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All Journal Jurnal Ekonomi Islam Jurnal Ekonomi Islam Indatu Journal of Management and Accounting
Mardayanti, Ulfa
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Business Confidence in Indonesia: Which Macroeconomic Factors Have Long-Term Impact? Hardi, Irsan; Ali, Najabat; Duwal, Niroj; Devi, N. Chitra; Mardayanti, Ulfa; Idroes, Ghalieb Mutig
Indatu Journal of Management and Accounting Vol. 2 No. 1 (2024): June 2024
Publisher : Heca Sentra Analitika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60084/ijma.v2i1.203

Abstract

Business confidence refers to the level of optimism or pessimism that business owners have about the prospects of their companies and the overall economy. Thus, the focus of this study is to examine the long-term impact of various macroeconomic factors—economic growth, government expenditure, interest rates, inflation, exchange rates, and the composite stock price index—on the business confidence index in Indonesia by utilizing monthly data from January 2009 to December 2022. We employ Dynamic Ordinary Least Squares (DOLS) and Fully-Modified Ordinary Least Squares (FMOLS) as the main methods, with Canonical Cointegrating Regressions (CCR) as a robustness check method. The study also utilizes pairwise Granger causality tests for a comprehensive analysis. The findings indicate that all macroeconomic factors significantly impact the business confidence index in the long term across all methodologies. Specifically, economic growth, inflation, and the composite stock price index exert a positive impact, while government expenditure, interest rates, and exchange rates indicate a negative impact on the business confidence index. This evidence emphasizes the importance for businesses to diligently monitor macroeconomic trends and understand the patterns in these indicators so that companies can better anticipate changes in business sentiment. Taking a long-term perspective when making strategic decisions and investments is also advisable, recognizing that the influence of macroeconomic factors on business confidence may be more pronounced over time.
Consumer Confidence and Economic Indicators: A Macro Perspective Hardi, Irsan; Ray, Samrat; Duwal, Niroj; Idroes, Ghalieb Mutig; Mardayanti, Ulfa
Indatu Journal of Management and Accounting Vol. 2 No. 2 (2024): December 2024
Publisher : Heca Sentra Analitika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60084/ijma.v2i2.241

Abstract

This study examines the impact of the determinants of consumer confidence in Indonesia, one of the largest consumer markets in the world. Various macroeconomic factors are assessed, including economic growth, government expenditure, the consumer price index, interest rates, unemployment, and stock price index, using monthly data from January 2009 to December 2022. The study employs the Autoregressive Distributed Lag (ARDL) model as the primary method, with robustness checks using Fully Modified Ordinary Least Squares (FMOLS) and Canonical Cointegrating Regressions (CCR). The results indicate that all selected factors significantly influence consumer confidence, particularly from a long-term perspective. Economic growth and unemployment have a positive impact, while government expenditure, the consumer price index, interest rates, and stock prices exert a negative effect. These findings suggest that businesses should align their strategies with economic trends to capitalize on periods of strong consumer sentiment and mitigate risks during downturns. Simultaneously, policymakers should prioritize effectively managing key macroeconomic factors to sustain and enhance overall consumer confidence.
PENGARUH GENDER, INDEKS PRESTASI KUMULATIF, PEMBELAJARAN DAN PENDIDIKAN KEUANGAN TERHADAP LITERASI KEUANGAN SYARIAH Suriani, Suriani; Mardayanti, Ulfa
Ekonomi Islam Vol. 15 No. 2 (2024): Jurnal Ekonomi Islam Fakultas Agama Islam UHAMKA
Publisher : Universitas Muhammadiyah Prof DR HAMKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22236/jei.v15i2.11854

