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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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Search results for , issue "Vol. 10 No. 1 (2023): Januari-2023" : 9 Documents clear

Moslem Millennials Donor Intention Through Donation-Based Crowdfunding in Indonesia Moh. Helmy Najih Ramadhan; Achsania Hendratmi
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 10 No. 1 (2023): Januari-2023
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol10iss20231pp41-56

ABSTRACT: The existence of donation-based crowdfunding as an alternative fundraising system in Indonesia has a great opportunity to keep growing. The millennials as a digitally-native generation should actively contribute to the development of donation-based crowdfunding. This study tries to identify the effect of the variables of performance expectancy, effort expectancy, social influence, facilitating conditions, sense of trust, and experience expectation on the intention to donate donation-based crowdfunding by the Muslim millennials in Indonesia. Respondents who were analyzed were 156 people who were selected using purposive sampling and tested using SmartPLS. The results showed that Social Influence, Sense of Trust, and Experience Expectation had a positive influence on Intention to donate to donation-based crowdfunding. However, a test of Performance Expectancy, Effort Expectancy, and Facilitating Conditions shows that there are different findings. The data presented in this study is expected to add new perspectives for relevant stakeholders to develop donation-based crowdfunding in Indonesia. Keywords: Donation-based Crowdfunding, Moslem Millennials, Partial Least Square, Donation. ABSTRAK: Kehadiran donation-based crowdfunding sebagai alternatif sistem penggalangan dana di Indonesia memiliki peluang yang besar untuk terus berkembang. Generasi milenial sebagai generasi yang terbiasa dengan teknologi seyogyanya berperan aktif dalam perkembangan platform donation-based crowdfunding. Penelitian ini bertujuan untuk mengidentifikasi pengaruh variabel performance expectancy, effort expectancy, social influence, facilitating conditions, sense of trust serta experience expectation terhadap intention to donate to donation-based crowdfunding dari para generasi milenial muslim di Indonesia. Responden yang dianalisis sejumlah 156 orang yang dipilih menggunakan teknik purposive sampling serta diuji menggunakan SmartPLS. Hasil penelitian menunjukkan Social Influence, Sense of Trust, dan Experience Expectation memiliki pengaruh positif terhadap Intention to donate to donation-based crowdfunding. Namun, pengujian pada Performance Expectancy, Effort Expectancy, dan Facilitating Conditions menunjukkan hasil yang berbeda. Data yang ditampilkan dalam penelitian ini diharapkan menambah sudut pandang baru bagi stakeholder terkait agar dapat mengembangkan donation-based crowdfunding di Indonesia. Kata Kunci: Donation-based Crowdfunding, Generasi Milenial Muslim, Partial Least Square, Donasi. DAFTAR PUSTAKA Achmad, R. W., Poluakan, M. V., Dikayuana, D., Wibowo, H., & Raharjo, S. T. (2019). Potret generasi milenial pada era revolusi industri 4.0. Focus: Jurnal Pekerjaan Sosial, 2(2), 187-197. doi:10.24198/focus.v2i2.26241 Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50, 179-211. doi:10.1016/0749-5978(91)90020-t Ardiansyah, D. O. (2016). Pengaruh komunikasi terhadap kinerja karyawan dengan dimediasi oleh kepuasan kerja (Studi pada bagian produksi pabrik kertas pt. setia kawan makmur sejahtera tulungagung). Jurnal Bisnis dan Manajemen, 3(1), 16-30. doi:10.26905/jbm.v3i1.70 Asosiasi Penyelenggara Jasa Internet Indonesia. 2020. Laporan Survei Internet APJII 2019 – 2020 (Q2). Jakarta: Asosiasi Penyelenggara Jasa Internet Indonesia. Az-Zuhaili, Wahbah. (2011). Fiqih Islam Wa Adillatuhu (Vol. 3). Jakarta: Gema Insani. Baptista, G., & Oliveira, T. (2015). Understanding mobile banking: The unified theory of acceptance and use of technology combined with cultural moderators. Computers in Human Behavior, 50, 418-430. doi:10.1016/j.chb.2015.04.024 Bekkers, R. (2003). Trust, accreditation, and philanthropy in the Netherlands. Nonprofit and Voluntary Sector Quarterly, 32(4), 596–615. doi:10.1177/0899764003258102 Belleflamme, P., Lambert, T., & Schwienbacher, A. (2013). Crowdfunding: Tapping the right crowd. Journal of Business Venturing, 29(5), 585–609. doi:10.1016/j.jbusvent.2013.07.003 Bhawika, G. W. (2017). Risiko dehumanisasi pada crowdfunding sebagai akses pendanaan berbasis teknologi di Indonesia. Jurnal Sosial Humaniora, 10(1), 47-58. doi:10.12962/j24433527.v10i1.2355 Choy, K., & Schlagwein, D. (2015). IT affordances and donor motivations in charitable crowdfunding: The "Earthship kapita" case. ECIS 2015 Completed Research Papers. 