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All Journal Jurnal Teknologi Lingkungan Universitas Trisakti Buletin Studi Ekonomi Animal Agricultural Journal Afkaruna: Indonesian Interdisciplinary Journal of Islamic Studies IQTISHADIA Jurnal Ekonomi & Studi Pembangunan Global Review of Islamic Economics and Business JTAM (Jurnal Teori dan Aplikasi Matematika) Muqtasid: Jurnal Ekonomi dan Perbankan Syariah JURNAL PENDIDIKAN TAMBUSAI EKO-REGIONAL JURNAL PENGEMBANGAN EKONOMI WILAYAH Iqtishadia: Jurnal Kajian Ekonomi dan Bisnis Islam Airlangga International Journal of Islamic Economics and Finance JOURNAL OF HUMANITIES, SOCIAL SCIENCES AND BUSINESS (JHSSB)
Sunaryati Sunaryati
Sunan Kalijaga Yogyakarta State Islamic University
Agriculture, Biological Sciences & Forestry Economics, Econometrics & Finance Education Environmental Science Law, Crime, Criminology & Criminal Justice Mathematics Social Sciences

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Islamic Social Reporting and Financial Distress In List of Sharia Securities Utari Evy Cahyani; Misnen Ardiansyah; Sunaryati Sunaryati
IQTISHADIA Vol 13, No 2 (2020): IQTISHADIA
Publisher : Ekonomi Syariah IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/iqtishadia.v13i2.7756

Abstract

The number of sharia-approved companies in the Indonesia Stock Exchange is growing rapidly. It is important to see how the social performance of these companies, using Islamic Social Reporting Index (ISR Index). Financial Distress as an early sign of a company’s failure is also important to study. This study examines the relation between ISR Index and financial distress in list of sharia securities. The control variables apply in this research are SIZE, ROA, CR, WCTR, DER, and RETA. By using a sample of 129 companies from financial statements and annual reports (2014-2018), three models were built with the Modified Altmans Z-Score, Ohlson O-Score and Zmijewski Zm-Score as a proxy of financial distress. Based on ISR index calculation, the theme of products and services has the highest disclosure score. The lowest disclosure score is corporate governance theme. Panel data regression results show that ISR Index affects financial distress in the Modified Altman’s model. It means the higher the ISR index value, the greater the likelihood of companies run into financial distress. Whereas in Ohlson’s and Zmijewski’s model, ISR Index has no effect on financial distress.
The Effect of Corruption on International Trade: A Case Study of Indonesian Trade to Nine Countries Danang Ibnu Atsir; Sunaryati Sunaryati
EKO-REGIONAL Vol 13, No 1 (2018)
Publisher : Jurusan Ilmu Ekonomi dan Studi Pembangunan Universitas Jenderal Soedirman

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1366.885 KB) | DOI: 10.20884/1.erjpe.2018.13.1.1160

Abstract

Corruption is a form of abuse of ethical authority by public officials, which is divided into two parts: bribery and forced collection. The effect of corruption like bribes and illegal levies is widespread in the public sector. One interesting investigation is the effect of corruption on international trade. Corruption becomes a barrier in international trade, where corruption plays a role in the access of trade goods and services from within and abroad. Using the gravity model, the focus of this research was the effect of corruption on international trade by taking a case study of Indonesia’s bilateral trade with its nine largest export destination countries. Using panel data, analysis tools used in this research were common effect, fixed effect, random effect and poisson pseudo maximum likelihood (PPML). In this research, it was found that geographical distance variable in its fixed units caused the omitted variable so that the error term correlated with independent variables. In order to overcome the problem, poisson pseudo maximum likelihood method was used in performing regression gravity model with linear log form, so the omitted variable issue on the geographical distance can be eliminated. The results of this research concluded that corruption played a role in international trade through bureaucratic mechanisms of trade and investment licensing and the effect of corruption was more detrimental to exporters.Keywords:   Gravity Model, Corruption, International Trade, Poisson Pseudo Maximum Likelihood (PPML).
THE EFFECT OF MACROECONOMIC VARIABLES ON FISCAL SUSTAINABILITY IN INDONESIA, PERIOD 2004Q1-2018Q4 Muhammad Latif Abdullah; FNU Sunaryati
Airlangga International Journal of Islamic Economics and Finance Vol. 1 No. 2 (2018): July-December 2018
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/aijief.v1i2.20802

