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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
Bitcoin, Economic Freedom, and Underground Economies: A Tax Evasion Nexus Bhutto, Niaz Ahmed; Nawaz, Allah Ditta; Khan, Shabeer
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.v24i2.42345

Abstract

Research Originality: Our research uniquely integrates the dimension of economic freedom to assess its moderating effect on tax evasion in G-7 countries. This study also provides the latest tax evasion estimates in G-7 countries using the currency demand approach to measure the effectiveness of policies employed by the regulators to reduce large numbers of tax evasion. Research Objectives: This study estimates tax evasion in G-7 countries and measures the impact of cryptocurrencies on tax evasion at different levels of economic freedom. Research Method: This study employs the Currency Demand Approach to estimate tax evasion and then utilizes asymmetric/symmetric panel techniques (ARDL/NARDL) to confirm the impact of cryptocurrencies and all indicators of economic freedom on tax evasion. Empirical Results: Our investigation unveils that cryptocurrencies significantly impact tax evasion. This study also finds economic freedom indicators' asymmetric/symmetric impact and confirms the moderating impact. Economic freedom indicators significantly increase/decrease the impact of cryptocurrencies on tax evasion. Implications: Cryptocurrencies may be given due importance while drafting tax-related policies, and policymakers must maintain the optimum levels of economic freedom where cryptocurrencies do not support tax evasion.  JEL Classification: H26, E42, O17, E26, C33
Drivers of Cryptocurrency Adoption in Iran: Evidence from the Baluchistan Region Karimzadeh, Majid; Yousefi, Farzad; Goldarzehi, Razieh; Delgarm, Atefeh
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.v24i2.42529

Abstract

Research Originality: This study explores the key factors influencing the acceptance of cryptocurrencies in Iran, focusing on the under-researched Baluchistan region. In contrast to previous studies focusing on developed or technologically advanced economies, this research explores a socioeconomically disadvantaged region experiencing economic instability and restricted access to formal financial services. Research Objectives: The main goal of the study is to identify and analyze the key factors influencing cryptocurrency acceptance in this region. Research Methods: Using data from 200 active cryptocurrency users, we employed exploratory factor analysis followed by multiple regression analysis to identify and test predictive factors. Empirical Results: The findings reveal six primary drivers: financial constraints, national economic volatility, personality traits, social influences, managerial factors, and trust. Among these, income-related motivations and macroeconomic instability emerged as the strongest predictors of adoption. Implications: The study contributes to the literature by contextualizing cryptocurrency behavior within a developing country’s marginalized setting and provides insights for policymakers to enhance financial inclusion. It also highlights the need for regulatory clarity and user education to support safe and effective participation in digital finance. JEL Classification: G1, G4, G10, G41
Clustering Indonesian Neobanking Users Through Extended UTAUT 3 for Retention Campaign Strategy Rahmatulloh, Febriandi; Sumarwan, Ujang; Hartoyo, Hartoyo; Sartono, Bagus
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.v24i2.42599

Abstract

Research Originality: This study develops a behavior-anchored segmentation framework for Indonesian neobank users by extending the Unified Theory of Acceptance and Use of Technology (UTAUT-3) with trust and marketplace application usage, providing deeper insights into user behavior. Research Objectives: The research aims to identify distinct neobank user segments and key behavioral drivers to support targeted strategies in digital financial services. Research Method: An extended UTAUT-3 model incorporating trust and marketplace usage was validated through Structural Equation Modeling (SEM). Balanced Iterative Reducing and Clustering using Hierarchies (BIRCH) clustering was applied to data from 386 active users, with segment validity confirmed using Elbow, Gap, and Silhouette methods. Empirical Results: The results revealed that trust, habit, and marketplace usage emerged as primary drivers of engagement and user recommendations. This study identifies four user segments: transitioning explorers, urban occasionalists, rural digital enthusiasts, and cost-conscious digital natives. Implications: Urban Occasionalists and Rural Digital Enthusiasts show strong potential for long-term growth. Targeted engagement and personalized retention strategies for these segments can enhance customer lifetime value and strengthen user advocacy. JEL Classification: G21, M31, C38
Do Macroeconomic and Green Factors Influence Stock Returns in Indonesia? Irman, Mimelientesa; Rahman, Sarli; Wati, Yenny
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.v24i2.43614