31. Diakses dari https://aisel.aisnet.org/ecis2015_cr/31 Fahrullah, A., Anwar, M. K., Ridlwan, A. A., Prabowo, P. S., & Yasin, A. (2020). How Ramadan and global pandemic affect religiosity and donating behaviors. Shirkah: Journal of Economics and Business, 5(2), 250. doi:10.22515/shirkah.v5i2.323 Falcone, R., & Castelfranchi, C. (2001). Social trust: A cognitive approach. Trust and Deception in Virtual Societies, 55–90. doi:10.1007/978-94-017-3614-5_3 Fuadi, N. F., Farida, D. N., & Saadah, N. (2020). Empathy or self-credibility? An empirical study of intentions to donate through social crowdfunding using the UTAUT model. Proceedings of the 1st Conference on Islamic Finance and Technology, CIFET, 21 September, Sidoarjo, East Java, Indonesia. doi:10.4108/eai.21-9-2019.2293953 Gerber, E. M., Hui, J. S., & Kuo, P. Y. (2012). Crowdfunding: Why people are motivated to post and fund projects on crowdfunding platforms. Retrieved from https://www.researchgate.net/publication/261359489 Ghozali, I. (2021). Partial Least Squares: Konsep, Teknik dan Aplikasi Menggunakan Program SmartPLS 3.2.9 untuk Penelitian Empiris Jilid 3. Semarang: Badan Penerbit Universitas Diponegoro. Gopay. (2020). Gopay Digital Donation Outlook 2020. Hidayatullah, S., Waris, A., Devianti, R. C., Sari, S. R., Wibowo, I. A., & Made, P. (2018). Perilaku generasi milenial dalam menggunakan aplikasi go-food. Jurnal Manajemen dan Kewirausahaan, 6(2), 240-249. doi:10.26905/jmdk.v6i2.2560 Hossain, M., & Oparaocha, G. O. (2017). Crowdfunding: Motives, definitions, typology and ethical challenges. Entrepreneurship Research Journal, 7(2). doi:10.1515/erj-2015-0045 Kementerian Pemberdayaan Perempuan dan Perlindungan Anak. (2018). Statistik Gender Tematik: Profil Generasi Milenial Indonesia. Jakarta: Kementerian Pemberdayaan Perempuan dan Perlindungan Anak. Kholid, M. N. (2019). Determinants of intention to use Islamic mobile banking: Evidence from millennial generation. Jurnal Ekonomi & Keuangan Islam, 5(2), 53-62. doi:10.20885/jeki.vol5.iss2.art2 Kitabisa.com. (2018). Online Giving Report 2018: Insights for Nonprofits and Brands. Li, Y., He, T., Song, Y., Yang, Z., & Zhou, R. (2017). Factors impacting donors intention to donate to charitable crowd-funding projects in China: A UTAUT-based model. Information, Communication & Society, 21(3), 404-415. doi:10.1080/1369118x.2017.1282530 Li, B., Hou, F., Guan, Z., & Chong, A. (2019). How social experience encourages donation intention to charitable crowdfunding projects on social media: Empathy and personal impulsiveness. PACIS 2019 Proceedings, 195. Diakses dari https://aisel.aisnet.org/pacis2019/195 Moon, Y., & Hwang, J. (2018). Crowdfunding as an alternative means for funding sustainable appropriate technology: Acceptance determinants of backers. Sustainability, 10(5), 1456. doi:10.3390/su10051456 National Chamber Foundation. (2012). The Millennial Generation Research Review. Washington DC: National Chamber Foundation. Pangaribuan, C. H., & Wulandar, Y. S. (2019). A crowdfunding platform user acceptance: An empirical examination of performance expectancy, effort expectancy, social factors, facilitating condition, attitude, and behavioral intention. Proceedings of the 1st Sampoerna University-AFBE International Conference, SU-AFBE 2018, 6-7 December 2018, Jakarta Indonesia. doi:10.4108/eai.6-12-2018.2286301 Purnamasari, D. (2018). Riset Mandiri: Generasi Milenial Suka Memberi Sumbangan. Retrieved from https://tirto.id/generasi-milenial-suka-memberi-sumbangan-cLHu Putra, Y. S. (2016). Theoritical review: Teori perbedaan generasi. Among Makarti, 9(2). doi:10.52353/ama.v9i2.142 Rondan-Cataluña, F. J., Arenas-Gaitán, J., & Ramírez-Correa, P. E. (2015). A comparison of the different versions of popular technology acceptance models. Kybernetes, 44(5), 788–805. doi:10.1108/k-09-2014-0184 Taiwo, A. A., & Downe, A. G. (2013). The theory of user acceptance and use of technology (UTAUT): A meta-analytic review of empirical findings. Journal of Theoretical and Applied Information Technology, 49(1), 48-58. Diakses dari http://www.jatit.org/volumes/Vol49No1/7Vol49No1.pdf Tirdanatan, N. U., Georgiana, V., Sun, Y. (2014). Evaluasi good corporate governance atas kebutuhan donatur pada penerapan crowdfunding di Indonesia: Studi kuantitatif dan kualitatif pada efekrumahkaca.net, Patungan.Net, dan Wujudkan.Com. ComTech, 5(1), 123-135. doi:10.21512/comtech.v5i1.2598 Venkatesh, V., Morris, M. G., Davis, G. B., & Davis, F. D. (2003). User acceptance of information technology: Toward a unified view. MIS Quarterly, 8, 425–478. doi:10.2307/30036540 Walgito, B. (1981). Pengantar Psikologi Umum. Yogyakarta: Andi Offset. Wheat, R. E., Wang, Y., Byrnes, J. E., & Ranganathan, J. (2013). Raising money for scientific research through crowdfunding. Trends in Ecology & Evolution, 28(2), 71–72. doi:10.1016/j.tree.2012.11.001 Wisesa, A. D., Kholid, M. N., & Hamdani, R. (2019). Factors influencing intention to donate through donation crowd-funding: Evidence from Indonesia. Society of Interdisciplinary Business Research, 8(5). doi:10.2139/ssrn.3784229

The Effect of Health, Education, and Labor Force with Urban Population as Moderating Variables on Human Development Index in Oic Member Countries Hasna Fauziana; Ririn Tri Ratnasari
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 10 No. 1 (2023): Januari-2023
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol10iss20231pp82-95

