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Results in Journal IKONOMIKA: 64

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Mu'Allimu Kamabari Aminu, Aliyu Ibrahim Musaddad, Adamu Tanko Isah
IKONOMIKA, Volume 4, pp 243-254; doi:10.24042/febi.v4i2.5863

This paper begins with an examination of the concept of good governance in Islam. The paper proceeds with a discussion on the precepts of good governance in Islam and the role of leadership in good governance. It is against this background that the paper looks at the Nigerian governance experience over the last few years. The paper concludes with some useful recommendations.
R. Yudhistira Adi Seputra, Azhari Azhari , Aminul Islam
IKONOMIKA, Volume 4, pp 151-170; doi:10.24042/febi.v4i2.4839

This study aims to analyze the risk and efficiency of Bank MuamalatTbk, customers & ex-employees perceptions of the efficiency of the closure of the Branch Offices in Bojonegoro and Blora Regencies. This research is quantitative research that uses three stages of analysis. The first phase of the analysis involves risk analysis by measuring credit, operational and risk of disbursement based on the 2013-2017 Bank Muamalat Indonesia Tbk Financial Report using CAMELS financial ratios, the second stage consists of measuring the efficiency of Bank MuamalatTbk's performance using non-parametric techniques, Data Envelopment Analysis (DEA). The third stage will apply Pearson Correlation Coefficients to test the correlation between Customer Perception, Credit, Operations, and Risk of Disbursement to Efficiency. Based on results it can be concluded that the condition of Bank Muamalat Indonesia for the period 2013 - 2017 can be declared unhealthyand risky. So, it is suggested that Muamalat obtain new investors who are able to provide capital to nourish their financial performance. Keywords : Efficiency, Operational Risk, Islamic Banking, Data Envelopment Analysis.
Ernie Hendrawaty , Edi Pranyoto, Adam Muhammad Abubakar
IKONOMIKA, Volume 4, pp 211-226; doi:10.24042/febi.v4i2.5374

This research examines the effect of religiosity on the cash holding. The method used to test the model is panel data regression by investigating the effect of religiosity on the cash holding of shari'a and non-shari'a companies. The results show that Religiosity (Islamic Dichotomic), showing a positive and significant coefficient on cash holdings. Companies with a high level of religiosity hold significant amounts of cash. The companies hold cash to reduce risk by reducing debt financing. Keywords: cash holdings, religiosity, risk
Novita Kusuma Maharani, Sumardi Sumardi, Auwal Salisu
IKONOMIKA, Volume 4, pp 199-210; doi:10.24042/febi.v4i2.4811

The banking in Indonesia has undergone several changes in the market structure that ultimately impacts the prevailing policies and regulations. This study aims to examine the impact of changes in the banking market structure identified through the level of market concentration in the banking environment and examine the factors that influence the level of concentration of the banking market from 2005 to 2016. The study also examined the impact of changes in banking structure during the global crisis. The measurement of banking concentration used in this study is the Herfindahl-Hirschman Index (HHI). Furthermore, the influential factors consist of: (1) Bank specification, including bank size (Size), credit risk (NPL), profitability (ROE), banksoundness(CAR),(2)Market specification,namely the number of standingbank (NUM), and (3) Global crisis. The study used GLS (Generalized Least Square) method to detect autocorrelation on each variable.The results show that banks in Indonesia tended to have a low level of market concentration. The results are also in accordance with the SCP paradigm which states that banks tend to generate high profits when the level of banking market concentration is high.Keywords : Market Concentration, Competition, Dual-Banking, Bank Specification, Market Specification, Global Crisis.
Wahyu Setyawan, Rindu Rika Gamayuni, Shamsuddeen Muhammad Ahmad
IKONOMIKA, Volume 4, pp 137-150; doi:10.24042/febi.v4i2.5204

