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Jurnal Ekonomi Syariah Teori dan Terapan

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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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Determinants of Islamic Banking Profitability: A Comparative Analysis of Indonesia and Malaysia Syifa Nurmilla Fathiyyah; Muhammad Muflih
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 10 No. 4 (2023): Juli-2023
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol10iss20234pp391-402

ABSTRACT Islamic banking in Indonesia and Malaysia experienced differences in asset growth and market share, potentially causing dissimilarity in profitability performance. This study aims to evaluate the factors that influence the increase in profitability of Islamic banking in Indonesia and Malaysia using signaling theory including market concentration (HHI), company size and financing risk (NPF), and national income (GDP) as control variables. It analyzed the Indonesian and Malaysian Islamic banks during the period 2017-2021. The method used in this study is comparative descriptive with panel data regression analysis measuring instruments. Based on the results of empirical analysis, factors that affect the profitability of Islamic banking in Indonesia are financing risk, while in Malaysia, it is financing risk and national income. The results of this study update the view on the profitability of Islamic banking in Indonesia and Malaysia. In addition, from the managerial side, this study contributes to creating NPF control in Indonesian Islamic banking because these factors can increase the profitability of the country's Islamic banking. The study also contributes to the development of market concentration strategies, company size, and financing risks in Malaysian Islamic banking as all these factors can increase the profitability of the country's Islamic banking. Keywords: Islamic Banking, Profitability, Market Concentration, Company Size, Financing Risk ABSTRAK Perbankan syariah Indonesia dan Malaysia mengalami perbedaan dalam pertumbuhan aset dan market share sehingga berpotensi menimbulkan perbedaan kinerja profitabilitas. Studi ini bertujuan untuk mengevaluasi faktor yang mempengaruhi peningkatan profitabilitas perbankan syariah di Indonesia dan Malaysia dengan menggunakan signaling theory diantaranya konsentrasi pasar (HHI), ukuran perusahaan dan risiko pembiayaan (NPF) serta pendapatan nasional (GDP) sebagai variabel kontrol. Studi ini menganalisis bank syariah di Indonesia dan Malaysia selama periode 2017-2021. Metode yang digunakan oleh studi ini adalah komparatif deskriptif dengan alat ukur analisis regresi data panel. Berdasarkan hasil analisis empiris, faktor yang mempengaruhi profitabilitas perbankan syariah Indonesia adalah risiko pembiayaan sedangkan di Malaysia adalah risiko pembiayaan serta pendapatan nasional. Hasil penelitian ini memperbaharui pandangan tentang profitabilitas perbankan syariah Indonesia dan Malaysia. Selain itu dari sisi manajerial, studi ini berkontribusi dalam menciptakan pengendalian NPF pada perbankan syariah Indonesia karena faktor tersebut mampu meningkatkan profitabilitas perbankan syariah negara tersebut. Selain itu studi ini juga berkontribusi dalam pengembangan strategi konsentrasi pasar, ukuran perusahaan dan risiko pembiayaan pada perbankan syariah Malaysia karena semua faktor tersebut mampu meningkatkan profitabilitas perbankan syariah negara tersebut. Kata Kunci: Bank Syariah, Profitabilitas, Konsentrasi Pasar, Ukuran Perusahaan, Risiko Pembiayaan REFERENCE Abbas, A., & Arizah, A. (2019). Marketability, profitability, and profit-loss sharing: evidence from sharia banking in Indonesia. Asian Journal of Accounting Research, 4(2), 315–326. doi:10.1108/AJAR-08-2019-0065 Adelopo, I., Lloydking, R., & Tauringana, V. (2018). Determinants of bank profitability before, during, and after the financial crisis. 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Macroeconomic Perspective on the Growth of Corporate Sharia Bonds (Sukuk) in Indonesia Erna Apriani; Dian Rachmawati Afandi; Abdul Latif; Aprilianti
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 10 No. 4 (2023): Juli-2023
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol10iss20234pp352-364