ABSTRACT: This study aims to examine the effect of health, education, and labor force moderated by urban population on the Human Development Index. This study uses a quantitative approach and a Moderated Regression Analysis technique with a sample of 25 OIC countries from 2010-2019 taken by purposive sampling method. The results showed that health, education, and the labor force affected the Human Development Index. While the urban population moderates the effect of health and the workforce on the Human Development Index, the urban population does not moderate the effect of education on the Human Development Index. This study has a novelty in the results of the study, namely the basic education variable which has a significant but negative effect on the Human Development Index. This research is limited to a sample of OIC member countries because more than 30% of poor countries with low income according to World Bank data are in OIC member countries, so it is hoped that this research will be able to provide references related to increasing the human development index to save them from poverty. Keywords: Education, Health, Human Development Index, Labor Force, Urban Population ABSTRAK: Penelitian ini bertujuan untuk menguji pengaruh kesehatan, pendidikan, dan angkatan kerja yang dimoderasi oleh kepadatan populasi terhadap Human Development Index. Penelitian ini menggunakan pendekatan kuantitatif dan teknik Moderated Regression Analysis dengan sampel 25 negara OKI dari tahun 2010-2019 yang diambil dengan metode purposive sampling. Hasil penelitian menunjukkan kesehatan dan angkatan kerja berpengaruh positif signifikan terhadap Human Development Index, namun pendidikan berpengaruh negatif signifikan terhadap Human Development Index. Urban population memoderasi pengaruh antara kesehatan dan angkatan kerja terhadap Human Development Index, namun urban population tidak memoderasi pengaruh pendidikan terhadap Human Development Index. Penelitian ini memiliki kebaruan dalam hasil penelitian, yaitu variabel pendidikan dasar yang justru berpengaruh namun negatif signifikan terhadap Human Development Index. Penelitian ini terbatas dilakukan pada sampel negara anggota OKI sebab lebih dari 30% negara miskin dengan pendapatan rendah menurut Data Bank Dunia adalah ada pada negara anggota OKI, sehingga diharapkan penelitian ini mampu memberikan referensi terkait peningkatan indeks pembangunan manusia untuk menyelamatkannya dari kemiskinan. Kata Kunci: Angkatan Kerja, Human Development Index, Kesehatan, Pendidikan, Urban Population. DAFTAR PUSTAKA Adom, K., & Asare-Yeboa, I. T. (2016). An evaluation of human capital theory and female entrepreneurship in sub-Sahara Africa: Some evidence from Ghana. International Journal of Gender and Entrepreneurship, 8(4), 402–423.doi:10.1108/IJGE-12-2015-0048 Alam, K. (2017). Poverty reduction through enabling factors. World Journal of Science, Technology and Sustainable Development, 14(4), 310–321.doi:10.1108/wjstsd-07-2016-0049 Alkire, S., & Shen, Y. (2017). Exploring multidimensional poverty in China: 2010 to 2014. Research on Economic Inequality, 25, 161–228.doi:10.1108/S1049-258520170000025006 Bakhtiari, S., & Meisami, H. (2010). An empirical investigation of the effects of health and education on income distribution and poverty in Islamic countries. International Journal of Social Economics, 37(4), 293–301.doi:10.1108/03068291011025255 Barkah, T., Rusgianto, S., & Wardhana, A. (2022). Impact of agricultural land and the output of agricultural products moderated with internet users toward the total export of agricultural product in three islamic South East Asian Countries. Media Agribisnis, 6(1).11-22.doi:10.35326/agribisnis.v6i1.2261 Bircher, J., & Kuruvilla, S. (2014). Defining health by addressing individual, social, and environmental determinants: New opportunities for health care and public health. Journal of Public Health Policy, 35(3), 363–386.doi:10.1057/jphp.2014.19 Bradshaw, T. K. (2007). Theories of poverty and anti-poverty programs in community development. Community Development, 38(1), 7–25.doi:10.1080/15575330709490182 Cabus, S., & Stefanik, M. (2019). Good access to adult education and training for the low-educated accelerates economic growth: Evidence from 23 European Countries. KU Leuven HIVA Working Paper Series.1-35.doi:2019/4718/005 Chen, K. M., Leu, C. H., & Wang, T. M. (2019). Measurement and Determinants of Multidimensional Poverty: Evidence from Taiwan. Social Indicators Research, 145(2), 459–478.doi:10.1007/s11205-019-02118-8 Choudhry, M. T., & Elhorst, P. (2018). Female labour force participation and economic development. International Journal of Manpower, 39(7), 896–912.doi:10.1108/IJM-03-2017-0045 Faqihudin, M. (2010). Human development index ( HDI ) salah satu indikator yang populer untuk mengukur kinerja pembangunan manusia. Cermin, 241331(47). Fatima, A., & Sultana, H. (2009). Tracing out the U-shape relationship between female labor force participation rate and economic development for Pakistan. International Journal of Social Economics, 36(1-2), 182–198.doi:10.1108/03068290910921253 Febriyanti, A. R., Ratnasari, R. T., & Wardhana, A. K. (2022). The effect of economic growth, agricultural land, and trade openness moderated by population density on deforestation in OIC countries. Quantitative Economics and Management Studies, 3(2).221-234. Gamlath, S. (2013). The governance dimension of human development. Humanomics, 29(4), 240–259.doi:10.1108/H-03-2013-0015 Gunawan, J., Permatasari, P., & Tilt, C. (2020). Sustainable development goal disclosures: Do they support responsible consumption and production? Journal of Cleaner Production, 246.doi:10.1016/j.jclepro.2019.118989 House, Q. E., Alkire, S., & Santos, M. E. (2010). Acute Multidimensional Poverty: A New Index for Developing Countries. Oxford Department of International Development (OPHI) Working Paper No. 38 Ikenberry, G. J. (2002). Human Development