The objective of this study is to determine the impact of e-budgeting and internal government control systems to financial reporting of local governments in Indonesia as measured by the achievement of the unqualified opinion from the report of the Financial Audit Board (LHP BPK) on the Regional Government Financial Reports (LKPD). Financial reporting is a mechanism in the delivery of financial information and a representation of the financial position of transactions carried out by local governments , as an obligation of responsibility for the allocation and use of resources that are useful for accountability and transparency purposes.The implementation of e-budgeting and the government internal control system in the preparation of financial reporting is a means to realize accountability and transparency in governance in bureaucratic reform. This is consistent with the perspective of Islam provides guidance in the embodiment of the system of good governance government in the form of three pillars, namely transparency , accountability and participation . The study population was all local governments in Indonesia with a sample that local governments in Indonesia are already implementing e-budgeting in the 2017 -2018 . This research method is a quantitative empirical research method using secondary data with data analysis performed statistical tests using multiple linear regression with Eviews 9.0. The results of hypothesis testing and multiple regression analysis with eviews 9.0 shows that e-budgeting and government internal control systems are simultaneously influenced positively to financial reporting of local governments in Indonesia in the form of unqualified opinion. Keywords : E-Budgeting, Government Internal Control, Financial Reporting, Islamic Perspective.
IKONOMIKA, Volume 4, pp 227-242; doi:10.24042/febi.v4i2.5897

The purpose of this study was to analyze cosmetics purchasing decisions by consumers with consideration of halal labels or product quality where brand image as an intervening variable. This study uses quantitative methods with confirmatory objectives. Questionnaires are distributed using a purposive sampling method for 400 respondents in several villages throughout Indonesia. The results showed that the halal label significantly influenced brand image and purchasing decisions. Product quality affects brand image but has no impact on purchasing decisions. Meanwhile, brand image has a significant influence on purchasing decisions. The research implications show that for rural communities, promotion of halal cosmetics is more useful for driving purchasing decisions compared to the quality of cosmetic products.
IKONOMIKA, Volume 4, pp 71-84; doi:10.24042/febi.v4i1.3823

The purpose of this study is to determine the factors that influence the decisions of Muslim entrepreneurs in using Islamic bank financing products and their influence on Business performance in MSMEs. The variables studied were religious factors, service quality, accessibility, reference groups, promotions, profit sharing systems and attitudes towards fatwas. The research method used is the factor analysis method (Exploratory Factor Analysis) and multiple linear regression. sampling technique is non-probability sampling (incidental sampling) that is equal to 70 people with assumptions considered sufficient to represent the population, while the method of collecting data through questionnaires.The results showed thatthere are 2 (two) main factors that determine the behavior of entrepreneurs in using Islamic bank financing, namely external drives (promotion, accessibility, reference groups, and attitudes to the bank system), and internal references (religion, service quality, and profit sharing system). Profit sharing system is the most important factor for customers in deciding to use Islamic bank financing products. The factors of using these financing products have a significanth effect on the performance of small and medium enterprises (SMEs) in Southeast Sulawesi, IndonesiaKeywords : Muslim Entrepreneurs, Sharia Banks and Business
IKONOMIKA, Volume 4, pp 109-136; doi:10.24042/febi.v4i1.4211

The purpose of this study is to analyze the potential contribution of Islamic banking to development of Halal tourism and the enhancement of local community welfare in rural area.The present study employs a critical analytic approach based on extensive review and discussing the possible contribution of Islamic banking to development of Halal tourism and the local communities in rural area.As discussed in the paper there are some strategies for Islamic banking in the rural area. First, Islamic banking can establish special purpose vehicle to run the microfinance scheme in the rural area in order to minimize the potential risks. Second, some financing mechanisms also can be run by the Islamic banks both sources from internal and external resources, such as participatory model – musyarakah and mudharabah and third parties fund – zakah, infaq, sadaqah and waqf.Last, the branchless banking strategy is also proposed but with a certain intermediations should be firstly done by the Islamic banks, such as social and financial intermediation. Keywords Indonesia, Islamic Banking, Halal tourism, Local Welfare
IKONOMIKA, Volume 4, pp 60-70; doi:10.24042/febi.v4i1.3898

