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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
 67   68   69   70   71 
THE ANALYSIS OF THE ENVIRONMENTAL IMPACT AND COMMUNITY ECONOMIC SOCIAL CHANGE THAT WAS INCURRED BY THE BEACH RECLAMATION VIEWED FROM AN ISLAMIC PERSPECTIVE (CASE STUDY OF KENJERAN BEACH SURABAYA) Putri Amalia Zahrah; Sri Herianingrum
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 7 No. 4 (2020): April-2020
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol7iss20204pp623-632

Abstract

This study aims to determine how the environmental impacts arising from the beach reclamation activities in the Kenjeran Beach, Surabaya, viewed from the Islamic perspective. The method used is descriptive qualitative case study method where this research was conducted by conducting interviews, documentation and direct observation. The object of this research is the Kenjeran Beach in Surabaya, where the data were obtained based on interviews conducted with ten informants consisting of the government apparatus of the Bulak and Kenjeran Districts, traders, and the surrounding community. Based on the results of the study showed that the infrastructure development carried out caused changes in the ecosystem. The environmental impact also affects the socio-economic life of the surrounding community. Kenjeran Beach Reclamation Activity has not fully met Al-Istishlah indicators in environmental care. And in several aspects of the Islamic Maqashid indicators also have not been run optimally.Keywords: environmental impact, socio-economic change, beach reclamation, kenjeran beach, Islamic perspective.REFFERENCE Al-Qur’an Creswell, John W. (2010). Research design pendekatan kualitatif, kuantitatif, dan mixed. Yogyakarta: Pustaka PelajarDahuri, R. 2001. Pengelolaan sumberdaya wilayah pesisir dan lautan secara terpadu. Jakarta: PT. Pradnya Paramita. Habibi, A. (2012). Trade off kerusakan sumber daya alam dan pembangunan ekonomi. Asas: Jurnal Hukum Ekonomi Syariah, 4(1), 1-5. Herianingrum, Sri. (2014). Implementation of maqashid al sharia as a model of economic development agriculture in East Java. Journal of Business and Economic, 5(9), 1701-1708.Meirison. (2017). Jenis kepemilikan dalam sistem ekonomi Islam. Maqdis: Jurnal Kajian Ekonomi Islam, 2(1), 93-109.Moleong, Lexy J. (2007). Metode penelitian kualitatif. Bandung: PT Remaja PosdakaryaN.d. (2013). Rencana tata ruang wilayah kota Surabaya. Surabaya: Pemerintah Kota Surabaya.Otto Soemarwoto. (2004). Ekologi, lingkungan hidup dan pembangunan. Jakarta: Djambatan.Sugiyono. (2016). Metode penelitian kuantitatif kualitatif dan R & D. Bandung: Alfabeta.Yakin, Adinul. (2015). Ekonomi sumber daya alam dan lingkungan: teori, kebijakan, dan aplikasi bagi pembangunan berkelanjutan. Jakarta: Akademika Pressindo.Peraturan Menteri Negara Lingkungan Hidup No. 05 Tahun 2012 tentang Jenis Rencana Usaha dan/atau Kegiatan yang Wajib meiliki analisis mengenai dampak lingkungan Hidup (AMDAL)Peraturan Menteri Perhubungan No PM 52 Tahun 2011PP Nomor 27 Tahun 1999, tentang Analisis Mengenai Dampak Lingkungan (AMDAL) PP Nomor 27 Tahun 2012 tentang Izin Lingkungan RTRW Surabaya, 2013UU Nomor 27 Tahun 2007, tentang Pengelolaan Wilayah Pesisir Dan Pulau-Pulau Kecil.UU Nomor 23 Tahun 1997 tentang Pengelolaan Lingkungan Hidup.
THE IMPACT OF PRODUCTIVE ZAKAT EMPOWERMENT IN THE LEVEL OF MUSTAHIK SUCCESS (CASE STUDY OF IZI LAZ SURABAYA) Andi Asmarani Husein; Tika Widiastuti
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 7 No. 6 (2020): Juni-2020
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol7iss20206pp1051-1059

Abstract

This research is to serve the information on the role of productive zakat empowerment that affects the success of mustahik efforts by IZI LAZ Surabaya. This research uses the qualitative research method, which is narrative descriptive with a study case research technique. This research object is the alms empowerment program by IZI LAZ Surabaya. It is located in Kalipare village, Malang, Jawa Timur. The result of this research shows that the empowerment by IZI affects mustahik’s development. In the beginning, the mustahik in Kalipare, Malang are lack of employment. With the shuttlecock industry that is empowered by IZI LAZ Surabaya, they managed to lure the people and open new employments for mustahik in Kalipare.Keyword: Empowerment, Productive zakat, MustahikREFFERENCE Suprayitno, Eko. (2005). Ekonomi Islam: Pendekatan ekonomi makro Islam dan konvensional. Yogyakarta: Penerbit Graha Ilmu.Thoriquddin, Moh. (2015). Pengelolaan zakat produktif perspektif maqasid al-syari’ah ibnu ‘asyur. Malang: Penerbit UIN-Maliki Press.Asnaini. (2007). Zakat produktif dalam perspektif hukum Islam. Yogyakarta: Pustaka Belajar.Ansori, Teguh. (2018). Pengelolaan dana zakat produktif untuk pemberdayaan mustahik pada Lazisnu Ponorogo. Muslim Heritage, 3(1), 165-183.  DOI: https://doi.org/10.21154/muslimheritage.v3i1.1274Ahmad., Abdullah. (2014). Metode penelitian ekonomi Islam muamalah. Bandung: Pustaka Setya.A.M. Panjaitan., Jobiliong E., Jony. (2015). Strategi peningkatan jumlah konsumen di rumah makan long’s food. Journal Industrial Services, 1(1), 44-47. DOI: http://dx.doi.org/10.36055/jiss.v1i1.319Wulansari Dwi, Setiawan Hendra. (2014). Analisis peranan dana zakat produktif terhadap perkembangan usaha mikro mustahik (penerima zakat) (studi kasus Rumah Zakat Kota Semarang). Diponegoro Journal of Economics, 3(1): 1-15.Firmansyah. (2013). Zakat sebagai instrumen pengentasan kemiskinan dan kesenjangan pendapatan. Jurnal Ekonomi dan Pembangunan, 21(2), 179-190.Putri PP, Prahesti DD. (2018). Peran dana zakat terhadap peningkatan penghasilan melalui bantuan modal usaha kecil dan mikro. 1, 119-134. DOI: 10.30874/comdev.2017.17Purwanti, Endang. (2012). Pengaruh karakteristik wirausaha, modal usaha, strategi pemasaran terhadap perkembangan UMKM di Desa dayaan dan Kalilondo Salatiga. Among Makarti, 5(9), 13-28.
THE EFFECT OF FUNDAMENTAL FACTORS AND MACROECONOMIC VARIABLES ON THE CAPITAL BUFFER OF ISLAMIC BANKS Ulis Fajar Choirotun Hisan; Dina Fitrisia Septiarini
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 7 No. 2 (2020): Februari-2020
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol7iss20202pp356-371

