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The Resilience of Non-Sharia Compliant Company in Indonesia Stock Exchange (IDX) and its Determinants: Evidence from 2005-2013 Qizam, Ibnu; Ardiansyah, Misnen; Qoyum, Abdul
INFERENSI: Jurnal Penelitian Sosial Keagamaan Vol 11, No 2 (2017)
Publisher : State Institute of Islamic Studies (IAIN) Salatiga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18326/infsl3.v11i2.269-290

The aims of this study were to examine the resilience of non-sharia stock in Indonesia, to measure the impact of macro-economic variables and micro-company specific factors toward resilience. All the data, including 30 non-sharia companies in Indonesia, are retrieved from Indonesia Stock Exchange and Bloomberg database. Our dataset spans from 2005 to 2013, the study employs GMM Estimation Approach to estimate the determinants of companyâ€™s resilience in Indonesia. The results find that profitability ratios (ROE, ROIC, NIM), liquidity ratio (CASHR, CURR), debt asset ratio, and lagged dependent variable (Mertonit-1) are found to be statistically significant determinants of Merton distance-to-default. The company size is not a good predictor of the default risk for companies observed. This study emphasizes the benefits of using several accounting-based measures in company-default prediction models.Â

DINAMIKA HUBUNGAN FOREIGN DIRECT INVESTMENT (FDI), MAKROEKONOMI DAN RETURN INDEKS SAHAM SYARIAH DI EMPAT NEGARA ASEAN Fitriyanto, Nur; Ardiansyah, Misnen; Wibowo, Muhammad Ghafur; Satibi, Ibi
An-Nisbah: Jurnal Ekonomi Syariah Vol 8 No 2 (2021): An-Nisbah
Publisher : IAIN Tulungagung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21274/an.v8i2.4471

Negara-negara kawasan Asia Tenggara tengah menyongsong integrasi pasar modal. Kehadiran momentum itu, dibutuhkan kondisi ekonomi masing-masing negara yang stabil dan pasar modal yang menarik. Momentum ini juga merupakan kesempatan pasar modal syariah untuk lebih dikembangkan di kawasan ini. Penelitian ini bertujuan untuk menguji pengaruh Foreign Direct Investment (FDI) dan variabel ekonomi makro yakni pertumbuhan ekonomi, inflasi, suku bunga acuan dan nilai tukar terhadap return indeks saham syariah di empat negara ASEAN yaitu Indonesia, Malaysia, Thailand dan Singapura. Periode penelitian sejak kuartal IV tahun 2006 sampai dengan kuartal I tahun 2020. Metode yang digunakan dalam pembuktian empiris pada penelitian ini adalah Autoregressive Distributed Lag Bounds Testing Approach (ARDL). Penelitian ini menemukan hubungan kointegrasi jangka panjang pada semua negara objek penelitian. Dalam hubungan jangka panjang dan dinamika jangka pendek, penelitian ini menemukan adanya variasi hasil dan arah koefisien di 4 negara ASEAN. Kecepatan penyesuaian kembali keseimbangan jika terjadi goncangan berturut-turut Indonesia, Malaysia, Thailand dan Singapura adalah 44.7%, 65.4%, 43.5% dan 50.0% per bulannya.

Does Digitalization Have a Dampening Effect on Income Inequality? Evidence from OIC Countries Munandar, Aris; Ardiansyah, Misnen; Zulni, Dhiyaul Aulia
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.v9i3.608

The rapid advancement of digital technology has the capacity to create significant effects on income distribution by shaping the availability and quality of employment opportunities. As a result, it has the potential to either narrow or widen income inequality in society. In this paper, we attempt to test the effect of digitalization on income and wealth inequality. We use a multiproxy of digitalization from the International Telecommunication Union ICT database and comprehensive inequality proxy from the World Inequality Database consisting of 56 Organization of Islamic Cooperation member countries from 2010-2021 and estimate their relationship by performing a fixed-effect panel regression. Our finding reveals that digitalization can alleviate income and wealth inequality. Its narrowing effect also applies to income gender inequality. The decline in income inequality is associated with lower GDP per capita, higher net inflow of foreign direct investment, and greater political stability. Similarly, lower wealth inequality is linked to lower GDP per capita and improved political stability. In light of these results, we recommend that governments implement policies aimed at fostering technological advancements, such as infrastructure development to enhance internet and telecommunication coverage. Additionally, inclusive economic growth policies should be prioritized, along with efforts to attract foreign investment through business-friendly reforms and the promotion of political stability that is devoid of gender discrimination.

