two-way causality relationship between the Exchange Rate variable and the Inflation variable, and vice versa.
Co-Authors A'la, Al Marifatul Abdullah, Muhammad Ammar Achmad Fadlil Abidillah Achmad Fadlil Abidillah Achmad Nur Iman Ahmad Fadlur Rahman Bayuny Akhmad Kusuma Wardhana Akhmad Kusuma Wardhana Akhmad Kusuma Wardhana akhmad kusuma wardhana Al Khaidar, Moch Aridhi Alfath Shifa Ghifara Almeyda, Devia Andini Cahyaning Pratiwi Annisa Rahma Febriyanti Anwar Allah Pitchay Arva Athallah Susanto Asya'bani, Nispia Asya’bani, Nispia Athallah Susanto, Arva Athi’ Hidayati Atiya, Nikmatul Awaludin, Azrul Afrillana Az-Zuhdiyyah, Hafshah Afifah Bayu Rahmadi Putra Bella, Firsty Izzata Cholil, Muhammad Chrisananda, Riska Anin Chrisananda, Riska Anin Devita Alliv Nurdiana Dewi Rahmawati Maulidiyah Dian Ghani Reza Dasangga Diana Nabilatul Arifah Eka Puspa Dewi Eko Fajar Cahyono, David Kaluge Eko Siswahto Faradilah Putri Fauzi Fasiha Fasiha Fasiha, Fasiha Fathurrohman, Muhammad Said Fauzi, R. Mohammad Qudsi Firdan Thoriq Faza Fitria Idham Chalid Fitriani, Chorista Habibi, Zamzam Hafizhah, Nur Zakiya Hariyanto Hariyanto Hasna Fauziana hasna fauziana Hasyim, Fuad Hidayati, Niswatin Nurul Hikmah, Lailatul Hosfaikoni Hadi, Nizar Ibnu Affan Inayah Rahman Indirwan, Syanisma Khansa Isro’i, Moch Imron Ivana Rosediana Dewi Jazilinni’am, Naili Joko Hadi Purnomo Juminten, Rekno Kamaluddin Kamaluddin Kanasibah, Auvi Diyanati Kasanah, Roisatun Kefeli, Zurina Kholison, Rohmatul Farokhah La Himmah il Princess Choris Lailatul Qamariyah Lailatul Qamariyah Lu'liyatul Mutmainah Mahsa Pasca Genbi Muhammad Mamduh, Muhammad Faizul Mardianita W.P, Olga Marwah Eugenia Cascarella Meri Indri Hapsari, Meri Indri Moh. Nurul Qomar Muh. Khairul Fatihin Muhamad Nafik Hadi Ryandono Muhammad Alan Nur Muttaqin, Ibnu Nadira Rahmandani Nanda Lismatiara Zubaid Nisful Laila Niswatin Nurul Hidayati Noven Suprayogi, Noven Nurul Fauziah Olga Mardianita W.P Perdana, Yuda Mahesa Pertiwi, Tanza Dona Puji Sucia Sukmaningrum Purnomo, Joko Hadi Putra, Bintang Fajar Muskan Putri Rizka Citaningati Ramly, Arroyan Ramly, Arroyyan Ririn Tri Ratnasari Robbani, Ridho Roemanasari, Febrita Rokhmah, Fatma Nur Sabela, Jenny Sambas, Shafana Putri Samsul Arifin Setianingsih, Hesti Eka Sholikah, Nia Mariatus Siska Arie Novita Sjam, Dewi Sjam, Dewi Sri Herianingrum Sri Herianingrum Sri Herianingrum Sukran Sukran Sukran, Sukran Suprayitno, Aryadimas Susanto, Arva Athallah Tiara Trenawulan Barkah Tika Widiastuti Ulandari Ulandari Ulfia Nur Afifa Vita Fatimatuzzahra Wahab, Abd Wedari, Dinda Tamara Widayanti, Mega Ayu Widyan Apriliska Fajri Yan Putra Timur