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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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Articles 1,152 Documents

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DETERMINANTS OF PROFITABILITY IN SHARIA COMMERCIAL BANKS IN INDONESIA: INTERNAL BANK AND MACROECONOMIC FACTORS Alin Nuhadilah; Nisful Laila
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 8 No. 6 (2021): November-2021
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol8iss20216pp797-807

ABSTRAKTujuan penelitian ini menganalisa dampak masing-masing Variabel DPK, BOPO, Asset Size dan Inflasi secara parsial, simultan terhadap Profitabilitas Bank Umum Syariah di Indonesia tahun 2015-2019. Metode yang digunakan adalah penelitian kuantitatif. Teknik analisis yang digunakan yaitu analisis regresi data panel menggunakan alat statistik Eviews-10. Hasil temuan dalam penelitian ini adalah DPK secara parsial berpengaruh positif tidak signifikan. Asset Size dan Inflasi secara parsial berpengaruh negatif tidak signifikan, BOPO berpengaruh positif dan signifikan terhadap profitabilitas Bank Umum Syariah tahun 2015-2019. Secara Simultan DPK, Asset Size, BOPO dan Inflasi berpengaruh negatif dan signifikan terhadap profitabilitas Bank Umum Syariah tahun 2015-2019. Penelitian ini berguna untuk penentuan kebijakan dan penelitian perbankan syariah di indonesia. Bagi Bank Umum Syariah diharapkan dapat lebih mendorong nasabah untuk melakukan simpanan di bank Juga diharapkan dapat menjaga efisiensi perusahaan secara rutin dan optimal serta dalam mengelola aset dengan jumlah yang besar. Jika pada tahap inflasi Bank Umum Syariah harus bisa mendorong masyarakat untuk menabung atau berinvestasi dengan produk-produk yang menguntungkan. Kata Kunci: Faktor Internal Bank, Makroekonomi, Profitabilitas, Bank Umum Syariah, Indonesia. ABSTRACTThis study aims to analyze the effect of each of the variables of TPF, OEOI, Asset Size and Inflation partially, simultaneously on the Profitability of Islamic Commercial Banks in Indonesia in 2015-2019. The method used is quantitative research. The analysis technique used is panel data regression analysis uses the Eviews-10 statistical tool. The findings in this study are partially the third party funds have a positive and insignificant effect. Asset Size and Inflation partially have a negative and insignificant effect, OEOI have a positive and significant effect on the profitability of Islamic Commercial Banks in 2015-2019. Simultaneously, Third Party Funds, Asset Size, OEOI and Inflation have a negative and significant effect on the profitability of Islamic Commercial Banks in 2015-2019. This research is useful for policy determination and research on Islamic banking in Indonesia. Sharia Commercial Banks are expected to further encourage customers to deposit at the bank. It is also hoped that they can maintain company efficiency regularly and optimally and in managing large amounts of assets. If at the inflation stage, Islamic Commercial Banks must be able to encourage people to save or invest in profitable products.Keywords: Internal Bank Factors, Macroeconomics, Profitability, Islamic Commercial Banks, Indonesia.DAFTAR PUSTAKAAlim, S. (2014). Analisis pengaruh inflasi dan BI rate terhadap Return on Assets (ROA) bank syariah di Indonesia. Jurnal Ekonomi Modernisasi, 10(3), 201–220.Aliyu, S., & Yusof, R. M. (2016). Profitability and cost efficiency of islamic banks: A panel analysis of some selected countries. International Journal of Economics and Financial Issues, 6(4), 1736–1743.Almazari, A. (2014). Impact of internal factors on bank profitability: Case study of