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Jurnal Ekonomi Syariah Teori dan Terapan

JESTT
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Published by Universitas Airlangga

ISSN : 24071935 EISSN : 25021508 DOI : -

Core Subject : Economy,

Economics, Econometrics & Finance

Jurnal Ekonomi Syariah Teori dan Terapan (JESTT) accepts original manuscripts in the field of Islamics Economics, including research reports, case reports, application of theory, critical studies and literature reviews.

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Search results for , issue "Vol. 9 No. 3 (2022): Mei-2022" : 13 Documents clear

Diversifications, Bank Characteristics, and Profitability of Sharia Commercial Banks in Indonesia Annisa Ayusaleha; Nisful Laila
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 9 No. 3 (2022): Mei-2022
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol9iss20223pp299-309

ABSTRAK Pesatnya perkembangan perbankan syariah di Indonesia menimbulkan tantangan baru bagi bank syariah untuk lebih mendiversifikasi kegiatannya. Penelitian ini bermaksud untuk menganalisis dampak diversifikasi dan karakteristik bank pada profitabilitas bank umum syariah di Indonesia tahun 2015-2019 secara parsial maupun simultan. Diversifikasi diproksikan dengan diversifikasi pembiayaan berdasarkan akad dan diversifikasi pendapatan yang diukur menggunakan 1 - HHI (Herfindahl-Hirschman Index), sedangkan karakteristik bank diproksikan dengan non-performing financing dan ukuran bank. Menggunakan pendekatan kuantitatif dengan metode regresi data panel. Hasil menunjukkan secara parsial diversifikasi pembiayaan dan risiko pembiayaan berdampak signifikan negatif, ukuran bank berdampak positif signifikan, sedangkan diversifikasi pendapatan tidak berdampak signifikan terhadap profitabilitas BUS di Indonesia. Secara simultan diversifikasi dan karakteristik bank berpengaruh signifikan terhadap profitabilitas BUS di Indonesia. Kata Kunci: Profitabilitas, diversifikasi pembiayaan, diversifikasi pendapatan, risiko pembiayaan, ukuran bank. ABSTRACT The rapid development of Islamic banking in Indonesia creates a new challenge for sharia banks to diversify. This study aims to investigate the impact of diversification and bank characteristics on the profitability of sharia commercial banks in Indonesia in 2015-2019 partially and simultaneously. In this study, diversification was proxied by financing diversification based on contracts and revenue diversification measured using 1 - HHI (Herfindahl-Hirschman Index), while bank characteristics were proxied by non-performing financing and bank size. Using a quantitative approach with panel data regression analysis. This study uses purposive sampling. The results show that partially, diversification and financing risk has a significant negative impact, bank size has a significant positive impact, while income diversification does not have a significant impact on the profitability of sharia commercial banks in Indonesia. Simultaneously, diversification and bank characteristics have a significant effect on the profitability of sharia commercial banks in Indonesia. Keywords: Profitability, financing diversification, income diversification, financing risk, and bank size. DAFTAR PUSTAKA Al-Harbi, A. (2019). The determinants of conventional banks profitability in developing and underdeveloped OIC countries. Journal of Economics, Finance and Administrative Science, 24(47), 4–28. https://doi.org/10.1108/JEFAS-05-2018-0043 Alkhouri, R., & Arouri, H. (2018). The effect of diversification on risk and return in banking sector Evidence from the Gulf Cooperation Council countries. International Journal of Managerial Finance, 15(1), 100-128. https://doi.org/10.1108/IJMF-01-2018-0024 Azmat, S., Skully, M., & Brown, K. (2015). Can Islamic banking ever become Islamic? Pacific Basin Finance Journal, 34, 253–272. https://doi.org/10.1016/j.pacfin.2015.03.001 Bougatef, K., & Korbi, F. (2018). The determinants of intermediation margins in Islamic and conventional banks. Managerial Finance, 44(6), 704–721. https://doi.org/10.1108/MF-11-2016-0327 Brigham, E. F., & Houston, J. F. (2010). Dasar-dasar manajemen keuangan. Jakarta: Salemba Empat. Chowdhury, M. A. F., & Rasid, M. E. S. M. (2017). Determinants of performance of Islamic banks in GCC countries: Dynamic GMM approach. Advances in Islamic Finance, Marketing, and Management, 49–80. https://doi.org/10.1108/9781786358981 Elsas, R., Hackethal, A., & Holzhäuser, M. (2010). The anatomy of bank diversification. Journal of Banking and Finance, 34(6), 1274–1287. https://doi.org/10.1016/j.jbankfin.2009.11.024 Fahmi, I. (2017). Analisis laporan keuangan. Bandung: CV. Alfabeta. Hermawan, D., & Fitria, S. (2019). Pengaruh CAR, NPF, FDR, dan BOPO terhadap profitabilitas dengan variabel kontrol size (Studi kasus pada PT. Bank Muamalat Indonesia periode 2010-2017). Diponegoro Journal of Management, 8, 59–68. Jumingan. (2006). Analisis laporan keuangan. Jakarta: PT. Bumi Aksara. Kabir, M. N., Worthington, A., & Gupta, R. (2015). Comparative credit risk in Islamic and conventional bank. Pacific Basin Finance Journal, 34, 327–353. https://doi.org/10.1016/j.pacfin.2015.06.001 Lam, T., & Nguyen, A. (2018). Diversification and bank efficiency in six ASEAN countries. Global Finance Journal, 37, 57–78. https://doi.org/10.1016/j.gfj.2018.04.004 Lee, S. P., & Isa, M. (2017). Determinants of bank margins in a dual banking system. Managerial Finance, 43(6), 630-645. https://doi.org/10.1108/MF-07-2016-0189 Lestari, W. A., Tanuatmodjo, H., & Cakhyaneu, A. (2020). Diversification of financing as an effort to increase profitability at Islamic comercial banks in Indonesia. Review of Islamic Economics and Finance, 3(1), 17–28. https://doi.org/10.20414/iqtishaduna.v11i1.1131 Masruroh, M. (2018). Diversifikasi pembiayaan sebagai upaya peningkatan profitabilitas di bank syariah. Al-Tijary, 3(2), 117. https://doi.org/10.21093/at.v3i2.1102 Menicucci, E., & Paolucci, G. (2016). The determinants of bank profitability: Empirical evidence from European banking sector. Journal of Financial Reporting and Accounting, 14(1), 86-115. https://doi.org/10.1108/JFRA-05-2015-0060 Meslier, C., Tacneng, R., & Tarazi, A. (2014). Is bank income diversification beneficial ? Evidence from an emerging economy. Journal of International Financial Markets, Institutions & Money, 31, 97–126. https://doi.org/10.1016/j.intfin.2014.03.007 Meyrantika, D. N., & Haryanto, M. (2017). Analisis permodalan, penyaluran dana, diversifikasi pendapatan, NIM dan risiko kredit terhadap kinerja keuangan perbankan (Studi empiris BUSN yang terdaftar di BEI periode 2012-2015). Diponegoro Journal of Management, 6, 1–13. Moudud-Ul-Huq, S. (2019). Can BRICS and ASEAN-5 emerging economies benefit from bank diversification? Journal of Financial Regulation and Compliance, 27(1), 43–69. https://doi.org/10.1108/JFRC-02-2018-0026 Muhammad. (2016). Manajemen keuangan syariah: Analisis fiqh & keuangan. Yogyakarta: UPP STIM YKPN. Paltrinieri, A., Dreassi, A., Rossi, S., & Khan, A. (2020). Risk-adjusted profitability and stability of Islamic and conventional banks: Does revenue diversification matter ? Global Finance Journal, July 2018. https://doi.org/10.1016/j.gfj.2020.100517 Purnamandari, N. P. A. L., & Badera, D. N. (2015). Kemampuan prediksi rasio keuangan dan ukuran bank pada risiko gagal bank. E-Jurnal Akuntasi Universitas Udayana, 2(12), 172–187. Ristia, H. Y. (2018). Faktor-faktor yang mempengaruhi profitabilitas bank umum syariah di Indonesia. Jurnal Ecodemica, 2(1), 74-85. Samad, A. (2016). Are Islamic banks’ non-bank deposits shock resistant ? A comparison with conventional banks: Evidence from Bahrain. Journal of Applied Finance & Banking, 6(5), 107–117. Sari, I. A., & Wiratno, A., Suyono, E. (2014). Pengaruh strategi diversifikasi dan karakteristik perusahaan terhadap kinerja perusahaan. Journal of Auditing, Finance, and Forensic Accounting, 2(1), 13–22. https://doi.org/10.21107/jaffa.v2i1.757 Setiawan, R., & Shabrina, A. (2018). Diversifikasi pendapatan, kepemilikan pemerintah, kinerja dan risiko bank. Jurnal Dinamika Ekonomi & Bisnis, 15(1), 49–59. https://doi.org/10.34001/jdeb.v15i1.917 Siyoto, S., & Sodik, M. A. (2015). Dasar metodologi penelitian. Yogyakarta: Literasi Media Publishing. Tjiptono. (2001). Manajemen pemasaran dan analisa perilaku konsumen. Yogyakarta: BPFE. Trinugroho, I., Risfandy, T., & Doddy, M. (2018). Competition, diversification, and bank margins: Evidence from Indonesian Islamic rural banks. Borsa Istanbul Review, 18(4), 349-358. https://doi.org/10.1016/j.bir.2018.07.006 Wu, J., Chen, L., Chen, M., & Nam, B. (2020). Diversification, efficiency and risk of banks: Evidence from emerging economies. 45(December 2020). https://doi.org/10.1016/j.ememar.2020.100720 Yusuf, M. (2017). Dampak indikator rasio keuangan terhadap profitabilitas bank umum syariah di Indonesia. Jurnal Keuangan dan Perbankan, 13(2), 141–151.