ABSTRACT This study aimed to examine macroeconomic factors such as economic growth, inflation, money supply, unemployment rate, and world oil prices as moderating variables on the growth of corporate Islamic bonds (sukuk) in Indonesia. The method of analysis in this research was quantitative causality with an analytical approach. The analysis technique used was a moderation regression model. The sample in this study was the growth of corporate Islamic bonds (sukuk) for the last ten years, from 2013 to 2022, in monthly data. The results showed that the growth of Sukuk was partially affected by the variables of inflation, money supply, and unemployment. However, the GDP variable does not affect the growth of Sukuk. The moderating variable of world oil prices can moderate the variables of GDP, money supply, and unemployment rate on the growth of Sukuk, but does not moderate the variable of inflation on the growth of Sukuk. The results of this study can be used as an academic reference and information for issuers and potential investors in making investment decisions from macroeconomic factors that have been studied such as inflation, money supply, unemployment rate, and world oil prices. Keywords: Gross Domestic Product, Macroeconomics, Unemployment Rate, Corporate Sukuk ABSTRAK Penelitian ini bertujuan untuk mengetahui faktor-faktor makroekonomi seperti pertumbuhan ekonomi, inflasi, uang beredar, tingkat pengangguran, dan harga minyak dunia sebagai variabel moderasi pada pertumbuhan obligasi syariah (sukuk) korporasi di Indonesia. Metode analisis pada penelitian ini ialah kuantitatif kausalitas dengan pendekatan analitik. Teknik analisis yang dipakai menggunakan model regresi moderasi. Sampel penelitian ini ialah pertumbuhan obligasi syariah (sukuk) korporasi sepuluh tahun terakhir, dari tahun 2013 sampai dengan 2022 dalam data bulanan. Hasil penelitian menunjukan secara parsial variabel inflasi, uang beredar, dan tingkat pengangguran mempengaruhi pertumbuhan sukuk, namun berbeda dengan variabel GDP tidak mempengaruhi pertumbuhan sukuk. Variabel moderasi harga minyak dunia mampu memoderasi variabel GDP, uang beredar, dan tingkat pengangguran pada pertumbuhan sukuk, namun tidak memoderasi variabel inflasi pada pertumbuhan sukuk. Hasil penelitian ini dapat dipakai sebagai refrensi akdemisi, dan informasi bagi perusahaan penerbit serta para calon investor dalam menentukan keputusan investasi dari faktor makroekonomi yang telah diteliti seperti inflasi, uang beredar, tingkat pengangguran, dan harga minyak dunia. Kata kunci: Gross Domestic Product, Makro Ekonomi, Tingkat Pengangguran, Sukuk Korporasi REFERENCES Abdalloh, I. (2019). Pasar modal syariah. Jakarta: Elex Media Komputindo. Ahmed, H., Hassan, M. K., & Rayfield, B. (2018). When and why firms issue sukuk? Managerial Finance, 44(6), 774–786. doi:10.1108/MF-06-2017-0207 Ardiansyah, I. H., & Lubis, D. (2017). Pengaruh variabel makroekonomi terhadap pertumbuhan sukuk korporasi di Indonesia. Al-Muzara’ah, 5(1), 51–68. doi:10.29244/jam.5.1.51-68 Bendickson, J., Muldoon, J., Liguori, E., & Davis, P. E. (2016). Agency theory: The times, they are a-changin’. Management Decision, 54(1), 174–193. doi:10.1108/MD-02-2015-0058 Eisenhardt, K. M. (1989). Agency theory: An assessment and review. The Academy of Management Review, 14(1), 57–74. doi:10.2307/258191 Fahmi, I. (2015). Manajemen investasi edisi 2. Jakarta: Salemba Empat. Ghozali, I. (2013). Analisis multivariate lanjutan dengan program IBM SPSS 21. Semarang: Badan Penerbit Universitas Diponegoro. Halim, Z.A, How, J., & Verhoeven, P. (2017). Agency costs and corporate sukuk issuance. Pacific-Basin Finance Journal, 42, 83–95. doi:10.1016/j.pacfin.2016.05.014 Klein, P.-O., & Weill, L. (2016). Why do companies issue sukuk? 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Sidoarjo: 13 Desember 2021 Nagano, M. (2017). Sukuk issuance and information asymmetry: Why do firms issue sukuk? Pacific-Basin Finance Journal, 42, 142–157. doi:10.1016/j.pacfin.2016.12.005 Nasrifah, M. (2019). Sukuk (obligasi Syariah) dalam perspektif keuangan Islam. Asy-Syari’ah: Jurnal Hukum Islam, 5(2), 165–179. doi:10.55210/assyariah.v5i2.120 Pramidiyanti, H., & Indrawati, L. R. (2019). Pengaruh variabel makroekonomi terhadap pertumbuhan Sukuk korporasi di Indonesia tahun 2002-2018. DINAMIC: Directory Journal of Economic, 1(4), 418–432. doi:10.31002/dinamic.v1i4.804 Sholiha, I., & Hanifah, N. (2021). Eksistensi obligasi Syariah (Sukuk) korporasi di Indonesia pada masa pandemi. Istidlal: Jurnal Ekonomi dan Hukum Islam, 5(2), 143–151. doi: 10.35316/istidlal.v5i2.346 Suganda, T. R. (2018). Teori dan pembahasan reaksi pasar modal Indonesia. Malang: Seribu Bintang. Sugiyono. (2017). Metode penelitian pendidikan pendekatan kuantitatif, kualitatif dan R&D. Bandung: Alfabeta. Ulum, I. (2017). Intellectual capital: Model pengukuran, framework pengungkapan& kinerja organisasi. Malang: UMMPress. Wahyudi, M. A., & Shofawati, A. (2019). Pengaruh faktor makroekonomi terhadap total nilai emisi sukuk korporasi di Indonesia (periode Januari 2013-Desember 2017). Jurnal Ekonomi Syariah Teori dan Terapan, 6(3), 461–476. doi:10.20473/vol6iss20193pp461-476 Zusryn, A. S., Al Hashfi, R. U., & Nasution, A. H. (2019). Pengaruh sistem perbankan, makroekonomi, dinamika pasar keuangan terhadap perkembangan sukuk korporasi. JEBA (Journal of Economics and Business Aseanomics), 4(2), 109–125. doi:10.33476/j.e.b.a.v4i2.1244

Do Determinants of Behaviors Influence the Intention to Invest in Green Sukuk? M Iqbal Affandi; Farida Rahmawati