Report 2002:Deepening democracy in a fragmanted world. Foreign Affairs, 81(6).doi:10.2307/20033361 Iman, A. N., Sukmana, R., Ghifara, A. S., & Wardhana, A. K. (2022). The effect of zakat collection, company age, and company’s total assets on financial performance of sharia banking in Indonesia 2019-2020. Economic Education and Entrepreneurship Journal, 5(2), 217–224. Jonsdottir, A., & Waghorn, G. (2015). Psychiatric disorders and labour force activity. Mental Health Review Journal, 20(1),13–27.doi:10.1108/MHRJ-05-2014-0018 Mannan, M. A. (1995). Teori dan praktek ekonomi islam. Yogyakarta:Dana Bhakti Wakaf. Mitra, A., & Murayama, M. (2009). Rural to urban migration: A District-Level analysis for India. International Journal of Migration, Health and Social Care, 5(2), 35–52.doi:10.1108/17479894200900011 Oladapo, I. A., & Ab Rahman, A. (2016). Re-counting the determinant factors of human development: a review of the literature. Humanomics, 32(2), 205–226.doi:10.1108/H-02-2016-0018 Pawitro, I. U. (2011). Trend kawasan perkotaan - industri property dan gaya hidup metropolitan. Mercubuana,438–447. Putri, R. M., & Mintaroem, K. (2020). Determinan islamic human development index (IHDI) Provinsi Jawa Timur tahun 2001-2016. Jurnal Ekonomi Syariah Teori Dan Terapan, 6(7), 1410.doi:10.20473/vol6iss20197pp1410-1420 Ryadi, A., & Sincihu, Y. (2013). Indikator sensitif bagi penilaian kualitas hidup manusia : Tinjauan dari aspek kesehatan masyarakat. Jurnal Widya Medika, 1(1), 109–116.doi:10.33508/jwm.v1i1.846 Shah, S. (2016). Determinants of human development index: A cross-country empirical analysis. International Journal of Economics and Management Studies, 3(5), 43–46.doi:10.14445/23939125/ijems-v3i5p106 Suliyanto. (2011). Ekonometrika Terapan : Teori dan Aplikasi dengan SPSS. Yogyakarta: Andi. Wardhana, A. K. (2021). The Application of waqf and endowment fund based on the principles in the sharia maqashid pillar society. Prosperity: Journal of Society and Empowerment, 1(2), 107–119.doi:10.21580/prosperity.2021.1.2.8829 Wekullo, C. S., Davis, E. C., Nafukho, F. M., & Kash, B. A. (2018). Health and human development in Kenya: A review of literature from high income, middle income, and low income countries. European Journal of Training and Development, 42(1-2), 5–34. doi:10.1108/EJTD-06-2016-0040 Yanagisawa, A. (2011). Poverty: Social control over our labor force. International Journal of Social Economics, 38(4), 316–329.doi:10.1108/03068291111112022

Bank Syariah Indonesia Customer Loyalty After Merger: Analysis of Trust, Service Quality, and Religiosity Juliana; Fauziah Nurhaliza; Ripan Hermawan; Ropi Marlina
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 10 No. 1 (2023): Januari-2023
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol10iss20231pp96-108

ABSTRACT: The purpose of this study was to analyze the effect of the variables on the level of trust, the level of service quality, the level of religiosity, and the level of corporate image on customer loyalty in Bank Syariah Indonesia (BSI), a new bank resulting from the merger of three state-owned banks, namely BRI Syariah, BNI Syariah, and Mandiri Syariah. The study uses quantitative approaches with causality description techniques. The analysis technique used is Partial Least Square-Structural Equation Modeling (SEM-PLS) with a sample of 405 BSI customers. The results showed that the level of trust and religiosity had a positive effect on post-merger BSI customer loyalty. In addition, the level of service quality has no effect on customer loyalty after the merger. Meanwhile, the level of the corporate image did not moderate the effect of the level of trust, service quality, and religiosity on BSI customer loyalty after the merger. However, as a predictor, the level of the corporate image has a direct effect on post-merger BSI customer loyalty. The findings show that trust, religiosity, and corporate image play a very important role in growing BSI's customer loyalty. Therefore, BSI should consider developing a strategy to increase customer loyalty. Keywords: Customer Loyalty, Trust, Service Quality, Religiosity, Corporate Image ABSTRAK: Tujuan penelitian ini adalah untuk menganalisis pengaruh variabel tingkat kepercayaan, tingkat kualitas layanan, tingkat religiusitas, dan tingkat citra perusahaan terhadap loyalitas nasabah Bank Syariah Indonesia (BSI), bank baru hasil merger dari tiga bank BUMN, yaitu BRI Syariah, BNI Syariah, dan Mandiri Syariah. Penelitian ini menggunakan metodependekatan kuantitatif dengan teknik deskripsi kausalitas. Teknik analisis yang digunakan adalah Partial Least Square-Structural Equation Modeling (SEM-PLS) dengan sampel sebanyak 405 nasabah BSI. Hasil penelitian menunjukkan bahwa tingkat kepercayaan dan tingkat religiusitas berpengaruh positif terhadap loyalitas nasabah BSI pasca merger. Selain itu, tingkat kualitas layanan tidak berpengaruh terhadap loyalitas pelanggan setelah merger. Sedangkan tingkat citra perusahaan tidak memoderasi pengaruh tingkat kepercayaan, tingkat kualitas layanan, dan tingkat religiusitas terhadap loyalitas nasabah BSI setelah merger. Namun sebagai prediktor, tingkat citra perusahaan berpengaruh langsung terhadap loyalitas nasabah BSI pasca merger. Temuan menunjukkan bahwa kepercayaan, religiusitas, dan citra perusahaan memainkan peran yang sangat penting dalam menumbuhkan loyalitas pelanggan BSI . Oleh karena itu, BSI dapat mempertimbangkan aspek-aspek tersebut untuk menyusun strategi meningkatkan loyalitas nasabahnya. Kata Kunci: Loyalitas Pelanggan, Kepercayaan, Kualitas Layanan, Religiusitas, Citra Perusahaan REFERENCES Alfi, A. N. (2020). 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Indonesia Islamic Banking Stability in The Shadow of Covid-19 Outbreak Sintia Dewi Nur Ajizah; Agus Widarjono
