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INDONESIA
Signifikan : Jurnal Ilmu Ekonomi
ISSN : 20872046     EISSN : 24769223     DOI : 10.1016
Core Subject : Economy,
Arjuna Subject : -
Articles 407 Documents
Determinants of Behavioral Intentions to Use Sharia Financial Technology (Fintech) Dani Setiawan; Darwanto Darwanto; Edy Yusuf Agung Gunanto
Signifikan: Jurnal Ilmu Ekonomi Vol 10, No 2 (2021)
Publisher : Faculty of Economic and Business Syarif Hidayatullah State Islamic University of Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/sjie.v10i2.21451

Abstract

The growth of sharia fintech is not proportional to the majority of the Muslim population. There are only a few studies that discuss the behavioral intentions of consumers who use sharia fintech. This study aims to identify the factors influencing Muslim's behavioral intentions in using sharia fintech. This study conducted 400 respondents in four types of sharia fintech (digital payment, lending, crowdfunding, and risk and management). This study uses a structural Equation Modeling - Partial Least Square (SEM-PLS) approach. Variable Planned behavior (PB), Acceptance Model (AM), Use of Technology (UT), Digital Literacy (DL), and Sharia Financial Literacy (SFL) have significant positive effects on Behavior Intention (BI). This study provides recommendations to improve the distribution of internet access infrastructure and the right curriculum in increasing digital literacy, Islamic finance literacy, and also more accessible fintech services.JEL Classification: D83, D91, G2, Z1How to Cite:Setiawan, D., Darwanto., & Gunanto, E. Y. A. (2021). Determinants of Behavioral Intentions to Use Sharia Financial Technology. Signifikan: Jurnal Ilmu Ekonomi, 10(2), 325-342. https://doi.org/10.15408/sjie.v10i2.21451.
Optimum of Strategic Asset Allocation for Indonesian Hajj Fund Beny Witjaksono; Hamzah Bustomi
Signifikan: Jurnal Ilmu Ekonomi Vol 10, No 2 (2021)
Publisher : Faculty of Economic and Business Syarif Hidayatullah State Islamic University of Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/sjie.v10i2.20020

Abstract

Hajj fund must be managed effectively with a diligent approach of standard risk management. This study examines the level of risk management The Hajj Fund Management Agency (BPKH) performs in optimizing its investments: fund and fixed asset portfolios.  The measurement data was initially and purposively retrieved.   It was later run and processed through linear programming for further analyses. The results indicate that Sharia banking deposits and gold are riskless assets. As far as other asset portfolios, investments are placed strictly based on direct and indirect participation according to the government's regulations to avoid the pressures of market volatility. This study serves as a reference for regulators in formulating appropriate strategic asset allocation to applied related optimized management of hajj fund investment.JEL Classification: C44, C51, C58, C61, D81, E22, E47How to Cite:Witjaksono, B., & Hamzah. (2021). Optimum Strategic of Asset Allocation for Indonesian Hajj Fund. Signifikan: Jurnal Ilmu Ekonomi, 10(2), 195-208. https://doi.org/10.15408/sjie.v10i2.20020.
Could Palm Oil Plantation Increase Individual Expenditure? The Dutch Disease Implication in Indonesia Cavin Dennis Tito Siregar; Estro Dariatno Sihaloho
Signifikan: Jurnal Ilmu Ekonomi Vol 10, No 1 (2021)
Publisher : Faculty of Economic and Business Syarif Hidayatullah State Islamic University of Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/sjie.v10i1.15831

Abstract

Indonesia is the largest palm-oil producing country, covering almost 80 percent of global production. With the extensive production capacity, this research seeks to analyze the linkages between palm oil production and its impact on the economy by the individual monthly expenditure. To reveal the connections, this research analyzes the Dutch Disease phenomenon in Indonesia, which explains how the non-tradable sector, palm-oil industry, affects the tradable sector like the manufacturing industry. The panel data variables are selected from 2011 to 2015 within 22 provinces to see the Dutch Disease's implications. As the model is suffered from the endogeneity, the correlation of explanatory variables with the error term, the research uses the Instrumental-Variable Regression method. The analysis indicates that Indonesia was not suffered from Dutch Disease. Therefore, palm oil production could increase individual expenditure. Finally, the extension of palm oil plantations could benefit Indonesia's economy without affecting other sectors.JEL Classification: E21, E24, O13, O44How to Cite:Siregar, C. D. T., & Sihaloho, E. D. (2021). Could Palm Oil Plantation Increase Individual Expenditure? The Dutch Disease Implication in Indonesia. Signifikan: Jurnal Ilmu Ekonomi, 10(1), 77-92. doi: http://doi.org/10.15408/sjie.v10i1.15831.
Restructuring and Bank Performance in Dual Banking System Raditya Sukmana; Mansor H Ibrahim
Signifikan: Jurnal Ilmu Ekonomi Vol 10, No 2 (2021)
Publisher : Faculty of Economic and Business Syarif Hidayatullah State Islamic University of Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/sjie.v10i2.20740