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 10 No. 4 (2023): Juli-2023
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol10iss20234pp403-414

ABSTRACT Green finance is being developed in response to growing environmental concerns. Green sukuk is a type of green finance based on Shariah rules. Green sukuk initiatives have been carried out in Indonesia since 2019. The participation of green sukuk has been consistently increasing every year. This study aimed to determine the cause of this occurrence using green financing knowledge, environmental concern, risk behavior, financial literacy, and intention as observed variables. This research was based on a quantitative method using primary data. The sampling technique used in this study was convenience sampling and 10 times rule for SEM. Data was collected by distributing structured questionnaires to approximately 176 respondents. The respondents came from individuals aged between 20-40 years old, from different educational backgrounds, and from different regions in Indonesia. The results of the structural equation modeling analysis show that green finance knowledge significantly influences intention, while environmental concern and risk behavior significantly influence financial literacy. Financial literacy as a moderating variable has a significant influence on intention. The findings are expected to guide the development of effective marketing strategies for green sukuk to attract investors. Keywords: Green Sukuk, Behavior, Intention, Financial Literacy ABSTRAK Bentuk dari kepedulian terhadap lingkungan untuk mengatasi masalah ini adalah dengan pengembangan green finance. Salah satu bentuk dari green finance yang menerapkan prinsip syariah adalah green sukuk. Inisiatif green sukuk telah dilakukan di Indonesia sejak tahun 2019. Tingkat partisipasi green sukuk terus meningkat setiap tahunnya. Tujuan dari penelitian ini adalah untuk memahami faktor di balik fenomena ini. Pendekatan yang digunakan adalah kuantitatif dengan data primer. Teknik sampling yang digunakan dalam penelitian ini adalah convenience sampling dan metode 10 times rule untuk SEM. Pengumpulan data dilakukan dengan membagikan kuesioner terstruktur kepada 176 responden. Responden terdiri dari individu berusia 20-40 tahun, dari beberapa latar belakang pendidikan berbeda, dan dari beberapa wilayah di Indonesia. Dengan bantuan analisis Structural Equation Modelling, hasil dari penelitian ini menunjukkan bahwa green financing knowledge berpengaruh signifikan terhadap minat, sedangkan environmental concerns dan risk behavior berpengaruh signifikan terhadap literasi keuangan. Literasi keuangan sebagai variabel moderasi berpengaruh signifikan terhadap minat. Hasilnya diharapkan dapat memandu pengembangan strategi pemasaran sukuk hijau yang efektif untuk menarik investor. Kata Kunci: Green Sukuk, Perilaku, Minat, Literasi Keuangan REFERENCES Abdullah, N., & Nayan, M. A. (2020). Green sukuk: Financing the future to sustainable environment. International Journal of Zakat and Islamic Philanthropy, 2(2), 14–23. Adhiyogo, I., Dalimunthe, Z., Triono, R. A., & Arif, H. (2022). The intention of individual investors to invest in green bond in Indonesia. Global Business and Management Research: An International Journal, 14(3s), 513–522. Arianti, B. F. (2018). The influence of financial literacy, financial behavior and income on investment decision. Economics and Accounting Journal, 1(1), 1-10. Barua, S., & Chiesa, M. (2019). Sustainable financing practices through green bonds: What affects the funding size? Business Strategy and the Environment, 28(6), 1131–1147. Doi:10.1002/bse.2307 Cantika, V. P., Pinasti, U. S., & Pusparini, M. D. (2022). Pengaruh literasi keuangan dan supporting environmental protection pada generasi Z terhadap minat investasi green sukuk untuk mewujudkan indonesia ramah lingkungan. At-Thullab: Jurnal Mahasiswa Studi Islam, 4(2), 1138–1155. doi:10.20885/tullab.vol4.iss2.art9 Howard, J. A., & Sheth, J. N. (1970). Theory of buyer behavior. Journal of the American Statistical Association, 65(331), 1406-1407. doi:10.2307/2284311 Istiqomah, N., & Krisnawati, A. (2021). Risk tolerance and investor decision behavior in MSMEs. AFRE: Accounting and Financial Review, 4(1), 45–53. doi:10.26905/afr.v4i1.5979 Li, Z., Tang, Y., Wu, J., Zhang, J., & Lv, Q. (2020). The Interest Costs of Green Bonds: Credit Ratings, Corporate Social Responsibility, and Certification. Emerging Markets Finance and Trade, 56(12), 2679–2692. doi:10.1080/1540496X.2018.1548350 Liu, F. H. M., & Lai, K. P. Y. (2021). Ecologies of green finance: Green sukuk and development of green Islamic finance in Malaysia. Environment and Planning A: Economy and Space, 53(8), 1896–1914. doi:10.1177/0308518X211038349 Liu, Y., Hong, Z., Zhu, J., Yan, J., Qi, J., & Liu, P. (2018). Promoting green residential buildings: Residents’ environmental attitude, subjective knowledge, and social trust