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INDONESIA
Signifikan : Jurnal Ilmu Ekonomi
ISSN : 20872046     EISSN : 24769223     DOI : 10.1016
Core Subject : Economy,
Arjuna Subject : -
Articles 447 Documents
State Political Risk and Industrial Performance: Evidence from Sub-Saharan Africa Tarisai Nomore Madyangove; Jahen Fachrul Rezki
Signifikan: Jurnal Ilmu Ekonomi Vol. 15 No. 2 (2026)
Publisher : Faculty of Economic and Business, Universitas Islam Negeri Syarif Hidayatullah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/sjie.v15i2.49642

Abstract

Research Originality: This study offers an original external instrumental variable (IV) analysis of the causal link between state political risk and industrialization in Sub-Saharan Africa, using constitutionally fixed executive elections as a novel instrument. Research Objectives: This study tests the hypothesis that state-sanctioned violence negatively impacts industrial growth in Sub-Saharan Africa. Research Methods: This study employs a Two-Stage Least Squares (2SLS) model on a panel of 30 African countries (2000–2023). State political risk is measured by the Political Terror Scale, which captures state-sanctioned violence and is instrumented by fixed election timing. Industrial value-added growth is the dependent variable. Empirical Results: We find no statistically significant causal effect of state-sanctioned violence on industrial growth. This null result is robust across 2SLS, Limited Information Maximum Likelihood(LIML), and GMM estimators. Implications: Industrial policy in moderately unstable African contexts should prioritize core economic and regulatory constraints over broad political risk mitigation. The findings point to significant industrial resilience. JEL Classification: P00, D72, O14, C36, O55 How to Cite:Madyangove, T. N., & Rezki, J. F. (2026). State Political Risk and Industrial Performance: Evidence from Sub-Saharan Africa. Signifikan: Jurnal Ilmu Ekonomi, 15(2), 453-470. https://doi.org/10.15408/sjie.v15i2.49642.
Economic Agglomeration and District-Level Carbon Emissions in Indonesia Ryvanu Adi Nugroho; Djoni Hartono
Signifikan: Jurnal Ilmu Ekonomi Vol. 15 No. 2 (2026)
Publisher : Faculty of Economic and Business, Universitas Islam Negeri Syarif Hidayatullah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/sjie.v15i2.50229

Abstract

Research Originality: This study contributes to the literature by incorporating employment density as a proxy of economic agglomeration into an extended STIRPAT framework to examine its nonlinear relationship with district-level carbon emissions in Indonesia. Research Objectives: This study aims to investigate whether economic agglomeration promotes emission efficiency or intensifies environmental pressure, and to identify potential nonlinear dynamics across Indonesian districts. Research Methods: This study employs a balanced panel dataset of 514 districts and municipalities in Indonesia over the period 2017–2024. A two-way fixed-effects model is estimated within an extended STIRPAT framework, with a quadratic specification to capture nonlinear effects. Empirical Results: The results indicate that economic agglomeration is associated with lower carbon emissions per capita, suggesting efficiency effects. However, the nonlinear estimation reveals a U-shaped relationship: agglomeration reduces emissions at lower levels but increases environmental pressure beyond a threshold. The findings also indicate substantial regional heterogeneity. Implications: The results suggest that agglomeration does not inherently lead to environmental improvements. Differentiated policies should strengthen regional growth and efficiency in low-density areas while prioritizing low-carbon transitions and congestion mitigation in dense regions. JEL Classification: Q56, R12, O18 How to Cite:Nugroho, R.A. & Hartono, D. (2026). Economic Agglomeration and District-Level Carbon Emissions in Indonesia. Signifikan: Jurnal Ilmu Ekonomi, 15(2), 471-486. https://doi.org/10.15408/sjie.v15i2.50229.
Microenterprise Sustainability in Islamic Microfinance Mohamad Bastomi
Signifikan: Jurnal Ilmu Ekonomi Vol. 15 No. 2 (2026)
Publisher : Faculty of Economic and Business, Universitas Islam Negeri Syarif Hidayatullah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/sjie.v15i2.50242

