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Vector Autoregression Analysis of The Relationship Between Inflation Rate, Interest Rate, and Exchange Rate To The Jakarta Islamic Index Qurrota A'yun, Ajeng; Fatwa, Nur
Journal of Strategic and Global Studies Vol. 5, No. 1
Publisher : UI Scholars Hub

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Abstract

ABSTRACT The Indonesian Sharia Capital Market is an interesting thing to study because based on the 2019 Global Islamic Finance Report (GIFR) report, Indonesia is ranked first in the Global Sharia Financial Market. The Jakarta Islamic Index (JII) is the sharia stock index that was first launched on the Indonesian capital market on July 3, 2000 and only consisted of the 30 most liquid Islamic shares listed on the Indonesia Stock Exchange. This study will try to uncover how the relationship between macroeconomic variables in Indonesia by using Vector Autoregression (VAR) analysis and using monthly secondary data from 2012-2019. VAR analysis which has advantages including multivariate, free from spurious endogeneity and exogeneity variables and can detect relationships between variables in the equation system. The results of this study indicate that the JII of the previous period and the BI Rate have a positive influence on JII, while inflation and the Rupiah-US Dollar Exchange rate have a negative relationship with JII. The implication of the results of this study is to strengthen the rupiah price which greatly affects JII. Keywords: Shariah stock, JII, Macroeconomics, VAR.
PERBEDAAN PENYELESAIAN SENGKETA PADA PERUSAHAAN ASURANSI: INDONESIA DAN SINGAPURA Ajeng Qurrota A’yun
Jurnal Ekonomi Manajemen Dan Bisnis (JEMB) Vol. 3 No. 1 (2025): September
Publisher : Publikasi Inspirasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62017/jemb.v3i1.6803

Abstract

Penelitian ini mengkaji perbedaan sistem penyelesaian sengketa pada perusahaan asuransi antara Indonesia dan Singapura, dua negara ASEAN dengan karakteristik hukum dan ekonomi yang berbeda. Jenis penelitian ini menggunakan metode komparatif dengan pendekatan kualitatif, studi ini menganalisis kerangka hukum, mekanisme penyelesaian sengketa, peran lembaga pengawas, dan efektivitas sistem di kedua negara. Data diperoleh melalui studi kepustakaan dan analisis dokumen. Hasil penelitian menunjukkan perbedaan signifikan dalam pendekatan penyelesaian sengketa asuransi. Indonesia menerapkan sistem yang lebih terstruktur dengan regulasi spesifik dan lembaga khusus seperti BMAI, sementara Singapura mengadopsi pendekatan yang lebih fleksibel dan terintegrasi melalui FIDReC. Perbedaan juga terlihat dalam batasan waktu penyelesaian dan nilai klaim yang dapat ditangani. Meskipun demikian, kedua negara menunjukkan komitmen kuat dalam mengembangkan mekanisme penyelesaian sengketa alternatif yang efektif. Singapura cenderung menunjukkan tingkat kepuasan konsumen yang lebih tinggi, sementara Indonesia menunjukkan perbaikan signifikan dalam beberapa tahun terakhir. Penelitian ini merekomendasikan peningkatan fleksibilitas sistem di Indonesia, pengembangan spesialisasi yang lebih mendalam di Singapura, serta kerjasama bilateral dalam pengembangan kapasitas dan edukasi konsumen. Di tingkat ASEAN, kedua negara dapat memimpin inisiatif untuk mengembangkan standar minimal bersama dalam penyelesaian sengketa asuransi.
Semi-Strong Form Market Efficiency and Resilience of Indonesian Sharia Stocks: An Event Study of the Hamas–Israel Conflict Ajeng Qurrota A’yun; Windiya Saputri; Anggita Nurcahyani; Nurlatifah Umi Oktafiani; Muhammad Faiz Andeaz Fawwaz
Syi`ar Iqtishadi : Journal of Islamic Economics, Finance and Banking Vol 10, No 1 (2026)
Publisher : FEB Universitas Sultan Ageng Tirtayasa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35448/jiec.v10i1.40847

