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Effects of Leverage, Liquidity, and Profitability on The Rating of Sukuk
No full textThe rating of Sukuk becomes the reflection of the capital markets\u27 activities. The better rating of Sukuk, the more investor is interested in purchasing a Sukuk. This study aimed to examine the effects of leverage, liquidity, and profitability on Sukuk\u27s rating. The technique of data analysis employed was ordinal logistic regression. The research result revealed that the leverage and liquidity affected the Sukuk. Meanwhile, the profitability did not affect the rating of Sukuk. The test result simultaneously showed that the leverage variable and liquidity affected the Sukuk rating. Overall, this study\u27s research result supported the previous research that discovered the impacts of leverage and liquidity variables on Sukuk\u27s rating. The implication is that companies should improve their leverage and liquidity performance to improve the bond rating.JEL Classifications: G1How to Cite:Nurohman, D., Lutfiana, I. M., & Khoiriawati, N. (2020). Effects of Leverage, Liquidity, and Profitability on The Rating of Sukuk. Etikonomi: Jurnal Ekonomi, 19(2), 299-310. https://doi.org/10.15408/etk.v19i2.16274
Opportunities and Challenges in Developing Islamic Pension Funds in Indonesia
No full textDespite the rapid development of the Islamic financial sector in Indonesia, the development of Islamic pension funds is way behind those of the other Islamic financial sectors. This study aims to explore the opportunities and challenges faced by Indonesian Islamic pension funds. Utilizing a qualitative research method, the study conducted Focus Group Discussions with 23 large pension funds spread across five big cities in Indonesia. It was revealed that opportunities and prospects for developing Islamic pension funds in Indonesia are relatively good. However, various internal and external challenges were found, such as a lack of knowledge; the weak commitment of founders; lack of quality human resources; relatively unfavorable tax treatment; limited investment instruments; competition with government pension schemes; and public literacy problems. Therefore, two broad strategies are recommended to develop the Islamic funds, namely the provision of direct/indirect incentives to market players, and literacy programmes to targeted/priority groups. These strategies are expected to encourage and accelerate the growth of Indonesia\u27s Islamic pension fund industry in the future.JEL Classification: H55, H75, J32How to Cite:Kasri, R. A., Haidlir, B. H., Prasetyo, M. B., Aswin, T. A., Rosmanita, F. (2020). Probability of Paying Zakat from Micro Financing Project Return. Etikonomi: Jurnal Ekonomi, 19(2), 311-322. https://doi.org/10.15408/etk.v19i2.16284
The Prospects and The Competitiveness of Textile Commodities and Indonesian Textile Product in the Global Market
No full textThis study has two objectives: first, to test the competitiveness of Textile Commodities and Indonesian Textile Product (TPT) in the global market and identify the prospects of the new export markets. Second, identify the competitiveness of the textile industry using case studies in the Solo Raya region. The Revealed Comparative Advantage (RCA) and Export Product Dynamics (EPD) methods are using in this study. The results show that Indonesian TPT commodities have a lost opportunity category in the central export destinations countries, such as a decline in market share. Indonesian TPT commodities have prospects in Austria, Canada, Finland, Norway, Portugal, Qatar, and Sweden due to competitiveness and domination in the market. Besides, the condition of the Indonesian textile industry competitiveness shows low competitiveness in terms of factor conditions, demand conditions, supporting and related industries, strategy, structure, and competition that are components of Porter\u27s diamond model.JEL Classification: L6, L67How to Cite:Prasetyani, D., Abidin, A. Z., Purusa, N. A., & Sandra, F. A. (2020). The Prospects and The Competitiveness of Textile Commodities and Indonesian Textile Product in the Global Market. Etikonomi: Jurnal Ekonomi, 19(1), 1 – 18. https://doi.org/10.15408/etk.v19i1.12886
Sustainable and Responsible Investment: Concept and the Commonalities with Islamic Financial Institutions