Abstract

Research Originality: This study fills a gap in prior research by jointly examining Islamic financial literacy, intellectual capital, and working capital in Baznas Microfinance Desa and by testing financial performance as the mechanism through which these factors sustain microenterprises. Research Objectives: This study analyzes the determinants of microenterprise sustainability among Baznas Microfinance Desa partners in East Java, Indonesia. Research Methods: Using a quantitative explanatory design, data were collected from 285 respondents through five-point Likert-scale questionnaires and analyzed with PLS-SEM. Empirical Results: Islamic financial literacy, intellectual capital, and working capital significantly enhance financial performance and microenterprise sustainability. Working capital shows the strongest contribution, while financial performance has the largest direct effect on sustainability and significantly mediates the relationships between the three determinants and sustainability. Implications: Islamic microfinance programs should prioritize working-capital management while strengthening Islamic financial literacy and capability-oriented mentoring to build intellectual capital, as these factors improve financial performance and, in turn, sustain microenterprises. JEL Classification: D14, G21, G32, L25 How to Cite:Bastomi, M. (2026). Microenterprise Sustainability in Islamic Microfinance. Signifikan: Jurnal Ilmu Ekonomi, 15(2), 615-626. https://doi.org/10.15408/sjie.v15i2.50242.
Economic Growth Mediates the Effects of Socioeconomic Factors and Reduces Stunting in Indonesia Maman Sulaeman; Khalid Eltayeb Elfaki
Signifikan: Jurnal Ilmu Ekonomi Vol. 15 No. 2 (2026)
Publisher : Faculty of Economic and Business, Universitas Islam Negeri Syarif Hidayatullah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/sjie.v15i2.50243

Abstract

Research Originality: This study offers original insights by examining the multifactorial determinants of stunting in Indonesia, with particular focus on the roles of social food assistance, food insecurity, public literacy, unemployment, and economic productivity within a panel data framework. Research Objectives: This study aimed to analyze the effects of social food assistance, food insecurity, public literacy, unemployment, and economic productivity on the prevalence of stunting in Indonesia. Research Methods: This study employs a quantitative approach using panel data for 34 Indonesian provinces from 2018 to 2022. The analysis used regression models to evaluate both direct and indirect relationships among the variables. Empirical Results: The findings indicate that literacy, social food assistance, food security, and economic growth significantly reduce stunting rates. Unemployment does not directly affect stunting, but it does so indirectly through its impact on economic growth. Additionally, literacy, food assistance, and food security positively affect economic growth, whereas unemployment has a minimal direct impact. Economic growth is an important mediating variable for reducing stunting. Implications: These results suggest that reducing stunting in Indonesia requires integrated policies that combine social food assistance with improvements in literacy, food security, and economic development. Policymakers should prioritize cross-sectoral strategies, including nutrition education and economic empowerment, to effectively address stunting. JEL Classification: I5, I38, O15, O18 How to Cite:Sulaeman, M., Elfaky, K.E. (2026). Economic Growth Mediates the Effects of Socioeconomic Factors and Reduces Stunting in Indonesia. Signifikan: Jurnal Ilmu Ekonomi, 15(2), 391-406. https://doi.org/10.15408/sjie.v15i2.50243.
The Impact of Remittance Inflows on Economic Growth: Evidence from Asian Countries Very Budiyanto; Wasiaturrahma Wasiaturrahma; Wisnu Wibowo
Signifikan: Jurnal Ilmu Ekonomi Vol. 15 No. 2 (2026)
Publisher : Faculty of Economic and Business, Universitas Islam Negeri Syarif Hidayatullah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/sjie.v15i2.50455

Abstract

Research Originality: The originality of this research stems from its extended observation period, the inclusion of detailed macroeconomic control variables, and the analysis of both immediate and sustained effects of remittances on economic growth. Research Objectives: This study aims to analyze the impact of remittances on economic growth in 22 Asian countries over the period 2004–2023. Research Methods: This study employs a panel data approach using the Generalized Method of Moments (GMM) to address econometric issues such as endogeneity and unobserved heterogeneity, while incorporating variables including foreign direct investment, inflation, population growth, education, household consumption, government expenditure, and exports. Empirical Results: The findings indicate that remittances have a positive effect on economic growth in both the short- and long-run. However, the short-run impact is not always statistically significant. Exports and inflation show positive effects, whereas foreign direct investment and education show negative effects in some specifications. Implications: These results suggest that remittances play an important role as a complementary source of development financing in Asian economies, and policymakers should encourage their productive use to strengthen sustainable economic growth. JEL Classification: F24, O11, C23, E31 How to Cite:Budiyanto, V., Wasiaturrahma., & Wibowo, W. (2026). The Impact of Remittance Inflows on Economic Growth: Evidence from Asian Countries. Signifikan: Jurnal Ilmu Ekonomi, 15(2), 407-xx. https://doi.org/10.15408/sjie.v15i2.50455.
Sustainable Regional Economic Development through Cultural and Human Capital: Evidence from Indonesia Arasy Panji Wibisono; Sarjiyanto Sarjiyanto
Signifikan: Jurnal Ilmu Ekonomi Vol. 15 No. 2 (2026)
Publisher : Faculty of Economic and Business, Universitas Islam Negeri Syarif Hidayatullah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/sjie.v15i2.50459

