ETIKONOMI
Etikonomi is a peer-reviewed journal on Economics, Business and Management by Faculty of Economic and Business State Islamic University (UIN) Syarif Hidayatullah Jakarta.
FOCUS
This journal focused on economics, business, and management studies and present developments through the publication of articles, research reports, and book reviews.
SCOPE
Etikonomi specializes on Economics, Business, and Management, and is intended to communicate original research and current issues on the subject. This journal warmly welcomes contributions from scholars of related disciplines.
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<![CDATA[Governance and Bank Performance: Does Bank Risk Matter ? ]]>
<![CDATA[Estu Widarwati]]>;
<![CDATA[Soni Karmila]]>;
<![CDATA[Nunik Nurmalasari]]>
<![CDATA[ ETIKONOMI Vol 21, No 2 (2022) ]]>
Publisher : <![CDATA[Faculty of Economic and Business ]]>
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DOI: 10.15408/etk.v21i2.24364
<![CDATA[Governance becomes a guideline for the banking management system and is essential for banking survival during regular economic crises. We investigate the impact of governance on performance in the Indonesians' conventional and examine the mediating role of bank risk in bank governance and performance relationship. The samples are 18 conventional banks listed on Indonesia Stock Exchange (IDX) from 2014 to 2021 and analyzed using panel data regression and sobel test. We find the risk of state-own bank higher than private bank and foreign bank that could leads to lower performance. Then the results indicate that board size and board age influence bank risk and bank performance. Banks should consider the board size for efficiency and also the maximum standard of their directors' age based on arguments related to innovation-based work productivity in the competitive banking industry. The subsequent exploration of banking governance research is needed by examining the differences in bank ownership and bank characteristics linked to bank risk which is strong evidence as mediation in this study.JEL Classification: G20, G30, G32, G34]]>
<![CDATA[Diverse Outreach of Macroprudential Policy Effect on Household and Non-Financial Corporate Loan: An Indication of Macroprudential Policy Leak? ]]>
<![CDATA[Khoirul Sukma]]>;
<![CDATA[Akhmad Syakir Kurnia]]>
<![CDATA[ ETIKONOMI Vol 21, No 2 (2022) ]]>
Publisher : <![CDATA[Faculty of Economic and Business ]]>
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DOI: 10.15408/etk.v21i2.24304
<![CDATA[Despite increasing awareness of the importance of countercyclical policies to overcome financial system instability, the potential leak of such policies comes to attention due to economic agents' risk-taking behavior. This paper aims to investigate the potential leaks of the policy. Using the Estimator General Method of Moments-difference (GMM-diff), we found evidence that macroprudential policies are less functional in controlling non-financial firms' credit growth than household credit growth. The result amplifies hesitation about the effectiveness of macroprudential policy caused by potential leaks coming from non-financial firms' risk-taking behavior. We also found that macroprudential policy in developing countries is less effective than in developed countries. Hence, the financial stability goal cannot rely solely on macroprudential policy. Instead, it needs support from other mutual policies, such as the capital control policy and transparent regulatory boundaries, to prevent partial risk shift from regulated financial institutions to unregulated, prevalent in the less developed financial system.JEL Classification: E42, E44, E52, E58 ]]>
<![CDATA[Purchase Intention of Halal Cosmetics: The Mediating Role of Attitude ]]>
<![CDATA[Maghfira Rizky Maulani]]>;
<![CDATA[Nuryakin Nuryakin]]>;
<![CDATA[Nur Hidayah]]>
<![CDATA[ ETIKONOMI Vol 21, No 2 (2022) ]]>
Publisher : <![CDATA[Faculty of Economic and Business ]]>
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DOI: 10.15408/etk.v21i2.24131
<![CDATA[This study investigates the effect of knowledge, religiosity, andattitude on purchase intention. A more comprehensive studymodel is considered an effort to add to the literature on the studyof halal cosmetics, which is still very limited amid the progress ofthe halal cosmetics industry in Indonesia. The millennial samplewas used in this study and then analyzed using SEM. Accordingto the result, knowledge did not significantly impact purchaseintentions but played an essential role in influencing attitudes.Meanwhile, religiosity has been proven to significantly impact andcontribute the most to determining purchase intention but wasinsignificant in influencing attitudes. Finally, the result also foundthat attitudes mediated the influence of knowledge and religiosityon purchase intention. For this reason, industry players shouldpay more attention to religiosity in promoting their products.Consumers must be given additional knowledge to influencepositive consumer behavior, encouraging purchase intention. Theimplication of this study is limited to the millennial sample ofthe halal cosmetics product in Indonesia.JEL Classification: M31, M37]]>
