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All Journal Al-Iqtishad : Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics) JMM (Jurnal Masyarakat Mandiri) Jurnal Samudra Ekonomi dan Bisnis Jurnal Sosial Humaniora Terapan JURNAL EKONOMI SYARIAH Community Development Journal: Jurnal Pengabdian Masyarakat Abdi Kami : Jurnal Pengabdian Kepada Masyarakat Journal of Islamic Economics and Finance Studies Batara Wisnu : Indonesian Journal of Community Services Journal of Social Commerce Jurnal Pustaka Dianmas Veteran Economics, Management & Accounting Review Jurnal Indonesia : Manajemen Informatika dan Komunikasi Jurnal Ekonomi dan Bisnis CEFARS : JURNAL AGRIBISNIS DAN PENGEMBANGAN WILAYAH Jurnal Agribisnis dan Pengembangan Wilayah Journal of Development Economic and Digitalization
Purwanto Widodo
Unknown Affiliation
Religion Agriculture, Biological Sciences & Forestry Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Health Professions Languange, Linguistic, Communication & Media Library & Information Science Public Health Social Sciences Other

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Does the Jakarta Islamic Index Reflect Efficient Market? Insights from Calendar Effects and Volatility Modelling Widodo, Purwanto; Faizi, Faizi; Kusuma, Airlangga Surya
Journal of Social Commerce Vol. 5 No. 3 (2025): Journal of Social Commerce
Publisher : Celebes Scholar pg

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56209/jommerce.v5i3.184

Abstract

This study examines the efficiency of the Jakarta Islamic Index (JII) by testing for anomalies such as the Day of the Week Effect, Monday Effect, Friday Effect, and Week-Four Effect, both under normal conditions and during the Covid-19 crisis. This study seeks to determine whether JII adheres to the Efficient Market Hypothesis (EMH) or exhibits predictable patterns in stock returns. The study utilizes daily return data from JII, covering periods before (January 2008–February 2020), during (March 2020–December 2022), and combined before and during the Covid-19 crisis. Stationarity tests (Augmented Dickey-Fuller and Philips–Perron) were conducted, followed by ARMA/ARIMA modelling to address autocorrelation and heteroscedasticity. ARCH-GARCH models, including EGARCH, TARCH, and PARCH, were employed to analyze the volatility and leverage effects. Dummy variables for trading days and weeks are used to test for anomalies.  The results confirm the presence of the day of the week, Monday, and Week four effects in JII returns, indicating market inefficiency. However, the Covid-19 crisis did not significantly alter return patterns, suggesting resilience in the Islamic stock market. The study also identifies asymmetric volatility responses, with EGARCH (1,1) being the most suitable model, following a non-normal distribution (GED). These findings align with some prior research but contrast with others, highlighting mixed evidence on market anomalies in Islamic indices.
SOSIALISASI DAN EDUKASI FINTECH PEMBIAYAAN SYARIAH BAGI PENGURUS MASJID KEMENTERIAN/LEMBAGA DAN BUMN Faizi, Faizi; Kusumastuti, Retno Dyah; Kusuma, Airlangga Surya; Widodo, Purwanto; Levianto, Jubei
Community Development Journal : Jurnal Pengabdian Masyarakat Vol. 5 No. 5 (2024): Vol. 5 No. 5 Tahun 2024
Publisher : Universitas Pahlawan Tuanku Tambusai

