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INDONESIA
Signifikan : Jurnal Ilmu Ekonomi
Published by Universitas Islam Negeri Syarif Hidayatullah Jakarta
ISSN : 20872046     EISSN : 24769223     DOI : 10.1016
Core Subject : Economy,
Economics, Econometrics & Finance
Arjuna Subject : -
Articles 447 Documents
 41   42   43   44   45 
Corporate Sukuk Issuance and Firm Fundamentals: A Dynamic Causality Approach from Indonesia Atallah Aqil; Suriani Suriani; Dewi Suryani Sentosa
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.v15i2.50909

Abstract

Research Originality: This study extends existing knowledge on corporate sukuk by moving beyond static determinant frameworks and examining the dynamic relationships between firm fundamentals and issuance behavior. The analysis offers new insights into the factors underlying sustained access to Sharia-compliant financing. Research Objectives: This study investigates whether financial performance, capital structure, firm size, and asset growth predict the issuance behavior of Indonesian sukuk issuers. Research Methods: Using quarterly panel data from the five most active issuers during 2015Q1-2024Q4, this study applies panel Granger causality and panel VAR with impulse response and variance decomposition. Empirical Results: The findings reveal that firm size Granger-causes sukuk issuance, whereas return on equity, net profit margin, capital structure, and asset growth do not show Granger-causal effects at conventional levels. Issuance also exhibits strong persistence and responds more strongly to firm-size shocks than to other firm fundamentals. Implications: These results suggest that policies to deepen the sukuk market should reduce issuance frictions, improve disclosure quality, and expand access to Sharia-compliant financing for mid-sized firms. JEL Classification: C33, G23, G32, O16 How to Cite:Aqil, A., Suriani, S., & Sentosa, D. S. (2026). Corporate Sukuk Issuance and Firm Fundamentals: A Dynamic Causality Approach from Indonesia. Signifikan: Jurnal Ilmu Ekonomi, 15(2), 585-600. https://doi.org/10.15408/sjie.v15i2.50909.
The Innovation–Sustainability Paradox: Nonlinear Evidence from a Global Panel Dyah Ayu Setianingrum; Istiqomah
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.v15i2.50944

Abstract

Research Originality: Departing from studies that assume a linear or monotonic innovation–sustainability link, this study is among the first to provide global panel evidence of a nonlinear, income-differentiated innovation–sustainability paradox, using an SDG index adjusted to avoid conceptual overlap with human development measures, and finds robust results from lagged identification. Research Objectives: This study examines whether innovation consistently promotes sustainable development across 88 countries from 2018 to 2023, testing for nonlinearity and income-group heterogeneity. Research Methods: A balanced panel fixed-effects framework estimates three specifications using an adjusted SDG index, namely linear, quadratic, and interaction models. Robustness is assessed via lagged GII, with structural heterogeneity examined through income-group subgroup analysis. Empirical Results: GDP per capita positively predicts SDG performance with diminishing returns. GII follows an inverted U-shaped pattern (GII* ≈ 21.25), confirming the innovation–sustainability paradox. Most countries already operate past the turning point. Among Middle- and Low-Income economies, the threshold is higher (GII* ≈ 40.50), whereas High-Income economies exhibit a structural plateau. Implications: Innovation policy must be calibrated to the stage of development. Advanced economies should redirect mature innovation systems toward sustainability objectives, while developing economies should expand capacity with directionality embedded from the outset. JEL Classification: O31, O44, Q01, C33 How to Cite:Setianingrum, D. A., & Istiqomah. (2026). The Innovation–Sustainability Paradox: Nonlinear Evidence from a Global Panel. Signifikan: Jurnal Ilmu Ekonomi, 15(2), 543-556. https://doi.org/10.15408/sjie.v15i2.50944.
Generative Artificial Intelligence Productivity in Indonesian Micro, Small, and Medium Enterprises Murniati Murniati; Sugeng Rianto; Ayman Ghazi Taher Nazzal; Mufida Sekardhani
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.v15i2.51244