East Africa. Journal of Applied Finance and Banking, 4(17).Anbar, A., & Alper, D. (2011). Bank specific and macroeconomic determinants of commercial bank profitability: Empirical evidence from Turkey. Business and economics research journal, 2(2), 139–152.Avrita, R. D., & Pangestuti, I. R. D. (2016). Analisis pengaruh CAR, NPL, LDR, NIM, dan BOPO terhadap profitabilitas bank (perbandingan bank umum go public dan bank umum non go public di Indonesia periode tahun 2011-2014). Diponegoro Journal of Management, 5(2), 366–378.Basyaib, F. (2007). Manajemen resiko. Jakarta: Grasindo.Bramandita, B., & Harun, H. (2020). The Impact of ROA, BOPO, FDR, CAR, NPF on Mudharabah Profit Sharing Rate. Journal of Islamic Economic Laws, 3(2), 86–107.Frianto, P. (2012). Manajemen dana dan kesehatan bank. Jakarta: Rineka Cipta.Hariyanti, D. (2019). Pengaruh makro ekonomi dan fundamental perusahaan terhadap kinerja perbankan syariah di Indonesia. Jurnal Akuntansi, Keuangan, dan Manajemen, 1(1), 1–8.Husain, A., Affandi, S., & Shukur, N. A. (2015). The internal determinants of Islamic banks’ profitability in Malaysia. Journal of Basic and Applied Scientific Research, 5(7), 17–21.Izhar, H., & Asutay, M. (2007). Estimating the profitability of islamic banking: evidence from bank muamalat Indonesia. Review of Islamic Economics, 11(2), 17-29.Kasmir. (2011). Analisis laporan keuangan. Jakarta: PT. Raja Grafindo Persada.Kuncoro, M., & Suhardjono. (2000). Manajemen perbankan teori dan aplikasi. Yogyakarta: BPFEMahmudah, N., & Harjanti, R. S. (2016). Analisis capital adequacy ratio, financing to deposit ratio, non performing financing, dan dana pihak ketiga terhadap tingkat profitabilitas bank umum syariah periode 2011-2013. 1(1), 134-143.Marilin, D., & Rohmawati. (2012). Pengaruh inflasi, suku bunga, nilai tukar valas dan jumlah uang beredar terhadap profitabilitas pada perbankan syariah di Indonesia periode 2005-2009. Jurnal Akuntansi Akrual, 3(2), 147–166.Naceur, S. Ben, & Omran, M. (2011). The effects of bank regulations, competition, and financial reforms on banks’ performance. Emerging Markets Review, 12(1), 1–20. https://doi.org/10.1016/j.ememar.2010.08.002Natsir, M. (2014). Ekonomi moneter & kebanksentralan. Bogor: Mitra Wacana Media.Notoatmodjo, S. (2010). Metodologi penelitian kesehatan. Jakarta: PT. Rineka Cipta.Parenrengi, S., & Hendratni, T. W. (2018). Pengaruh dana pihak ketiga, kecukupan modal dan penyaluran kredit terhadap profitabilitas bank. Jurnal Manajemen Strategi Dan Aplikasi Bisnis, 1(1), 9–18.Peling, I. A. A., & Sedana, I. B. P. (2018). Pengaruh LDR, NPL, dan BOPO terhadap profitabilitas pada PT. BPD Bali periode tahun 2009-2016. E-Jurnal Manajemen Universitas Udayana, 7(6).Prasanjaya, A. Y., & Ramantha, I. W. (2013). Analisis pengaruh rasio CAR, BOPO, LDR dan ukuran perusahaan terhadap profitabilitas bank yang terdaftar di BEI. E-Jurnal Akuntansi Universitas Udayana, 4(1), 230–245.Putra, R., & Ascarya. (2007). Akad dan produk bank syariah. Jakarta: RajaGrafindoSukma, Y. L. (2013). Pengaruh dana pihak ketiga, kecukupan modal dan risiko kredit terhadap profitabilitas (Perusahaan perbankan yang terdaftar di BEI). Jurnal Akuntansi, 1(2), 1-25.Tandelilin, E. (2001). Analisis investasi dan manajemen portofolio. Yogyakarta: BPFE.Vernanda, S. D., & Widyarti, E. T. (2016). Analisis pengaruh CAR, LDR, NPL, BOPO, dan SIZE terhadap ROA (Studi pada bank umum konvensional yang terdaftar di Bursa Efek Indonesia periode 2010-2015). Diponegoro Journal of Management, 5(3), 1040-1052.Wibowo, E. S., & Syaichu, M. (2013). Analisis pengaruh suku bunga, inflasi, CAR, BOPO, NPF terhadap profitabilitas bank syariah (Studi kasus pada bank mega syariah, bank muamalat dan bank syariah mandiri periode tahun 2008-2011). Diponegoro Journal of Management, 2(2), 10-19.Widarjono, A. (2020). Does the volatility of macroeconomic variables depress the profitability of Islamic banking? Jejak, 13(1), 30–42. https://doi.org/10.15294/jejak.v13i1.19460