matter. Energy Policy, 112, 152–161. doi:10.1016/j.enpol.2017.10.020 Nekmahmud, Md., & Fekete-Farkas, M. (2020). Why Not Green Marketing? Determinates of Consumers’ Intention to Green Purchase Decision in a New Developing Nation. Sustainability, 12(19), 7880. doi:10.3390/su12197880 Obaidullah, M. (2018). Managing climate change: Role of Islamic finance. Islamic Economic Studies, 26(1), 31–62. doi:10.12816/0050310 Osman, I., Ma’in, M., Muda, R., Husni, N. S. A., Alwi, S. F. S. A., & Hassan Faridah. (2019). Determinants of behavioral intention towards green investments: The perspectives of Muslims. International Journal of Islamic Business, 4(1), 16–38. Sadiq, M. N., & Khan, R. A. A. (2019). Impact of personality traits on investment intention: The mediating role of risk behaviour and the moderating role of financial literacy. Journal of Finance & Economics Research, 4(1), 1–18. doi:10.20547/jfer1904101 Sharif, F., & Tauqir, A. (2021). The effects of infrastructure development and carbon emissions on economic growth. Environmental Science and Pollution Research, 28(27), 36259–36273. doi:10.1007/s11356-021-12936-4 Suwanan, A. F., Munir, S., & Merlinda, S. (2022). Analisis peran dan tantangan sukuk hijau bagi ketahanan perubahan iklim pada wilayah rentan selama pandemi Covid-19. Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, 4(4), 978–989. doi:10.47467/alkharaj.v4i4.767 Tabassum, A., Diengdoh, M., & Vincent, D. G. (2019). Green sukuk: Challenges and potential. International Journal of Social Science and Economic Research, 4(2), 1461–1470. Trimulato, T. (2021). Analysis produk keuangan syariah sukuk. Kunuz: Journal of Islamic Banking and Finance, 1(2), 120–137. Doi:10.30984/kunuz.v1i2.72

The Influence of Maqasid Shariah Index and Shariah Business Good Governance on the Profit Growth of Islamic Commercial Banks in Indonesia : - Zainuri; Umi Cholifah; Erika Ayu Pandini
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 10 No. 4 (2023): Juli-2023
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol10iss20234pp415-426

ABSTRACT This research aims to investigate the impact of Maqasid Shariah Index and Shariah business good governance on the profit growth of Islamic commercial banks in Indonesia during the period 2017 to 2021. The study employs a quantitative research method with the Panel Least Square (PLS) approach, and Lagrange Multiplier test is used to determine the appropriate regression model. The Common Effect Model (CEM) is found to be the best fit regression model. After conducting the Lagrange Multiplier test, the study proceeds to examine the classical assumptions. The research population consists of Islamic commercial banks registered with the Financial Services Authority during 2017-2021, and the sample includes those banks that have published financial reports and Shariah business good governance reports. The main finding of this research reveals a significant positive influence of Shariah business good governance on the profit growth of Islamic commercial banks. This indicates that the increased implementation of Shariah business good governance principles leads to a significant enhancement in profit growth. This study provides valuable insights for Islamic banks to reevaluate their business and financial governance systems to align with Islamic principles. Keywords: Maqasid Shariah Index, Shariah Business Good Governance, Islamic Commercial Banks, Profit Growth, Indonesia. ABSTRAK Penelitian ini bertujuan untuk menginvestigasi dampak Indeks Maqasid Syariah dan Good Governance Bisnis Syariah yang baik terhadap pertumbuhan laba bank umum syariah di Indonesia selama periode 2017 hingga 2021. Penelitian ini menggunakan metode penelitian kuantitatif dengan pendekatan Panel Least Square (PLS), dan uji Lagrange Multiplier digunakan untuk menentukan model regresi yang sesuai. Common Effect Model (CEM) terbukti menjadi model regresi yang terbaik. Setelah melakukan uji Lagrange Multiplier, penelitian ini melanjutkan dengan menguji asumsi-asumsi klasik. Populasi penelitian terdiri dari bank umum syariah yang terdaftar di Otoritas Jasa Keuangan selama periode 2017-2021, dan sampel penelitian mencakup bank-bank tersebut yang telah menerbitkan laporan keuangan dan laporan Good Governance Bisnis Syariah. Hasil utama dari penelitian ini mengungkapkan adanya pengaruh positif dan signifikan dari Good Governance Bisnis Syariah yang baik terhadap pertumbuhan laba bank umum syariah. Hal ini menunjukkan bahwa semakin bank umum syariah menerapkan prinsip-prinsip Good Governance Bisnis Syariah yang baik, maka pertumbuhan labanya akan meningkat secara signifikan. Penelitian ini memberikan wawasan yang berharga bagi bank-bank syariah untuk mengevaluasi kembali sistem Good Governance Bisnis Syariah dan keuangannya agar sejalan dengan prinsip-prinsip syariah. Kata Kunci: Indeks Maqasid Syariah, Good Governance Bisnis Syariah, Bank Umum Syariah, Pertumbuhan Laba, Indonesia.

