cover
Article Per Year (5 Year)
All
Home Page
OAI Link
Editorial Team
Contact
Reviewer
Google Scholar
Contact Name
Noorsidi Aizuddin
Contact Email
indexsasi@apji.org
Phone
+6282135809779
Journal Mail Official
Febri@apji.org
Editorial Address
Jalan Watunganten 1 No 1-6, Batursari, Mranggen, Kab. Demak, Provinsi Jawa Tengah
Location
Kab. demak,
Jawa tengah
INDONESIA
Green Economics: International Journal of Islamic and Economic Education
Published by International Forum of Researchers and Lecturers
ISSN : 30635829     EISSN : 3063623X     DOI : 10.70062
Core Subject : Economy,
Economics, Econometrics & Finance
Green Economics: International Journal of Islamic and Economic Education; This a journal intended for the publication of scientific articles published by International Forum of Researchers and Lecturers This journal contains studies in the fields of Islamic and Economic Education, both theoretical and empirical. This journal focuses on studies on sustainable economic development, considering Islamic values in natural resource management and responsible economic growth.This journal is published 1 year 4 times (January, April, July and October).
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekomomi dan Ekonometrika
Articles 39 Documents
 1   2   3   4 
The Efect of Market Timing on Capital Structure in Non-Financial Companies Conducting Intial Public Offering (IP0s) The Indonesian Stock Exchange in 2020-2021 Mar’Atun Sholeha; Ernie Hendrawaty
Green Economics: International Journal of Islamic and Economic Education Vol. 2 No. 3 (2025): Green Economics: International Journal of Islamic and Economic Education
Publisher : International Forum of Researchers and Lecturers

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70062/greeneconomics.v2i3.294

Abstract

Capital structure is a strategic decision made by companies in determining the combination of debt and equity financing. Financial market dynamics can influence companies' strategies for obtaining financing for expansion, operations, or financial restructuring. Companies have the flexibility to determine when and how to obtain financing by considering market conditions, a practice known as market timing. This study aims to examine the impact of market timing on capital structure and to determine the persistent long-term effects of market timing. The research focuses on non-financial companies that conducted an initial public offering (IPO) in 2020-2021, with a population of 105 companies. A purposive sampling technique was employed, using specific criteria, resulting in a sample of 65 companies. The data used are secondary data analyzed using multiple linear regression with panel data. The results indicate that market timing, measured by the market-to-book ratio, has a significant negative impact on capital structure. The study also shows that market timing, does not have a persistent impact on capital structure in the long term. Companies tend to take advantage of momentum when stock valuations are high by conducting initial public offerings, while in the long term, companies tend to make adjustments, so the impact of market timing does not last long.
The Effect of Macroeconomic Variables and International Stock Indices on Sharia Market Index in Indonesia and Malaysia Agustiani, Mita; Umi Widyastuti; I Gusti Ketut Agung
Green Economics: International Journal of Islamic and Economic Education Vol. 2 No. 3 (2025): Green Economics: International Journal of Islamic and Economic Education
Publisher : International Forum of Researchers and Lecturers

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70062/greeneconomics.v2i3.298

Abstract

The objective of this study is to examine whether the macroeconomic variables Exchange Rate, Money Supply (M2), and the international stock indices Dow Jones Islamic Market (DJIM) and Dow Jones Industrial Average (DJIA) have an influence on the movement of Sharia stocks in Indonesia and Malaysia (Jakarta Islamic Index and FTSE Bursa Malaysia Hijrah Shariah Index). The analytical method used in this research is multiple regression analysis. The data utilized are monthly data spanning the period from January 2015 to December 2024. The results of the study indicate that the Jakarta Islamic Index (JII) is significantly influenced by the Exchange Rate and the Dow Jones Industrial Average (DJIA). Specifically, both the Exchange Rate and DJIA show effects that are consistent with the hypothesis expectations. The Exchange Rate has a negative and significant effect on the Jakarta Islamic Index (JII), while the DJIA has a positive and significant effect. Meanwhile, the Money Supply (M2) and the Dow Jones Islamic Market (DJIM) are not found to have a significant effect on the Jakarta Islamic Index (JII). The FTSE Bursa Malaysia Hijrah Shariah Index (FHSI), on the other hand, is significantly influenced by the Dow Jones Islamic Market (DJIM). Specifically, DJIM has a positive and significant effect on FHSI. Conversely, the Exchange Rate, Money Supply (M2), and Dow Jones Industrial Average (DJIA) are not found to have a significant effect on the FTSE Bursa Malaysia Hijrah Shariah Index (FHSI).
The Impact of Social Media Marketing on Brand Awareness, Brand Engagement and Purchase Intention in Emerging Economies Hassan Daghwi Obaid
Green Economics: International Journal of Islamic and Economic Education Vol. 2 No. 3 (2025): Green Economics: International Journal of Islamic and Economic Education
Publisher : International Forum of Researchers and Lecturers