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 10 No. 1 (2023): Januari-2023
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol10iss20231pp57-68

ABSTRACT: The Covid-19 pandemic that has occurred in the world has harmed economies since 2020, especially Indonesia. Therefore, it is very important to study the impact of this pandemic on the stability of Islamic banking in Indonesia and examine potential signs of post-pandemic recovery. This study examines the stability of Islamic banking in Indonesia. Stability is measured using ROA and Z-score. The data in this study are panel data for Islamic Commercial Banks (BUS) and Islamic Business Units (UUS). The data used is quarterly data for 2016-2020. This study uses the Generalized Method of Moment (GMM). The results of this study are ROA for Assets, CAR, FDR, and Covid-19 do not affect profits. However, NPF and BOPO have a negative effect. Whereas on the Z-score for Assets, CAR FDR has a positive effect. NPF and BOPO harm the stability of Islamic banking, except for Covid-19. Lower efficiency and problematic financing reduce the stability of Islamic banking. In addition, the results of our analysis, based on profitability and financial stability during the quarterly period, Islamic banking was able to survive during the Covid-19 pandemic. This research implies that even though some variables do not significantly affect profits, Islamic banks must still pay attention to other variables, such as ROA, owned assets, CAR, FDR, and Covid-19 which are likely to have a large negative impact on the long term. Apart from that, Islamic banks must also maintain profits and stability to survive and compete with conventional banking amid the Covid-19 pandemic. Keywords: Generalized Method of Moment, Islamic Bank, Banking Stability, Return on Assets, Z Score ABSTRAK: Pandemi Covid-19 yang terjadi di dunia memberikan dampak negatif bagi perekonomian sejak tahun 2020, khususnya Indonesia. Oleh karena itu, sangat penting untuk mengkaji dampak pandemi terhadap stabilitas perbankan syariah di Indonesia dan mengkaji potensi pemulihan pasca pandemi. Penelitian ini mengkaji tentang stabilitas perbankan syariah di Indonesia. Stabilitas diukur menggunakan ROA dan Z-score. Data dalam penelitian ini adalah data panel untuk Bank Umum Syariah (BUS) dan Unit Usaha Syariah (UUS). Data yang digunakan adalah data triwulanan tahun 2016-2020. Penelitian ini menggunakan Generalized Method of Moment (GMM). Hasil penelitian ini adalah ROA untuk Aset, CAR, FDR, dan Covid-19 tidak berpengaruh terhadap keuntungan perbankan syariah. Namun NPF dan BOPO berpengaruh negatif. Sedangkan pada Z-score untuk Aset, CAR FDR berpengaruh positif. NPF dan BOPO berpengaruh negatif terhadap stabilitas perbankan syariah, kecuali Covid-19. Efisiensi yang lebih rendah dan pembiayaan bermasalah mengurangi stabilitas perbankan syariah. Selain itu, hasil analisis, berdasarkan profitabilitas dan stabilitas keuangan selama periode triwulanan, perbankan syariah mampu bertahan selama pandemi. Hasilnya menunjukkan implikasi bahwa meskipun beberapa variabel tidak berpengaruh signifikan terhadap keuntungan, namun Bank Syariah harus tetap memperhatikan variabel lain, seperti ROA, Aset yang dimiliki, CAR, FDR, dan Covid-19 yang kemungkinan akan terjadi dampak negatif yang besar dalam jangka panjang. Selain itu, Bank Syariah juga harus mampu menjaga keuntungan dan stabilitas agar mampu bertahan dan bersaing dengan perbankan konvensional di tengah pandemi. Kata Kunci: Generalized Method of Moment, Perbankan Islam, Stabilitas Keuangan, Return on Assets, Z Score REFERENCES Abbas, F., Iqbal, S., & Aziz, B. (2019). The impact of bank capital, bank liquidity and credit risk on profitability in postcrisis period:‎ A comparative study of US and Asia. Cogent Economics and Finance, 7(1).doi:10.1080/23322039.2019.1605683 Aliyu, S., & Yusof, R. M. (2016). 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The Effect of Stock Price, Trade Volume, Trade Frequency and Market Value on the Determinants of Share Liquidity of Sharia Bank Listed on the Indonesian Stock Exchange during the Covid-19 Pandemic Zanuba Ainindya El Fanani; Rizky Nur Ayuningtyas Putri
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 10 No. 1 (2023): Januari-2023
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol10iss20231pp69-81

