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INDONESIA
Jurnal Ekonomi Syariah Teori dan Terapan
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.
Arjuna Subject : -
Articles 1,152 Documents
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The Role of Green Sukuk in Financing Sustainable Transport and Reducing Emissions Mustofa, Hafidz Zainul; Wahyudi, Amin
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 12 No. 1 (2025): Februari-2025
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol12iss20251pp29-44

Abstract

This study examines how green sukuk, as a sustainable financing tool, can reduce CO2 emissions by financing the sustainable transportation sector in Indonesia. This study uses a qualitative approach and content analysis techniques to investigate the contributions of funds distributed through green sukuk to different green transportation projects. The results show that green sukuk financing for the sustainable transportation sector reached IDR 34 trillion, the largest amount compared to other sectors, such as renewable energy and water management. Financing in this sector has reduced carbon emissions by more than 15 million tonnes from 2018 to 2022. In addition, green sukuk also contributes to achieving SDGs. By offering empirical data on the effects of green sukuk financing in the sustainable transportation sector on lowering CO2 emissions, this study adds to existing literature and emphasises how it helps Indonesia achieve SDGs. This study also identified limitations in data coverage and economic impact that require further exploration. Future research should adopt a more holistic approach and consider external variables that may affect the effectiveness of green sukuk. The government can increase the effectiveness of green sukuk by implementing policies that encourage its development, including providing incentives for investors and integrating smart and green city concepts as strategic steps.
Sectoral Stock Performance During Ramadan: Comparative Evidence from Indonesia Perdana, Yuda Mahesa; Rusgianto, Sulistya
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 12 No. 1 (2025): Februari-2025
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol12iss20251pp45-56

Abstract

This study aims to compare three stock sectors in Indonesia, namely the consumer goods, financial, and transportation sectors during the Ramadan period of 2020-2024, using the Kruskal-Wallis test. The data was taken from the daily closing prices of stocks in the consumer goods, financial, and transportation sectors listed on the ISSI index. The results of this study indicate that there is no significant abnormal return difference among the three stock sectors, with a significance value of 0.482. However, the financial sector showed a positive mean return compared to the other sectors. The limitations of this study lie in the scope of the three sectors and the time period of the research, while the implications suggest that the financial sector can be considered by investors for their portfolios, as it tends to be more stable than the other sectors during Ramadan.
Key Performance Processes in Islamic Hospitals: A Maslahah-Based Analytical Network Process Approach Saputro, Eko Hadi; Firdaus, Achmad
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 12 No. 1 (2025): Februari-2025
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol12iss20251pp57-72

Abstract

This study adopts the Analytic Network Process (ANP) approach, integrating the MUKISI Certification Standards and DSN-MUI Fatwa No. 107 of 2016 to develop key processes based on Maslahah Performa (MaP) in Islamic Hospitals (IH). A qualitative research methodology was employed, utilizing interviews, questionnaires, documentation, and literature reviews to collect data from academics, experts, and practitioners. The results indicate that worship orientation is the highest priority in key processes , with a score of 0.230, followed by internal process orientation,talent, learning, customer, and wealth, each with a score of 0.153. These findings underscore the critical role of integrating spiritual values into IH governance to enhance competitive advantage, deliver comprehensive healthcare services, and contribute to the strengthening of the halal ecosystem in the healthcare sector. The implications of this model are expected to provide practical guidance for improving the sustainable performance of IH. Additionally, it offers a foundation for further academic research aimed at developing more comprehensive studies in this field.
Stock Market Reaction to Corporate Sukuk Issuance: Evidence from Indonesia Aisy, Fathiya Nimatul; Fianto, Bayu Arie
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 12 No. 1 (2025): Februari-2025
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol12iss20251pp73-85