Abstract

Research Originality: This study offers novel insights by examining the mediating role of human capital in the relationship between cultural capital and regional economic development in Indonesia. Research Objectives: This study aims to examine the effect of cultural capital on Regional economic development and to investigate the mediating role of human capital in the relationship between cultural capital and regional economic development. Research Methods: This study employs panel data regression analysis using the Fixed Effects Model (FEM) and path analysis across 34 Indonesian provinces over the period 2019–2023. Empirical Results: The findings indicate that cultural capital positively affects regional economic development. Cultural tourist attractions and intangible cultural heritage do not have a significant effect on regional economic development. Furthermore, human capital plays a significant moderating role in the relationship between cultural capital and regional economic development, suggesting that cultural capital contributes more effectively to regional development. Implications: This study suggests that policymakers should continue to preserve and strengthen existing cultural capital across regions to improve access to public services and enhance living conditions. Ultimately, such an approach can support sustainable economic development. JEL Classification: C23, R11, O10, O15, Z10 How to Cite:Wibisono, A. P., & Sarjiyanto. (2026). Sustainable Regional Economic Development through Cultural and Human Capital: Evidence from Indonesia. Signifikan: Jurnal Ilmu Ekonomi, 15(2), 487-500. https://doi.org/10.15408/sjie.v15i2.50459.
Spatial Distribution and Cluster Analysis of Zakat Allocation: Identifying Hotspots and Coldspots R.R. Tini Anggraeni; Hermanto Siregar; Bambang Juanda; Irfan Syauqi Beik
Signifikan: Jurnal Ilmu Ekonomi Vol. 15 No. 2 (2026)
Publisher : Faculty of Economic and Business, Universitas Islam Negeri Syarif Hidayatullah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/sjie.v15i2.50477

Abstract

Research Originality: This study applies spatial autocorrelation to assess the efficiency of zakat distribution, highlighting hotspot–coldspot patterns and proposing a spatially aligned framework to reduce regional disparities and support inclusive development. Research Objectives: This study analyzes the spatial patterns of zakat distribution and their implications for distribution efficiency and reducing regional inequality. Research Methods: Spatial autocorrelation analysis was conducted using Moran's I, Local Indicators of Spatial Association (LISA), and Getis–Ord Gi* to identify spatial linkages among regions. Empirical Results: The results indicate significant spatial clustering in zakat distribution, with hotspots concentrated in urban and economic centers due to strong institutional capacity, while coldspots are found in remote areas with high poverty and weak institutions, potentially reinforcing spatial inequality. Implications: These findings emphasize the importance of spatial mapping as the basis for region-based zakat distribution. Overall, zakat has the potential to become a strategic instrument for reducing inequality and driving inclusive economic development if it is integrated into evidence-based regional development policies. JEL Classification: F21, O16, O53, C23 How to Cite:Anggraeni, R.R. T., Siregar, H., Juanda, B., & Beik, I. S. (2026). Spatial Distribution and Cluster Analysis of Zakat Allocation: Identifying Hotspots and Coldspots. Signifikan: Jurnal Ilmu Ekonomi, 15(2), 601-614. https://doi.org/10.15408/sjie.v15i2.50477.
Poverty and Economic Growth: The Socioeconomic Determinants of Stunting Prevalence in Indonesia Sayekti Suindyah Dwiningwarni; Syamsiyah Yuli Dwi Andari; Habibi Ainul Yaqin
Signifikan: Jurnal Ilmu Ekonomi Vol. 15 No. 2 (2026)
Publisher : Faculty of Economic and Business, Universitas Islam Negeri Syarif Hidayatullah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/sjie.v15i2.50601

