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All Journal Jurnal Ekonomi Pembangunan Signifikan : Jurnal Ilmu Ekonomi JURNAL ECONOMIA Economic Journal of Emerging Markets Journal of Economics, Business, & Accountancy Ventura Jurnal Ecodemica : Jurnal Ekonomi Manajemen dan Bisnis JAST : Jurnal Aplikasi Sains dan Teknologi Ekuilibrium : Jurnal Ilmiah Bidang Ilmu Ekonomi PengabdianMu: Jurnal Ilmiah Pengabdian kepada Masyarakat EKUITAS (Jurnal Ekonomi dan Keuangan) Journal of Innovation in Business and Economics Jurnal REKSA: Rekayasa Keuangan, Syariah dan Audit Jurnal Pengabdian dan Peningkatan Mutu Masyarakat (JANAYU) Jurnal Ilmu Ekonomi Journal of Financial Economics & Investment Jurnal Perspektif Pembiayaan dan Pembangunan Daerah Al-Masraf: Jurnal Lembaga Keuangan dan Perbankan e-Jurnal Apresiasi Ekonomi Economie : Jurnal Ilmu Ekonomi Economic Development Analysis Journal Jurnal Ilmiah Bisnis dan Ekonomi Asia (Jibeka)
Muhammad Khoirul Fuddin
Department Of Economics, Universitas Muhammadiyah Malang, Malang, Indonesia
Religion Agriculture, Biological Sciences & Forestry Humanities 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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ANALISIS PENGARUH PRICE TO BOOK VALUE, INDEKS HARGA SAHAM GABUNGAN (IHSG) TERHADAP RETURN HARGA SAHAM SEBELUM DAN PADA SAAT PANDEMI PADA PERUSAHAAN TELEKOMUNIKASI Ikrom, Ikrom; Suliswanto, Muhammad Sri Wahyudi; Fuddin, Muhammad Khoirul
Journal of Financial Economics & Investment Vol. 2 No. 2 (2022): Journal of Financial Economics & Investment
Publisher : Program Studi Ekonomi Pembangunan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22219/jofei.v2i2.19276

Abstract

The purpose of this study is to determine and analyze the effect of price to book value, the composite stock price index, and the covid-19 dummy on the stock price of the telecommunications sector per quarter in 2019-2020. This study uses panel data and hypothesis testing. The results of this study indicate that price to book value, the composite stock price index, and the covid-19 dummy have a positive and significant effect on stock prices in the telecommunications sector. This proves that if the stock price increases by 1%, the price to book value, the joint stock price index, and the dummy will also increase.
PENGARUH RETURN ON EQUITY, CURRENT RATIO DAN DEBT TO EQUITY RATIO TERHADAP HARGA SAHAM Kadafi, Muhamad; Fuddin, Muhammad Khoirul
Journal of Financial Economics & Investment Vol. 3 No. 2 (2023): Journal of Financial Economics & Investment
Publisher : Program Studi Ekonomi Pembangunan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22219/jofei.v3i2.22998

Abstract

The share price can be said to be the achievement of the company's success, the strength shown by the existence of market trading transactions in the capital market, the transaction is the result of the observations of investors in the achievements of banking companies in obtaining profits. This study aims to examine the effect of Return On Equity, Current Ratio and Debt to Equity Ratio on stock prices of banking companies listed on the Indonesia Stock Exchange. This research uses quantitative descriptive research, research that uses numbers and is secondary data that has been processed and data obtained directly from the company, research that uses numbers and is secondary data that has been processed and data obtained directly from companies. purposive sampling and resulted in a sample of 39 banks. The results of this study show that simultaneously Return On Equity has a significant negative effect, the current ratio has a significant positive effect, Debt to Equity Ratio has a significant positive effect on stock prices and Return On Equity, current ratio, Debt to Equity Ratio has a significant effect simultaneously.
ANALISIS PAJAK PERDAGANGAN INTERNASIONAL, TINGKAT SUKU BUNGA, JUMLAH UANG BEREDAR TERHADAP PERTUMBUHAN EKONOMI INDONESIA Rizky, Reni; Fuddin, Muhammad Khoirul
Journal of Financial Economics & Investment Vol. 4 No. 1 (2024): Journal of Financial Economics & Investment
Publisher : Program Studi Ekonomi Pembangunan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22219/jofei.v4i1.30157

