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All Journal Jurnal Penelitian Ekonomi dan Bisnis I-Finance Journal Perisai : Islamic Banking and Finance Journal Economica: Jurnal Ekonomi Islam Jurnal Riset Keuangan dan Akuntansi (JRKA) al-Afkar, Journal For Islamic Studies Shirkah: Journal of Economics and Business IQTISHADUNA: Jurnal Ekonomi dan Keuangan Islam TSAQAFAH Jurnal Tabarru': Islamic Banking and Finance FINANSIA : Jurnal Akuntansi dan Perbankan Syariah Journal of Enterprise and Development (JED) MALIA: Journal of Islamic Banking and Finance Jurnal Ilmu Perbankan dan Keuangan Syariah Ulumuna Jurnal Manajemen Bisnis dan Keuangan Invest Journal of Sharia & Economic Law Etihad: Journal of Islamic Banking and Finance El-Ecosy : Jurnal Ekonomi dan Keuangan Islam Islamic Banking : Jurnal Pemikiran dan Pengembangan Perbankan Syariah Akuntansi'45 Jurnal Ekonomika dan Bisnis Islam Akademika : Jurnal Pemikiran Islam Jurnal Perbankan Syariah Darussalam (JPSDa) Multazam : Jurnal Manajemen Haji dan Umrah AT-TIJARAH: Journal Islamic Banking and Finance Research Jurnal Nuansa: Publikasi Ilmu Manajemen dan Ekonomi Syariah INASJIF Jurnal Akuntansi, Keuangan, Perpajakan dan Tata Kelola Perusahaan JISEF : Journal Of International Sharia Economics And Financial Journal of Management and Innovation Entrepreneurship (JMIE) Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Jurnal Maps (Manajemen Perbankan Syariah) Ziswaf Asfa Journal Journal of Development Economics and Digitalization, Tourism Economics (JDEDTE) Jurnal Bisnis Inovatif dan Digital Journal of Finance and Islamic Banking Jurnal Perbankan Syariah Journal of Islamic economics Perspectives (JIEP) Iqtishadia: Jurnal Ekonomi dan Perbankan Syariah Al-bank: Journal of Islamic Banking and Finance JPS (Jurnal Perbankan Syariah) International Journal of Islamic Business and Economics (IJIBEC) Jurnal Ekonomi, Manajemen, Akuntansi Al-Amwal: Jurnal Ekonomi dan Perbankan Syariah
Budi Sukardi
Universitas Islam Negeri Raden Mas Said Surakarta
Religion Agriculture, Biological Sciences & Forestry Arts Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Industrial & Manufacturing Engineering Law, Crime, Criminology & Criminal Justice Social Sciences Other

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Impact of Israelli-Boycotts on Stock Volatility: A GARCH Analysis of Unilever and Indofood Hasyim, Fuad; Sukardi, Budi
Jurnal Penelitian Ekonomi dan Bisnis Vol. 10 No. 2 (2025): September 2025
Publisher : Universitas Dian Nuswantoro Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33633/jpeb.v10i2.11362

Abstract

This study examines the impact of boycotts on stock volatility, focusing on three major companies: Unilever Indonesia (UNVR), Unilever Global (ULVR), and PT Indofood Sukses Makmur (INDF). Utilizing the GARCH (1,1) model, the research analyzes the volatility patterns of these stocks over a specified period, incorporating external events such as boycotts. The findings reveal that UNVR exhibits higher volatility compared to ULVR and INDF, indicating its greater sensitivity to market changes. Interestingly, the study finds that the dummy variable representing war events is not significant in explaining stock return volatility, suggesting that such events do not meaningfully impact volatility during the observation period. However, a noticeable decline in stock prices for UNVR and ULVR during the boycott period highlights the nuanced effect of external pressures on market performance. These results underscore the importance of understanding the differential impacts of external events on stock volatility and prices, providing valuable insights for investors and policymakers in managing risk and making informed decisions.
APAKAH SHARIAH COMPLIANCE MENINGKATKAN LOYALITAS NASABAH BPR SYARIAH LANTABUR TEBUIRENG? KEPUASAN SEBAGAI VARIABEL MODERASI Arizah, Putri; Sukardi, Budi
Journal of Management and Innovation Entrepreneurship (JMIE) Vol. 3 No. 1 (2025): Oktober
Publisher : Yayasan Nuraini Ibrahim Mandiri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70248/jmie.v3i1.2525

