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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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Interconnectedness of Financial Assets across the ASEAN-5 in Crisis Periods Sumani Sumani; Siti Saadah
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? Jawad Khan; Lin Ying; Kashif Raza Shah; Alweena Hasan
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 Huy Nguyen Quoc; Dinh Le Quoc
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 Maura Bintang Potenza; M. Al Farisi; Alicia Ramadhani Putri Suwarno; Fitri Kartiasih; Rita Yuliana
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 Gandri Narandu; Agus Sriyanto
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 Zhena Nofhatiaz Zahra; Dian Fitria Anggraini; Nazla Atikah Hikmatias; Farid Kausar
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 Siti Maqfirah; M. Shabri Abd. Majid; Teuku Roli Ilhamsyah Putra; Maulidar Agustina
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
Corruption as a Key Transmission Channel Linking Governance and Investor Protection in ASEAN Muhammad Firmansyah; Sri Budi Cantika Yuli; Fika Fitriasari; Zainal Arifin; Stanislaw Flejterski
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.v25i1.50211

Abstract

Research Originality: The Originality lies in integrating governance quality and macroeconomic variables within a unified framework while explicitly modeling corruption as a mediating variable, a focus that remains underexplored in prior studies. Research Objectives: This study examines the role of corruption as a transmission mechanism linking governance and macroeconomic factors to investor protection in ASEAN countries. Research Method: Using panel data from six ASEAN countries over the period 2010–2023, this study applies panel-data-based path analysis with bootstrapping to estimate both direct and indirect effects. Robustness checks are conducted using fixed-effects, random-effects, and System GMM estimators to ensure the consistency of the results. Empirical Results: The findings show that governance significantly enhances investor protection, while portfolio investment and interest rates exhibit varying effects depending on institutional conditions. Importantly, corruption is found to play a significant mediating role, indicating that improvements in governance and macroeconomic performance do not automatically strengthen investor protection without effective corruption control. Implications: This study suggests that policymakers should integrate governance reforms with anti-corruption strategies to improve investor protection. Strengthening institutional quality, transparency, and regulatory enforcement is essential to create a more secure and sustainable investment environment in ASEAN economies.  JEL Classification: D73, G38, F21, E44
Role of Content and Influencer Attributes in Smartphone Purchase Intention Josia Rajagukguk; Ignatius Heruwasto
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.v25i1.50275

Abstract

Research Originality: This research extends the elaboration likelihood model (ELM) by examining the effect of long-form smartphone reviews on purchase intention on YouTube in Indonesia. Research Objectives: The study aimed to examine the role of content and influencer attributes in smartphone purchase intention in Indonesia. Research Method: The ELM was employed to analyze long-form smartphone reviews by tech-influencers. Data were obtained using an online survey distributed to 477 YouTube users who watched smartphone review content. Data were analyzed by using partial least squares structural equation modeling. Empirical Results: The study's results show that purchase intention is directly and positively associated with content originality, uniqueness, and informativeness, as well as with influencer’s trustworthiness and self-presence, with content uniqueness having the strongest effect. Influencer expertise, physical attractiveness, and social attractiveness indirectly affect purchase intention positively through content attributes. Implications: This study extends the ELM theory by examining social media and products reviewed by YouTube tech influencers. It provides managerial implications for influencers and companies in the technology sector, aiming to enhance their content quality, particularly uniqueness, and personal branding.  JEL Classification: M30, M39, D91
From Certification to Compliance: Halal Compliance Rating in Indonesian Restaurants Inas Afifah Zahra; Mohammad Nur Rianto Al Arif; Muniaty Aisyah; Yuke Rahmawati
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.v25i1.50283

Abstract

Research Originality: This study extends halal restaurant research by reframing halal compliance from a binary certification issue into a multidimensional managerial construct. It does so through a Halal Compliance Rating (HCR) framework based on the Indonesian Halal Assurance System (IHAS). Research Objectives: This study aims to measure the importance and performance of implementing IHAS-based HCR in halal restaurants in Indonesia   Research Method: The study applied a cross-sectional survey involving 40 halal-certified restaurants purposively sampled. A structured 20-item questionnaire was developed based on the IHAS and was administered to restaurant operators. The data were then analyzed using Importance Performance Analysis (IPA). Empirical Results: Halal-certified restaurants performed well in operational aspects of halal, including thayyib and halal practices, hygiene, branding, customer trust, and halal supply chains. However, lower ratings were recorded in the human resource, cultural, and sustainability dimensions. Implications: Halal restaurant operators are expected to improve post-certification halal governance by developing staff, incorporating Islamic service values, and adopting sustainability practices. Policy implications point to the halal authorities to strengthen capacity, provision, and monitoring systems, and to ensure substantive compliance. JEL Classification: M14, L66, Z12

Page 37 of 38 | Total Record : 372

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