<![CDATA[Do Fraud Hexagon Components Promote Fraud in Indonesia? ]]>
<![CDATA[Dio Alfarago]]>;
<![CDATA[Azas Mabrur]]>
<![CDATA[ ETIKONOMI Vol 21, No 2 (2022) ]]>
Publisher : <![CDATA[Faculty of Economic and Business ]]>
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DOI: 10.15408/etk.v21i2.24653
<![CDATA[This study provides information about the likelihood of the natureof fraud companies so that investors and stakeholders can makebetter decisions. The Beneish model and the fraud theory aretwo well-developed ideas for understanding fraud motivationsand detecting earnings manipulation in a corporation. Unlikeprevious studies using the fraud triangle, this study uses the latesttheory (the fraud hexagon) perspective to detect fraud actions.Thus, this study aims to examine the applicability of the fraudhexagon components in combination with the M-score fromthe Beneish model. Seventy-six manufacturing firms listed onIndonesia Stock Exchange from 2015 to 2019 were chosen assamples. The findings confirmed that enterprises with fraud tendto: be more financially stable, be more leveraged, have higherprofitability, have cooperation projects with the government, havemore related-party transactions, have more auditor changes, beless liquid, less changing directors, be less supervised, and lessdisplay CEO.’s picture.JEL Classification: K40, K42]]>
<![CDATA[Do Tax Policies in Nigeria Have Similar Implications for the Manufacturing Sector Output? ]]>
<![CDATA[Musa Abdullahi Sakanko]]>;
<![CDATA[Jeremiah Nshe Manomi]]>;
<![CDATA[Abubakar Ijoko]]>;
<![CDATA[Usman Abdulkareem Audu]]>
<![CDATA[ ETIKONOMI Vol 21, No 2 (2022) ]]>
Publisher : <![CDATA[Faculty of Economic and Business ]]>
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DOI: 10.15408/etk.v21i2.25118
<![CDATA[The study examines whether tax policies in Nigeria have similarimplications on the manufacturing sector’s output during the1994Q1-2020Q4 period using the ARDL bounds testing approach.The bounds testing result suggests the presence of cointegrationbetween tax policies and the manufacturing sector output. Further,the estimation results demonstrate that company income tax (CIT)and import tax are positively related to manufacturing sectoroutput. In contrast, value-added tax (VAT) has a negative effecton the manufacturing sector output, both in the short- and longterm.In addition, the results of the Granger causality test indicatea unidirectional causal relationship running from tax policies tothe manufacturing sector output and not vice versa. Thus, policiesand measures are recommended to prioritize the CIT and importtax, review the assortment in the VAT, and ensure accountabilityand transparency in the tax system.JEL Classification: C32, L60, H22]]>
<![CDATA[Circular Economy Business Models in the Micro, Small, and Medium Enterprises: A Review ]]>
<![CDATA[Astadi Pangarso]]>;
<![CDATA[Kristina Sisilia]]>;
<![CDATA[Yahya Peranginangin]]>
<![CDATA[ ETIKONOMI Vol 21, No 2 (2022) ]]>
Publisher : <![CDATA[Faculty of Economic and Business ]]>
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DOI: 10.15408/etk.v21i2.24052
<![CDATA[MSME business should be built based on circular economy (CE)-based business models. The purpose of this article is to presenta review of several articles that have been published in Scopusdiscussing the CE-based business model and MSMEs to findresearch gaps and future research agendas. It used some tools of thetheoretical assay, such as bibliometric analysis, systematic literaturereview, theory, context, and characteristic methodology (TCCM).The paper outlines all findings of analyzed literature about CE’sbusiness model applied by MSME in the Scopus document untilJune 2021. The findings of this study provided more high-qualityevidence about research and practical gaps regarding the CE-basedbusiness model and MSME, which needs more research focuseson market desirability in the future and more understanding ofinternal processes in MSME’s case studies. The implication of thisarticle is to provide a future research agenda based on a collectionof research gaps as a basis for empirical research.JEL Classification: L26, M10, Q56]]>
<![CDATA[Bangladesh and SAARC Countries: Bilateral Trade and Flaring of Economic Cooperation ]]>
<![CDATA[Md. Abu Issa Gazi]]>;
<![CDATA[Abdullah Al Masud]]>;
<![CDATA[Razuan Ahmed Shuvro]]>;
<![CDATA[Abu Ishaque Hossain]]>;
<![CDATA[Muhammad Khalilur Rahman]]>
<![CDATA[ ETIKONOMI Vol 21, No 2 (2022) ]]>
Publisher : <![CDATA[Faculty of Economic and Business ]]>
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DOI: 10.15408/etk.v21i2.24353
