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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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Navigating Market Volatility: ESG and Islamic Stock Performance amidst Covid-19 Stringency Agustin, Isnaini Nuzula; Safitri, Destiana; Hesniati, Hesniati; Robin, Robin
ETIKONOMI Vol 24, No 1 (2025)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v24i1.38475

Abstract

Research Originality:  This study examines the relationship between ESG and Islamic stocks under the exceptional circumstances of the COVID-19 pandemic. Researchers included the stock volatility and involved policy stringency, extending the recent literature focusing on accounting-based performance.Research Objectives: This study examines the relationship between ESG practices and Islamic stock performance during the COVID-19 pandemic.Research Methods: This study applied panel regression analysis. Researchers used Shariah-compliant stocks with ESG scores ranging from 2020 to 2022, resulting in 96 observations.Empirical Results: This study posits the ability of Social and Governance practices to reduce market volatility. The stringency of COVID-19 significantly affected stock volatility, highlighting the importance of government intervention during the Pandemic.Implications: These findings support the need for implementing measures and regulations that incentivize companies to adopt comprehensive ESG practices, which are expected to contribute to stock market stability, particularly during turbulent times.JEL Classification: J6, M2, O3How to Cite:Agustin, I. N., Safitri, D., Hesniati., & Robin. (2025). Navigating Market Volatility: ESG and Islamic Stock Performance Amidst Covid-19 Stringency. Etikonomi, 24(1), 69 – 84. https://doi.org/10.15408/etk.v24i1.38475.
Competitiveness and Factors Affecting Indonesia’s Natural Rubber Export: An Evidence from Eight Main Destination Countries Novaldi, Jeremia; Muchlisoh, Siti
ETIKONOMI Vol 24, No 1 (2025)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v24i1.37841

Abstract

Research Originality: This research contribution focused on Indonesia's natural rubber productivity and the role of importer industrial sector development in Indonesia's natural rubber exports.Research Objectives: This research analyzed Indonesia's natural rubber export competitiveness and the effect of productivity, importer industrial sector development, and export price on Indonesia's natural rubber export volume.Research Methods: This research used secondary data from the World Bank, FAO, and UN Comtrade. The dataset covers eight countries from 2002 to 2022. Revealed comparative advantage (RCA), export product dynamics (EPD), and x-model potential export products are applied to analyze export competitiveness. In contrast, panel regression is applied to analyze the determinants of export.Empirical Results: The results showed that Indonesia's natural rubber competitiveness has declined since 2018. Nevertheless, Indonesia's natural rubber is still competitive, and its expansion in the main-destination countries is considered potential. Natural rubber productivity, importer industrial sector development, and export price positively and significantly impact natural rubber export volume.Implications: Indonesia's natural rubber competitiveness has declined. Hence, improving natural rubber quality would be suggested. Moreover, the positive impact of productivity can be maximized by building supporting infrastructure and upgrading production technologies.JEL Classification: C33, F14, Q17How to Cite:Novaldi, J., & Muchlisoh, S. (2025). Competitiveness and Factors Affecting Indonesia’s Natural Rubber Export: An Evidence from Eight Main Destination Countries. Etikonomi, 24(1), 175 – 190. https://doi.org/10.15408/etk.v24i1.37841.
The Generational Interest Differences in Cash Waqf Insurance Patriana, Ela; Aisyah, Muniaty; Al Arif, Mohammad Nur Rianto
ETIKONOMI Vol 24, No 1 (2025)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v24i1.41731