Abstract

Shariah compliance merupakan bagian dari upaya menjaga eksistensi perbankan syariah di tengah masyarakat. Kurangnya pemahaman mendalam tentang prinsip syariah membuat nasabah menyamakan antara bank konvensional dan syariah. Tujuan penelitian ini untuk mengetahui apakah shariah compliance dapat meningkatkan loyalitas nasabah. Menggunakan teknik probability sampling yaitu teknik simple random sampling dan Penelitian ini menggunakan regresi linier berganda untuk menganalisis data dan Moderated Regressioin Analysis. Shariah Compliance berpengaruh positif dan signifkan terhadap loyalitas nasabah Bank BPR Syariah Lantabur Tebuireng dan Kepuasan tidak dapat memperkuat pengaruh Shariah Compliance terhadap loyalitas nasabah Bank BPR Syariah Lantabur Tebuireng.
Quality E-Wallet Transaction Services for Indonesia's Millennial Student Generation: Layanan Transaksi E-Wallet Berkualitas untuk Generasi Pelajar Milenial Indonesia Selsapagita, Indah; Sukardi, Budi
Perisai : Islamic Banking and Finance Journal Vol. 7 No. 1 (2023): April
Publisher : Universitas Muhammadiyah Sidoarjo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21070/perisai.v7i1.1632

Abstract

The study aims to determine the influence of the quality of e-wallet transaction services simultaneously on the lifestyle of Solo Raya millennial students and determine the most dominant variables affecting the lifestyle of Solo Raya millennial students. A quantitative approach was used in this study. The study population consisted of millennial students in Solo Raya. The research sampling method was purposive and used predetermined criteria. Data collection techniques included documentation, literature review, and questionnaires. Data analysis using multiple regression techniques. The result of the study is that the quality of e-wallet transaction services simultaneously significantly affects the lifestyle of millennial students in Solo Raya. The most dominant variable affecting the lifestyle of the Solo Raya millennial students was reliability.
ADOPTION OF USER SATISFACTION WITH THE UTAUT2 MODEL IN USING INDONESIA SHARIA MOBILE BANKING Sari, Anggi Puspita; Sukardi, Budi; Abadi, Muhammad Kurnia Rahman
FINANSIA : Jurnal Akuntansi dan Perbankan Syariah Vol 7 No 1 (2024): FINANSIA : Jurnal Akuntansi dan Perbankan Syariah
Publisher : Fakultas Ekonomi Dan Bisnis Islam IAIN Metro

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32332/finansia.v7i1.8165

Abstract

Indonesia has a large number of internet users, which at the very least indicates its enormous digital potential. Banks and other financial institutions are benefiting from improved digital offerings. This study strengthens literacy and inclusion as an effective strategy for strengthening the effects of the integrated UTAUT2 construct model with user satisfaction using Islamic mobile banking applications. Quantitative research type, with a research sample of 206 respondents as the primary data source using a questionnaire survey. Data analysis using partial regression analysis (PLS-SEM). The results prove that several factors have a positive and significant effect, namely the variables of behavioral intention, facilitating conditions, habit on user behavior and habit, hedonic motivation, and user satisfaction on behavioral intention. On the other hand, some variables do not affect, namely the variables of performance expectancy, effort expectancy, facilitating conditions, price value, and social influence on behavioral intention.
E-Servqual Digitalization Of Islamic Banks And Customer Retention In Surakarta Pramesty, Annastya Ayu; Sukardi, Budi
Al-bank: Journal of Islamic Banking and Finance Vol 4 No 1 (2024): January - June 2024
Publisher : Universitas Islam Negeri Mahmud Yunus Batusangkar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31958/ab.v4i1.10754

