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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.
Pengaruh Dana Alokasi Umum, Pendapatan Asli Daerah, Pendidikan, dan Kesehatan terhadap Indeks Pembangunan Manusia Kota dan Kabupaten di Provinsi Nusa Tenggara Barat Gabi, Ainul; Wibowo, Muhammad Ghafur
JIEP: Jurnal Ilmu Ekonomi dan Pembangunan Vol. 7 No. 1 (2024)
Publisher : PPJP ULM

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20527/jiep.v7i1.536

Abstract

This research aims to analyze the influence of general allocation funds, local original income, education and health on the human development indeks of cities and districts in West Nusa Tenggara Province as the object of research over 5 years, namely 2018 - 2022. The research method used is panel data regression. The results of the study show that the General Allocation Fund states that there is a positive relationship with the Human Development Indeks but does not have a significant effect, local revenue has a positive and significant effect on the Human Development Indeks, government expenditure for the education function states that there is a significant negative relationship with the Human Development Indeks. and government expenditure on health functions stated that there was a negative and insignificant relationship with the human development indeks in West Nusa Tenggara Province.
Political Stability and Human Development in The Organization of Islamic Cooperation (OIC) Countries Wibowo, Muhammad Ghafur
Jurnal Ilmiah Ekonomi Islam Vol. 9 No. 3 (2023): JIEI : Vol.9, No.3, 2023
Publisher : ITB AAS INDONESIA Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29040/jiei.v9i3.10262

Abstract

In many Muslim countries, there are dynamics in political stability and security issue. This study examines the relationship between political stability and human development in the Organization of Islamic Cooperation (OIC) member countries. The political stability variable comes from the governance index published by the World Governance Indicator (WGI), which measures political stability, absence of violence, and terrorism. Secondary data on the Human Development Index (HDI) variable comes from the World Bank. This study analyzes 50 OIC member countries for 2003-2021 by employing the Granger causality method for panel data. The results show a bidirectional causality between the political stability index and the human development index in all OIC member countries. However, in countries with a very high HDI, the relationship between the two variables is unidirectional. In contrast, in the group of countries with a high and low HDI, the two variables have no connection.
Determinants of Human Development Index in Indonesia with Maqashid Sharia approach Caniago, Muhammad Ali Imran; Wibowo, Muhammad Ghafur
Jurnal Ilmiah Ekonomi Islam Vol. 10 No. 1 (2024): JIEI : Vol.10, No.1, 2024
Publisher : ITB AAS INDONESIA Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29040/jiei.v10i1.12353

Abstract

The study examines factors that influence the Indonesian Human Development Index using the Maqashid Sharia approach. This study's sample is made up of several provinces with the Human Development Index for different categories of people. Data analysis employs a panel data regression model with a fixed effect model. The study's findings indicate that whereas variables Hifzu al-din, Hifzu al-aql, and Hifzu al-mal have a significant impact on the Index of Human Development, variables Hifzu al-nafs and Hifzu al-nasl have no significant impact on the Index of Human Development. Simultaneously, the variables Hifzu al-din, Hifzu al-nafs, Hifzu al-aql, Hifzu al-nasl, and Hifzu al-mal exhibit significant effects on the Human Development Index. Results of the determination test show that 98% of independent variables can influence dependent variables, with the remaining 2% being affected by variables not examined in this study. The study's findings recommended to the government that they support Hifzu Al-din in reducing crime rates, Hifzu Al-Aql by increasing the average length of schooling, and Hifzu Al-Mal in raising per capita income. By paying more attention to these issues, human development will eventually reach its full potential.
Redefining CRM for the Digital Age: The Role of Customer Data Protection from an Islamic Perspective Furwanti, Reni; Casmini, Casmini; Wibowo, Muhammad Ghafur
Share: Jurnal Ekonomi dan Keuangan Islam Vol. 13 No. 1 (2024)
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.v13i1.22521

