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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 347 Documents
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Elevating Shariah Hotel Hospitality: Secrets to Guest Satisfaction and Loyalty in Indonesia Andhi Sukma; Maria Rochelle G Divinagracia; Louie A Divinagracia
ETIKONOMI Vol 23, No 2 (2024)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v23i2.38502

Abstract

Research Originality: This research highlights the importance of personalized services, organizational image, and effective customer relationship management (CRM) strategies aligned with Islamic principles. The research aims to distinguish shariah hospitality and deepen understanding of customer behavior in this cultural and religious context.Research Objectives: This study examines how personalized services, company image (CI) and customer perceived value (CPV) affect guest satisfaction and loyalty in Shariah-based hotels, providing insights into customer behavior.Research Methods: The review analyzed customer relationship management, organization picture, and perceived value as independent factors, with loyalty as the dependent variable and satisfaction as the mediator. Data came from 220 guests at Shariah hotels in Indonesia.Empirical Results: The study found strong links between personalized services, a positive organization picture, and perceived value with guest satisfaction and loyalty in Shariah-based hotels, emphasizing the need for effective CRM, a robust brand, and high-quality service.Implications: This research advances customer relationship management (CRM) and Customer Perceived Value (CPV) theories in Shariah hotels through personalized services, effective communication, and strong branding, guiding hotels to prioritize these strategies for customer loyalty in hospitality. JEL Classification: L83, M31, M39How to Cite:Sukma, A., Divinagracia, M. R. G., Divinagracia, L. A. (2024). The Path to Guest Satisfaction: Leveraging Personalized Services and Islamic Principles in Shariah Hospitality. Etikonomi, 23(2), 449 – 464. https://doi.org/10.15408/etk.v23i1.38502.
Do Digital Competitiveness and Government Efficiency Affect Macroeconomic? An Evidence From Asia-Pacific Countries Ernawati Ernawati; Muhammad Natsir; Mansyur Asri
ETIKONOMI Vol 23, No 2 (2024)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v23i2.34339

Abstract

Research Originality: This research divided the dimensions of digital competitiveness into knowledge, digital policy, and IT integration. The digital competitiveness variable was estimated simultaneously with government efficiency in influencing macroeconomic performance in Asia Pacific countries. This research proved the important role of responsive digital policies and government efficiency in driving the macroeconomy.Research Objectives: This research aimed to determine the effect of digital competitiveness and government efficiency on macroeconomic performance.Research Methods: Data was sourced from the International Institute for Management Development (IMD) publication from 2019 to 2022 for 13 Asia Pacific countries. The digital competitiveness considered in this research is knowledge, digital policy, and IT integration variables. Data was analyzed and processed using panel data regression.Empirical Results: The result showed that digital policy variables reduced macroeconomic performance, while government efficiency positively affected macroeconomic performance. Furthermore, the digital knowledge and IT integration variables did not significantly affect macroeconomic performance.Implications:  This research has significant implications for the development of responsive digital policies that promote macroeconomic performance. It also underscores the importance of governance by the government in controlling the high-cost economy to encourage productivity and macroeconomic performance. These implications provide valuable insights for policymakers and professionals in the field of economics and digital policy.JEL Classification: E60, H11, O39How to Cite:Ernawati, E., Natsir, M., & Asri, M. (2024). Do Digital Competitiveness and Government Efficiency Affect Macroeconomy? An Evidence from Asia Pacific Countries. Etikonomi, 23(2), 481-496. htttps://doi.org/10.15408/etk.v23i2.34339.
Volatility Connectedness of MOVE Index and Bond Returns Ender Baykut; Halilibrahim Gökgöz
ETIKONOMI Vol 23, No 1 (2024)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v23i1.36131

