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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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Front Matter Volume 34, No.1, December – May 2024 Rusgianto, Sulistya
Jurnal Ekonomi dan Bisnis Airlangga Vol. 34 No. 1 (2024): JURNAL EKONOMI DAN BISNIS AIRLANGGA
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jeba.V34I12024.%p

Abstract

The effect of environmental disclosure on stock return of Islamic and conventional banks Widayanti, Mega Ayu; Rusgianto, Sulistya; Setianingsih, Hesti Eka; Kefeli, Zurina
Jurnal Ekonomi & Keuangan Islam Volume 11 No. 1, January 2025
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/JEKI.vol11.iss1.art4

Abstract

Purpose – We examine the effects of environmental, social, and governance (ESG) disclosure and green building policies on the stock returns of Islamic and conventional banks. Methodology – Data were obtained from 17 Islamic banks and 17 conventional banks from eight countries (Arab Saudi Arabia, UAE, Qatar, Kuwait, Malaysia, Indonesia, Pakistan, and Bahrain) over seven years from 2017 to 2023. We conducted panel least squares with fixed effects (dummy variables) for cross-sections using EViews to process the data.Findings – The estimated results show that the green building policy variable is statistically significant to the stock return of Islamic banks, while the environmental, social, and governance variables are not. Meanwhile, the social dimension is statistically significant for the stock returns of conventional banks, but environmental, governance, and green buildings are not. Implications – Investors and policymakers should consider the implementation of ESG and green building policies to contribute on sustainability issues and gain financial return.Originality – This study tests non-financial performance, such as ESG disclosure and green building policy, on the stock returns of Islamic and conventional banks, which has not been extensively studied by the existing literature.
Islamic Banking and Economic Growth: A Case Study in Indonesia Hikmah, Lailatul; Hafizhah, Nur Zakiya; Rusgianto, Sulistya
Jurnal Mediasas: Media Ilmu Syari'ah dan Ahwal Al-Syakhsiyyah Vol. 8 No. 1 (2025): Jurnal Mediasas: Media Ilmu Syariah dan Ahwal Al-Syakhsiyyah
Publisher : Islamic Family Law Department, STAI Syekh Abdur Rauf Aceh Singkil, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58824/mediasas.v8i1.307

Abstract

This research analyzes the influence of total assets, total financing, and total sharia banking deposits on economic growth in Indonesia, as measured by Gross Domestic Product (GDP). Secondary data is used from the first quarter of 2015 to the last quarter of 2023, using the Vector Error Correction Model (VECM) method to identify long-term and short-term relationships between these variables. The research results show that total Islamic banking assets have a positive and significant effect on GDP in the long term, but have a negative effect in the short term. Total financing does not show a significant effect in the short term and even has a negative impact in the long term. On the other hand, total deposits have a significant positive effect on GDP in the long term. These findings highlight the importance of efficiency in asset management and Sharia banking financing as well as the need for policies that support stability and public trust in Sharia banking. The contribution of this research lies in providing empirical evidence regarding the role of Islamic banking in Indonesia's economic growth, especially through the analysis of the long-term and short-term relationship between total assets, total financing, and total deposits to GDP. These findings enrich the literature regarding the effectiveness of sharia banking in the national financial system and provide implications for policies aimed at increasing the efficiency of asset management and sharia financing. In addition, this research provides insight for regulators and banking practitioners in designing strategies that can increase the contribution of Sharia banking to the economy in a sustainable manner. [Penelitian ini menganalisis pengaruh total aset, total pembiayaan, dan total deposito perbankan syariah terhadap pertumbuhan ekonomi di Indonesia, yang diukur melalui Produk Domestik Bruto (PDB). Data sekunder digunakan dari kuartal pertama 2015 hingga kuartal terakhir 2023, dengan menggunakan metode Vector Error Correction Model (VECM) untuk mengidentifikasi hubungan jangka panjang dan jangka pendek antara variabel tersebut. Hasil penelitian menunjukkan bahwa total aset perbankan syariah berpengaruh positif dan signifikan terhadap PDB dalam jangka panjang, namun berpengaruh negatif dalam jangka pendek. Total pembiayaan tidak menunjukkan pengaruh signifikan dalam jangka pendek dan bahkan berdampak negatif dalam jangka panjang. Sebaliknya, total deposito berpengaruh positif signifikan terhadap PDB dalam jangka panjang. Temuan ini menyoroti pentingnya efisiensi dalam pengelolaan aset dan pembiayaan perbankan syariah serta perlunya kebijakan yang mendukung stabilitas dan kepercayaan masyarakat terhadap perbankan syariah. Kontribusi penelitian ini terletak pada penyediaan bukti empiris mengenai peran perbankan syariah dalam pertumbuhan ekonomi Indonesia, khususnya melalui analisis hubungan jangka panjang dan jangka pendek antara total aset, total pembiayaan, dan total deposito terhadap PDB. Temuan ini memperkaya literatur terkait efektivitas perbankan syariah dalam sistem keuangan nasional serta memberikan implikasi bagi kebijakan yang bertujuan meningkatkan efisiensi pengelolaan aset dan pembiayaan syariah. Selain itu, penelitian ini memberikan wawasan bagi regulator dan praktisi perbankan dalam merancang strategi yang dapat meningkatkan kontribusi perbankan syariah terhadap perekonomian secara berkelanjutan].
Comparative Analysis of Indonesia and Malaysia Budget Policies in Handling the Covid-19 Pandemic from Maqâshid al-Syarî`Ah Perspective Purnomo, Joko Hadi; Rusgianto, Sulistya; Hidayati, Niswatin Nurul
Madania: Jurnal Kajian Keislaman Vol 25, No 2 (2021): DECEMBER
Publisher : Universitas Islam Negeri (UIN) Fatmawati Sukarno Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29300/madania.v25i2.5055