Electronic transaction mechanism in Indonesia often cause losses to consumers. Consumer protection should be applied in all conditions in transactions,both in conventional and manual transactions.But with the development of the electronic world, the public questions whether electronic transactions held in electronic systems can protect their rights as consumers. How Islamic Law and Government Regulation No. 82 of 2012 on the Implementation System and Electronic Transactions can be set, and protect the rights of consumers who transact in e-commerce? The method used is the type of normative juridical research, the research focused on reviewing the application of the rules or norms of positive law. Results of the discussion are: e-commerce, can make consumers impressed and interested in buying goods that are marketed. It also became one of the reasons consumers prefer to shop via the Internet. But ignorance of the agreement in e-commerce transactions is as proof of legal agreements often make prospective customers do not dare to carry out a transaction and choose to cancel the transaction because it feels it will be very detrimental and cannot be prosecuted if the business actor defaults or is against the law. So in this paper we will discuss how the laws and regulations relating to ITE can protect the rights of consumers in e-commerce purchases.Keywords: Islamic Perspective,Consumer Protection, E-Commerce Transactions
Febrianty Febrianty , Divianto Divianto
IKONOMIKA, Volume 4, pp 85-108; doi:10.24042/febi.v4i1.3961

The purpose of this study was to determine the factors that affect the intention of business-fraud on young entrepreneurs in Palembang city. Researchers conducted research development on young-Muslim entrepreneurs as subjects and added the role stress variable and applied TPB Theory. The type of data used in the form of primary data through questionnaires. The analysis of this research used SEM-Analysis. The results of this study were: H1-predicted a positive correlation between attitudes and intention of young-Muslim entrepreneurs to commit business-fraud (accepted). H-2 and H-3 there was rejection because there were more influential variables. H4-predicted there was a positive correlation between the role-stress and intention of young-Muslim entrepreneurs to commit business-fraud (accepted). H5-predicted that attitudes toward behavior, subjective-norms, and perceived-behavioral controls have significant influence on the intention of young Muslim entrepreneurs to commit business-fraud. Potential business young-Muslim entrepreneurs can fraud occur in the business, needs to be improved by effectiveness of internal controls. Keywords: Intention, Business-Fraud, young-Muslim, attitudes, role-stress, subjective-norms, perceived-behavioral controls, TPB
IKONOMIKA, Volume 4, pp 1-12; doi:10.24042/febi.v4i1.3162

Sharia pawn products (rahn) are one of the sharia financial services products that are growing over time. However, this development still requires attention in order to achieve financial inclusion and increase market share of sharia pawn products. One of the efforts to realize this goal is the socialization strategy. The success of socialization is not only the responsibility of the Islamic financial services institution, but also the role and support of other stakeholders, especially the government. The government through BI and OJK has a strategic role in helping these efforts. Optimizing the role of the government in supporting the dissemination of sharia mortgage products can be done with strategic steps namely targetting, integrating, understanding, and implementing. Key words : Role of government, Socialization, Sharia pawning
IKONOMIKA, Volume 4, pp 53-59; doi:10.24042/febi.v4i1.3927

The advertisement made by the Bank Muamalat Malaysia Berhad (BMMB) was the major cause for a CashWaqf gained popularity in Malaysia partly, the first Islamic banking establishment to manage CashWaqf together with Perbadanan Wakaf Selangor (PWS). The aim of this study is to investigate the determinants of CashWaqf participation from the Malaysian perspective. This study is based on three variables used to determine factors that affect CashWaqf participation in Malaysia. The three variables that are measured in this current study are religiosity, subjective norm, and attitude.used an attitude theory as a baseline theory. The data were collected through the distribution of questionnaires to 100 participants from Students at Kolej Insaniah Universiti. Based on multiple regression analysis and other statistical techniques, the findings of the study showed a significant relationship between religiosity, subjective norm, and attitude with CashWaqf participation. Given the results from the study, it highlights some limitations and suggestions for future studies that may be conducted in this scope.Keywords: Cash Waqf, Religiosity, Subjective Norm, Attitude
Ahmad Shaifull Anuar, Zakaria Bahari, Caturida Meiwanto Doktoralina , Fitri Indriawati , Lucky Nugroho
IKONOMIKA, Volume 4, pp 13-34; doi:10.24042/febi.v4i1.3808