Abstract

Research Originality: Cash waqf insurance is underexplored in Islamic finance, offering a unique lens for study. This research addresses the gap by examining how knowledge, perceived fairness, and perceived usefulness influence attitudes and behavioral intentions toward cash waqf insurance among Generation Z, Millennials, and Generation X.Research Objectives: The study aims to assess the impact of these factors on shaping attitudes and intentions toward cash waqf insurance. Integrating these factors into the Theory of Planned Behavior (TPB) optimizes public understanding and fosters positive engagement on cash waqf.Research Method: 437 data sets were collected from respondents across three generations and analyzed using Partial Least Squares- Structural Equation Modeling (PLS-SEM) and multi-group analysis (MGA). The study evaluates the direct effects of knowledge, perceived fairness, and perceived usefulness on attitudes, behavioral intentions, and generational differences in these relationships.Findings: Knowledge significantly affects attitudes for Gen Z and Millennials, but not Gen X. Perceived fairness strongly influences Gen X and Gen Z, but not Millennials. Perceived usefulness is a key factor across all generations, with the highest impact on Millennials.Implications: The findings highlight the need for targeted educational campaigns for younger generations and fairness-based strategies for older cohorts. Policymakers and institutions can use these insights to enhance engagement with cash waqf insurance products.JEL Classification: G22, Z12, C38How to Cite:Patriana, E., Aisyah, M., & Al Arif, M. N. R. (2025). The Generational Interest Differences in Cash Waqf Insurance. Etikonomi, 24(1), 299 – 314. https://doi.org/10.15408/etk.v24i1.41731.
Asymmetric Effect of Real Exchange Rates on Import Expenditures Kanca, Osman Cenk
ETIKONOMI Vol 24, No 1 (2025)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v24i1.38967

Abstract

Research Originality: This study contributes to the literature by investigating the asymmetric effect of the real exchange rate on real import expenditures in Turkey.Research Objectives: This study aims to investigate the short—and long-run symmetric/asymmetric effects of the exchange rate on import expenditures in the Turkish economy.Research Methods: The study utilized both a linear Distributed Lag Autoregressive (ARDL) bounds testing approach and a nonlinear ARDL (NARDL) model, using a dataset from 1980 to 2022.Empirical Result: The findings indicate that the real exchange rate has asymmetric effects on real import expenditures in the short run. The error correction model results reveal that short-run shocks among variables will lose their impact in the long run, and the co-movement of variables will correct itself in approximately 3 and 1.5 years.Implications: These results shed light on policymakers shaping Turkey’s import regime. In addition, adopting policies that provide macroeconomic balance based on real exchange rates is considered a crucial factor in reducing external dependency and eliminating Turkey’s foreign trade deficits. JEL Classification: C40, E00, F31How to Cite:Kanca, O. C. (2025). Asymmetric Effect of Real Exchange Rates on Import Expenditures. Etikonomi, 24(1), 135 – 154. https://doi.org/10.15408/etk.v24i1.38967
How Destination Value and Tourist Engagement in Destination Image Affect Tourist Loyalty Djatola, Hariyanto R; Hilal, Nur; Sutomo, Maskuri
ETIKONOMI Vol 24, No 1 (2025)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v24i1.34698

Abstract

Research Originality: There is only a limited amount of empirical research that examines how the post-visit destination image is shaped by tourist experiences with perceived high destination value and its impact on tourist loyalty within the context of ecotourism.Research Objectives: The aim is to understand the role of perceived value and tourist engagement in the post-visit destination image concerning tourist loyalty within the context of ecotourism.Research Methods: A cross-sectional research design was used and a sample of 326 travelers was drawn from an unknown pool of customers. The analysis method used in this study utilizes SEM.Empirical Results: Destination value directly influences both tourist engagement and loyalty. Additionally, tourist engagement directly affects tourist loyalty; however, it does not mediate between destination image and tourist loyalty.Implications: The results suggest several practical implications for destination managers, who should focus more on the ecotourism context when designing visitor experiences as a source of sustainable information, as well as for governments and nonprofit organizations aiming to promote ecotourism.JEL Classification: M30, M31, M310How to Cite:Djatola, H. R., Hilal, N., & Sutomo, M. (2025). How Destination Value and Tourist Engagement Image Affect Tourist Loyalty? Etikonomi, 24(1), 97 – 118. https://doi.org/10.15408/etk.v24i1.34698.
Disruption or Catalyst? Foreign Banks' Impact on Competition in Indonesia's Islamic-Conventional Banking Ecosystem Maharani, Novita Kusuma; Alwahidin, Alwahidin
ETIKONOMI Vol 24, No 1 (2025)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v24i1.36338

