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All Journal Jurnal Intermediasi Jurnal Dedikasi ETIKONOMI Jurnal Ekonomi, Bisnis dan Kewirausahaan (JEBIK) JAM : Jurnal Aplikasi Manajemen JIET (Jurnal Ilmu Ekonomi Terapan) Falah : Jurnal Ekonomi Syariah At-Tadbir : jurnal ilmiah manajemen Surya Abdimas JISIP: Jurnal Ilmu Sosial dan Pendidikan Journal of Innovation in Business and Economics Journal of Economics and Business Aseanomics Journal of Enterprise and Development (JED) Studi Kasus Inovasi Ekonomi Jurnal Inovasi Ekonomi Jurnal Ilmiah Manajemen Kesatuan Jurnal Pengabdian dan Peningkatan Mutu Masyarakat (JANAYU) Jurnal Pengabdian Masyarakat Indonesia Jurnal Ilmu Ekonomi Jurnal Perempuan & Anak Jihbiz: Jurnal Ekonomi, Keuangan dan Perbankan Syariah Journal of Financial Economics & Investment Jurnal Akuntansi, Manajemen Dan Ekonomi Islam (JAM-EKIS) Jurnal REP (Riset Ekonomi Pembangunan) Journal of Economic and Social Empowerment Economics Development Analysis Journal Global Review of Tourism and Social Sciences
Sri Budi Cantika Yuli
Universitas Muhammadiyah Malang, Indonesia
Religion Agriculture, Biological Sciences & Forestry Arts Humanities Civil Engineering, Building, Construction & Architecture Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Mathematics Public Health Social Sciences Other

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Rational and Irrational Factors Influencing Bank Stock Prices: GMM Approach Muhammad Firmansyah; Sri Budi Cantika Yuli; Stanislaw Flejterski
Economics Development Analysis Journal Vol. 14 No. 4 (2025): Economics Development Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/edaj.v14i4.29643

Abstract

In the dynamic and volatile capital market, understanding the factors that influence stock prices is essential for making informed investment decisions. Stock price movements are influenced by rational, fundamental information, irrational investor behavior, and sentiment. This study aims to analyze the influence of rational and irrational factors on stock prices in the Indonesian banking sector during the 2020-2024 period. The rational variables include price-to-book value (PBV), financial literacy, technology adoption, and interest rates, while irrational influence is represented by investor sentiment or mood. Using a dynamic panel data approach with the Generalized Method of Moments (GMM), this study examines four major Indonesian banks: Bank Mandiri, BNI, BRI, and BCA. The results show that PBV, financial literacy, and technology adoption significantly affect stock prices, while interest rates have a significant negative effect. Additionally, investor sentiment has a considerable positive impact, indicating that emotional and psychological factors can drive stock price movements beyond fundamental valuation. This research presents a novel analytical model that integrates rational and irrational perspectives, offering a comprehensive understanding of stock price volatility in emerging markets. It suggests that investors, companies, and policymakers must consider both fundamental indicators and market sentiment simultaneously to make accurate, timely investment decisions.
Assessing performance of Mawar Emas as a mosque-based Islamic financing program Supiandi Supiandi; Risky Angga Pramuja; Sri Budi Cantika Yuli; Muhammad Yakub; Baiq El Badriati
Journal of Enterprise and Development (JED) Vol. 4 No. 2 (2022): Journal of Enterprise and Development (JED)
Publisher : Faculty of Islamic Economics and Business of Universitas Islam Negeri Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20414/jed.v4i2.6500

Abstract

Purpose — This research aims to assess the performance of the Mawar Emas program since its inception.Method — This descriptive qualitative research involves several types of respondents such as mosque administrators, Chairperson of the Masyarakat Ekonomi Syariah (MES), MES Secretary, and beneficiaries. Data obtained through in-depth interviews were processed using reduction, display, triangulation and conclusion techniques.Result — Using primary and secondary data and qualitative research techniques, the authors found that the Mawar Emas initiative supported 32 mosques in West Nusa Tenggara, totaling 1,194 prospective debtors. In terms of funding, the Mawar Emas program has a yearly budget of Rp. 1,275,000,000. However, these funds have not been used to their full potential since the program's inception. There was a decrease in funding and absorption of funds in the program's second year. Several aspects of this program must be evaluated, including increased funding, defaults, training delivery, outdated data, and the presence of profit-oriented institutions.Contribution — This study contributes by providing performance of a mosque-based Islamic financing program to reduce dependency on conventional moneylenders.
Balancing cultural shock and economic development: A study of impacts on local culture in the Mandalika Special Economic Zone Dede Suleman; Supiandi Supiandi; Sri Budi Cantika Yuli; Zaenal Muttaqin; Uwi Martayadi
Journal of Enterprise and Development (JED) Vol. 5 No. Special-Issue-2 (2023): Journal of Enterprise and Development (JED)
Publisher : Faculty of Islamic Economics and Business of Universitas Islam Negeri Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20414/jed.v5iSpecial-Issue-2.8158