The development of higher education in Malaysia is multiplying based on the increasing numbers of Public Higher Learning Institutions (IPTA) and Private Higher Learning Institutions (IPTS). This increase has encouraged various parties to collaborate to create a solid foundation and strategy to create IPT to become more competitive. However, the funding factor is still one restraint that IPTs must face. To overcome this problem, one example of IPT is taking the initiative by implementing waqf for higher education in limited institutions. Based on this scenario, the present paper was written to achieve two objectives:The first isto examine the precise development of higher education waqf that has been implemented in IPT in Malaysia. Thesecond isto precisely examine the variety of waqf that can be implemented for higher education. This study is an exploration in which the data used were derived from library research. The findings of this study will develop a theory on the diversification of waqf implementations for higher education in Malaysia. Keywords: Diversity, Economic, Instrument of Waqf, Waqf of Higher Education
IKONOMIKA, Volume 4, pp 35-52; doi:10.24042/febi.v4i1.3942

The era of innovation is disrupted providing space in the development of digital zakat management systems that are expected to increase public trust and make it easier for muzaki to pay zakat. The management of digital zakat is expected to increase the efficiency and efficiency of services in the management of zakat and increase zakat benefits to realize public welfare and poverty reduction. The research method used is descriptive qualitative with SWOT analysis techniques to analyze corporate strategy factors (strengths, weaknesses, opportunities and threats). This study found a strategy to optimize zakat through the improvement of governance systems and information on zakat-based digitalization institutions. In addition, the information system for mustahik and muzaki database needs to be improved in order to optimize the collection and distribution of zakat.Keywords: Zakat, Optimization, Digital
Shamsuddeen Muhammad Ahmad, Wan Ahmad Bin Wan Omar, Mohd Zukime Bin Mat Junoh
IKONOMIKA, Volume 3, pp 107-120; doi:10.24042/febi.v3i2.3583

Evidence has been documented in the literature that the interest based debt financing system is experiencing continuous discomfort. The outcome of the 2008 global financial crisis has further create fresh vigor to the assertion. Also, these authors have submitted that debt and leveraging are the two major causes of financial instability in the present system. This paper claims that the existence of the interest-based debt regime is becoming less acceptable, as excessive debt can affect the whole economic system, even in a developed country like United States. From an economic viewpoint, therefore, by banning interest rate-based contracts and decreeing exchange contracts, Islamic financeinspires risk sharing and prohibits risk transfer, risk shedding, and risk shifting. The paper proposes risk sharing based Islamic financing as a suitable alternative to the interest based debt financing. This study concludes that risk-sharing finance has several benefits, especially its potential to minimize, if not circumvent, the debt prompted financial crises that have beset the world..Keywords : Debt-Equity Ratio; Risk Sharing Instruments; Islamic Finance
Dindin Jaenudin, Achmad Firdaus , Farit Mochamad Afendi , Bayu Taufiq Possuma
IKONOMIKA, Volume 3, pp 139-166; doi:10.24042/febi.v3i2.3497

