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Islamic Finance and Indonesia's Economy: an Empirical Analysis

Designing of Digital-based Islamic Social Finance Model Through Role of Mosque

The Benefit Segmentation Sharia Tourism in Indonesia

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Dampak Penerbitan Sukuk dan Obligasi Konvensional terhadap Return Saham Perusahaan di Indonesia

Capital markets are an integral part of economic activity in many countries. One type of capital market is bonds. In Indonesia has developed two types of bonds are syariah-based bonds called sukuk and bonds are not based on sharia. The purpose of this study is to analyze the impact of issuance of sukuk and conventional bonds on stock returns. The company under study is a company that issues both sukuk and syariah bonds. This study uses event study to see the reaction of capital market to the event of issuance of sukuk and conventional bonds. The results showed that the abnormal return of stock is only influenced by variable of maturity value of sukuk and conventional bond. Thus, the stock market is not very responsive to the issuance of sukuk or conventional bonds.
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Analisis Pengaruh Faktor Internal Bank dan Eksternal terhadap Non-Performing Financing (NPF) pada Bank Perkreditan Rakyat Syariah di Indonesia

This study aims to determine the internal and macroeconomic factors that influence Non-Performing Financing (NPF) of BPRS (Sharia Rural Banks) in Indonesia. Data analysis method used in this study is panel data regression by taking a sample of 54 BPRS from 2012 to 2017 biannually. The results of this study show that toward NPF of BPRS in Indonesia, the variable of Total Asset has no significant effect, CAR and ROA have a negative and significant effect, while OER has a positive and significant effect. Meanwhile, the macroeconomic variables of BI Rate and PDRB have a positive and significant effect toward NPF of BPRS in Indonesia. Lastly, the variables of inflation and unemployment have no effect toward NPF of BPRS in Indonesia.
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Role of Islamic Finance Development to Financial Inclusion: Empirical Study in Islamic Banking Countries

The purpose of this paper is to determine the level of regional financial inclusion in OIC countries which operate Islamic Banking and the link between financial inclusion and Islamic finance development. This is the first study of that investigate the role if Islamic finance to financial inclusion which include Islamic financial development and societal variables as independent variables. Panel data regression has been used to estimate the relationship between Islamic finance development and financial inclusion. EGLS, Estimated Generalize Least Square, is being used to reduce the autocorrelation among residual due to cross-sectional effect. Using Sharma Financial Inclusion Index, this study finds that the average Financial Inclusion Index is 22.2 with the highest index is 62.6 and the lowest index is 2.1. Based on panel data regression, this study finds that macro-economic factors, level of employment and GDP per capita, have the most significant influences on financial inclusion in Islamic banking countries. Other non-economic societal factors such as information technological advancement and corruption level do not significant influence on financial inclusion.Keywords --Panel regression, Financial Inclusion, Islamic Financial Development
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The Effect of Macroeconomics Variables to Net Asset Value (NAV) Growth of Sharia Mutual Funds in Indonesia

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The Influence of Macroeconomics and Population in Country of Origin on Tourist Arrivals to Indonesia

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Intergenerational Value Transmission, Religiosity, and Ethical Consumption: Evidence From College Students in Indonesia

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Analisis Determinan Kinerja Bank Pembiayaan Rakyat Syariah di Indonesia (Pendekatan Direct Error Correction Model)

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