EQUILIBRIUM
Equilibrium journal issued by the Department of Islamic Economics, Pascasarjana, STAIN Kudus, periodically (every 6 months) in June and December with the aim of disseminating information about the study of knowledge islamic economics in the form of conceptual studies and research results.
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<![CDATA[Muslim Entrepreneur Behavior in Kudus: Spirituality, Religiosity and Business ]]>
<![CDATA[ EQUILIBRIUM Vol 10, No 2 (2022): EQUILIBRIUM ]]>
Publisher : <![CDATA[Prodi Ekonomi Syariah Pascasarjana IAIN Kudus ]]>
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DOI: 10.21043/equilibrium.v10i2.16323
<![CDATA[This paper aims to understand the behavioral tendencies of Muslim micro, small and medium entrepreneurs (MSMEs) in Kudus, on the dimensions of religion, spirituality and business activities. The research method used is field research with a qualitative approach, by conducting interviews and observations of the research object. Structured interviews were conducted with 17 informants, taking into account religion, business cluster and business location. The results of the study indicate that the tendency of business behavior of Muslim entrepreneurs is influenced by several factors, one of which is spiritual and religious factors. However, not all of this business behavior is motivated by spiritual and religious factors. Although, in general, economic factors are often the motivation for business behavior.]]>
<![CDATA[How Long Can Macroeconomic Variables Affect the Islamic Index in Indonesia? ]]>
<![CDATA[ EQUILIBRIUM Vol 10, No 2 (2022): EQUILIBRIUM ]]>
Publisher : <![CDATA[Prodi Ekonomi Syariah Pascasarjana IAIN Kudus ]]>
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DOI: 10.21043/equilibrium.v10i2.16707
<![CDATA[This study aimed to examine the effect of macroeconomic variables' lags on Indonesia's Islamic index. The influence of lag can determine how long macroeconomic variables affect the Islamic index. The macroeconomic variables observed for their impact on the Islamic index are inflation, industrial production index, interest rates, exchange rates, gold prices, money supply, and world oil prices from May 2011 to December 2021. The approach used is the Autoregressive Distributed Lag (ARDL) model. The results show that the lags of macroeconomic variables influence the sharia index. The time it takes to affect the stock varies. Inflation, gold prices, and the money supply need a minimum of 1 month to affect stock prices. Industrial production indices and exchange rates have a high-speed ability to influence stock price movements at that time. Interest rates and world oil prices take at least three months to affect stock prices.]]>
<![CDATA[The Relationship Between Halal Tourism Development And Regional Original Income in Indonesia ]]>
<![CDATA[ EQUILIBRIUM Vol 10, No 2 (2022): EQUILIBRIUM ]]>
Publisher : <![CDATA[Prodi Ekonomi Syariah Pascasarjana IAIN Kudus ]]>
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DOI: 10.21043/equilibrium.v10i2.16983
<![CDATA[This study aimed to determine the relationship between the financial performance of local revenue and the halal tourism sector in DKI Jakarta. This qualitative descriptive research analyzes the information obtained from the results of a study that has been carried out before and then is complemented by interviews with several competent parties. Then a literature review is carried out on various published texts such as local government reports, regional regulations, and other information. from government websites. Based on the search, it was found that there were strategic steps in developing halal tourism in DKI Jakarta, including concrete Implementation in the form of preparing various supporting facilities as well as various forms of innovation and sharia services in banking in the form of sharia schemes to support the multiple needs of halal tourism actors such as JakQR, JakOne to later JakCard. It was also found that there is quite a large amount of income for regional original income from the tourism sector in DKI Jakarta, but the percentage that comes from halal tourism has yet to be identified. The recommendation from this research is to stay focused on developing the potential of halal tourism in DKI Jakarta and the need to issue Regional Regulations immediately.]]>
<![CDATA[Extraction Mudarabah from IFI: Reposition of Mudarabah as a Cooperation System of Islamic Socio-Economics ]]>
<![CDATA[ EQUILIBRIUM Vol 10, No 2 (2022): EQUILIBRIUM ]]>
Publisher : <![CDATA[Prodi Ekonomi Syariah Pascasarjana IAIN Kudus ]]>
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DOI: 10.21043/equilibrium.v10i2.15590
