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M Nur Rianto Al Arif
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nur.rianto@uinjkt.ac.id
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INDONESIA
ETIKONOMI
ISSN : 14128969     EISSN : 24610771     DOI : -
Core Subject : Economy,
Etikonomi is a peer-reviewed journal on Economics, Business and Management by Faculty of Economic and Business State Islamic University (UIN) Syarif Hidayatullah Jakarta. FOCUS This journal focused on economics, business, and management studies and present developments through the publication of articles, research reports, and book reviews. SCOPE Etikonomi specializes on Economics, Business, and Management, and is intended to communicate original research and current issues on the subject. This journal warmly welcomes contributions from scholars of related disciplines.
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Articles 20 Documents
Search results for , issue "Vol 24, No 1 (2025)" : 20 Documents clear
Interacting labour force and Human Capital Development Effects on Manufacturing Sector Productivity Babasanya, Adeyemi Olayiwola; Okuneye, Babatunde Adekunle; Amaefule, Joseph Nwabueze
ETIKONOMI Vol 24, No 1 (2025)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v24i1.38648

Abstract

Research Originality: The adoption of technology in the industrial world requires a high-quality workforce. This research provides a novelty by testing human capital development against the output of the manufacturing industry.Research Objectives: This study analyzes the interactive impact of the industrial labor force and human capital development on manufacturing sector output in the West African Sub-Region from 1989 to 2022.Research Methods: The study adopted an ex post facto research design. The data used for analysis was sourced from the World Development Indicator (WDI), and the Panel ARDL method was employed to investigate the interactive impact of industrial labor force and human capital development on manufacturing output..Empirical Results: The results suggest that labor force and human capital had an interactive negative, insignificant impact on manufacturing output in the short run, while in the long run, the interaction of labor force and human capital had a significant favorable influence on the manufacturing sector's output. The composite human capital index had no significant impact on output in the manufacturing sector in both the short run and the long run.Implications: Policymakers should focus on developing initiatives that will enhance the labor force's skill sets and align them with the needs of the manufacturing sector.JEL Classification: J21, O14, O55How to Cite:Babasanya, A. O., Okuneye, B. A., & Amaefule, J. N. (2025). Interacting Labor Force and Human Capital Development Effects on Manufacturing Sector Productivity. Etikonomi, 24(1), 221 – 232. https://doi.org/10.15408/etk.v24i1.38648.
Effects of Sociographic and Personal Factors on Food Purchasing in Traditional Markets Nurliza, Nurliza
ETIKONOMI Vol 24, No 1 (2025)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v24i1.38288

Abstract

Research Originality: The current literature lacks a structured analysis of how interactions between lifestyle factors and sociodemographic changes impact food purchasing behavior in traditional markets. By analyzing these factors, businesses can optimize product selections, refine marketing strategies, and enhance customer engagement to align with the diverse preferences and requirements of their target market, adapting to both current trends and future changes.Research Objectives: This study employs a psychodynamic approach, the theory of personality traits, two-way physical and perceptual interactions, and household assumptions to examine how sociographic lifestyle, household characteristics, and personality traits influence food purchasing behavior. Research Methods: The mixed methods, which included in-depth interviews with 183 household customers, utilized non-probability sampling and partial least squares structural equation modeling.Empirical Results: Increased food purchasing behavior is caused by changing sociographic lifestyles rather than personality traits and household characteristics. A greater sociodemographic lifestyle, personality traits, and household characteristics correspond to increased friendship, values, responsible spending, and household size.Implications: Food safety regulations must be implemented effectively, which includes appointing market management authorities, as agencies in the informal food sector are often underfunded and unregulated.JEL Classification: D1, E21, L66, R2How to Cite:Nurliza. (2025). Consumers in Traditional Markets: Sociographic Lifestyle, Household Features, and Personality Traits. Etikonomi, 24(1), 205 – 220. https://doi.org/10.15408/etk.v24i1.38288.
The Impact of Financial Metrics on ESG Disclosure in ASEAN Countries Putra, Donny Maha
ETIKONOMI Vol 24, No 1 (2025)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v24i1.37712