Abstract

This paper assesses the impact of changing competition landscape and Islamic bank penetration on bank risk, profitability and capitalization. This study utilizes an unbalanced panel dataset consisting of 37 commercial banks over the period 1997 to 2015. The paper uses a panel VAR methodology to discern the interactions between bank competition and Islamic banking presence on one hand and bank performance on the other hand. We find evidence supportive of both competition – stability and competition – fragility views for conventional banks. The results suggest that bank competition improves conventional bank risk and, at the same time, lower profitability and capital holdings. As for Islamic banks, competition seems to robustly influence only bank profitability. Finally, we note that increasing Islamic bank penetration improves the risk profile of conventional banks and, as expected, reduces their market power. These results bear important implications on the design of competition policies in a dual banking system as well as on the development of the Islamic banking sector.JEL Classification: C23, G21, G28How to Cite:Sukmana, R., & Ibrahim, M. H.. (2021). Restructuring and Bank Performance in Dual Banking System. Signifikan: Jurnal Ilmu Ekonomi, 10 (2), 223-247. https://doi.org/10.15408/sjie.v10i2.20740. 
The Determinants of Economic Growth: Empirical Study of 10 Asia-Pacific Countries Muhammad Safar Nasir; Ana Rahmawati Wibowo; Dedy Yansyah
Signifikan: Jurnal Ilmu Ekonomi Vol 10, No 1 (2021)
Publisher : Faculty of Economic and Business Syarif Hidayatullah State Islamic University of Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/sjie.v10i1.18752

Abstract

The purpose of this research to examine influence several independent variables, especially corruption, foreign direct investment (FDI), population growth, and government expenditure on the economic growth of 10 Asia-Pacific countries, and prove the hypothesis of the sand wheels theory whether corruption causes a decline and a slowdown in economic growth. This study uses panel data. The results showed that the variables of corruption have a negative impact on economic growth, foreign direct investment (FDI), and government expenditure have positives that significantly affect the level of economic growth in 10 Asia-Pacific countries. However, population growth does not significantly affect economic growth. The result implies that corruption has a negative effect on economic growth in 10 Asia-Pacific countries. Such an outcome provides evidence and confirms the hypothesis that corruption can sand the wheel of an economy. Countries must eradicate all forms of corruption and maintain a conducive investment climate so that there is a level of trust, especially in the Asia-Pacific countries, to create productive economic growth.JEL Classification: O47, D73, C12How to Cite:Nasir, M. S., Wibowo, A. R., & Yansyah, D. (2021). The Determinants of Economic Growth: Empirical Study Of 10 Asia-Pacific Countries. Signifikan: Jurnal Ilmu Ekonomi, 10(1), 149-160. https://doi.org/10.18752/sjie.v10i1.15310.
Do Remittances Matter for Poverty Reduction in ASEAN? Taufiq Fahrizal; Aliasuddin Aliasuddin; M. Shabri Abd. Majid
Signifikan: Jurnal Ilmu Ekonomi Vol 10, No 1 (2021)
Publisher : Faculty of Economic and Business Syarif Hidayatullah State Islamic University of Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/sjie.v10i1.19154

Abstract

This study examined the influence of remittances and macro-economic variables on poverty in ASEAN-4 countries (i.e., Indonesia, Malaysia, Thailand, and the Philippines) over the 1991 to 2019 period using a panel Autoregressive Distributed Lag (ARDL) model. The study documented that remittance and unemployment have a significant effect on poverty reduction in the long run. Meanwhile, economic growth and the Gini coefficient were found to have an insignificant influence on poverty reduction. The speed of adjustment due to shocks in the short term is restored within eight months into the long-run equilibrium. Our results emphasize that poverty in ASEAN-4 must be addressed with pragmatic macroeconomic policies, especially policies that affect the poor's income. Besides, with the real contribution of remittances, the strengthening of international cooperation related to migrant workers is also essential to alleviate poverty.JEL Classification: F22, F24, I32, J01, O15How to Cite:Fahrizal, T., Aliasuddin., & Majid, M. S. A. (2021). Do Remittances Matter for Poverty Reduction in ASEAN?. Signifikan: Jurnal Ilmu Ekonomi, 10(1), 13-30. https://doi.org/10.15408/sjie.v10i1.19154.
The Role of Islamic Crowd-Investing for Sustainable Agriculture in Indonesia Ike Purnama Sari; Salina Kassim
Signifikan: Jurnal Ilmu Ekonomi Vol 10, No 2 (2021)
Publisher : Faculty of Economic and Business Syarif Hidayatullah State Islamic University of Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/sjie.v10i2.20060

