Shirkah: Journal of Economics and Business
Not a member yet
200 research outputs found
Sort by
Islamic Finance-Growth Nexus: Evidence from Indonesia
Full text linkPrevious work on the financial industry, which covers the entire financial services sector and is related to economic growth, has remained limited. This present study empirically analyzed the growth of Indonesia’s three main sectors of the Islamic Financial Industry (Islamic Capital Market, Islamic Banking, and Islamic non-bank Financial Industry) towards economic growth between 2014Q1 and 2021Q3. The quarterly data was processed through the ARDL Bound-test for cointegration and Error Correction Model (ECM). The research revealed three of the four research variables (sharia stock, Sukuk, and sharia insurance) that significantly affect GDP, while Islamic banking shows no significant effect on GDP. As a result, Indonesian Islamic banks must optimize funds for the productive sector. Future policies should consider maximizing the role of the Islamic financial industry to accelerate economic growth
Halal Value Chain in the Holding Business: The Experience of Islamic-based School (Pesantren) in Indonesia
Full text linkThis study constitutes a novel concept that provides a complete analysis of the holding business at an Islamic-based school (Pesantren) and the halal value chain. The halal value chain provides a standard for sharia-compliant production, distribution, or consumption activities. This case study was based in Pesantren Al-Rifa’ie, addressed in Malang East Java Indonesia. This study collected data through interviews, contract data, SOP, financial statements, BMT reports, and observation. The data were analyzed using the heuristic case study. The results showed that the holding business at Pesantren Al-Rifa'ie was in the form of a cooperative since it combines business units. The cooperative has funding, financing, and BMT activities. BMT is profit-oriented through establishing business units. Business units supporting the halal value chain were husbandry, bus rentals, and One Pesantren One Product (OPOP) starting from the input, process, and output. This research strengthens the New Institutional Theory and provides insight into the need for technical requirements to establish the company holding in Pesantren
The Impact of the Provision of the COVID-19 Vaccine on Healthcare Stocks in Indonesia
Full text linkThe Coronavirus, which was firstly confirmed in Indonesia in 2020, had a hindering effect on the country's economy but a great impact on pharmaceutical companies. The first batch of vaccines that was administered in Indonesia on January 13, 2021, had a significant impact on healthcare stocks. This study examined the impact of the COVID-19 vaccine on healthcare stocks in Indonesia as seen from the stock price and the trading volume. Secondary data from 19 healthcare companies seven days before and seven days after the administration of COVID-19 vaccine was analyzed. Paired Samples t-test was carried out using the SPSS program. This study indicated that the administration of the COVID-19 vaccine has a strong impact in terms of increased changes in the healthcare stocks. Meanwhile, the trading volume decreased after the administration of the COVID-19 vaccine in Indonesia.The average of abnormal returns before and after the COVID-19 vaccine were at t-2, t+1, t+2, t+3, and t+7. Theoretically, the results of this discussion can be used as reference material for further research. In addition, it can be used in the development of knowledge in the field of stocks or pharmaceutical companies. The results of this study can practically be used as a reference for investors in making investment decisions
Marketing Strategy for Agrotourism Development in Lampung Province Indonesia
Full text linkThe enormous potential for the development of agrotourism in Indonesia has not been explored efficiently due to nonoptimal marketing. Therefore, this research formulated the marketing strategy for the agrotourism sector in Lampung Province Indonesia. Purposive sampling was used to select the respondents based on the criteria of experts with experience, knowledge, or authority in agrotourism. This led to the selection of 12 people in the Department of Agriculture and the Ministry of Tourism and Creative Economy, tourism operators consisting of the Hotel and Restaurant Association (PHRI), the Association of The Indonesian Tours and Travel Agencies (ASITA), and farmers/agritourism partners. Upon the analysis using the Analytic Hierarchy Process (AHP), the results showed that authentic experience should be prioritized with agrotourism actors or partners playing a big role in the marketing process. Furthermore, the addition of attractions with actors or partners is expected to play a key role in offering authentic experiences to tourists as a prioritized alternative strategy. These findings, therefore, showed the need for coordination and collaboration, intensifying marketing communications as well as the provision of tour packages to increase agrotourism marketing in the study area
The Role of Islamic and Conventional Microfinance in Tackling Financial Exclusion in Bangladesh, Nigeria, and Uganda
Full text linkThere has been to pertinent study considering the growth of Islamic and conventional microfinance institutions as an antecedent of financial inclusion in Bangladesh, Nigeria, and Uganda in a single study. Adults who are financially excluded make up sizable numbers in Bangladesh, Nigeria, and Uganda, the three OIC countries. Financial exclusion has been addressed through the establishment of microfinance institutions. This study attempts to review the contribution of Islamic and conventional microfinance institutions established in these countries in tackling financial exclusion. The study used the data from the Global Findex Database of the World Bank and IMF Financial Access Survey to draw a comparative image of financial access among the countries. The evidence indicated that there are significant financial gaps across the countries and hence a huge opportunity for Islamic microfinance with its vast range of financial products could be implemented to spur economic growth and tackle financial exclusion. Policymakers can use the study's findings to entice and build new microfinance institutions with broadly inclusive products for all populations of these countries
Brand Value and Tourists’ Satisfaction in Lombok Indonesia as a Halal Tourism Destination
