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EQUILIBRIUM
Published by Sekolah Tinggi Agama Islam Negeri Kudus
ISSN : 23550228     EISSN : 25028316     DOI : -
Core Subject : Economy,
Economics, Econometrics & Finance
Equilibrium journal issued by the Department of Islamic Economics, Pascasarjana, STAIN Kudus, periodically (every 6 months) in June and December with the aim of disseminating information about the study of knowledge islamic economics in the form of conceptual studies and research results.
Arjuna Subject : -
Articles 446 Documents
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Trust Mediates Religious Commitment and Halal Cosmetics Consumption: A SEM Analysis Razak, Syaparuddin
EQUILIBRIUM Vol 11, No 1 (2023): EQUILIBRIUM
Publisher : Prodi Ekonomi Syariah Pascasarjana IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/equilibrium.v11i1.19401

Abstract

The main purpose of this study is to contribute to the literature by focusing on the relationship between religious commitment and halal cosmetics consumption and identifying the mediating effect of middle-class Muslim females’ trust on halal cosmetics consumption. We used structural modeling (Lisrel) in investigating these relationship and applied non-probability convenience sampling to administer questionnaires among 450 middle-class Muslim female respondents currently living in South Sulawesi, Indonesia. The results showed that the direct effect of religious commitment, ability, benevolence, and integrity on trust showed T-Values of 1.71, 2.61, -1.92. These indicate that only ability has a significant and positive effect on trust, but the direct effect of trust, religious commitment, ability, benevolence, and integrity on halal cosmetics consumption showed T-Values of 4.11, 1.71, 2.60, -2.12. These indicate that only trust and ability have significant and positive effects on halal cosmetics consumption. Meanwhile the mediating role of trust showed T-Values of 1.41, 2.79, -2.12, and 1.86. These indicate that trust was significantly and positively found in mediating the relationship between ability and halal cosmetics consumption, but in the relationship between benevolence and halal cosmetics consumption, it was also significantly found but negatively.
Is the Underlying Asset an Effective Source of Trust: Evidence from Indonesian Sukuk Market Hanafi, Syafiq Mahmadah; Kusuma, Hadri; Fasa, Muhammad Iqbal; Al Hashfi, Rizqi Umar
EQUILIBRIUM Vol 11, No 1 (2023): EQUILIBRIUM
Publisher : Prodi Ekonomi Syariah Pascasarjana IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/equilibrium.v11i1.17426

Abstract

This research aims to investigate stock market reaction toward asset-underlied sukuk in Indonesian Sukuk Market. The novelty of this research is to test the market reaction associated with the issue of the underlying asset on the sukuk. To do that, we use event studies during 15-days pre and 15-days post issuance. There are 34 firms with 84 events from 2008 to 2019. Our results suggest that the sukuk is not statistically meaningful to investors. The shareholders could not have confidence in their funds' underlying assets as collateral for Sukuk's issue. It might still be viewed as bonds and other debt policies by investors. Investors need to be given confidence and secure in their investment, not just underlying asset but by handing over certificates of asset ownership. This study contributes empirical evidence to testing investor reactions to the issuance of guaranteed sukuk with underlying assets.
Adoption of Fintech Services for Sharia Bank Users in Indonesia: An Extended TAM Approach Pahlevi, Reza; Zulpahmi, Zulpahmi; Al-Azizah, Ummu Salma; Hasibuan, Anni Aisyah
EQUILIBRIUM Vol 11, No 1 (2023): EQUILIBRIUM
Publisher : Prodi Ekonomi Syariah Pascasarjana IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/equilibrium.v11i1.19641

Abstract

This study proposes a technology acceptance model (TAM) in combination with perceived risk, brand image, sharia compliance, and government support as factors that determine trust to analyze how users adopt fintech services. The research method uses a quantitative approach using non-probability sampling technique. A structured questionnaire was distributed to active customers of Islamic banks in Indonesia, and 357 respondents who met the standards participated. A structural equation model (SEM) was used in the data analysis to test the hypotheses regarding all latent variables and their relationships. The results of the study show that usefulness, ease of use, and brand image of fintech services significantly influence users' attitudes toward fintech adoption. However, trust, perceived risk, and government support do not significantly influence users' attitudes toward adopting fintech. Moreover, attitude and shariah compliance have a significant effect on users' intention to adopt fintech services. This study adds to the existing literature on fintech service adoption by providing a comprehensive overview of the determinants of user attitudes by combining the concepts of trust in fintech services with TAM.
A Comparative Analysis of Financial Performance of Banking Industry in Indonesia: Conventional Versus Islamic Banks Wardhani, Izza Al Ula Zakiyah Kusuma; Abd. Majid, M. Shabri; Sartiyah, Sartiyah; Riyaldi, M. Haris
EQUILIBRIUM Vol 11, No 1 (2023): EQUILIBRIUM
Publisher : Prodi Ekonomi Syariah Pascasarjana IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/equilibrium.v11i1.17998

