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INDONESIA
ETIKONOMI
Published by Universitas Islam Negeri Syarif Hidayatullah Jakarta
ISSN : 14128969     EISSN : 24610771     DOI : -
Core Subject : Economy,
Economics, Econometrics & Finance
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 22 Documents
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Search results for , issue "Vol. 24 No. 2 (2025)" : 22 Documents clear
Intellectual Capital and Bank Profitability Nexus: Evidence From Gulf Cooperation Council Countries Osman, Zaroug; Yilmaz, Ilker
ETIKONOMI Vol. 24 No. 2 (2025)
Publisher : Faculty of Economic and Business, Universitas Islam Negeri Syarif Hidayatullah Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v24i2.38708

Abstract

Research Originality:  This article presents novel and fresh empirical evidence on the relationship between intellectual capital and bank profitability and reports the results for the whole sample as well as at country breakdown. Research Objectives: Using a dataset of 60 banks from GCC countries between 2008 and 2022, the article investigates the association between intellectual capital and bank profitability by implementing M-VAIC. Research Methods: We developed two models in which profitability ratios are the dependent variables and the M-VAIC components are the independent variables and ran pooled OLS and panel regressions. Empirical Result: The study’s findings showed that while structural capital efficiency has a negative influence on bank profitability, other components have a positive impact on bank profitability. The signs and the significance levels at the country details do not show essential differences. Implications: The study’s results will have significant implications on how bank managers and policymakers invest and manage intellectual capital. The study offered an original contribution to the literature by presenting fresh empirical evidence from GCC countries for a reasonably long period. JEL Classification: E22, G21, O34, L25
The Role of Economic and Social Safety Nets in Extreme Poverty in Indonesia Setyadi, Sugeng; Indriyani, Lili; Widiastuti, Anita
ETIKONOMI Vol. 24 No. 2 (2025)
Publisher : Faculty of Economic and Business, Universitas Islam Negeri Syarif Hidayatullah Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v24i2.38851

Abstract

Research Originality: This study focused on addressing the goal of reducing extreme poverty (EP) to 0% by 2024 in Indonesia, an objective that has been underexplored in global literature. Research Objectives: This study examined convergence in EP across Indonesia and analyzed the impact of economic as well as social variables on poverty reduction. Research Methods: Panel data from 34 Indonesian provinces (2017–2022) were analyzed using Generalized Method of Moments (GMM) and K-means Cluster analysis for regional classification. Empirical Result: The results showed that provinces in Indonesia were reducing EP at an annual rate of 1.19%, with a half-life of 1.6 years. This process signified that the country was on a path to achieve near-zero EP by 2024. Major socioeconomic drivers identified during the study included employment expansion and investments in education. Moreover, K-means Cluster analysis identified Cluster 1 (Central Sulawesi, North Maluku, Papua) with the highest EP rate of 1.52%, showing critical geographic disparities. Implications: The Government should adopt a multilevel strategic framework prioritizing regions with the highest poverty rates. Job creation and better access to education played a crucial role. Additionally, Indonesia's success could serve as a model for sustainable EP eradication in developing nations. JEL Classification: I32, P46, Q01
Examining Underpricing in Initial Public Offering: Deepening Insights on Non-Financial Information Rezky, Dikanio Muhammad; Mahri, A. Jajang W.; Utami, Suci Aprilliani
ETIKONOMI Vol. 24 No. 2 (2025)
Publisher : Faculty of Economic and Business, Universitas Islam Negeri Syarif Hidayatullah Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v24i2.39355

Abstract

Research Originality: The nominal value variable from the prospectus in this study is the novelty, as no previous research has been found. Investors indicate the nominal value as a positive signal from the company to reduce existing information asymmetry. Research Objectives: This study examines the phenomenon of IPO underpricing on the Indonesia Stock Exchange, resulting in suboptimal IPO fund-raising. Research Method: Using a quantitative approach with descriptive and causality designs, the study analyzed 251 companies from 2017 to 2023 through multiple linear regression analysis. Empirical Results: Indonesia has a high IPO underpricing rate of 37.17%. Most IPOs (68.54%) were Shariah-compliant. The reputation of underwriters changed each year, and the free float ratio declined over time. On average, IPOs were oversubscribed by more than 28 times each year. Although COVID-19 affected market sentiment, it did not impact underpricing. The nominal value of IPO stocks varied each year but generally declined. Regression results show Shariah compliance and strong underwriters reduce underpricing, while higher free float, oversubscription, and nominal value increase it. Implications: The implications of this research theoretically support signaling theory and information asymmetry. Practically, this research can be a reference for further researchers, investors, companies, and the government as regulators. JEL Classification: G10, G24, G32, D82
Exploring the Regional Multidimensional Poverty Pattern in Indonesia: Does Climate Matter? Pratiwi, Ira Eka; Joshi, Niraj Prakash
ETIKONOMI Vol. 24 No. 2 (2025)
Publisher : Faculty of Economic and Business, Universitas Islam Negeri Syarif Hidayatullah Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v24i2.39523

