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Assessing Returns of IDX Sharia Growth Stocks: Applying The Fama-French Five-Factor Model For Portfolio Optimization Yulandri, Elsa; Sobana , Dadang Husen; Asih, Vemy Suci; Nugraha; Waspada, Ikaputera; Sari, Maya
Global Review of Islamic Economics and Business Vol. 13 No. 1 (2025)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/grieb.2025.131-06

Abstract

This study examines the influence of the Fama-French five-factor model on the excess return of stocks listed in the Indonesia Stock Exchange Sharia Growth Index and offers recommendations for optimizing Sharia-compliant portfolios. The model includes five independent variables: overall market return, firm size (measured by the return difference between small and large firms), book-to-market value, profitability (difference between firms with strong and weak earnings), and investment strategy (difference between conservative and aggressive asset growth). The analysis uses quarterly data from 2022 to 2023 and selects 14 companies from the index based on data completeness and consistent listing. Multiple linear regression with the Ordinary Least Squares method reveals that only the market return and firm size factors have a significant effect on excess return, with firm size having the strongest impact. Meanwhile, the book-to-market value, profitability, and investment strategy factors do not show significant individual influence. However, when assessed collectively, all five factors explain 93.06 percent of the variation in excess return, indicating the model’s overall strength. The study is limited by its short time frame due to the recent launch of the index and its relatively small sample size. These findings suggest that Sharia-compliant investors should prioritize firm size and market trends in portfolio construction. Future research should incorporate longer time periods, broader index comparisons, and qualitative factors such as investor sentiment or environmental, social, and governance indicators to enhance understanding of return behavior in Islamic equity markets.
External Debt In Indonesia’s Economic Growth: Role Macroeconomic Performance amilusholihah; Waspada, Ikaputera
JIES : Journal of Islamic Economics Studies Vol. 5 No. 3 (2024): Oktober
Publisher : Program Studi Ekonomi Islam, Fakultas Ekonomi, Universitas Hasyim Asy'ari Tebuireng

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33752/jies.v5i3.7293

Abstract

The aim of this study is to analyze the impact of Gross Domestic Product (GDP), exports, foreign exchange reserves, and exchange rates on Indonesia's external debt. A quantitative approach was employed using multiple linear regression analysis techniques with Ordinary Least Squares (OLS) methodology, conducted through SPSS software version 24. Annual time series data for 26 years, from 1997 to 2022, were obtained from the World Bank and Bank Indonesia (BI). The study results indicate that simultaneously the independent variables GDP, exports, foreign exchange reserves and the exchange rate have a significant effect on foreign debt. Then, partially with a significance level of five percent, the GDP and exchange rate variables have a positive and significant effect on Indonesia's external debt. Meanwhile, exports and foreign exchange reserves have a negative and significant effect on Indonesia's external debt. These results suggest that external debt continues to be a significant policy tool for promoting Indonesia's economic development and growth. Therefore, it is recommended that the government concentrate on macroeconomic strategies, such as increasing exports of high-value commodities, ensuring exchange rate stability, and optimizing external debt for investment in productive sectors, to promote economic expansion.
Mapping Capital Budgeting in the Private Sector: A Systematic Literature Review and Future Research Study Groda, Selvi Permata; Anggraini, Afriska Yuni; Norisnita, Muazila; Waspada, Ikaputera; Rihidima, Lidya Veronica Christy
International Journal of Science and Society Vol 7 No 3 (2025): International Journal of Science and Society (IJSOC)
Publisher : GoAcademica Research & Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54783/ijsoc.v7i3.1519

Abstract

This research investigates the critical role of capital budgeting in achieving corporate success and sustainability in a dynamic global economy. The main focus is on complex financial evaluation techniques for making long-term investment decisions and their impact on firm performance and growth. In addition, this study analyzes trends in the use of capital budgeting methods in different countries, including the implications of changes in executive compensation contracts. In addition, the challenges faced by companies in evaluating investment projects, including the need for more sophisticated analyses such as real options, are an important focus of this research. Using the systematic literature review (SLR) method, this study identifies and analyzes relevant articles related to the evolution of research publication approaches and various capital budgeting techniques. The results of this study are expected to provide a deeper understanding of the current trends and practices in capital budgeting decision-making in the private sector and formulate relevant research questions to guide future studies in this area.
Exploring green entrepreneurship for global economic sustainability: A bibliometric and systematic review Prasetio, Bayu; Supardi, Endang; Waspada, Ikaputera; Istikomah, Navik
Jurnal Ekonomi dan Bisnis Vol. 28 No. 2 (2025)
Publisher : Fakultas Ekonomika dan Bisnis Universitas Kristen Satya Wacana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24914/jeb.v28i2.13771