IMPACT OF ZAKAT ON MATERIAL AND SPIRITUAL WELFARE OF MUSTAHIK (CASE STUDY OF BAZNAS MICROFINANCE IN SAWOJAJAR VILLAGE) Muhammad Suffian Efendi; Muhamad Said Fathurrohman
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 8 No. 6 (2021): November-2021
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol8iss20216pp686-695

ABSTRAKPengukuran kesejahteraan menurut perspektif Islam tidak hanya pada sisi harta atau material. Namun juga sisi spiritual. Hal tersebut akan diterapkan pada mustahik penerima zakat produktif dalam penelitian ini. Penelitian ini bertujuan untuk menganalisis dampak program zakat produktif dari BAZNAS Microfinance Desa Sawojajar terhadap kesejahteraan mitra yang dilihat dari segi material dan segi spiritual. Metode penelitian yang digunakan yakni pendekatan kuantitatif dengan wawancara dan kuesioner. Sampel diambil menggunakan metode convenience sampling. CIBEST digunakan sebagai alat pengukuran dan analisis. Hasil menunjukkan adanya program zakat produktif dapat meningkatkan kesejahteraan dan menurunkan indeks kemiskinan material. Dengan atau tanpa adanya bantuan zakat, tidak terjadi perubahan signifikan terhadap tingkat spiritual mitra.Kata Kunci: Zakat produktif, Kesejahteraan, Indeks kemiskinan Islami. ABSTRACTMeasurement of welfare according to the Islamic perspective is not only on the property or material side. But also the spiritual side. This will be applied to productive zakat recipients in this study. This study aims to analyze the impact of the productive zakat program from BAZNAS Microfinance in Sawojajar Village on the welfare of partners from a material and spiritual perspective. The research method used is a quantitative approach with interviews and questionnaires. Samples were taken using convenience sampling method. CIBEST used as measurement and analysis tools. The results show that the productive zakat program can improving welfare and reducing the material poverty. With or without zakat assistance, there is no significant change in the spiritual level of partners.Keywords: Productive zakat, Welfare, Islamic poverty index.DAFTAR PUSTAKAAdiba, E. M., & Hijriah, H. Y. (2015). Fungsi pemerintah (Alokasi, distribusi, dan stabilisasi) Islam pada pemenuhan maqashid syariah untuk mewujudkan negara kesejahteraan. Proceedings Call For Paper, International Conference, and Ph.D. Colloquium on Islamic Economics and Finance, 118-133.Aedy, H. (2011). Teori dan aplikasi ekonomi pembangunan perspektif Islam. Yogyakarta: Graha Ilmu.Asnaini. (2008). Zakat produktif dalam perspektif hukum Islam. Yogyakarta: Pustaka Pelajar.Beik, I. S. (2010). Tiga dimensi zakat. Jakarta: Harian Republika.Beik, I. S., & Arsyianti, L. D. (2015). Construction of CIBEST model as measurement of poverty and welfare indices from Islamic perspective. Al-Iqtishad, 7(1), 87-104. DOI: 10.15408/aiq.v7i1.1361Beik, I. S., & Arsyianti, L. D. (2016). Measuring zakat impact on poverty and welfare using CIBEST model. Journal of Islamic Monetary Economics and Finance, 1(2), 141-160. DOI: https://doi.org/10.21098/jimf.v1i2.524Hafidhuddin, D., & Pramulya, R. (2008). Kaya karena berzakat. Jakarta: Penebar Swadaya.Huda, N., & Gofur, A. (2012). Analisis intensi muzakkî dalam membayar zakat profesi. Al-Iqtishad, 4(2), 217-240. DOI: 10.15408/aiq.v4i2.2547Pratama C. (2015). Pendayagunaan zakat produktif dalam mengurangi kemiskinan berdasarkan