Abstract

Abstract Fiscal sustainability illustrates the condition of a healthy government budget which can finance government spending without increasing debt supply. The purpose of this study is to analyze the impact of macroeconomic variables on fiscal sustainability which in this study fiscal sustainability is proxied as a government budget deficit. The data used in this study is the 2004Q1-2018Q4 time series data using the Vector Error Correction Model (VECM). The results showed that fiscal conditions in Indonesia are sustainable and macroeconomic variables such as domestic debt andinflation has a positive effect on increasing the government budget deficit. Whereas the variable state revenues and foreign debt negatively affect the government budget deficit.Keywords : Fiscal Sustainability, Government Budget Deficit, Domestic Debt, Foreign Debt.
Analysis of The Weakness Factors of Baitul Maal Hidayatullah (BMH) Yogyakarta in Raising Islamic Philanthropy Funds Edi Santosa; Kamsi Kamsi; Sunaryati Sunaryati
Afkaruna: Indonesian Interdisciplinary Journal of Islamic Studies Vol 18, No 1: June 2022
Publisher : Fakultas Agama Islam Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/afkaruna.v18i1.13069

Abstract

LAZNAS Baitul Maal Hidayatullah (BMH), which has been initially considered successful, in reality, shows a failure in terms of collecting zakat funds. BMH has received various awards from the Marketing Award, BAZNAS Award, and Anugerah Syariah Republika. However, the collection of zakat funds and the number of muzakki are very low and tend to decrease from year to year. In 2019, the number of muzakki was only 14.38%, and the zakat funds collected were only 11.7% of the total funds. This research aims to investigate what internal and external factors caused this decreasing trend. Employing interviews with the BMH leaders and employees, this study found that the internal factors of the low collection of zakat funds were: 1) The funds targeted by BMH from zakat were much lower than the other sources, only 32.66%; 2) BMH only followed the will of the donors; 3) BMH did not ask the donors whether they had paid zakat; 4) BMH felt uncomfortable to ask the donors whether they had paid zakat. Meanwhile, the external cause was that the donors tended to be more interested in choosing the programs offered by BMH rather than paying zakat.
Does Profit Maximization Assumption in Economics Comply with Shariah? Evidence from Theoretical and Empirical Findings Sunaryati Sunaryati; Abdul Qoyum
Global Review of Islamic Economics and Business Vol. 10 No. 1 (2022)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/grieb.2022.101-06

Abstract

The objective of this paper is to discuss the issue of profit maximization from a shariah point of view. The study is very relevant, especially in the current development of Islamic economics. Profit maximization is the central issue in conventional economics and the implication is that all firm decisions must be intended to realize a profit. This paper uses a qualitative approach to answer the main research question. Using a comprehensive study on the Al-Quran and previous empirical findings, the study reveals that profit maximization is still accepted, but not as a single objective. Islamic economics must use comprehensive objectives that not only profit but also maqasid shariah maximization, including environmental, and social aspects.
Pengembangan Ensiklopedia Berbasis Potensi Lokal Wakatobi pada Materi Mollusca Rosnawati, Veni; Sunaryati, Sunaryati
Jurnal Pendidikan Tambusai Vol. 5 No. 3 (2021): 2021
Publisher : LPPM Universitas Pahlawan Tuanku Tambusai, Riau, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31004/jptam.v5i3.2003