Abstract

This study aims to compare and analyze the financial performances of conventional and Islamic banks in Indonesia. It also attempts to measure and analyze the effect of capital, financing risk, operational efficiency, liquidity, and regulatory compliance on banking financial performances. The sample in this study is the balanced panel data, comprising a cross-section of 87 conventional banks and 11 Islamic banks and a time series from 2011 to 2020 periods, which were selected using a purposive sampling technique. The secondary data are gathered from the annual reports of the banking samples. The comparative analysis and determination of factors affecting banking financial performances are examined using a different independent sample t-test and multiple panel regression, respectively. The study documented that the financial performance of conventional banks was better than that of Islamic banks. Furthermore, the study found that capital, financing risk, and operational efficiency negatively affected performance of the conventional banks, while liquidity and regulatory compliance positively influenced conventional banking performance. Comparatively, capital, liquidity, and regulatory compliance positively affected Islamic banking performance, while financing risk and operational efficiency negatively affected Islamic banking performance. These findings suggest the importance of banking management to impose different financial management policies to enhance their performances by referring to the directional effects of the determinants of the banking financial performances.
Do Unethical Stocks Win in Developing Country? Evidence From Indonesia Amalia, Farah; Prasetyaningrum, Ari Kristin; Fitriya Ardiani Aniqoh, Nur Aini
EQUILIBRIUM Vol 11, No 1 (2023): EQUILIBRIUM
Publisher : Prodi Ekonomi Syariah Pascasarjana IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/equilibrium.v11i1.19366

Abstract

Ethical investing in various countries is increasingly popular following the number of ethical investors. However, the performance of ethical investments in many developed countries is lower than the performance of the opposite category, unethical stock, or researchers called it as sin stock. This study examines whether the performance of sin stocks in Indonesia is as good as the performance of sin stocks in developed countries considering the very different cultures and religions. This study comprehensively measures the performance of all sin stocks and ethical stocks using the risk-adjusted return approach, the Sharpe and Treynor ratios. To sharpen the analysis, this study also measures the efficiency of all types of stocks using the data envelopment analysis method. The results show that the performance of the sin stock portfolio in Indonesia is different from the facts in developed countries. Sin stocks in Indonesia had the worst performance during 2013-2022 compared to ethical stocks. Furthermore, in terms of efficiency, the SRI-Kehati Index has the highest score compared to all indices. This research contributes to provide theoretical and practical insights about the comparison of the performance of sin stocks and their counterparts in Indonesia which is different from sin stocks in developed countries. The originality of the research includes the creation of a sin stock portfolio and the use of constraint stocks as a proxy for ethical stocks.
Performance of Convection Employees Facing Society : HR Development, Muslim Coworkers Support , and Spiritual Motivation Yuliani, Isna Dewi; Aflah, Kuntarno Noor; Jalil, Abdul
EQUILIBRIUM Vol 11, No 1 (2023): EQUILIBRIUM
Publisher : Prodi Ekonomi Syariah Pascasarjana IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/equilibrium.v11i1.22458

Abstract

The research objective was to determine the effect of employee performance in facing the era of society in terms of human resource development, Muslim coworkers support, and spiritual motivation in the Kudus Convection UMKM, both positively and significantly. This research method uses field research with a quantitative approach and is analyzed using SmartPLS 3. The population is convection SMEs in Kudus, and the sample is 125 respondents. The analysis results of validity and reliability tests are valid and reliable. The results of this study indicate that HR development has a positive and significant effect on employee performance, Muslim coworkers support has a positive and significant impact on employee performance, and spiritual motivation has a positive and significant effect on employee performance. This research contributes to aligning modern management principles and the latest trends in the business world and preparing human resources to face the demands of the convection industry, which is growing. Recommendations for further research are that it can broaden the sampling not only in one city, can apply Islamic values more in the context of work, and can add other factors that have not been studied in this study.
The Determinants of SMEs Intention to Adopt Sharia Crowdfunding for Financing Solutions Alvina, Chintia; Sumardi, Sumardi; Al Azizah, Ummu Salma
EQUILIBRIUM Vol 12, No 1 (2024): EQUILIBRIUM
Publisher : Prodi Ekonomi Syariah Pascasarjana IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/equilibrium.v12i1.26125