Abstract

Banks are trust institutions. The tools that are appropriate to support this trust are the capital adequacy of the bank (capital buffer), related to the ability of banks to detect the risks faced. This study discusses the effects of financing risk (NPF), operational risk (BOPO), market risk (NI), profitability (ROA), bank size (SIZE), Gross Domestic Product (GDP), and money exchange (M2) on buffer capital (M2) CAR) BUS in Indonesia during the period 2010-2018, both partially and simultaneously. The data used are quantitative data with panel data regression methods using statistical tools stata13. This research uses secondary data while the study population is 14 Islamic commercial banks which then obtained a sample of 11 BUS based on the purposive sampling method. NPF, NI, SIZE, GDP, and M2 have a significant effect on CAR, where NI and M2 have a positive effect, and NPF, SIZE, GDP affect negatively. Related to expenditure risk variables, market risk, bank size, GDP, and money that can be issued as determined by the BUS capital buffer in Indonesia in the period 2010-2018. Operational Risk (BOPO) and profitability (ROA) have no significant effect on BUS capital buffers (CAR) in the study period. Regarding implementation of Basel III, funding risk and market risk are significant determinants of capital buffers, and capital buffers are found to be procyclical to Indonesia's finances. Keywords: capital buffer, risk profile, macroeconomic conditions, basel III.REFFERENCEAbusharba, M. T., Triyuwono, I. (2013). Determinants of capital adequacy ratio (CAR) in Indonesian islamic commercial banks. Global Review of Accounting and Finance, 4(1), 159-170. Al-Tamimi, Khaled, A. & Samer, F. (2013). Determinants of capital adequacy in commercial banks of Jordan an empirical study. International Journal of Academic Research in Economics and Management Sciences, 2(4), 44-58. http://dx.doi.org/10.6007/IJAREMS/v2-i4/53Andhika, Y. D. & Suprayogi, N. (2016). Determinan capital adequacy ratio (CAR) bank umum syariah di Indonesia. Jurnal Ekonomi Syariah Teori dan Terapan, 4(4), 312-323.Ardi, Murdoko, S. & Lana, Sularto. (2007). Pengaruh ukuran perusahaan, profitabilitas, leverage, dan tipe kepemilikan perusahaan terhadap luas voluntary disclosure laporan keuangan tahunan. Jurnal Penelitian, 2, 53-61.Awojobi, O., Amel, R., & Norouzi, S. (2011). Analysing risk management in banks: Evidence of bank efficiency and macroeconomic impact. Journal of Money, Investment and Banking. Euro Journals Publishing, Inc. (22) http://mpra.ub.uni-muenchen.de/33590/Baltagi, B. H. (2005). Econometric analysis of panel data. Chichester: John Willwy & Sons.BI. (2011). Peraturan Bank Indonesia No 13/1/PBI/2011 tentang Penilaian Tingkat Kesehatan Bank Umum. Jakarta: Bank Indonesia.__. (2013). Peraturan Bank Indonesia Nomor 15/12/PBI/2013 tentang Kewajiban Penyediaan Modal Minimum Bank Umum. Jakarta: Bank Indonesia.Bouheni, F. B., & Houssem R. (2015). Bank capital adequacy requirements and risk-taking behavior in Tunisia: A simultaneous equations framework. The Journal of Applied Business Research, 31(1), 231-238.Dendrawijaya, L. (2009). Manajemen perbankan. Jakarta: Ghalia Indonesia.Fatimah, S. (2013). Pengaruh rentabilitas, efisiensi, dan likuiditas terhadap kecukupan modal bank umum syariah. Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah, 6(1), 42-58.Ghozali, I. (2011). Aplikasi analisis multivariate dengan program SPSS. Semarang:  Universitas Diponegoro.Greuning, H. V., dan Iqbal, Z. (2011). Risk analysis for islamic banks: Analisis risiko perbankan syariah. Jakarta: Salemba Empat.Gujarati, D.N. (2006). Dasar-Dasar Ekonometrika Edisi 5 Jilid 1. Jakarta: Erlangga.Hempel, G. H., Coleman, A. B., & Simonson, D. G. (1986). Bank management, text and case. New York: John Wiley & Sons.Hengkeng, J. A. Walewangko, E. N., & Niode A. O. (2018). Analisis faktor-faktor yang mempengarui capital adequacy ratio bank sulut-go tahun 2002.I-2017.IV.Jurnal Berkala Ilmiah Efisiensi, 18(4), 84-95.Ikatan Bankir Indonesia (IBI) dan Banker Association for Risk Management (BARa). 2015. Manajemen risiko 1. Edisi 1. Jakarta: PT Gramedia Pustaka Utama.Johnson, F. P., & Richard, D. J. (1985). Commercial bank management. New York: The Dryden Press.Karim, A. A. (2004). Bank Islam: Analisis fiqih dan keuangan. Jakarta: RajaGrafindo Persada.Karim, A. A. (2007). Ekonomi makro Islami. Jakarta: Raja Grafindo Persada.Koch, T. W., & MacDonald, S. S. (2003). Bank management. Fifth Edition. Ohio: South-Western Thomson.Mankiw, N. G., Quah, E., & Wilson, P. (2014). Pengantar ekonomi makro: Edisi Asia. Jakarta: Salemba Empat.Mili, M., Sahut, J.M., Trimeche H., & Teulon, F. (2016). Determinants of the capital adequacy ratio of foreign banks’ subsidiaries: The role of interbank market and regulation. Research in International Business and Finance, 42(C), 442-453.  http://dx.doi.org/doi:10.1016/j.ribaf.2016.02.002Muhammad. (2005). Manajemen bank syari’ah. Yogyakarta: UPP STIM YKPN.OJK. (2019). Statistik perbankan syariah. Jakarta: Otoritas Jasa Keuangan.___. (2015). Surat Edaran Otoritas Jasa Keuangan No. 34/SEOJK.03/2015 tentang perhitungan aset tertimbang menurut risiko untuk risiko kredit menggunakan metode standar bagi Bank Umum Syariah. Jakarta: Otoritas Jasa Keuangan.___. (2019). OJK Terapkan Perhitungan Risiko Pasar Basel III Terbaru. SP 02/DHMS/OJK/I/2019. Jakarta: Otoritas Jasa Keuangan.Shehzad, C. T., Haan, J.d., & Scholtens, B. (2010). The impact of bank ownership concentration on impaired loans and capital adequacy. Journal of Banking & Finance, 34(2), 399-408.Shingjergji, A., & Marsida, H. (2015). The determinants of the capital adequacy ratio in the Albanian banking system during 2007-2014. International Journal of Economics, Commerce and Management, 3(1), 1-10.Sutrisno. (2018). Factors determinant of bank capital buffer: empirical study on islamic rural banking in indonesia. Advances in Social Science, Education and Humanities Research. Proceedings of the 15th International Symposium on Management (INSYMA 2018).Taswan. (2013). Akuntansi perbankan: Transaksi dalam valuta rupiah. Edisi Tiga. Yogyakarta: UPP STIM YKPN.Umam, K. (2013). Manajemen perbankan syariah. Bandung: CV Pustaka Setia.UU RI. (2008). Perbankan Syariah. Jakarta: Undang-Undang Republik Indonesia.Wilara, G. R. dan Agus, T. B. (2016). Determinan ketahanan modal bank syariah di Indonesia: Pendekatan ECM. Jurnal Ekonomi & Studi Pembangunan, 17(2), 157-167.William, H. T. (2011). Determinants of capital adequacy in the banking sub-sector of the Nigeria eEconomy: Efficacy of camels. (A model specification with co-integration analysis).International Journal of Academic Research in Business and Social Sciences, 1(3), 233-248.Yolanda. (2017). Capital adequacy ratio and its influencing factors on the islamic banking in Indonesia.Journal of Islamic Economics and Business, 2(2), 162-176.
THE ROLE OF FINANCING ON BUSINESS DEVELOPMENT AND WELFARE IMPROVEMENT OF THE MEMBERS OF BAITUL MAAL WAT TAMWIL Zulhazmi Zulhazmi; Ilmiawan Auwalin
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 7 No. 3 (2020): Maret-2020
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol7iss20203pp602-609