Abstract

Research originality: This study develops a comprehensive regional measure of poverty using the capability approach to understand the pattern of multidimensional poverty in Indonesia. Research objectives: This study has two objectives: first, to construct and examine multidimensional poverty levels in 33 Indonesian provinces from 2010 to 2020; and second, to investigate the association between climate variables and the Multidimensional Poverty Index (MPI). Research methods: The MPI is measured through equal weighting of 20 indicators. A pooled ordinary least squares regression was used to study the relationship between the climate variables and MPI. Empirical result: The findings indicate that most provinces have experienced a decrease in poverty over the past decade. However, significant inequality persists among provinces, particularly in the eastern regions of Indonesia. Further analysis reveals that temperatures exceeding 25.25 °C may lead to an increase in the MPI, while precipitation exceeding 9.5 mm/day is associated with a decrease in the MPI. Implications: This study underscores the importance of incorporating climate change concerns, specifically increasing temperatures and unpredictable precipitation, into poverty reduction strategies and highlights the need for region-specific policies to address the multifaceted nature of poverty in Indonesia effectively. JEL Classification: I32, O10, Q54
Risk, Liquidity, and Performance: Evidence from the Commercial Banks in Bangladesh Bhowmik, Probir Kumar; Islam, Ariful
ETIKONOMI Vol. 24 No. 2 (2025)
Publisher : Faculty of Economic and Business, Universitas Islam Negeri Syarif Hidayatullah Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v24i2.39787

Abstract

Research Originality: This study examines the interplay between bank risk, liquidity, and profitability in Bangladesh's banking sector. Using a fresh approach, it shows their combined impact on stability and growth in emerging markets. It provides practical insights for banks to effectively manage these factors and achieve long-term resilience. Research Objectives: The study aims to investigate the interconnected influence of non-performing loan ratios and liquidity levels on profitability, and to analyze the effects of total asset growth, loan growth, and cost-to-income ratios on these dynamics. Research Methods: The study used a panel dataset of 31 listed commercial banks from 2012 to 2022. Ordinary Least Squares (OLS) regression was primarily employed, followed by Prais–Winsten regression with corrected standard errors (PCSEs) for correlated panels to validate the findings. Empirical Result: The research indicates that liquidity (LIQ) has a positive impact on profitability, with the net interest margin (NIM) being significantly influenced by non-performing loans. The control variable, SIZE, also showed statistical significance in performance. Implications: This study highlights the significance of asset quality, liquidity management, loan composition, and operational efficiency in determining bank profitability, providing valuable insights for bank managers and policymakers in emerging economies seeking to enhance their financial performance. JEL Classification: C33, G21, G32, C58
Mediating Role of Self-Efficacy: Resiliency and Entrepreneurial Intention in Young Generation Kurniawati, Regina Zaviera Anggi; Pangaribuan, Christian Haposan; Kembau, Agung Stefanus; Nilam, Edric Budiman
ETIKONOMI Vol. 24 No. 2 (2025)
Publisher : Faculty of Economic and Business, Universitas Islam Negeri Syarif Hidayatullah Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v24i2.41426

Abstract

Research Originality: While combining the TPB and Linan Model, this study provides novelty through its analysis of the underexplored role of financial resources and self-efficacy in shaping entrepreneurial intentions among the young generation. Research Objectives: The research investigates the resilience factors that shape entrepreneurial ambition, focusing on the direct effects of entrepreneurship education, creativity, and financial resources, as well as the indirect effect of entrepreneurial self-efficacy on the relationship between these factors and entrepreneurial intention. Research Methods: This study utilizes a questionnaire survey from 312 college students in Jakarta. Structural equation modeling (SEM) was used to analyze the data. Empirical Results: The findings show that financial resources, entrepreneurial education, and creativity influence self-efficacy. The associations between creativity and entrepreneurial intention, as well as between entrepreneurship education and entrepreneurial intention, are significant for the indirect paths that use self-efficacy as a mediator. Implications: We recommend that universities, governments, and other stakeholders prioritize initiatives that offer financial assistance and focus on educational programs and support systems that enhance confidence and belief in entrepreneurial capabilities. JEL Classification: L26, I23, O10
Toward a Resilient Islamic Banking System: Insights from 14 Years of Research Wiranatakusuma, Dimas Bagus; Aprizal, Anggi; Yusof, Rosylin Mohd; Primambudi, Ganjar; Wahab, Norazlina Abd; binti Abdul Majid, Nurul Huda; Arundaya, Faiz Ajhar
ETIKONOMI Vol. 24 No. 2 (2025)
Publisher : Faculty of Economic and Business, Universitas Islam Negeri Syarif Hidayatullah Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v24i2.41440