Abstract

Research Originality: This study integrates organizational capabilities and productivity outcomes to explain how generative artificial intelligence enhances productivity in Indonesian enterprises. Research Objectives: The study aims to analyze the effects of perceived usefulness, technological readiness, and organizational support on Generative AI (GenAI) adoption intensity, and evaluate the effect of GenAI adoption intensity on MSME productivity in Indonesia. Research Methods: This study used data from a quantitative cross-sectional survey of 200 Indonesian MSMEs with PLS-SEM to examine relationships among proposed variables in the model. Empirical Results: Perceived usefulness and technological readiness were found to significantly increase the intensity of GenAI adoption. Perceived usefulness and organizational support were also found to positively influence MSME productivity, while GenAI adoption intensity and technological readiness did not show a direct influence. Implications: MSME development programs should strengthen artificial intelligence literacy, workflow integration, managerial support, and responsible standards to generate measurable productivity gains. JEL Classification: D22, L25, M15, O33 How to Cite:Murniati., Rianto, S., Nazzal, A. G. T., & Sekardhani, M. (2026). Generative Artificial Intelligence Productivity in Indonesian Micro, Small, and Medium Enterprises. Signifikan: Jurnal Ilmu Ekonomi, 15(2), 515-530. https://doi.org/10.15408/sjie.v15i2.51244.
Do Village Funds and Tobacco Excise Revenue Sharing Improve Human Development? Widhiya Syamsyifa; Sri Runtiningsih
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.v15i2.51263

Abstract

Research Originality: This study contributes to the literature by examining the effects of Village Funds and Tobacco Excise Revenue Sharing Funds on human development in Central Java and underscores the lack of studies that assess these effects using individual HDI indicators as robustness measures. Research Objectives: This study aims to analyze whether fiscal transfers significantly improve HDI in Central Java. Research Methods: This study uses panel data from 35 districts/cities in Central Java during 2016-2023 and employs a Fixed Effects Model. Robustness tests use life expectancy, mean years of schooling, and per capita income. Empirical Results: Village Funds and Tobacco Excise Revenue Sharing improve human development in Central Java. However, impacts vary by HDI dimension. These fiscal transfer instruments mainly improve life expectancy and income, whereas mean years of schooling show no statistically significant results. This suggests stronger contributions for health and income than for education. Implications: These findings suggest that fiscal transfer policies should improve targeting and effectiveness to support long-term human development and reduce regional disparities, especially in education outcomes. JEL Classification: O18, H71, I31, H77, O15 How to Cite:Syamsyifa, W., & Runtiningsih, S. (2026). Do Village Funds and Tobacco Excise Revenue Sharing Improve Human Development? Signifikan: Jurnal Ilmu Ekonomi, 15(2), 557-570. https://doi.org/10.15408/sjie.v15i2.51263.
What Drives the Indonesian Rupiah? Evidence from VECM and Machine Learning Aldi Fauzan Akbar
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.v15i2.51329