Abstract

This research aims to determine the role of financing carried out by BMT UGT Sidogiri Wonokromo branch partially or simultaneously on the business development and improvement of the welfare of its members. The method used in this study is multiple regression analysis. The population used in this study were all members of the BMT UGT Sidogiri Wonokromo branch. This study used a sample of 35 people who were members of the BMG UGT Sidogiri Wonokromo branch, who met the sample criteria. The results of this study indicate that there is a simultaneous influence of financing on business development and the welfare improvement of its members in the BMT UGT Sidogiri Wonokromo branch. The results showed that partially the variables that had a significant effect on business development and welfare improvement were age, gender, total financing and the number of customers after participating in the financing.Keywords: financing, business development and welfare improvementREFFERENCE Ananda, F. (2011). Analisis perkembangan usaha mikro dan kecil setelah memperoleh pembiayaan mudharabah dari BMT At Taqwa Halmahera di Kota Semarang. Skripsi tidak diterbitkan. Semarang: Universitas Diponegoro.Al Farizi, M. (2015). Al-Qawa’id Al-Fiqhiyyah. Al Mabsut Jurnal Studi Islam dan Sosial, 9(2).Ansori, Muslich & Iswati, Sri. (2009). Buku ajar metodologi penelitian kuantitatif. Surabaya: Airlangga University Press.Chaudry, M. S. (2012). Sistem ekonomi Islam: Prinsip dasar. Edisi 1. Jakarta: Kencana.Fitriyaningsih, E. (2012). Pengaruh besar modal (modal sendiri), pemberian kredit, dan tingkat suku bunga kredit terhadap peningkatan pendapatan pedagang kecil di Desa Tirtonirmolo Kecamatan Kasihan Bantul. Skripsi tidak diterbitkan. Yogyakarta: Universitas Negeri Yogyakarta.Nurrohmah, I. (2015). Analisis perkembangan usaha mikro, kecil dan menengah sebelum dan sesudah menerima pembiayaan musyarakah pada koperasi jasa keuangan syariah BMT (Studi kasus: BMT Beringharjo Yogyakarta). Skripsi tidak diterbitkan. Yogyakarta: Universitas Negeri Yogyakarta.Rukminto Adi, Isbandi. (2005). Ilmu kesejahteraan sosial dan pekerjaan sosial. Depok: FISIP UI PRESS.Alcock, James & Sadava, Stan. (2014). An Introduction to social psychology global perspectives. New Delhi: Sage.Saputra, A. (2015). Pengaruh penyaluran pembiayaan BMT Bina Ihsanul Fikri (BIF) terhadap perkembangan usaha pedagang pasar tradisional di kota Yogyakarta. Skripsi tidak diterbitkan. Yogyakarta: Universitas Muhammadiyah Yogyakarta.Sriyatun. (2009). Analisis pengaruh pemberian pembiayaan mudharabah BMT terhadap peningkatan pendapatan pedagang kecil di Kabupaten Sukoharjo. Skripsi tidak diterbitkan. Surakarta: Universitas Muhammadiyah Surakarta.Supardi. (2005). Metodologi penelitian ekonomi dan bisnis. Yogyakarta: UII Press.  
THE INTERNAL FACTORS AFFECTING THE FINANCING OF SHARIA GENERAL BANK IN INDONESIA FOR 2014-SEPTEMBER 2019 PERIOD Dinayatin Umaroh; Siti Zulaikha
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 7 No. 5 (2020): Mei-2020
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol7iss20205pp971-984