The Influence of Store Attribute on Customer Experience and Brand Loyalty Ahmad Khabib Dwi Anggara; Ririn Tri Ratnasari
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 9 No. 3 (2022): Mei-2022
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol9iss20223pp379-387

ABSTRAK Industri fashion muslim di Indonesia saat ini sedang mengalami transformasi besar yang didorong oleh beberapa tren. Seiring dengan adanya transformasi teknologi saat ini, media sosial sebagai tempat berekspresi diri mendorong munculnya fast fashion yang mengacu pada praktik industri di mana pelaku industri fashion menawarkan berbagai macam produk baru dengan konsep pergantian mode yang cepat dan paling disukai pasar. Penelitian ini bertujuan untuk mengetahui bagaimana pengaruh store attribute terhadap customer experience, dan brand loyalty pada toko Hijup. Pengumpulan data dilakukan dengan kuesioner yang melibatkan 150 responden yang pernah mengunjungi dan berbelanja di toko Hijup dalam 12 bulan terakhir. Metode Path Analysis dilakukan untuk mengetahui bagaimana store attributes mempengaruhi customer experience dan brand loyalty dalam industri ritel fashion. Hasil penelitian menunjukkan bahwa store attribute memiliki pengaruh positif signifikan terhadap customer experience di dalam toko Hijup. Kemudian, ditemukan juga pengaruh positif signifikan antara customer experience terhadap brand loyalty. Adanya penelitian ini diharapkan dapat membantu toko Hijup sebagai pelaku retail khususnya di industri fashion muslim untuk meningkatkan store attribute mereka sehingga para peretail dapat menciptakan loyalitas bagi konsumen mereka. Kata kunci: Store Attribute, Customer Experience, Brand Loyalty, Toko Hijup. ABSTRACT The Muslim fashion industry in Indonesia is currently undergoing a major transformation shared by several trends. Along with the current technological transformation, social media as a place for self-expression encourages the emergence of fast fashion which refers to industrial practices where fashion industry players offer a variety of new products with the concept of rapid change and are most favored by the market. This study aims to determine how the influence of store attributes on customer experience, and brand loyalty at Hijup stores. Data were collected using questionnaires involving 150 respondents who had visited and purchased at Hijup stores in the last 12 months. The path Analysis method was conducted to find out how store attributes affect customer experience and brand loyalty in the fashion retail industry. The results showed that store attributes had a significant positive effect on customer experience in Hijup stores. Then, it was also found that there was a significant positive effect between customer experience on brand loyalty. This research is expected to help Hijup stores as retail players, especially in the Muslim fashion industry to increase their store attributes so that retailers can create loyalty for their consumers. Keywords: Store Attribute, Customer Experience, Brand Loyalty, Hijup Store. DAFTAR PUSTAKA Bıçakcıoğlu, N., Ilayda, İ., & Bayraktaroğlu, G. (2016). Antecedents and outcomes of brand love: the mediating role of brand loyalty. Journal of Marketing Communications, 24(8), 1–15. https://doi.org/10.1080/13527266.2016.1244108 Bilgihan, A. (2016). Gen Y customer loyalty in online shopping: An integrated model of trust, user experience and branding. Computers in Human Behavior, 61, 103–113. https://doi.org/10.1016/j.chb.2016.03.014 BRP & Windstream E. (2018). Retail’s digital crossroads: The race to meet shopper expectations. Retrieved from https://www.windstreamenterprise.com/wp-content/uploads/2018/07/windstream-retail-pov.pdf Choi, T. (2013). Fast fashion systems: Theories and applications. Florida USA: CRC Press. Finn, A. (2004). A reassessment of the dimensionality of retail performance: a multivariate generalizability theory perspective. Journal of Retailing and Consumer Services, 11(4), 235-245. http://dx.doi.org/10.1016/S0969-6989(03)00050-X Gentile, C., Spiller, N., & Noci, G. (2007). How to sustain the customer experience: an overview of experience components that co-create value with the customer. European Management Journal, 25(5), 395-410. https://doi.org/10.1016/j.emj.2007.08.005 Ghosh, P., Tripathi, V., & Kumar, A. (2010). Customer expectations of store attributes: A study of organized retail outlets in India. Journal of Retail & Leisure Property, 9(1), 75-87. Giddens. (2002). Customer loyalty: Menumbuhkan dan mempertahankan kesetiaan pelanggan. Jakarta: Erlangga. Hartman, K. B., & Spiro, R. L. (2005). Recapturing store image in customer-based store equity: a construct conceptualization. Journal of Business Research, 58(8), 1112-1120. https://doi.org/10.1016/j.jbusres.2004.01.008 Jackson, C. (2006). Driving brand loyalty on the web. DMI Review, 17(1), 62-67. https://doi.org/10.1111/j.1948-7169.2006.tb00031.x Khan, I., Hollebeek, L. D., Fatma, M., Islam, J. U., & Arkonsuo, L. R. (2020). Customer experience and commitment in retailing: Does customer age matter? Journal of Retailing and Consumer Services, 57. https://doi.org/10.1016/j.jretconser.2020.102219 Lemon, K. N., & Verhoef, P. V. (2016). Understanding customer experience throughout the customer journey. Journal of Marketing, 80(6), 69–96. https://doi.org/10.1509%2Fjm.15.0420 Lindquist, J. D. (1974). Meaning of image. Journal of Retailing, 50(4), 29-38. Mohd-Ramly, S., & Omar, N. A. (2017). Exploring the influence of store attributes on customer experience and customer engagement. International Journal of Retail & Distribution Management, 45(11), 1138–1158. https://doi.org/10.1108/IJRDM-04-2016-0049. Jain, R., Aagja, J., & Bagdare, S. (2017). Customer experience–a review and research agenda. Journal of Service Theory and Practice, 27(3), 642–662. https://doi.org/10.1108/JSTP-03-2015-0064. Nikhashemi, S. R., Tarofder, A. K., Gaur, S. S., & Haque, A. (2016). The Effect of customers’ perceived value of retail store on relationship between store attribute and customer brand loyalty: Some insights from Malaysia. Procedia Economics and Finance, 37, 432–438. https://doi.org/10.1016/S2212-5671(16)30148-4 Machtiger, Kate. (2020). What will the retail experience of the future look like?. Harvard Business Review. Retrieved from https://hbr.org/2020/06/what-will-the-retail-experience-of-the-future-look-like Shaw, C., & Ivens, J. (2007). Building great customer experience. New York: Palgrave, Macmillan The Jakarta Post. (2020). Indonesia's e-commerce sales to surpass India's. Retrieved from https://www.thejakartapost.com/news/2020/09/08/indonesias-e-commerce-sales-to-surpass-indias.html Verhoef, P. C., Lemon, K. N., Parasuraman, A., Roggeven, A., Tsiros, M., & Schlesinger, L. A. (2009). Customer experience creation: Determinants, dynamics and management strategies. Journal of Retailing, 85(1), 31–41. https://doi.org/10.1016/j.jretai.2008.11.001. Wang, C. H., & Ha, S. (2011). Store attributes influencing relationship marketing: A study of department stores. Journal of Fashion Marketing and Management: An International Journal, 15(3), 326–344. doi:10.1108/13612021111151923 Williams, L., Buoye, A., Keiningham, T. L., Aksoy, L. (2020). The practitioners’ path to customer loyalty: Memorable experiences or frictionless experiences? Journal of Retailing Consumer Service, 57. https://doi.org/10.1016/j.jretconser.2020.102215

The Impact of Tracking Error and Risk on Islamic Index Mutual Fund Performance in Indonesia Arni Dini Inayati; Imron Mawardi
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 9 No. 3 (2022): Mei-2022
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol9iss20223pp325-337