CIBEST model: Studi kasus PT Masyarakat Mandiri LAZ PM Al Bunyan. Skripsi tidak dipublikasikan. Bogor: Institut Pertanian Bogor.Widyaningsih, N. (2016, Januari 2016). Studi dampak zakat di Sulawesi Selatan dengan model CIBEST. Republika. Diambil dari https://republika.co.id/berita/koran/iqtishodia/o1n9sk2/studi-dampak-zakat-di-sulawesi-selatan-dengan-model-cibest.BPS Kota Malang. (2021). Profil Kemiskinan Kota Malang 2020. Diambil dari https://malangkota.bps.go.id/pressrelease/2021/01/04/255/profil-kemiskinan-kota-malang-2020.htmlQuran Surat An-Nahl Ayat 97 Arab, Latin, Terjemahan Arti Bahasa Indonesia. Diambil dari https://tafsirweb.com/4445-quran-surat-an-nahl-ayat-97.htmlBPK RI. (2011). Undang-undang (UU) tentang Pengelolaan zakat. Diambil dari https://peraturan.bpk.go.id/Home/Details/39267/uu-no-23-tahun-2011

PRODUCTIVE WAQF DEVELOPMENT THROUGH IJARAH CONTRACTS IN RELIGIOUS EDUCATION INSTITUTIONS IN JOMBANG, EAST JAVA Imam Azizuddin; Ilyas Nurul Azam
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 8 No. 6 (2021): November-2021
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol8iss20216pp757-770

ABSTRAKPenelitian ini membahas secara mendalam terkait penerapan wakaf produktif di lembaga pendidikan agama TPQ dari perspektif madzhab Syafi'i. Penelitian ini diklasifikasikan sebagai penelitian kualitatif karena data yang digunakan bersifat kualitatif. Yakni, informasi yang diperoleh dari Kepala TPQ, nadzir, dan penyewa yang menjadi pemikiran atau pemahaman mereka tentang objek atau topik tertentu, dalam hal ini, adalah pengembangan kontrak ijarah di tanah wakaf. Penelitian ini menunjukkan perkembangan wakaf produktif melalui perjanjian ijarah di lembaga pendidikan agama dalam bentuk TPQ yang sudah memenuhi syarat dan rukun ijarah menurut madzhab Imam Syafi'i. Hal ini dibuktikan karena, dari transaksi atau perjanjian tersebut, nazir telah menggunakan tenggat waktu per tahun. Selain itu, sudah ada juga kesepakatan dari awal bahwa tanah wakaf yang disewa digunakan untuk melakukan bisnis perdagangan. Dan sewa tempat itu hanya sementara, bukan untuk selamanya. Penelitian ini dapat menjadi masukan bagi praktisi ekonomi syariah untuk dapat mengembangkan wakaf produktif secara optimal dengan model ijarah serta menjadikan wakaf produktif di TPQ sebagai model pengembangan wakaf produktif yang sangat potensial di Indonesia.Kata Kunci: Wakaf produktif, ijarah, Pendidikan keagamaan, madzhab Syafi’i. ABSTRACTThis research discussed the application of productive waqf in the TPQ (Al-Qur’an Learning Centre) religious education institution from the perspective of the Syafi'i school of thought. This research was classified as qualitative research because it used qualitative data, namely the information obtained from the Head of TPQ, nadzir, and tenants that became their thoughts or understanding of a particular object or topic, in this case, was the development of an ijarah contract on waqf land. This research showed the productive waqf development through ijarah agreements in religious educational institutions in the form of TPQ that had fulfilled the requirements and pillars of ijarah according to the Imam Syafi'i school of thought. It was proven that Nazir had used the deadline per year from the transaction or agreement. In addition, there was also an agreement from the beginning that the leased waqf land was used to conduct trading business. Furthermore, the lease of the place was only temporary, not forever. This research can be an input for practitioners of Islamic economics to develop productive waqf optimally with the ijarah model and make productive waqf in TPQ as a model for developing productive waqf with great