Impact of Zakat-Based Business Capital on Mustahiq's Welfare Post-Disaster in Sigi Regency Hasanah, Uswatun; Anwar, Syamsul; Ardiansyah, Misnen
Signifikan: Jurnal Ilmu Ekonomi Vol 12, No 1 (2023)
Publisher : Faculty of Economic and Business Syarif Hidayatullah State Islamic University of Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/sjie.v12i1.25178

This study investigates the BAZNAS Microfinance Desa (BMD) Sigi program’s impacts on the material and spiritual well-being of the Mustahiq (zakat beneficiaries). The quantitative CIBEST model and qualitative observation were performed on 100 households recruited using a random sampling technique. The results show that BMD Sigi’s program positively impacted Mustahiq’s material and spiritual well-being, with increases of 35.39% and 10%, respectively. The welfare index rose 19%, and the material poverty index fell by 1%. Both spiritual poverty and the absolute index fell by 6% and 12%, respectively. Our direct observation further supports the quantitative findings, showing that monitoring and technical support provided by BMD Sigi is crucial for the successful implementation of the program. This study contributes to the novelty of measuring the impact of zakat distribution on productive means using quantitative and qualitative approaches with particular evidence from a post-disaster area.JEL Classification: D64, I38, L31, Z12How to Cite:Hasanah, U., Anwar, S., & Ardiansyah, M. (2023). Impact of Zakat-Based Business Capital on Mustahiq’s Welfare Post-Disaster in Sigi Regency. Signifikan: Jurnal Ilmu Ekonomi, 12(1), 175-190. https://doi.org/10.15408/sjie.v12i1.25178.

Exploring zakat payment intentions using the Theory of Planned Behavior among members of Muhammadiyah in Indonesia Syaputra, Ahmad Danu; Ardiansyah, Misnen; Sa'adah, Nurus
Journal of Islamic Economics Lariba Vol. 11 No. 1 (2025)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jielariba.vol11.iss1.art23

IntroductionZakat plays a fundamental role in promoting economic justice and social welfare in Muslim communities. Muhammadiyah, as one of the largest Islamic organizations in Indonesia, actively manages zakat through its philanthropic institution. Despite this, zakat compliance remains uneven, prompting the need to understand what drives individuals' intentions to pay zakat within religious organizations.ObjectivesThis study aims to analyze the behavioral intentions to pay zakat among members of the Muhammadiyah organization. It specifically examines how attitude, subjective norms, and perceived behavioral control influence the intention to pay zakat, using the Theory of Planned Behavior as the guiding framework.MethodA quantitative approach was employed with a structured online questionnaire distributed to 200 members of Muhammadiyah. The data collected were analyzed using Structural Equation Modeling with the Partial Least Squares method to assess the relationships between the three behavioral constructs and zakat intention.ResultsThe findings reveal that perceived behavioral control and subjective norms significantly influence the intention to pay zakat among Muhammadiyah members. Perceived behavioral control emerged as the strongest predictor, indicating that the ability and convenience to pay zakat play a critical role. Subjective norms also had a notable positive impact, suggesting that social expectations and religious community influence enhance zakat intention. Contrary to common assumptions, attitude did not have a significant effect on behavioral intention in this context. The model explained 49 percent of the variance in zakat intention, demonstrating a moderate level of predictive power.ImplicationsThese results suggest that increasing zakat compliance in Islamic organizations such as Muhammadiyah requires strategies that enhance accessibility and social reinforcement. Strengthening the influence of religious leaders, promoting collective obligations, and improving ease of payment through institutional services can foster a stronger intention to fulfill zakat.Originality/NoveltyThis study contributes to the literature by applying the Theory of Planned Behavior to a specific religious organizational context. It provides new insights by highlighting that perceived control and normative influence are more decisive than individual attitudes in shaping zakat behavior among committed Muslim communities. This research offers a valuable reference for designing effective zakat campaigns and improving philanthropic engagement in Islamic institutions.

Peran Organisasi Non Pemerintah Human Initiative Sumatera Utara Terhadap Pemberdayaan Ekonomi Masyarakat Pesisir Kota Medan Wati, Lina; Ardiansyah, Misnen; Pasrizal, Himyar
Jurnal Magister Ekonomi Syariah Vol. 1 No. 2 Desember (2022): J-MES: Jurnal Magister Ekonomi Syariah
Publisher : Program Studi Magister Ekonomi Syariah, Fakultas Ekonomi dan Bisnis Islam, Universitas Islam Negeri Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/jmes.2022.012-06