Abstract

This study aims to determine the effect of banking digitalization service quality on customer loyalty of Islamic banks in Surakarta city. This type of research is quantitative research with a sample of 100 bank customers who use Islamic bank digital services, using primary data obtained through direct distribution of a questionnaire with a Likert scale, the data is processed using multiple linear regression analysis. The research proves that efficiency, reliability, fulfillment, privacy, responsiveness has no significant effect on customer retention in using bank digital services, as evidenced by the statistical value of each variable, namely 0.763, 0.727, 0.083, 0.225, 0.093 greater than 0.05. Contact has a positive and significant effect on customer retention in the use of digital banking services with a statistical value of 0.012 less than 0.05. This research has implications for strengthening strategies and services in the use of digital FinTech by Islamic banks in Indonesia
Transforming Mosque Sustainability: Leveraging Islamic Economics and Finance for Community Empowerment Hidayat, Rahmat; Rodoni, Ahmad; Sukardi, Budi; Fachrurazi; Asmanto, Eko; Ismail, Nurizal
Economica: Jurnal Ekonomi Islam Vol. 16 No. 2 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Islam UIN Walisongo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/economica.2025.16.2.28314

Abstract

This research focuses on the shift in mosque empowerment models, particularly in terms of financial sustainability, rooted in Islamic economics and finance. By exploring the correlation of Islamic economics (Y), Islamic finance (Y), and mosque sustainability (Z), this research can utilize the mixed method approach of quantitative analysis to survey 200 congregation members, conduct in-depth interviews with five key informants, and employ PLS-SEM. This is the first mosque sustainability performance study to provide a quantitative analysis, along with PLS-SEM, and to correlate finance and economics in the Islamic context. Findings indicate that Islamic finance intermediates the influence of Islamic economics on mosque sustainability (indirect β=0.527; p<0.001). Islamic economics is explained to have a considerable direct influence on Islamic finance (β=0.782; p<0.001) as well as Islamic finance being the greatest contributor to mosque sustainability (β=0.673; p<0.001). This research affirms the four-dimensional sustainability pillar and the anticipation of mosque management to respond to the SDGs. This provided strong financial governance, partnership with Islamic banking, trained financial governance, and Islamic financial literacy courses.
A World on Fire, Markets in Turmoil: Uncovering the Resilience of Islamic Stocks Amid Global Conflict Hasyim, Fuad; Sukardi, Budi; Astuti, Yuni
Etihad: Journal of Islamic Banking and Finance Vol. 5 No. 2 (2025)
Publisher : UIN Kiai Ageng Muhammad Besari Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21154/etihad.v5i2.11942

Abstract

Introduction: Geopolitical conflicts that have occurred since 2023, especially between Israel and Palestine, and Israel and Iran, have created significant pressure on global financial market stability. This study evaluates and compares the response and volatility of Islamic stock indices (the Dow Jones Islamic Market) and conventional stock indices (the MSCI World) to those of two major geopolitical events. Research Methods: Using the event-based EGARCH(1,1) model and daily data for the period from January 2023 to June 2025, this study also included macroeconomic control variables such as VIX, USDX, gold prices, and oil prices in the analysis. Results:The results show that DJIM tends to be more responsive to global risk indicators (such as VIX and USDX), but relatively stable to the direct impact of conflict, while the MSCI World shows greater sensitivity to oil price fluctuations. Both indices show persistent and asymmetric volatilities. However, DJIM exhibits a stronger stability in the face of external uncertainty. Conclusion: This study makes an important contribution to the understanding of the resilience of the Sharia market and offers a new methodological approach for examining the dynamics of global conflict. These findings are relevant for investors, regulators, and policymakers to build more resilient and ethical investment strategies.
Adoption of UTAUT3 Model on the Use of BSI Mobile Application Putri, Daneza Dhea Ananda; Sukardi, Budi
IQTISHADIA Jurnal Ekonomi & Perbankan Syariah Vol. 12 No. 2 (2025): Vol. 12 No. 2 (2025)
Publisher : Institut Agama Islam Negeri Madura