Abstract

This research was conducted to discover the relationship between Islamic crowd investing and agriculture by exploring and analyzing the Islamic crowd-investing platform, and to describe the importance and benefits of sustainable agriculture in Indonesia. Funding platforms for agriculture are still relatively small in Indonesia. However, the potential for this sector is still very high due to the large number of demands and a large market. A systematic literature review with a qualitative approach research method was used in this study, specifically to review the literature retrieved from computerized databases, manual search, and authoritative texts related to Islamic crowd-investing and sustainable agriculture. This study showed a strong relationship explaining that financial technology, such as Islamic crowd-investing, has an important role not only in terms of funding, but also in achieving sustainable agriculture, which will have an impact on the environment that may potentiate the agricultural sector itself.JEL Classification: O13, Q14How to Cite:Purnamasari, I., & Kassim, S. (2021). The Role of Islamic Crowd-Investing for Sustainable Agriculture in Indonesia. Signifikan: Jurnal Ilmu Ekonomi, 10(2), 343-358. https://doi.org/10.15408/sjie.v10i2.20060.
Opportunities and Challenges of Retail Sovereign Sukuk Issuance: Lessons from Twelve Years’ Experience Masruri Muchtar
Signifikan: Jurnal Ilmu Ekonomi Vol 10, No 2 (2021)
Publisher : Faculty of Economic and Business Syarif Hidayatullah State Islamic University of Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/sjie.v10i2.20093

Abstract

Retail sukuk is a sharia product offered to Indonesian citizens as a safe and profitable investment instrument. This study identified the strengths, weaknesses, opportunities, and threats that the government may face in offering retail sovereign sukuk. It aimed to provide the government the appropriate strategies based on the historical data of listed retail sukuk and its peripherals during 2009-2020. This paper used a qualitative research approach. The data collection techniques used were literature review and in-depth interview. Internal and external factors were identified. SWOT matrix was made prior to analysis. The results show that the coupon rate offered by retail sovereign sukuk is mostly higher than BI rate. Market expansion is needed. The government shall optimize all distribution partners. Newly innovated products should be developed. Certain criteria should be formulated to determine coupon rate. This research suggests that an independent Special Purpose Vehicle should be reconstructed as a separate entity.JEL Classification: E62, G23, G28, H63How to Cite:Muchtar, M. (2021). Opportunities and Challenges of Retail Sovereign Sukuk Issuance: Lessons from Twelve Years’ Experience. Signifikan: Jurnal Ilmu Ekonomi, 10(2), 259-274. https://doi.org/10.15408/sjie.v10i2.20093.
Indonesia Local Industry Structure and Firms Productivity in Industrial Area Rinayanti Rinayanti; Riatu Mariatul Qibthiyyah
Signifikan: Jurnal Ilmu Ekonomi Vol 10, No 1 (2021)
Publisher : Faculty of Economic and Business Syarif Hidayatullah State Islamic University of Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/sjie.v10i1.17197

Abstract

Using three industry structure indices: specialization, diversification, and competition, we explore how local industry structure may affect firm productivity in the industrial estates. Based on unbalanced panel data of large and medium-sized industrial firms in Indonesia during 2010-2015, our study found that local industry structure influences firm productivity, measured as total factor productivity (TFP). The effect differs between firms outside the industrial estate and firms in the industrial estate. Specialization decreases the productivity of both firms in the industrial estate and outside. Diversification has a positive effect on increasing firm productivity in the industrial estate. As for firms outside the industrial estate, diversification has a negative effect, but the effect is less significant. Meanwhile, local industry competition has a positive and significant effect on firm productivity outside the industrial estate, but the effect is not significant for firms within the industrial estate. Empirically, firms in industrial estates may only benefit from a diversified local industry structure.JEL Classification: D24, L52, R10How to Cite:Rinayanti., & Qibthiyyah, R. M. (2021). Indonesia Local Industry Structure and Firms Productivity in Industrial Area. Signifikan: Jurnal Ilmu Ekonomi, 10(1), 93-112. doi: http://doi.org/10.15408/sjie.v10i1.17197.
Impact of Coronavirus and Macroeconomic Indicators on Sharia Obligation with Simultaneous Model Anton Bawono; Mohammad Rofiuddin; Rifda Nabila; Saiful Anwar
Signifikan: Jurnal Ilmu Ekonomi Vol 10, No 2 (2021)
Publisher : Faculty of Economic and Business Syarif Hidayatullah State Islamic University of Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/sjie.v10i2.21084

Abstract

This study examines the macroeconomic variables exchange rate and BI rate in collaboration with the Coronavirus Disease case against Sukuk. In addition, this study also examines the exchange rate influenced by the BI rate variable and the case of Coronavirus Disease. The data analysis method in this study uses a simultaneous equation model Two-Stage Least Square. This study found that the exchange rate affects the demand for Sukuk while the BI rate does not affect it. But what is surprising is that when the Coronavirus Disease 2019 case occurred, it did not affect the demand for Sukuk. This study also found that the exchange rate is influenced by the BI rate and the case of Coronavirus Disease. The contribution of this research is that when the government cannot intervene in the exchange rate, which can affect the demand for Sukuk, it can be done by intervening in the BI rate.JEL Classification: C30, G12, O10How to Cite:Bawono, A., Rofiuddin, M., Nabila, R., & Anwar, S. (2021). Impact of Coronavirus and Macroeconomic Indicators on Sharia Obligation with Simultaneous Model. Signifikan: Jurnal Ilmu Ekonomi, 10(1), 291-298. https://doi.org/10.15408/sjie.v10i2.21084.