Abstract

Research Originality: This study adopts a multidimensional framework that integrates environmental sustainability and macroeconomic pressures to assess stock market behavior over the period 2018 to 2022, encompassing both pre-pandemic and post-pandemic economic contexts. Research Objectives: This research explores the impact of inflation, economic growth, green accounting, and environmental performance on stock returns of energy companies registered on IDXENERGY from 2018 to 2022. Research Methods: This study uses panel data regression analysis based on secondary data from 33 energy sector companies over five years. Empirical Result: Inflation has a statistically significant negative effect on stock returns, indicating that rising inflation tends to reduce investor returns in the energy sector. In contrast, economic growth, green accounting, and environmental performance do not show significant effects on stock returns, suggesting that these variables have no observable impact on firm performance in the capital market within the scope of this study. Implications: The findings emphasize the need for enhanced green reporting standards, stronger policy incentives for sustainable practices, and increased investor awareness regarding environmental performance. JEL Classification: E31, O47, M41, Q56, G12
Untapping the Determinants of Islamic Financial Behaviour among Young Generations Ishak, Muhammad Arif Fadilah; Muhammad Zuki, Mohd Faizuddin; Hassan, Muhammad Hafiz
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.v24i2.43908

Abstract

Research originality: The originality of this research lies in its integrated examination of psychological, social, and educational determinants of Islamic financial behaviour within a localized Malaysian context. Research objectives: Grounded in the Theory of Planned Behaviour, the research investigates how Islamic financial literacy, financial risk attitude, parental financial socialization, and financial self-efficacy influence financial behaviour. Research methods: A structured questionnaire was distributed to 358 respondents aged 18 to 30, and the data were analyzed using covariance-based Structural Equation Modelling (CB-SEM). Empirical result: The study reveals two significant findings: parental financial socialization and financial self-efficacy strongly predict Islamic financial behaviour, while financial literacy and risk attitude show insignificant relationships. Implications: Policymakers should embed Islamic financial literacy in national youth programs, educators must integrate hands-on financial training into curricula, and Islamic finance providers are encouraged to offer youth-friendly, Shariah-compliant products supported by educational outreach and family-involved financial awareness initiatives. JEL Classification: D10, D14, D91, G41
Economic Turbulence in Indonesia: The Effects of Instability and Crisis Ghannili, Farawi; Utama, Muhammad Budi; Amirullah, Malik Abd Karim; Iman, Moh Nurul
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.v24i2.44443

Abstract

Research Originality: This study presents a novel perspective by examining Indonesia’s economic growth over three crisis periods. It uniquely highlights how global economic uncertainty can strengthen Indonesia’s growth resilience when met with credible domestic policy responses. Research Objectives: The research investigates the effects of exports, imports, production value, interest rates, economic globalization, exchange rates, and state obligations on Indonesia’s economic growth at constant prices. Research Methods: Using quarterly time-series data from 1991Q1 to 2024Q1, the study employs a Dummy Variable–Autoregressive Distributed Lag model. Empirical Result: Exports have a direct negative effect on economic growth but when influenced indirectly by the global crisis and the pandemic, exports can actually contribute to growth. On the other hand, imports directly boost growth, but their impact is negatively affected by the global crisis. Additionally, interest rates support long-term growth but hinder it in the short run; however, crises may moderate this impact positively. Implications: These findings underscore the need for policymakers to craft dynamic, adaptable economic strategies that can safeguard Indonesia’s growth against future global shocks and uncertainties. JEL Classification: F41, E32, O53
Multidimensional Poverty in Indonesia: The Role of Economic, Social, Educational, and Political Factors Rama, Ali; Putri, Poppy Secilia; Mynbayeva, Elmira
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.v24i2.44640