Abstract

Research Originality: This study uniquely examines the impact of foreign bank penetration on bank competition within Indonesia's dual-banking system. By incorporating the moderating effect of Islamic banks, this research provides novel insights into the dynamics of bank competition in a multi-faceted financial ecosystem.Research Objectives: This study investigates the impact of foreign banks on the level of competition in Indonesia's dual-banking system, encompassing both Islamic and conventional banks.Research Methods: The study employs panel data analysis of Islamic and conventional banks in Indonesia from 2011 to 2021. Bank competition and foreign bank penetration are measured using the Lerner Index and various ratios of foreign banks, respectively.Empirical Results: The findings reveal that an increase in the number of foreign banks enhances bank competition and reduces market power. However, increased foreign bank asset ownership is associated with reduced competition. While not statistically significant, Islamic banks tend supports increased competition in the banking sector.Implications: To maintain a competitive balance, regulators should focus on controlling foreign asset ownership rather than merely the number of foreign banks. Furthermore, the role of Islamic banks in fostering competition warrants consideration in policy formulation.JEL Classification: C1, E52How to Cite:Maharani, N. K., & Alwahidin. (2025). Disruption or Catalyst? Foreign Banks’ Impact on Competition in Indonesia’s Islamic Conventional Banking Ecosystem. Etikonomi, 24(1), 1 – 16. https://doi.org/10.15408/etk.v24i1.36338.
Interconnectedness and Systemic Risk: Insights from Indonesian Financial Conglomerates Kusumahadi, Teresia Angelia; Saadah, Siti; Permana, Fikri C
ETIKONOMI Vol 24, No 1 (2025)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v24i1.38452

Abstract

Research Originality: This research addresses the gap in existing studies by examining the time-varying volatility spillover index among conglomerates in listed financial companies in Indonesia, an unexplored area.Research Objectives: The study investigates the potential interconnectedness among financial institutions, one source of systemic risk, by analyzing volatility spillovers within conglomerates.Research Methods: Using a generalized VAR approach, we examined total volatility spillover, directional volatility spillover, and total volatility spillover indices for 14 companies from four conglomerates, utilizing daily data from 2010 to March 2023.Empirical Results: The results reveal significant interconnectedness within these conglomerates, indicating potential for systemic risk that could threaten the financial system's stability. Another noteworthy finding is that the volatility transmission within banking conglomerates predominantly originates from subsidiary companies to parent companies.Implications: Regulators need to supervise spillovers at both the parent and subsidiary levels by developing regulations that address both levels to ensure effective risk management.JEL Classification: C58, G21How to Cite:Kusumahadi, T. A., Saadah, S., Permana, F. C. (2025). Interconnectedness and Systemic Risk: Insights from Indonesian Financial Conglomerates. Etikonomi, 24(1), 53 – 68. https://doi.org/10.15408/etk.v24i1.38452.
Role Strategic Management and Maqasid Sharia Toward Islamic Cooperative Performance Amar, Faozan; Sumardi, Sumardi; Nugraha, Deni Pandu
ETIKONOMI Vol 24, No 1 (2025)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v24i1.44588

