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The Influence of Global Risks on the Composite Index Andriyani, Rodhiya; Pimada, Laila
Journal of Development Economic and Social Studies Vol. 4 No. 4 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jdess.2025.04.4.05

Abstract

This research investigates the influence of Geopolitical Risk (GPR), Economic Policy Uncertainty (EPU), the Volatility Index (VIX), and Brent oil prices on the Jakarta Composite Index (JCI) in Indonesia. By incorporating all major global uncertainty factors into a single model, this study bridges a gap in the existing literature, which often analyzes these variables separately. The research employs the Autoregressive Distributed Lag (ARDL) model using monthly data from 2018 to 2024 to capture both short-run and long-run dynamics between the variables. The empirical results reveal that Brent oil prices exhibit a significant positive relationship with the JCI, implying that higher oil prices may enhance market sentiment and investment value in resource-dependent economies. Conversely, the VIX demonstrates a strong and significant negative relationship with the JCI, suggesting that rising global market volatility suppresses investor confidence and capital inflows. However, neither geopolitical risk nor economic policy uncertainty shows a statistically significant impact on the JCI. These findings provide valuable insights for policymakers and investors, emphasizing the relative resilience of the Indonesian stock market amid global financial and political turbulence.
Determinants of Digital Zakat Payment Behavior In Indonesia Through Muzakki Intention El-Hakim, Muhammad Luthfan; Pimada, Laila
Islamic Economics and finance in Focus Vol. 5 No. 4 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/

Abstract

The slow rate of zakat collection in Indonesia indicates that there are barriers and challenges for individuals in paying zakat through formal institutions. This study aims to analyze the factors that influence the actual use of digital zakat payments among the Muslim community in Indonesia, using the Unified Theory of Acceptance and Use of Technology (UTAUT) and zakat literacy. The research method employed a quantitative approach using quota sampling, with data collected through the distribution of questionnaires. The data were then analyzed using Structural Equation Modeling (SEM) with the Partial Least Squares (PLS) approach, encompassing testing of the measurement model (outer model) and the structural model (inner model). The results indicate that performance expectancy, effort expectancy, social influence, facilitating conditions, and zakat literacy have a significant positive effect on behavioral intention and actual use. These findings suggest that improved service performance, ease of use, social influence, availability of facilities, and a strong understanding of zakat can encourage both the intention and actual use of digital payment methods for zakat fulfillment. It is hoped that these research results can serve as a foundation for regulators and Zakat institutions to develop more optimal strategies.