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Indonesian Stocks’ Volatility during COVID-19 Waves: Comparison between IHSG and ISSI Alghifary, Muhammad Syauqy; Kadji, Dzuliyati; Hafizah, Iffah
International Journal of Islamic Economics and Finance (IJIEF) Vol 6, No 1 (2023): IJIEF Vol 6 (1), January 2023
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/ijief.v6i1.14838

This study aims to compare Islamic and conventional stocks’ performance amid a crisis. The performance was measured by analyzing the volatility of the Indonesian Sharia Stock Index (ISSI) and the Composite Stock Price Index (IHSG) during the COVID-19 pandemic. Based on the results of the different tests using the paired t-test and Wilcoxon rank test methods, it was uncovered that the ISSI and IHSG experienced significant changes before and after discovering the first case of COVID-19 in Indonesia. Significant changes in both values were also found when the Delta variance spread. Meanwhile, when the third wave occurred due to the presence of the Omicron variant, ISSI and IHSG could move more stable and did not experience significant shocks. Then, the estimation results of the GARCH model conclude that both Islamic and conventional stocks have an immense volatility power with an identical value of 0.94 or close to 1. The volatility is also significantly influenced by the previous volatility and the squared error, representing other previous events outside the model. Moreover, the volatility in Islamic and conventional stocks is not much different, even though both stocks have different characters in the debt and income ratio. Fundamental factors also cause this high volatility in the form of shocks in several macroeconomic variables, including the rupiah exchange rate, gold prices, and world oil prices. Besides, the contagion effect that occurred during the COVID-19 crisis also contributed to the spread of systemic risk in global stock indexes on stock volatility in Indonesia.

Enhancing Environmental Quality: Investigating the Impact of Hydropower Energy Consumption on CO2 Emissions in Indonesia Maulidar, Putri; Fadila, Sintia; Hafizah, Iffah; Zikra, Naswatun; Idroes, Ghalieb Mutig
Ekonomikalia Journal of Economics Vol. 2 No. 1 (2024): April 2024
Publisher : Heca Sentra Analitika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60084/eje.v2i1.180

Achieving sustainable environmental quality has become a critical global issue, necessitating the reduction of carbon dioxide (CO2) emissions and greenhouse gas (GHG) emissions to mitigate environmental pollution. Hydropower energy has the potential to play a significant role in this effort by providing a clean, renewable energy source that can help reduce reliance on fossil fuels and decrease CO2 emissions. This study examines the dynamic impact of hydropower energy consumption, economic growth, capital, and labor on Indonesia's CO2 emissions from 1990 to 2020. Applying the Autoregressive Distributed Lag (ARDL) method, the findings demonstrate that hydropower energy consumption has a negative effect on CO2 emissions in both the short and long term, indicating that increasing hydropower energy consumption leads to a reduction in CO2 emissions. Conversely, labor exhibits a positive influence on CO2 emissions in both the short and long term, suggesting that a rise in labor contributes to higher levels of CO2 emissions in Indonesia. Furthermore, the Granger causality analysis reveals a bidirectional relationship between CO2 emissions and hydropower energy consumption. The robustness of ARDL results is confirmed through additional tests using Fully-Modified Ordinary Least Squares (FMOLS), Dynamic Ordinary Least Squares (DOLS), and Canonical Cointegrating Regressions (CCR) methods. The findings underscore the importance of promoting sustainable hydropower energy for effective environmental management in Indonesia. Policymakers should prioritize investments in sustainable hydropower infrastructure, encourage the adoption of energy-efficient technologies, and develop a skilled workforce to mitigate the environmental impact of increased labor force participation.

Indonesian Stocks’ Volatility during COVID-19 Waves: Comparison between IHSG and ISSI Alghifary, Muhammad Syauqy; Kadji, Dzuliyati; Hafizah, Iffah
International Journal of Islamic Economics and Finance (IJIEF) Vol. 6 No. 1 (2023): IJIEF Vol 6 (1), January 2023
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/ijief.v6i1.14838

This study aims to compare Islamic and conventional stocks’ performance amid a crisis. The performance was measured by analyzing the volatility of the Indonesian Sharia Stock Index (ISSI) and the Composite Stock Price Index (IHSG) during the COVID-19 pandemic. Based on the results of the different tests using the paired t-test and Wilcoxon rank test methods, it was uncovered that the ISSI and IHSG experienced significant changes before and after discovering the first case of COVID-19 in Indonesia. Significant changes in both values were also found when the Delta variance spread. Meanwhile, when the third wave occurred due to the presence of the Omicron variant, ISSI and IHSG could move more stable and did not experience significant shocks. Then, the estimation results of the GARCH model conclude that both Islamic and conventional stocks have an immense volatility power with an identical value of 0.94 or close to 1. The volatility is also significantly influenced by the previous volatility and the squared error, representing other previous events outside the model. Moreover, the volatility in Islamic and conventional stocks is not much different, even though both stocks have different characters in the debt and income ratio. Fundamental factors also cause this high volatility in the form of shocks in several macroeconomic variables, including the rupiah exchange rate, gold prices, and world oil prices. Besides, the contagion effect that occurred during the COVID-19 crisis also contributed to the spread of systemic risk in global stock indexes on stock volatility in Indonesia.