The Muslim population of Indonesia in 2010 reached 207 million, while the number of poor people reached 27,76 million. On the other hand, Indonesia is prone to natural disaster. By 2015 there are 16,830 villages hit by floods, 3,827 villages experiencing earthquakes, and 7,861 villages experiencing landslides. It is important for Indonesian people to pool fundraising to help each other (ta'awun). One of the schemes is through the microtakaful program. The next issue is the inability of the poor Indonesian to pay a pooling fund. The research is conducted with the aim to analyze the appropriate model of microtakaful in Indonesia using infaq/sadaqah and zakah fund as an alternative payment of subsidy of microtakaful contribution. The research is conducted with several methods, namely the study of in-depth literature on the utilization of infaq/sadaqah and zakah fund. The proposed models of utilization of infaq/sadaqah and zakah fund to subsidy ta’awun fund, validate the model through interviews to experts, practitioners and fund managers, process the data through Analytic Network Process (ANP), and determine the best model in utilizing infaq/sadaqah and zakah fund to subsidy ta’awun fund. Fund management model to become the object of research are microtakaful model and subsidy fund from the government model. The study shows that: Firstly, Ta'awun's fundraising in Indonesia is in line with the shariah objectives of protecting the soul, protecting religion, protecting intellect, protecting wealth, and protecting progeny. Secondly, the microtakaful model implemented in Indonesia is a microtakaful model by institution independently, a microtakaful model with a subsidy from infaq/sadaqahfund, a microtakaful model with a subsidy from zakah funds, ta’awun fund management model with a subsidy from the government and microtakaful model with a subsidy from other institution. Third, an important component in microtakaful is aqad, participant, underwriting process, investment, donor party and facility needs. The proper aqad in ta’awunfundraising is mudharabahmusytarakah.The simple Underwriting process is required. Parties that act as donors are zakah institution and government. Participants as beneficiaries of the contribution are poor and needy. Keywords : Microtakaful, Ta'awun, Zakah, Infaq, Sodaqah
Abobakr Ramadhan Salem Al-Harethi
IKONOMIKA, Volume 3, pp 121-126; doi:10.24042/febi.v3i2.3515

Islamic banks become the best solution to the crisis of the global financial system at addition, it become also a real player in dealing with economic crises and the financial complexities of the traditional banking system prevailing in the world today. moreover, countries and governments in both developed and developing countries have become increasingly interested in the issue of microfinance because of their close association with the development in various countries and may be interested in supporting countries and governments for microfinance by enacting the necessary laws and legislation. And the establishment of institutions and bodies specialized in financing and support these microfinance in addition to the microfinance in many developed countries have become a specialty taught in universities and specialized institutes. Scientific seminars and conferences are held in order to support and develop it so that it achieves the objectives set for it and thus meets the aspirations of society in development. This study focus on the role of Islamic banks that can play an active and influential role in generating wealth and reducing poverty through financing for Microfinance institutions where the study showed the social role of the nature of contracts in Islamic banks through which Islamic banks can be the best in Microfinance. Keywords : Islamic banks, Microfinance institutions, Yemen
Caturida Meiwanto Doktoralina, Zakaria Bahari, Sakinatul Raadiyah Abdullah
IKONOMIKA, Volume 3, pp 189-204; doi:10.24042/febi.v3i2.3659

The objectives of the study establish a conceptual framework to strengthen institutions that support the mobilisation of paying zakat and to identify the concept of the cultural factor of mutual assistance in paying zakat. This is Important because the institution of zakat has implemented the collection of zakat. Meanwhile, the culture of mutual assistance in Indonesia can be a power of zakat payment mobilisation to gain the blessings of Allah SWT. This paper presents the factors of determining mobilisation of zakat payments, e.g., are awareness, willingness to donate, confidence in collection and distribution with the latest development of technology. The implication of this study will help mobilise the payment of income zakat in Zakat Institutions. This study uses the documentation analysis method. Factors affecting mobilisation are awareness, willingness to donate, confidence in collection and distribution with the latest development of technology to help mobilise the payment of income zakat in Zakat Institutions. Keywords : Collection, Mobilisation, Payment, Sincerity, Zakat
R. Bambang Sm, Moh. Sharil Bin Ahmad Razimi
IKONOMIKA, Volume 3, pp 177-188; doi:10.24042/febi.v3i2.3479

