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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.
Arjuna Subject : -
Articles 25 Documents
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Search results for , issue "Vol. 25 No. 1 (2026)" : 25 Documents clear
Debt, Current Account, Intellectual Property and FDI: Evidence from 148 Countries Paul, Sujan Chandra; Rosid, Md. Harun-Or; Begum, Fahmida; Hossain, Shahadat
ETIKONOMI Vol. 25 No. 1 (2026)
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.v25i1.32745

Abstract

This study aims to explore the effect of foreign direct investment on debt, current account balance and charge for the use of intellectual property. For this, panel data of 148 countries was accumulated for the time frame of 1991 to 2018. This paper employed the OLS, POLS, DK, 2SLS, and GMM models. The study reveals that there is a favorable association between foreign direct investment and external debt stock and receipt of charge for the use of intellectual property and an unfavorable association between FDI and current account balance in all the models used in the study. Payment of charge for the use of intellectual property has significant positive association with foreign direct investment in all models except GMM model. Central government debt has significant negative association in respect of foreign direct investment in POLS models. Revenue has significant positive association with foreign direct investment in OLS and 2SLS model. Short-term debt and foreign direct investment has significant inverse relationship in POLS and GMM model.
Population Aging and Economic Growth in Malaysia: New Evidence using Panel Threshold Analysis Abdul Karim, Zulkefly; Arif, Nur 'Alyaa; Karim, Bakri Abdul; Mohamad, Massita; Ishak, Ismahalil
ETIKONOMI Vol. 25 No. 1 (2026)
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.v25i1.37927

Abstract

Research Originality: This research contribution focuses on the panel threshold model to examine the non-linear relationship between population aging and economic development in Malaysia. Research Objectives: This study aims to investigate the impact of aging on state economic growth in Malaysia (comprising 13 states and two federal territories) from 2005 to 2021. Research Methods: This study employed a threshold regression to identify the minimum turning point of aging that significantly impacts the Malaysian state's economic growth, while controlling for other factors. Empirical Results: The results revealed a single threshold effect between aging and economic growth, indicating a nonlinear positive relationship. The labor force aged 15-64 years has a positive impact on states' economic development. Implications: Therefore, these findings underscore the importance of policymakers focusing on the turning point to achieve balanced economic growth. These new findings are crucial for policymakers as additional input for implementing government policies, especially the National Senior Citizens Policy (DWEN) and the Malaysian Population Policy, to stimulate sustainable economic growth in the Malaysian state. JEL Classification: C18, J13, J21, O4
Assets, Activity Choice, and Policy Implications for Social Protection Systems Gwatinyanya, Godfrey; Yudhistira, Muhammad Halley
ETIKONOMI Vol. 25 No. 1 (2026)
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.v25i1.40330

Abstract

Research Originality: People in countries like Zimbabwe face ongoing economic challenges, underscoring the importance of improving social protection systems that help households build and own assets. However, there is still a limited understanding of how owning assets affects household economic activities. Without this knowledge, programs may be poorly designed, leading to little improvement in people’s lives and inefficient use of public funds.     Research Objectives: This study examines how various livelihood assets affect the participation of urban and rural households in paid employment, non-farm business, and farm business activities in Zimbabwe. Research Method: This paper applies a modified multinomial logistic regression specification on a representative sample of 51,114 observations from the 2012 and 2017 Poverty, Income, Expenditure, and Consumption Survey (PICES) pooled cross-sectional data. Empirical Results:  We found a strong association between assets owned and economic activity choices, but with rural-urban differentials. The findings confirm that natural assets such as land and cattle are central to rural livelihoods, and farm business remains the dominant livelihood activity. Secondly, it reveals a critical social or public policy aspect: that education is central to livelihoods in both rural and urban areas, as higher levels of education increase participation in paid employment and non-farm businesses, even across gender. Implications: Zimbabwe would benefit more by boosting social support to cover more secondary and tertiary students, rather than focusing mainly on primary education social grants. JEL Classification: D80, E58, F31
When Markets Talk: Volatility Spillovers Between the UK and China Sadhwani, Ranjeeta; Ali, Rajib; Ghumro, Niaz Hussain; Khan, Shabeer
ETIKONOMI Vol. 25 No. 1 (2026)
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.v25i1.42643