Abstract

This research aimed to analyze state spending for handling Covid-19 from the perspective of maqâshid al-syarî`ah (sharia objective). The analysis was carried out by mapping the Covid-19 budget in five dimensions of maqâshid al-syarî`ah, including hifdz al-dîn (protection of religion), hifdz al-nafs (protection of the soul), hifdz al-‘aql (protection of thinking), hifdz al-nasl (protection of offspring/family), and hifdz al-mâl ((protection of property). The mapping results were compared with the budget for each dimension of maqâshid al-syarî`ah and the total budget for Covid-19; and finally compared to the total of state budget; as well as total debt. This research used a descriptive quantitative approach. The object of research was ASEAN member countries with the criteria of having more than 50% Muslim population, and their state budget data was available on the official website of the Ministry of Finance which can be accessed via the internet. The results of the research, in Indonesia and Malaysia, allocated funds for handling Covid-19 for the fulfillment of hifdz al-nafs, hifdz al-mâl, but not for the fulfillment of hifdz al-nafs funds. In Indonesia, there was no budget allocation for hifdz al-dîn, hifdz al-‘aql, and hifdz al-nafs. Malaysia has allocated Covid-19 handling funds for hifdz al-dîn and hifdz al ‘aql. Penelitian ini bertujuan untuk menganalisis belanja negara untuk penanganan Covid-19 dari perspektif maqâshid al-syarî`ah. Analisis dilakukan dengan memetakan anggaran Covid-19 dalam lima dimensi maqâshid alsyarî`ah, antara lain hifdz al-dîn, hifdz al-nafs, hifdz al-‘aql, hifdz al-nasl, dan hifdz al-mâl. Hasil pemetaan tersebut dibandingkan dengan anggaran untuk masing-masing dimensi maqâshid al-syarî`ah dan total anggaran untuk Covid-19; dan terakhir dibandingkan dengan total APBN; serta total hutang. Penelitian ini menggunakan pendekatan kuantitatif deskriptif. Objek penelitian adalah negara-negara anggota ASEAN dengan kriteria berpenduduk muslim lebih dari 50%, dan data APBN-nya tersedia di situs resmi Kementerian Keuangan yang dapat diakses melalui internet. Hasil penelitian menunjukkan bahwa di Indonesia dan Malaysia, alokasi dana penanganan Covid-19 untuk pemenuhan hifzh al-nafs, hifzh al-mâl, namun tidak untuk pemenuhan dana hifdz al-nafs. Di Indonesia, tidak ada alokasi anggaran untuk hifdz al-dîn, hifdz al-‘aql, dan hifdz al-nafs. Malaysia telah mengalokasikan dana penanganan Covid-19 untuk hifdz al-dîn dan hifdz al-‘aql
Front Matter Volume 35, No. 1, December-May 2025 Rusgianto, Sulistya
Jurnal Ekonomi dan Bisnis Airlangga Vol. 35 No. 1 (2025): JURNAL EKONOMI DAN BISNIS AIRLANGGA
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Airlangga

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

Abstract

Faktor-Faktor yang Mempengaruhi Niat Berdonasi Green Waqf di Kalangan Muslim yang Peduli Lingkungan: Peran Mediasi dari Attitude Indirwan, Syanisma Khansa; Faradilah Putri Fauzi; Sulistya Rusgianto; Ririn Tri Ratnasari
Jurnal Ilmiah Ekonomi Islam Vol. 11 No. 04 (2025): JIEI : Vol. 11, No. 04, 2025
Publisher : ITB AAS INDONESIA Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29040/jiei.v11i04.17244