Abstract

Economic is an important indicator for the progress of a country. In the midst of global economic dynamics, countries around the world are trying to optimize factors that can influence their economic growth. The aim of this study is to analyze the influence of international trade taxes, interest rates and money supply on economic growth in Indonesia. The research method used is multiple linear regressions for the period 1991–2021. The research results show that the trade tax variable has a positive and not significant effect on economic growth. The interest rate variable has a significant positive effect on economic growth. Meanwhile, the money supply variable has a significant negative effect on economic growth in Indonesia.
The Effect of Monetary Variable Shocks on Indonesian Portfolio Investment Fuddin, Muhammad Khoirul; Anindyntha, Firdha Aksari
Signifikan: Jurnal Ilmu Ekonomi Vol. 12 No. 2 (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.v12i2.31525

Abstract

Monetary variables can affect portfolio investment in the short or long term. The previous studies rarely discuss the effects of monetary variables in the long and short term on portfolio investment. This study looks at monetary indicators that affect investment portfolios in Indonesia. The methodology used in this research is to use the Vector Error Correction Model (VECM) to see the response of several variables in the short and long term. The findings suggest that monetary policy should pay special attention to Indonesia's money supply (M2) and savings to influence portfolio investment in the short term. The monetary policy transmission mechanism can use the money and expectation channels to optimize monetary variables to control investment. Meanwhile, in the long run, monetary policy portfolio investment control needs to pay attention to interest rates and savings and adjust to the set inflation target, which can be used in the interest rate channel.JEL Classification: E21, E22, E43, E51, E52 How to Cite:Fuddin, M. K., & Anindyntha, F. A., (2023). The Effect of Monetary Variable Shocks on Indonesian Portofolio Invesment. Signifikan: Jurnal Ilmu Ekonomi, 12(2), 307-326. https://doi.org/10.15408/sjie.v12i2.31525.
ANALYSIS OF INDONESIAN COAL EXPORTS TO THE TOP LARGEST IMPORTING COUNTRIES Sya’diyah, Putri Alif; Soelistyo, Aris; Fuddin, Muhammad Khoirul
Jurnal Ilmiah Bisnis dan Ekonomi Asia Vol 18 No 3 (2024): Jurnal Ilmiah Bisnis dan Ekonomi Asia
Publisher : Institut Teknologi dan Bisnis Asia Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32815/jibeka.v18i3.2230

Abstract

Indonesia with abundant natural resources optimizes its superior commodities in trade in the global market. This lesson aims to analyze the factors that affect the value of Indonesian coal exports as a superior commodity. The research method uses panel data regression analysis in 2009 - 2022 and a cross-section of the ten largest destination countries for Indonesian coal exports. The comes about appeared that in part the sum of production, Indonesian GDP, and reference coal cost had a noteworthy and positive impact on trade value, framework had a noteworthy and negative impact on send out value, GDP of bringing in nations and swelling had no noteworthy and positive impact on send out value, trade rate, the populace of bringing in nations had no noteworthy and negative impact on send out value and at the same time the free factors together had an impact on the subordinate variable. This research can be used as a strategic guide in increasing production, maintaining exchange rate stability, encouraging economic growth, and improving infrastructure to support Indonesia's coal export sector. The shortcomings of this lesson are that it does not consider data stationarity and influence in the short and long term.
Does Corruption, Unemployment, and Investment Affect Economic Growth in ASEAN-9 Haldi, Muhammad; Fuddin, Muhammad Khoirul
Economics Development Analysis Journal Vol 13 No 1 (2024): Economics Development Analysis Journal
Publisher : Economics Development Department, Universitas Negeri Semarang, Indonesia