Abstract

Research Originality: This study uniquely examines spillover effects among stock returns, gold prices, and exchange rates within the UK and China, as well as between them. Research Objectives: This study aims to examine volatility spillover effects among stock, gold, and exchange rate returns within and across the UK and China. Research Method: This study exploits monthly data from January 2000 to December 2024 and employs a bivariate GARCH model to analyze cross-market and cross-border volatility spillovers. Empirical Results:  The results demonstrate significant ARCH and GARCH effects, necessitating persistent volatility in markets to be studied. No evidence of mean spillover is observed in UK markets. However, volatility spillover persists from the exchange rate to gold within the UK and China. Cross-country analysis reveals one-way mean spillover from the UK to the Chinese equity market and bidirectional volatility spillovers in exchange rates and gold. Implications: For investors and portfolio managers, deciphering volatility spillover improves diversification strategies and helps to mitigate systemic risk. JEL Classification: C32, G11, G15
Financial Development and Unemployment in OECD Countries: Evidence from Pre- and Post-Pandemic Periods Yan, Zhang; Mohd Radzi, Naziatul Aziah; Saidi, Normaizatul Akma
ETIKONOMI Vol. 25 No. 1 (2026)
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.v25i1.42977

Abstract

Research Originality: This study systematically analyzed the relationship between financial development and the unemployment rate using data from 38 OECD countries from 2000 to 2024. It not only examines differences across income levels but also deeply investigates the impact of the COVID-19 pandemic, thereby overcoming the limitations of previous studies that relied on alternative indicators of economic growth. Research Objectives: The purpose of this study is to assess whether a robust financial market can reduce unemployment rates, as well as how this effect changes under different economic backgrounds. Research Method: This study, using panel data from the World Bank and the OECD for the period 2000 to 2024, employs the fixed-effects model to test the direct impact of financial development level and the moderating effect of the epidemic. Empirical Results: The pandemic has weakened the effect of financial development on reducing the unemployment rate by optimizing capital allocation, but fiscal stimulus measures have boosted economic recovery. Therefore, even after excluding the data from the crisis period, the research findings remain robust. Implications: High-income countries must focus on improving the efficiency of fiscal resource allocation while maintaining labor-market stability. In contrast, middle- and high-income countries need to support the development of manufacturing and small and medium-sized enterprises while reducing financial instability risks, especially during times of crisis. JEL Classification: E24, G20, O40
Banking in the Digital Era: Charting the Path from Transformation to Performance in Indonesian Banks Saktiawan, Bimo; Dewi, Resfita; Risfandy, Tastaftiyan; Setiyono, Bowo
ETIKONOMI Vol. 25 No. 1 (2026)
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.v25i1.43624

Abstract

Research Originality: This research develops a new digital transformation adoption measure based on the number of products and services provided by a bank. Research Objectives: This study examines the impact of digital transformation, specifically the adoption of digital services and products, on bank performance in Indonesia. Research Methods: This study used hand-collected data from commercial bank annual reports to determine their digital transformation adoption and the BankFocus BvD database for the banks’ financial data for 2014–2023. This study employed fixed- and random-effects models and the two-step generalized method of moments to address endogeneity. Empirical Results: Digital transformation positively affects banking performance, and the significant effect is heterogeneous in nonstate-owned commercial and small and medium-sized banks. Implications: This study provides policymakers and banking executives with insights into the critical role of digital product and service adoption in overcoming the increasing challenges of modern business. The heterogeneity test results suggest that targeted policies and incentives are needed to create a supportive climate for digital transformation. JEL Classification: G21, G23, G33
The Mediating Impact of Institutional Trust on Family Takaful Participation Behavioural Intentions Muhammad Zuki, Mohd Faizuddin; Ishak, Muhammad Arif Fadilah; Hassan, Muhammad Hafiz
ETIKONOMI Vol. 25 No. 1 (2026)
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.v25i1.43919

Abstract

Research originality: This study fills a gap in Islamic finance research by examining how institutional trust mediates the relationship between TPB constructs and the intention to participate in family takaful products. While TPB is widely used, few studies have tested the role of institutional trust as a mediator in the family takaful context. Research objectives: The study investigates how institutional trust mediates the effects of attitude, subjective norms, and perceived behavioural control on consumers’ intentions to participate in family takaful. Research methods: A cross-sectional survey was conducted among 272 academicians from private Islamic universities in Malaysia, with hypotheses tested using partial least squares structural equation modelling (PLS-SEM). Empirical result: The results reveal that all TPB predictors, attitude, subjective norm, and perceived behavioural control, have significant direct effects on the intention to participate in family takaful products. Additionally, institutional trust demonstrates a partial mediating effect on the relationships between these endogenous and exogenous variables, underscoring its role in strengthening consumer behavioural intention. Implications: The study offers practical insights, emphasising institutional trust as a vital marketing and strategic component for takaful operators seeking to enhance consumer confidence and expand participation. JEL Classification: G22, G40, G41, G52
Credit Risk, Liquidity, and Financial Stability: An Investigation in the Indonesian Banking Sector Fakhrunnas, Faaza
ETIKONOMI Vol. 25 No. 1 (2026)
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.v25i1.44917