<![CDATA[Mudarabah is the core of the Islamic cooperation system, which is expected to improve people's welfare. Its practice in Islamic Financial Institutions (IFI) has not realized that goal. One reason is forcing this system to become a profit-oriented formal financial institution. This paper aims to reveal the problems of the institutionalization of mudarabah and attempt to reposition it from IFI to a cooperation system of Islamic socio-economic so that the lofty goals of this system can be realized. This research uses literature and field studies. Data mining techniques use documentation, interviews, and participant observation. The research findings show that four aspects are applied in worksheets that conflict with the essential characteristics of mudarabah, namely, capital and determination of profit sharing, business management, determination of business period, and guarantees. Efforts to reposition mudarabah into the cooperation system of Islamic socio-economic are carried out by removing mudarabah from the IFI and allowing it to become a cultural system that facilitates community needs in economic interaction or to become a cooperation system within the Baitul Mal which positions the Baitul Mal as nothing more than a facilitator that brings together sahibul mal and mudarib.]]>
<![CDATA[Determinants of Capital Structure: Analysis of the Islamic Banking Industry in the ASEAN Region ]]>
<![CDATA[ EQUILIBRIUM Vol 10, No 2 (2022): EQUILIBRIUM ]]>
Publisher : <![CDATA[Prodi Ekonomi Syariah Pascasarjana IAIN Kudus ]]>
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DOI: 10.21043/equilibrium.v10i2.15730
<![CDATA[This study aims to evaluate the factors that influence the capital structure of the Islamic banking industry in the ASEAN region using the trade-off theory as a basis for decision-making. In trade-off theory, book leverage can proxy capital structure as the dependent variable and bank-specific factors, including profitability, earnings volatility, bank size, asset growth, asset structure, and bank age, as independent variables. In addition, it also considers macroeconomic conditions, which are manifested in the gross domestic product and the inflation rate. The study results show that total assets can affect the level of debt because fixed assets can be used as collateral when the bank takes on debt. While other factors do not have a significant effect on the debt level of Islamic banks. These results are the first empirical study to explore the determinants of the capital structure of Islamic banks in the ASEAN region with different variables from previous research and updated sample data, namely the 2016-2020 period.]]>
<![CDATA[Does GCG Implementation in BWUT (Badan Wakaf Uang Tunai) MUI DIY Affect Waqifs Trust? ]]>
<![CDATA[ EQUILIBRIUM Vol 10, No 2 (2022): EQUILIBRIUM ]]>
Publisher : <![CDATA[Prodi Ekonomi Syariah Pascasarjana IAIN Kudus ]]>
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DOI: 10.21043/equilibrium.v10i2.16734
<![CDATA[In 2019 BWUT MUI DIY managed to raise waqf funds of Rp.627,352,991 with a wakif number of 1854 people. But there is a difference in increased Rp. 27,352,991 of 174 wakifs in 2 years by BWUT MUI DIY. These problems are influenced by professionalism in the management of cash waqf. In addition, there is still the management of waqf institutions that are less than ideal and by GCG principles. This study aimed to determine the effect of each direction of GCG in waqf management on wakif trust. This research is quantitative by sample waqf in BWUT MUI DIY. The data was obtained by questionnaire and analyzed using SEM-PLS supported by the SmartPLS 3.0 application software. The findings in this study indicate that the transparency variable has three t-statistics greater than 1.64, so it can be identified as significant to wakif trust. While the independency variable has an OSE value of -0.341 which means it is negative with a t-statistic greater than 1.64, this result indicates that the better the implementation of independence. And the accountability variable does not affect wakif trust by a t-statistic value of 0.458. However, the transparency variable can be interpreted that the better the implementation of the GCG principle in the waqf institution impacted to increasing the level of wakif trust.]]>
<![CDATA[The Determinants of Intention to Adopt Islamic Financial Technology in Indonesia ]]>
<![CDATA[ EQUILIBRIUM Vol 10, No 2 (2022): EQUILIBRIUM ]]>
Publisher : <![CDATA[Prodi Ekonomi Syariah Pascasarjana IAIN Kudus ]]>
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DOI: 10.21043/equilibrium.v10i2.16539
<![CDATA[This study analyses the factors determining the intention to adopt Islamic financial technology for Muslim users in Indonesia. This study uses a quantitative approach to analyze the determinant of intention to adopt Islamic fintech. The analysis was carried out using Structural Equation Modeling (SEM) with the SmartPLS application tool to examine the relationship between variables in the model. 205 respondents were selected through a purposive sampling technique to get Muslim respondents in Jabodetabek and Bandung who had used fintech applications but had not used sharia fintech. The results showed that the determinant of intention to use Islamic fintech is positively and significantly influenced by Perceived Usefulness (PU) and attitude (A). Meanwhile, perceived ease of use (PEOU), trust (T), and religiosity (R) have a positive but not significant effect on the intention to use (ITU) Islamic fintech. Indirectly, perceived ease of use and trust has a positive and significant effect on the intention to use Islamic fintech through perceived usefulness (PU) and attitude variables; perceived usefulness (PU) and religiosity (R) have a positive and significant effect on the intention to use Islamic fintech through attitude.]]>