Abstract

This study explores the role of green entrepreneurship in supporting global economic sustainability through a systematic literature review and bibliometric analysis. Using data from the Scopus database and VOSviewer software, 19 relevant articles were analyzed to identify key trends and contributions. Findings show a significant increase in research on green entrepreneurship since 2017, peaking in 2024, driven by global sustainability agendas. Thematic analysis reveals six main roles of green entrepreneurship: integrating economic and environmental values, transforming industries, fostering green innovation and policy collaboration, creating green jobs and social innovation, strengthening MSMEs through sustainable digitalization, and embedding ethics and social justice in business practices. These roles highlight green entrepreneurship as a strategic driver of inclusive and resilient economic growth. The study concludes that green entrepreneurship delivers economic benefits and enhances social and environmental resilience. Future studies are encouraged to explore sector-specific practices and challenges, particularly in developing countries, and to expand cross-disciplinary approaches. A deeper understanding of policy support, technological innovation, and socio-environmental impact is essential to strengthen green entrepreneurship's role in sustainable development.
Exploring Green Entrepreneurship Research Among University Students: A Bibliometric Perspective on Trends and Future Directions Prasetio, Bayu; Supardi, Endang; Waspada, Ikaputera; Istikomah, Navik
Indonesian Journal of Business and Entrepreneurship Vol. 11 No. 3 (2025): IJBE, Vol. 11 No. 3, September 2025
Publisher : School of Business, IPB University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/ijbe.11.3.648

Abstract

Background: Awareness of sustainability and environmentally friendly practices was increasing in various sectors, including the business world, which had led to the development of green entrepreneurship as a sustainable economic strategy. Despite the growing interest of students in green entrepreneurship, there was still a gap in the literature regarding research trends in this area, which called for a systematic approach to understanding the pattern and direction of its development.Purpose: This study aims to analyze and map the development of green entrepreneurship research among university students through a bibliometric approach. It highlights publication trends, patterns of academic collaboration, and the main topics that dominate the scientific literature.Design/methodology/approach: This study employs a bibliometric analysis of 30 selected publications from the Scopus database to examine the development of green entrepreneurship research among university students. Using VOSviewer and R Studio (Bibliometrix) to map citation networks, research trends, and thematic clusters, the study adopts the theoretical framework of entrepreneurial intention and sustainability to provide a structured understanding of this emerging field. Findings/Result: This study confirms that university students are pivotal in shaping green entrepreneurship through sustainability-oriented education, psychological readiness, and institutional support. These findings highlight the need for universities and policymakers to integrate sustainability values into curricula and provide targeted programs that accelerate students’ transition into green entrepreneurial practices.Conclusion: This study concludes that green entrepreneurship among university students is increasingly shaped by sustainability awareness, psychological drivers, and the integration of entrepreneurship education with environmental values. Universities function as central incubators by embedding sustainability into curricula, fostering experiential learning, and facilitating collaborations with industry to enhance students’ readiness for green ventures. For policymakers, these findings emphasize the urgency of providing supportive regulations, accessible green technologies, and cross-sectoral partnerships to accelerate sustainable entrepreneurship as a pathway to inclusive and environmentally responsible economic growth.Originality/value (State of the art): This study highlights the novelty of applying these principles to entrepreneurship education, expanding the traditional intensity model by integrating environmental awareness and moral responsibility as reinforcing mechanisms. By positioning universities as central incubators connecting education, policy, and industry, this study advances understanding of how academic ecosystems can foster green student entrepreneurial orientation more effectively than previous approaches focused solely on economic concepts. Keyword: green entrepreneurship, university students, bibliometric, academic collaboration, sustainability