potential in Indonesia.Keywords: Productive Waqf, Ijarah, Religious Education, Shafi'i madhhab. REFERENCESAl-Syarbaini, S. M. I. M., & al-Khatib, E. (2009). Mughni al-muhtaj ilâ maʻrifah maʻânî alfadz al-minhaj, juz 2. Beirut: Dar Al-Khatab Al-Ilmiyah.Al Jaziri, A. R. (1994). Al fiqh a’la al Mazahib al Arbaa’h. Maroko: Dar Alhadis.Amiruddin. (2008). Pengantar metode penelitian hukum. Jakarta: PT. RajaGrafindo.Az-Zuhaili, W. (2011). Al-fiqh al-islam wa‟ dillatuhu jilid x terjemahan Abdul al-Hayyi Qotani, dkk. Jakarta: Gema Insani & Darul Fikir.Bin Borham, A. S. (2011). Pelaksanaan pembangunan wakaf korporat Johor Corporation Berhad (JCorp): Satu tinjauan. In International Conference on Humanities, 1-13Departemen Agama R. I. (2005). al-Qur’an dan terjemahnya. Jakarta: J-Art.Emzir, A. D. (2011). Metodologi penelitian kualitatif. Jakarta: Rajawali Pers.Fahri, M. B., & Zaki, I. (2018). Strategi manajemen pengelolaan wakaf produktif di pesantren yayasan arwaniyyah Kudus. Jurnal Ekonomi Syariah Teori dan Terapan, 5(8), 699–712. http://dx.doi.org/10.20473/vol5iss20188pp699-712Ghazaly, A. R. (2010). Fiqh muamalat. Jakarta: Kencana.Hafidhuddin, D., & Antonio, M. S. (2004). Hukum wakaf. Jakarta: Iman dan Dompet Duafa Republika.Huda, Q. (2011). Fiqh muamalah. Yogyakarta: Teras.Kementerian Agama RI. (2021). Data Tanah Wakaf. Diakses dari http://siwak.kemenag.go.id/Lubis, S. K. (2010). Wakaf dan pemberdayaan umat. Jakarta: Sinar Grafika.Manan, D. (2016). Wakaf produktif dalam perspektif imam madhab. Jurnal Mahkamah: Kajian Ilmu Hukum Dan Hukum Islam, 1(2), 363–382.Mohamad Akhir, N. S., Abdullah, S. R., Mohammed Ghazali, A., Mohd Yusof, A. S., & Hussin, R. (2019). Integrasi wakaf dan ijarah: Alternatif dalam kelestarian sekolah tahfiz swasta di Malaysia. In International Conference on Zakat, Tax, Waqf And Economic Development (ZAWED), 1st – 2nd December 2019, Malaysia.Mughniyah, M. J. (2015). Fiqih lima mazhab: Ja ‘fari, Hanafi, Maliki, Syafi ‘i, Hambali (Gold Edition). Jakarta: Shaf e-publishing.Nashih Nashrullah. (2020). Alasan Indonesia bermazhab syafii menurut petualang Maroko. Diaksed dari https://www.republika.co.id/berita/q5m8o9320/alasan-indonesia-bermazhab-syafii-menurut-petualang-marokoNizar, M. A. (2017). Development of productive waqf in Indonesia: Potential and problems. https://mpra.ub.uni-muenchen.de/97967/Oktarina, A., & Asnaini, A. (2018). Developing models of productive waqf masjid agung syuhada Yogyakarta. QIJIS (Qudus International Journal of Islamic Studies), 6(1), 103–126. DOI: http://dx.doi.org/10.21043/qijis.v6i1.3719Poerwandari, E. K. (2007). Pendekatan kualitatif untuk penelitian perilaku manusia. Depok: LPSP3 Fakultas Psikologi Universitas Indonesia.Sabiq, S. (2021). Fikih sunnah, jilid 2 volume 5. Jakarta: Cakrawala Publishing.Sahroni, S., & Abdullah, R. (2011). Fikih muamalah. Surabaya: Ghalia Indonesia.Salim, A.-S. (2008). Sahih fiqh as-sunnah wa adillatuhu wa taudih mazahib al-a’immah, Beirut: Dar Al-Khatab Al-Ilmiyah.Sudarwan, D. (2002). Menjadi peneliti kualitatif. Bandung: Pustaka Setia.Sugiyono. (2011). metode penelitian kuantatif, kualitatif, dan R&D. Bandung: CV. Alfabeta.Sugiyono, P. (2005). Memahami penelitian kualitatif. Bandung: CV. Alfabeta.Suhendi, H. (2002). Fiqih muamalah. Jakarta: PT. Raja Grafindo Persada.Syafi’i, I. (2005). Mukhtashar kitab al umm fi al-fiqh. Jakarta: Pusata Azzam.Syalthut, M. (2000). Muqaranatul madzaahib fil fiqhi, terj abdullah zakiy al-kaaf. Bandung: Pustaka Setia.Wadjdy, F. (2007). Mursyid, wakaf dan kesejahteraan umat. Yogyakarta: Pustaka Pelajar.Yazid, A. M. (2009). Fiqih muamalah dan implementasinya dalam lembaga keuangan syari’ah. Yogyakarta: Logung Pustaka.