Abstract

Purpose — This study aims to investigate the dual impacts of cultural shock and economic development in the Mandalika Special Economic Zone on the preservation of local culture. Method — Employing a qualitative approach, this research utilizes in-depth interviews and observations to collect data from residents, tourists, and stakeholders within the Mandalika. The gathered insights provide a comprehensive understanding of the cultural impacts, economic developments, and changes in behavior, lifestyle, and cultural norms.Result — The study reveals a range of positive and negative impacts stemming from the collision of local culture with global influences. Positive effects include the introduction of local culture to the world, economic empowerment through tourism, preservation through education, and increased cultural awareness. Conversely, negative outcomes encompass cultural dilution, excessive commercialization, clashes of values, social imbalances, and shifts in lifestyle. These changes manifest in increased social interactions, adoption of global business ethics, modern lifestyle adoption, shifts in consumption patterns, adjustments to tourist expectations, clothing influences, and more.Contribution — This research contributes to the understanding of the intricate interplay between cultural shock, economic growth, and the preservation of local culture in SEZs. By delineating the positive and negative outcomes, this study informs stakeholders and policymakers about the challenges and opportunities presented by cultural shock. It underscores the necessity for balanced strategies that uphold cultural heritage while harnessing economic benefits in the context of SEZ development.
Economic Impact of Halal Tourism in non-Muslim Majority Countries: A Comparative Analysis of Singapore, Thailand, and the UK Muhammad Azizurrohman; Sri Budi Cantika Yuli; Supiandi
Journal of Enterprise and Development (JED) Vol. 6 No. 3 (2024): Journal of Enterprise and Development (JED)
Publisher : Faculty of Islamic Economics and Business of Universitas Islam Negeri Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20414/jed.v6i3.11020

Abstract

Purpose: This study examines the economic contribution of halal tourism to the Gross Domestic Product (GDP) of Singapore, Thailand, and the United Kingdom, highlighting the significance of this market segment in non-Muslim majority countries.Method: Employing a quantitative research approach, the study utilizes multiple regression analysis to investigate the relationship between halal tourism variables (tourist expenditure, tourist arrivals, and policy implementation) and GDP. Data were collected from national tourism boards, government statistics, and relevant reports, with separate analyses conducted for each country to ensure a nuanced understanding.Result: The findings reveal a significant positive impact of halal tourism on GDP in all three countries. In Singapore, tourist expenditure and arrivals, supported by robust halal-friendly policies, substantially contribute to economic growth. Thailand shows similar positive effects, with significant contributions from tourist expenditure and policy implementation. The United Kingdom also benefits economically from halal tourism, particularly through increased tourist expenditure and the implementation of Muslim-friendly policies.Practical Implications for Economic Growth and Development: The study indicates that non-Muslim majority countries like Singapore, Thailand, and the United Kingdom can enhance their GDP by actively promoting and supporting halal tourism through targeted policies and infrastructure that cater to Muslim travelers.
Understanding the Dynamics of Tourist Experience through a Qualitative Lens: A Case Study Approach in Indonesia Sri Budi Cantika Yuli
Global Review of Tourism and Social Sciences Vol. 1 No. 1 (2024): Global Review of Tourism and Social Sciences
Publisher : Yayasan Ghalih Pelopor Pendidikan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53893/grtss.v1i1.323

Abstract

This qualitative study explores the dynamics of tourist experiences in Indonesia, focusing on how cultural, environmental, and service-related factors shape tourist satisfaction and retention. Through in-depth interviews and thematic analysis, the research uncovers insights into the perceptions of both domestic and international tourists, offering practical recommendations for enhancing tourism services in Indonesia. Tourism is one of the main drivers of Indonesia’s economy, making it essential to understand tourist perceptions to promote sustainability and growth. The paper delves into multiple aspects of tourism, from cultural engagement to service quality, analyzing how these factors interact and contribute to the overall tourist experience. The results highlight key areas for improvement in the tourism sector and offer strategies for enhancing visitors' experience in Indonesia.
Corruption as a Key Transmission Channel Linking Governance and Investor Protection in ASEAN Muhammad Firmansyah; Yuli, Sri Budi Cantika; Fitriasari, Fika; Arifin, Zainal; Flejterski, Stanislaw
ETIKONOMI Vol. 25 No. 1 (2026)
Publisher : Faculty of Economic and Business, Universitas Islam Negeri Syarif Hidayatullah Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v25i1.50211