Abstract

Research Originality: This study provides recent provincial evidence from Indonesia (2010–2024) on the nexus between poverty, economic growth, and stunting.  Research Objectives: This study aims to investigate the effects of poverty and economic growth on stunting prevalence in Indonesia, using parental education level and the open unemployment rate as proxies. Research Methods: This study employs path analysis using a natural-log approach, analyzing data from 2000 to 2023. Key variables include socioeconomic determinants and stunting prevalence. Empirical Results: The findings of this study include: poverty has a negative and significant effect on parental education and open unemployment, while economic growth has no significant effect on parental education and open unemployment; poverty affects the prevalence of stunting through parental education and open unemployment, while economic growth does not affect the prevalence of stunting through parental education and open unemployment. Implications: The findings suggest that reducing stunting requires inclusive economic growth and effective poverty alleviation. Therefore, policies should focus on strengthening social protection and improving access to nutrition and health services. JEL Classification: I21, E24, C32, I10, I31 How to Cite:Dwiningwarni, S S., Andari, S. Y. D., & Yaqin, H. A. (2026). Poverty and Economic Growth: The Socioeconomic Determinants of Stunting Prevalence in Indonesia. Signifikan: Jurnal Ilmu Ekonomi, 15(2), 373-390. https://doi.org/10.15408/sjie.v15i2.50601.
Macroeconomic Determinants of Economic Growth in Developing-8 Countries: Panel Cross-Sectionally Augmented ARDL Robert Larson Nehe; Yohanes Berchman Suhartoko
Signifikan: Jurnal Ilmu Ekonomi Vol. 15 No. 2 (2026)
Publisher : Faculty of Economic and Business, Universitas Islam Negeri Syarif Hidayatullah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/sjie.v15i2.50607

Abstract

Research Originality: This research is original in its examination of the impact of macroeconomic determinants on economic growth in Developing-8 countries, which accounts for cross-sectional dependence and country heterogeneity. Research Objectives: The study aims to analyze the short-run and long-run effects of external debt, exchange rates, foreign direct investment, inflation, and balance of trade on economic growth in selected Developing-8 countries over the period 1997–2024. Research Methods: The study employs a Cross-Sectionally Augmented ARDL model combined with the Error Correction Model by using secondary panel data from six members of the Developing-8 countries to capture dynamic relationships and long-run equilibrium, supported by unit root, cross-sectional dependence, and robustness tests. Empirical Results: The findings indicate that external debt and exchange rates have positive short-run effects on growth, while inflation and the trade balance have negative immediate effects. Foreign domestic investment shows no significant short-run effect but becomes positive in the long run, and the error correction term confirms a stable long-run relationship. Implications: The results suggest that policymakers should ensure sustainable external debt management, maintain exchange rate stability, enhance the effectiveness of foreign domestic investment, and control inflation to support long-term economic growth in Developing-8 countries. JEL Classification: E31, F31, F34, O47 How to Cite:Nehe, R. L., & Suhartoko, Y. B. (2024). Macroeconomic Determinants of Economic Growth in Developing-8 Countries: Panel Cross-Sectionally Augmented ARDL. Signifikan: Jurnal Ilmu Ekonomi, 15(2), 339-354. https://doi.org/10.15408/sjie.v15i2.50607.
What Drives Investors in Fintech Lending? Firm-Level Evidence from Indonesian Platforms Ali Rama
Signifikan: Jurnal Ilmu Ekonomi Vol. 15 No. 2 (2026)
Publisher : Faculty of Economic and Business, Universitas Islam Negeri Syarif Hidayatullah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/sjie.v15i2.50636

Abstract

Research Originality: This study offers a novel firm-level perspective on fintech lending by examining platform characteristics, addressing a gap in the literature that has predominantly focused on campaign-level or aggregate data, and extending signaling theory to fintech contexts. Research Objectives: The study aims to investigate the determinants of investor participation in fintech lending platforms in Indonesia, focusing on platform age, outstanding loan volume, Shariah compliance, and platform scope. Research Methods: The analysis uses cross-sectional data from 85 licensed fintech lending platforms and applies multiple regression with robust standard errors, controlling for financial performance (ROA, ROE), firm size (assets), and default risk (TWP90). Empirical Results: The findings indicate that platform age, lending scale, and Shariah compliance positively and significantly influence investor participation, whereas platform scope does not. Implications: The study highlights the importance of credibility, scale, and ethical positioning in attracting investors. It provides insights for platform operators to strengthen trust and for regulators to enhance transparency and stability, supporting the development of a sustainable fintech lending ecosystem. JEL Classification: G23, G41, D82 How to Cite:Rama, A. (2026). What Drives Investors in Fintech Lending? Firm-Level Evidence from Indonesian Platforms. Significan; Jurnal Ilmu Ekonomi, 15(2), 531-542. https://doi.org/10.15408/sjie.v15i2.50636.