Product Market Competition, Financial Leverage, Risk of Financing on Financial Stability: Studies on Islamic Banks in Indonesia Duwi Ira Setianti; Slamet Haryono
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 10 No. 4 (2023): Juli-2023
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol10iss20234pp365-376

ABSTRACT This study aims to explain and analyze the effect of product market competition, financial leverage, and risk of financing on the stability of Islamic banks in Indonesia in 2018-2022. The sampling technique used is Islamic banks listed on the Indonesia Stock Exchange. Source of data obtained from the annual report of each bank. The analytical method used is panel regression analysis with Eviews 10 software with the Common Effect Model (CEM) model as the best model. The variables used consist of product market competition (PCM), financial leverage (DER proxy), and financing risk (NPF proxy) on banking stability (proximate Natural Logarithm Z-Score). The results of this study found that product market competition did not affect bank stability. Meanwhile, financial leverage and financing risk have a negative effect on the stability of Islamic banks in Indonesia. From the results of this study, it is hoped that competition for Islamic banks in Indonesia can always run normally as it is today. In addition, the financial leverage and financing risks of Islamic banks have a negative impact on banking stability. Therefore, this research can be used as an early warning and reference for Islamic banks to make funding decisions through debt capital and excessive financing. keywords: Banking stability, product market competition, financial leverage, financing risk ABSTRAK Penelitian ini bertujuan untuk menjelaskan dan menganalisis pengaruh persaingan pasar produk, financial leverage, dan risk of financing terhadap stabilitas bank syariah di Indonesia pada 2018-2022. Teknik pengambilan sampel yang digunakan bank syariah yang terdaftar di Bursa Efek Indonesia. Sumber data diperoleh dari laporan tahunan masing masing bank. Metode analisis yang digunakan adalah analisis regresi panel dengan software Eviews 10 dengan model Common Effect Model (CEM) sebagai model terbaik .Variabel yang digunakan terdiri dari persaingan pasar produk (PCM), financial leverage (proksi DER) dan resiko pembiayaan (proksi NPF) terhadap stabilitas perbankan (doproksikan Natural Logarithm Z-Score. Hasil dari penelitian ini menemukan bahwa persaingan pasar produk tidak berpengaruh terhadap stabilitas bank. Sementara financial leverage dan resiko pembiayaan berpengaruh negative terhadap stabilitas bank syariah di Indonesia. Dari hasil penelitian ini, diharapkan persaingan bank syariah di Indonesia dapat selalu berjalan berjalan normal seperti saat ini. Selain itu, financial leverage dan resiko pembiayaan bank syariah berdampak buruk pada stabilitas perbankan. 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Sukuk Trend Analysis: Bibliometric and Systematic Literature Review from 2011 - 2021 Ryan Rahmah Maulayati; Sri Iswati
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 10 No. 4 (2023): Juli-2023
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol10iss20234pp377-390

ABSTRACT The stability of Islamic finance has made many researchers interested in discussing Islamic finance. Sukuk is included in one of the widely published areas of Islamic finance, making it a topic of discussion in several scholarly forums. This study used the Scopus database, where there were 2,128 articles related to sukuk in the Scopus web in 2011-2021, but only 108 articles were included in the criteria and used as a research sample using bibliometric methods and SLR to obtain results related to publication activities, popular topics, research trends, and recommendations for research directions related to sukuk. In the bibliometric analysis method with the help of biblioshiny applications and SLR analysis by reviewing each article and grouping research topics. The results showed that sukuk related publication articles were spread in several countries that were not restricted. Malaysia is the country with the most publications related to sukuk, and most often conducts research collaborations in both Multiple Country Collaboration (MPC) and Single Country Collaboration (SCP). The