ABSTRAK Penelitian ini bertujuan untuk menganalisis pengaruh tracking error dan risiko terhadap kinerja reksa dana indeks syariah di Indonesia. Penelitian ini melakukan pengujian analisis regresi linier berganda pada lima sampel dengan menggunakan data nilai aktiva bersih dan return JII dan reksa dana indeks syariah yang terdaftar pada Otoritas Jasa Keuangan sampai Desember 2019. Hasil pengujian menunjukkan bahwa tracking error tidak memiliki pengaruh signifikan terhadap kinerja reksa dana indeks syariah dan tingkat risiko berpengaruh positif dan signifikan terhadap kinerja reksa dana indeks syariah. Kata kunci: Kinerja reksa dana indeks syariah, Tracking error, Risiko, Analisis regresi linier berganda. ABSTRACT This study aims to analyze the impact of tracking error and risk on Islamic index mutual fund performance in Indonesia. This study ran multiple linear regression analyses on five samples using the net asset values and returns of JII and Islamic index mutual funds that are listed in the Financial Services Authority using data until December 2019. The result showed that tracking error had no significant effect on the performance of Islamic index mutual funds, while the level of risk had a significant positive effect on the performance of Islamic index funds. Keywords: Islamic index mutual fund performance, Tracking error, Risk, Multiple linear regression analysis. DAFTAR PUSTAKA Adhi, N., Aji, D. P., & Winarni, W. (2021). Reksadana syariah dan konvensional di Indonesia. Jurnal Keunis (Keuangan Dan Bisnis), 9(2), 120-131. https://doi.org/10.32497/keunis.v9i2.2629 Agapova, A. (2011). Conventional mutual index funds versus exchange trade fund. Journal of Financial Markets, 14(2), 323–343. https://doi.org/10.1016/j.finmar.2010.10.005 Alam, N. (2013). A comparative performance analysis of conventional and Islamic exchange-traded funds. Journal of Asset Management, 14(1), 27–36. https://doi.org/10.1057/jam.2012.23 Anggara, A. W., & Yulianto, A. (2017). Analisis kinerja reksa dana saham dengan metode sharpe, treynor, dan jensen. Management Analysis Journal, 6(1), 13–22. Arifin, E. S. (2017). Kinerja reksadana saham syariah di Indonesia. Jurnal Ekonomi dan Bisnis, 17(1), 82–86. https://doi.org/10.30811/.v17i1.363 Asmoro, R. M. S., & Syaichu, M. (2022). Analisis pengaruh umur reksa dana, tingkat risiko, expense ratio, turnover ratio, dan market timing ability terhadap kinerja reksa dana saham syariah periode 2016-2020. Diponegoro Journal of Management, 11(2), 1–12. Basya, M. M., & Utami, B. S. A. (2021). Pengaruh alokasi aset, pemilihan saham dan tingkat risiko terhadap reksadana saham syariah di indonesia tahun 2015-2019. Al-Muraqabah: Journal of Management and Sharia Business, 1(1), 1–15. Benjelloun, H., & Abdullah A. M. A. (2009). Index funds and diversification in Saudi Arabia. International Journal of Islamic and Middle Eastern Finance and Management, 2(3), 201–212. https://doi.org/10.1108/17538390910986335 Biswas, S. (2015). Assessing market risk of Indian index funds. Global Business Review, 16(3), 511–523. https://doi.org/10.1177/0069966715569938 Charteris, A., & McCullough K. (2020). Tracking error Vs tracking difference: Does it matter?. Investment Analysts Journal, 49(3), 268–287. https://doi.org/10.1080/10293523.2020.1806480 Dorocáková, M. (2017). Comparison of ETF´s performance related to the tracking error. Journal of International Studies, 10(4), 154–165. https://doi.org/10.14254/2071-8330.2017/10-4/1 DSN MUI. (200). Fatwa DSN MUI No. 20/DSN-MUI/IX/2000 tentang pedoman pelaksanaan investasi untuk reksa dana syariah. Retrieved from http://mui.or.id/wp-content/uploads/files/fatwa/20-Pedoman_Investasi_Reksa_Dana.pdf Elton, E. J., Gruber, M. J., & Busse, J. A. (2004). Are investors rational? Choices among index funds. The Journal of Finance, 59(1), 261–288. https://doi.org/10.1111/j.1540-6261.2004.00633.x Fama, E. F., & French, K. R. (2010). Luck versus skill in the cross-section of mutual fund returns. Journal of Finance, 65(5), 1915–1947. https://doi.org/10.1111/j.1540-6261.2010.01598.x Frino A., & Gallagher D. R. (2001) Tracking S&P 500 index funds. Journal of Portfolio Management, 28(1), 44–55. https://doi.org/10.3905/jpm.2001.319822 Gani, I., & Amalia S. (2018). Alat analisis data: Aplikasi statistik untuk penelitian bidang ekonomi dan sosial. Yogyakarta: Andi. Iman, N. (2008). Panduan singkat dan praktis: Memulai investasi reksa dana. Jakarta: Elex Media Komputindo. Johnson, B., Bioy H., Kellet A., & Davidson L. (2013). On the right track: Measuring tracking efficiency in ETFs. Journal of Index Investing, 4(3), 35–41. https://doi.org/10.3905/jii.2013.4.3.035 Kandarisa, A. (2014). Perkembangan dan hambatan reksadana syariah di Indonesia: Suatu kajian teori. Jurnal Akuntansi AKUNESA, 2(2), 1–18. Kostovetsky, L. (2003). Index mutual funds and exchange-traded funds. The Journal of Portfolio Management Summer, 29(4), 80–92. https://doi.org/10.3905/jpm.2003.319897 Kusumastiti, F., & Ryandono, M. N. H. (2019). Pengaruh risiko sistematis, market timing dan ukuran dana terhadap kinerja reksa dana pendapatan tetap syariah di Indonesia Periode 2014-1018. Jurnal Ekonomi Syariah Teori dan Terapan, 6(12), 2409–2421. https://doi.org/10.20473/vol6iss201912pp2409-2421 Lestari, W. R. (2015). Kinerja reksadana saham syariah dan reksadana saham konvensional. Jurnal Magister Manajemen, 1(1), 116–128. Mawikere, J. C. (2021). Performance analysis of money market mutual funds, fixed income mutual funds, mixed mutual funds, and stock mutual funds in Indonesia during the 2015-2020 period. International Journal of Economics, Business and Accounting Research, 5(4), 636-655. Muhammad. (2014). Dasar-dasar keuangan syariah. Yogyakarta: Ekonisia. Negoro W, E. 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Asymmetric Spillover Effect of The United States and China Islamic Index on ASEAN Islamic Index during The Covid-19 Pandemic Achmad Jufri; Masriani Adhillah; Abdul Qoyum
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 9 No. 3 (2022): Mei-2022
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol9iss20223pp286-298