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

This research is used to examine the variables that determine user intention in adopting BSI Mobile services as a digital payment platform through the UTAUT3 construct model. This type of research is quantitative, with a research sample of 245 respondents as the primary data source using a questionnaire survey. Data analysis using SmartPLS software. The research findings show that there are variables that have a significant influence, namely the variables of performance expectations, social influence, habits, and personal innovation on behavioural intentions, as well as facilitating conditions, habits, and behavioural intentions on usage behaviour. Meanwhile, variables that do not have a significant impact are effort expectations, hedonic motivation, price value, and facilitating conditions on behavioural intention, as well as personal innovation on usage behaviour. This research contributes to knowing the link between how the behaviour of BSI Mobile service users as a guide for platform owners and users to develop better services and the Indonesian people in choosing the use of digital payments, as well as spreading the literacy of using the BSI Mobile application. Keywords: UTAUT3; BSI Mobile; SEM-PLS. Abstrak: Penelitian ini digunakan untuk mengkaji variabel penentu niat pengguna dalam mengadopsi layanan BSI Mobile sebagai platform pembayaran digital melalui model konstruk UTAUT3. Jenis penelitian ini adalah kuantitatif, dengan sampel penelitian sejumlah 245 responden sebagai sumber data primer menggunakan survei kuesioner. Analisis data menggunakan software SmartPLS. Temuan penelitian menunjukkan bahwa terdapat variabel yang memiliki pengaruh signifikan yaitu variabel harapan kinerja, pengaruh sosial, kebiasaan, dan inovasi pribadi terhadap niat berperilaku, serta kondisi yang memfasilitasi, kebiasaan, dan niat berperilaku terhadap perilaku penggunaan. Sedangkan variabel yang tidak memiliki dampak signifikan yaitu harapan usaha, motivasi hedonis, nilai harga, dan kondisi yang memfasilitasi terhadap niat berperilaku, serta inovasi pribadi terhadap perilaku penggunaan. Penelitian ini berkontribusi untuk mengetahui kaitan antara bagaimana perilaku pengguna layanan BSI Mobile sebagai panduan untuk pemilik platform maupun pengguna untuk mengembangkan layanan yang lebih baik serta masyarakat Indonesia dalam memilih penggunaan pembayaran secara digital, sekaligus menyebarkan literasi penggunaan aplikasi BSI Mobile. Kata Kunci: UTAUT3; BSI Mobile; SEM-PLS.
Digital Confidence Beyond Profit: How Self-Efficacy And Perceived Authenticity Override Risk Preferences In Muslim Generation Z's Sharia Investment Motivation In Surakarta Aulia Nisrina, Fida; Sukardi, Budi
AT-TIJARAH: Jurnal Penelitian Keuangan dan Perbankan Syariah Vol. 7 No. 2 (2025): AT-TIJARAH: Jurnal Penelitian Keuangan dan Perbankan Syariah
Publisher : Fakultas Ekonomi dan Bisnis Islam - IAIN Lhokseumawe