results of SLR analysis have four themes that are most discussed in research related to sukuk, so researchers provide recommendations for further research directions that can be used by researchers in the future, such as adding research using qualitative methods or discussing the impact of sukuk performance in real terms not only from secondary data. Keywords: Bibliometric, Islamic Bond, Sukuk, Systematic Literature Review (SLR). ABSTRAK Stabilnya Keuangan Islami menjadikan banyak peneliti yang tertarik membahas Keuangan Islami. Sukuk termasuk dalam salah satu sektor Keuangan Islami yang banyak diterbitkan sehingga menjadikan sukuk sebagai topik bahasan diskusi dalam beberapa forum ilmiah. Penelitian ini menggunakan database scopus dimana terdapat 2.128 artikel terkait sukuk pada tahun 2011-2021 dalam web scopus, akan tetapi hanya 108 artikel yang masuk dalam kriteria dan dijadikan sampel penelitian dengan menggunakan metode bibliometrik dan SLR untuk mendapatkan hasil terkait aktivitas publikasi, tema popular, tren penelitian dan rekomendasi arah penelitian terkait sukuk. Pada metode bibliometrik analisis menggunakan bantuan aplikasi biblioshiny dan analisis SLR dengan melakukan review setiap artikel dan mengelompokkan tema penelitian. Hasil penelitian menunjukkan artikel publikasi terkait sukuk tersebar di beberapa negara yang tidak dibatasi. Malaysia merupakan negara dengan publikasi terbanyak terkait sukuk dan paling sering melakukan kolaborasi penelitian baik secara Multiple Country Collaboration (MPC) dan Single Country Collaboration (SCP). Hasil analisis SLR terdapat empat tema yang paling banyak dibahas dalam penelitian terkait sukuk, sehingga peneliti memberikan rekomendasi arah penelitian selanjutnya yang dapat digunakan oleh peneliti selanjutnya dengan menambah penelitian menggunakan metode kualitatif atau membahas dampak kinerja sukuk secara real bukan hanya dari data sekunder. Kata Kunci: Bibliometric, Islamic Bond, Sukuk, Systematic Literature Review (SLR). REFFERENCES Ahmad, A. U. F., Muneeza, A., Farooq, M. O., & Hasan, R. (2018). Post-default sukuk restructuring: an appraisal of shari’ah issues. In Hassan, M.K. and Rashid, M. (Ed.) Management of Islamic Finance: Principle, Practice, and Performance (pp. 113–128). Bingley: Emerald Publishing Limited Al Fathan, R., & Arundina, T. (2019). Finance-growth nexus: Islamic finance development in Indonesia. International Journal of Islamic and Middle Eastern Finance and Management, 12(5), 698–711. doi:10.1108/IMEFM-09-2018-0285 Al Madani, H., Alotaibi, K. O., & Alhammadi, S. (2020). The role of Sukuk in achieving sustainable development: Evidence from the Islamic Development Bank. Banks and Bank Systems, 15(4), 36–48. doi:10.21511/bbs.15(4).2020.04 Ashraf, D., Rizwan, M. S., & Azmat, S. (2020). Not one but three decisions in sukuk issuance: Understanding the role of ownership and governance. Pacific Basin Finance Journal, 69. doi:10.1016/j.pacfin.2020.101423 Aziz, S., Ashraf, D., & El-Khatib, R. (2021). Societal trust and Sukuk activity. Journal of International Financial Markets, Institutions and Money, 74. doi:10.1016/j.intfin.2021.101384 Bahoo, S. (2020). Corruption in banks: A bibliometric review and agenda. Finance Research Letters, 35. doi:10.1016/j.frl.2020.101499 Baker, H. K., Kumar, S., & Pandey, N. (2019). Thirty years of the Global Finance Journal: A bibliometric analysis. Global Finance Journal, 47. doi:10.1016/j.gfj.2019.100492 Baker, H. K., Kumar, S., & Pattnaik, D. (2020). 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Examining an Islamic Financial Inclusivity and Its Impact on Fundamental Economic Variables in Indonesia (An Approach of Static Panel Data Analysis) Andre Pupung Darmawan; Angga Erlando; Dwi Budi Santoso
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 10 No. 4 (2023): Juli-2023
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol10iss20234pp337-351