Abstract

ABSTRACT - This study refines Customer Relationship Management (CRM) as a strategic approach for the digital era. It proposes Customer Data Protection (CDP) as a crucial new dimension for a more holistic CRM framework. This revised framework addresses inconsistencies in past CRM definitions, which have contributed to implementation failures across industries. The urgency for this refinement is further emphasized by Indonesia's weak data security landscape. Employing a quantitative survey methodology, the study gathers data from 412 respondents selected through purposive sampling. Confirmatory Factor Analysis (CFA) is then utilized to analyze each CRM dimension within the collected data. The empirical findings establish five significant dimensions of CRM, forming a strategic framework referred to as the "5C CRM." This framework encompasses processes for cultivating positive stakeholder relationships, preserving company value, and ultimately enhancing customer satisfaction. From an Islamic perspective, data protection aligns with the Maqāṣid Sharia principle of hifdz al-nafs (protecting life). By securing customer data, companies safeguard customers from potential dangers associated with cybercrime and unauthorized access. This aligns with the Quranic verse An-Nur:27, which emphasizes seeking permission before entry. This verse signifies the company's responsibility to secure and protect customer data from unauthorized access. Ultimately, businesses that actively safeguard personal information are more likely to cultivate customer satisfaction and loyalty. The findings suggest that prioritizing data security not only aligns with Islamic principles but also fosters stronger customer relationships.========================================================================================================ABSTRAK - Redefinisi CRM untuk Era Digital: Peran Perlindungan Data Konsumen dalam Perspektif Islam. Penelitian ini meredefinisi konsep Customer Relationship Management (CRM) sebagai pendekatan strategis untuk era digital dengan mengusulkan dimensi baru, yaitu Perlindungan Data Konsumen (Customer Data Protection - CDP), untuk menciptakan kerangka kerja CRM yang lebih komprehensif. Penyempurnaan ini bertujuan untuk mengatasi persoalan inkonsistensi definisi CRM yang berakibat pada kurang efektifnya implementasi di berbagai sektor. Urgensi penyempurnaan ini disebabkan oleh kondisi keamanan data di Indonesia yang masih lemah sehingga sering terjadi kebocoran data. Penelitian ini menggunakan metode kuantitatif yang mengumpulkan data melalui survei kuesioner dari 412 responden yang dipilih secara purposif. Confirmatory Factor Analysis (CFA) digunakan untuk menganalisis dimensi-dimensi CRM dari data yang terkumpul. Hasil kajian menetapkan lima dimensi kunci CRM yang membentuk kerangka strategis yang disebut “5C CRM”. Kerangka ini mencakup proses yang dilakukan perusahaan untuk membina hubungan positif dengan pemangku kepentingan internal dan eksternal, menjaga nilai perusahaan, dan meningkatkan kepuasan pelanggan. Dari perspektif Islam, perlindungan data konsumen sejalan dengan prinsip Maqashid Syariah, khususnya aspek hifdz al-nafs (melindungi kehidupan). Dengan pengamanan data konsumen, perusahaan akan melindungi pelanggan dari bahaya kejahatan dunia maya dan akses yang tidak sah. Hal ini sesuai dengan ayat Al-Qur’an An-Nur:27 yang menekankan pentingnya meminta izin sebelum memasuki suatu tempat, yang menandakan tanggung jawab perusahaan untuk mengamankan dan melindungi data konsumen dari akses tidak sah. Pada akhirnya, perusahaan yang secara aktif melindungi informasi pribadi cenderung meningkatkan kepuasan dan loyalitas pelanggan. Temuan penelitian menunjukkan bahwa prioritas terhadap keamanan data tidak hanya sejalan dengan prinsip Islam tetapi juga memperkuat hubungan dengan pelanggan.  
Twin Deficit Phenomena in the Two Government Eras in Indonesia Wibowo, Muhammad Ghafur
Jurnal Analisis Bisnis Ekonomi Vol 18 No 1 (2020)
Publisher : Universitas Muhammadiyah Magelang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31603/bisnisekonomi.v18i1.2994

Abstract

The aim of this study is to analyze the development of the budget deficit and current account deficit in Indonesia in the era of President SBY and President Jokowi and to compare between the two eras. This study also analyzes the relationship of twin deficits to the Gross Domestic Product (GDP) and the interest rate (r). The analytical tool used was independent t-test (for comparison) and Vector Auto-Regressive (VAR). The data used comes from the International Monetary Fund (IMF), 2004:Q1-2018: Q3. The result showed that the budget deficit was the same in the two eras of government, but the trade balance deficit in the era of President Jokowi was far higher than before. The budget deficit has a significant effect on the trade balance deficit but does not apply otherwise (no causality). Variable gross domestic product and interest rates significantly influence both types of deficits.
HOW ECONOMIC DYNAMICS INFLUENCE POVERTY: THE MODERATING POWER OF THE HUMAN DEVELOPMENT INDEX Zahirah, Qonitah Rifda; Wibowo, Muhammad Ghafur; Musthofa, Muhammad Wakhid; Julina, Julina
Jurnal Al-Iqtishad Vol 21, No 1 (2025): June 2025
Publisher : Economic and Science Faculty of Islamic State University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24014/jiq.v21i1.38035