ABSTRACT Investment has a positive impact on the country's infrastructure development stock investment is one of the economic activities that supports the government's development efforts and will also grow a business. The goal of this research is to analyze the impact of factors that can have an impact on the liquidity of Islamic Bank shares listed on the IDX in 2019-2021 and provide information to investors before investing in stocks using the variables of stock prices, stock trading volume, stock trading frequency, and market value. The method in this research is quantitative. This study uses secondary data. Selective sampling of three Islamic Bank shares is a technique used in collecting this research sample. Data analysis used panel data regression. During the covid-19 pandemic, stock buying and selling transactions were relatively high because trading volume and market value increased. Islamic banks reduce share prices, which increases the frequency of share trading in tandem with the volume of stock trading. The result of this research is that the balanced liquidity of Islamic Bank shares is the effect of the covid-19 pandemic. Stock prices and stock frequency have no significant effect on stock liquidity. Even though trading volume and market value have a significant impact on stock liquidity, This research can be used by bank management as a reference for making decisions, especially regarding share prices, trading volume, trading frequency, market value, and stock liquidity of Islamic banks. The results of this study can be used as a reference to see the condition of the stock liquidity of an Islamic bank as decision material before making an investment for investors. Keywords: Stock Price, Trading Volume, Trading Frequency, Market Value, Stock Liquidity. ABSTRAK Investasi berdampak positif terhadap pembangunan infrastruktur negara, investasi saham merupakan salah satu kegiatan perekonomian yang mendukung upaya pembangunan pemerintah dan juga akan menumbuhkan sebuah bisnis. Analisis faktor-faktor yang mampu memberikan dampak dan menjadikan informasi kepada investor sebelum melakukan investasi saham dengan menggunakan variabel harga saham, volume perdagangan saham, frekuensi perdagangan saham dan market value terhadap likuiditas saham Bank Syariah yang terdaftar di BEI tahun 2019-2021 merupakan tujuan dari penelitian ini. Penelitian kuantitatif dengan data sekunder menjadi metode dalam penelitian ini. Teknik purposive sampling pada 3 saham Bank Syariah adalah Teknik dalam pengumpulan sampel penelitian ini. Analisis data menggunakan regresi panel. Saat pandemi covid-19 transaksi jual beli saham terbilang tinggi karena volume perdagangan dan market value meningkat. Bank Syariah menurunkan harga saham yang mengakibatkan frekuensi perdagangan saham beriringan dengan volume perdagangan saham. Hasil dari penilitian ini adalah likuiditas saham Bank syariah yang seimbang merupakan efek dari adanya pandemi covid-19. Karena harga saham dan frekuensi saham tidak berpengaruh signifikan terhadap likuiditas saham. Meskupun volume perdagangan dan market value berdampak signifikan terhadap likuiditas saham. Penelitian ini bisa digunakan manejemen bank sebagai salah satu acuan untuk mengambil keputusan khususnya harga saham, volume perdagangan, frekuensi perdagangan, market value dan likuiditas saham Bank Syariah. Hasil penelitian ini diharapkan dapat menjadi acuan guna melihat kondisi dari likuiditas saham suatu Bank Syariah sebagai bahan keputusan sebelum melakukan investasi untuk investor. Kata Kunci: Harga Saham, Volume Perdagangan, Frekuensi Perdagangan, Market Value, Likuiditas Saham. REFERENCES Abidin, K. (2015). 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Does Merger Affect BRIS Stock Performance? A Comparative Analysis Daffa Eka Septianda; Clarashinta Canggih
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 10 No. 1 (2023): Januari-2023
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol10iss20231pp1-15

ABSTRACT This research aimed to compare BRIS stock performance before and after the merger. The research method was comparative quantitative that is by comparing the data used to determine differences in variables from two different groups or from the same variable in different time periods. The population and sample for this study are monthly reports of Price to Book Value, Earning per Share, Return on Equity, Debt to Equity Ratio, and Price Earning Ratio from BRIS for the period January 2020-January 2022 so that a total sample of 25 is obtained. The data analysis were the normality test and the Wilcoxon test. The requirement to carry out this test is the data normality test which functions to measure whether the data is normally distributed or not. Meanwhile, the Wilcoxon test is a non-parametric test to measure the significance of differences between two groups of paired data or similar data but at different times. This study found that stock performance as measured by PBV and EPS showed differences in performance before and after the merger. Whereas ROE, DER, PER there is no difference in stock performance before and after the merger. With this research, it can be used reference for investors to choose an analytical method as a decisive step in investing. For company owners, this research can be used as a consideration when merging. Keywords: Stock performance, BRIS, Merger, Islamic banking. ABSTRAK Penelitian ini bertujuan untuk membandingkan kinerja saham BRIS sebelum dan setelah merger. Metode yang digunakan dalam penelitian ini adalah kuantitatif komparatif yakni dengan membandingkan data-data yang digunakan untuk mengetahui perbedaan variabel dari dua kelompok berbeda ataupun dari variabel yang sama dalam jangka waktu yang berbeda. Untuk teknik pengambilan data menggunakan teknik pengambilan data dokumentasi. Pada penelitian ini menggunakan populasi dan sampel laporan bulanan Price to Book Value, Earning per Share, Return on Equity, Debt to Equity Ratio, dan Price Earning Ratio dari BRIS dengan jangka waktu