Abstract

This study aims to determine the effect of internal factors of Islamic commercial banks in Indonesia on financing. Measured through Bank Size (Size), Liquidity Ratio, Capital Ratio, and Third Party Funds (DPK) of the four independent variables will be tested for the effect on one dependent variable. Sampling in this study uses a purposive sampling technique that includes all Islamic commercial banks in Indonesia and is taken in accordance with the criteria and research objectives into the observation data. The observation period of research data from 2014-September 2019 amounted to 8 banks. The analytical method used is panel data regression. The results of this study found that partially Bank Size, Liquidity Ratios, Capital Ratios and Third Party Funds had a positive and significant effect on Islamic commercial bank financing in Indonesia. However, the Capital Ratio has a negative and significant effect on Islamic commercial bank financing in Indonesia. Simultaneously, the four variables indicate that the independent variable influences the financing of Islamic commercial banks. The significance value of the F-statistic test shows the number 0.000000 with the value of the R-squared coefficient 0.990219 or 99% which means the four independent variables can explain financing well.Keywords: Financing, bank size, liquidity ratio, capital ratio, third party fundsREFFERENCE Ajija, S. R., Sari, D.W., Setianto, R. H., & Primanti, M. R. (2011). Cara cerdas menguasai Eviews. Jakarta: Salemba Empat.Ansari, L. P. (2017). Pengaruh tingkat inflasi dan dana pihak ketiga terhadap pembiayaan dan implikasinya terhadap pendapatan pada bank umum syariah di indonesia (studi kasus bank syariah bukopin). Jurnal E-KOMBIS, 3(7), 93–103.Arisandi, L.W., Desak, N.S.W., & Edy, S. (2015). Pengaruh Kondisi Internal Capital Adequacy Ratio, Loan to Deposit Ratio,dan Performing Loan pada Keputusan Pemberian Kredit di PT bank Rakyat Indonesia (Persero) Tbk Tahun 2004-2013. Jurnal Ilmiah Mahasiswa Akuntansi Undiksha, 3(1).Arnan, S. G., & Kurniawasih, I. (2014). Pengaruh jumlah dana pihak ketiga dan tingkat non- performing financing terhadap pembiayaan. Proceedings SNEB 2014, 1, 1–6.Aziza, R. V. S., & Mulazid, A. S. (2015). Analisis pengaruh dana pihak ketiga, non performing financing, capital adequacy ratio, modal sendiri dan marjin keuntungan terhadap pembiayaan murabahah. Jurnal Ekonomi Dan Bisnis Islam, 2(1), 1–15.Fauzan, M. (n.d.). Pengaruh dana pihak ketiga dan modal sendiri terhadap pembiayaan. JII, 2(1), 1–20.Gianni, Nur Gilang. (2013). Faktor yang mempengaruhi pembiayaan mudharabah pada bank umum syariah di Indonesia. Accounting Analysis Journal,2(1), 96-103.Gujarati, D.N., & Zhu, L. (2004). Basic econometrics, fourth edition. New York: Mc Graw-Hill Comprnies. Gunanto. D. S. dkk. 2018. Pengaruh Financing to Deposit Ratio (FDR), Dana Pihak Ketiga (DPK), dan Return On Asset (ROA) terhadap pembiayaan musyarakah. Jurnal Ilmiah Edunomika, 2(2), 219-230.Husaeni, U. A. (2017). Determinan pembiayaan pada bank pembiayaan rakyat syariah di Indonesia. Esensi, 7(1), 49–62. https://doi.org/10.15408/ess.v7i1.4542Ichsan, Nurul. (2013). Pengelolaan likuiditas bank syariah. Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah. 6(1), 82-103.Ismail, Rifki. (2011). The Indonesian Islamic banking theory and practices. Jakarta: Gramata Publishing.Karim, A. A. (2010). Bank islam (analisis fiqih dan keuangan). Jakarta: PT. Raja Grafindo Persada.Kasmir. (2014). Analisis laporan keuangan. Jakarta: PT Raja Grafindo Persada.Kumara, Melany Devinta. (2017). Pengaruh bank size dan portofolio kredit terhadap resiko kredit bermasalah. Skripsi tidak diterbitkan. Surabaya: Fakultas Ekonomi dan Bisnis Universitas Airlangga.Kurnia, Indra dan Wisnu Mawardi. (2012). Analisis Pengaruh BOPO, EAR, LAR dan firm size terhadap kinerja keuangan (studi kasus pada bank umum konvensional yang terdaftar di Bursa Efek Indonesia Periode 2008-2011). Diponegoro Journal of Management, 1(4), 49-57.Kurniawanti, A., & Zulfikar. (2014). Analisis faktor-faktor yang mempengaruhi volume pembiayaan berbasis bagi hasil pada bank umum syariah di Indonesia. Seminar Nasional dan Call For Paper. 145-164.Malede, Mitku. (2014). Determinants of commercial banks lending: evidence from Ethiopian Commercian Bank. European Journal of Business and Management, 6, 109-118.Muhammad. (2005). Manajemen bank syariah. Yogyakarta: UPP AMP YKPN.Muhammad. (2014). Manajemen dana bank syariah. Jakarta: Raja Grafindo Persada.Nurhalimah. T. P. (2005). Analisis faktor-faktor yang mempengaruhi pembiayaan bank syariah dalam upaya pengembangan usaha kecil di Sumatra Utara. Skripsi tidak diterbitkan. Medan: Universitas Sumatra Utara.Nurhasanah, L. (2009). Pengaruh kas, dana pihak ketiga, SWBI (Sertifikat Wadiah Bank Indonesia), marjin keuntungan, dan NPF (Non Performing Financing) terhadap pembiayaan murabahah. Skripsi tidak diterbitkan. Yogyakarta: Universitas Muhammadiyah Yogyakarta.Octavina. K. dan emile. S. D. (2012). Pengaruh kas, bonus SWBI (Sertifikat Wadiah Bank Indonesia), marjin keuntungan, dan dana pihak ketiga terhadap pembiayaan murabahah: Studi empiris pada bank umum syariah di Indonesia. Jurnal akuntansi & Investasi, 13(1), 53-67.Olokoyo, Felicia Omowunmi. (2011). Determinants of commercial bank lending behaviour in Nigeria. Intenational Journal of Financial Research, 2, 61-72.Pratin., dan A. Adnan. (2005). Analisis Hubungan simpanan, modal sendiri, npl, prosentase bagi hasil, dan markup keuntungan terhadap pembiayaan pada perbankan syariah studi kasus pada Bank Muamalat Indonesia (BMI). Kajian Bisnis dan Manajemen. Edisi Khusus on Finance, 35-52.PT Bank Mega Syariah. (2019). Laporan Triwulanan. Diakses pada 3 Januari 2020. https://www.megasyariah.co.idPT Bank Muamalat Indonesia. (2019). Laporan Triwulanan. Diakses pada 3 Januari 2020. https://www.bankmuamalat.co.idPT Bank Syariah Bukopin. (2019). Laporan Triwulanan. Diakses pada 3 Januari 2020. https://www.syariahbukopin.co.idPT Bank Syariah Mandiri. (2019). Laporan Triwulanan. Diakses pada 3 Januari 2020. https://www.mandirisyariah.co.idPT BCA Syariah. (2019). Laporan Triwulanan. Diakses pada 3 Januari 2020. https://www.bcasyariah.co.idPT BNI Syariah. (2019). Laporan Triwulanan. Diakses pada 3 Januari 2020. https://www.bnisyariah.co.idPT BRI Syariah. (2019). Laporan Triwulanan. Diakses pada 3 Januari 2020. https://www.brisyariah.co.idPT Maybank Syariah. (2019). Laporan Triwulanan. Diakses pada 3 Januari 2020. https://www.maybanksyariah.co.idPurwanto, Rakhmat dan Endang Tri Widyarti. (2011). Analisis perbandingan efisisensi Bank Umum Konvensional (BUK) dan Bank Umum Syariah (BUS) di Indonesia dengan metode Data Envelopment Analysis (DEA) (Perode 2006-2010). Skripsi tidak diterbitkan. Semarang: Universitas Diponegoro.Qoyum, Abdul. (2010). Equity based financing policy, capital adequacy ratio discriminant and Islamic bank financing insurance corporation. Thesis. Kuala Lumpur: International Islamic University Malaysia.Schaik, D. (2001). Islamic banking. The Arab Bank Review, 3(1), 45-52.Safitri, I., Nadirsyah, N., & Darwanis, D. (2016). Pengaruh kinerja keuangan terhadap pembiayaan bank umum syariah di Indonesia (periode 2009-2013). Share - Jurnal Ekonomi Dan Keuangan Islam, 5(2), 155–164. https://doi.org/10.22373/share.v5i2.1239Siregar. N. (2005). Analisis faktor-faktor yang mempengaruhi penyaluran dana perbankan syariah di Indonesia. Skripsi tidak diterbitkan. Medan: Universitas Sumatra Utara.Umam, Khaerul. (2013). Manajemen perbankan syariah. Bandung: CV. Pustaka Setia.Verbeek, M. (2008). A guide to modern econometrics. New York: John Wiley & Sons.Wahyu, D. R. (2016). Financing To Deposit Ratio (FDR) sebagai salah satu penilaian kesehatan bank umum syariah (studi kasus pada bank BJB syariah cabang Serang). Jurnal Ekonomi Keuangan dan Bisnis Islam, 7(1), 19-36.Widarjono, Agus. (2013). Ekonometrika: Pengantar dan aplikasinya disertai panduan Eviews. Yogyakarta: UPP STIM YKPN.Zulkhibri, M. (2018). The impact of monetary policy on Islamic bank financing: bank-level evidence from Malaysia. Journal of Economics, Finance and Administrative Science, 23(46), 306–322. https://doi.org/10.1108/JEFAS-01-2018-0011
THE ANALYSIS OF INTERNAL FACTORS AFFECTING THE LIQUIDITY OF SOVEREIGN SUKUK IN INDONESIA Arien Rosetika; Salahuddin El Ayyubi; Widyastutik Widyastutik
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 7 No. 2 (2020): Februari-2020
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol7iss20202pp234-253