Abstract

Research Originality: This study breaks new ground by examining how financial metrics (ROA, ROCE, ETR, SGR, board size) influence ESG disclosure in the unique context of ASEAN.Research Objective: It investigates the relationship between financial performance and ESG disclosure levels for listed companies in Indonesia, Singapore, and Thailand.Research Methods:  Utilizing an in-depth analysis of 300 annual reports over a ten-year period (2011-2020), the study reveals country-specific dynamics.Empirical Results: For instance, Indonesian companies display a weak correlation between effective tax rate (ETR) and ESG disclosure. Conversely, Singaporean companies with higher return on assets (ROA) tend to report less ESG information. Thailand exhibits a more complex interplay, where aggressive tax strategies potentially hinder positive ESG perceptions.Implications: These findings highlight the critical need for tailoring ESG disclosure strategies to each country's financial performance landscape. Additionally, the importance of responsible tax practices is emphasized. This knowledge empowers companies, investors, and policymakers to develop a more targeted approach to ESG implementation across ASEAN.JEL Classification: G32, M14, Q56How to Cite:Putra, D.M. (2025). Impact of Financial Metrics on ESG Disclosure in ASEAN Countries. Etikonomi, 24(1), 85 – 96. https://doi.org/10.15408/etk.v24i1.37712.
Orchestrating Digital Economy to Foster Economic Resilience of Smart Cities: The Soft System Approach Subkhan, Farid; Maarif, Mohammad Syamsul; Rochman, Nurul Taufiqu; Nugraha, Yudhistira
ETIKONOMI Vol 24, No 1 (2025)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v24i1.39224

Abstract

Research originality: This study provides new practical knowledge on the digital economy model and strategy to drive the resilient economy of smart cities.Research objective: This study aims to develop a digital economy management model for smart cities, a resilient economy framework for smart cities, and digital economy strategies for smart cities.  Research methods: This study employed a soft system methodology (SSM)-action approach by involving 30 digital economy and smart city experts from Jakarta, Bandung, Semarang, Surabaya, Banyuwangi, and Makassar.Empirical result: This study has successfully developed the digital economy model for smart cities by which digital technology, digital services, and digital finance are the keys. The resilient economy of smart cities is primarily characterized by economies of scale, economic structure, and economic stability. Moreover, the strategies should mainly focus on developing infrastructure and application, digital governance and policy, and digital society.Implication: The policy maker must consider critical policy interventions of the digital economy model and economic resilience goals, including budget priorities to the key digital economy strategies.JEL Classification: M21, O14, O18, P25, R11How to Cite:Subkhan, F., Maarif, M. S., Rochman, N. T., & Nugraha, Y. (2025). Orchestrating Digital Economy to Foster Economic Resilience of Smart Cities: The Soft System Approach. Etikonomi, 24(1), 315 – 334. https://doi.org/10.15408/etk.v24i1.39224.
Determinant of Earnings Response Coefficient with Sales Growth as Moderating Pramesti, I Gusti Ayu Asri; Murwaningsari, Etty
ETIKONOMI Vol 24, No 1 (2025)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v24i1.38165

Abstract

 Research Originality: This study provides a new perspective by including the less explored sales growth as a factor that could potentially strengthen or weaken the relationship between earnings and market response. Investigating sales growth is crucial, as it enhances investor perceptions of revenue growth, a key indicator of corporate success.Research Objectives: This study analyzes the factors that affect earnings response coefficients in basic material and industrial companies listed on the Indonesia Stock Exchange in 2020–2022.Research Methods: This study uses secondary data that consisted of 76 companies with 228 observations in the basic material and industrial sectors listed on the Indonesia Stock Exchange from 2020 to 2022. This research uses multiple linear regression analysis and the data distribution is panel data.Empirical Results: The findings show that free cash flow has a positive effect on the earnings response coefficient, and systematic risk has a negative effect. Capital expenditure does not affect the earnings response coefficient. Sales growth, as moderation, can weaken systematic risk on the earnings response coefficient.Implication: This study had theoretical implications for examining the theory related to the earnings response coefficient. Practically, it provided investors with an overview of earnings quality, as shown by capital expenditure and free cash flow.JEL Classification: L6, D21, G10How to Cite:Pramesti, I. G. A. A., & Murwaningsari, E. (2025). Determinant of Earnings Response Coefficient with Sales Growth as Moderating. Etikonomi, 24(1), 233 – 246. https://doi.org/10.15408/etk.v24i1.38165.
Navigating Market Volatility: ESG and Islamic Stock Performance amidst Covid-19 Stringency Agustin, Isnaini Nuzula; Safitri, Destiana; Hesniati, Hesniati; Robin, Robin
ETIKONOMI Vol 24, No 1 (2025)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v24i1.38475