Abstract

This study aims to identify the variables that influence SMEs' decisions to use sharia crowdfunding in Indonesia as a source of funding. This research focuses on SMEs in Indonesia, which are rarely investigated in the existing literature on sharia crowdfunding. In addition, this study applies the technology acceptance model (TAM), which has not been widely used to identify factors that encourage the adoption of sharia crowdfunding. This study also employs non-probability sampling techniques in conjunction with a quantitative methodology. The data in this study were obtained through a questionnaire survey of 293 respondents obtained from SME owners and managers. The data analysis was conducted using PLS-SEM, while data processing was executed using SmartPLS 3.0. This research assists the government in designing programs and policies to encourage the expansion of SMEs in Indonesia through funding solutions with sharia crowdfunding. Therefore, SMEs have no difficulty in securing funding for their business.
The Analysis of the Islamic Community Member Engagement Based on Instagram Content Types Nasuka, Moh; Wijaya, Tony; Hidayat, Anas; Muhamed, Nurul Aini
EQUILIBRIUM Vol 11, No 2 (2023): EQUILIBRIUM
Publisher : Prodi Ekonomi Syariah Pascasarjana IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/equilibrium.v11i2.23135

Abstract

This study aims to determine differences in the level of Islamic community member engagement based on Instagram content types, namely photos, videos, and carousels. The results of this research are expected to contribute to social media users, especially Instagram, in determining the most appropriate types of content posts. This study is an ex post facto and uses secondary data from all posts of the most popular smartphone application-based Islamic community accounts in Indonesia, resulting in a total of 18,026 posts. Engagement rate is measured based on the number of likes and comments. Data is collected by documenting secondary data on Instagram. The sampling technique used was purposive sampling with the criteria of prioritizing new posts over old ones, considering that new posts tend to have a higher engagement; thus, the data will be more easily observed. The data analysis technique used is ANOVA. The findings demonstrated that there were notable distinctions in the number of likes and comments between photo posts and video posts, that photo posts had a higher degree of engagement than video posts, and that there were notable distinctions in the number of likes and comments between photo posts and carousel posts. Regarding likes and comments, photo posts receive more than carousel posts, and there is no difference between carousel posts and video posts; carousel posts and video posts receive the same amount of engagement. Based on the findings, it can be suggested that Islamic community managers pay attention to the choice of content type when uploading a post to an Instagram account to get optimal engagement. In addition, posting a single image often elicits more attention or engagement compared to video posts and carousels as well.
Antecedents of Customer Satisfaction in Increasing Muslim Customer Loyalty in Halal Restaurants Mamuaya, Nova Ch.; Pandowo, Aditya
EQUILIBRIUM Vol 12, No 1 (2024): EQUILIBRIUM
Publisher : Prodi Ekonomi Syariah Pascasarjana IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/equilibrium.v12i1.21851

Abstract

This research integrates product quality and perceived price with halal labeling to increase insight into purchasing behavior in consuming halal products. This study aims to explore the role of Muslim consumer satisfaction as well as its antecedents and consequences. The sample in this study was 100 Muslim respondents who visited fast food restaurants at least twice in the last month and were 18-25 years old. Data collection was carried out using a questionnaire survey around the city of Manado. The analysis technique used is the Structural Equation Model with Partial Least Square. The results showed that halal labeling, perceived price, product quality, and satisfaction had a significant effect on loyalty directly. In contrast, the indirect effect shows that perceived price does not significantly influence loyalty through satisfaction. The results of this study prove that the relationship between young Muslim consumers' satisfaction with the halal label and product quality can strengthen their loyalty. Therefore, companies must continue to maintain customer satisfaction. This research has certain limitations, namely that it focuses only on fast-food restaurants in Manado City and has only explored the mediating role of customer satisfaction. Practitioners and academics need to do further research in the future, especially in the context of halal products.
The Influence of Receivables, Financing, and Non-Profit Sharing on the Profitability of Sharia Commercial Banks in Indonesia Farida, Ida; Putri, Tutik Sukmalasari; Susianti, Nurul; Fitriani, Fitriani
EQUILIBRIUM Vol 11, No 2 (2023): EQUILIBRIUM
Publisher : Prodi Ekonomi Syariah Pascasarjana IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/equilibrium.v11i2.20361

Abstract

This study aims to assess the impact of receivables, financing, and non-profit sharing on the profitability of Sharia Commercial Banks in Indonesia during the 2020-2022 period. The study includes Chow tests and classic assumption tests by employing a quantitative research approach with a multiple linear regression data analysis model. Secondary data is gathered from quarterly financial statements of four Sharia Commercial Banks that meet the necessary criteria and are registered with the Indonesia Financial Services Authority (OJK). The findings indicate that Qardh receivables and Musharakah financing positively and significantly influence profitability. However, Murabahah receivables, Musharakah financing, and non-profit sharing do not significantly impact the profitability of Islamic commercial banks during the specified period. In conclusion, variables such as Qardh, Murabahah, Mudharabah financing, Musharakah, and non-profit sharing are significant factors that affect profitability. This study suggests a need for increased attention to factors influencing financing and emphasizes that a comprehensive understanding of non-profit sharing can enhance the distribution of financing funds, consequently improving the profitability and performance of Islamic banks.

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