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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 25 Documents
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Search results for , issue "Vol. 25 No. 1 (2026)" : 25 Documents clear
Examining the Impact of Taxes on Import Expenditures in Turkiye Kanca, Osman Cenk; Yamak, Rahmi
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.v25i1.45858

Abstract

Research Originality: In the literature, import taxes are generally ignored as determinants of import expenditures. This study presents a rare and original contribution by evaluating the effects of import taxes on import expenditures and their functionality as a foreign trade policy tool in the case of Turkiye. Research Objectives: This study determines the possible effects of import taxes on aggregate import expenditures by using the ARDL approach and reveals the policy effectiveness of import taxes in light of the findings for the Turkiye economy. Research Methods: The aggregate import expenditure function for the study was estimated using the linear ARDL approach, which yields short- and long-run findings. The period subject to analysis is 1980-2022. Empirical Result: According to ARDL findings, import taxes have no effect on aggregate import expenditures in the short run, but taxes adversely affect import expenditures in the long run. Implications: The findings suggest that import taxes may not have a short-run effect in reducing import expenditures. However, in the long run, import taxes may be a viable tool to reduce import dependency and support national industries. JEL Classification: C13, F10, H20, C50, P33
Revealing The Spatial Matter in Indonesia’s Economic Growth Model: A Cross-Province Analysis Santoso, Edy; Annegrat, Ahmed Mohamed; Priyono, Teguh Hadi; Lestari, Endah Kurnia; Kusumawardhani, Vebry Eka
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.v25i1.46105

Abstract

Research Originality: This research integrates spatial econometric modeling to analyze the determinants of Indonesia's economic growth, highlighting the influence of spatial dependence on neighboring regions. It uses spatial models to provide insights into Indonesia's growth dynamics from a geographically interdependent perspective. Research Objectives: Examine the key factors driving Indonesia's economic growth by incorporating internal regional elements and external spatial influences from neighboring provinces. Research Method: This study employs a spatial econometric approach to analyze Indonesia’s economic growth across 34 provinces from 2015 to 2024. Empirical Results: The empirical analysis confirms the presence of spatial dependence in regional economic growth, with neighboring provinces influencing one another. Foreign Direct Investment (FDI), Domestic Direct Investment (DDI), and population significantly impact growth directly and through spillovers. However, road infrastructure has an insignificant effect. Implications: This research emphasizes the importance of provincial collaboration on investment, infrastructure, and trade. While population growth matters, skill enhancement is crucial for development. Policymakers should prioritize high-quality infrastructure and leverage spatial data to promote balanced growth and reduce regional disparities. JEL Classification: C33, O16, O18, R11
Determinants of the Adoption of Digital Finance: Evidence from Indonesia Dewi, Vera Intanie; Debby, Teressia; Dharwiyanti, Sri
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.v25i1.46612

Abstract

Research Originality: This study offers novelty by analyzing the underexplored influence of customer-perceived value on the intention to use digital finance, and how this relationship is uniquely moderated by digital financial literacy and perceived risk. Research Objective: The research investigates the effect of the customer value proposition on the intention to use digital finance, and whether this relationship is strengthened by digital financial literacy and the perceived risk. Research Method: Using a quantitative explanatory design, the data from 409 Indonesian respondents were analyzed employing PLS-SEM. Empirical Results: The findings indicate that convenience, economic benefits, security, and seamless transactions significantly enhance CPV, which in turn positively affects the intention to use digital finance. DFL strengthens the relationship between CPV and the intention to use digital finance (quasi-moderator), whereas the perceived risk weakens it (pure moderator). Implication: These results imply that strengthening the value propositions, improving people’s digital financial literacy, and mitigating the perceived risk are critical strategies to accelerate the responsible adoption of digital finance in emerging economies. JEL Classification: O33, G20, G53, D14, D91
Interconnectedness of Financial Assets across the ASEAN-5 in Crisis Periods Sumani, Sumani; Saadah, Siti
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.v25i1.46634

