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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 372 Documents
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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
Does Covid-19 Change The Stock Market Relationship With Interest-Exchange Rate? Sun, Haorui; Hui, Janice Nga Lay; bin Pinjaman, Saizal; Yun, Wong Sing; Jia, Sun Hao; Lu, Qiu Qi
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.v24i2.45853

Abstract

Research Originality: Despite numerous studies conducted on similar topics, this study uniquely examines the short- and long-run dynamics of the interest rate, exchange rate, and stock prices in China under two distinct epochs: pre- and Covid-19 periods. Research Objectives: This study compares the impact of interest and exchange rates on the Chinese stock market during the COVID-19 and pre-COVID-19 periods. Furthermore, the study also investigated the speed of adjustment towards equilibrium following short-run shocks in the stock market. Research Method: This study employs monthly data on the Chinese stock market and the autoregressive distributed lag model-error correction model (ARDL-ECM) approach on a separate period. Empirical Results: On COVID-19, the interest rate and exchange rate are not jointly and individually cointegrated significantly in explaining the stock prices. Nevertheless, the short-run relationship is identified as significant for both variables. Meanwhile, during COVID-19, the variables are jointly significant, with the exchange rate also identified to explain the stock market movement in the long run individually. In the short run, despite the greater impact of the exchange rate, the interest rates have a hysteretic impact. Implications: The findings suggested that policymakers should leverage the exchange rate instrument as a better predictive tool in devising effective future policy-making. JEL Classification: C320, G11, G15
Deconstructing Religiosity-Green Finance Relationship: The Role of Organizational Factors Girindratama, Muhammad Wisnu; Maulidi, Ach; Alnajar, Ali Elazumi Ali; Mela, Ali Abdullah
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.v24i2.45856

Abstract

Research originality:  This study links religiosity to green finance in emerging-market banks, highlighting internal drivers, green HRM, organizational identity, and leadership over external pressures. It uniquely shows how personal beliefs shape sustainable finance through cultural and theoretical pathways. Research objectives: The research aims to examine how religiosity affects the willingness of banks to engage in green finance, and under what conditions this relationship is strengthened. Research methods: The research employs a quantitative survey method involving employees across both private and state-owned banking institutions within the specified province, involving a cross-section of 43 banks. Structural equation modelling is used to test the hypothesised relationships. Empirical result: The results reveal that religiosity influences green finance indirectly through the enhancement of internal organisational capacities. Specifically, religiosity strengthens environmental values and practices within human resource systems, leadership approaches, and organisational identity, which in turn foster commitment to green financial strategies. Implications: These findings highlight the strategic importance of cultural and leadership-based resources in promoting environmental sustainability in the banking sector. JEL Classification: G21, Q56, M14, J53, L21
Debt, Current Account, Intellectual Property and FDI: Evidence from 148 Countries Sujan Chandra Paul; Md. Harun-Or Rosid; Fahmida Begum; Shahadat Hossain
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 Zulkefly Abdul Karim; Nur 'Alyaa Arif; Bakri Abdul Karim; Massita Mohamad; Ismahalil Ishak
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 Godfrey Gwatinyanya; Muhammad Halley Yudhistira
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

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