THE FUNDAMENTAL EFFECT OF COMPANY AND CAPITAL MARKET REACTION BEFOR AND DURING THE COVID-19 PANDEMIC ON STOCK RETURNS (CASE STUDY OF THE JAKARTA ISLAMIC INDEX 2016-2020 PERIOD) Alief Faisal; Alfiah Hasanah; Asep Muhammad Adam
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 8 No. 6 (2021): November-2021
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol8iss20216pp771-784

ABSTRAKPenelitian ini dilakukan untuk melihat bagaimana pengaruh dari Return on Equity, Price to Book Value, Earning Per Share,dan Debt to Equity Ratio terhadap return saham syariah serta untuk melihat reaksi pasar modal dari sebelum dan sesudah diumumkannya kasus pertama Covid-19 di Indonesia. Analisis data yang digunakan dalam penelitian ini adalah metode data panel dengan fixed effect model sebagai model terbaiknya, penelitian ini menggunakan data sekunder dengan runtun waktu 2016Q1-2020Q4. Hasil pengujian dengan fixed effect model menunjukkan adanya pengaruh, yaitu secara simultan variabel ROE, PBV, EPS, dan DER memiliki pengaruh terhadap return saham syariah. Sementara secara parsial hanya variabel PBV dan EPS yang berpengaruh terhadap return saham syariah sedangkan ROE dan DER tidak berpengaruh terhadap return saham syariah. Dalam penelitian ini juga menunjukkan bahwa terdapat abnormal return setelah pengumuman Covid-19 pertama kali diumumkan di Indonesia. Hasil penelitian ini diharapkan dapat memberikan manfaat dan gambaran bagi investor untuk menentukan strategi dan pengambilan keputusan investasi di pasar modal syariah pada masa pandemi. Kata Kunci: ROE, PBV, EPS, DER, Covid-19. ABSTRACTThis study was conducted to see the effect of Return on Equity, Price to Book Value, Earning Per Share, and Debt to Equity Ratio on Islamic stock market returns to see the reaction of the capital market before and after the announcement of the first Covid-19 in Indonesia. This study uses the panel data method with the fixed effect model as the best model, this study uses secondary data with the 2016Q1-2020Q4 time series. The test results with the fixed effect model show that there is an effect, namely the ROE, PBV, EPS, and DER variables simultaneously have an effect on returns sharia stock. While partially, only PBV and EPS variables have an effect on returns Islamic stock, while ROE and DER have no effect on returns Islamic stock. This study also shows that there are abnormal returns after the announcement of Covid-19 was first announced in Indonesia. The results of this study are expected to provide benefits and description for investors in determining strategies and making investment decisions in the Islamic capital market during the pandemic.Keywords: ROE, PBV, EPS, DER, Covid-19. DAFTAR PUSTAKAAdyatmika, I. G. P., & Wiksuana, I. G. B. (2018). Pengaruh inflasi dan leverage terhadap profitabilitas dan return saham pada perusahaan manufaktur di bursa efek Indonesia. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 3, 615. https://doi.org/10.24843/eeb.2018.v07.i03.p01Andansari, N. A., Raharjo, K., & Andini, R. (2016). Pengaruh return on equity (ROE), price earning ratio (PER), total asset turn over (TATO) dan price to book value (PBV) terhadap return saham (Studi kasus pada perusahaan manufaktur sektor makanan dan minuman yang terdaftar di BEI periode 2008-2014). urnal Ilmiah Mahasiswa S1 Akuntansi Universitas Pandanaran, 2(2), 1-11.Anwaar, M. (2016). Impact of firms’ performance on stock returns (Evidence from listed companies of FTSE-100 Index London, UK). Global Journal of Management and Business Research, 16(1), 1-10.Arfani, F. S. (2021). Analisis reaksi pasar modal sebelum dan saat peristiwa pandemi covid-19 (Event study pada perusahaan yang terdaftar LQ-45 di Bursa Efek Indonesia Tahun 2020). Skripsi