Abstract

Materi biologi banyak mengandung konsep-konsep abstrak dan fenomena yang memerlukan observasi sehingga menuntut proses pembelajaran kontekstual. Sehingga untuk mengakomodasi hal tersebut dibutuhkan sumber belajar dengan visualisasi gambar dan tulisan yang memudahkan bagi siswa dengan mengintegrasikan materi dengan potensi lokal yang ada dalam bentuk ensiklopedia. Berdasarkan hal tersebut peneliti melakukan penelitian dengan judul Ensiklopedia Berbasis Potensi Lokal Wakatobi pada Materi Mollusca. Jenis penelitian ini adalah penelitian dan pengembangan atau Research and Development (R&D). Model pengembangan ini mengikuti desain yang dikembangkan oleh Dick dan Carey (1996) yaitu Model ADDIE dengan langkah-langkah pengembangan terdiri atas tahapan analyze (analisis), design (perancangan), development (pengembangan), implementation (implementasi), dan evaluation (evaluasi). Penelitian ini bertujuan menghasilkan Ensiklopedia sebagai sumber belajar yang memiliki spesifikasi dengan kriteria valid, praktis dan efektif. Penelitian ini dilakukan di SMA Negeri 4 Baubau yang bertempat di Jl. Betoambari, No 146, Kec. Murhum, Kota Baubau, Sulawesi Tenggara. Penelitian dan pengembangan dilakukan dari bulan Juli sampai bulan Oktober 2021. Subyek penelitian adalah guru biologi dan peserta didik kelas X IPA 7 SMA Negeri 4 Baubau. Guru dan peserta didik dijadikan subjek uji coba enksiklopedia untuk mengetahui kepraktisan dan keefektifan Ensiklopedia yang dikembangkan. Berdasarkan hasil penelitian didapatkan bahwa Ensiklopedia Berbasis Potensi Lokal Wakatobi Pada Filum Mollusca yang dikembangkan memiliki spesifisikasi dengan kiritera mutu (standar) buku non teks. Dan telah memenuhi kriteria kevalidan dengan skor (4,56), kriteria kepraktisan dengan skor respon guru (4,18) dan respon siswa (4,07), serta Keefektifan dengan (85,370), sehingga media Ensiklopedia Berbasis Potensi Lokal Wakatobi dapat digunakan sebagai Sumber Belajar.
The COVID-19 pandemic and the exchange rate: a lesson learned from Indonesia Sunaryati, Sunaryati; Munandar, Aris
Jurnal Ekonomi & Studi Pembangunan Vol 24, No 1: April 2023
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v24i1.16110

Abstract

This paper aims to capture the relationship between the COVID-19 pandemic and the exchange rate. We utilized high-frequency data by utilizing daily data from January 21st, 2020, through June 29th, 2022. In contrast to the vast majority of research that disregards the incubation period of COVID-19 in the number of daily transmission cases, we use the growth of COVID-19 as a 14-day moving average of confirmed cases as the main independent variables. Findings indicate that the devaluation of the rupiah exchange rate is long-term associated with the increase in COVID-19 cases and deaths. According to the efficient market hypothesis, the rupiah depreciates due to the increase of COVID-19 transmission, which is publicized by the media. In the midst of the debate over the impact of the pandemic on the exchange rate and using Indonesia as a lesson learned for emerging market economies, our research is a recent study that examines this topic with completed data-generating processes – when the pandemic entered its last wave phase. In regard to exchange rate behavior, the disease outbreak channel exists. The government must restrict widespread media coverage of data on the spread of COVID-19 while focusing on accelerating measures to control the pandemic. A low-interest rate imposed by the monetary authorities as an effort to stimulate economic recovery can also exert pressure on the exchange rate, necessitating the optimization of other instruments, such as foreign exchange intervention.
Determinants of Trade Balance in Gulf Cooperation Council (GCC) Member Countries Khusni, Kholilatul; Sunaryati, Sunaryati
JOURNAL OF HUMANITIES, SOCIAL SCIENCES AND BUSINESS Vol. 4 No. 1 (2024): NOVEMBER
Publisher : Transpublika Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55047/jhssb.v4i1.1446