ABSTRAK Penelitian ini bertujuan untuk menguji spillover effect indeks saham syariah Amerika Serikat dan Cina terhadap indeks saham syariah ASEAN dengan menggunakan metode Nonlinier Autoregressive Distributed Lag (NARDL) untuk menemukan spillover effect yang bersifat asimetris selama pandemi Covid-19. Data yang diamati dimulai pada 1 Januari 2020 sampai dengan 30 September 2021 dengan total observasi sebanyak 336 data untuk masing-masing indeks saham. Penelitian ini mendapatkan beberapa temuan. Pertama, indeks saham syariah Amerika Serikat dan Cina memiliki pengaruh asimetris jangka pendek terhadap indeks saham syariah Indonesia, Malaysia dan Thailand selama pandemi Covid-19. Kedua, indeks saham syariah Amerika Serikat dan Cina hanya memiliki pengaruh asimetris jangka panjang terhadap indeks saham syariah Malaysia selama pandemi Covid-19. Ketiga, efek ketika terjadi penurunan indeks saham syariah Amerika Serikat dan Cina lebih besar dibandingkan pada saat terjadi kenaikan terhadap indeks saham syariah Malaysia selama pandemi Covid-19. Salah satu penyebab hubungan tersebut adalah karena adanya hubungan dagang yang sangat erat antara Amerika Serikat dan Cina terhadap Malaysia. Adapun implikasi dari penelitian ini adalah investor internasional dapat menjadikan hasil penelitian ini sebagai bahan pengambilan keputusan apabila terjadi kontraksi akibat krisis seperti pada saat pandemi Covid-19 terhadap indeks saham syariah Amerika Serikat dan Cina untuk mempertahankan maupun menjual portofolio investasi mereka. Kata Kunci: Spillover, Indeks Syariah, Asimetris, Covid-19. ABSTRACT This study aims to examine the spillover effect of Islamic stock indexes of the United States and China on the ASEAN Islamic stock index using the Nonlinear Autoregressive Distributed Lag (NARDL) method to find asymmetric spillover effects during the Covid-19 pandemic. The observed data starts on January 1, 2020, until September 30, 2021, with a total of 336 observations for each stock index. This study found some findings. First, the Islamic stock indexes of the United States and China have a short-term asymmetric influence on the Islamic stock indices of Indonesia, Malaysia, and Thailand during the Covid-19 pandemic. Second, the Islamic stock indexes of the United States and China have only a long-term asymmetric influence on Malaysia's sharia stock indexes during the Covid-19 pandemic. Third, the effect when there is a decline in Islamic stock indexes of the United States and China is greater than when there is an increase in the Malaysian sharia stock index during the Covid-19 pandemic. One of the reasons for this relationship is the very close trade relationship between the United States and China with Malaysia. The research implication of this study is that international investors can use the results of this research as a decision-making material in the event of a contraction due to the crisis (one of which is the Covid-19 pandemic) in the United States and China Islamic stock indexes to maintain or sell their investment portfolios. Keywords: Spillover, Islamic Index, Asymmetric, Covid-19. DAFTAR PUSTAKA Abdullahi, S. I. (2021). Islamic equities and covid-19 pandemic: Measuring Islamic stock indices correlation and volatility in period of crisis. Islamic Economic Studies, 29(1), 50-66. https://doi.org/10.1108/IES-09-2020-0037 Aslam, F., Mohmand, Y. T., Ferreira, P., Memon, B. A., Khan, M., & Khan, M. (2020). Network analysis of global stock markets at the beginning of the coronavirus disease (covid-19) outbreak. Borsa Istanbul Review, 20, 49–61. https://doi.org/10.1016/j.bir.2020.09.003 Azhar, J. A., Wulandari, R., & Kalijaga, U. I. N. S. (2021). Stock performance based on sharia stock screening: Comparasion between syariah stock indices of Indonesia and Malaysia. 1(1), 14–26. https://doi.org/10.20885/AMBR.vol1.iss1.art2 Baek, S., Mohanty, S. K., & Glambosky, M. (2020). Covid-19 and stock market volatility: An industry level analysis. Finance Research Letters, 37(January), 1-10. https://doi.org/https://doi.org/10.1016/j.frl.2020.101748 Dizioli, A., Guajardo, J., Klyuev, VladimirMano, R., & Raissi, M. (2016). Spillovers from China’s growth slowdown and rebalancing to the ASEAN-5 economies. IMF Working Papers, 16(170), 1. https://doi.org/10.5089/9781475524260.001 Forbes, K. J., & Rigobon, R. (2002). 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Retrieved from http://www.fruitnet.com/asiafruit/article/184345/record-trade-between-malaysia-and-china Lee, H. Y. (2012). Contagion in international stock markets during the sub prime mortgage crisis. International Journal of Economics and Financial Issues, 2(1), 41–53. Lee, K.-J., Lu, S.-L., & Shih, Y. (2018). Contagion effect of natural disaster and financial crisis events on international stock markets. Journal of Risk and Financial Management, 11(2), 16. https://doi.org/10.3390/jrfm11020016 Lento, C., & Gradojevic, N. (2021). S&P 500 index price spillovers around the covid-19 market meltdown. Journal of Risk and Financial Management, 14(7), 330. https://doi.org/10.3390/jrfm14070330 Liu, H., Manzoor, A., Wang, C., Zhang, L., & Manzoor, Z. (2020). The covid-19 outbreak and affected countries stock markets response. International Journal of Environmental Research and Public Health, 17(8), 1–19. https://doi.org/10.3390/ijerph17082800 Marçal, E. F., Prince, D. de, Zimmermann, B., Merlin, G., & Simões, O. (2020). Assessing global economic activity linkages: The role played by United States, Germany and China. EconomiA, 21(1), 38–56. https://doi.org/10.1016/j.econ.2020.01.001 Mata, M. N., Razali, M. N., Bentes, S. R., & Vieira, I. (2021). Volatility spillover effect of Aan-Asia’s property portfolio markets. Mathematics, 9(12), 1–20. https://doi.org/10.3390/math9121418 McMillan, D. G. (2020). Interrelation and spillover effects between stocks and bonds: Cross-market and cross-asset evidence. Studies in Economics and Finance, 37(3), 561-582. https://doi.org/10.1108/SEF-08-2019-0330 Panjaitan, Y., & Novel, R. (2021). Volatility spillover among Asian developed stock markets to Indonesia stock market during pandemic covid-19. Jurnal Keuangan dan Perbankan, 25(2), 342–354. https://doi.org/10.26905/jkdp.v25i2.5532 Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16, 289–326. Purbasari, I. (2019). Volatility spillover effects from the US and Japan to the ASEAN-5 markets and among the ASEAN-5 markets. Sains: Jurnal Manajemen dan Bisnis, 11(2), 293-331. https://doi.org/10.35448/jmb.v11i2.6064 Rahmayani, D., & Oktavilia, S. (2021). Does the covid-19 pandemic affect the stock market in Indonesia? Jurnal Ilmu Sosial dan Ilmu Politik, 24(1), 33–47. https://doi.org/10.22146/JSP.56432 Ramdhan, N., Yousop, N. L. M., Ahmad, Z., Abdullah, N. M. H., & Zabizi, A. Z. (2016). Stock market integration: The effect of leader and emerging market. Journal of Advanced Research in Business and Management Studies, 2(1), 1–10. Saleem, A., Bárczi, J., & Sági, J. (2021). Covid-19 and Islamic stock index: Evidence of market behavior and volatility persistence. Journal of Risk and Financial Management, 14(8), 389. https://doi.org/10.3390/jrfm14080389 Sari, L. K., Achsani, N. A., & Sartono, B. (2017). Volatility transmission of the main global stock return towards Indonesia. Bulletin of Monetary Economics and Banking, 20(2), 229–254. https://doi.org/10.21098/bemp.v20i2.813 Sekaran, U., & Bougie, R. (2018). Metode penelitian untuk bisnis. Jakarta: Salemba Empat. Setiawan, A., & Kartiasih, F. (2021). Contagion effect of Argentina and Turkey crisis to Asian countries, is it really happening? Jurnal Ekonomi dan Pembangunan Indonesia, 21(1), 59–76. https://doi.org/10.21002/jepi.v21i1.1333 Shin, Y., Yu, B., & Greenwood-Nimmo, M. (2012). Modelling asymmetric cointegration and dynamic multipliers in a nonlinear ARDL framework. SSRN Electronic Journal, 1–61. https://doi.org/10.2139/ssrn.1807745 Suppakittiwong, T., & Aimprasittichai, S. (2015). A study of a relationship between the U.S. stock market and emerging stock markets in Southeast Asia. Unpublished undergraduate thesis. Sweden: Linnaeus University. Sznajderska, A., & Kapuściński, M. (2019). The spillover effects of chinese economy on Southeast Asia and Oceania. NBP Working Paper Issue 315. Retrieved from https://www.nbp.pl/publikacje/materialy_i_studia/315_en.pdf Thai Hung, N. (2019). Equity market integration of China and Southeast Asian Countries: Further Evidence from MGARCH-ADCC and wavelet coherence analysis. Quantitative Finance and Economics, 3(2), 201–220. https://doi.org/10.3934/qfe.2019.2.201 Thomson Reuters Practical Law. (2021). International trade in goods and services in Malaysia: Overview. Retrieved from https://uk.practicallaw.thomsonreuters.com/w-017-9602?transitionType=Default&contextData=(sc.Default)&firstPage=true Trade between Malaysia and China reached new high in 2020 despite Covid. (2021). Retrieved from https://www.freshplaza.com/article/9293748/trade-between-malaysia-and-china-reached-new-high-in-2020-despite-covid/ United States Census Bureau. (2021). Trade in goods with Malaysia. Retrieved from https://www.census.gov/foreign-trade/balance/c5570.html Vo, X. V., & Tran, T. T. A. (2019). Modelling volatility spillovers from the US equity market to ASEAN stock markets. Pacific Basin Finance Journal, 59(February 2020), https://doi.org/10.1016/j.pacfin.2019.101246 Wang, Q., & Han, X. (2021). Spillover effects of the United States economic slowdown induced by COVID-19 pandemic on energy, economy, and environment in other countries. Environmental Research, 196(February). https://doi.org/10.1016/j.envres.2021.110936 Wycislak, S. (2014). Contagion effect and organization. European Scientific Journal, 10(1), 17–26. https://doi.org/10.19044/esj.2014.v10n1p%25p Yan, B., Stuart, L., Tu, A., & Zhang, Q. (2020). Analysis of the effect of covid-19 on the stock market and investing strategies. SSRN Electronic Journal. https://doi.org/10.2139/SSRN.3563380 Yan, C. (2020). COVID-19 Outbreak and stock prices: Evidence from China. SSRN Electronic Journal. https://doi.org/10.2139/SSRN.3574374 Yujing, O. (2021). China-Malaysia diplomatic relations – sailing towards a brighter future. Retrieved from https://www.thestar.com.my/opinion/letters/2021/05/31/china-malaysia-diplomatic-relations---sailing-towards-a-brighter-future

The Analysis of Factors Influencing the Intention of Paying Online Zakat for the Millenial Generation Rizki Yanura Ramadhani; Meri Indri Hapsari
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 9 No. 3 (2022): Mei-2022
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol9iss20223pp401-412