Abstract

Research Originality: To the best of our knowledge, this is the first study which measures the impact of the MOVE index on bond yield volatility by comparing its effect on both short-term and long-term. The paper contributes to the existing literature by providing a better understanding of the relationship between maturity and volatility spillover. Research Objectives: This study examines the dynamic volatility connectedness between 2 and 10-year bond yields and the MOVE Index. Furthermore, it is aimed at detecting the transmitter of volatility among variables. Research Methods: Using a data set from 2010 to 2022, the study utilizes a Time-Varying Parameter Vector Autoregression (TVP-VAR) model to analyse the dynamics and relationship between bond yields and the MOVE Index. Empirical Results: The study finds a significant volatility spillover between the MOVE Index and Türkiye's bond yields. Notably, the linkage between the MOVE Index and the 10-year bond rates is stronger than with the 2-year rates. Additionally, the MOVE Index emerges as the primary transmitter of volatility, impacting both bond yields. Implications: This study sheds light on the complexity and dynamics of volatility spread in Türkiye's bond market, providing essential insights for forecasting bond yields and shaping financial policies.JEL Classification: G17, C22, G12How to Cite:Baykut, E., Gökgöz, H. (2024). Volatility Connectedness of MOVE Index and Bond Returns. Etikonomi, 23(1), 27 – 46. https://doi.org/10.15408/etk.v23i1.36131.
ESG and Firm Performance in Developing Countries: Evidence From ASEAN Makhdalena Makhdalena; Desi Zulvina; Yani Zulvina; Rizky Windar Amelia; Aditya Pandu Wicaksono
ETIKONOMI Vol 22, No 1 (2023)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v22i1.25271

Abstract

Several studies primarily investigate the influence of environmental, social, and governance on firm performance in a developed country where markets have matured, and investors are aware of corporate social responsibility activities. Therefore, studies in developing countries are still rare and mixed. This study examines the effect of Environmental, Social, and Governance (ESG) information on firm performance in ASEAN developing countries. We observed companies in ASEAN developing countries (Indonesia, Malaysia, Philippines, Thailand, and Vietnam) during 2010-2020. The information on ESG score and ROA as a proxy for firm performance measures ESG. Regression test results showed that ESG has a positive effect on firm performance. We also found that three components of ESG, environmental, Social, and Governance, positively affect firm performance. Robustness test results showed that overall ESG information, environmental information, and social initiatives affect the firm’s market performance (Tobin’s Q). Research originality in this study proves that developing countries have a positive effect between ESG disclosure and company performance. ESG, in the long term, would build effective governance and increase shareholder value. The research implication is to suggest a company has ESG information due to empirical testing that ESG information enhances a firm operational and market performance.JEL Classification: G30, Q56, Q50How to Cite:Makhdalena., Zulvina, D., Zulvina, Y., Amelia, R. W., & Wicaksono, A. P. (2023). Environmental, Social, Governance, and Firm Performance in Developing Countries: Evidence from Southeast Asian. Etikonomi, 22(1), 65–78. https://doi.org/10.15408/etk.v22i1.25271.
Should Islamic Window be converted into a Full-Fledge Islamic Bank? A case study in Indonesia Anggito Abimanyu; Abdullah At Tamimi
ETIKONOMI Vol 23, No 1 (2024)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v23i1.35082

Abstract

Research Originality: This research provides fresh perspectives on the future landscape of Islamic banking, particularly concerning the Islamic window. The paper stands out for its originality as it undertakes an empirical study utilizing a mixed method. This study is also expected to answer the research gap between literature studies, empirical studies, and implemented policies. Additionally, it is driven by the objective of contributing to the existing literature on Islamic finance.Research Objectives: This study dives into whether converting Islamic Business Units (UUS) into full-fledged Islamic Banks (BUS) leads to performance enhancement.Research Methods: There are two types of data analysis methods, namely qualitative and quantitative. The qualitative analysis method comes from a collection of literature reviews and institutional opinions from Islamic banking experts in the world. This study employs a multi-pronged quantitative approach to investigate the performance and consumer perception of Islamic banking services with an emphasis on UUS and BUS.Empirical Result: The results indicate that UUS and BUS structures adhere to Sharia principles and achieve commendable performance. However, analysis of financial reports across many countries, including Indonesia, shows that UUS's financial performance is generally better than BUS. The research further emphasizes that internal factors like capital adequacy, asset quality, and management capabilities, rather than the institutional structure itself, hold greater sway in driving performance improvement. Forced conversion of UUS could even hinder overall progress. Implications: Beyond financial considerations, the study explores consumer behavior through surveys with educated individuals. The results indicate that their choice between BUS and UUS products is guided by practical factors such as financial returns, costs, and service reliability offered by each structure. JEL Classification: G21, G28 How to Cite:Abimanyu, A., & At Tamimi, R. A. (2024). Should Islamic Window be Converted into a Full-Fledge Islamic Bank? A Case Study in Indonesia. Etikonomi, 23(1), 183 – 200. https://doi.org/10.15408/etk.v23i1.35082.
The Gravity Model of Indonesian Tourism Trade and Investment Faurani Santi Singagerda; Andi Desfiandi; Elin R Marantika
ETIKONOMI Vol 22, No 1 (2023)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v22i1.25222