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70062/greeneconomics.v2i3.301

Abstract

Abstract: This study investigates the impact of social media marketing (SMM) on brand awareness,brand engagement, and purchase intention across five emerging European economies: Albania,Kosovo, Romania, Ukraine, and North Macedonia. Anchored in the Uses and Gratifications Theory(UGT) and the Consumer Brand Engagement (CBE) model, the research employs Partial LeastSquares Structural Equation Modeling (PLS-SEM) to examine the complex interrelationships amongthese constructs. Findings reveal that SMM positively influences brand awareness and engagement,both of which significantly mediate the relationship between SMM and purchase intention.Importantly, the strength and nature of these effects vary by country, underscoring the role ofcultural and contextual factors in shaping consumer responses to digital marketing stimuli. Thiscross-national analysis fills a critical gap in the literature by focusing on underrepresented, highgrowth markets and offers valuable implications for both theory and practice. Specifically, itadvocates for localized, culturally sensitive SMM strategies that emphasize both visibility andinteractive engagement. The study contributes to the broader marketing discourse by demonstratinghow consumer behavior in digitally connected, developing economies diverges from that in maturemarkets, thereby reinforcing the necessity of context-aware digital marketing frameworks in globalstrategy formulation.
Efficiency and Effectiveness of Mandatory Spending in Regional Education Expenditure: A Case Study of Central Java Province (2019-2022) Eva Putri Larasati; Yuwita Ariessa Pravasanti; Suprihati Suprihati
Green Economics: International Journal of Islamic and Economic Education Vol. 2 No. 3 (2025): Green Economics: International Journal of Islamic and Economic Education
Publisher : International Forum of Researchers and Lecturers

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70062/greeneconomics.v2i3.305

Abstract

This study aims to analyze the efficiency and effectiveness of the use of mandatory spending in the management of regional expenditure in the education sector in 35 districts/cities in Central Java Province for the 2019–2022 fiscal year. Mandatory spending is an obligation to allocate at least 20% of the APBD for education, as regulated in national regulations. Efficiency is measured by the Data Envelope Analysis (DEA) method using an output-oriented approach and Variable Return to Scale (VRS) assumptions, where an area is said to be efficient if its efficiency score = 1. Meanwhile, effectiveness is assessed based on the comparison of output and outcomes, and is said to be effective when it reaches a percentage of 90–100%. The results show that there is a disparity between regions. Only Klaten Regency and Semarang City have shown perfect efficiency for four consecutive years. However, none of the areas achieved perfect effectiveness throughout the study period. The COVID-19 pandemic has also affected the dynamics of education budget realization, which has an impact on achieving efficiency and effectiveness. These findings provide strategic implications for local governments in developing education budget policies that are more optimal and oriented towards improving the quality of human resources.  
Dynamic Correlation Analysis Between IHSG and JII Index as Hedging and Safe Haven (2020-2025) Rahmad Afrenal Alim; Igo Febrianto; Fajrin Satria Dwi Kesumah
Green Economics: International Journal of Islamic and Economic Education Vol. 2 No. 3 (2025): Green Economics: International Journal of Islamic and Economic Education
Publisher : International Forum of Researchers and Lecturers

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70062/greeneconomics.v2i3.306

Abstract

This study investigates the potential role of the Jakarta Islamic Index (JII) as a hedging instrument and safe haven asset against the Indonesia Composite Index (IHSG) during the period from January 2020 to April 2025, a time characterized by elevated market volatility. The main objective is to determine whether sharia-compliant stocks in Indonesia offer diversification benefits during periods of financial stress. Utilizing daily closing prices converted into log returns, the study employs the Asymmetric Dynamic Conditional Correlation Generalized Autoregressive Conditional Heteroskedasticity (A-DCC GARCH) model to capture time-varying correlations between JII and IHSG. Prior to applying the model, standard diagnostic tests were performed to ensure data quality, including tests for stationarity, autocorrelation, and ARCH effects.Empirical results reveal a persistently high correlation between IHSG and JII, with an average of 0.826 and values exceeding 0.95 during periods of market turbulence. These findings indicate that JII does not fulfill the characteristics of a hedge or safe haven asset. A robustness analysis using extended data from 2010 to mid-2025 further supports the conclusion, showing the continued presence of strong comovement between the two indices across different market regimes. This suggests a structural relationship rather than one driven solely by crisis events. The high correlation may be attributed to overlapping index constituents and similar investor responses to market shocks. These results challenge the prevailing notion that Islamic indices inherently offer protection during downturns. As such, investors seeking to mitigate portfolio risk may need to look beyond domestic sharia equities and consider broader asset classes or international diversification. Future research is encouraged to explore cross-market and multi-asset safe haven properties, especially in the context of emerging economies.
Factors Influencing Community Decisions in Choosing Edible-Nest Swiftlet Farming in Marioriwawo Subdistrict, Soppeng Regency: An Islamic Business Ethics Perspective Sandi Sandi; Agus Salim HR; Idham Khalid
Green Economics: International Journal of Islamic and Economic Education Vol. 2 No. 3 (2025): Green Economics: International Journal of Islamic and Economic Education
Publisher : International Forum of Researchers and Lecturers