tidak dipublikasikan. Surakarta: Universitas Muhammadiyah Surakarta.Arnova, I. (2016). Pengaruh ukuran kinerja ROA, ROE, EPS dan EVA terhadap return saham. Ekombis Review: Jurnal Ilmiah Ekonomi Dan Bisnis, 4(1). https://doi.org/10.37676/EKOMBIS.V4I1.153Campbell, J. Y., Lo, A. W., & MacKinlay, A. C. (1997). The econometrics of financial markets. Princeton: Princeton University Press.Dewi, P. E. D. M. (2017). Pengaruh rasio likuiditas, profitabilitas, solvabilitas, aktivitas dan penilaian pasar terhadap return saham. JIA (Jurnal Ilmiah Akuntansi), 1(2), 109–132. https://doi.org/10.23887/JIA.V1I2.9988Dianti, O., & Badjra, I. . (2016). Pengaruh earning per share, tingkat pertumbuhan perusahaan dan current ratio terhadap kebijakan dividen. E-Jurnal Manajemen Unud, 5(11), 6795-6824.Diniar, A., Diniar, A. H., & Kiryanto, K. (2016). Analisis dampak pemilu presiden jokowi terhadap return saham (Studi kasus saham LQ-45 di Bursa Efek Indonesia). Jurnal Akuntansi Indonesia, 4(2), 97–108. https://doi.org/10.30659/jai.4.2.97-108Fadillah, R., Mansur, M., & Wahono, B. (2021). Perbandingan abnormal return saham sebelum dan sesudah perubahan waktu perdagangan selama pandemi covid-19. Jurnal Ilmiah Riset Manajemen, 10(03). http://riset.unisma.ac.id/index.php/jrm/article/view/10286Fama, E. F. (1970). Efficient capital markets: A review of theory and empirical work. The Journal of Finance, 25(2), 383. https://doi.org/10.2307/2325486Hanafi, M, M., & Halim, A. (2012). Analisis laporan keuangan. Yogyakarta: UPP STIM YKPN.Hanivah, V., & Wijaya, I. (2018). Pengaruh debt to equity ratio, total asset turnover, inflasi dan BI Rate terhadap Return Saham. 11(1), 106-119. DOI: http://dx.doi.org/10.22441/profita.v11.01.008Jogiyanto. (2003). Teori portofolio dan analisis investasi. Yogyakarta: BPFE.Kriswanto. (2014). Pengaruh faktor fundamental dan ekonomi makro terhadap return saham syariah di Jakarta Islamic Index (JII) Periode 2010-2013. Skripsi tidak dipublikasikan. Yogyakarta: Universitas Negeri Yogyakarta.Metwally, M. (1995). The Islamic economic theory. Jakarta: Rising First Media.Nugraha, B. E. (2010). Reaksi harga saham dengan adanya peristiwa pemilihan presiden tahun 2009. Skripsi tidak dipublikasikan. Surakarta: Universitas Muhammadiyah Surakarta.Oktavia, I., & Sitinjak, N. D. (2021). Respon cepat pasar modal (LQ 45) terhadap pandemi covid-19. Jurnal Ilmiah Bisnis Dan Perpajakan (Bijak), 3(2), 1–7. https://jurnal.unmer.ac.id/index.php/jb/article/view/6591Parwati, R. R. A. D., & Sudiartha, G. M. (2016). Pengaruh profitabilitas, leverage, likuiditas dan penilaian pasar tehadap return saham perusahaan manufaktur. E-Jurnal Manajemen Universitas Udayana, 5(1), 385-413.Setyowati Hasanah, & Ningsih Riyanti. (2016). Pengaruh faktor fundamental, risiko sistematis dan ekonomi makro terhadap return saham syariah yang tergabung di Jakarta Islamic Index (JII) pada periode 2010–2014. Kajian Bisnis STIE Widya Wiwaha, 24(1), 54-70. DOI: https://doi.org/10.32477/jkb.v24i1.158Syamsuddin, L. (2011). Manajemen keuangan perusahaan: Konsep aplikasi dalam perencanaan, pengawasan, dan pengembaian keputusan. Jakarta: Rajawali.Tandelilin, E. (2010). Portofolio dan investasi teori dan aplikasi. Yogyakarta: Kanisius.Ya, C. M. R. U., & Aliamin, A. (2018). 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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? 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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. 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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). 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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.

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