Long-Term Impact of Dirty and Clean Energy on Indonesia’s Economic Growth: Before and During the COVID-19 Pandemic Ringga, Edi Saputra; Hafizah, Iffah; Idroes, Ghifari Maulana; Amalina, Faizah; Kadri, Mirzatul; Idroes, Ghalieb Mutig; Noviandy, Teuku Rizky; Hardi, Irsan
Grimsa Journal of Business and Economics Studies Vol. 2 No. 1 (2025): January 2025
Publisher : Graha Primera Saintifika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61975/gjbes.v2i1.49

Dirty (non-renewable) energy, considered environmentally harmful due to greenhouse gas emissions, is contrasted with clean (renewable) energy, which is believed to have positive ecological impacts that can boost economic growth in the long term. This study analyzes the long-term effects of electricity generation from both dirty and clean energy sources on economic growth in Indonesia, using data from two periods: before the COVID-19 pandemic (2000–2019) and the full period including the COVID-19 pandemic (2000–2022). Empirical findings from Fully Modified Ordinary Least Squares (FMOLS) and Dynamic Ordinary Least Squares (DOLS) methods reveal that dirty energy significantly impacts long-term economic growth in both periods, while clean energy does not have a substantial effect. A robustness check conducted using the Canonical Cointegrating Regression (CCR) method confirms that dirty energy continues to play a crucial role in Indonesia's long-term economic growth. A key finding is that the positive impact of dirty energy generation on economic growth was stronger in the full period including the COVID-19 pandemic compared to before. This suggests that dirty energy contributed more to economic growth during the pandemic. The study recommends a balanced approach to economic growth by prioritizing the transition to clean energy while recognizing the importance of dirty energy in Indonesia's economy. This transition should be gradual, using the current role of dirty energy to support economic development while investing in clean energy alternatives for sustainable growth.

Problem and solution of stock waqf practice in Indonesia: Stakeholder's point of view Niswah, Farokhah Muzayinatun; Hakimi, Fifi; Fathurochman, Sarrah Fitrianni; Hafizah, Iffah; Indrawan , Imam Wahyudi
Journal of Islamic Economics Lariba Vol. 9 No. 2 (2023)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jielariba.vol9.iss2.art11

IntroductionThe flexibility of the cash waqf enables this Islamic social financial instrument to enter various sectors. Along with technological developments, various forms of cash waqf, such as stock waqf, have emerged. However, stock waqf practices in Indonesia face numerous challenges, leading to limited public awareness. This study aims to identify the primary problems and solutions in the practice of stock waqf in Indonesia.ObjectivesThe objective of this research is to examine the key problems and propose solutions for the practice of stock waqf in Indonesia by leveraging the Analytic Network Process (ANP) for data analysis. MethodThis study combines literature data with in-depth interviews involving stock waqf stakeholders, including the Indonesia Waqf Board (BWI), Indonesia Stock Exchange, waqf issuers, and stock waqf investors. The ANP method was used to analyze the data and identify priority issues and solutions.ResultsThe research reveals that the primary issue in stock waqf practice is low literacy about stock waqf, with the solution being the socialization of stock waqf and enhancing Sharia stock literacy. Additionally, the study identifies the low literacy of productive waqf, public doubts about the sharia compliance of stock waqf, nazir's limited understanding of stock waqf, and the lack of detailed regulations as significant challenges. Corresponding solutions include the socialization of productive waqf, education on Islamic capital market investments, improved nazir training, and the establishment of specific regulations for stock waqf. ImplicationsThe findings suggest that increasing public awareness and education about stock waqf and Sharia stocks, along with better training for nazir and clear regulations, are essential for optimizing the development of stock waqf in Indonesia. This study provides valuable references for BWI and the Indonesia Stock Exchange to enhance the practice and management of stock waqf.Originality/NoveltyThis study offers a comprehensive analysis of the problems and solutions for stock waqf in Indonesia from the perspective of stakeholders. This study contributes to the limited literature on individual stock waqf and employs the ANP method to propose practical solutions for improving stock waqf practices.