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70062/greeneconomics.v2i3.307

Abstract

This study aims to identify the factors that influence the local community in developing the swallow nest business and to examine how the practice of swallow nest farming aligns with the principles of Islamic business ethics in Marioriwawo District, Soppeng Regency. The swallow nest industry has grown significantly in this area, shifting the economic landscape from primarily agricultural activities to a more diversified business sector. Before the emergence of this business, most residents were involved in farming. However, due to factors such as unpredictable harvests and unstable agricultural income, many community members have turned to swallow nest cultivation as an alternative and promising source of livelihood. According to Islamic business ethics, the practice of breeding swallows is permissible, as long as it does not involve cruelty to animals. This view is supported by the Indonesian Ulema Council (MUI) Fatwa Number 2 of 2012, which states that raising or cultivating swallows is allowed, provided the birds are not harmed or subjected to distress. Furthermore, the consumption and trade of swallow nests are also considered halal under Islamic law, adding to the business's appeal among the Muslim population. To explore the underlying motivations and social dynamics of this business shift, the study employed a qualitative research method. This approach was chosen to gain a deeper understanding of the local context, including the experiences, beliefs, and socioeconomic conditions of the people involved. The results revealed several influencing factors: the potential for high profit from selling swallow nests, the challenges faced in traditional agriculture (such as frequent crop failure), and the religious assurance that the business is acceptable under Islamic teachings. Overall, the swallow nest business represents a strategic and ethical economic opportunity for the community, enabling them to improve their livelihoods while staying aligned with their religious values.
Optimizing the Potential of Recycled Waste in Philanthropy Through Paper Waste Creations with a Sale Value Ferdyan Ananda Lubis; Wina Agustina; Sri Maryana; Triana Apriani
Green Economics: International Journal of Islamic and Economic Education Vol. 2 No. 3 (2025): Green Economics: International Journal of Islamic and Economic Education
Publisher : International Forum of Researchers and Lecturers

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70062/greeneconomics.v2i3.327

Abstract

This research aims to explore the potential of paper waste as a recycled material that can be transformed into economically valuable products through a philanthropic approach focused on community empowerment and environmental sustainability. Paper waste is a type of waste whose volume continues to increase due to high paper consumption in various sectors. Without proper management, this waste has the potential to negatively impact the environment, such as soil and water pollution. Therefore, innovative strategies are needed to transform paper waste into new products that are not only environmentally friendly but also have market value. Through a community-based recycling program, this research emphasizes the importance of community involvement, particularly low-income groups, in every stage of the production process. The resulting creative products, such as handicrafts, decorative materials, and household items, not only extend the life cycle of paper but also open up new economic opportunities for the community. Profits from the sale of these products are allocated to fund social programs, including education, skills training, and other empowerment activities aimed at improving community well-being. The research results show that despite challenges in terms of limited technology, market access, and human resource capacity, paper recycling programs still have promising prospects if supported by various parties, including the government, non-governmental organizations, and the private sector. This support can include the provision of simple technology, entrepreneurship training, and effective marketing strategies. Thus, this paper recycling initiative is not only a solution to reduce waste but also a sustainable socio-economic empowerment model, providing dual benefits for the environment and society.
The Strategy of Mosques as a Medium for Economic Empowerment of the Muslim Community in Watampone City Rosmini Rosmini; Arifin Sahaka; Ahmad Abdul Mutalib
Green Economics: International Journal of Islamic and Economic Education Vol. 2 No. 4 (2025): Green Economics: International Journal of Islamic and Economic Education
Publisher : International Forum of Researchers and Lecturers

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70062/greeneconomics.v2i4.344