<![CDATA[The primary purpose of this study is to observe the economic andinternational trade relationships between Bangladesh and SAARCcountries during the Fiscal Years 2015-2016 to 2020-2021. Thisresearch uses panel data to examine the relationship betweenthe nature and direction of exports and economic growth.The researcher found that economic cooperation with SAARCcountries impacted economic growth, but there was insufficientexport adaptation. The study also showed that economic relationshave strengthened in recent epochs, and bilateral trade hasincreased compared to previous years with SAARC countries.The obtained results also showed that Bangladesh has sufferedfrom a long-standing trade imbalance with India and is in agood position with Afghanistan, Sri Lanka, Bhutan, Maldives,Nepal, and Pakistan. Our findings are beneficial for internationaltrade stakeholders and suggest that steps should be taken toincrease exports to reduce the trade deficit. Concern authoritiesshould be more aware of the expansion of trade facilitation andinfrastructure development.JEL Classification: F5, F18, F23, F50, M16]]>
<![CDATA[Nexus between Consumption, Income and Price Changes: Asymmetric Evidence from NARDL Mode ]]>
<![CDATA[Raheel Gohar]]>;
<![CDATA[Bisharat Hussain Chang]]>;
<![CDATA[Omer Faruk Derindag]]>;
<![CDATA[Zahida Abro]]>
<![CDATA[ ETIKONOMI Vol 21, No 2 (2022) ]]>
Publisher : <![CDATA[Faculty of Economic and Business ]]>
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DOI: 10.15408/etk.v21i2.23339
<![CDATA[Previous research has primarily examined the link between price, income, and consumer spending using linear regression models. On the other hand, the latest evidence shows an asymmetric link among economic and financial variables. We contribute to the literature by employing a novel technique known as the asymmetric ARDL model. This approach is used to investigate the impact of favorable and unfavorable changes in income and prices on household consumption. The results show that higher income has a substantial and beneficial effect on household expenditures in the short term and long term. On the other hand, a fall in income has no impact on consumer spending. Moreover, for most developing countries, price adjustments have a negligible effect on consumer expenditures. Our findings suggest that implementing the same policy initiatives across periods of rising and falling income and prices may result in potential losses.JEL Classification: E31, F31, C22]]>
<![CDATA[The Nexus among Agriculture Sector Development and Environmental Degradation in Emerging Economies ]]>
<![CDATA[Buket Altınöz]]>
<![CDATA[ ETIKONOMI Vol 21, No 2 (2022) ]]>
Publisher : <![CDATA[Faculty of Economic and Business ]]>
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DOI: 10.15408/etk.v21i2.25073
<![CDATA[This paper aims to determine the effect of agriculture sectordevelopment on CO2 emissions in 10 big emerging marketeconomies. This relationship is tested for the first time for emergingeconomies by using the panel quantile regression approach. Theresults suggest that agricultural value-added mitigate emissionsin lower, middle-lower, and upper quantile levels. This resultimplies that the agricultural sector is an effective policy toolin reducing pollution in these countries. Economic growth andnatural resources rent have a positive impact on pollution. Financialdevelopment only has an emission-reducing effect at the middleupperquantile level, while globalization has a negative impact onCO2 emissions both in the middle-upper and upper quantiles.These results justify the consideration of heterogeneous effects andallow clear policy implications. Moreover, the critical importanceof agricultural policies for environmental quality in these countriesis emphasized with concrete evidence.JEL Classification: O13, Q56, C33]]>
<![CDATA[Tax Avoidance Mediated by Constitutional Ownership as Moderating Variables ]]>
<![CDATA[Feryal Amima Widadi]]>;
<![CDATA[Bambang Subroto]]>;
<![CDATA[Aulia Fuad Rahman]]>
<![CDATA[ ETIKONOMI Vol 21, No 2 (2022) ]]>
Publisher : <![CDATA[Faculty of Economic and Business ]]>
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DOI: 10.15408/etk.v21i2.25799
<![CDATA[This study analyzes Tax Avoidance Mediated by InstitutionalOwnership as a Moderating Variable. The analytical methodused is Partial Least Square (PLS), with a sample of seventysevenfood and beverage manufacturing companies listed on theIDX for 2014 - 2020. The findings of this study show thatthin capitalization, profitability, and return on assets (ROA) ontax avoidance are influenced by institutional ownership. Thiscondition is one of the challenging issues to overcome in termsof tax avoidance for manufacturing companies in the food andbeverage sector of the food and beverage sector listed on theIndonesia Stock Exchange. The results of this study can be usedas a reference in making decisions for company owners andmanagers. Before investing their shares, investors will evaluatewhether tax avoidance by the company will provide benefits toovercome the tax burden or vice versa.JEL Classification: H26, E43, D24, G32]]>