Abstract

Research Originality:  This study examines the relationship between ESG and Islamic stocks under the exceptional circumstances of the COVID-19 pandemic. Researchers included the stock volatility and involved policy stringency, extending the recent literature focusing on accounting-based performance.Research Objectives: This study examines the relationship between ESG practices and Islamic stock performance during the COVID-19 pandemic.Research Methods: This study applied panel regression analysis. Researchers used Shariah-compliant stocks with ESG scores ranging from 2020 to 2022, resulting in 96 observations.Empirical Results: This study posits the ability of Social and Governance practices to reduce market volatility. The stringency of COVID-19 significantly affected stock volatility, highlighting the importance of government intervention during the Pandemic.Implications: These findings support the need for implementing measures and regulations that incentivize companies to adopt comprehensive ESG practices, which are expected to contribute to stock market stability, particularly during turbulent times.JEL Classification: J6, M2, O3How to Cite:Agustin, I. N., Safitri, D., Hesniati., & Robin. (2025). Navigating Market Volatility: ESG and Islamic Stock Performance Amidst Covid-19 Stringency. Etikonomi, 24(1), 69 – 84. https://doi.org/10.15408/etk.v24i1.38475.
Competitiveness and Factors Affecting Indonesia’s Natural Rubber Export: An Evidence from Eight Main Destination Countries Novaldi, Jeremia; Muchlisoh, Siti
ETIKONOMI Vol 24, No 1 (2025)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v24i1.37841

Abstract

Research Originality: This research contribution focused on Indonesia's natural rubber productivity and the role of importer industrial sector development in Indonesia's natural rubber exports.Research Objectives: This research analyzed Indonesia's natural rubber export competitiveness and the effect of productivity, importer industrial sector development, and export price on Indonesia's natural rubber export volume.Research Methods: This research used secondary data from the World Bank, FAO, and UN Comtrade. The dataset covers eight countries from 2002 to 2022. Revealed comparative advantage (RCA), export product dynamics (EPD), and x-model potential export products are applied to analyze export competitiveness. In contrast, panel regression is applied to analyze the determinants of export.Empirical Results: The results showed that Indonesia's natural rubber competitiveness has declined since 2018. Nevertheless, Indonesia's natural rubber is still competitive, and its expansion in the main-destination countries is considered potential. Natural rubber productivity, importer industrial sector development, and export price positively and significantly impact natural rubber export volume.Implications: Indonesia's natural rubber competitiveness has declined. Hence, improving natural rubber quality would be suggested. Moreover, the positive impact of productivity can be maximized by building supporting infrastructure and upgrading production technologies.JEL Classification: C33, F14, Q17How to Cite:Novaldi, J., & Muchlisoh, S. (2025). Competitiveness and Factors Affecting Indonesia’s Natural Rubber Export: An Evidence from Eight Main Destination Countries. Etikonomi, 24(1), 175 – 190. https://doi.org/10.15408/etk.v24i1.37841.
The Generational Interest Differences in Cash Waqf Insurance Patriana, Ela; Aisyah, Muniaty; Al Arif, Mohammad Nur Rianto
ETIKONOMI Vol 24, No 1 (2025)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v24i1.41731