Full text linkSince 2015, the Ministry of Tourism and Creative Economy of the Republic of Indonesia has appointed Lombok of West Nusa Tenggara as a halal tourism destination. Because of its natural beauty, which is comparable to that of Bali, the majority of the population is Muslim, and the island has a distinct religious culture and history, Lombok has a lot of promise in promoting halal tourism in Indonesia. This study intends to elucidate the relationship between destination brand awareness, brand image, brand quality, and destination brand value in increasing the destination brand satisfaction of tourists visiting Lombok. This study proposes a new model and clarifies the concept of a new indicator on the variable of destination brand value. Upon analysis of structural equation modeling (SEM) using convenience sampling employing WarpPLS software to 250 respondents, it was proven that the research model was accepted with a coefficient of determination (R2) of 86.6%. The proposed model shows destination brand value to be a determinant of tourists’ satisfaction. The model also proves that indicators of convenience, reasonable cost, fun, and getting benefits make a positive contribution to brand value destinations. This study offers practical implication that tourism managers should pay attention to and improve brand image, which currently has little impact on destination brand value, by building brand popularity and competitive advantages
Performance, Competence, Job Satisfaction, and Financial Compensation of Cosmetics Salesforce during the COVID-19 Outbreak
No full textThe COVID-19 pandemic caused a decrease in sales turnover for the cosmetic industry, causing salesforce performance to be unsatisfactory. The study developed a model to improve the performance of the cosmetics industry in Banten Province of Indonesia. This quantitative study employed SmartPLS 3.3.2 version to analyze the data obtained from 120 respondents through observations and questionnaire. The results of the empirical model with SEM-PLS revealed that competence has a significant positive effect on financial compensation, competence has a significant positive effect on salesforce job satisfaction, salesforce job satisfaction has a significant positive effect on salesforce performance, financial compensation has no effect on salesforce performance, and salesforce performance has no effect on financial compensation. It is recommended that the cosmetic industry recalculate the amount of compensation appropriately according to measurable performance to yield an impact on salesforce performance. This study highlights the importance of competence-based compensation for fostering self-improvement of employee
Waqf and Environment: A Bibliometric Analysis
Full text linkDespite the plethora of studies on environmental waqf in the literature, research objectives and results are still inconsistent. Therefore, this study maps the literature on environmental waqf to explore future research directions. Based on data from Scopus from 2001 to March 2022, bibliometric analysis using VOSviewer was used to create this mapping research system. This study visualized a map of co-authorship and co-occurrence of keywords. We present several aspects of the literature on environmental waqf, such as the number of publications per year, document type, journal, author, affiliation, country, subject, and topic. The environmental waqf research review is made up of 120 articles written by 160 authors who are affiliated with 116 institutions across 29 countries. These articles were published in 79 sources. The bibliometric results through the analysis of the keywords identified four research streams: waqf in sustainable development, regional planning, waqf governance in the agricultural sector, and cash waqf for welfare improvement. This study proposes future directions for environmental waqf research, focusing on the role of waqf in achieving the goal of sustainable development for environmental stability
Capital Structure Adjustment Speed in Indonesia: Does Sharia Compliance Matter?
Full text linkLeverage Speed of Adjustment (henceforth SOA) has previously been studied by researchers; however, the examination of its connection with sharia law has been overlooked. The majority of the literature currently in circulation comes from the Middle East and North Africa (MENA) region and Malaysian markets, so its implications for businesses in Indonesia may not be applicable given local regulations and cultural norms. This study investigates the distinction in the debt levels and the SOA of firms in Indonesia based on compliance to sharia law. The Two-step Generalized Method of Moment (GMM) model was used to calculate the SOA in the leverage model. We discover that sharia compliance plays a role in stimulating the Indonesian firm’s level of debt and leverage SOA. To put it more precisely, sharia firms use less debt and have a slower SOA than conventional firms. Overall, Indonesian firms implement the dynamic trade-off theory in their leverage framework. Instead of relying on conventional debt, which is only available at certain levels, sharia firms must issue Islamic debt instruments to accelerate the speed of adjustment. Even after a robustness test using various sharia compliance approaches, our results remained consistent
You’ve Over the Line! Muslim Consumers are Resistant to Opposite Brand Values
No full textThe consumer's antagonistic behavior towards brands is hotly discussed because of the political issues it carries. However, factors affecting Muslim consumers to reject a product still requires more paucity of empirical evidence. The current study casts the light on antecedent factors that influence Muslim consumers to reject a product, and on a pattern between the reasons for refusal and the intention to boycott a brand. The online survey was able to reach 450 respondents from the Muslim community. This paper uses scenarios from confirmed cases of Muslim consumer boycotts against Unilever brands in Indonesia. Using the snowball-sampling technique, many of the respondents were from the educated young urban Muslim community. The model was tested using partial least squares-structural equation modeling (PLS-SEM). Moreover, the interaction moderation technique was applied to examine the effect of moderators on the structural model. The results showed that brand hate fully mediates all variables except symbolic incongruity. The results further revealed that brand hate is a construct with three first-order formative triggers (religious animosity, ideological incompatibility, and subjective norms). In addition, this study theoretically contributes to providing clear delineation that brand hate is a dichotomous concept consisting of the dimensions of intention to boycott (intention to incite, intention to avoid, and intention to punish)