ABSTRAK Penelitian ini bertujuan untuk mengetahui pengaruh transparansi, kepercayaan, dan reputasi lembaga amil zakat terhadap niat membayar zakat secara online muzakki dari generasi milenial. Penelitian ini menggunakan tiga variabel independen, yaitu: transparansi, kepercayaan dan reputasi. Variabel dependen dalam penelitian ini adalah niat membayar (intention to pay) zakat muzzaki. Pengambilan sampel dilakukan dengan menggunakan purposive sampling secara representatif dengan kriteria sampel yang telah ditentukan. Jumlah sampel dalam penelitian ini sebesar 70 responden. Penelitian ini menggunakan alat analisis regresi linier berganda dengan metode OLS (Ordinary Least Square) untuk melihat pengaruh variabel endogen terhadap variabel eksogen. Hasil penelitian menunjukkan bahwa variabel transparansi, kepercayaan dan reputasi mempunyai pengaruh positif dan signifikan terhadap niat membayar zakat secara online muzakki dari generasi milenial. Kata Kunci: transparansi, kepercayaan, reputasi, niat membayar zakat, generasi milenial. ABSTRACT This study aims to determine the influence of zakat institutions' transparency, trust, and reputation on the intention of millennial muzakki to pay zakat online. The researcher used three independent variables, which are transparency, trust, and reputation. The dependent variable in this study is the intention to pay zakat. This study used purposive sampling, which is done representatively, with predetermined criteria as the data collection technique. The study used 70 respondents. The study used multiple linear regressions with the OLS (Ordinary Least Square). This method is used to find the effect of endogenous variables on exogenous variables. The results of the study showed that the variables of transparency, trust, and reputation have a positive and significant influence on the intention to pay zakat online by millennials. Keywords: transparency, trust, reputation, intention to pay zakat, millennial generation. DAFTAR PUSTAKA Ahmad, N. N., Tarmidi, M., Ridzwan, I. U., Hamid, M. A., & Roni, R. A. (2014). The application of unified theory of acceptance and use of technology (UTAUT) for predicting the usage of e-zakat online system. International Journal of Science and Research, 3(4), 63–67. Assa’diyah, H., & Pramono, S. (2019). Kenapa muzakki percaya kepada lembaga amil zakat? Jurnal Akuntansi dan Keuangan Islam, 7(1), 81–100. https://doi.org/10.35836/jakis.v7i1.68 Aziz, M., & Sholikah. (2014). Zakat profesi dalam perspektif UU RI nomor 23 tahun 2011 dan hukum Islam. Ulul Albab, 15(23), 188–205. https://doi.org/10.18860/ua.v15i2.2665 Azman, F. M. N., & Bidin, Z. (2015). Factors influencing zakat compliance behavior on saving. International Journal of Business and Social Research, 5(1), 118–128. http://dx.doi.org/10.18533/ijbsr.v5i1.688 Ikhwandha, M. F., & Hudayati, A. (2019). The influence of accountability, transparency, affective and cognitive trust toward the interest in paying zakat. Jurnal Akuntansi & Auditing Indonesia, 23(1), 39–51. https://doi.org/10.20885/jaai.vol23.iss1.art5 BAZNAS. (2018). Outlook zakat Indonesia 2018. Jakarta: Pusat Kajian Strategis Badan Amil Zakat Nasional (BAZNAS). Jayanto, P. Y., & Munawaroh, S. (2019). The influences of reputation, financial statement transparency, accountability, religiosity, and trust on interest in paying zakat of profession. Jurnal Dinamika Akuntansi, 11(1), 59–69. https://doi.org/10.15294/jda.v11i1.18729 Komite Nasional Keuangan Syariah. (2019). Pemerataan zakat untuk kesejahteraan masyarakat. INSIGHT, 3(9), 11–14. Retrieved from https://knks.go.id/storage/upload/1566575768-INSIGHT KNKS Edisi 3 (Agustus).pdf Martono, S., Nurkhin, A., Lutfhiyah, F., Fachrurrozie, Rofiq, A., & Sumiadji. (2019). The relationship between knowledge, trust, intention to pay zakah, and zakah-paying behavior. International Journal of Financial Research, 10(2), 75–81. https://doi.org/10.5430/ijfr.v10n2p75 Munir, Z. A. H. (2021). The effect of financial report transparency and zakat management on muzakki trust in BAZNAS Lombok Timur. Al-Risalah: Forum Kajian Hukum dan Sosial Kemasyarakatan, 21(2), 194–207. https://doi.org/10.30631/al-risalah.v21i2.889 Mutmainah, L. (2015). The influence of accountability, transparency, and responsibility of zakat institution on intention to pay zakat. Global Review of Islamic Economics and Business, 3(2), 108–119. https://doi.org/10.14421/grieb.2015.032-03 Novarela, D., & Sari, M. (2015). Pelaporan corporate social responsibility perbankan syariah dalam perspektif syariah enterprise theory. Jurnal Akuntansi dan Keuangan Islam, 3(2), 145–160. https://doi.org/10.35836/jakis.v3i2.34 Nurhasanah, I., & Nursanita. (2020). Interest to pay zakah: The impact of religiosity, income, quality of service, and transparency of amil zakah, case study at BAZIS DKI Jakarta. Indonesian College of Economics, 1–22. Othman, Y. H.-, Yusuff, M. S. S., & Latib, M. F. A. (2018). Motivations for paying income zakat among unishams’ employees. International Journal of Academic Research in Business and Social Sciences, 8(10), 619–628. https://doi.org/10.6007/ijarbss/v8-i10/4768 Priyono. (2008). Metode penelitian kuantitatif. Sidoarjo: Zifatama Publishing. Ulum, R. F., & Cahyono, E. F. (2020). Evaluasi persepsi muzakki tenaga kependidikan universitas airlangga tentang keimanan, pendapatan, kepercayaan dan citra lembaga terhadap minat membayar zakat profesi. Jurnal Ekonomi Syariah Teori dan Terapan, 7(10), 1961. https://doi.org/10.20473/vol7iss202010pp1961-1976 Utami, N. S., Muthohar, A. M., & Ridlo, M. (2021). Analisis tingkat pendapatan, kepercayaan dan reputasi terhadap minat muzakki dalam membayar zakat dengan religiusitas sebagai variabel moderating. Iqtishoduna, 17(1), 1–16. https://doi.org/10.18860/iq.v17i1.10630 Wiharjo, B., & Hendratmi, A. (2019). Persepsi pengguna zakat online di Indonesia. Jurnal Ekonomi Syariah Teori dan Terapan, 6(2), 331–343. https://doi.org/10.20473/vol6iss20192pp331-343 Zainal, H., Abu Bakar, A., & Saad, R. A. J. (2016). Reputation, satisfaction of zakat distribution,and service quality as determinant of stakeholder trust in zakat institutions. International Journal of Economics and Financial Issues, 6(7Special Issue), 72–76.

The Role of Creative Economy in The Welfare of Members of Sobat Hidup Berkah in Surabaya from Maqashid Al-Shari’ah Perspective Dwi March Trisnawaty; Siti Inayatul Faizah
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 9 No. 3 (2022): Mei-2022
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol9iss20223pp413-426