Abstract

This study aims to examine the reaction of the Indonesian stock market to sukuk issuances over an 11-year period from January 2013 to December 2023. The quantitative approach is employed using an event study and market model, with the Indonesia Sharia Stock Index (ISSI) as the benchmark. This study analyzes market reactions using average abnormal returns and average trading volume activity as variables. The results show that there is a market reaction around the sukuk issuance date, with a significant negative average abnormal return in periods t-7, t+2, and t+4. Furthermore, there is no significant difference in average abnormal returns and average trading volume activity before and after the sukuk issuance. The average abnormal return and average trading volume activity of each company also show no significant difference before and after the sukuk issuance, except for the average trading volume activity of companies TINS and INKP in the basic materials sector. These findings indicate a significant negative reaction to sukuk issuances. This result contradicts previous literature that states a significant market reaction, either positive or negative. The insignificance of these results seems to be caused by investor perceptions of sukuk issuances in Indonesia.
The Moderating Role of Environmental Knowledge in Green Halal Cosmetic Purchase Intentions Herianto; Wardani, Tri Ulfa; Purnamasari, Dian Septi; Haslindah
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 12 No. 1 (2025): Februari-2025
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol12iss20251pp86-96

Abstract

The purpose of this study was to identify and analyze the purchase intention of environmentally friendly halal cosmetic products by millennial Muslim generations in Indonesia moderated by knowledge of the environment. This study used a quantitative approach, data were obtained by distributing questionnaires (google form) through WhatsApp and Instagram social media, sampling using a perceptive sampling technique, the number of respondents was 115 people with the withdrawal of the younger generation of women and men aged 15-30 years and living in Indonesia. The research model uses the structural equation modeling–partial least structural (SEM) model with the help of Smart-PLS 3 statistical software analysis. The findings of this study indicate that self-efficacy influences attitudes, eco-label influences halal-green awareness, normative belief variables influences on subjective norms, perceptual behavioral control influences the intention to consume environmentally friendly halal. Furthermore, the presence of environmental knowledge as a moderating variable indicates that this variable does not have a moderating effect on the relationship between attitude variables, green-halal awareness and subjective norms with the intention to consume environmentally friendly halal. However, these variables have a significant direct effect on the intention to consume environmentally friendly halal. This study is one of the comprehensive research on the intention to buy environmentally friendly halal products.
Assessing the Financial Performance of Indonesian Islamic Banks Converted from Regional Banks: An RGEC Approach Safitri, Linda; Mukhlisuddin, Ahmad
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 12 No. 2 (2025): Mei-2025
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol12iss20252pp212-228

Abstract

This study aims to determine the effect of the audit committee, namely the size and meeting of the audit committee, audit opinion, company size and KAP reputation on the audit report lag of Islamic commercial banks for the period 2015-2023. The sampling method was carried out using purposive sampling method which resulted in a sample of 8 Islamic commercial banks in Indonesia with a total of 72 data. Based on the results of the research that has been done, it can be concluded that only audit committee size, audit opinion and company size have an effect on audit report lag at Islamic commercial banks, while audit committee meetings and KAP reputation have no effect on audit report lag at Islamic commercial banks. Meanwhile, simultaneously the variables of audit committee size, audit committee meetings, audit opinion, company size and KAP reputation have a significant effect on audit report lag at Islamic Commercial Banks for the period 2015-2023. The limitation of this study is that there are many measurement methods that can be used to calculate the audit committee variable, but this study only measures the size and meetings of the audit committee.
Determinants of Shariah Governance Disclosure in Islamic Banks: Evidence from Indonesia and Malaysia Sandy, Andre Kurniawan; Filianti, Dian
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 12 No. 2 (2025): Mei-2025
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol12iss20252pp110-124

Abstract

This study aims to determine the influence of company age, company size, third-party funds growth, and institutional ownership on the disclosure of sharia governance, measured using the content analysis method, in Islamic banks in Indonesia and Malaysia both partially and simultaneously. The population used in this study is Islamic banks in Indonesia and Malaysia during the 2019-2023 period. The sampling technique used is purposive sampling, resulting in 10 Islamic banks in Indonesia with 50 data points and 12 Islamic banks in Malaysia with 60 data points. This study employs a quantitative method with a panel data regression analysis model, using EViews 13 software. The results of this study found that, partially, the variable of company age has a significant positive effect on sharia governance disclosure, and the variable of company size has a significant negative effect on sharia governance disclosure in Islamic banks in Indonesia and Malaysia, while third-party funds growth and institutional ownership do not have a significant effect on sharia governance disclosure in Islamic banks in Indonesia and Malaysia. Simultaneously, the variables of company age, company size, third-party funds growth, and institutional ownership significantly influence the sharia governance disclosure of Islamic banks in Indonesia and Malaysia from 2019-2023.
Macroeconomic Factors and Market Indicators Affecting Islamic Mortgage Financing in Indonesia Putri, Diana Clarisa Alya; Laila, Nisful
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 12 No. 2 (2025): Mei-2025
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol12iss20252pp125-140