Abstract

Indonesian sovereign Sukuk has lower liquidity than the foreign bond. Sukuk liquidity is measured by total return and trade volume in the secondary market from June 2015 until May 2017. This study aims to analyze the internal determinant factors of sovereign Sukuk liquidity in Indonesia. The method used in this study is Panel Data analysis. The variables used in this study are liquidity, outstanding, coupon rate, time to maturity and age. The study results show that outstanding is significantly positive as the determinant of liquidity of sovereign Sukuk in Indonesia. Variables of time to maturity and age are significantly negative as the determinant of liquidity of sovereign Sukuk in Indonesia. Meanwhile, the coupon rate variable is not significant as the determinant of liquidity of sovereign Sukuk in Indonesia. Keywords: Liquidity, Outstanding, Coupon Rate, Time to Maturity, Age, Sovereign  Sukuk, Panel Data AnalysisREFFERENCE Accounting and Auditing Organization for Islamic Financial Institutions. (2003). Sukuk [Internet]. [diunduh 2016 Nov 22]. Tersedia pada: http://www.aaoifi.com.Alexander GJ, Edwards AK, Ferri MG. (2000). The determinants of trading volume of high yield corporate bonds. Journal of Financial markets, 3(1), 177-204.Bao J, Pan J, Wang J. (2008). Liquidity of corporate bonds. Journal of Financial Economics 44(1): 628-650.Badan Pengawas Pasar Modal dan Lembaga Keuangan. (2009). Keputusan BAPEPAM  No.123/BAPEPAM/LK/IX/2009 tentang Efek Syariah. Jakarta (ID): Badan Pengawas Pasar Modal dan Lembaga Keuangan.Bursa Efek Indonesia. (2015). IDX monthly statistics Juni – Desember 2015 [Internet]. [diunduh 2017 Sep 22]. Tersedia pada: http://www.bei.go.id.Bursa Efek Indonesia. (2016). IDX monthly statistics Januari – Desember 2016 [Internet]. [diunduh 2017 Sep 22]. Tersedia pada: http://www.bei.go.id.Bursa Efek Indonesia. (2017). IDX monthly statistics Januari – Mei 2017 [Internet]. [diunduh 2017 Sep 22]. Tersedia pada: http://www.bei.go.id.Bursa Efek Indonesia. (2017). IDX statistics 1st quarter 2017 [Internet]. [diunduh 2017 Sep 22]. Tersedia pada: http://www.bei.go.id.Bursa Efek Indonesia. (2017). Indonesia bond indexes fact sheet Juli 2017 [Internet]. [diunduh 2017 Sep 22]. Tersedia pada: http://www.bei.go.id.Bank Indonesia. (2017). Data outstanding sukuk negara  2006-2017 [internet]. [diunduh 2017 Juli 28]. Tersedia pada: http://www.bi.go.idBunaidy MR. (2012). Analisis Deskriptif Likuiditas Obligasi Pemerintah Republik Indonesia. Tesis tidak diterbitkan. Depok: Universitas Indonesia.Direktorat Jenderal Pengelolaan Pembiayaan dan Resiko. (2015). Outstanding Surat Berharga Negara 2015 [Internet]. [diunduh 2017 Sep 22]. Tersedia pada: http://www.djppr.go.id Direktorat Jenderal Pengelolaan Pembiayaan dan Resiko. (2015). Sukuk Negara: Instrumen Keuangan Berbasis Syariah. Jakarta: Kementrian Keuangan.Direktorat Jenderal Pengelolaan Pembiayaan dan Resiko. (2016). Course on sukuk: sharia and operational aspects. Jakarta: Kementrian Keuangan.Direktorat Jenderal Pengelolaan Pembiayaan dan Resiko. (2016). Outstanding Surat Berharga Negara 2016 [Internet]. [diunduh 2017 Sep 22]. Tersedia pada: http://www.djppr.go.idDirektorat Jenderal Pengelolaan Pembiayaan dan Resiko. (2017). Istilah umum terkait dengan investasi pada Surat Utang Negara. Jakarta: Kementrian keuanganDirektorat Jendral Pengelolaan Pembiayaan dan Resiko. (2017). Outstanding Surat Berharga Negara 2017 [Internet]. [diunduh 2017 Sep 22]. Tersedia pada: http://www.djppr.go.idDewan Syariah Nasional Majelis Ulama Indonesia. (2002). Fatwa DSN No.32/DSN-MUI/MUI/IX/2002 tentang Obligasi Syariah. Jakarta: Dewan Syariah Nasional MUI.Elton EJ, Gruber MJ, Agrawal D. (2002). Factors Affecting the Valuation of Corporate Bonds [Working Paper]. New York, USA: New York University.Ericsson J, Renault O. (2001). Liquidity and Credit Risk. Journal ofFinance, 6(1), 2219-2250.Fabozzi, FJ. 2000. Manajemen investasi. Jakarta: Salemba 4.Fatah DA. (2011). Perkembangan obligasi syariah (sukuk) di Indonesia: Analisis peluang dan tantangan. Jurnal Al-‘Adalah, 10(1), 35-45. Firdaus M. (2011). Aplikasi ekonometrika untuk data panel dan time series. Bogor: IPB Pr.Friewald N, Jankowitsch R, Subrahmanyam MG. (2010). Illiquidity or credit deterioration: A study of liquidity in the US corporate bond market during financial crises. Journal of Financial Economics, 105(2), 18-36.Gujarati D. (2003). Ekonometrika dasar. Jakarta: Erlangga.Hariyanto. (2010). Sukuk Negara Ritel [Internet]. [diunduh 2017 Nov 3]. Tersedia pada: http://www.ojk.go.id.Harris, Said R, Suhaimi WN. (2012). Determinants of Islamic Bonds (Sukuk): Evidence in Malaysia. Malaysian Journal of Accounting Research, 3(1), 123-133.Hastin M, Idris, Aimon H. (2013). Analisis pasar obligasi pemerintah di Indonesia. Jurnal Kajian Ekonomi, 1(1), 12-22.Houweling P, Mentink A, Vorst T. (2004).  Comparing  possible proxies of corporate bond liquidity. Journalof Banking & Finance, 29(1), 1331-1358.Huang GC, Liano K, Pan MS. (2013). The Information Content of Stock Splits. Journal of Empirical Finance, 16(4), 557-567.Huang JY, Wang SS, Huang JM. (2013). Empirical Analysis of Liquidity Risk Premium Based on Bond Age.  WSEAS Transaction on Business and Economics, 10(4), 316-325.Huda, Nasution ME. (2007). Investasi pada pasar modal syariah. Jakarta: Prenada Media Grop.Juanda B, Junaidi. (2012). Ekonometrika deret waktu teori dan aplikasi. Bogor: IPB Press.Mahanti S, Chacko G, Malik G. (2005). The determinants of liquidity in the corporate bond markets: an application of latent liquidity. Journal of Financial Economics, 88(1), 272-298.Mahanti S, Nashikkar A, Subrahmanyam M. (2008). Latent liquidity: a new measure of liquidity, with an application to corporate bonds. Journal of Financial Economics, 7(1), 211-233.Manurung AH, Adianto D. (2011). Analisis faktor-faktor yang memengaruhi likuiditas obligasi. Journal of Accounting Research, 6(1), 123-133.McGinty L. (2001). Issue size versus liquidity in credit. J.P. Morgan Fixed Income Research, 19(2), 61-77.Nafik, M. (2008). Bursa efek dan investasi syariah. Jakarta: Sinar Grafika.
PONDOK PESANTREN MUKMIN MANDIRI AND ITS ROLE ON THE COMMUNITY DEVELOPMENT IN THE FRAMEWORK OF MAQASHID SHARIAH Achmad Rifkih Mansur; Tika Widiastuti
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 7 No. 5 (2020): Mei-2020
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol7iss20205pp861-873