ABSTRACT Previous studies mostly measured sharia financial inclusion using an index consisting of three dimensions: accessibility, availability, and usage. This research develops it by adding a digitalization dimension so that there are 4 dimensions in measuring sharia financial inclusion in Indonesia using an index. The first objective of this study is to visually illustrate the results of calculating the sharia financial inclusion index (in map form) in 33 provinces in Indonesia, using GeoDa software. Second, analyze the impact of sharia financial inclusion variables (the 4 form dimensions) that are calculated, on economic fundamental variables (growth, unemployment, poverty, and inequality) through a quantitative approach based on panel data analysis methods (FEM and REM). The secondary data used comes from the Financial Services Authority (OJK) and the Central Statistics Agency (BPS), in the 2015-2020 period. The results of this study indicate that sharia financial inclusion in Indonesia needs to be increased more evenly, so that it is not stagnant and centered in Java or provinces with a communal Muslim base (viewed from the results of index calculations) because the values are unequal between provinces. Meanwhile, the results of panel data analysis techniques show that variables reflecting the 4 dimensions of sharia financial inclusion have an impact on fundamental economic variables. Keywords: Sharia Financial Inclusion, Index, GeoDa, Panel data ABSTRAK Kajian sebelumnya banyak mengukur inklusi keuangan syariah dengan menggunakan indeks yang terdiri dari tiga dimensi: aksessibilitas, availabilitas, dan penggunaan. Penelitian ini mengembangkannya dengan menambah dimensi digitalisasi, sehingga terdapat 4 dimensi dalam mengukur inklusi keuangan syariah di Indonesia menggunakan indeks. Tujuan pertama penelitian ini menggambarkan visual hasil perhitungan indeks inklusi keuangan syariah (dalam bentuk peta) di 33 provinsi yang ada di Indonesia, dengan software GeoDa. Kedua, menganalisis pengaruh variabel inklusi keuangan syariah (4 dimensi pembentuknya) yang dihitung, terhadap variabel fundamental ekonomi (pertumbuhan, tingkat pengangguran, kemiskinan, dan ketimpangan) melalui pendekatan kuantitatif berbasis metode analisis data panel (FEM dan REM). Data yang digunakan bersumber dari Otoritas Jasa Keuangan (OJK) dan Badan Pusat Statistika (BPS), dalam periode 2015-2020. Hasil penelitian ini, menunjukkan bahwa bahwa inklusi keuangan syariah di Indonesia perlu ditingkatkan lebih merata, agar tidak stagnan terpusat di Java atau provinsi dengan basis muslim komunal, jika dilihat dari hasil perhitungan indeks yang nilainya timpang antar porvinsi. Sementara itu, hasil teknik analisis data panel menunjukkan bahwa variabel yang mencerminkan 4 dimensi inklusi keuangan syariah berdampak bagi variabel fundamental ekonomi. Kata Kunci: Inklusi Keuangan Sharia, Indeks, Geoda, Data Panel. REFERENCES Allen, J., Cars, G., & Madanipour, A. (2012). Social exclusion in European cities: processes, experiences and responses. London: Routledge. Alshyab, N., Sandri, S., & Daradkah, D. (2021). The effect of financial inclusion on unemployment reduction-evidence from non-oil producing Arab countries. International Journal of Business Performance Management, 22(2-3), 100-116. Amakor, I. C., & Eneh, O. (2021). Financial inclusion and unemployment rate in Nigeria. International Journal of Research (IJR), 8(11), 1-14. Ananzeh, I. E. N. (2016). Relationship between bank credit and economic growth: Evidence in Jordan. International Journal of Financial Research, 7(2), 53-63. doi:10.5430/ijfr.v7n2p53 Anwar, K., & Amri, A. (2017). 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The Impact of the Covid-19 Pandemic and Macroeconomics on the Sharia Stock Indexes in Indonesia Muhammad Khozin Ahyar; Angga Hergastyasmawan; Dzul Febrian
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 10 No. 4 (2023): Juli-2023
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol10iss20234pp322-336

ABSTRACT The Covid-19 pandemic has changed economic conditions in various countries, including Indonesia. One of the sectors affected is the capital market sector which can also describe the economic condition of a country through the stock index. This article aimed to analyze the impact of Covid-19 and the macroeconomics on the Islamic stock index in Indonesia (ISSI and JII). Macroeconomic variables are included in the model as an update. This study used a quantitative method using the VECM model. Research variable data were obtained from investing websites (ISSI and JII), Indonesian covid-19 task force websites (Covid-19 Cases), Statistics Indonesia (BPS),and BI (BI