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All Journal ETIKONOMI El Dinar
Alhendi, Osama
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Economics, Econometrics & Finance Other

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EXPLORING THE PARADOX OF MSME GROWTH DURING RAMADHAN Mubaroq, Afiq Chamim; Rafinda, Ascaryan; Setyorini, Christina Tri; Nasihin, Ihsan; Rahmajati, Emir Surya; Alhendi, Osama
EL DINAR: Jurnal Keuangan dan Perbankan Syariah Vol 13, No 1 (2025): El Dinar
Publisher : Faculty of Economics Universitas Islam Negeri Maulana Malik Ibrahim Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18860/ed.v13i1.29185

Abstract

This study aims to examine the dual impact of Ramadan on MSMEs in Indonesia, where increased consumer demand coincides with supply chain disruptions, rising costs, and logistical challenges. The research employs a qualitative descriptive approach with text mining techniques to collect data from various trusted online media sources. The findings indicate that while Ramadan creates significant economic opportunities for MSMEs, challenges remain in meeting market demand. This study highlights the paradoxical nature of this period, underscoring the need for strategic interventions from stakeholders to help MSMEs navigate the complexities of Ramadan. The implications also extend to policymakers, who must consider tailored support to maximize benefits while mitigating the challenges faced by MSMEs during this critical period.
Market Anomalies and Investor Behavior: The January Effect in ASEAN Countries Mubaroq, Afiq Chamim; Styorini, Christina Tri; Rafinda, Ascaryan; Ramdhani, Pangeran Fajar; Alhendi, Osama; Ikhsanudin, Muhammad Arif
ETIKONOMI Vol. 24 No. 2 (2025)
Publisher : Faculty of Economic and Business, Universitas Islam Negeri Syarif Hidayatullah Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v24i2.41491

Abstract

Research Originality: This study provides a fresh contribution to the literature on market anomalies, specifically the January Effect, within ASEAN capital markets. Research Objectives: The objective of this research is to investigate the presence and extent of the January Effect by analyzing stock returns and abnormal returns of publicly listed companies in ASEAN capital markets. Research Methods: Data were obtained through purposive sampling, resulting in a final sample of 153 companies. The research hypotheses were tested using paired sample t-tests. Empirical Results: The findings indicate that the January Effect is evident in certain capital market indices within ASEAN but is not consistently observed across all markets. The presence of higher stock returns and abnormal returns in January does not conclusively confirm the January Effect in every instance. Implications: Investors are advised to exercise caution and not rely solely on seasonal anomalies, a comprehensive approach that includes broader market fundamentals and macroeconomic indicators is essential for sound decision-making within ASEAN capital markets. JEL Classification: E22, F21, G14
Co-Authors Ascaryan Rafinda Christina Tri Setyorini Ikhsanudin, Muhammad Arif Mubaroq, Afiq Chamim Nasihin, Ihsan Rahmajati, Emir Surya Ramdhani, Pangeran Fajar Styorini, Christina Tri