No full textThis paper aims to highlight the Sustainable and Responsible Investment (SRI) concept, similarities, and opportunities with Islamic financial institutions (IFIs), especially in Malaysia\u27s perspectives. This paper is conceptual., thus the methodology used in this paper is qualitative, focusing on document analysis method by analyzing previous literature, books, reports, official website, and articles. Based on the analysis, SRIs and IFIs share the same fundamental aim, which is to utilize the funds with high morals and ethics. Besides, the analysis also indicates that SRIs and IFIs have shown significant growth over the last two decades and became the most rapidly growing sectors. In the context of the opportunities, both concepts can become a new value proposition and product innovation in order to capture the future preferences of investors and customers. The IFIs and SRIs are capable of bridging the gap both entities considering their fundamental mutual aim, which is to utilize the funds through high morals and ethics.JEL Classification: E22, G20How to Cite:Wahab, M. Z. H., & Naim, A. M. (2020). Sustainable and Responsible Investment:Concept and the Commonalities with Islamic Financial Institutions. Etikonomi: Jurnal Ekonomi, 19(1), 141 – 154. https://doi.org/10.15408/etk.v19i1.13772
Is Bankruptcy Risk a Systematic Risk? Evidence from Pakistan Stock Exchange
No full textThis study empirically investigates the relationship between default risk and cross-section of stock returns in the Pakistan Stock Exchange (PSX). Stock price data from all listed and delisted companies use to calculate monthly returns from 2001-2016. Ohlson\u27s O-score is employed to measure exposure of firm to systematic deviation within bankruptcy risk. Besides, asset-pricing models like the Capital Asset Pricing Model (CAPM) and Fama French (FF) models are employed. Portfolios are sorted in deciles by default probability. This result finds that stocks of firms significantly exposed to not diversified Default Risk yield higher returns. Besides that, the FF models explain cross-sectional stock returns since factors incorporate information on financial distress and default. After that, the book-to-market equity factor is not significant in elucidating returns of distressed firms because of market inefficiency. Results have practical implications for portfolio managers and investors of an emerging economy in developing diversified portfolios during periods of uncertainty and market volatility.JEL Classifications: G12, G15, G33How to Cite:Chhapra, I. U., Zehra, I., Kashif, M., & Rehan, R. (2020). Is Bankruptcy Risk a Systematic Risk? Evidence from Pakistan Stock Exchange. Etikonomi: Jurnal Ekonomi, 19(1), 51 – 62. https://doi.org/10.15408/etk.v19i1.11248
Competitive Strategy Analysis to Increase Consumer Purchasing Decisions on Minimarket Business
No full textThe growth of the minimarket business in Indonesia is high-speed and exciting. As a result, the competition is very tight. This study aims to analyze the effect of product quality, price discounts, and servicescape on a consumer purchasing decision. This research uses associative descriptive methods and multiple linear regression analysis techniques. The research sample is to minimarket consumers in the cities of Manado, Tomohon, and Bitung. These results indicate that for consumers, the three variables are the main elements considered when shopping at the minimarket. The right management strategy will improve consumers\u27 decision to buy products, thereby increasing profits and maintaining business sustainability. Management should always have attention to product quality by combining the right price discounts and servicescape to increase purchases, high profits, and superiority in competition.JEL Classification: M21, M31How to Cite:Soegoto, A. S., & Karamoy, H. (2020). Competitive Strategy Analysis to Increase Consumer Purchasing Decisions on Minimarket Business. Etikonomi: Jurnal Ekonomi, 19(1), 119 – 130. https://doi.org/10.15408/etk.v19i1.14337
Maqashid Sharia Implementation in Indonesia and Bahrain
No full textThis study aims to analyze the performance of Islamic banking in Indonesia and Bahrain from the perspective of the maqashid shariah index. Performance is the success of an organization in implementing its strategy so that its achievement on the targets set. Maqashid shariah is a measurement of Islamic banking performance following the objectives and characteristics of Islamic banking. The research method used is descriptive and comparative methods, while the data analysis technique used is the independent t-test. The results of this study are that there is no significant difference between the application of Islamic maqashid in Indonesia and the implementation of Islamic maqashid in Bahrain. Thus, the application of Islamic values and the application of sharia maqashid has been integrated with Islamic bank business activities so that different government policies or regulations because each country has a specific constitution, then the impact is not significant or does not affect the implementation of sharia maqashid on operational and business activities in Islamic banks.JEL Classification: M41, M48, Z12 How to Cite:Nugraha, E., Nugroho, L., Lindra, C. N., & Sukiati, W. (2020). Maqashid Sharia Implementation in Indonesia and Bahrain. Etikonomi: Jurnal Ekonomi, 19(1), 155 – 168. https://doi.org/10.15408/etk.v19i1.14655.