Abstract

Research Originality: While numerous studies have examined exchange rate determinants in Indonesia, limited evidence integrates key macroeconomic variables within a unified framework while comparing conventional econometric and machine learning approaches. Research Objectives: This study examines the effects of inflation, interest rates, money supply, trade balance, and foreign exchange reserves on the Indonesian Rupiah exchange rate and compares the forecasting performance of VECM and machine learning models. Research Methods: A Vector Error Correction Model (VECM) is employed to analyze long-run and short-run relationships, while Support Vector Regression (SVR), Random Forest, and Long Short-Term Memory (LSTM) are used for forecasting. Monthly data from January 2010 to December 2024 are analyzed. Forecasting performance is evaluated using Mean Absolute Error (MAE), Mean Absolute Percentage Error (MAPE), and Root Mean Square Error (RMSE). Empirical Results: The results indicate a long-run cointegrating relationship between exchange rates and macroeconomic fundamentals. In the short run, money supply significantly affects exchange rate movements. Among the forecasting models, LSTM achieves the highest predictive accuracy based on MAE, MAPE, and RMSE. Implications: The findings highlight the importance of macroeconomic fundamentals in maintaining exchange rate stability and demonstrate the potential of machine learning techniques, particularly LSTM, for exchange rate forecasting in Indonesia. JEL Classification: C32, C45, E44, F31 How to Cite:Akbar, A. F. (2026). What Drives the Indonesian Rupiah? Evidence from VECM and Machine Learning. Signifikan: Jurnal Ilmu Ekonomi, 15(2), 571-584. https://doi.org/10.15408/sjie.v15i2.51329.
Trade Complexity and Growth under the Indonesia-Australia Partnership Arif Darmawan; Latiffa Aurelien; Muhammad Farhan; Restu A. Suryaman
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.v15i2.51348

Abstract

Research Originality: This study contributes by linking Indonesia-Australia bilateral trade, economic complexity, and wholesale price dynamics within a single error-correction framework following the partnership's entry into force. Research Objectives: The study investigates the impact of exports, imports, economic complexity, merchandise trade openness, and wholesale prices on Indonesia's growth in both the short and long term from 2010 to 2025. Research Methods: Annual data are analyzed using Augmented Dickey-Fuller tests, Engle-Granger cointegration tests, and an error correction model, supported by residual diagnostics, for five bilateral trade variables. Empirical Results: The results indicate that all variables are associated with long-term development, while wholesale prices, imports, and exports primarily drive short-term fluctuations. Economic complexity is more significant as a structural channel than as an annual upheaval. Implications: These results suggest that Indonesia should focus on trade liberalization under the IA-CEPA, as it could serve as a real growth engine. Policy should move beyond trade volume targets by enhancing export diversification, stabilizing wholesale price transmission, and leveraging the partnership to strengthen skills, technology transfer, and higher-value-added production. JEL Classification: F13, F41, F62 How to Cite:Darmawan, A., Aurelien, L., Farhan, M., & Suryaman, R. A. (2026). Trade Complexity and Growth under the Indonesian-Australia Partnership. Signifikan: Jurnal Ilmu Ekonomi, 15(2), 327-338. https://doi.org/10.15408/sjie.v15i2.51348.
How Do Digital Readiness and Economic Growth Compare Across Income Groups? Wiwiek Rindayati; Siti Aisyah; Gerhana Gerhana; Zhena Nofhatiaz Zahra
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.v15i2.51553

Abstract

Research Originality: This study provides new empirical evidence on the global impact of digital readiness on economic growth by comparing high-, middle-, and low-income countries. Unlike previous studies focusing on single countries or regions, this research examines whether digital readiness contributes differently across income groups. Research Objectives: This study aims to explore the development of digital readiness and analyze its effect on economic growth across countries by income level. Research Methods: The study uses descriptive analysis and panel-data regression across 105 countries for 2019–2023. Digital readiness is measured by the Networked Readiness Index, comprising 46 indicators. PCA is applied to construct the index, and panel regression examines the relationship between digital readiness and economic growth across income groups. Empirical Results: Digital readiness significantly boosts economic growth across all income groups, with the strongest effect in high-income countries, a moderate effect in middle-income countries, and the weakest in low-income countries. Implications: The findings show that digital readiness has become a key driver of global economic growth, reflecting increasing access to and adoption of digital technologies across countries at different income levels. JEL Classification: O33, O40, F63 How to Cite:Rindayati, W., Aisyah, S., Gerhana, & Zahra, Z. N. (2026). How Do Digital Readiness and Economic Growth Compare Across Income Groups?. Signifikan: Jurnal Ilmu Ekonomi, 15(2), 355-372. https://doi.org/10.15408/sjie.v15i2.51553.

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