Abstract

Research Originality: This study advances the financial connectedness literature by integrating a multi-asset (Bitcoin–stocks–sovereign bonds) and time-varying framework within the ASEAN-5 context. Unlike prior studies, this study uncovers a hierarchical and asymmetric spillover structure that evolves across market regimes, providing new evidence on cross-asset transmission channels in emerging markets. Research Objectives: The study aims to investigate the magnitude, direction, and dynamics of volatility spillovers among Bitcoin, stock, and bond markets, and to assess whether these interconnections change between normal and crisis periods. Research Method: Using daily data from January 2018 to April 2026, volatility is estimated through a GARCH model. A generalized VAR-based forecast error variance decomposition (G-FEVD), combined with a rolling window approach, is employed to capture both directional and time-varying spillovers. Empirical Results: The findings show a hierarchical spillover pattern: sovereign bonds act as net transmitters to Bitcoin, while Bitcoin transmits risk to stock markets. Spillover intensity increases significantly during crisis periods, peaking during COVID-19, indicating strong state-dependent connectedness. Cross-asset diversification weakens under market stress. Implications: These findings imply that financial stability cannot be assessed in isolation, as shocks propagate across asset classes in a structured, time-varying manner. This study underscores the importance of integrated cross-market surveillance frameworks that include digital assets alongside traditional markets. JEL Classification: G15, N25, H5
Does Governance Quality Mediate the Relationship Between Green Innovation and Economic Performance in China? Khan, Jawad; Ying, Lin; Shah, Kashif Raza; Hasan, Alweena
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.v25i1.46766

Abstract

Research Originality: This study advances macro-level evidence by testing governance quality as an explicit mediation channel through which green innovation is translated into income gains, rather than treating institutions only as control variables. Research Objectives: It examines the long-run effect of green technological innovation on GDP per capita and tests whether governance quality mediates this relationship after controlling for R&D expenditure, renewable energy, emissions, labor participation, and trade openness. Research Method: Annual data for 1996–2024 are analyzed using a harmonized cointegration-based mediation framework, with FMOLS, CCR, robust least squares, and additional HAC/DOLS robustness checks. Empirical Results: Green technological innovation and R&D expenditure show positive long-run associations with GDP per capita across the main estimators. Governance quality is positively related to GDP per capita and partially mediates the innovation-growth relationship. Renewable energy is generally supportive but less stable, while the carbon indicator reflects continued reliance on carbon-intensive production during the transition. Implications: The findings suggest that stronger regulatory quality, implementation capacity, and institutional coordination can increase the economic returns from green innovation and support more balanced, high-quality growth. JEL Classification: O31, O44, Q55, Q56, C22
Digital Financial Inclusion and Economic Growth: Nonlinear Evidence from Economies with High and Low Levels of Financial Development Nguyen Quoc, Huy; Le Quoc, Dinh
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.v25i1.46791

Abstract

Research Originality: This study contributes to the literature by showing that digital financial inclusion is not always a linear and uniform driver of economic growth. Its effect depends on the level of financial development and may generate diminishing returns after a certain threshold. Research Objectives: This study examines the nonlinear effect of digital financial inclusion on economic growth, identifies its optimal threshold, and compares its effects across low- and high-financial-development economies. Research Method: Using balanced panel data from 117 countries from 2007 to 2022, this study constructs a digital financial inclusion index through principal component analysis and applies Bayesian regression. Empirical Results: The results show clear heterogeneity. In low-income economies, digital financial inclusion has a strong, almost linear positive effect on growth, with a posterior probability close to 100%. In highly developed financial economies, the relationship follows an inverted U-shaped pattern. The estimated threshold is approximately 27.7, after which the marginal growth effect declines. Implications: Low-financial-development economies should expand digital financial services, while high-financial-development economies need stronger fintech regulation and consumer protection.  JEL Classification: O47; G21; O33
Uncovering Indonesia’s Sectoral Interdependencies in Global Value Chains: A Hypothetical Extraction Approach Potenza, Maura Bintang; Farisi , M. Al; Suwarno, Alicia Ramadhani Putri; Kartiasih, Fitri; Yuliana, Rita
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.v25i1.47258

Abstract

Research Originality: This study extends the multiregional input-output approach by longitudinally decomposing Indonesia’s sectoral and intercountry linkages with major ASEAN FTA partners, providing a dynamic perspective on Indonesia’s evolving role in global value chains over a 15-year period. Research Objectives: This study aims to assess the economic interdependence between Indonesia and five ASEAN FTA partners, focusing on sectoral contributions and spatial trade dynamics. Research Methods: This study applies the Hypothetical Extraction Method (HEM) to panel data from the World Input-Output Database (WIOD) spanning 2000 to 2014 to measure sectoral and spatial linkages. Empirical Results: This study shows that the construction sector has the strongest backward linkages, while mining and manufacturing dominate forward linkages. Mining’s forward linkages tripled between 2000 and 2014, indicating rising global dependence on Indonesian commodities. Intercountry backward linkages declined from 25.46% to 19.95%, suggesting increased domestic input substitution, whereas intercountry forward linkages rose, reinforcing Indonesia’s role as a global supplier. Additionally, China has overtaken Japan and Australia as Indonesia’s main trading partner. Implications: The findings highlight the need to strengthen key sectors and pursue selective import substitution to boost Indonesia’s competitiveness and resilience. JEL Classification: F14, F15, C67
Trade Creation and Diversion in Overlapping ASEAN+6 Agreements Narandu, Gandri; Sriyanto, Agus
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.v25i1.49615