Do Natural Disasters, Fossil Fuels, and Renewable Energy Affect CO2 Emissions and the Ecological Footprint? Idroes, Ghalieb Mutig; Hilal, Iin Shabrina; Hafizah, Iffah; Hamaguchi, Yoshihiro; Bruyn, Chané de; Agustina, Maulidar; Pernici, Andreea; Stancu, Stelian
Ekonomikalia Journal of Economics Vol. 3 No. 1 (2025): April 2025
Publisher : Heca Sentra Analitika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60084/eje.v3i1.285

Climate change is a global concern driven by increasing pollution through rising CO2 emissions and growing ecological footprint from human activities. This research investigates how environmental quality (proxied by CO2 emissions and ecological footprint) in Indonesia is affected by multiple factors, including natural disasters, fossil fuels, renewable energy consumption, economic growth, and capital formation from 1965 to 2022. The analysis employs the Autoregressive Distributed Lag (ARDL) model, with robustness ensured using Dynamic Ordinary Least Squares (DOLS), followed by Granger causality tests to examine dynamic relationships between variables. The findings show that natural disasters, fossil fuel consumption, and economic growth contribute to increasing CO2 emissions in the long run, while renewable energy consumption helps reduce them. Natural disasters exhibit a negative but insignificant impact on the ecological footprint. Economic growth increases the ecological footprint, whereas capital formation helps reduce it in the long run. In the short run, fossil fuels are found to increase CO2 emissions, while renewable energy reduces them. Natural disasters are found to increase the ecological footprint. Additionally, the Granger causality test confirms a unidirectional relationship from both natural disasters and economic growth to environmental quality. This study recommends that Indonesia implement integrated strategies focused on accelerating green energy adoption and enhancing disaster resilience to achieve environmental quality.

Agrochemicals, GHG Emissions, and GDP in Southeast Asia: A Machine Learning Approach with Hierarchical Clustering Fazli, Qalbin Salim; Idroes, Ghalieb Mutig; Hilal, Iin Shabrina; Hafizah, Iffah; Hardi, Irsan; Noviandy, Teuku Rizky
Grimsa Journal of Business and Economics Studies Vol. 2 No. 2 (2025): July 2025
Publisher : Graha Primera Saintifika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61975/gjbes.v2i2.93

Agrochemical use, GHG emissions, and gross domestic product (GDP) vary widely across Southeast Asia, making the region suitable for cluster-based sustainability analysis. This study applies hierarchical clustering analysis (HCA) to classify nine Southeast Asian countries using four standardized indicators: pesticide use, nitrogen fertilizer use, GHG emissions, and GDP. Exploratory data analysis reveals significant disparities, with Brunei and Indonesia emerging as outliers due to exceptionally high input intensity and emissions, respectively. HCA identifies four distinct clusters: (1) low-input, low-emission economies (Cambodia, Laos, Myanmar); (2) moderately intensive systems (Malaysia, Thailand, the Philippines, Vietnam); (3) a high-pesticide profile (Brunei); and (4) a high-emission, high-output outlier (Indonesia). Principal Component Analysis confirms the cluster structure and highlights variation in emission efficiency. The findings show that similar agroecological contexts can yield divergent environmental outcomes, emphasizing the role of policy and technology. This study provides the first region-wide, data-driven typology of agricultural sustainability in Southeast Asia using HCA.

Mapping the Evolution of Agricultural Economics: A Bibliometric Analysis of the Nexus Between Economic Growth, Environmental Sustainability, and Econometric Modeling Fazli, Qalbin Salim; Delya, Mussa Isaack; Almuchty, Muhammad Akbar; Hafizah, Iffah; Wiranatakusuma, Dimas Bagus
Ekonomikalia Journal of Economics Vol. 3 No. 2 (2025): October 2025
Publisher : Heca Sentra Analitika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60084/eje.v3i2.345

Understanding how agriculture contributes to economic growth while maintaining environmental sustainability has become an essential question in contemporary development research. To examine how this interdisciplinary field has evolved, this study employs a bibliometric analysis of 394 Scopus-indexed articles retrieved on 3 October 2025, reflecting research published from 1975 through 2025, focusing on the intersection of agriculture, economic growth, environmental sustainability, and econometric modeling. Data were analyzed with VOSviewer and CiteSpace to map research trends, collaboration, and methodological patterns. The results indicate a consistent rise in publication activity and citation impact, reflecting the growing scholarly attention to sustainable agricultural economics. Asian countries, particularly China, India, Malaysia, and Indonesia, have emerged as leading contributors, highlighting the region’s central role in agricultural transformation and policy-driven research. Econometric approaches such as time series, panel data, and cointegration models dominate methodological trends, underscoring the discipline’s increasing reliance on quantitative analysis. However, international and interinstitutional collaboration remains limited, suggesting that greater integration is needed to achieve a more unified global research landscape. The findings provide valuable insights into the intellectual structure and evolution of agricultural economics, offering a foundation for future studies that aim to strengthen methodological diversity and advance sustainable development policies.

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