ABSTRAK Tujuan penelitian ini adalah untuk menjawab data mengenai peran ekonomi kreatif dalam kesejahteraan wirausaha muslim yang ditinjau dari perspektif Maqashid Syariah. Ekonomi kreatif merupakan konsep ekonomi yang mengedepankan gagasan, ide, inovasi, pengetahuan dan sumber daya manusia sebagai faktor produksi dengan 16 subsektor industri kreatif. Penelitian ini menggunakan metode pendekatan kualitatif dengan jenis penelitian studi kasus deskriptif. Objek penelitian yang di kajikan adalah Komunitas Sobat Hidup Berkah Kota Surabaya. Hasil dari penelitian ini adalah melalui kegiatan usaha ekonomi kreatif yang dijalankan oleh wirausaha muslim Sobat Hidup Berkah dapat mensejahterakan perekonomian mereka di tengah pandemi covid-19. Selain itu, program kajian yang diselenggarakan oleh komunitas Sobat Hidup Berkah turut membantu memberikan pembinanaan dan motivasi dalam mengatasi permasalahan usaha dihadapi oleh wirausaha muslim. Kegiatan ekonomi kreatif yang dijalankan tidak hanya meningkatkan kualitas dan omset usaha saja. Akan tetapi secara mandiri mampu mensejahterakan dengan terpenuhinya Maqashid Syariah terdapat lima hal penjagaan yaitu menjaga agama, jiwa, akal, keturunan, dan harta. Kata Kunci: Ekonomi Kreatif, Wirausaha muslim, Maqashid Syariah, Masa Pandemi. ABSTRACT This research objective is to explore the role of the creative economy in the prosperity of Muslim entrepreneurs from Maqashid Syariah’s perspective. The creative economy is an economic concept that proposes the idea, innovation, knowledge, and human resources as the production factor with 16 sub-sector of the creative industry. This research used a qualitative approach with a descriptive study. The research object is the community of Sobat Hidup Berkah from Surabaya. The result of this research is through the creative economy business activity run by the Muslim entrepreneur Sobat Hidup Berkah, which brings prosperity to their economic condition during the covid-19 pandemic. Furthermore, the discussion program organized by the community of Sobat Hidup Berkah also helps to provide coaching and motivation to overcome the business problem faced by Muslim entrepreneurs. The creative economy activity runs not only aimed at increasing the quality and business turnover. However, it independently could bring prosperity by the fulfillment of Maqashid Syariah, involving five things to take care of; to keep religion, soul, mind, descendants, and wealth. Keywords: Creative Economy, Moslem’s Entrepreneur, Maqashid Syariah, Pandemic Situation. DAFTAR PUSTAKA Abdurrahman, & Herdiana, N. (2015). Manajemen strategi pemasaran. Bandung: CV Pustaka Setia. Aziza, A. (2018). Peran entrepreneur muslim dalam membangun koneksi dan komunitas bisnis: studi fenomenologi pada pelaku usaha Sari Bumi di Sidoarjo. Skripsi tidak dipublikasikan. Surabaya: UIN Sunan Ampel Surabaya. Badan Ekonomi Kreatif. (2017) Tenaga kerja ekoomi kreatif 2011-2016. Jakarta: BEKRAF. Ginting, A. M. (2017). Pengaruh ekonomi kreatif terhadap perekonomian nasional. In Carunia Mulya Firdausy (Eds.), Strategi pengembangan ekonomi kreatif di Indonesia (pp. 7-28). Jakarta: Yayasan Pustaka Obor Indonesia. Hakim, L. (2012). Prinsip-prinsip ekonomi Islam. Jakarta: Erlangga. Hartomo, D. D., & Cahyadin, M. (2013). Pemeringkatan faktor keberlangsungan usaha industri kreatif di kota Surakarta. Jurnal Ekonomi & Kebijakan Publik, 4(2), 225-236. http://dx.doi.org/10.22212/jekp.v4i2.55 Hasanuddin, M. (2019). Peran ekonomi kreatif dalam mentransformasi ekonomi masyarakat perspektif nilai maqaṣid shari’ah: Studi kampung kue rungkut lor Surabaya. Skripsi tidak dipublikasikan. Surabaya: UIN Sunan Ampel Surabaya. Hayati, E. (2017). Usaha ekonomi kreatif dalam meningkatkan ekonomi masyarakat menurut perspektif ekonomi Islam (Studi petani nanas desa totokaton kecamatan punggur kabupaten Lampung Tengah). Skripsi tidak dipublikasikan. Lampung: UIN Raden Intan Lampung. Moleong, Lexy J. (2014). Metodologi penelitian kualitatif. Bandung: PT Remaja Rosdakarya. Qardhawi, Y. (1998). Fiqh zakat. Bogor: Pustaka Litera Nusantara. Rizakki, A. R., & Faizah, S. I. (2019). A model of community economic empowerment by the gerakan menulis harapan (GMH) in the city of Surabaya. International Journal of Research – Granthaalayah, 7(12), 32-38. https://doi.org/10.29121/granthaalayah.v7.i12.2019.298 Shofa, I., & Nugroho, D. (2018). Pertumbuhan dan strategi pengembangan ekonomi kreatif kota Malang. Jurnal Pangripta, 1(1). Sugiyono. (2015). Memahami penelitian kualitatif. Bandung: Alfabeta. Umi Rohmah, (2017) Analisis peran ekonomi kreatif dalam peningkatan pendapatan pengrajin ditinjau dari perspektif ekonomi Islam (Studi pada industri anyaman bambu desa tulungagung kecamatan gadingrejo Kabupaten Pringsewu). Skripsi tidak dipublikasikan. Lampung: UIN Raden Intan Lampung. Yanda, T. A. U. E., & Faizah, S. I. (2020). Dampak pendayagunaan zakat infak sedekah dalam pemberdayaan ekonomi dhuafa di kota Surabaya. Jurnal Ekonomi Syariah Teori dan Terapan, 7(5), 911-925. https://doi.org/10.20473/vol7iss20205pp911-925 Yin, R. K (2019). Studi kasus: Desain dan metode. Jakarta: Raja Grafindo Persada.

The Effect of Profitability on Financial Distress in Sharia Commercial Banks for The Period 2018 – 2020 Dahruji Dahruji; A'yunina Amalia Muslich
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 9 No. 3 (2022): Mei-2022
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol9iss20223pp388-400

ABSTRAK Penelitian ini bertujuan untuk menganalisis pengaruh rasio Return on Assets (ROA), Return on Equity (ROE) dan Net Profit Margin (NPM) terhadap Financial Distress pada Bank Umum Syariah di Indonesia. Metodologi penelitian yang digunakan yaitu analisis regresi logistik. Sampel yang digunakan sebanyak 9 Bank Umum Syariah pada periode 2018 kuartal pertama hingga 2020 kuartal keempat. Hasil Penelitian ini menunjukkan bahwa ROA dan ROE tidak berpengaruh dengan arah negatif terhadap financial distress, sedangkan NPM berpengaruh dengan arah negatif terhadap financial distress. Penelitian ini diharapkan bisa memberikan informasi terkait financial distress yang sedang dialami oleh Bank Umum Syariah dan digunakan sebagai landasan atau dasar untuk mengambil keputusan agar dapat tanggap dalam menangani financial distress serta mencegah terjadinya kebangkrutan sehingga permasalahan tersebut terselesaikan. Kata Kunci: Profitabilitas, Financial Distress, Bank Umum Syariah. ABSTRACT This study aims to analyze the effect of the ratio of Return on Assets (ROA), Return on Equity (ROE), and Net Profit Margin (NPM) on Financial Distress at Islamic Commercial Banks in Indonesia. The research methodology used is logistic regression analysis. The sample used is 9 Islamic Commercial Banks in the 2018 first quarter to 2020 fourth quarter. The results of this study indicate that ROA and ROE have no negative effect on Financial Distress, while NPM has a negative effect on Financial Distress. This research is expected to provide information related to the financial distress that is being experienced by Islamic Commercial Banks and is used as a basis or basis for making decisions so that they can be responsive in dealing with financial distress and prevent bankruptcy so that the problem is resolved. Keywords: Profitability, Financial Distress, Islamic Commercial Banks. DAFTAR PUSTAKA Ali, M. (2013). Buku saku perbankan syariah. Jakarta: Kementerian Agama RI. Almira, N. P. A. K., & Wiagustini, N. L. P. (2020). Return on asset, return on equity, dan earning per share berpengaruh terhadap return saham. E-Jurnal Manajemen Universitas Udayana, 9(3), 1069-1088. https://doi.org/10.24843/ejmunud.2020.v09.i03.p13 Basuki. (2021). Pengantar metode penelitian kuantitatif. Bandung: Media Sains Indonesia. Dwijayanti, S. (2010). Penyebab, dampak, dan pbediksi dari financial distress serta solusi untuk mengatasi financial distress. Jurnal Akuntansi Kontemporer, 2(2), 191–205. https://doi.org/10.33508/JAKO.V2I2.1022 Effendi, I., & Hariani, P. (2020). Dampak covid-19 terhadap bank syariah. Ekonomikawan: Jurnal Ilmu Ekonomi dan Studi Pembangunan, 20(79), 221–230. http://dx.doi.org/10.30596%2Fekonomikawan.v20i2.5553 Fahmi, I. (2017). Analisis laporan keuangan. Bandung: CV Alfabeta. Hapsari, E. I. (2012). Kekuatan rasio keuangan dalam memprediksi kondisi financial distress perusahaan manufaktur di BEI. Jurnal Dinamika Manajemen, 3(2), 101–109. https://doi.org/10.15294/JDM.V3I2.2438 Hariyani, I. (2010). Restrukturisasi & penghapusan kredit macet. Jakarta: PT Elex Media Komputindo. Hery. (2015). Analisis kinerja manajamen. Jakarta: PT Grasindo. Ilhami, & Thamrin, H. (2021). Analisis dampak covid 19 terhadap kinerja keuangan perbankan syariah di Indonesia. Jurnal Tabarru’: Islamic Banking and Finance, 4(1), 37–45. https://doi.org/10.25299/jtb.2021.vol4(1).6068 Kusdiana, Y. (2014). Analisis model camel dan altman’s z-score dalam memprediksi kebangkrutan bank umum di Indonesia (Studi pada bank umum yang tercatat di bursa efek Indonesia tahun 2007-2011). Jurnal Tepak Manajemen Bisnis, 6(1), 85–94. Makroprudensial, S. (2013). Penggunaan indeks stabilitas sistem keuangan (ISSK). Working Papers, Bank Indonesia. Retrieved from http://publication-bi.org/repec/idn/wpaper/WP152013.pdf Martono. (2010). Bank dan lembaga keuangan lain. Yogyakarta: Ekonisia FE UII. Rodoni, A., & Ali, H. (2014). Manajemen keuangan modern. Bogor: Mitra Wacana Media. Siregar, S. (2018). Metode penelitian kuantitatif. Jakarta: Prenada media Group. Sugiyono. (2008). Metode penelitian administrasi. Bandung: CV Alfabeta. Ulum, F. (2011). Perbankan syariah di Indonesia. Jakarta: Putri Media Nusantara. Wahyudi, R. (2020). Analisis pengaruh CAR, NPF, FDR, BOPO dan inflasi terhadap profitabilitas perbankan syariah di Indonesia: Studi masa pandemi covid-19. At-Taqaddum, 12(1), 13. https://doi.org/10.21580/at.v12i1.6093

Dynamics of Muslim Millennials in Charity Donation: A Donor-Side Perspective Firdan Thoriq Faza; Astiwi Indriani
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 9 No. 3 (2022): Mei-2022
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol9iss20223pp352-361