Abstract

The study aims to analyze the effect of inflation, exchange rate, foreign direct investment, GDP per capita and energy consumption on the trade balance of GCC member countries. Secondary panel data from 2002-2021 from GCC member countries is utilized in this research. The data is sourced from the publications of the World Bank, Trade Map, and OIC Statistics Sesric. The analytical approach employed is the fixed-effects model in panel data regression with a SUR cross-section weighted method. The findings suggest that inflation has a detrimental impact on the trade balance, while the exchange rate, Foreign Capital Receipts, and GDP per capita show a notable positive influence. On the other hand, energy consumption is found to have a positive effect on the trade balance but is not statistically significant.
The Dual-Monetary Policy and Growth of The Real Sector (A Study Case in Indonesia and Malaysia) Karuni, Mudita Sri; Sunaryati, Sunaryati
Global Review of Islamic Economics and Business Vol. 12 No. 2 (2024)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/grieb.2024.122-05

Abstract

Within a dual banking system, monetary policy is implemented under a regulatory framework. In addition to maintaining price stability, monetary policy aims to influence real economic activity through its transmission mechanism. This mechanism is subject to change due to various financial sector phenomena. The study aims to analyze the relationship between dual-monetary system mechanisms, encompassing conventional interest rates and Islamic returns, and the real sector in Indonesia and Malaysia from 2010 to 2019. Utilizing the Vector Error Correction Model (VECM), the study reveals that in Indonesia, conventional monetary policy significantly impacts the real sector in the short term, while Islamic monetary policy exhibits a stronger long-term influence. Similarly, in Malaysia, Islamic monetary policy demonstrates greater effectiveness in influencing the real sector compared to its conventional counterpart. IRF analysis indicates that Islamic monetary policy demonstrates greater stability than the conventional model in both countries. Furthermore, FEVD analysis suggests that the implementation of a dual-monetary policy, incorporating both conventional and Islamic models, promotes real sector growth in Indonesia. Conversely, in Malaysia, a dual-monetary policy relying solely on the conventional model appears to hinder real sector growth. Overall, Islamic monetary policy in Malaysia proves more effective in stimulating the real sector.
Portfolio Optimization using Shariah-Compliant Asset Pricing Model in Indonesia Qudratullah, Mohammad Farhan; Hanafi, Syafiq Mahmadah; Sunaryati, Sunaryati
JTAM (Jurnal Teori dan Aplikasi Matematika) Vol 9, No 2 (2025): April
Publisher : Universitas Muhammadiyah Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31764/jtam.v9i2.29168

Abstract

This paper develops portfolio optimization using the Shariah-Compliant Asset Pricing Model (SCAPM) which maximizes the Sharpe ratio by considering investors' prevention of risk. There are four approaches to developing portfolio optimization (SCAPM without interest rates, SCAPM with zakah rate, SCAPM with nominal gross domestic product growth (GDP), and SCAPM with inflation). This is a quantitative study that implements these models in the Islamic capital market in Indonesia, namely Islamic stocks included in the Jakarta Islamic Index (JII) for the period January 2011-December 2018. Based on the results of the Kendall W concordance test, this study found that the four SCAPM optimum portfolios have a very high level of conformity for return, risk, and performance at a 95% confidence level. In terms of the plot and ratio of return and risk, based on the investor's prevention of risk: the optimum portfolio 1 (risk-seeker) and the optimum portfolio 3 (risk-neutral) tend to give the same results and these portfolios were more efficient than the optimum portfolio 2 (risk-averter). This study contributes to the existing literature in the area of mathematics and the Islamic capital market, specifically in terms of the optimal Sharia-compliant portfolio. It is the first study developing, implementing, and testing the optimal portfolio with four approaches SCAPM based on the investors' prevention of risk in Indonesia.
Co-Authors Abdul Qoyum Anis Muktiani Aris Munandar Bambang Iswanto Danang Ibnu Atsir Edi Santosa Hadri Kusuma Hanafi, Syafiq Mahmadah Iqbal, Muhammad Joelal Achmadi Kamsi Kamsi Karuni, Mudita Sri Khusni, Kholilatul Misnen Ardiansyah Misnen Ardiansyah, Misnen Mohammad Farhan Qudratullah Muhammad Latif Abdullah Ridwannulloh, Ridwannulloh rosnawati, veni Utari Evy Cahyani Widyo Astono