<![CDATA[The Indonesian Sharia Capital Market in Shock Covid-19: Global Market Interaction ]]>
<![CDATA[ EQUILIBRIUM Vol 10, No 2 (2022): EQUILIBRIUM ]]>
Publisher : <![CDATA[Prodi Ekonomi Syariah Pascasarjana IAIN Kudus ]]>
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DOI: 10.21043/equilibrium.v10i2.16457
<![CDATA[Covid-19 has caused problems, including the global Islamic capital market. The rapid and extraordinary development of Covid-19 has rocked sharia investment in Indonesia. This study looks at the interaction of the global Islamic stock market with the Indonesian Islamic stock market, namely the Jakarta Islamic Index (JII), in the Covid-19 shock. Data is collected from within the global Islamic capital market sourced from the Dow Jones Islamic Market World Index, and the Indonesian Islamic capital market is sourced from the Indonesia Stock Exchange (IDX). They are generalizing the research period carried out during the covid-19 period starting from March 2020 to November 2022. This research used several stages of the Cointegration Test, Granger Causality Test, IRF (Impulse Response Function) Test and Forecasting Error Variance Decomposition (FEVD) Test. The study results show that the global Islamic stock market has had a significant impact on the Indonesian Islamic stock market both in the short and long term in the era of the covid-19 shock.]]>
<![CDATA[From Heart to Heart: An Empirical-Synthesis of a Muslim’s Donation Cycle ]]>
<![CDATA[ EQUILIBRIUM Vol 10, No 2 (2022): EQUILIBRIUM ]]>
Publisher : <![CDATA[Prodi Ekonomi Syariah Pascasarjana IAIN Kudus ]]>
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DOI: 10.21043/equilibrium.v10i2.16805
<![CDATA[This research contributes to the theory of giving behavior from the perspective of Islamic religiosity by describing how an individual Muslim makes donations from the initial intention, manages their finances and savings, and impacts their intrinsic satisfaction and religious beliefs. Descriptive qualitative research was conducted with case studies to describe the dynamics of a series of decisions made by individuals based on their experience of giving donations. The analytical methodology uses a descriptive qualitative narrative type technique taken from in-depth interviews until the data sample is saturated by respondents in Semarang, Indonesia. Twelve respondents were selected based on their experience in donating, the amount of the donation and the variation in their ages. The study results show that individuals who have religious awareness will have a strong desire to help other people or their community because they comply with religious observance guidelines. In addition, donations are helpful because they can provide an experience of gratitude, intrinsic satifaction, creating a sense of security from evil to have a continuous donation cycle. This research produces a synthesis in a cycle model between religiosity, donation, and intrinsic satisfaction.]]>
<![CDATA[WORK ENVIRONMENT AS MODERATING VARIABLE IMPACT OF TRANSFORMATIONAL LEADERSHIP AND ORGANIZATIONAL CULTURE ON EMPLOYEE PERFORMANCE ]]>
<![CDATA[ EQUILIBRIUM Vol 10, No 2 (2022): EQUILIBRIUM ]]>
Publisher : <![CDATA[Prodi Ekonomi Syariah Pascasarjana IAIN Kudus ]]>
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DOI: 10.21043/equilibrium.v10i2.17142
<![CDATA[This study aims to determine the effect of transformational leadership on the work environment, the influence of organizational culture on the work environment, the influence of the work environment on work performance, the influence of transformational leadership on work performance through the work environment, and the influence of organizational culture on work performance through the work environment. Using quantitative methods with questionnaire data collection methods. The population in this study were all employees in the Non-Bank Islamic Financial Institutions, with a saturated sampling technique of 45 employees. Use path analysis with external model measurements, mediation tests, and internal model measurements. The results showed that transformational leadership had a significant positive effect on the work environment, organizational culture had a significant negative effect on the work environment, and the work environment had a significant positive effect on work performance. the work environment can mediate the influence of transformational leadership on work performance. Meanwhile, the work environment has not been able to mediate the influence of organizational culture on performance.]]>