Abstract

This study aimed to determine the performance of tourism investment and trade in Indonesia following the outbreak of COVID-19 and other economic and non-economic factors. Goods and services for Indonesian tourism from 8 sample countries over 26 years were examined using a tourism economy approach and a gravity panel model of the flow of investment and trade. Regarding research originality, the model developed is constructing tourism economic theory applying the Keynesian method. The results showed that economic factors, such as GDP per capita, interest rates, exchange rates, prices, and economic distance, and non-economic factors, such as population, travel alerts, and pandemics, significantly affect investment flows and the tourism trade. Furthermore, tourism competitiveness increased globally in 2019. However, potential economic leakage in FDI and trade were identified. As a result, the government must emphasize long-term and efficient investment and trade in the tourism sector, particularly in the context of systemic shocks such as a pandemic.JEL Classification: C58, D58, Z32, Z38How to Cite:Singagerda, F. S., Desfiandi, A., & Marantika, E.R. (2023). The Gravity Model of Indonesian Tourism Trade and Investment. Etikonomi, 22(1), 143–154. https://doi.org/10.15408/etk.v22i1.25222.
Unleashing the Central Bank Digital Currency Revolution and its Impact on Exchange Rate: A Monetary Approach Synthesis Akhmad Syakir Kurnia; Muhammad Adnan Assidiq
ETIKONOMI Vol 23, No 2 (2024)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v23i2.37788

Abstract

Research Originality: The introduction of CBDC by the Central Bank of Indonesia has increased the intensity of news about CBDC. Besides aiming to introduce the future direction of the payment system, the news potentially causes uncertainty and speculation in the market, which may impact the rupiah exchange rate.Research Objectives: This research analyzes the impact of CBDC news on the rupiah exchange rate, synthesizing a sticky price version of the monetary approach to the exchange rate. Research Methods: A CBDC News Index is constructed based on a compilation of news data from major online media between 2018 and 2023. The structural VAR (SVAR) method is thenemployed to investigate the impact of CBDC news on the exchange rate dynamic.Empirical Results: The results suggest a trend consistent with the hypothesis, indicating that news about CBDC may lead to pressure on the domestic currency, resulting in depreciation. However, the impact is not statistically convincing as the coefficient is not statistically different from zero. The monetary approach synthesis findings suggest that raising the policy rate is likely efficacious in counteracting the pressure of domestic currency depreciation. Meanwhile, other monetary approach variables exhibit anomalies related to exchange rate dynamics.Implications: As the central bank plans to implement a Central Bank Digital Currency (CBDC), it must carefully control the dissemination of information about what the CBDC will entail and how it will be rolled out. CBDC blueprint and official disclosure help reduce uncertainty and speculation about implementing CBDC.JEL Classification: D80, E58, F31How to Cite:Kurnia, A. S. & Assidiq, M. A. (2024). Unleashing the Central Bank Digital Currency Revolution and Its Impact on Exchange Rate: A Monetary Approach Synthesis. Etikonomi, 23(2), 271-286. https://doi.org/10.15408/etk.v23i2.37788
Factors Affecting Consumers' Comprehensive Vehicle Insurance Policy Purchasing Behavior Muhammet Kutlu; Serpil Sumer Adin; Hilal Mola; Şeyma Şahin Kutlu
ETIKONOMI Vol 23, No 2 (2024)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v23i2.37807