Waqf Forest: How Waqf Can Play a Role In Forest Preservation and SDGs Achievement?
No full textPrevious studies about waqf for forest conservation mostly concentrated on its potential or its prospect for forest preservation or environmental protection. In contrast, a detailed discussion about how to establish a waqf forest to support the SDGs is still noticeably absent. This paper aims to formulate a scheme of productive waqf forests that can help the achievement of Sustainable Development Goals (SDGs). To our knowledge, this is the first paper that provides a scheme of productive waqf-based forest. The present study was conducted using a literature study method and interpretative analysis. The result shows that a productive waqf forest should supply not only intangible benefits but also generate tangible benefits that can be used for the waqf forest development. Both benefits which support some main points of SDGs, such as in reducing poverty and hunger, maintaining climate, health, biodiversity, and water supply, are mainly delivered to the mauquf’alaihi.JEL Classification: D64, G23, Q01, Q23, Z12.How to Cite:Ali, K. M., & Kassim, S. (2020). Waqf Forest: How Waqf Can Play a Role In Forest Preservation and SDGs Achievement?. Etikonomi: Jurnal Ekonomi, 19(2), 349-364. https://doi.org/10.15408/etk.v19i2.16310
Economic Turmoil in Islamic Banking Investment
No full textInvestment financing is one of the operational activities of Islamic banking to encourage the real sector. This study aims to analyze the effect of economic turmoil on investment financing, analyze the response to investment financing, and analyze each variable\u27s contribution in explaining the diversity of investment financing. This study uses monthly time series data from 2009 to 2020 using the Vector Error Correction Model (VECM) analysis. The results show that the exchange rate, inflation, and interest rates significantly affect Islamic banking investment financing in the long term. The response to investment financing is the fastest to achieve stability when it responds to shocks to the composite stock price index. Inflation is the most significant contribution in explaining diversity in investment financing. Islamic banking should increase the proportion of funding for investment. Customers can have a larger business scale to encourage economic growth, with investment financing increasing.JEL Classification: E22, G11, G24How to Cite:Budiandru., & Yuniarti, S. (2020). Economic Turmoil in Islamic Banking Investment. Etikonomi: Jurnal Ekonomi, 19(2), 271-286. https://doi.org/10.15408/etk.v19i2.17206
The Value at Risk of Selling Option on Crude Oil West Texas Intermediate
No full textThe Value at Risk (VaR) of selling the option on crude oil WTI has not widely known, whereas this trade is the most significant transactions in the world. This study aimed to analyze the Value at Risk (VaR) of the far out of the money (FOTM) and the in the money (ITM) strike position of selling option on crude oil WTI investment. The monthly option premium return data ranging from April 1984 to May 2017 was analyzed by the ARCH-GARCH and VaR method to get the risk of FOTM and ITM strike position. Empirical results indicate that the risk of the FOTM strike was much lower than the ITM strike positions. It meant that selecting the FOTM strike position of the selling option on crude oil WTI investment could be considered by stakeholders because its risk was much lower than the ITM strike position.JEL Classification: C32, G19, G3