Abstract

Research Originality: The study of strategic management and maqasid sharia in Islamic cooperatives is scarce. This study's originality includes maqasid sharia and decision-making styles in the framework of strategic management.Research Objectives: This study aims to determine the roles of strategic management, maqasid sharia, and decision-making style in the performance of Islamic cooperatives and to improve and embed Islamic values in organizations.Research Methods: Questionnaires were distributed to 124 employees of Islamic-cooperative. Furthermore, the study uses structural equation modelling to analyze the questionnaires data from respondents.Empirical Results: The study found that strategic management and organizational performance statistically affect financial performance. Meanwhile, the maqasid sharia and dependent decision-making style have statistically significant indirect effects on financial performance through strategic management and organizational performance.Implications: This study supports the implementation of Maqasid Sharia as the baseline for strategic management. This policy aims to improve the performance of Islamic cooperatives within the limits of Islamic principles. Stakeholders can elaborate on the policy to strengthen strategic management and Maqasid Sharia's implementation.JEL Classification: M21, L21, G40How to Cite:Amar, F., Sumardi, S., & Nugraha, D. P. (2025). Role Strategic Management and Maqasid Sharia Toward Islamic Cooperative Performance. Etikonomi, 24(1), 247 – 264. https://doi.org/10.15408/etk.v24i1.44588.
Division wise Loan Disbursement and Profitability of Bank: Evidence from Bangladesh Antora, Lima Akter; Paul, Sujan Chandra; Or-Rosid, Md Harun
ETIKONOMI Vol 24, No 1 (2025)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v24i1.38326

Abstract

Research Originality: Loan disbursing in economically and industrially developed divisions of Bangladesh have profound impact on a bank’s profitability remaining other factors in considerations.Research Objectives: This study aims to investigate the effect of divisional loan disbursement on profitability and financial health of the banking sector in Bangladesh.Research Methods: The analysis is based on panel data from 44 banks, totaling 520 observations over an eighteen-year period from 2005 - 2022. To conduct this study, different models like Ordinary Least Square (OLS), Pooled Ordinary Least Square (POLS), Second Stage Least Square (2SLS), Generalized Method of Moments (GMM) are utilized.Empirical Results: The study found that there is favorable association between profit after tax and total revenue in all the model employed in the study. As opposed, PAT has an unfavorable association with Rangpur division’s loan disbursement and a total asset in all the model used in the study. In addition, the connections between PAT and loan disbursed in other is mixed but insignificant in nature.Implications: The empirical implications of this study are – lending economically and industrially developed or underdeveloped divisions of Bangladesh has too delicate relationship with a bank’s profit after tax.JEL Classification: E32, E43, G21How to Cite:Antora, L. A., Paul, S. C., & Rosid, M. H. (2025). Division wise Loan Disbursement and Profitability of Bank: Evidence from Bangladesh. Etikonomi, 24(1), 17 – 30. https://doi.org/10.15408/etk.v24i1.38326.
Assessing Sustainable Tourism in Top Selfie: A Mapping and Decision-Making Technique Sasanti, Ika Alicia; Gravitiani, Evi; Sartika, Rebecca Cindy; Herniti, Dwi
ETIKONOMI Vol 24, No 1 (2025)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v24i1.37947

Abstract

Research Originality: This research paper combined literature on sustainable tourism, including the mapping and decision-making of tourism management in Top Selfie, Indonesia, towards sustainable tourism potential zones.Research Objectives: This study examined the impact of sustainable tourism patterns in the Top Selfie Pinusan area of Magelang, Indonesia, by considering various sustainability criteria.Research Methods: The researchers conducted comprehensive interviews with key stakeholders. The data was analyzed using ArcGIS to identify the development map of Top Selfie Pinusan and AHP analysis to policy recommendations for tourism development in Top Selfie Pinusan.Empirical Results: The research found that the location and potential of the Top Selfie Pinusan area make it a promising tourist destination when viewed from its development map. The AHP analysis showed that the eco-environmental criterion gave the highest weight to the water resources conservation sub-criterion. The alternative policy proposed in this research emphasized the promotion of alternative tourism.Implications: This research has important implications for the local government and tourism businesses, as they must address the challenge of creating tourist attractions aligned with the principles of sustainable tourism in Indonesia.JEL Classification: C1, Q510How to Cite:Sasanti, I. A., Gravitiani, E., Sartika, R. C., & Herniti, D. (2025). Assessing Sustainable Tourism in Top Selfie: A Mapping and Decision-Making Technique. Etikonomi, 24(1), 119 – 134. https://doi.org/10.15408/etk.v24i1.37947.

Page 32 of 35 | Total Record : 347

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