Abstract

Research Originality: With increasing vehicle values in Türkiye and high insurance costs, consumers' vehicle insurance purchasing preferences emerge as a dilemma. The study examines consumers' insurance purchasing behavior in this dilemma's context of risk and overconfidence tendencies.Research Objectives: This study aims to reveal the effects of individual characteristics, attitude toward risk, and overconfidence tendencies on comprehensive vehicle insurance policy purchasing behavior.Research Methods: A questionnaire was administered to 428 selected vehicle owners in Turkey, and the questionnaire results were analyzed using the binary logit model.Empirical Results: The study found that gender, education level, income level, market value of the vehicle, attitude towards risk, and self-confidence level have statistically significant effects on comprehensive vehicle insurance policy purchase decisions.Implications: The relationship between risk-taking behavior, overconfidence, and insurance purchasing behavior requires further discussion. Government policies that increase insurance awareness are recommended to weaken this relationship.JEL Classification: D12, G22, C25How to Cite:Kutlu, M., Sumer Adin, S., Mola, H., & Şahin Kutlu, S. (2024). Analysis of Factors Affecting Consumers' Comprehensive Vehicle Insurance Policy Purchasing Behavior. Etikonomi, 3(2), 539 – 554. https://doi.org/10.15408/etk.v23i2.37807.
The Co-Movement Between Commodity Prices and the Economic Growth of Malaysia Saizal Pinjaman; Shairil Izwan Taasim; Wong Sing Yun; Jain Yassin
ETIKONOMI Vol 23, No 1 (2024)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v23i1.34368

Abstract

AbstractResearch Originality: This research is an initial attempt to unveil the structure of the dynamic relationship between commodity prices and the economic growth of Malaysia at various frequencies and moments in time.Research Objectives: This paper investigates the co-movement and lead-lag relationship between commodity prices and the economic growth of Malaysia at different frequencies and moments in time. Research Methods: The relationship between the variables is studied based on monthly data from 2015 to 2022 using the time-frequency analysis of Continuous Wavelet Transformation model. This method analyses the direction and lead-lag relationship between two time series to determine which variables are leading and the direction of their co-movement. Empirical Result: The relationships between commodity prices and economic growth are varied depending on frequency and moments in time. In the short run, most commodity prices exhibit an inverse relationship led by economic growth. Meanwhile, a positive co-movement with economic growth is indicated for most commodity prices in the medium run. These variables mostly move in unison, except for rubber and palm oil, which led the relationship. Nevertheless, the co-movement of commodity prices and economic growth showed a diminishing magnitude in the long run.Implications: Malaysia's policy frameworks should consider the economic dynamic responses towards commodity prices in facilitating its economic growth. In addition, efforts should be made to diversify economic activities, reducing the level of dependence on commodities in the country’s trade basket.JEL Classification: Q32, O44, O11How to Cite:Pinjaman, S., Taasim, S.I., Yun, W.S., & Yassin, J. (202x). The Co-Movement Between Commodity Prices and the Economic Growth of Malaysia. Etikonomi, 23(1), 11 – 26. https://doi.org/10.15408/etk.v23i1.34368.
The Contribution of Islamic and Conventional Banks to Financial Stability in Indonesia Faaza Fakhrunnas; Katiya Nahda; Mohammad Abdul Matin Chowdhury
ETIKONOMI Vol 22, No 1 (2023)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v22i1.26656

Abstract

This study aims to examine an asymmetric relationship between Islamic and conventional bank contributions to financial stability in Indonesia. Adopting non-linear autoregressive distributed lag (NARDL), the study utilizes time-series data from 2004m1-2021m9, consisting of financial stability as a dependent variable, proxied by non-performing loans (NPLs) and ZSCORE. Islamic and conventional banks as independent variables were measured by total financing and total assets. Furthermore, we used interest rates and inflation as complementary variables. The findings reveal that Islamic and conventional banks affect financial stability in the short and long run. However, conventional banks contribute to financial stability more than Islamic banks. The asymmetric relationship explains that an increase/decrease in the independent variables to the same degree does not have the same impact on the dependent variable. This research implies that the financial authorities need to increase their awareness of the presence of asymmetric relationships when designing monetary policy to achieve and maintain financial stability. Finally, the study also fills the current research gap by measuring the contribution of Islamic and conventional banks to financial stability from an asymmetric relationship viewpoint.JEL Classification: E60, G20, G21How to Cite:Fakhrunnas, F., Nahda, K., Chowdhury, M.A.M. (2023). The Contribution of Islamic and Conventional Banks to Financial Stability in Indonesia. Etikonomi, 22(1), 213–232. https://doi.org/10.15408/etk.v22i2.26656.

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