ABSTRAK Penelitian ini bertujuan untuk mengeksplorasi bagaimana pengalaman donasi para donatur milenial muslim, dengan fokus utama untuk mengetahui rasionalitas donatur konsumen yang mendasari pengalaman donasi. Metode Interpretative Phenomenological Analysis (IPA) dilakukan untuk menggambarkan dinamika milenial muslim dalam memulai berdonasi, mengembangkan niat, dan mengidentifikasi alternatif penyaluran donasi. Sepuluh peserta dipilih dari Semarang, Jawa Tengah, Indonesia, menggunakan purposive-sampling dengan kriteria dan persyaratan yang telah ditentukan untuk memilih partisipan. Data wawancara dianalisis dengan menggunakan teknik deskriptif kualitatif tipe naratif. Hasil penelitian menunjukkan bahwa altruisme dan spiritualitas mendorong pemberian sumbangan. Donatur tidak mengharapkan adanya timbal balik dari penerima, pemahaman ini kemudian dimaknai sebagai altruisme. Dari perspektif agama, donasi merupakan bentuk ketaatan kepada Tuhan dengan menjalankan apa yang diperintahkan dan hanya mengharapkan balasan-Nya. Semua partisipan adalah pemeluk agama Islam, sehingga motivasi berdasarkan nilai-nilai spiritual hanya terbatas pada keyakinan satu agama dan secara umum tidak dapat mewakili banyak keyakinan. Temuan selanjutnya, ada transformasi donasi dari donasi langsung, ke lembaga donor dan yang terbaru melalui teknologi digital yang bisa menjadi fokus penelitian di masa depan. Kata Kunci: Altruisme, Perilaku Donasi, Donatur Milenial, Interpretative Phenomenology Analysis. ABSTRACT This study explores the donation experience of Muslim millennial donors, with the main focus on discovering the consumer donor rationality underlying donation experience. The Interpretative Phenomenological Analysis (IPA) method was conducted to depict the dynamics of Muslim millennials in starting a money donation, developing intention, and identifying the alternative distribution for donations. Ten participants were chosen from Semarang, Central Java, Indonesia, using purposive sampling with predetermined criteria and requirements for selecting participants. The interview data were then analyzed using a narrative type of descriptive qualitative technique. The research results show that altruism and spirituality encourage donation-making. Donors do not expect any reciprocity from the recipient; this understanding is interpreted as altruism. From a religious perspective, this is a form of the donor's obedience to God by carrying out what was ordered and only expecting the reward. All participants are adherents of Islam, so motivation based on spiritual values only focuses on the beliefs of one religion and cannot generally represent many beliefs. Further findings show a transformation of donations from direct donations to donor agencies and, most recently, through digital technology, focusing on future research. Keywords: Altruism, Donation Behavior, Millennial Donor, Interpretative Phenomenology Analysis. REFERENCES Anik, L., Aknin, L. B., Norton, M. I., & Dunn, E. W. (2009). Feeling good about giving: The benefits (and costs) of self-interested charitable behavior. Harvard Business School Marketing Unit Working Paper, 10-012. http://dx.doi.org/10.2139/ssrn.1444831 Aufa S, F. N. (2018). Faktor-faktor yang mempengaruhi keputusan donatur dalam menyalurkan infaq via social networking site (SNS) (Studi pada masyarakat kota Malang). Jurnal Ilmiah Mahasiswa FEB Universitas Brawijaya, 7(1), 1-11. Bjalkebring, P., Västfjäll, D., Dickert, S., & Slovic, P. (2016). Greater emotional gain from giving in older adults: Age-related positivity bias in charitable giving. Frontiers in Psychology, 7, 1-8. https://doi.org/10.3389/fpsyg.2016.00846 Charities Aid Foundation. (2021). CAF world giving index 2021: A global pandemic special report. Retrieved from https://www.cafonline.org/docs/default-source/about-us-research/cafworldgivingindex2021_report_web2_100621.pdf Choy, K., & Schlagwein, D. (2016). Crowdsourcing for a better world: On the relation between IT affordances and donor motivations in charitable crowdfunding. Information Technology & People, 29(1), 1-33. http://dx.doi.org/10.1108/ITP-09-2014-0215 Eveland, V. B., & Crutchfield, T. N. (2007). Understanding why people do not give: Strategic funding concerns for aids-related nonprofits. International Journal of Nonprofit and Voluntary Sector Marketing, 12(1), 1–12. https://doi.org/10.1002/nvsm.7 Hua, X., Huang, Y., & Zheng, Y. (2019). Current practices, new insights, and emerging trends of financial technologies. Industrial Management & Data Systems, 119(7), 1401-1410. https://doi.org/10.1108/IMDS-08-2019-0431 Kashif, M., Jamal, K. F., & Rehman, M. A. (2018). The dynamics of zakat donation experience among Muslims: A Phenomenological Inquiry. Journal of Islamic Accounting and Business Research, 9(1), 45-58. https://doi.org/10.1108/JIABR-01-2016-0006 La Kahija, Y. F. (2017). Penelitian fenomenologis jalan memahami pengalaman hidup. Yogyakarta: Kanisius. Liu, L., Suh, A., & Wagner, C. (2018). Empathy or perceived credibility? An empirical study on individual donation behavior in charitable crowdfunding. Internet Research, 28(3), 623-651. https://doi.org/10.1108/IntR-06-2017-0240 Mustafa, M. O. A., Mohamad, M. H. S., & Adnan, M. A. (2013). Antecedents of zakat prayers’ trust in an emerging zakat sector: An exploratory study. Journal of Islamic Accounting and Business Research, 4(1), 4-25. https://doi.org/10.1108/17590811311314267 Muzikante, I., & Skuskovnika, D. (2018). 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Retrieved from https://scholarworks.gvsu.edu/ honorsprojects/556 Shabbir, H., Palihawadana, D., & Thwaites, D. (2007). Determining the antecedents and consequences of donor-perceived relationship quality: A dimensional qualitative research approach. Psychology and Marketing, 24(3), 271-293. https://doi.org/10.1002/mar.20161 Smith, R. W., Faro, D., & Burson, K. A. (2013). More for the many: The influence of entitavity on charitable giving. Journal of Consumer Research, 39(5), 961-976. https://doi.org/ 10.1086/666470 Stebbins, E., & Hartman, R. L. (2013). Charity brand personality: Can smaller charitable organizations leverage their brand's personality to influence giving. International Journal of Nonprofit and Voluntary Sector Marketing, 18(3), 203-215. https://doi.org/ 10.1002/nvsm.1468 Teah, M., Lwin, M., & Cheah, I. (2014). Moderating role of religious beliefs on attitudes towards charities and motivation to donate. 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The Role of Store Image on Repurchase Intention with Customer Satisfaction as Mediation Nimas Anggita Iddo Driantami; Ari Prasetyo
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 9 No. 3 (2022): Mei-2022
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol9iss20223pp427-438