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52490/at-tijarah.v7i2.6806

Abstract

along with growing financial awareness and Islamic values, but their actual participation in the Islamic stock market remains relatively low compared to their demographic potential. This study aims to analyze the influence of self-efficacy, risk preference, and perceived authenticity on Islamic stock investment motivation, with attitude as a mediating variable among Generation Z Muslims in Surakarta City. This study used a quantitative method with an associative approach. Data were obtained from 194 respondents through an online questionnaire using a five-point Likert scale and analyzed using Structural Equation Modeling-Partial Least Square (SEM-PLS). The results showed that self-efficacy, perceived authenticity, and attitude had a significant positive effect on Islamic stock investment motivation, while risk preference had no significant effect. Attitude was proven to mediate the relationship between self-efficacy and perceived authenticity with Islamic stock investment motivation. These findings confirm that self-confidence and perceived product authenticity are more dominant than risk aversion in shaping investment motivation. The research implications emphasize the importance of increasing self-efficacy and perceptions of authenticity through transparency, halal certification, and digital education to increase Generation Z participation in sharia stock investment.
Commercial and social activities of Indonesian Islamic banks: do they relate? Budi Sukardi; Muhammad Alan Nur; Fachrurazi Fachrurazi; Fuad Dhiya Ul Husaen; Eko Asmanto
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.v4i2.5584

Abstract

Purpose — This study investigates the relationship between commercial and social activities in Indonesian Islamic banks.Method — This study employed a Panel Vector Error Correction Model (PVAR) model with Impulse Response Function (I.R.F), Variance Decomposition (V.D.C), and Granger Causality. Observations were conducted from 2010 to 2020 on eight Islamic banks in Indonesia, representing 72.72 percent of the total Islamic banking population in Indonesia. The collecting of data pertains to the yearly financial report. Social activities are based on the amount of zakat fund distribution (ZKT) and benevolence fund distribution (DKB). Commercial activities are based on Islamic banking financial ratios that are proxied by Return on Assets (ROA), Financing to Deposit Ratio (FDR), and Non-Performing Financing (NPF).Result — The results showed that social activities in Indonesian Islamic banks are influenced by their commercial activities, but it does not apply vice versa. In other words, there is a one-way relationship between commercial and social activities in Indonesian Islamic banks.Contribution — This study contributes by studying the relationship between commercial and social activities by using the PVAR model with the analysis of Impulse Response Function (I.R.F), Variance Decomposition (V.D.C), and Granger Causality which so far have not been explored.
Co-Authors Abadi, Muhammad Kurnia Rahman Abdullah, Agung Afrida Nurfaizah Amara Ahmad Rodoni Alan Nur, Muhammad Andan Sindia Putri Annastya Ayu Pramesty Arizah, Putri Aulia Nisrina, Fida Aunika, Vita Diyah Mulyani Dwi Surya Atmaja Fachrurazi Febtika Budiya Elsasari Felyna Priyanka Ferdi Arifin Fourika Dela Putriana Fuad Dhiya Ul Husaen Fuad Dhiya Ul Husaen Fuad Dhiya Ul Husaen Fuad Dhiya Ul Husaen Fuad Hasyim Hasyim, Fuad Husaen, Fuad Dhiya Ul Ilya Nur Rahmawati Imro Atul Luthfiyah Isma Wardiana Jannah, Fadzkhul Joko Robi Prasetyo Kurniati , Pratiwi Lalu Agus Satriawan Luluk Mu'afifah Mohammad Albizar Putra Riyadi Mufti Hidayatullah Muhammad Alan Nur Muhammad Alan Nur Multi, Ariana Sindi Nazifah, Nauroh Novita Sari, Aprillia Nur Hidayah Al Amin Nur, Muhammad Alan Nurizal Ismail Nurul Iman Maulana Nurul Khoiriyah Pramesty, Annastya Ayu Prihantono Puspita Ningrum, Ratih Puspita Sari, Anggi Putri, Daneza Dhea Ananda Qulub, Ana Fidatul Rahmat Hidayat Rahmawati, Novita Dina Ririn Tri Ratnasari Riyani Rizky Ali Wardani Romadhon, Rizki Rosita Kusuma Wardani Sari, Anggi Puspita Selsapagita, Indah Sigit Santoso Supriyanto Supriyanto Susilo, Adib . Wahyuning Satriasih Widiatmini Widiatmini Yuni Astuti