Abstract

Research Originality: Cash waqf insurance is underexplored in Islamic finance, offering a unique lens for study. This research addresses the gap by examining how knowledge, perceived fairness, and perceived usefulness influence attitudes and behavioral intentions toward cash waqf insurance among Generation Z, Millennials, and Generation X.Research Objectives: The study aims to assess the impact of these factors on shaping attitudes and intentions toward cash waqf insurance. Integrating these factors into the Theory of Planned Behavior (TPB) optimizes public understanding and fosters positive engagement on cash waqf.Research Method: 437 data sets were collected from respondents across three generations and analyzed using Partial Least Squares- Structural Equation Modeling (PLS-SEM) and multi-group analysis (MGA). The study evaluates the direct effects of knowledge, perceived fairness, and perceived usefulness on attitudes, behavioral intentions, and generational differences in these relationships.Findings: Knowledge significantly affects attitudes for Gen Z and Millennials, but not Gen X. Perceived fairness strongly influences Gen X and Gen Z, but not Millennials. Perceived usefulness is a key factor across all generations, with the highest impact on Millennials.Implications: The findings highlight the need for targeted educational campaigns for younger generations and fairness-based strategies for older cohorts. Policymakers and institutions can use these insights to enhance engagement with cash waqf insurance products.JEL Classification: G22, Z12, C38How to Cite:Patriana, E., Aisyah, M., & Al Arif, M. N. R. (2025). The Generational Interest Differences in Cash Waqf Insurance. Etikonomi, 24(1), 299 – 314. https://doi.org/10.15408/etk.v24i1.41731.
Asymmetric Effect of Real Exchange Rates on Import Expenditures Kanca, Osman Cenk
ETIKONOMI Vol 24, No 1 (2025)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v24i1.38967

Abstract

Research Originality: This study contributes to the literature by investigating the asymmetric effect of the real exchange rate on real import expenditures in Turkey.Research Objectives: This study aims to investigate the short—and long-run symmetric/asymmetric effects of the exchange rate on import expenditures in the Turkish economy.Research Methods: The study utilized both a linear Distributed Lag Autoregressive (ARDL) bounds testing approach and a nonlinear ARDL (NARDL) model, using a dataset from 1980 to 2022.Empirical Result: The findings indicate that the real exchange rate has asymmetric effects on real import expenditures in the short run. The error correction model results reveal that short-run shocks among variables will lose their impact in the long run, and the co-movement of variables will correct itself in approximately 3 and 1.5 years.Implications: These results shed light on policymakers shaping Turkey’s import regime. In addition, adopting policies that provide macroeconomic balance based on real exchange rates is considered a crucial factor in reducing external dependency and eliminating Turkey’s foreign trade deficits. JEL Classification: C40, E00, F31How to Cite:Kanca, O. C. (2025). Asymmetric Effect of Real Exchange Rates on Import Expenditures. Etikonomi, 24(1), 135 – 154. https://doi.org/10.15408/etk.v24i1.38967
How Destination Value and Tourist Engagement in Destination Image Affect Tourist Loyalty Djatola, Hariyanto R; Hilal, Nur; Sutomo, Maskuri
ETIKONOMI Vol 24, No 1 (2025)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v24i1.34698

Abstract

Research Originality: There is only a limited amount of empirical research that examines how the post-visit destination image is shaped by tourist experiences with perceived high destination value and its impact on tourist loyalty within the context of ecotourism.Research Objectives: The aim is to understand the role of perceived value and tourist engagement in the post-visit destination image concerning tourist loyalty within the context of ecotourism.Research Methods: A cross-sectional research design was used and a sample of 326 travelers was drawn from an unknown pool of customers. The analysis method used in this study utilizes SEM.Empirical Results: Destination value directly influences both tourist engagement and loyalty. Additionally, tourist engagement directly affects tourist loyalty; however, it does not mediate between destination image and tourist loyalty.Implications: The results suggest several practical implications for destination managers, who should focus more on the ecotourism context when designing visitor experiences as a source of sustainable information, as well as for governments and nonprofit organizations aiming to promote ecotourism.JEL Classification: M30, M31, M310How to Cite:Djatola, H. R., Hilal, N., & Sutomo, M. (2025). How Destination Value and Tourist Engagement Image Affect Tourist Loyalty? Etikonomi, 24(1), 97 – 118. https://doi.org/10.15408/etk.v24i1.34698.

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