Abstract

This study explores how economic dynamics shape poverty levels in Indonesia, with a particular focus on the moderating influence of the Human Development Index (HDI). Utilizing a quantitative approach, data were gathered from 34 provinces across Indonesia over the period 2020–2024. Key variables examined include the open unemployment rate, Gross Regional Domestic Product (GRDP), population size, and regional minimum wage, while HDI functions as a moderating factor. The analysis employed multiple linear regression via the Generalized Least Square (GLS) method, followed by Moderated Regression Analysis (MRA) using EViews 12 software. By integrating panel data techniques and interaction effect assessments, the study reveals that both unemployment and population size significantly and negatively impact poverty reduction. In contrast, GRDP shows no statistically significant direct effect. The regional minimum wage demonstrates a significant influence, though its direction varies based on model specifications. Notably, HDI emerges as a powerful factor that not only significantly reduces poverty but also amplifies the negative impact of population size on poverty levels. However, its moderating role on other economic variables remains statistically insignificant. These insights underscore the intricate nature of poverty in Indonesia and emphasize the critical need for inclusive, human-centered development policies to drive meaningful and sustainable poverty alleviation.
KETERKAITAN PERTUMBUHAN EKONOMI, JUMLAH PENDUDUK MISKIN, PENDIDIKAN DAN KESEHATAN: STUDI EMPIRIS JAWA TIMUR Mardiyatillah, Sakinah; Wibowo, Muhammad Ghafur
Jurnal Ilmiah Ekonomi Bisnis Vol. 30 No. 2 (2025)
Publisher : Universitas Gunadarma

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

Abstract

Hubungan antara pertumbuhan ekonomi, jumlah penduduk miskin, pendidikan dan kesehatan menjadi indikator penting untuk menganalisis pembangun ekonomi dalam suatu bangsa. Apakah jumlah penduduk miskin, pendidikan dan kesehatan berpengaruh terhadap pertumbuhan ekonomi. Peneliti bertujuan untuk mengetahui tolak ukur dan mendiskripsikan hubungan variabel bebas jumlah penduduk miskin yang diproksikan Tingkat Lama Sekolah (TPM), pendidikan yang diproksikan Lama Harapan Sekolah (LHS), kesehatan yang diproksikan Angka Harapan Hidup (AHH) terhadap pertumbuhan ekonomi (PDRB Per Kapital). Populasi yang dimasukkan dalam penelitian kota/kab provinsi di Jawa Timur. Sampel yang digunakan 38 kota/kab dan 304 data. Model analisis data yang digunakan yaitu regresi data panel dan diperoleh hasil model yang paling sesuai dengan penelitian adalah Fixed Effect Model (FEM). Penelitian menunjukkan hasil TPM tidak berpengaruh signifikan terhadap pertumbuhan ekonomi, LHS serta AHH berpengaruh signifikan terhadap pertumbuhan ekonomi. Sedangkan, hasil uji F disimpulkan terdapat pengaruh secara simulthan variabel pertumbuhan ekonomi terhadap variabel terikat yaitu TPM, LHS dan AHH.
Rethinking Sustainable Development Drivers in D-8 Countries: Markets, Global Integration, and Political Constraints Amirullah, Malik Abd. Karim; Kamaluddin, Kamaluddin; Wibowo, Muhammad Ghafur; Ihsan, Akmal; Ghannili, Farawi
Jurnal Riset Ilmu Ekonomi Vol. 5 No. 3 (2025): Jurnal Riset Ilmu Ekonomi (JRIE) Edisi Desember 2025
Publisher : Universitas Pasundan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23969/jrie.v5i3.374

Abstract

Sustainable development in D-8 countries remains limited by structural economic disparities and shifting political conditions. Using dynamic panel data from 2010–2019 with a GMM approach, this study evaluates how foreign direct investment, industrialization, de jure globalization, digitalization, economic growth, corruption control, and domestic credit shape SDG performance, with political constraints as a moderator. The results show that foreign investment, industrialization, globalization, and digitalization enhance SDGs, while domestic credit hinders them. Political constraints reduce the impact of foreign investment yet strengthen the role of economic growth. The findings underscore the need for political stability and disciplined credit management to support progress.
Faktor-Faktor Penentu Indeks Pembangunan Manusia Pada Negara Asean Periode 2012-2019: Determinants Of The Human Development Index In Asean Countries For The Period 2012-2019 Alatas, Abdullah; Amarudin, Luluk; Wibowo, Muhammad Ghafur
Citizen : Jurnal Ilmiah Multidisiplin Indonesia Vol. 5 No. 6 (2025): CITIZEN: Jurnal Ilmiah Multidisiplin Indonesia
Publisher : DAS Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53866/jimi.v5i6.1057

Abstract

The main purpose of economic development is to improve the well-being of the people, one of the indicators that reflects economic development is human development. The Human Development Index (HDI) of a region is influenced by various factors. This study aims to understand the factors that affect the Human Development Index in 6 ASEAN Countries. This research method is a quantitative approach with a panel data regression model and model estimation using the Fixed Effect Model (FEM) approach. The results of the study show that independent variables consisting of Gross Domestic Product (GDP), Population, and Government Expenditure in Education and Health have a simultaneous effect on the Human Development Index. As for partially, there are only two independent variables that have a significant positive effect, namely the Number of Population and Government Expenditure in the Field of Education, with values of 0.0002 and 0.0150, respectively, which are smaller than 5%. Meanwhile, the variables Gross National Income and Government Expenditure in the Health Sector had no effect with values of 0.9182 and 0.5596, respectively, which were greater than 5%.