Abstract

This study analyzes the factors influencing the intention to donate to green waqf among environmentally conscious Muslims in Indonesia. The examined factors include green waqf literacy, subjective norms, and access to information media on the intention to donate to green waqf, with attitude acting as a mediating variable. The theoretical foundation of this study is the Theory of Planned Behaviour (TPB). This is a quantitative study that employs the Partial Least Squares Structural Equation Modeling (PLS-SEM) method, with a minimum sample size of 60 respondents. A purposive sampling technique was used, based on three respondent criteria, and the data were analyzed using SmartPLS version 4. This research contributes to the literature by exploring the mediating role of attitude in the relationship between green waqf literacy, subjective norms, and information media access on the intention to donate to green waqf. Additionally, this study specifically focuses on environmentally conscious Muslims, as their knowledge and awareness of environmental issues can play a vital role in supporting and promoting green waqf initiatives. The findings indicate that attitude and subjective norms significantly influence the intention to donate to green waqf among environmentally conscious Muslims in Indonesia. In particular, subjective norms have both direct and indirect effects through attitude, underscoring the importance of social influence in encouraging donation intention. In contrast, green waqf literacy and access to information media show positive but insignificant effects on donation intention, both directly and indirectly through attitude.
Unlocking Amil performance: Leadership, knowledge management capability, and organizational culture Asya’bani, Nispia; Rusgianto, Sulistya; Ratnasari, Ririn Tri; Ryandono, Muhammad Nafik Hadi; Susanto, Arva Athallah
Asian Journal of Islamic Management (AJIM) VOLUME 7 ISSUE 1, 2025
Publisher : Faculty of Business & Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/AJIM.vol7.iss1.art8

Abstract

Purpose – This study examines the impact of Islamic leadership style and Knowledge Management Capability (KMC) on improving amil performance in Indonesia, with organizational culture serving as a mediating variable. In addition, this study identified potential future research directions in this field.Methodology – This research employs a quantitative approach utilizing Structural Equation Model (SEM) analysis with Smart-PLS 4 software. The sample was selected through purposive sampling, targeting 130 amils in Indonesia. Findings – The findings reveal that both Islamic leadership and Knowledge Management Capability (KMC) have a significant positive influence on amil performance, both directly and through the mediating role of organizational culture. Furthermore, Islamic leadership directly enhances knowledge-management capabilities. Implications – This study provides valuable insights into the application of knowledge management practices and the role of Islamic leadership in enhancing the performance of amil zakat (zakat institutions). This study's implications highlight the need for greater focus on improving amil performance to maximize the efficiency of zakat collection and management.Originality – To the best of our knowledge, this analysis represents actionable recommendations for improving the efficiency of zakat collection and distribution through enhanced amil performance with the combination of KMC and organizational culture, which has rarely been studied in zakat institutions.
Islamic Bank Financing, Green Sukuk, and the Jakarta Islamic Index: An ARDL Analysis of Indonesia’s Real Sector Hidayat, Rahmad; Jazilinni’am, Naili; Rusgianto, Sulistya; Ratnasari, Ririn Tri; Ryandono, Muhammad Nafik Hadi
Jurnal REKSA: Rekayasa Keuangan, Syariah dan Audit Vol. 12 No. 2 (2025)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/jreksa.v12i2.13994

Abstract

This study examines the effects of Islamic Bank Financing (IBF), Green Sukuk (GS), the Jakarta Islamic Index (JII), inflation (CPI), exchange rate fluctuations (EXR), and money supply (M2) on Indonesia’s real sector using the Autoregressive Distributed Lag (ARDL) approach. The findings reveal that IBF stimulates the real sector in the short run, but structural challenges and limited market penetration constrain its long-term influence. Conversely, GS exerts a significant positive impact over the long term, underscoring the importance of sustainable investments in enhancing productive capacity and generating employment. Although JII shows no significant short-term effect, it contributes meaningfully in the long run. CPI consistently exerts a negative influence on the real sector in both horizons, while exchange rate appreciation and M2 growth support economic activity. These results highlight the need for coordinated policy measures to foster inclusive, stable, and sustainable development in Indonesia’s real economy.
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.
Dynamic Linkages between Islamic Cryptocurrencies, Sukuk, and Islamic Stocks Mahsa Pasca Genbi Muhammad; Sulistya Rusgianto
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 11 No. 3 (2024): Agustus-2024
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol11iss20243pp298-322

Abstract

This study aims to analyze the interdependence relationship between the Islamic cryptocurrency market, sukuk, and Islamic stocks through two different periods, namely bearish and bullish. This study uses daily market return data for December 31, 2019 - December 11, 2023 and the Markov Switching-Vector Autoregression (MSVAR) approach to analyze asymmetric behavior between markets. This study found several inter-market dependence relationships, including a bidirectional relationship with different effects between the Islamic cryptocurrency market and the sukuk market or the Islamic stock market and the sukuk market in bearish periods. There is also a two-way relationship with different effects between the Islamic cryptocurrency market and the sukuk market in bullish periods. Interestingly, there is a bidirectional relationship with the same negative effect between the Islamic cryptocurrency market and the Islamic stock market in bullish periods. Therefore, the combination of Islamic cryptocurrency market and Islamic stock market provides hedging benefits in bullish periods. Meanwhile, the combination of Islamic cryptocurrency market and sukuk market has potential as a diversification asset during bearish and bullish periods.
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