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

Abstract

This research aims to analyze causality relationships and see the impact of different periods on the short- and long-term macroeconomic and non-economic variables in nine ASEAN countries, using the period from 2012 to 2022. This research uses the Granger causality approach and the Vector Error Correction Model to answer the problems in this research. The empirical results show no causal relationship between the variations in macroeconomic and non-economic variables used in this research. However, in the short term, we found that the interaction of macroeconomic and non-economic variables had a significant mutual influence. On the other hand, in the long term, corruption and unemployment have a significant and negative effect on economic growth, followed by foreign direct investment, which has a significant and positive effect on economic growth. More than that, we found an interesting thing: short- and long-term corruption is like a double-edged sword. In the short term, corruption is a driving force in the ASEAN economy, but in the long term, it causes something destructive for economic growth.
How do macroeconomic variables and financial inclusion affect financial stability in Indonesia? Anindyntha, Firdha Aksari; Fuddin, Muhammad Khoirul
Jurnal Perspektif Pembiayaan dan Pembangunan Daerah Vol. 11 No. 5 (2023): Jurnal Perspektif Pembiayaan dan Pembangunan Daerah
Publisher : Program Magister Ilmu Ekonomi Pascasarjana Universitas Jambi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22437/ppd.v11i5.25818

Abstract

Financial stability is a crucial indicator of the financial sector's health, reflecting the system's resilience or vulnerability to crises. This study investigates the impact of macroeconomic variables and financial inclusion on financial stability in Indonesia, utilizing quarterly data from the first quarter of 2012 to the fourth quarter of 2021. Employing the Vector Error Correction Model (VECM), the research examines the influences of these factors in both the short and long term. The findings reveal that macroeconomic variables and financial inclusion significantly affect financial stability in Indonesia across both time frames. Specifically, inflation emerges as a critical factor influencing financial stability in the long term, while interest rates play a pivotal role in the short term. Moreover, financial inclusion, represented by the public's use of banking products and third-party funds relative to Gross Domestic Product (GDP), impacts financial stability both in the long and short term. Conversely, financial inclusion, measured by credit to GDP, exhibits only short-term effects on financial stability. The results underscore the importance of careful consideration by the central bank when formulating monetary policy, particularly regarding interest rate adjustments, due to their immediate impact on financial system stability. Over the long term, maintaining control over inflation rates is imperative to safeguard financial stability. Furthermore, financial institutions, in their role of fostering financial inclusion by distributing credit, must balance the quality of credit with its quantity to avoid negative impacts on the financial system's stability. This study contributes valuable insights for policymakers and financial institutions aiming to bolster Indonesia's financial stability through prudent macroeconomic management and the strategic implementation of financial inclusion initiatives.
DETERMINANTS OF MONETARY VARIABLES AND PHILIPS CURVE TESTING OF INFLATION IN ASIAN COUNTRIES Niken Hesty Wulandari; Muhammad Khoirul Fuddin
EKUITAS (Jurnal Ekonomi dan Keuangan) Vol 8 No 2 (2024): June
Publisher : Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya(STIESIA) Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24034/j25485024.y2024.v8.i2.6301

Abstract

This study examined the impact of monetary variables on inflation and determined the validity of the Phillips curve in the Asian context. It applied a quantitative methodology with a descriptive orientation. The data source utilized was the World Bank from 2013 to 2022, and the analysis approach employed was panel data regression. The research findings indicate that the money supply variable (M3) has a limited impact on inflation. Simultaneously, both GDP and loan interest rates substantially impact inflation. Conversely, money supply (M3), GDP, male unemployment, and loan interest rates simultaneously influence inflation in Asian countries. The study's findings indicate that unemployment does not exert a noteworthy detrimental impact on inflation, demonstrating the ineffectiveness of the Phillips curve for non-Asian nations. Each ASEAN member state implements diverse policies to manage and control the inflation rate. Hong Kong can enforce price monitoring measures to deter market manipulation. Vietnam could enhance its trade policy to alleviate the consequences of imported inflation. Korea can sustain interest rates at a moderate level. Indonesia can synchronize monetary and fiscal policies in order to manage inflation.
Constructing a multidimensional indicator for Islamic finance development Idah Zuhroh; Nazaruddin Malik; Muhammad Khoirul Fuddin; Fitri Rusdianasari
Journal of Innovation in Business and Economics Vol. 9 No. 02 B (2025): Journal of Innovation in Business and Economics
Publisher : Faculty of Economics and Business, University of Muhammadiyah Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22219/jibe.v9i01.42602