Abstract

The Financial Services Authority (OJK) conducted the 2019 National Survey of Financial Literacy and Inclusion (SNLIK), and the results showed that while conventional financial literacy is at 67.1%, Sharia financial literacy among Indonesian students is still significantly lower at 31.5%. This study looked at how undergraduate students at the Faculty of Economics and Business, Universitas Syiah Kuala, in the even semester of the 2022–2023 academic year, perceived their level of Sharia financial literacy about their gender, grade point average (GPA), financial education in postsecondary institutions, and parental financial education. With 97 respondents in total, probability sampling using a straightforward random sample technique was used for primary data. Multiple linear regression analysis results showed that although other variables showed no discernible influence, financial education in higher education had a significant and favorable impact, appearing as the major factor determining Sharia financial literacy. As such, it is advised that teachers incorporate Sharia financial education into their curricula to improve students' comprehension, which may then be reflected in their grade point average. Furthermore, in addition to pupils' learning efforts, parents are encouraged to offer further support in educating their children about Sharia money. Keywords: Sharia Financial Literacy, Gender, Grade Point Average, Financial Learning, Financial Education.
PENGARUH GENDER, INDEKS PRESTASI KUMULATIF, PEMBELAJARAN DAN PENDIDIKAN KEUANGAN TERHADAP LITERASI KEUANGAN SYARIAH Suriani, Suriani; Mardayanti, Ulfa
Ekonomi Islam Vol. 15 No. 2 (2024): Jurnal Ekonomi Islam Fakultas Agama Islam UHAMKA
Publisher : Universitas Muhammadiyah Prof DR HAMKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22236/jei.v15i2.11854

Abstract

The Financial Services Authority (OJK) conducted the 2019 National Survey of Financial Literacy and Inclusion (SNLIK), and the results showed that while conventional financial literacy is at 67.1%, Sharia financial literacy among Indonesian students is still significantly lower at 31.5%. This study looked at how undergraduate students at the Faculty of Economics and Business, Universitas Syiah Kuala, in the even semester of the 2022–2023 academic year, perceived their level of Sharia financial literacy about their gender, grade point average (GPA), financial education in postsecondary institutions, and parental financial education. With 97 respondents in total, probability sampling using a straightforward random sample technique was used for primary data. Multiple linear regression analysis results showed that although other variables showed no discernible influence, financial education in higher education had a significant and favorable impact, appearing as the major factor determining Sharia financial literacy. As such, it is advised that teachers incorporate Sharia financial education into their curricula to improve students' comprehension, which may then be reflected in their grade point average. Furthermore, in addition to pupils' learning efforts, parents are encouraged to offer further support in educating their children about Sharia money. Keywords: Sharia Financial Literacy, Gender, Grade Point Average, Financial Learning, Financial Education.
Do Business Conditions Drive FDI Inflows? A Decomposition Analysis Using B-READY Indicators Hardi, Irsan; Çoban, Mustafa Necati; Maulana, Ar Razy Ridha; Idroes, Ghalieb Mutig; Mardayanti, Ulfa
Indatu Journal of Management and Accounting Vol. 3 No. 1 (2025): June 2025
Publisher : Heca Sentra Analitika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60084/ijma.v3i1.303

Abstract

Foreign direct investment (FDI) is essential for economic development and business sustainability, and understanding the business conditions that attract it remains a key policy concern. This study adopts a decomposition approach by examining the impact of various B-READY indicators on FDI inflows in separate models, using cross-sectional data from 45 countries. To ensure methodological rigor, it applies three Robust Least Squares (RLS) estimation techniques: M-type, S-type, and MM-type. The findings reveal that six out of ten B-READY indicators exert a positive and statistically significant influence on FDI inflows. The significant B-READY indicators, such as business insolvency, dispute resolution, international trade, labor, market competition, and taxation, highlight critical factors that businesses consider when entering or expanding in foreign markets. These insights offer valuable guidance and practical implications not only for policymakers seeking to strengthen national investment environments, but also for businesses evaluating market readiness and investment risks in foreign economies.
Co-Authors Ali, Najabat Çoban, Mustafa Necati Devi, N. Chitra Duwal, Niroj Hardi, Irsan Idroes, Ghalieb Mutig Maulana, Ar Razy Ridha Ray, Samrat Suriani Suriani