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All Journal Signifikan : Jurnal Ilmu Ekonomi Jurnal Manajemen Bisnis INFERENSI An-Nisbah: Jurnal Ekonomi Syariah Ikonomika : Jurnal Ekonomi dan Bisnis Islam al-Uqud : Journal of Islamic Economics Shirkah: Journal of Economics and Business Share: Jurnal Ekonomi dan Keuangan Islam Journal of Islamic Economics Lariba Jurnal Magister Ekonomi Syariah An-Nisbah: Jurnal Ekonomi Syariah Al-bank: Journal of Islamic Banking and Finance Business and Applied Management Journal
Misnen Ardiansyah, Misnen
Faculty of Islamic Economics and Business, State Islamic University (UIN) Sunan Kalijaga Yogyakarta
Religion Humanities Economics, Econometrics & Finance Education Environmental Science Law, Crime, Criminology & Criminal Justice Social Sciences

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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 : UIN Sayyid Ali Rahmatullah Tulungagung

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

Abstract

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.
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

Abstract

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
Psychosocial strain and default behavior in Islamic fintech: An urban–rural analysis using general strain theory Yudha, Ana Toni Roby Candra; Haryono, Slamet; Ardiansyah, Misnen
al-Uqud : Journal of Islamic Economics Vol. 9 No. 2 (2025): July
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26740/al-uqud.v9n2.p162-180

Abstract

This study examines the psychosocial determinants of loan default among Millennial and Gen Z users of Islamic fintech microfinance in Indonesia, applying General Strain Theory (GST) to compare behavioral dynamics across urban and rural contexts. Data were collected from 307 respondents and analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS). The results reveal notable contextual differences: in urban settings, default intention is significantly influenced by social difficulties, feelings of inferiority, life dissatisfaction, loneliness, and weakened moral norms. In contrast, loneliness emerges as the only significant predictor in rural areas. Economic pressure did not serve as a major driver, emphasizing the greater influence of psychosocial strain over financial factors. These findings suggest that fintech providers should refine credit risk assessments by incorporating psychological and social indicators. Interventions such as financial literacy programs, moral reinforcement, and community-based support systems may be particularly effective, especially in rural areas where social isolation is prevalent. This study offers a novel application of GST in the Islamic fintech domain, providing theoretical advancement and practical implications for more ethical and socially inclusive fintech development.
Predicting Islamic Finance Adoption Behavior by MSMEs: Institutional Theory Approach Usman, Usman; Kusuma, Hadri; Ardiansyah, Misnen
Jurnal Manajemen Bisnis Vol. 13 No. 2: September 2022
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/mb.v13i2.14438

Abstract

Research aims: This study aims to develop and validate a prediction model for the Islamic finance adoption by MSMEs based on isomorphism theory. In addition, this study also intends to show that the individual cognitive theory approach employed by previous studies in this area is not appropriate.Design/Methodology/Approach: The research strived to develop a predictive model; therefore, variance-based SEM analysis was chosen. The research data were 242 MSMEs selected from four regencies/cities in Central Java Province, i.e., Semarang City, Pekalongan City, Jepara Regency, and Cilacap Regency. The analysis was carried out to ensure that the measurement and structural models were excellent and acceptable.Research findings: This study successfully constructed and validated a model to predict the behavior of adopting Islamic finance by MSMEs employing the isomorphism theory framework. The resulting model has considered a more comprehensive domain, i.e., external organization (isomorphism pressure), internal organization (good corporate governance, GCG), and individual characteristics of the leaders (halal self-awareness, HSA).Theoretical contribution/Originality: This study closed the research gap in investigating the determinants of Islamic finance adoption from the demand side using an organizational perspective, thereby contributing to building a body of knowledge in the domain of MSME behavior and Islamic finance. Theoretically, the resulting model can be an alternative or substitute for the previous approach. As an organization, MSME behavior should not be investigated using individual cognitive theory as done by all previous studies. This study also introduced a new construct called halal self-awareness (HSA). This construct can be exploited and further developed to investigate individual characteristics of halal products or concepts.Practitioner/Policy implication: Stakeholders must have a strong commitment and earnest efforts to increase coercive and mimetic pressures, increase the HSA of MSME owner-managers, and realize good MSME governance. All this will encourage MSMEs to adopt Islamic finance to contribute positively to improving the national Islamic economic and financial landscape.Research limitation/Implication: The HSA construct could not reveal its direct effect on the adoption behavior of MSMEs. Therefore, future studies need to pay more attention to the measures for the HSA construct, namely: HSA neutral (“I know exactly how well my awareness about…”) or HSA positive (“I know exactly that I have a good awareness of .... ”). That way, the impact of the HSA becomes more accurate.
Islamic Spiritual Well-Being as a Mediator in CRM–Loyalty Relationships: Evidence from Islamic Microfinance Huda, Nurul; Ardiansyah, Misnen; Afandi, Mukhamad Yazid
Business and Applied Management Journal Vol. 2 No. 2 (2025): January-June
Publisher : Al-Qalam Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61987/bamj.v2i2.528

Abstract

This study examines the influence of Customer Relationship Management (CRM) on customer loyalty among Muslim members of Islamic microfinance institutions and investigates the mediating role of Islamic Spiritual Well-Being (ISWB). Grounded in the Stimulus–Organism–Response (S–O–R) framework and the Islamic moral economy perspective, the study explores how CRM can cultivate loyalty rooted in Islamic values within Baitul Maal Wat Tamwil (BMT), a community-based Islamic financial cooperative. A quantitative cross-sectional survey was conducted with 225 members of BMT Nahdlatul Ulama in Madura, Indonesia. ISWB was measured using a nine-item scale representing Islamic virtues such as Falah, Taqarrub, Itqan, Istiqamah, Ta’awun, Ikhlas, Akhlaq, Tawazun, and Qana’ah, while CRM and customer loyalty were measured using established scales. Data were analysed using Partial Least Squares Structural Equation Modelling (PLS-SEM) with SmartPLS 4 and bootstrapping (5,000 resamples). The findings show that CRM significantly influences ISWB (β = 0.780, p < 0.001) and directly affects customer loyalty (β = 0.180, p < 0.05). ISWB also significantly enhances customer loyalty (β = 0.541, p < 0.001) and partially mediates the CRM–loyalty relationship (indirect β = 0.422), accounting for 70.1% of the total effect. These results highlight the importance of integrating Islamic values into CRM practices to strengthen spiritually grounded customer loyalty in Islamic financial institutions.
Co-Authors Abdul Qoyum Afandi, Mukhamad Yazid Agus Marimin, Agus Ahmad Danu Syaputra, Ahmad Danu Ana Toni Roby Candra Yudha Aris Munandar Daulay, Muhammad Apis fitriyanto, nur Hadri Kusuma Haitam, R. Ibnu Himyar Pasrizal Lina wati Mohammad Salim Muhammad Ghafur Wibowo, Muhammad Ghafur Nurul Huda Pajar Hatma Indra Jaya Qizam, Ibnu Sa'adah, Nurus Satibi, Ibi Satriana, Desmi Slamet Haryono Sunaryati Sunaryati Syamsul Anwar, Syamsul Usman Usman Uswatun Hasanah Utari Evy Cahyani Zulni, Dhiyaul Aulia