Abstract

Research Originality: This study advances the field by employing a comprehensive, multidimensional framework that examines the synergistic interactions between economic, social, educational, and political factors.  This study also provides a more nuanced and evidence-based perspective on poverty dynamics, moving beyond the oversimplified, single-dimensional analyses that have dominated prior scholarship. Research Objectives: This study aims to examine the impact of educational participation, crime rates, unemployment, access to Islamic financing, and the democracy index on poverty levels in Indonesia. Research Methods: Panel data from 2015 to 2022 is examined using a fixed effects model to identify the key determinants of poverty. Empirical Results: The findings indicate that higher net enrolment rates and increased access to Islamic financing significantly contribute to poverty reduction y, while rising crime rates and unemployment are associated with increased poverty levels. Interestingly, the democracy index shows no statistically significant effect on poverty during the examined period. Implications: The findings have significant policy relevance, emphasizing the need to enhance access to quality education, promote job creation, and expand Islamic financing as an inclusive economic tool. JEL Classification: I32, E24, G21
The Nexus among Green Financing: Companies in G20 Emerging Market Countries Imamah, Nur; Trinugroho, Irwan; Arifin, Layyin Nafisa; Fahri, Luki Okta
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.v24i2.45322

Abstract

Research Originality: This study addresses this urgent research gap by examining not only these relationships but also the underexplored role of national R&D capacity as a moderating factor, highlighting how emerging economies' innovation limitations may dilute the benefits of green capital inflows. Research Objectives: This study analyzed the impact of green financing and FDI on firm profitability and productivity in G20 emerging markets, and assess how R&D expenditure moderates these effects. Research Method: Panel data from 57 multinational companies across ten G20 emerging market countries during 2016–2021 were analyzed using fixed-effect regression. Empirical Results: Green financing and FDI both show significant positive impacts on firm profitability and productivity. However, R&D negatively moderates the green finance–profitability link and has no significant moderating effect on productivity or the FDI relationship, suggesting structural inefficiencies in R&D systems within emerging economies. Implications: The findings call for urgent policy interventions to enhance R&D infrastructure and efficiency in G20 emerging markets. Redirecting subsidies from fossil fuels to green innovation, fostering public-private R&D collaboration, and strengthening institutional frameworks can help unlock the full potential of green finance and FDI in supporting a sustainable economic transformation. JEL Classification: Q5, G3, F2
Nexus between Governance and Sustainable Development in Developing Countries: A Simultaneous Approach Siddiqa, Ayesha; Danish, Muhammad Hassan; Ashfaq, Muhammad
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.v24i2.45368

Abstract

Research Originality: The present research contributes a novel task in examining the simultaneous relationship between governance and sustainable development (SD), aiming to capture the endogenous relationship between these two concepts. Research Objectives: This study examines the relationship between governance and sustainable development in 59 developing countries, utilizing annual data from 2006 to 2022. Research Method: The study employs panel Generalized Methods of Moment (GMM) and panel three-stage least squares (3SLS) techniques by using STATA 17. Data for this study is extracted from the World Development Indicators (WDI), International Financial Statistics, and World Governance Indicators. Empirical Results:  The findings indicate that governance, tax-to-GDP ratio, and financial development are positively related to SD. Moreover, SD also has a positive impact on governance in developing countries. Control variables, including the misery index and population, are negatively related to governance. Implications: The study offers policy recommendations to enhance transparency and government quality, which are integrated into the development process to reduce social disparities, mitigate environmental challenges, foster economic growth, and ensure the well-being of citizens. JEL Classification: F63, O16, Q01
Sustainability and Loyalty in Halal Tourism: An Indonesian Perspective Sukma, Andhi; Chen, Robin; Rachmat, Radhi Abdul Halim; Saputera, Denny
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.v24i2.45458

Abstract

Research Originality: This study introduces new behavioral dimensions, including environmental awareness, ethical service innovation, and tourists’ decision control, in the formation of loyalty and advocacy behavior. Research Objectives: This study examines the contribution of sustainability-oriented factors to Muslim tourist loyalty and recommendation behavior, with satisfaction and intention to revisit serving as mediating variables.   Research Methods: A quantitative approach was employed using a structured questionnaire distributed to 460 Muslim tourists. The data were analyzed using structural equation modeling to evaluate the causal relationships among the variables.    Empirical Results: Environmental awareness and tourists’ ability to make ethical decisions have a significant influence on loyalty and word-of-mouth behavior. Ethical service innovation enhances customer satisfaction, which in turn contributes to loyalty. Satisfaction and revisit intention were found to be essential mediators in this relationship. Implications: This study provides theoretical insights by integrating sustainability into halal tourism behavior models and offers practical recommendations for destination managers to develop emotionally engaging and environmentally responsible tourism services. JEL Classification: M31, O35, Q56, Z32

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