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31004/cdj.v5i5.35123

Abstract

Indonesia yang mayoritas penduduknya beragama Islam memiliki potensi yang besar menjadi pusat pengembangan keuangan syariah, termasuk fintech pembiayaan syariah. Namun perkembangan fintech pembiayaan syariah sendiri masih relatif kecil. Salah satu permasalahan yang menghambat perkembangan fintech pembiayaan syariah adalah rendahnya tingkat literasi fintech syariah masyarakat. Selain itu masyarakat juga masih menganggap fintech pembiayaan syariah sama dengan pinjol ilegal yang memiliki reputasi buruk. Oleh karena itu, perlu dilakukan sosialisasi untuk meningkatkan pemahaman fintech pembiayaan syariah di masyarakat. Agar lebih efektif, sosialisasi tersebut sebaiknya ditujukan ke pihak-pihak yang memiliki pengaruh di masyarakat, seperti pengurus masjid. Diharapkan dengan sosialisasi tersebut, pemahaman pengurus masjid terkait fintech pembiayaan syariah dapat meningkat, dan pengurus masjid dapat meneruskan pengetahuan mengenai fintech pembiayaan syariah ke masyarakat luas. Untuk melaksanakan sosialisasi tersebut, tim pengabdian UPN Veteran Jakarta selanjutnya bekerjasama dengan Forum Silaturrahim Takmir Masjid Kementerian/Lembaga dan BUMN untuk mengadakan sosialisasi fintech pembiayaan syariah bagi pengurus masjid. Metode kegiatan pengabdian ini menggunakan metode ceramah sebagai metode untuk sosialisasi fintech pembiayaan syariah, yang selanjutnya dilanjutkan dengan sesi tanya jawab. Kedepannya diharapkan pengurus masjid dapat meneruskan pengetahuan mengenai fintech pembiayaaan syariah ke masyarakat luas, sehingga pemahaman fintech pembiayaan syariah di masyarakat juga meningkat.
Examinating The Effect of Covid-19 on The Efficient Market Hypothesis (EMH) Anomaly of The Islamic Stock Index in Indonesia Widodo, Purwanto
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol. 16 No. 2 (2024)
Publisher : UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v16i2.40338

Abstract

This study aims to determine whether Covid-19 affects the return pattern of the Jakarta Islamic Index (JII) and whether the JII return is efficient in accordance with the Efficient Market Hypothesis (EMH). To ensure that the data analysis was in accordance with the objectives, samples were taken from January 1, 2008, to June 28, 2024, with ARCH-GARCH analysis so that the results were consistent and not robust. The findings of this research are as follows: JII returns are efficient because there is no Covid-19 effect and EMH anomaly, where there is no evidence of the day-of-the-week effect, Monday Effect, Friday Effect, or week four effect. In addition, the appropriate model is asymmetric EGARCH (1,1) with non-normal error term distribution. These findings have implications for investors, policy makers, and researchers interested in the performance and behavior of the Islamic stock market, so that in analyzing the stock market more strengthen the fundamental analysis of the company. Penelitian ini bertujuan mengetahui Covid-19 mempengaruhi pola return Jakarta Islamic Index (JII) dan apakah return JII efisien sesuai dengan Efficient Market Hypothesis (EMH). Untuk menjamin bahwa analisis data sesuai dengan tujuan, maka diambil sampel mulai dari 1 January 2008 sampai dengan 28 Juni, 2024 dengan analisis ARCH-GARCH agar hasilnya konsisten serta tidak robust. Temuan penelitian ini adalah: return JII efisien karena tidak diketemukan adanya pengaruh Covid-19 serta anomaly EMH, dimana tidak terbukti adanya the dayof-the-week effect, Monday Effect, Friday Effect dan week four effect. Selain itu, model yang sesuai adalah asymmetric EGARCH (1,1) dengan distribusi error term non normal. Temuan ini memiliki implikasi bagi investor, pembuat kebijakan, dan peneliti yang tertarik dengan kinerja dan perilaku pasar saham syariah, agar dalam menganalisis pasar saham lebih memperkuat analisis fundamental perusahaan.
Dampak Faktor Makroekonomi terhadap FDI di ASEAN-4 Sebelum dan Sesudah Pandemi COVID-19 Maulia, Dhita; Widodo, Purwanto
Jurnal Ekonomi dan Bisnis Vol. 4 No. 3 (2025): September 2025
Publisher : Faculty of Economics and Business Universitas Dian Nuswantoro