Abstract

Research Originality: This study offers a clear and precise investigation into the relationship between credit risk, liquidity, and financial stability, addressing the inconclusive findings in prior literature. In addition, a nonlinear approach is adopted to capture the dynamic interaction of credit risk and liquidity on financial stability Research Objectives: The study aims to assess the influence of Islamic banks' credit risk and liquidity on financial stability in the Indonesian banking sector. Research Method: Utilizing time series data ranging from 2004m1 to 2022m8, a nonlinear autoregressive distributed lag (NARDL) approach is adopted to measure the impact of credit risk and liquidity on financial stability. Empirical Results: The findings of the study reveal that it has nonlinear, symmetric, and asymmetric effects between independent variables and dependent variables. In the short run, only credit risk has a significant relationship, while in the long run, either credit risk or liquidity affects financial stability significantly. Implications: The study's results imply that Islamic banks must implement liquidity monitoring and a credit risk early warning system. At the regulatory level, tailor-made liquidity instruments and encouraging Islamic banks to have a larger capital buffer need to be introduced and regulated. JEL Classification: G20, G21, G29
Dynamic Effects of Energy Transition and Financial Development on Carbon Productivity: Empirical Evidence from Indonesia Wicaksono, Ditto Satrio; Budiasih, Budiasih
ETIKONOMI Vol. 25 No. 1 (2026)
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.v25i1.45443

Abstract

Research Originality: This study offers a new perspective on carbon productivity in Indonesia, exploring how energy transition and financial development influence carbon productivity in the short and long term. It provides valuable insights into the mechanisms driving a low-carbon economy, a topic which the existing literature does not fully cover. Research Objectives: This study aims to determine the dynamic effects of energy transition and financial development on carbon productivity. Research Method: An error-correction mechanism (ECM) was employed, using Indonesian data from 1982 to 2024. The selection of ECM was predicated on its demonstrated aptitude to discern the temporal dynamics of variables, both in the immediate and extended periods. Empirical Results:  The results show that energy efficiency and renewable energy use improve carbon productivity. Financial development also has a positive effect, although its magnitude is modest. Energy efficiency is the most influential variable. Additional variables show that natural resource rent has a positive effect, while globalization is statistically insignificant. The error-correction term is negative and significant, confirming convergence toward a long-run equilibrium. Implications: The government must strengthen energy-efficiency policy, accelerate renewable energy deployment, expand green-oriented finance, and allocate natural resource revenues towards sustainable infrastructure and low-carbon investment. These measures support Indonesia’s development and net-zero transition. JEL Classification: Q4, Q5, O13, O16, O44
Corruption and Environmental Degradation: Evidence from the EECCA Region Yildirim, Abdulmecit; İşlek, Hüseyin; Okumuş, İlyas
ETIKONOMI Vol. 25 No. 1 (2026)
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.v25i1.45841

Abstract

Research Originality: This research introduces a novel analytical approach to examine the interactions among corruption, per capita income, and the environment across the member countries of the GREEN Action Task Force platform. The study finds that lower-income countries experience a larger reduction in environmental degradation when corruption declines. Research Objective: The study aims to determine the effect of corruption on CO2 emissions and to examine how this relationship changes with economic development. Moreover, the research tests the validity of the Environmental Kuznets Curve hypothesis within this specific context. Research Method: The study used the Driscoll-Kraay and FGLS methods to address potential cross-section dependence, heteroskedasticity, and autocorrelation issues that commonly arise in panel data analysis. Empirical Results: Corruption has a significant negative effect on CO2 emissions. The interaction between corruption and per capita income reveals that the impact of reduced corruption on CO2 emissions is more apparent in countries with lower per capita income. The study also confirms the validity of the Environmental Kuznets Curve hypothesis. Implications: Policymakers, particularly in lower-income countries, should prioritize anti-corruption policies to protect the environment during economic development. JEL Classification: D73, Q42, Q53, Q56

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