Abstract

This study conducts a systematic literature review to evaluate existing indicators used in measuring Islamic finance development and proposes the Islamic Finance Development Indicator Plus (IFDI+), a multidimensional framework that extends beyond asset-based and compliance-oriented metrics. A total of 51 peer-reviewed articles published between 2019 and 2025 were analyzed following PRISMA standards, complemented by bibliometric mapping using VOSviewer. The review identifies five core dimensions essential for assessing Islamic finance development: 1) quantitative development, 2) governance and regulatory quality, 3) innovation and technology adoption, 4) social impact and economic inclusion, and 5) awareness and financial literacy. The IFDI+ framework integrates these dimensions into a cohesive evaluative model aligned with maqasid al-shariah and contemporary sustainability agendas. This study contributes to improving measurement practices and provides guidance for policymakers in strengthening multidimensional reporting, supporting fintech-enabling regulatory environments, and enhancing ESG and financial inclusion initiatives. Future research should operationalize and empirically validate IFDI+ across diverse jurisdictions.
Understanding the Middle-Income Trap in ASEAN-4 Through GNI and Macroeconomic Indicators Muhammad Khoirul Fuddin; Della Istikha Pramesti
Jurnal Economia Vol. 22 No. 2 (2026): June 2026
Publisher : Faculty of Economics and Business, Universitas Negeri Yogyakarta in collaboration with the Institute for

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21831/economia.v22i2.80256

Abstract

This study aims to analyze the long-term and short-term effects of several independent variables (Portfolio Investment, Remittances, Exchange Rate, and Inflation) on GNI Per Capita to determine its effect on the middle-income trap condition. The research utilizes secondary data, specifically annual quantitative indicators from 1994 to 2023, sourced from the World Bank database. The sample consists of four ASEAN countries, namely Malaysia, Thailand, Indonesia, and the Philippines. The method used in the study was the analysis of the Vector Autoregressive (VAR) Vector Error Correction Model (VECM) panel. The results indicate that in the long term, investment portfolio, exchange rate, and inflation have a positive effect, while the remittance variable has no effect on real GNI Per Capita. In the short term, the exchange rate exerts a negative effect, while inflation shows a positive effect on GNI per capita in ASEAN-4. Conversely, portfolio investment and remittance do not exhibit short-term effects.
Co-Authors Aris Soelistyo Arista, Linda Capridasari, Denita Danang Tri Hatmaja Della Istikha Pramesti Della Nurisa Agustin ERLITASARI, REGITA NANDA Firdha Aksari Anindyntha FIRJATULLAH, AVILLA NADHIF Fitri Rusdianasari Ghifari Dimas Bayu Patra Haldi, Muhammad Happy Febrina Hariyani HIZBULLAH, MUHAMMAD AZAM Ida Nuraini Idah Zuhroh Ikrom Ikrom, Ikrom Ivada Nafiah Maulidiyah Izzah, Evita Nurul Lokot Zein Nasution Lokot Zein Nasution, Lokot Zein Mu'ammal, Immanuel Muhamad Kadafi, Muhamad Muhammad Firmansyah Muhammad Sri Wahyudi Suliswanto Nazaruddin Malik Niken Hesty Wulandari Novi Primita Sari Radityo Widiatmojo Rezeta, Frila Rinaldy Achmad Roberth Fathoni Rini Pebri Utari Rizky, Reni Robiatul Adawiah, Robiatul Setyowati, Ika Yuli Silatul Azizah Suyono, Nur Shabrina Rahmahsari SYA'DIYAH, PUTRI ALIF Sya’diyah, Putri Alif Tomy Irawan Heri Susilo Tutik Sulistyowati Wehandaka Pancapalaga Wulandari, Niken Hesty Zana Chobhita Aris Tusa