Abstract

This study examines and analyzes the strategies of mosques as a medium for empowering the community's economy in the city of Watampone. The main focus of the research is to identify the types of strategies implemented by mosques, the challenges faced in carrying out economic programs, and to formulate effective strategies for improving community welfare based on mosque-centered initiatives.The research method used is qualitative descriptive, with data collected through interviews, observations, and documentation of four main mosques in Watampone City: Masjid Agung al-Malkaz al-Ma’arif, Masjid Nurul Hamirah, Masjid Tua Al-Mujahidin, and Masjid Songko’ Recca. The findings reveal that mosques in Watampone have implemented two strategic approaches to economic empowerment: offline (physical) and online (digital). (1) Offline strategies are carried out through the utilization of physical assets such as hall rentals, the establishment of business units, and the organization of social and educational activities.(2) Online strategies are still limited to the use of QRIS for donations and da'wah media, and have not yet extended to digital economic empowerment such as sharia-based marketplaces or online training platforms. In practice, mosques utilize several Islamic economic contracts, including ijarah, muḍarabah, and wakalah. The implementation of these empowerment programs faces several internal and external challenges. This study formulates six effective strategies to address these challenges. These findings are expected to serve as strategic recommendations for mosque administrators, government institutions, and the broader community in enhancing the role of mosques as centers of community economic empowerment.
The Influence of Liquidity, Profitability, and Leverage on Stock Prices in 2021-2023 Mayashita Ayunindya Safitri; Anna Sumaryati
Green Economics: International Journal of Islamic and Economic Education Vol. 2 No. 4 (2025): Green Economics: International Journal of Islamic and Economic Education
Publisher : International Forum of Researchers and Lecturers

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70062/greeneconomics.v2i4.355

Abstract

The goal of this research is to explore the relationship between stock prices, liquidity, profitability, and leverage. This study focuses on transportation and logistics companies that were registered in the Indonesia Stock Exchange from 2021 to 2023. A quantitative approach was taken, utilizing secondary data derived from the annual financial statements of companies that were active during this time frame. The sample comprised 45 data points, selected using a purposive sampling technique. The independent variables include leverage, measured with the Debt to Equity Ratio (DER), profitability, assessed through Return on Assets (ROA), and liquidity, evaluated via the Current Ratio (CR). The dependent variable for this research is the stock price. The findings from this partial analysis reveal that liquidity significantly and negatively impacts stock price, with a t-count of -2.264 and a significance level of 0.029. However, the correlation between stock price and profitability was found to be insignificant, indicated by a significance value of 0.071 and a t-count of -1.853. Similarly, leverage does not significantly affect stock price, as evidenced by a t-count of -0.657 and a significance level of 0.515. Nonetheless, when considered collectively, the three factors of leverage, profitability, and liquidity do influence stock prices. According to the coefficient of determination (R2) test, these three variables account for 13.9% of the volatility in stock prices, leaving the remaining 86.1% to be attributed to external factors not examined in this study.
The Effect of Company Size and Good Corporate Governance Overance on Company Value Ayu Tri Aryati; Ira Septriana; Nila Tristiarini
Green Economics: International Journal of Islamic and Economic Education Vol. 2 No. 4 (2025): Green Economics: International Journal of Islamic and Economic Education
Publisher : International Forum of Researchers and Lecturers

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70062/greeneconomics.v2i4.358

Abstract

This study aims to determine and analyze the effect of company size and Good Corporate Governance (Institutional Ownership, Independent Board of Commissioners, and Audit Committee) on Company Value in energy sector issuers listed on the Indonesia Stock Exchange (IDX) for the 2021–2024 period. The research method applied in this study is a quantitative approach using secondary data obtained from company annual reports. The population includes energy companies operating in the Oil, Gas, and Coal sub-sectors. The sample was determined through purposive sampling, resulting in 60 data observations consisting of 15 companies over four consecutive years. The analytical technique employed utilizes SPSS software version 55 with multiple linear regression analysis to examine the relationships among variables. The results indicate that company size significantly influences company value. Good corporate governance proxied by institutional ownership shows a negative effect on firm value, while independent commissioners and audit committees have no significant effect. Simultaneous findings confirm that company size and good corporate governance together influence firm value.

Page 3 of 4 | Total Record : 39

 1   2   3   4 

Filter by Year

2024 2025


Reset
Filter By Issues
All Issue Vol. 2 No. 4 (2025): Green Economics: International Journal of Islamic and Economic Education Vol. 2 No. 3 (2025): Green Economics: International Journal of Islamic and Economic Education Vol. 2 No. 2 (2025): Green Economics: International Journal of Islamic and Economic Education Vol. 2 No. 1 (2025): Green Economics: International Journal of Islamic and Economic Education Vol. 1 No. 4 (2024): Green Economics: International Journal of Islamic and Economic Education