Rate, Inflation, Exchange rates, etc.) from March 2020 to December 2022. Based on the research results, covid-19 and the macroeconomics have no effect on the sharia stock index in Indonesia, except for the BI Rate. This is due to the fairly tight fundamental selection of constituent issuers of the Islamic stock index, the speed and accuracy of Covid-19 control and the massive education. This result has implications for the selection of investors in stocks that are included in the Islamic stock index in Indonesia, because it is proven that ISSI and JII are quite immune to the Covid-19 pandemic. Keywords: Islamic Stock, ISSI, JII, Covid-19 Pandemic, Macroeconomic. ABSTRAK Pandemi covid-19 telah merubah kondisi perekonomian di berbagai Negara, termasuk Indonesia. Salah satu sektor yang terdampak adalah sektor pasar modal yang juga dapat menggambarkan kondisi perekonomian suatu Negara melalu indeks saham. Artikel ini bertujuan untuk menganalisis dampak covid-19 dan makro ekonomi terhadap indeks saham syariah di Indonesia (ISSI dan JII). Variabel ekonomi makro yang dimasukkan ke dalam model sebagai pembaharuan, karena indeks saham dapat mencerminkan kondisi ekonomi suatu Negara. Penelitian ini menggunakan metode kuantitatif dengan menggunakan model VECM. Data variabel penelitian diperoleh dari website investing (ISSI dan JII), website satgas covid-19 Indonesia (Total Kasus Covid-19), BPS (BI Rate, Inflasi) dan BI (Kurs, Cadangan Devisa, Jumlah Uang yang Beredar) dari bulan Maret 2020 sampai dengan Desember 2022. Hasilnya pandemi covid-19 dan makro economi tidak berpengaruh terhadap indeks saham syariah di Indonesia, kecuali BI Rate. Hal tersebut dikarenakan cukup ketatnya seleksi fundamental emiten konstituen indeks saham syariah, kecepatan dan ketepatan pengendalian covid-19 serta edukasi pasar modal syariah yang masif. Hasil ini berimplikasi pada pemilihan investor pada saham-saham yang masuk ke dalam indeks saham syariah di Indonesia, karena terbukti bahwa ISSI dan JII cukup kebal dengan adanya pandemi covid-19. Kata Kunci: Saham Syariah, ISSI, JII, Pandemi Covid-19, Makro Ekonomi REFERENCES Abdalloh, I. (2018). Pasar Modal Syariah. 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Dampak Pandemi Covid-19 Terhadap Nilai Saham Syari'ah di Indonesia. Jurnal Ilmiah Ekonomi Islam, 7(1), 223–229. doi: 10.29040/jiei.v7i1.1772 Nurdany, A., Ibrahim, M. H., & Romadoni, M. F. (2021). The asymmetric volatility of the Islamic capital market during the covid-19 pandemic. Journal of Islamic Monetary Economics and Finance, 7, 185-202. doi:10.21098/jimf.v7i0.1312 Otoritas Jasa Keuangan. (2016). Buku seri literasi keuangan. Retrieved from https://sikapiuangmu.ojk.go.id/FrontEnd/LiterasiPerguruanTinggi/ Prastio, M. B., & Muhani. (2022). Fundamental, Teknikal, dan Makroekonomi Terhadap Harga Saham Sektor Energi Tahun 2015-2019. JBMI: Jurnal Bisnis, Manajemen, dan Informatika, 18(3), 141–163. doi:10.26487/jbmi.v18i3.19643 Pratitis, F. A., & Setiyono, T. A. (2021). Komparasi Indeks Saham Syariah Indonesia (ISSI) Sebelum dan Saat Pandemi Covid-19. JIEF : Journal of Islamic Economics and Finance, 1(1), 68–79. doi:10.28918/jief.v1i1.3730 Puspitasari, N. (2018). Keuangan Islam teori dan praktik. Yogyakarta: UII Press. Retnoningsih, S., Naufa, A. M., & Astuti, W. B. (2022). The covid-19, policy, and islamic capital market in Indonesia. Equilibrium: Jurnal Ekonomi Syariah, 10(1), 31-53. doi:10.21043/equilibrium.v10i1.13542 Rizki, M. (2021). Dampak suku bunga, inflasi, nilai tukar, dan cadangan devisa terhadap return IHSG di Bursa Efek Indonesia. Journal of Business Administration Economic & Entrepreneurship, 3(1), 44-54. Romadhon, M. R., & Mutmainah, S. (2023). Islamic capital market integration in 5 ASEAN countries in the covid-19 era. Jurnal Ekonomi Syariah Teori dan Terapan, 10(3), 262–274. doi:10.20473/vol10iss20233pp262-274 Rorizki, F., Sakinah, S., Dalimunthe, A., & Silalahi, P. R. (2022). Perkembangan dan tantangan pasar modal Indonesia. Economic Reviews Journal, 1(2), 147-157. doi:10.56709/mrj.v1i2.24 Salisu, A. A., & Shaik, M. (2022). Islamic stock indices and COVID-19 pandemic. 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Jurnal Ekonomi Syariah Teori dan Terapan Vol. 10 No. 4 (2023): Juli-2023
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