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All Journal Journal of Economics Journal of Economic, Management and Entrepreneurship
Siddiq, Akhyar
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Economics, Econometrics & Finance

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Analisis Perbandingan Kinerja Risiko-Return Indeks Saham di Kawasan ASEAN: Studi pada Indonesia, Malaysia, dan Singapura RINAIMA, CHETRINE ALYA; Siddiq, Akhyar; Furoida, Aini Nur
Jurnal Ekonomika : INDEPENDEN Vol 5 No 3 (2025): Desember 2025
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26740/independent.v5i3.74284

Abstract

Penelitian ini bertujuan untuk menganalisis dan membandingkan kinerja risiko-return indeks saham utama di kawasan ASEAN, yaitu Jakarta Composite Index (JCI), Kuala Lumpur Composite Index (KLCI), dan Straits Times Index (STI) selama periode 2017–2023. Analisis dilakukan menggunakan pendekatan risk-adjusted return melalui Sharpe Ratio, Treynor Ratio, dan Jensen’s Alpha untuk menangkap perbedaan kinerja berdasarkan total risiko dan risiko sistematis. Data yang digunakan merupakan data sekunder berupa return indeks pasar dan tingkat pengembalian bebas risiko yang dianalisis dengan metode kuantitatif deskriptifkomparatif. Hasil penelitian menunjukkan bahwa indeks STI memiliki kinerja risiko-return yang paling konsisten dan efisien, terutama pada periode krisis dan pemulihan ekonomi. Indeks JCI menunjukkan kinerja yang cukup kompetitif pada fase pemulihan, namun belum konsisten dalam menghasilkan abnormal return setelah disesuaikan dengan risiko sistematis. Sementara itu, indeks KLCI secara umum menunjukkan kinerja risiko-return yang relatif lemah dan kurang stabil sepanjang periode penelitian. Temuan ini mengindikasikan bahwa perbedaan karakteristik dan efisiensi pasar memengaruhi kualitas kinerja investasi di kawasan ASEAN.
Productive Zakat as a Strategic Instrument for Achieving the Sustainable Development Goals Maulana, Alfin; Siddiq, Akhyar; Ghazna Nizami, Auliya
Journal of Economic, Management and Entrepreneurship Vol. 3 No. 4 (2025)
Publisher : CV. Satria Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61502/

Abstract

Poverty and social inequality remain major challenges in achieving sustainable development, necessitating alternative instruments that promote inclusive economic empowerment. Productive zakat, as an innovative approach to zakat management, has strong potential to support the Sustainable Development Goals (SDGs). This study aims to analyze the role of productive zakat in supporting the achievement of the SDGs, particularly in poverty alleviation, economic growth, gender equality, and the reduction of social inequalities. This study employs a qualitative descriptive method through a literature review. Data were collected from national and international academic journal articles, zakat management regulations, and relevant publications of zakat institutions. The analysis focuses on examining the relationship between the implementation of productive zakat and SDG indicators. The findings indicate that productive zakat contributes substantially to increasing beneficiaries’ income and economic self-reliance through the provision of business capital, skills training, and continuous mentoring. In addition, productive zakat supports microenterprise development, job creation, enhanced women’s economic participation, and the reduction of social inequality at the community level. The implications of this study highlight the importance of strengthening governance, program integration, and impact-based evaluation to optimize productive zakat as a strategic instrument of Islamic economics in advancing the achievement of the SDGs and sustainable economic development.
Co-Authors Alfin Maulana Furoida, Aini Nur Ghazna Nizami, Auliya