Abstract

This study aims to determine the role of the Pondok pesantren Mukmin Mandiri towards the community within the maqashid syariah framework. The research method used is a descriptive qualitative approach. The data used in this study are primary data obtained from the Pondok pesantren Mukmin Mandiri Sidoarjo and the community around the pesantren. This study revealed that pesantren have the potential to develop an Islamic perspective. The focus of economic development does not lie in mere material development. Still, it must place man as his main subject and object in relation to the Khalifah of Allah on Earth. This study uses maqashid syariah as a fundamental theory. Classifying the activities of the pesantren Mukmin Mandiri activities into the sharia maqashid dimensions, namely religion (din), soul (nafs), reason (aqal), descent (nasl) and treasure (maal). The results showed that pesantren have a role in community development in terms of Islamic development based on maqashid syariahKeywords: Community Development, Islamic development, Maqashid syariah and Pondok PesantrenREFFERENCE Ausaf Ahmad. (1998). Economic development in islamic development revisited, dalam Development and Islam: Islamic perspectives on Islamic development. New Delhi: Institute of Objective Studies.Chapra, Umar. (2000). Islam dan pembangunan ekonomi, edisi terjemahan. Jakarta: Gema Insani.Chapra, Umar. (2008). The Islamic vision of development in the light of maqashid al shariah. Jeddah: Islamic Research and Training Institute.Jamaluddin, Muhammad. (2012). Metamorfosis Pesantren di Era Globalisasi. Jurnal Karsa, 20(1), 127-139.Nadzir, Mohammad. (2015). Membangun pemberdayaan ekonomi di pesantren. Jurnal Economica, 6(1), 37-56Nafi’,M. D., dkk. (2007). Praksis pembelajaran pesantren. Yogyakarta: Institute for Training and Development Amherst MA.P3EI. (2012). Ekonomi Islam. Jakarta: PT. RajaGrafindoPersada.Saifullah. (2012). Ekonomi pembangunan Islam. Bandung: Gunungdjati Press.
THE ANALYSIS OF RISK MITIGATION TECHNIQUE OF HOME FINANCING TAKEOVER IN BANK PANIN DUBAI SYARIAH SURABAYA BRANCH Firly Aulia Alhimnie; Dina Fitrisia Septiarini
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 7 No. 6 (2020): Juni-2020
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol7iss20206pp1074-1090

