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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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When Markets Talk: Volatility Spillovers Between the UK and China Ranjeeta Sadhwani; Rajib Ali; Niaz Hussain Ghumro; Shabeer Khan
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 Zhang Yan; Naziatul Aziah Mohd Radzi; Normaizatul Akma Saidi
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 Bimo Saktiawan; Resfita Dewi; Tastaftiyan Risfandy; Bowo Setiyono
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 Faaza Fakhrunnas
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 Ditto Satrio Wicaksono; 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 Abdulmecit Yildirim; Hüseyin İşlek; İlyas Okumuş
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
Examining the Impact of Taxes on Import Expenditures in Turkiye Osman Cenk Kanca; Rahmi Yamak
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 Edy Santoso; Ahmed Mohamed Annegrat; Teguh Hadi Priyono; Endah Kurnia Lestari; Vebry Eka Kusumawardhani
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 Vera Intanie Dewi; Teressia Debby; Sri Dharwiyanti
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

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