Januari 2020-Januari 2022 sehingga mendapatkan total sampel 25 sampel. Untuk menguji hipotesis teknik pengujian data yang dilakukan yakni uji normalitas dan uji Wilcoxon. Syarat untuk melakukan pengujian ini yakni uji normalitas data yang berfungsi untuk mengukur apakah data berdistribusi normal atau tidak normal. Sedangkan uji Wilcoxon adalah pengujian non-parametris untuk mengukur signifikansi perbedaan dua kelompok data berpasangan ataupun data sejenis tetapi berbeda waktu. Penelitian ini mendapatkan hasil bahwa kinerja saham yang diukur melalui proksi Price to Book Value dan Earning per Share terdapat adanya perbedaan kinerja sebelum dan setelah merger. Sedangkan pada proksi Return on Equity, Debt to Equity Ratio, dan Price Earning Ratio tidak terdapat adanya perbedaan kinerja saham sebelum dan setelah merger. Dengan adanya penelitian ini dapat menjadi referensi bagi investor untuk memilih metode analisis sebagai langkah untuk menentukan dalam menanam modal. Bagi pemilik perusahaan dengan adanya penelitian ini dapat digunakan sebagai pertimbangan ketika akan melakukan merger. Kata Kunci: Kinerja saham, BRIS, Merger, perbankan syariah. DAFTAR PUSTAKA Adawiyah, A. R., & Lisiantara, G. A. (2022). Pengaruh pandemi covid-19 terhadap kinerja keuangan perbankan. Jurnal Ilmiah Komputer Akuntansi, 15(2), 465–474. https://doi.org/10.51903/kompak.v15i2.834 Alfi. (2020). Aset perbankan syariah tetap bertumbuh di tengah pandemi. Retrieved from https://finansial.bisnis.com/read/20200923/231/1295698/aset-perbankan-syariah-tetap-bertumbuh-di-tengah-pandemi Amalia. (2022). Kinerja keuangan PT. Bank Syariah Indonesia Tbk. sebelum dan efek instan merger. YUME: Journal of Management, 5(1). https://doi.org/10.2568/yum.v5i1.1184 Andre, A., Marpaung, A. M., & Mekaniwati, A. (2019). Analisis implikasi kebijakan dividen terhadap pertumbuhan perusahaan dan kinerja saham. Jurnal Ilmiah Manajemen Kesatuan, 7(1), 153–161. https://doi.org/10.37641/jimkes.v7i1.208 Anshori, M., & Iswati, S. (2009). Buku ajar metodologi penelitian kuantitatif. Pusat Penerbitan dan Percetakan UNAIR. Asbaniar, A., & Setiawan, S. (2022). Analisis kinerja saham pada industri farmasi sebelum dan setelah adanya pandemi covid-19. IQTISHADequity, 4(1), 45. https://doi.org/10.51804/iej.v4i1.1664 Bella, S., & Sari, F. (2021). Perbandingan kinerja keuangan sebelum dan sesudah akuisisi pada perusahaan yang terdaftar di BEI. Jurnal Manajemen Dan Bisnis, 1(2), 143–153. http://dx.doi.org/10.30651/imp.v1i2.10619 BNI Syariah. (2020). Laporan tahunan 2020. BNI Syariah Brigham, E. F., & Houston., J. F. (2016). 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The Business Cycle as a Moderator of Financing for Financing Risk of Islamic Commercial Banks in Indonesia Much Maftuhul Fahmi; Nanik Wahyuni; Yuniarti Hidayah Suroso Putra
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 10 No. 1 (2023): Januari-2023
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol10iss20231pp27-40

ABSTRACT Islamic banking is undoubtedly faced with several potential financing risks, with the three largest financing contracts (Mudharaba, Musharaka, and Murabaha) that reduce the financial performance of Islamic banks. The potential risk is strengthened if the stability of national economic growth is contracted. Therefore, this research aims to investigate the impact of Mudharaba, Musharaka, and Murabaha financing on Financing Risk moderated by the business cycle and the relationship between Financing Risk and the Financial Performance of Islamic Commercial Banks. The sample of this study was 12 Islamic Commercial Banks in Indonesia during the period 2017-2021. The Data were then analyzed using the technique of Moderated Regression Analysis (MRA). Researchers found that Musharaka financing has a significant positive effect on Financing Risk, Mudharaba and Murabaha Financing has an insignificant effect on Financing Risk, and Financing Risk has a significant negative effect on Financial Performance. The Business Cycle does not moderate the Financing of Mudharaba, Musharakah, and Murabaha on Financing Risk. The results can encourage the Islamic Commercial Bank to evaluate the distribution strategy of Musharaka financing, optimize the distribution of Mudharaba and Murabaha financing, and prepare financing strategies that do not depend on macroeconomic conditions. Keywords: Financing Risk, Financing, Business Cycle, Financial Performance. ABSTRAK Perbankan syariah dengan tiga akad pembiayaan terbesar (Mudharaba, Musharaka, dan Murabaha) dihadapkan pada sejumlah potensi risiko pembiayaan yang menurunkan kinerja keuangan Bank Syariah. Potensi risiko tersebut menguat jika stabilitas pertumbuhan ekonomi nasional juga terganggu atau mengalami kontraksi. Oleh karena itu, penelitian ini hendak mengkaji pengaruh Pembiayaan Mudharaba, Musharaka, dan Murabaha terhadap Risiko Pembayaran dengan dimoderasi oleh Siklus Bisnis, dan sekaligus menguji hubungan antara Risiko Pembayaran dan Kinerja Keuangan Bank Syariah. Sampel penelitian ini adalah 12 Islamic Commercial Bank di Indonesia selama periode 2017-2021. Data tersebut kemudian dianalisis dengan menggunakan teknik Moderated Regression Analysis (MRA). Peneliti menemukan bahwa Pembiayaan Musharaka berpengaruh positif signifikan terhadap Risiko Pembiayaan, Pembiayaan Mudharaba dan Murabaha tidak berpengaruh signifikan terhadap Risiko Pembiayaan, dan Risiko