Abstract

This research aims to determine the risk mitigation technique for home financing takeover-funded products. The method used for this research is descriptive qualitative-case study. The data gained from this research is a primary data from an interview with three sources from Panin Dubai Sharia bank, and a secondary data of documentation and financial report of Panin Dubai Sharia Bank. The result of this research is Panin Dubai Sharia bank used reduction mitigation technique either on credit risk or operational risk. On the operational risk, Panin Dubai Sharia bank prepared document takeover and properties takeover further before the contract is done, and implementing Take over Operational Day only on Monday and Thursday. Meanwhile, for credit risk, Panin Dubai Sharia Bank used 4 kinds of systems such as backup of credentials, guarantees, internal ratings, computer models.Keywords: Mitigation, Risk, Take Over, KPRREFFERENCE Arikunto, Suharsimi. (2010). Prosedur penelitian suatu pendekatan praktek. Jakarta: Rineka Cipta.Departemen Agama. (2007). Al Quran dan terjemah. Bandung: PT Sygma Examedia Arkanleema.Flanagan, R. dan Norman, G. (1993). Risk management and construction. Cambridge: University Press.Greuning, Hennie van dan Zamir Iqbal. (2011). Analisis risiko perbankan syariah. Jakarta: Salemba Empat.Karim, Adiwarman. (2010). Bank Islam (Analisis fiqih dan keuangan). Jakarta: PT Raja Grafindo Persada.Khan, Tariqullah dan Habib Ahmed. (2008). Manajemen risiko lembaga keuangan syariah. Jakarta Timur: Sinar Grafika Offset.PT. Bank Panin Dubai Syariah. (2018). Annual report 2018. Jakarta: PT. Bank Panin Dubai Syariah.Sugiyono. (2017). Metode penelitian kuantitatif, kualitatif, dan R&D. Bandung: CV Alfabeta.Tafsir Al-Mukhtashar/Markaz Tafsir Riyadh. Tafsirweb.com (diakses pada 26 April 2020 pukul 12.48 WIB).Tafsir Quraish Shihab. Tafsirq.com (diakses pada 18 Februari 2020 pukul 7.30 WIB).Tampubolon, Robert. (2004). Risk management. Jakarta: PT. Elex Media Komputindo.Toha, Syarief. (2017). Problematika dalam pelaksanaan pengambilalihan kredit dengan jaminan hak tanggungan. Jurnal Repertorium, 4(2), 95-102.Trisadini P. Usanti dan Abd. Shomad. (2013). Transaksi bank syariah. Jakarta: PT. Bumi Aksara.Yanggo, Chuzaimah T. dan Haifiz Anshary AZ. (1997). Problematika hukum Islam kontemporer. Jakarta: Pustaka Firdaus.Yin, Robert K. (2018). Studi kasus: Desain dan metode. Jakarta: Raja Grafindo Persada.
ANALYSIS OF BOOTSTRAPPING DEA EFFICIENCY AND MALMQUIST INDEX IN GOVERNMENT EXPENDITURE ON ISLAMIC HUMAN DEVELOPMENT INDEX IN REGENCIES/CITIES OF EAST JAVA PROVINCE Happy Karunia Mukti; Ilmiawan Auwalin
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 7 No. 1 (2020): Januari-2020
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol7iss20201pp132-140

Abstract

Community welfare is the key to assess the success of an area. The government has a vital role in realizing community welfare. This study aims to evaluate the role of government related to the efficiency of government spending in creating conditions for a prosperous society in the Regency/City in East Java Province in 2011-2015. The efficiency calculation in this study uses the DEA Bootstrapping method with the assumption of Variable Return to Scale (VRS). In contrast, the assessment of the level of community welfare uses the Human Development Index from an Islamic perspective or Islamic Human Development Index (I-HDI). This study also calculated changes in total factor productivity (TFPC) using the Malmquist Index. The data used is sourced from the Central Statistics Agency (BPS) and the Directorate General of Fiscal Balance of the Ministry of Finance. The results of this study are the performance of regency/city governments in East Java has not yet reached an efficient condition. For the TFPC value, only three regions experienced an increase, one region was in a state of stagnation, while 34 other regions experienced a decrease in the value of TFPC.Keywords: Efficiency of Government Expenditure, Islamic Human Development Index, DEA Bootstrapping and Malmquist Index.REFFERENCE Afifah, F. U. (2017). Pengaruh pengeluaran pemerintah (sektor pendidikan dan kesehatan) dan pengangguran terhadap Islamic Human Development Index (I-HDI) di Indonesia Tahun 2010-2013. Skripsi tidak diterbitkan. Surabaya: Fakultas Ekonomi dan Bisnis Universitas Airlangga.Afrial, R. (2009). Kualitas pelayanan publik kecamatan sebuah perubahan kedudukan dan fungsi camat sebagai perangkat daerah. Jurnal Adminstrasi dan Organisasi, 16(2), 87-95. http://journal.ui.ac.id/jbb/article/viewFile/609/594Assaf. A dan Matawie. (2010). Improving the accuracy of DEA efficiency analysis: a bootstrap application to the health care foodservice industry. Applied Economics, 42(27), 3547-3558.Aydin, N. (2017). Islamic vs conventional Human Development Index: empirical evidence from ten Muslim countries. International Journal of Social Economics, 44(12), 1562-1583.Badan Pusat Statistik. (2015). Indeks Pembangunan Manusia 2014 Metode BaruChowdhury, H. dan V. Zelenyuk. (2015). Perfomance of hospital services in Ontario: DEA with truncated regression approach. Omega: CanadaCoelli, T.J, D.S. Prasada, Christopher, dan G. E. Battese. (2005). An introduction to efficiency and productivity analysis. Springer: Australia.Direktorat Jendral Anggaran. (2016). Efektivitas alokasi anggaran kementerian pariwisata terhadap kunjungan wisatawan mancanegara dan wisatawan nusantara.Espinoza. (2014). Pengaruh Penerapan Anggaran Berbasis Kinerja Terhadap Kinerja Keuangan Pemerintah Kota Medan. Skripsi tidak diterbitkan. Medan: Fakultas Ekonomi Universitas Sumatera Utara.Flokou, A., Aletras, V., & Niakas, D. (2017). A window DEA based efficiency evaluation of the public hospital sector in Greece during the 5 year economic crisis,PLOS ONE, 12(5). https://doi.org/10.1371/journal.pone.0177946Hasiani, F. (2015). Analisis kualitas sumber daya manusia dan pengaruhnya terhadap pertumbuhan ekonomi di kabupaten Pelalawan. Jom Fekon: PekanbaruInternational Labour Organization. (2012). Rencana strategis pariwisata berkelanjutan dan green jobs untuk Indonesia. Kara, M. (2012). Pemikiran Al-Syatibi tentang maslahah dan implementasinya dalam pengembangan ekonomi syariah. ASSETS: MakassarKholis, N. (2015). Kesejahteraan sosial di Indonesia perspektif ekonomi Islam.Akademika, 20.Kuncoro, A. (2014). https://feb.ugm.ac.id/id/berita/607-peningkatan-kualitas-sumber-daya-manusia-sebagai-pendorong-pertumbuhan-perdagangan. Diakses pada hari rabu, 25 juli 2018 pukul 20.50 wibMangkoesoebroto, G. (2002). Ekonomi publik. Yogyakarta: BPFE.Mutakin, A. (2017). Teori maqhasid al-syari’ah dan hubungannya dengan metode istinbath hukum. Kanun Jurnal Ilmu Hukum, 19.Odeck, J. (2017). Statistical precision of DEA and malmquist indices: a bootstrap application to Norwegian grain producers. Omega: Norway.Prasetyo, A. D. dan U. Zuhdi. (2013). The government expenditure efficiency towards the human development. Indonesia: Elsevier.Rabbani, M., N. Heidari, H. Farrokhi-Asl. (2016). A bootstrap interval robust data envelopment analysis for estimate efficiency and ranking hospitals. Journal of Industrial Engineering and Management Studies (JIEMS), 3(2). 107-122. Ranis, G dan F. Stewart. (2000). Economic growth and human development. United Kingdom: Pergamon.Rayp G. dan N. V. De Sijpe. (2007). Measuring and explaining government efficiency in developing countries. The Journal of Development Studies, 43(2), 360-381.Renstra Kemenko PMK 2015-2019Renstra Kesra 2010-2014Rochmawaty, D. B. (2018). Analisis efisiensi pengeluaran pemerintah terhadap indeks pembangunan manusia kabupaten/kota di Jawa Timur. Skripsi tidak diterbitkan. Surabaya: Fakultas Ekonomi dan Bisniss Universitas Airlangga.Sulistyaningsih, L. (2018). Evaluasi efisiensi intertemporal dan perubahan total faktor produktivitas industri telekomunikasi asean-5: boostrap window data envelopment analysis dan malmquist index. Skripsi tidak diterbitkan. Surabaya: Fakultas Ekonomi dan Bisniss Universitas Airlangga.Tsolas, L. F. (2011). Performance assessment of mining operations using nonparametric production analysis: a bootstrapping approach in DEA. Yunani: Elsevier.Tziogkidis, P. (2012). Bootstrap DEA and hypothesis testing. United Kingdom: Econstor.Undang-undang No.11 Tahun 2009 tentang kesejahteraan masyarakatZangoueinezhad, A dan A. Moshabaki.  (2011). Human resource management based on the index of Islamic human development: The Holy Quran's approach.International Journal of Social Economics, 38(12), 962-972.
THE DESCRIPTIVE ANALYSIS OF HERDING ON JAKARTA ISLAMIC INDEX Hazar Ihza Fauziah; Sylva Alif Rusmita
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 7 No. 3 (2020): Maret-2020
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol7iss20203pp576-584