Success in development depends not only on a dynamic private sector and an efficient public sector but also on a robust civil society sector. The purpose of this research is to examine more deeply the role of the North Sumatra Human Initiative non-governmental organization for the economic empowerment of the coastal communities of Medan city, and to conduct a SWOT analysis (Strength, Weakness, Opportunity, Threat) regarding the potential for economic empowerment of the coastal communities of the Medan city, then to formulate a policy strategy. It is suitable to be applied to a community empowerment program in the final stage to recommend strategic opportunities or potentials to be developed for HI North Sumatra. The research approach uses descriptive qualitative with the SWOT analysis technique to analyze data. The research results were obtained in the last two years, the North Sumatra Human Initiative NGO was supported by PT. Pertamina has organized an economic empowerment program for the coastal communities of Medan City. In line with this, the vision and mission of the Medan City government are to prioritize economic empowerment for coastal communities. Therefore, the Medan City Government, the private sector, and NGOs are expected to be able to construct the economic development of the Medan City community to become more advanced and prosperous.

Adoption of the AAOIFI International Code of Ethics for Indonesian Islamic Accountants Haitam, R. Ibnu; Ardiansyah, Misnen; Salim, Mohammad
IKONOMIKA Vol 6, No 2 (2021)
Publisher : Universitas Islam Negeri Raden Intan Lampung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24042/febi.v6i2.11528

Accounting scandals against standards still occur in Indonesia. The Indonesian Islamic accounting code of ethics needs to be formulated in line with the development of Islamic accounting practices in Indonesia. The preparation of the Islamic accounting code of ethics needs to adopt the AAOIFI International Islamic accounting organization code of ethics. This study aims to describe the recommendations of scholars regarding the adoption of the AAOIFI code of ethics for Indonesian Islamic accountants. This research uses a qualitative type prioritizing interview techniques in collecting data. The study used the AAOIFI code of ethics through interviews with ulama (scholar) from the Indonesian Ulema Council (MUI). The results of this study are the adoption of the AAOIFI code of ethics provides guidelines for the preparation of a code of ethics for Indonesian Islamic accountants. The preparation of the code of ethics for Islamic accountants applies Islamic law in order to provide solutions to contemporary modern problems. The adoption of the AAOIFI International Code of Ethics takes into account the Indonesian urf am so that it is in accordance with existing financial accounting practices.

Determinants of Return on Equity in Sharia Bank in Indonesia Daulay, Muhammad Apis; Satriana, Desmi; Ardiansyah, Misnen
Al-bank: Journal of Islamic Banking and Finance Vol 5, No 2 (2025): July - Desember 2025
Publisher : Universitas Islam Negeri Mahmud Yunus Batusangkar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31958/ab.v5i2.15812

This study examines the influence of several financial indicators Firm Size, BOPO, NOM, DER, FDR, DPK, NPF, and CAR on Return on Equity (ROE) in Indonesian Sharia Banks from 2013 to 2022. Using a quantitative approach with secondary data sourced from the Financial Services Authority (FSA) and banks’ annual reports, the study employed panel data regression with model selection among Common Effect Model (CEM), Fixed Effect Model (FEM), and Random Effect Model (REM). The REM was identified as the most suitable model. The results reveal that NOM and DPK have a positive and significant impact on ROE, while BOPO, DER, and NPF negatively and significantly affect ROE. These findings offer insights into optimizing financial strategies in Islamic banking in Indonesia

Localizing the SDGs: A Case Study of Collaborative Models between BUM Desa and Pesantren in Central Java Marimin, Agus; Ardiansyah, Misnen; Indra Jaya, Pajar Hatma
Share: Jurnal Ekonomi dan Keuangan Islam Vol. 14 No. 2 (2025): IN PROGRESS
Publisher : Faculty of Islamic Economics and Business, Universitas Islam Negeri Ar-Raniry