Abstract

Research Originality: This study provides a unified, directly comparable evaluation of six overlapping ASEAN+6 trade agreements within a single structural gravity framework, thereby overcoming the fragmentation of earlier studies that typically focused on individual agreements, specific commodities, or highly aggregated trade flows. Research Objectives: This study examines whether overlapping trade agreements are associated with trade creation and trade diversion at the regional level and in Indonesia’s bilateral trade across aggregate and sectoral dimensions. Research Methods: Using panel data for 1993–2020, the study applies a structural gravity model estimated with Poisson pseudo-maximum likelihood and fixed effects to address zero trade flows, heteroskedasticity, and unobserved bilateral heterogeneity. Empirical Results: Trade effects differ substantially across agreements. At the regional level, ACFTA and AKFTA exhibit the strongest intra-bloc trade creation, whereas AIFTA, AANZFTA, and AJCEP produce weaker or negative effects. For Indonesia, AKFTA is associated with the most consistent positive export and import performance, while sectoral gains are more concentrated in manufacturing than in primary products. Implications: Overlapping trade agreements should be treated as differentiated policy instruments. Their benefits depend on industrial capability, effective utilization of preferences, harmonized rules of origin, and lower non-tariff barriers. JEL Classification: F14, F15, C23
Determinants of Indonesia’s Economic Growth:Short-Run and Long-Run Analysis Zahra, Zhena Nofhatiaz; Anggraini, Dian Fitria; Hikmatias, Nazla Atikah; Kausar, Farid
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.v25i1.49619

Abstract

Research Originality: The originality of this study lies in its integrated approach to analyzing Indonesia’s economic growth from a long-term structural perspective, capturing dynamic interactions among key macroeconomic variables within a cointegrated framework, and emphasizing the interconnected effects of policy reforms, external shocks, and macroeconomic forces. Research Objectives: This research aims to analyze the short-run and long-run effects of government expenditure, gross fixed capital formation, foreign direct investment, exports, and inflation on Indonesia’s economic growth. Research Method: The study uses annual time-series data from 1993 to 2024 (32 observations) and applies the ARDL model to analyze both short- and long-run dynamics. Empirical Result: Short-run analysis shows that government spending, investment, and exports have positive effects on economic growth, while inflation has a negative effect, and foreign direct investment has no significant effect. Long-run analysis indicates that government spending and exports have positive effects, while all other factors have a negative impact on economic growth. Implications: Policy implications highlight the need to strengthen institutional quality, enhance investment effectiveness, ensure targeted government spending, and maintain inflation control to support long-term macroeconomic stability. JEL Classification: E62, F43, O11
Health Worker Retention in Faith-Based Hospitals: A Mediated–Moderated Framework of Employee Engagement and Islamic Work Ethic Maqfirah, Siti; Abd. Majid, M. Shabri; Putra, Teuku Roli Ilhamsyah; Agustina, Maulidar
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.v25i1.50062

Abstract

Research Originality: This study addresses the gap by developing an integrated framework that incorporates employee engagement and Islamic work ethic into health worker retention strategies. Research Objectives: This study investigates the effects of talent management and employer branding on health worker retention through employee engagement and Islamic work ethic in private faith-based hospitals. Research Methods: Primary data were collected from 210 health workers employed at private hospitals across Aceh Province using a multi-stage random sampling design. This study uses PLS-SEM to estimate direct, indirect, and moderating effects. Empirical Results: The findings indicate that talent management and employer branding significantly strengthen employee retention both directly and indirectly through employee engagement, confirming partial mediation. Islamic work ethic further reinforces these relationships, highlighting that retention is shaped by the interaction between psychological engagement and religiously grounded work values. Implications: The study highlights the importance of integrating human resource practices, employee engagement, and ethical values to sustain workforce retention in faith-based healthcare institutions. JEL Classification: M12, J28, Z12

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