Abstract

This study aims to analyze the influence of the BI Rate, Gross Domestic Product (GDP), Residential Property Price Index (RPPI), and Indonesia Sharia Stock Index (ISSI) on the mortgage financing of Islamic banks in Indonesia. The objective of this research is to provide recommendations for the government in formulating macroeconomic policies that facilitate public access to Islamic mortgage financing. This research employs a quantitative approach using the Autoregressive Distributed Lag (ARDL) method, processed with E-Views 12. Data were sourced from Islamic Banking Statistics by OJK, Bank Indonesia, Kemendagri, BPS, and CEIC for the 2014-2024 period. The findings indicate that in the short term, the BI Rate and GDP have a significant positive influence, while RPPI has a significant negative influence on Islamic mortgage financing. Conversely, ISSI shows no significant influence in the short term. In the long term, only GDP has a significant positive impact on Islamic mortgage financing, whereas the BI Rate, RPPI, and ISSI exhibit no significant effects. These findings provide critical insights into the dynamics of macroeconomic variables affecting Islamic mortgage financing and their implications for economic policy formulation.
Corporate Actions and Islamic Bank Performance: A Generalized Synthetic Control Evidence from Bank Muamalat Indonesia Fadlha, Sulthan Arief; Fathurrohman, Muhamad Said
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 12 No. 2 (2025): Mei-2025
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol12iss20252pp141-158

Abstract

This study aims to evaluate the impact of corporate actions implemented by Bank Muamalat Indonesia (BMI) in 2018 on aspects of profitability, capital adequacy, and financing quality, compared to other Islamic banks. The method used is Generalized Synthetic Control (GSC), which allows comparison between BMI that performs corporate actions and Islamic banks that do not. The data analyzed includes Net-Operating Margin (NOM), Return On Asset (ROA), and Net Income (NI) ratios to measure profitability, Capital Adequacy Ratio (CAR) for capital adequacy, and Non-Performing Financing (NPF) for financing quality, with a sample of 8 Islamic banks. The results show that there is a significant positive effect of corporate action of asset sales on NPF in a certain period, while CAR is not significantly affected by corporate action rights issues. For profitability ratios, only the NI ratio showed a significant negative effect, while ROA and NOM were not significantly affected, although both experienced a decline after the corporate action. These findings suggest that the impact of corporate actions varies depending on the conditions of each bank, and can be used by management to plan appropriate corporate action policies in corporate strategy.
Empowering Gig Workers: The Role of Self-Leadership and Islamic Work Ethics through Work Engagement Ariawan, Muhammad Ghufron; Zulaikha, Siti
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 12 No. 2 (2025): Mei-2025
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol12iss20252pp159-176

Abstract

This study investigates the relationship between self leadership, Islamic work ethic, work motivation, and job performance with the mediation of work engagement and moderation of perceived organizational support in gig workers. The sample consisted of 240 Muslim online ojek drivers in Surabaya, aged 18-50 years, selected using purposive sampling. This quantitative research uses SEM-PLS method through SmartPLS4 application. The results show self leadership, Islamic work ethic, and work motivation have a significant positive influence on job performance. Work engagement acts as a significant mediator, while perceived organizational support weakens the relationship between self leadership and job performance. The limitation of the study is the limited scope of respondents in the online motorcycle taxi sector, so the results cannot be generalized to other gig workers. This study underscores the importance of strengthening work engagement and organizational support to improve the performance of gig workers, and highlights the relevance of Islamic work ethics in supporting job performance in the gig economy. This study has originality by examining the role of mediation and moderation in the relationship.

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