Abstract

Research Originality: The Originality lies in integrating governance quality and macroeconomic variables within a unified framework while explicitly modeling corruption as a mediating variable, a focus that remains underexplored in prior studies. Research Objectives: This study examines the role of corruption as a transmission mechanism linking governance and macroeconomic factors to investor protection in ASEAN countries. Research Method: Using panel data from six ASEAN countries over the period 2010–2023, this study applies panel-data-based path analysis with bootstrapping to estimate both direct and indirect effects. Robustness checks are conducted using fixed-effects, random-effects, and System GMM estimators to ensure the consistency of the results. Empirical Results: The findings show that governance significantly enhances investor protection, while portfolio investment and interest rates exhibit varying effects depending on institutional conditions. Importantly, corruption is found to play a significant mediating role, indicating that improvements in governance and macroeconomic performance do not automatically strengthen investor protection without effective corruption control. Implications: This study suggests that policymakers should integrate governance reforms with anti-corruption strategies to improve investor protection. Strengthening institutional quality, transparency, and regulatory enforcement is essential to create a more secure and sustainable investment environment in ASEAN economies.  JEL Classification: D73, G38, F21, E44
Determinants of Foreign Direct Investment in Asean: A Macroeconomic and Institutional Approach Jordi Fitriano; Muhammad Firmansyah; Sri Budi Cantika Yuli; Tran Thai Ha Nguyen
Jurnal REP (Riset Ekonomi Pembangunan) Vol. 11 No. 1 (2026): April 2026
Publisher : Universitas Tidar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31002/rep.v11i1.4215

Abstract

This study aims to examine the influence of several factors on Foreign Direct Investment (FDI) inflows in ASEAN countries. These factors include macroeconomic variables (exchange rate, economic growth, trade balance, and trade openness) and an institutional variable (political stability). The study covers eight ASEAN member countries (Indonesia, Malaysia, Thailand, Vietnam, the Philippines, Cambodia, Brunei Darussalam, and Timor-Leste) over the period of 2014–2023. A quantitative approach using panel data regression was employed. Based on the Chow, Hausman, and LM tests, the Random Effect Model (REM) was selected as the best model. The results indicate that, collectively, all independent variables have a significant influence on FDI in the ASEAN region. Partial test results show that trade openness and economic growth have a positive and significant effect on FDI, whereas the exchange rate and political stability have a negative and significant effect. The trade balance does not have a significant influence. An Adjusted R-squared value of 0.161 indicates that 16.13 percent of the variation in FDI is explained by these five variables, with the remainder attributed to factors outside the model. This confirms that foreign investors are more responsive to long-term structural factors such as economic growth and trade openness.
Co-Authors Abdullah, M. Faisyal Adi Mursalin Affan, Wildan Andre Surya Aji Arfida Boedirochminarni Azizurrohman, Muhammad Baiq Elbadriati Bambang Widadgo Bambang Widadgo Bambang Widagdo Damayanti, Elok Dede Suleman Djoko Sigit Sayogo Djoko Sigit Sayogo Djoko Sigit Sayogo Djoko Sigit Sayogo Dwi Susilowati Edyta Wojtyla Eka Kadharpa Eka Kadharpa, Eka ER. UMMI KALSUM Fika Fitriasari Flejterski, Stanislaw Ibrohim, Muhammad Andhika Idah Zuhroh Ignatius Septo Pramesworo Immanuel Mu'ammal Jordi Fitriano Kristina Sedyastuti M. Faisyal Abdullah Mahrus Lutfi Adi Kurniawan, Mahrus Lutfi Adi Martayadi, Uwi Maydhy Zulfi Afied Muhajirin Muhajirin Muhammad Firmansyah Muhammad Firmansyah Muhammad Sri Wahyudi Suliswanto Muhammad Yakub Nazaruddin Malik Novi Primita Sari Popy Ragilia Margashella Risky Angga Pramuja Rohma, Alfur Sembiring, Rinawati Shiho Sawai Stanislaw Flejterski Supiandi Supiandi Supiandi Supiandi, Supiandi Tran Thai Ha Nguyen Uwi Martayadi Wahyudi Wildan Affan Wiyono Wiyono Yakub, Muhammad Zaenal Muttaqin Zaenal Muttaqin Zainal Arifin Zainal Arifin Zainal Arifin