Abstract

This study investigates the market reaction of Indonesian sharia-compliant stocks to the Hamas–Israel conflict announcement on October 7, 2023, through an event study methodology with an event window of [−5, +5] trading days. Using a sample of 35 Indonesia Sharia Stock Index (ISSI) stocks, abnormal returns were analysed via One-Sample t-Tests, Paired Sample t-Tests, and the Wilcoxon Signed Rank Test. Normality tests confirmed non-normal distributions across all event days. Results indicate no significant abnormal returns on ten of eleven event days, supporting semi-strong form market efficiency. However, a statistically significant decline in mean abnormal returns was observed from the pre-event period (mean AR = 0.0325) to the post-event period (mean AR = −0.0611), confirmed by both parametric (t = 2.226, p = 0.033) and non-parametric tests (Z = −2.178, p = 0.029). These findings suggest that Indonesian sharia stocks are relatively resilient to external geopolitical shocks.
GREEN INNOVATION AS A SUSTAINABLE ENTREPRENEURSHIP STRATEGY: THE ROLE OF ENTREPRENEURIAL ORIENTATION AND ENVIRONMENTAL AWARENESS Lis Yulitasari; Ajeng Qurrota ‘Ayun; Mutiara Eka Putri
Jurnal TAM (Technology Acceptance Model) Vol 17, No 1 (2026): Jurnal TAM (Technology Acceptance Model)
Publisher : Institut Bakti Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56327/jurnaltam.v17i1.1891

Abstract

This study aims to analyse the roles of entrepreneurial orientation and environmental awareness in fostering green innovation as a sustainable entrepreneurship strategy among Micro, Small, and Medium Enterprises (MSMEs) in Indonesia. The study is motivated by increasing global pressure regarding environmental sustainability issues and the need for MSMEs to adapt to environmentally friendly business practices in order to enhance economic performance while reducing ecological impacts. A quantitative research design with an explanatory approach was employed. Data were collected through an online questionnaire distributed to MSME owners and managers via social media platforms. The sample was selected using purposive sampling, focusing on business owners or managers who had operational business experience and knowledge related to business management and environmental issues. The data were analysed using Partial Least Squares Structural Equation Modelling (PLS-SEM) to examine both direct and mediating relationships among the variables. The findings indicate that entrepreneurial orientation has a positive and significant effect on green innovation (β = 0.48; t = 5.21; p < 0.001), while environmental awareness also exerts a positive and significant influence on green innovation (β = 0.39; t = 4.33; p < 0.001). Furthermore, environmental awareness serves as a significant mediator in the relationship between entrepreneurial orientation and green innovation (β = 0.19; t = 3.08; p < 0.01). These findings demonstrate that the combination of an innovative, proactive, and risk-taking entrepreneurial orientation with a high level of environmental awareness constitutes a key factor in shaping sustainable green innovation strategies. The study concludes that the successful development of green innovation among MSMEs is determined not only by entrepreneurial capabilities but also by the level of environmental awareness. The practical implications suggest strengthening education and training programmes aimed at enhancing environmental awareness, integrated with entrepreneurship competency development, to facilitate the effective implementation of green innovation strategies.
INTEGRATION OF ENVIRONMENTAL, SOCIAL, AND GOVERNANCE (ESG) PRINCIPLES IN ISLAMIC FINANCE Ajeng Qurrota A’yun; Lis Yulitasari
INTEGRATIVE : Journal of Economics, Management, Business and Accounting Vol. 1 No. 1 (2026): Journal of Economics, Management and accounting studies
Publisher : CV. Visionary Raya Sakti

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.67983/integrative.v1i1.21

Abstract

This study examines the integration of Environmental, Social, and Governance (ESG) principles within Islamic finance through a systematic literature review of research published between 2019 and 2024. Findings indicate a strong conceptual alignment between ESG and maqāṣid al-sharī‘ah, particularly in environmental stewardship, social justice, and ethical governance. Empirical studies show that ESG implementation enhances the sustainability reporting, reputation, and financial stability of Islamic financial institutions, although challenges remain in standardization, human resource capacity, and verification. Green sukuk emerges as the most significant ESG-aligned Islamic financial instrument, contributing to sustainable development and renewable energy financing. Nevertheless, regulatory gaps between global ESG frameworks and Shariah-specific standards hinder optimal adoption. This study concludes that strengthening regulatory harmonization, improving ESG literacy, and enhancing Shariah governance capacities are essential for advancing ESG integration in Islamic finance