ABSTRAK Penelitian ini bertujuan untuk mengetahui peran dari store image terhadap repurchase intention pada Karita Muslim Square Surabaya yang di mediasi dengan customer satisfaction. Sampel yang digunakan yaitu 131 responden yang pernah melakukan pembelian di Karita Muslim Square Surabaya. Pengujian menggunakan SEM-PLS dengan konstruk pertama yang menunjukkan hasil yang tidak valid, sehingga pengujian dilanjutkan dengan pengujian konstruk kedua dengan mengeliminasi beberapa indikator, sehingga hasil evaluasi menunjukkan bahwa antar variabel dalam konstruk secara langsung memiliki pengaruh yang positif signifikan. Sedangkan secara tidak langsung customer satisfaction menunjukkan hubungan yang positif signifikan dalam memediasi store image terhadap repurchase intention. Sehingga customer satisfaction memiliki peran partial mediation dalam peneltian ini. Penelitian ini diharapkan memiliki manfaat bagi perusahaan terkait maupun sejenis agar mampu melihat segala peluang yang ada disekitar dengan memanfaatkan setiap komponen maupun dimensi citra toko agar dapat dimanfaatkan secara maksimal untuk mencapai tujuan dari tiap-tiap perusahaan. Kata Kunci: Store Image, Customer satisfaction, Repurchase intention, Islamic Retail. ABSTRACT This study aims to determine the role of store image on repurchase intention at Karita Muslim Square Surabaya which is mediated by customer satisfaction. The sample used is 131 respondents who have purchased at Karita Muslim Square Surabaya. The test uses SEM-PLS with the first construct showing invalid results, so the test is continued with the second construct testing by eliminating several indicators, the evaluation results show that the variables in the construct directly have a significant positive effect. Meanwhile, customer satisfaction indirectly shows a significant positive relationship in mediating store image on repurchase intention. So customer satisfaction has a partial mediation role in this research. This research is expected to have benefits for related and similar companies so they are able to see all the opportunities that exist by utilizing every component and dimension of the store image so they can be utilized optimally to achieve the goals of each company. Keywords: Store Image, Customer satisfaction, Repurchase intention, Islamic retail. DAFTAR PUSTAKA Akter, S., & Ashraf, E. (2016). Factors affecting repurchase intention of customers: In the context of retail chain store industry in Bangladesh. European Journal of Business and Management, 8(32), 40–47. Bray, J. (2008). Consumer behaviour theory: Approaches and models. Unpublished Discussion paper. Retrieved from https://eprints.bournemouth.ac.uk/10107/1/Consumer_Behaviour_Theory_-_Approaches_%26_Models.pdf Burlison, J., & Oe, H. (2018). A discussion framework of store image and patronage: A literature review. International Journal of Retail and Distribution Management, 46(7), 705–724. https://doi.org/10.1108/IJRDM-11-2017-0275 Burt, S., & Carralero-Encinas, J. (2000). The role of store image in retail internationalisation. International Marketing Review, 17(4–5), 433–453. https://doi.org/10.1108/02651330010339941 Cuong, P. H. (2019). Antecedents of store management strategies and visual merchandising on the in-store engagement of consumer good buyers: An empirical study. Global Business and Finance Review, 24(4), 76–89. https://doi.org/10.17549/gbfr.2019.24.4.76 Gocek, I., & Beceren, Y. I. (2012). Assessment of the effects of store image, perceived risk and customer relations on customer satisfaction in the textile industry. International Journal of Business and Social Science, 3(9), 133–146. Hamid, R. S., & Anwar, D. S. M. (2019). Structural equation modeling (SEM) berbasis varian: Konsep dasar dan aplikasi dengan program SmartPLS 3.2.8 dalam riset bisnis. Jakarta: PT. Inkubator Penulis Indonesia. Harahap, L. K. (2020). Analisis SEM (Structural equation modelling) dengan SMARTPLS (Partial least square). Fakultas Sains dan Teknologi UIN Walisongo Semarang, 1, 1-11. Haryono, S. (2017). Metode SEM untuk penelitian manajemen dengan AMOS LISREL PLS. Bekasi: PT. Intermedia Personalia Utama. Hellier, P. K., Geursen, G. M., Carr, R. A., & Rickard, J. A. (2003). Customer repurchase intention. European Journal of Marketing, 37(11/12), 1762–1800. https://doi.org/10.1108/03090560310495456 Ho, H. T., Nguyen, T. K. A., Olsen, S. O., & Vassdal, T. (2010). Explaining repurchase intention towards in Vietnam: The extension of the theory of planned behavior. IIFET 2010 Montpellier Proceedings, 1–12. Hosseini, Z., Jayashree, S., & Malarvizhi, C. (2014). Store image and its effect on customer perception of retail stores. Asian Social Science, 10(21), 223–235. https://doi.org/10.5539/ass.v10n21p223 Ibzan, E., Balarabe, F., & Jakada, B. (2016). Consumer satisfaction and repurchase intentions. Developing Country Studies, 6(2), 96–100. Indrasari, M. (2019). Pemasaran dan kepuasan pelanggan. Surabaya: Unitomo press. Bloemer, J. & Ruyter, K. D. (1997). On the relationship between store image, store satisfaction and store loyalty. European Journal of Marketing, 32(5/6), 499–513. https://doi.org/10.1108/03090569810216118 Kementerian Perencanaan Pembangunan Nasional. (2019). Masterplan Ekonomi syariah Indonesia 2019-2024. Jakarta: Kementerian Perencanaan Pembangunan Nasional. Khoa, B. T., Nguyen, T. D., & Nguyen, V. T. T. (2020). Factors affecting customer relationship and the repurchase intention of designed fashion products. 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V. (2013). Store image attributes and customer satisfaction in supermarkets in Campo Grande-MS. Revista Brasileira de Marketing, 12(4), 85–107. https://doi.org/10.5585/remark.v12i4.2561 Yalcin, A., Aksoy, L., Keiningham, T. L., Larivière, B., III, F. V. M., & Mithas, S. (2012). The satisfaction, repurchase intention and shareholder value linkage: A longitudinal examination of fixed and firm-specific effects. International Conference on Economic Modeling, Proceedings, 37.

Comparison of Financial Performance on Full Sharia Life Insurance Companies and Sharia Business Units Life Insurance in Indonesia Based on EWS and RBC Ratios Farah Aima Syahida; Alfiah Hasanah; Asep Muhammad Adam
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 9 No. 3 (2022): Mei-2022
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol9iss20223pp338-351

ABSTRAK Perkembangan industri asuransi syariah saat ini mengalami pertumbuhan yang cepat sejalan dengan perkembangan perbankan syariah di Indonesia. Meski memiliki catatan pertumbuhan yang baik setiap tahunnya, bukan berarti perusahaan asuransi syariah memiliki kinerja keuangan yang baik. Maka, penelitian ini bertujuan untuk mengetahui perbedaan kinerja asuransi full jiwa dan perusahaan asuransi jiwa unit syariah dengan menggunakan rasio-rasio pada Early Warning System dan metode RBC untuk peninjauan pada tahun 2015-2020 di Indonesia. Uji Mann-Whitney digunakan sebagai metode analisis data untuk menjawab tujuan dalam peneltiian ini. Hasil analisis kinerja keuangan menunjukkan bahwa adanya perbedaan yang signifikan pada kinerja keuangan perusahaan asuransi jiwa full syariah dan perusahaan asuransi jiwa unit usaha syariah jika dilihat menggunakan Retention Ratio, rasio cadangan teknis, dan rasio kecukupan dana. Di sisi lain, tidak ditemukan perbedaan yang begitu signifikan antara kinerja perusahaan asuransi jiwa full syariah dan perusahaan asuransi jiwa unit usaha syariah dalam hal Solvency Margin Ratio, rasio beban klaim asuransi, rasio likuiditas, tingkat pertumbuhan premi, dan RBC. Hasil penelitian ini dapat menjadi gambaran bagi dan pertimbangan bagi pemangku kebijakan untuk meningkatkan kinerja perusahaan asuransi syariah di Indonesia. Kata Kunci: Asuransi Syariah, Early warning System, Risk-Based capital, Uji Mann-Whitney. ABSTRACT The development of the sharia insurance industry is currently experiencing rapid growth in line with the development of sharia banking in Indonesia. Although it has a good record of growth every year, it does not reflect that Islamic insurance companies have a good financial performance. Thus, this study aims to determine the differences in the performance of life insurance and sharia unit life insurance companies by using the ratios in the Early Warning System and the RBC method in the period 2015–2020 in Indonesia. The Mann-Whitney test was used as a data analysis method. The results show that there is a significant difference in the financial performance of a full sharia life insurance company and a sharia business unit life insurance company when viewed using the Retention Ratio, technical reserve ratio, and fund adequacy ratio. In addition, there is no significant difference between the performance of a full sharia life insurance company and a sharia business unit life insurance company in terms of Solvency Margin Ratio, insurance claim expense ratio, liquidity ratio, premium growth rate, and RBC. The results of this study could portray policymakers to improve the performance of Islamic insurance companies in Indonesia. Keywords: Sharia Insurance, Early Warning System, Risk-Based Capital, Mann-Whitney Test. DAFTAR PUSTAKA Adhita, O., Fauziah, E., & Azib, A. (2017). Analisis perbandingan kinerja keuangan berdasarkan rasio keuangan early warning system pada PT prudential life insurance syariah dan PT asuransi bringin jiwa sejahtera syariah. Prosiding Hukum Ekonomi Syariah, 3(1), 155–161. https://doi.org/10.29313/SYARIAH.V3I1.5436 Amani, Z. A., & Sukmaningrum, P. S. (2019). Kinerja keuangan pada perusahaan asuransi syariah di indonesia dan perusahaan asuransi syariah di Malaysia periode 2013-2015. Jurnal Ekonomi Syariah Teori dan Terapan, 5(8), 645. https://doi.org/10.20473/vol5iss20188pp645-663 Awaliyah, H., Barnas, B., Akuntansi, J., & Bandung, P. N. (2020). Perbandingan kinerja keuangan perusahaan asuransi syariah berdasarkan early warning system dan risk-based capital pada PT asuransi jiwa syariah jasa mitra abadi tbk sebelum dan sesudah go public. 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Jurnal Ekonomi Syariah Teori dan Terapan, 5(11), 892–907. https://doi.org/10.20473/VOL5ISS201811PP892-907 Hosen, M. N., Ali, A. H., & Muhtasib, A. B. (2008). Materi dakwah ekonomi syariah. Jakarta: PKES (Pusat Komunikasi Ekonomi Syariah). Kustanti, H., & Indriani, A. (2016). Analisis perbandingan efisiensi bank umum syariah (BUS) dan unit usaha syariah (UUS) dengan metode stochastic frontier analysis (SFA) periode 2010-2014. Jurnal Studi Manajemen Organisasi, 13(2), 140-148. https://doi.org/10.14710/jsmo.v13i2.13405 Mahsun, M., Sulistiyowati, F., & Purwanugraha, H. A. (2011). Akuntansi sektor publik. Yogyakarta: BPFE UGM. Munawir. (1992). Analisa laporan keuangan. Yogyakarta: Liberty. Nurfadila, S., Hidayat, R. R., & Sulasmiyati, S. (2015). Analisis rasio keuangan dan risk based capital untuk menilai kinerja keuangan perusahaan asuransi (Studi pada PT asei reasuransi indonesia (Persero) periode 2011-2013). Jurnal Administrasi Bisnis, 22(1). Ramdhana, D., & Tandika, D. (2018). Analisis perbandingan kinerja keuangan asuransi syariah dan konvensional menggunakan metode risk based capital dan early warning system. Prosiding Manajemen, 0(0), 135–141. https://doi.org/10.29313/.V0I0.9086

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