Pembiayaan berpengaruh negatif signifikan terhadap Kinerja Keuangan. Adapun Siklus Bisnis tidak dapat memoderasi Pembiayaan Mudharaba, Musharaka, dan Murabaha terhadap Risiko Pembiayaan. Hasil penelitian ini dapat menjadi evaluasi bagi Islamic Commercial Bank agar dapat mengevaluasi strategi penyaluran pembiayaan Musharaka, mengoptimalkan penyaluran pembiayaan Mudharaba dan Murabaha, dan mempersiapkan strategi pembiayaan yang tidak bergantung pada kondisi makro ekonomi. Kata Kunci: Risiko Pembiayaan, Pembiayaan, Siklus Bisnis, Kinerja Keuangan. REFERENCES Abdillah, W., & Hartono, J. (2015). Partial least square (PLS) alternatif structural equation modelling (SEM) dalam penelitian bisnis. CV. Andi Offset. Abdul-rahman, A., & Nor, S. M. (2016). Challenges of profit-and-loss sharing financing in Malaysian Islamic banking. Malaysian Journal of Society and Space 12, 2(2), 39–46. Adzimatinur, F., & Manalu, V. G. (2020). The impact of mudharabah and musharakah based financing to credit risk. 1st Annual Conference of Ihtifaz: Islamic Economics, Finance, and Banking, 127–134. Aiyubbi, D. E., Widarjono, A., & Amir, N. (2022). 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Analysis of Sharia Banking Share Valuation Using Intrinsic Value and Margin of Safety Method Graham Number Fajriyatul Abadiyah; Hikmah Endraswati
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 10 No. 1 (2023): Januari-2023
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol10iss20231pp16-26

ABSTRACT This study aims to analyze the valuation of Islamic banking stocks using the intrinsic value method and the margin of safety Graham number, and determine whether Islamic banking stocks are undervalued or overvalued. This research is included in the descriptive quantitative research. The data source used is secondary data obtained from www.idx.co.id and www.Indopremier.com, while the research sample selection technique uses a purposive sampling method with the criteria of companies that have been IPOs for more than five years and the number of samples found consists of three Islamic banking stocks, namely BRIS, BTPS, and PNBS shares. Based on the results of the valuation of Islamic bank stocks using the intrinsic value method and margin of safety, graham numbers are obtained if the three Islamic bank stocks experience an overvalued/expensive condition above the criteria set by Benjamin Graham, the cause is because investor euphoria is quite high regarding the news of the merger of Bank Syariah Indonesia so that it can be concluded that the three Islamic banking stocks have considerable investment risks. Therefore, investors need to wait and see until the position of the Islamic bank's stock price is close to its fair price. Keywords: Graham Number, Intrinsic Value, Margin of Safety, Market Share, Islamic Banking. ABSTRAK Penelitian ini bertujuan untuk menganalisis valuasi saham perbankan syariah dengan metode intrinsik value dan margin of safety graham number, serta menentukan apakah saham perbankan syariah dalam kondisi undervalue atau overvalue. Penelitian ini termasuk kedalam penelitian kuantitatif deskriptif. Sumber data yang digunakan adalah data sekunder yang diperoleh dari www.idx.co.id dan www.indopremier.com, sedangkan teknik pemilihan sampel penelitian menggunakan metode purposive sampling dengan kriteria perusahaan yang telah IPO lebih dari lima tahun dan diperoleh jumlah sampel yang ditemukan terdiri dari tiga saham perbankan syariah, yakni saham BRIS, BTPS, dan PNBS. Berdasarkan hasil valuasi saham bank syariah dengan menggunakan metode intrinsik value dan margin of safety graham number diperoleh jika ketiga saham bank syariah tersebut mengalami kondisi overvalue/mahal berada diatas kriteria yang ditetapkan oleh Benjamin Graham, penyebabnya dikarenakan euforia investor cukup tinggi mengenai kabar merger Bank Syariah Indonesia sehingga dapat disimpulkan ketiga saham perbankan syariah memiliki risiko investasi yang cukup besar. Maka dari itu, investor perlu wait and see sampai posisi harga saham bank syariah mendekati harga wajarnya. Kata Kunci: Graham Number, Intrinsic Value, Margin of Safety, Market Share, Perbankan Syariah. REFERENCES Alhazami, L. (2020). Valuasi saham yang masih layak untuk dikoleksi di bursa efek Indonesia (BEI) pada Saat pandemik covid-19. Jurnal Ilmiah Akuntansi Dan Keuangan, 9(2), 139–149. https://doi.org/10.32639/jiak.v9i2.526 Antoni, Juwita, R., & Wijayanti, A. P. (2020). Penentuan nilai harga wajar saham menggunakan metode gordon growth model. Co-Value: Jurnal Ekonomi, Koperasi & Kewirausahaan, 11(3), 77–82. Budiman, R. (2020). Investing is easy. PT Elex Media Komputindo. Ervian, P. (2015). Pemanfaatan metode value investing Benjamin Graham untuk meraih capital gain di bursa efek Indonesia. Universitas Kristen Satya Wacana. Graham, B., & Dood, D. L. (2014). Security analysis: Principles and techniques. McGraw Hill. Halim, A. (2005). Analisis investasi. Salemba Empat. Hutabarat, F. (2022). Value investing analysis: A look at Anthony Salim portfolio. 8ISC Proceedings: Business, 58–65. 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Jurnal Ilmu Manajemen Dan Bisnis, 10(1), 9–16. https://doi.org/10.17509/jimb.v10i1.14485

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Jurnal Ekonomi Syariah Teori dan Terapan Vol. 10 No. 1 (2023): Januari-2023
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