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All Journal Imtiyaz : Jurnal Ilmu Keislaman Jurnal Ekonomi Manajemen dan Sekretari
Hilwa Shabira
Universitas Islam Negeri Ar-Raniry
Religion Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Pengaruh Ekspor dan Belanja Pemerintah Terhadap Pertumbuhan Ekonomi Hilwa Shabira; Khairul Amri
Jurnal Ekonomi Manajemen dan Sekretari Vol. 8 No. 1 (2023): APRIL 2023
Publisher : Sekretariat Pusat Lembaga Komunitas Informasi Teknologi Aceh

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35870/jemensri.v8i1.3035

Abstract

This research aims to analyze the influence of exports and government spending on economic growth in Indonesia. Using Time-Series data for the period 1999-2019 and analysis of multiple linear regression models and autoregressive distribution lag (ARDL). The results of this study show that there is a cointegration relationship between economic growth and exports and government spending. The results of multiple linear regression show that exports have an insignificant positive relationship with economic growth, while government spending has an insignificant negative relationship with Indonesia's economic growth. The results using Autoregressive Distributed Lag (ARDL) show that in the long term exports have an insignificant positive effect on economic growth, while in the short term exports have a positive and significant effect on economic growth. Government spending, both in the long and short term, has an insignificant negative effect on economic growth. This finding has the implication that increasing economic growth can be done by increasing the level of exports and allocating government spending to productive things.
MILESTONE-BASED FUNDING DALAM VENTURE CAPITAL: ANALISIS KRITIS DISTRIBUSI RISIKO PERSPEKTIF ABU HANIFAH Hilwa Shabira; Muhammad Maulana
IMTIYAZ: Jurnal Ilmu Keislaman Vol. 10 No. 2 (2026): Juni
Publisher : LPPM STAI Muhammadiyah Probolinggo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46773/b83chq29

Abstract

Startup developments have driven the rise of modern financing models such as venture capital through milestone-based funding mechanisms. While this staged scheme effectively mitigates investment uncertainty, it raises concerns regarding unfair risk distribution (risk shifting). Investors retain the flexibility to halt funding when targets are missed, whereas entrepreneurs bear the loss of expended resources. This study aims to analyze risk distribution in milestone-based funding and evaluate its alignment with Abu Hanifah’s thought on contractual justice. Using a qualitative-descriptive method, the findings reveal that although this scheme enhances financing efficiency, its implementation does not fully align with Abu Hanifah’s principle of al-ghunm bi al-ghurm (the balance of return and risk), as it tends to shift the risk burden unilaterally. Consequently, this study proposes a financing model reconstruction by restricting unilateral termination, implementing shared downside risk, and integrating musyarakah principles to foster a fairer and more balanced venture capital ecosystem.
Co-Authors Khairul Amri Muhammad Maulana