Abstract

Herding is irrational investor behavior, because investors do not make investment decisions based on economic fundamentals, but based on other investors in the same condition, or following market consensus. Herding is measured by looking at the relationship between return market portfolio and Cross-Sectional Absolute Deviation (CSAD). This study used quantile regression to measure herding behavior. The result shows that there is no indication of herding behavior in JII, which means that investors tend to behave rationally in making investment decisions. Keywords: CSAD, Herding Behavior, Quantile RegressionREFFERENCE Ahsan, A.F.M Mainul, Sarkar, Ahasan H. (2013). Herding in Dhaka stock exchange. Journal of Applied Business and Economics, 14(2), 11-19.Bikchandani, S. & Sharma, S. (2001). Herd behavior in financial markets. IMF Staff Papers, 47(3), 279310.Bodie, Z., Kane, A., & Marcus, A. J. (2009). Investments (8th ed.). Singapore: McGraw- Hill.Chang, E.C., Cheng, J.W., Khorana, A. (2000). An examination of herd behavior in equity markets: An international perspective. Journal of Banking and Finance, 24(10), 1651–1679.Christie, W.G. dan Huang, R.D. (1995), Following the pied piper: do individual returns herd around the market?. Financial Analysts Journal, 51(4), 31-37.Davino, C., Furno, M. & Vistoco, D. (2014). Quantile regression theory and applications. John Wiley & Sons, Ltd.Filip, A., Pochea, M. and Pece, A. (2015), The herding behaviour of investors in the CEE stock markets. Procedia Economics and Finance, 32, 307-315.Froot, K. A., Scharfstein, D. S., & Stein, J. C. (1992). Herd on the street: informational inefficiencies in a market with short-term speculation. Journal of Finance, 47(4), 1461-1484.Gamage, & Thursari. (2016). Herding in Colombo stock exchange. EFRA International Journal Of Multidisciplinary Research (IJMR), 2, 182-186.Gleason, K., Mathur, I. & Peterson, M. (2004). Analysis of intraday herding behavior among the sector ETFs. Journal of Empirical Finance, 11(5), 681–694.Gunawan, Hari Wijayanto, Noer A. Achsani, La Ode Abdul rahman. (2011). Pendeteksian perilaku herding pada pasar saham Indonesia dan Asia Pasifik. Forum Statistika dan Komputasi, 16(2), 16-23.Hwang S dan Salmon M. 2004. Market stress and herding. Journal of Empirical Finance, 11(4), 585-616.Koenker, R.W., & Bassett, G., Jr. (1978). Regression quantiles. Econometrica, 46(1), 33-50.Koenker, R. (2004). Quantil regression for longitudinal data. Journal of Multivariate Analysis, Elsevier, 91(1), 74-89. Laih, & Yung. (2013). Herding behavior during the suprime mortgage crisis: Evidence from six asia-pasifik stock market. International Journal of Economics and Finance, 5(7), 71-84Lan, Qing Qing and Lai, Rose Neng. (2011). Herding and trading volume. Journal of Finance and Business Economics, SSRN, 1914208, 1-40. Lao, P. & Singh, H. (2011). Herding behavior in the Chinese and Indian stock markets. Journal of Asian Economics, 22(6), 495-528.Malik, Saif Ullah & Elahi, Muhammad Ather, (2014). Analysis of herd behavior using quantile regression: Evidence from Karawachi stock exchange (KSE). MPRA Paper 55322, University Library of Munich, Germany.Ohlson, P. (2010). Herd behavior on the Swedish stock exchange. Master Thesis in Finance. Jonkoping International Business School, Jonkoping University.Ramadhan, T., & Mahfud, M.K. (2016). Deteksi perilaku herding pada pasar saham Indonesia & Singapura Tahun 2011-2015. Diponegoro Journal of Management, 5(12), 96-104. Saastamoinen, Jani. (2008). Quantile regression analysis of dispersion of stock returns-evidence of herding?. Keskustelualoitteita, 57, 1-19.

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