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22373/share.31500

Achieving the Sustainable Development Goals (SDGs) at the village level requires collaboration across institutions. However, such collaboration is often hindered by differing institutional orientations and interests. Village-Owned Enterprises (BUM Desa), which aim to strengthen the local economy, hold significant potential for strategic partnerships. Unfortunately, cooperation between BUM Desa and other institutions such as Islamic boarding schools (pesantren), remains limited. Pesantren, as socio-religious institutions, have strong community networks and considerable influence. This study explores a collaboration model between BUM Desa and the Modern Islamic Boarding School (PPMI) Assalam in Sukoharjo Regency. It aims to analyze how these institutions, despite their distinct orientations, work together to support SDG implementation. Using a qualitative case study approach, data were gathered through interviews with BUM Desa managers, pesantren leaders, village officials, and community figures, alongside observations and document analysis. Thematic analysis was conducted through data collection, condensation, presentation, and conclusion stages. Findings reveal nine joint initiatives: four in the economic sector, three in the social sector, and two in the environmental sector. The success of this collaboration is driven by five key factors: (1) initial conditions, (2) institutional design, (3) facilitative leadership, (4) collaborative dynamics such as trust, dialogue, and shared understanding, and (5) tangible outcomes aligned with SDG targets. This study integrates collaborative governance, social enterprise, stewardship, and sharia enterprise theories. Practically, it offers guidance for policymakers and local leaders to develop culturally grounded partnerships that connect economic innovation with social and spiritual legitimacy, accelerating SDG achievement at the village level. Abstrak Mewujudkan SDGs di Tingkat Lokal: Studi Kasus Model Kolaborasi antara BUM Desa dan Pesantren di Jawa Tengah. Pencapaian Tujuan Pembangunan Berkelanjutan (SDGs) di tingkat desa memerlukan kolaborasi antar-lembaga. Namun, kolaborasi ini sering terhambat oleh perbedaan orientasi dan kepentingan kelembagaan. Badan Usaha Milik Desa (BUM Desa), yang bertujuan memperkuat ekonomi lokal, memiliki potensi besar untuk membangun kemitraan strategis. Sayangnya, kerja sama antara BUM Desa dan lembaga lain seperti pesantren, masih terbatas. Padahal, pesantren sebagai lembaga sosial-keagamaan memiliki jaringan kuat dan pengaruh besar di masyarakat. Penelitian ini mengkaji model kolaborasi antara BUM Desa dan Pondok Pesantren Modern Islam (PPMI) Assalam di Kabupaten Sukoharjo. Tujuannya adalah menganalisis bagaimana kedua lembaga dengan orientasi berbeda dapat bekerja sama dalam mendukung implementasi SDGs. Pendekatan kualitatif dengan metode studi kasus digunakan, dengan pengumpulan data melalui wawancara dengan pengelola BUM Desa, pimpinan pesantren, aparat desa, dan tokoh masyarakat, serta observasi dan analisis dokumen. Analisis tematik dilakukan melalui tahapan pengumpulan, kondensasi, penyajian, dan penarikan kesimpulan. Hasil penelitian menunjukkan sembilan inisiatif bersama: empat di sektor ekonomi, tiga di sektor sosial, dan dua di sektor lingkungan. Keberhasilan kolaborasi ini didorong oleh lima faktor utama: (1) kondisi awal, (2) desain kelembagaan, (3) kepemimpinan fasilitatif, (4) dinamika kolaboratif seperti kepercayaan, dialog, dan pemahaman bersama, dan (5) hasil nyata yang selaras dengan target SDGs. Studi ini menggabungkan teori tata kelola kolaboratif, kewirausahaan sosial, stewardship, dan kewirausahaan syariah. Secara praktis, studi ini memberikan panduan bagi pembuat kebijakan dan pemimpin lokal untuk merancang kemitraan berbasis budaya yang menghubungkan inovasi ekonomi dengan legitimasi sosial dan spiritual dalam percepatan SDGs di tingkat desa.

Impact of Zakat-Based Business Capital on Mustahiq's Welfare Post-Disaster in Sigi Regency Hasanah, Uswatun; Anwar, Syamsul; Ardiansyah, Misnen
Signifikan: Jurnal Ilmu Ekonomi Vol. 12 No. 1 (2023)
Publisher : Faculty of Economic and Business, Universitas Islam Negeri Syarif Hidayatullah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/sjie.v12i1.25178

This study investigates the BAZNAS Microfinance Desa (BMD) Sigi program’s impacts on the material and spiritual well-being of the Mustahiq (zakat beneficiaries). The quantitative CIBEST model and qualitative observation were performed on 100 households recruited using a random sampling technique. The results show that BMD Sigi’s program positively impacted Mustahiq’s material and spiritual well-being, with increases of 35.39% and 10%, respectively. The welfare index rose 19%, and the material poverty index fell by 1%. Both spiritual poverty and the absolute index fell by 6% and 12%, respectively. Our direct observation further supports the quantitative findings, showing that monitoring and technical support provided by BMD Sigi is crucial for the successful implementation of the program. This study contributes to the novelty of measuring the impact of zakat distribution on productive means using quantitative and qualitative approaches with particular evidence from a post-disaster area.JEL Classification: D64, I38, L31, Z12How to Cite:Hasanah, U., Anwar, S., & Ardiansyah, M. (2023). Impact of Zakat-Based Business Capital on Mustahiq’s Welfare Post-Disaster in Sigi Regency. Signifikan: Jurnal Ilmu Ekonomi, 12(1), 175-190. https://doi.org/10.15408/sjie.v12i1.25178.

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