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33633/jekobs.v4i3.12103

Abstract

Investment represents the deferral of current consumption for future benefits, involving the allocation of capital to support the production of goods or services within the economy. Foreign Direct Investment (FDI) plays a vital role in providing technology, skills, and other external inputs to enhance the competitiveness of companies and the economic performance of host countries. This study aims to analyze the impact of macroeconomic factors (economic growth, interest rates, and exchange rates) on Foreign Direct Investment in four ASEAN countries: Singapore, Indonesia, Laos, and Brunei Darussalam. Secondary data from the World Bank for the years 2018–2023 were used and analyzed using the panel regression method with the Fixed Effect Model (FEM), along with classical assumption tests and hypothesis testing in STATA 17. The results indicate that, partially, economic growth has a positive and significant effect on FDI, exchange rates have a negative and significant effect on FDI, and interest rates have no significant effect on FDI. Simultaneously, the variables of economic growth, interest rates, and exchange rates influence Foreign Direct Investment.   Investasi merupakan pengalihan konsumsi saat ini demi keuntungan di masa depan, yang mencakup alokasi modal untuk mendukung produksi barang atau jasa dalam ekonomi. Foreign Direct Investment berperan penting dalam menyediakan teknologi, keterampilan, dan input lain dari luar negeri dalam menambah daya saing perusahaan serta kinerja ekonomi negara tuan rumah. Penelitian ini bertujuan untuk menganalisis pengaruh faktor ekonomi makro (pertumbuhan ekonomi, suku bunga, dan nilai tukar) terhadap Foreign Direct Investment di empat negara ASEAN, yaitu Singapura, Indonesia, Laos, dan Brunei Darussalam. Data sekunder dari World Bank tahun 2018–2023 digunakan dan dianalisis dengan metode regresi panel menggunakan Fixed Effect Model (FEM) serta pengujian asumsi klasik dan pengujian hipotesis pada STATA 17. Hasil penelitian menunjukkan bahwa secara parsial pertumbuhan ekonomi berpengaruh positif dan signifikan terhadap FDI, nilai tukar berpengaruh negatif dan signifikan terhadap FDI, dan suku bunga tidak berpengaruh signifikan terhadap FDI. Secara simultan, variabel pertumbuhan ekonomi, suku bunga dan nilai tukar mempengaruhi Foreign Direct Investment.
Sosialisasi dan Edukasi Sukuk bagi Pengurus Masjid Kementerian/Lembaga dan BUMN Kusuma, Airlangga Surya; Faizi, Faizi; Widodo, Purwanto; Levianto, Jubei
Jurnal Pustaka Dianmas Vol 5, No 2 (2025)
Publisher : Universitas Prof. Dr. Moestopo (Beragama)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32509/dianmas.v5i2.6553

Abstract

The sukuk market in Indonesia is still facing problems, even though Indonesia is a Muslim-majority country. One of the problems that hinders the development of the sukuk market is the poor understanding of sukuk. Therefore, training is needed to improve the community’s understanding of sukuk. To be more effective, the training should be aimed at parties that influence the community, such as mosque administrators. With this training, mosque administrators’ understanding of sukuk can be increased, and mosque administrators can pass on this understanding to a wider community. To carry out the training, the UPN Veteran Jakarta community service team collaborated with the Mosque Administrator Forum of Ministries/Institutions and SOEs to socialize sukuk for mosque administrators. The community service activity used a lecture method, followed by a discussion session. The result of this training is that mosque administrators have a better understanding of sukuk. Furthermore, mosque administrators should pass on knowledge about sukuk to the wider community.
Co-Authors Ahya Kamilah Anggi Angga Resti Arkaan Sunyoto, Muhammad Faturrohman Atmadja, Hafizh Fadhilah Fadhli Suko Wiryanto Faizi, Faizi Irene Angela Tampubolon Iwan Kresna Setiadi Kusuma, Airlangga Surya Laili, Sasmita Nurvinda Levianto, Jubei Mariatul Qibtiyah Maulia, Dhita Mulyantini, Sri Pangestuti, Dewi Cahyani Pusporini Renny Husniati Retno Dyah Kusumastuti, Retno Dyah Shinta, Nurendah Sufyati HS Suryanto, Dede Tati Handayani, Tati Tri Siswantini Virsa Oktaviany, Nanda