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All Journal Journal of Economic, Bussines and Accounting (COSTING) Journal of Islamic Economics and Finance Studies
Purwanto Widodo
Universitas Pembangunan Nasional Veteran Jakarta
Religion Economics, Econometrics & Finance Social Sciences

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Is the Volatility of the Islamic Stock Index Lower than the Conventional Stock Index during Covid-19 Pandemic? Empirical Evidence in Indonesia Stock Exchange Purwanto Widodo
Journal of Islamic Economics and Finance Studies Vol 3, No 1 (2022): JIEFeS, June 2022
Publisher : Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47700/jiefes.v3i1.4364

Abstract

AbstractThe Islamic stock index is a composite index of Islamic stocks listed on the Indonesia Stock Exchange (IDX). Therefore, is expected to have low volatility and be resistant to a possible financial crisis. This study aims to see whether the volatility of the Islamic stock index is lower than the conventional stock index during the Covid-19 crisis. The data taken is daily stock closing data for JKSE and JII for the period March 1, 2020, to April 30, 2022, with a total of 532 observations. The model used is ARMA/ ARIMA which is then followed by the ARCH – GARCH volatility model. The results of this study indicate that the appropriate Islamic and conventional stock index volatility model is GARCH(1,1) and there is no problem with the asymmetry effect. The findings of this study are that during the Covid-19 crisis, there was a tendency that the return volatility of the Islamic stock index to be lower than conventional and that the Islamic and conventional stock indexes were relatively low against the financial crisis that occurred. AbstrakIndeks saham syariah adalah indeks komposit saham syariah yang tercatat di Bursa Efek Indonesia (BEI). Karena itu, diharapkan memiliki volatilitas rendah dan tahan terhadap krisis keuangan yang kemungkinan terjadi. Penelitian ini, bertujuan untuk melihat apakah volatilitas indeks saham syariah lebih rendah dibandingkan indeks saham konvensional semasa krisis yaitu Covid-19. Data yang diambil adalah data penutupan saham harian JII dan IHSG periode 1 Maret 2020 sampai dengan periode 30 April 2022, sebanyak 532 pengamatan. Model yang dipergunakan adalah ARMA/ ARIMA yang kemudian dilanjutkan dengan model volatilitas ARCH – GARCH. Hasil penelitian ini menunjukkan bahwa model volatilitas indeks saham syariah maupun konvensional yang sesuai adalah GARCH(1,1) dan tidak terdapat masalah effect asimetri.  Temuan penelitian ini adalah selama krisis Covid-19 terdapat kecenderungan bahwa volatilitas return indeks saham syariah lebih rendah dibandingkan konvensional dan indeks saham syariah maupun konvensional relative tidak imum terhadap krisis keuangan yang terjadi. 
Analisis Deskriptif Persepsi Pelaku UMKM Terhadap Pembiayaan Mikro Syariah Purwanto Widodo; Faizi Faizi; Airlangga Surya Kusuma; Salma Asla Salsabila Praza; Hafizh Fadhilah Atmadja
Journal of Economic, Bussines and Accounting (COSTING) Vol 7 No 2 (2024): COSTING : Journal of Economic, Bussines and Accounting
Publisher : Institut Penelitian Matematika, Komputer, Keperawatan, Pendidikan dan Ekonomi (IPM2KPE)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31539/costing.v7i3.7564

Abstract

Due to their significant role in economic growth, Micro, Small and Medium Enterprises (MSMEs) are currently the center of attention of the government and the general public. MSMEs serve as a means to create jobs, drive economic progress, and create a private sector, so the development of MSMEs plays an important role in economic development. However, in reality, MSMEs still face many internal and external challenges, one of which is a lack of capital. Therefore, Islamic microfinance is present to assist MSME capital. The main objective of this study is to determine the extent to which MSME actors' perceptions of Islamic microfinance facilities provided by Islamic Financial Institutions (LKS). From the results of the descriptive analysis of this study, it can be seen that the majority of respondents (62%) already know or have heard about Islamic financial products. Even so, this knowledge does not move the majority of respondents to utilize Islamic financial products, where only 34% of respondents have or have had an Islamic bank account, and only 34% of respondents have or are applying for Islamic microfinance. Of the 34% or 61 respondents who have or are applying for Islamic microfinance, the nominal amount applied for by the majority is not too large, which is below 10 million rupiah. Keywords: MSMEs, Sharia Microfinance
Co-Authors Faizi Hafizh Fadhilah Atmadja Kusuma, Airlangga Surya Salma Asla Salsabila Praza