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All Journal Economica: Jurnal Ekonomi Islam JEMSI (Jurnal Ekonomi, Manajemen, dan Akuntansi)
Muhammad Ikram S
Universitas Islam Negeri Palopo
Economics, Econometrics & Finance Social Sciences Other

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Pengaruh Belanja Modal dan Pegawai Terhadap Pertumbuhan Ekonomi NTB Dimoderasi Realisasi Anggaran Fitri Fitri; Ikrawati Ikrawati; Wahyu Hasdi; Muhammad Ikram S; Nurfadilah Nurfadilah
JEMSI (Jurnal Ekonomi, Manajemen, dan Akuntansi) Vol. 12 No. 1 (2026): Februari 2026
Publisher : Sekretariat Pusat Lembaga Komunitas Informasi Teknologi Aceh

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35870/jemsi.v12i1.5994

Abstract

This study aims to analyze the influence of capital expenditure and employee expenditure on regional economic growth in the Province of West Nusa Tenggara (NTB) and to examine the role of budget realization as a moderating variable. The research employs a quantitative method using panel data from eight districts/municipalities in NTB for the period 2020–2024. Data analysis was conducted using multiple regression and Moderated Regression Analysis (MRA) to test the interaction between the independent variables and the moderating variable.The results indicate that capital expenditure has no significant effect on economic growth, whereas employee expenditure shows a positive and significant effect. Budget realization does not moderate the influence of capital expenditure but is proven to strengthen the effect of employee expenditure on regional economic growth. These findings suggest that the effectiveness of capital expenditure utilization still needs improvement, while more productive management of employee expenditure can contribute significantly to regional economic activity. In addition, optimal budget realization serves as an important factor in supporting sustainable economic growth. This study recommends incorporating additional macroeconomic variables in future research to obtain a more comprehensive understanding of the determinants of economic growth in NTB.
What Drives Corporate Sukuk Issuance? Firm-Specific and Macroeconomic Determinants in Indonesia's Sukuk Market Didin Purniawan; Arzal Syah; Muhammad Ikram S; Nurfadilah Nurfadilah; Suci Suci
Economica: Jurnal Ekonomi Islam Vol. 17 No. 1 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Islam UIN Walisongo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/economica.2026.17.1.30281

Abstract

There has been increasing adoption of sukuk for raising Shariah-compliant funds in Indonesia; however, there is a dearth of research concerning the role of macroeconomic factors and firm attributes in the determination of sukuk issuances by Indonesian corporations. This study explores the impact of macroeconomic and firm-specific factors in the determination of corporate sukuk issuance in Indonesia from 2018 to 2025. This study uses the Autoregressive Distributed Lag (ARDL) approach to investigate the impact of macroeconomic variables in the short and long run, as well as panel regression to analyse the impact of firm-specific variables. According to the ARDL findings, changes in the Bank Indonesia (BI) policy rate, inflation and Indonesia Sharia Stock Index (ISSI) in the short-run significantly impact sukuk issuance, but their long-run impact, along with exchange rate, does not have any statistically significant effect on the same. Firmspecific factors, such as sukuk maturity period, profitability (ROA), leverage and firm size, significantly influence the issuance decision. The higher the maturity period of sukuk, profitability and firm size, the more would be sukuk issuance; whereas higher leverage hinders sukuk issuance. This study contributes to enhancing the Islamic finance body of knowledge by analyzing macroeconomic and firm-level determinants together in a single model, and offers implications for improving the corporate sukuk market of Indonesia.
Co-Authors Arzal Syah Didin Purniawan Fitri Fitri Ikrawati Ikrawati Nurfadilah Nurfadilah Suci Suci Wahyu Hasdi