Abstract

Research Originality: This research is unique in that it consolidates macroeconomic and institutional studies to better understand how Islamic banks absorb and recover from financial shocks. Research Objectives: To investigate the conceptual and empirical development of Islamic banking resilience over the past 14 years, concentrating on dominating variables and thematic clusters. Research Method: The research examines 42 peer-reviewed journal articles indexed in Scopus through a comprehensive systematic literature review (SLR) methodology utilizing bibliometric instruments. Empirical Results: Internal factors like capital adequacy, liquidity, and profitability, as well as macroeconomic indices like GDP and inflation, influence resilience. The keyword “bank resilience” is underused, implying a lack of conceptual consistency in the literature. JEL Classification: G21, G32, E44, E58, Z12 Implications: An integrated view of resilience in Islamic finance and the requirement for specialized regulatory frameworks and resilience-based performance metrics customized to Islamic banking principles has substantial implications for researchers, policymakers, and regulators.
Market Anomalies and Investor Behavior: The January Effect in ASEAN Countries Mubaroq, Afiq Chamim; Styorini, Christina Tri; Rafinda, Ascaryan; Ramdhani, Pangeran Fajar; Alhendi, Osama; Ikhsanudin, Muhammad Arif
ETIKONOMI Vol. 24 No. 2 (2025)
Publisher : Faculty of Economic and Business, Universitas Islam Negeri Syarif Hidayatullah Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v24i2.41491

Abstract

Research Originality: This study provides a fresh contribution to the literature on market anomalies, specifically the January Effect, within ASEAN capital markets. Research Objectives: The objective of this research is to investigate the presence and extent of the January Effect by analyzing stock returns and abnormal returns of publicly listed companies in ASEAN capital markets. Research Methods: Data were obtained through purposive sampling, resulting in a final sample of 153 companies. The research hypotheses were tested using paired sample t-tests. Empirical Results: The findings indicate that the January Effect is evident in certain capital market indices within ASEAN but is not consistently observed across all markets. The presence of higher stock returns and abnormal returns in January does not conclusively confirm the January Effect in every instance. Implications: Investors are advised to exercise caution and not rely solely on seasonal anomalies, a comprehensive approach that includes broader market fundamentals and macroeconomic indicators is essential for sound decision-making within ASEAN capital markets. JEL Classification: E22, F21, G14
The Impact of Female Labor Force Participation on Regional Economic and Income Convergence Panjaitan, Dian Verawati; Nuryartono, Nunung; Pasaribu, Syamsul Hidayat; Lay, Jann
ETIKONOMI Vol. 24 No. 2 (2025)
Publisher : Faculty of Economic and Business, Universitas Islam Negeri Syarif Hidayatullah Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v24i2.41688

Abstract

Research originality: Women tend to be chosen as the non-labor force, even though they are potential workers who can contribute directly to the economy. Their level of education influences this contribution.   Research objectives: This research examined the impact of female labor force participation on regional economic and income convergence. Research methods: Pooled Least Squares (PLS) and panel data estimation were conducted using cross-sectional data on 472 cities/districts across Indonesia between 2016 and 2022. Empirical result: The findings reveal that female labor force participation significantly enhances regional economic growth only when women have at least a senior high school education. However, their contribution to accelerating economic convergence remains suboptimal, as most female workers are elementary school graduates. Implications: To improve the contribution of the female workforce to the economy, the government should extend compulsory education from 9 to 12 years, expand access to non-formal education for women, and establish a female-friendly labor market through job flexibility and improved childcare access. JEL Classification: I25, J21, E12, J20
Forecasting Indonesia's Unemployment Rate with Macroeconomic & Big Data: A MIDAS Approach Mustapa, Raisa Meidy; Wahyuni, Ribut Nurul Tri
ETIKONOMI Vol. 24 No. 2 (2025)
Publisher : Faculty of Economic and Business, Universitas Islam Negeri Syarif Hidayatullah Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v24i2.41760

Abstract

Research Originality: The current model is unable to forecast the unemployment rate utilizing varying periods of predictor variables. Furthermore, the use of official statistics and big data in previous studies to forecast Indonesia's unemployment rate has been limited. Research Objectives: This study forecasts Indonesia's biannual unemployment rate (UR) by utilizing monthly Google Trends Index (GTI) data, quarterly Gross Domestic Product (GDP) data, and monthly inflation data. Research Methods: The unrestricted mixed data sampling (U-MIDAS) model is applied to forecast Indonesia's UR using data from the second semester of 2006 to the first semester of 2024. Empirical Results: This study finds that the best model for predicting UR is one that utilizes a combination of big data and official statistics. Using 34 GTI keywords relevant to job seekers' cultural and behavioral patterns in Indonesia, Indonesia's UR in February 2024 was 4.7%. Implications:  This study demonstrates that employing GTI and macroeconomic variables for forecasting unemployment enhances predictive accuracy compared to utilizing either variable independently.  JEL Classification: C55, E24, J64

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