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All Journal Jurnal Iqtisad Economic Journal of Emerging Markets Jurnal Keuangan dan Perbankan Kinerja JEJAK Journal of Economics, Business, & Accountancy Ventura Journal of Indonesian Economy and Business Jurnal Ekonomi Pembangunan: Kajian Masalah Ekonomi dan Pembangunan Jurnal Ekonomi Syariah Teori dan Terapan Global Review of Islamic Economics and Business Jurnal Ekonomi dan Bisnis Islam Economica: Jurnal Ekonomi Islam Jurnal Ekonomi & Keuangan Islam Muqtasid: Jurnal Ekonomi dan Perbankan Syariah Shirkah: Journal of Economics and Business International Journal of Islamic Business and Economics (IJIBEC) EkBis: Jurnal Ekonomi dan Bisnis Share: Jurnal Ekonomi dan Keuangan Islam WELFARE Jurnal Ilmu Ekonomi Unisia Jurnal Keuangan dan Perbankan Jurnal Kebijakan Ekonomi dan Keuangan International Journal of Islamic Business and Economics (IJIBEC)
Agus Widarjono
Department Of Economics, Faculty Of Business And Economics, Universitas Islam Indonesia
Religion Humanities Economics, Econometrics & Finance Education Environmental Science Social Sciences Other

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Journal : Shirkah: Journal of Economics and Business

 1 
The Determinant of Indonesian Stock Returns’ Volatility: Evidence from Islamic and Conventional Stock Market Septiana Indarwati; Agus Widarjono
Shirkah: Journal of Economics and Business Vol 6, No 3 (2021)
Publisher : IAIN Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (826.001 KB) | DOI: 10.22515/shirkah.v6i3.431

Abstract

Islamic stock market is apparently different from the conventional stock market due to the prohibition of unlawful goods and excessive risk-taking behavior. This study explores the extent to which the Indonesian Islamic and conventional stock returns' volatility responds to the macroeconomic indicators. This study employs Jakarta Islamic Index (JII) and Indonesian Stock Exchange (IDX) and uses monthly time-series data covering 2001: M1 - 2019: M12. The volatility of stock returns is measured using Generalized Autoregressive Conditional Heteroskedasticity (GARCH). By employing the Autoregressive Distributed Lag Model (ARDL), the results validate the evidence of the long-run relationship between the stock market's volatility and macroeconomic variables. A rising in money supply and an economic upturn reduce the volatility of conventional stock returns but only an expansionary money supply diminishes the volatility of Islamic stock returns. Conversely, high inflation and sharp depreciation of the Rupiah boost the stock returns' volatility. The results further show an interesting finding that the Islamic stock market's volatility is more responsive to changes in macroeconomic indicators than the volatility of their counterpart conventional stock market. Policymakers should take strict rules during the worst economic conditions to minimize the negative impact of the instability of macroeconomic variables.
Determinants of Bank Capital in Indonesian Islamic Banks Widarjono, Agus; Misanam, Munrokhim
Shirkah: Journal of Economics and Business Vol 9, No 3 (2024)
Publisher : IAIN Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v9i3.592

Abstract

Bank capital is the linchpin for Islamic banks to steer clear insolvency risk. However, studies on Islamic bank capital in Indonesia remain scarce, with existing studies failing to distinguish between Islamic commercial banks and Islamic business units. Our research analyzes the determinants of Islamic bank capital using the latest data and splits them into Islamic commercial banks and Islamic business units. We used quarterly data from 31 Islamic banks from 2014 to 2020. The estimation method used in this study was panel data regression with unbalanced panel data. The results reveal that bank capital is positively affected by bank size, bank margin, and financing. Conversely, competition, inefficiency, and non-performing financing worsen Islamic bank capital. In addition, bank size and margin have a more pronounced impact on Islamic commercial banks than on Islamic business units. However, inefficiency and non-performing financing have a stronger impact on bank capital for Islamic business units than for Islamic commercial banks. These findings have several important implications, suggesting that Islamic bank capital can be boosted through increased margins and efficiency, while reducing impaired financing is crucial for capital accumulation.
Co-Authors Akhsyim Afandi, Akhsyim Dityawarman El Aiyubbi Dyah Widhowaty Eko Purnomo Putri Firna Hayyu Nindya Maritsa Hendri, Zul M.Bekti Hendri Anto MB Hendrie Anto Mifrahi, Mustika Muhammad Akhyar Adnan Muhammad Muhammad Munrokhim Misanam, Munrokhim Nabilah Amir Nur Indah Hardianti Qonitat Az-Zahra Rudatin, Ari Sahabuddin Sidiq Sahabudin Sidiq Sidiq Sarastri Mumpuni Rucbha Septiana Indarwati Shuib, Sollehudin Sintarini, Fitriasari Sintia Dewi Nur Ajizah Wiranata, Bagas Zhafira Mardhiyah