This research target aims to determine the effect of capital, liquidity, efficiency, banking performance on profitability in Islamic Commercial Banks in Indonesia in 2013-2015. This type of research is quantitative descriptive research. In this study using secondary data, and the period of time used 3 years, namely the period 2013-2015. The sampling technique was purposive sampling. The research variables consisted of 5 variables (4 independent variables and 1 dependent variable). The research data was taken from the 2013-2015 period Islamic financial bank 11 financial statements. Validation of this research data was verified by publishing on each Sharia Commercial Bank website , the website of Bank Indonesia and the website of the Indonesian Central Bureau of Statistics. Data analysis used is Regression analysis to analyze the factors that influence the profitability of Islamic Commercial Banks in Indonesia in 2013-2015. Data analysis method uses Multiple Regression. Hypothesis testing uses F-statistic test (F test), t-statistic test and determination of Ajusted R² coefficient with a significance level of 5%.The results of the study are simultaneous independent variables (F test) that affect the profitability with a significant level of 0,000. While partially (t test) shows that: (1) capital has a positive and significant effect on profitability, (2) liquidity has a positive and significant influence on profitability, (3) efficiency has a negative and significant effect on profitability, (4) performance has a negative and significant influence on the profitability of Islamic Commercial Banks ..Based on the adjusted R² obtained 0.563 this means that the ability of four independent variables can explain Profitability 56.30% while the remaining 43.70% is explained by other factors. Keywords: Capital, Liquidity, Efficiency, Performance and Profitability
Suraya Murcitaningrum, Muhammad Machsun , Ibrahim Aliyu Gololo
IKONOMIKA, Volume 3, pp 167-179; doi:10.24042/febi.v3i2.3391

This paper discusses thei nfluence of seriousattitude in work towards business success of Muslim entrepreneurs as it is known that the seriousness in work can create business success. The purpose of this study is to identify and assess the effect of seriousness attitude in work toward the success of the Muslim entrepreneurs in Metro Regency of Lampung. This study is based on a literature study and understandings of the accumulation of various primary studies conducted on Muslim entrepreneurs around the Islamic Boarding School of Al Muhsin 28 Metro collected through questionnaires. The literature study was conducted to understand the concept of the seriousness in work. The results of the analysis showed that the significant value was 0.020. Since the value of α = 0.01, then the H0 was rejected if α was < 0.01. Based on the analysis, it can be concluded that there is a relation of seriousness in work of Muslim businessmen to business success in Metro Regency. Keywords : Serious Attitude ,Work towards Business Success, Muslim Entrepreneurs
Anip Dwi Saputro , Adib Khusnul Rois, Uzair Al Bazi
IKONOMIKA, Volume 3, pp 127-138; doi:10.24042/febi.v3i2.3258

Islamic banking in Indonesia has been regulated in the law, namely Law number 10 of 1998 concerning amendments to Law number 7 of 1992 concerning banking. As time goes by, the existing Islamic banking practices are starting to be questioned, questioned, and criticized, because there are those considered deviant even out of the sharia corridor itself. Against various problems that exist in Islamic banking, it needs to be addressed appropriately. By understanding the nature of the principle of tadrij fii tasyri, we are required to better understand and focus on the processes and stages in the implementation of syariah banking. So that with all the problems of Islamic banking faced now, it must be understood that this is still the stages, not the end and purpose of the application of Islamic banking it self. However, the main problem in the implementation of Islamic banking is the commitment. Islamic banking is in a comfortable zone with its current format. Efforts to implement Islamic banking are still half-hearted, even less serious. Even though there is a lot of criticism embedded in Islamic banking, starting from the practice of improper contracting, Human Resources (HR) who are not competent with the sharia itself, and banking products that are less adaptive and responsive. Keywords: Implementation, Commitment, HR, Product and Agreement, Tadrij fii Tasyri
Reza Ronaldo , Maya Meilia , Hasan Alaaraj
IKONOMIKA, Volume 3, pp 205-220; doi:10.24042/febi.v3i2.3480

In 2017 the Indonesian Islamic Bank contributes premium income to Shari’a Insurance in Indonesia amounting to 1.8 billion rupiah. There are 5 (five) Islamic Banks in Indonesia that contribute premiums to national Shari’a Insurance. The big five Islamic Banks in Indonesia are; Bank Mandiri Shari’a (BMS), Bank Muamalat Indonesia (BMI), Bank Negara Indonesia Shari’a (BNIS), Bank Rakyat Indonesia Shari’a (BRIS) and Bank Mega Shari’a. With increasing income of the National Shari’a Bank, it is expected to have an increasingly income of Shari’a National. Indonesian Islamic Banks give significant contribution to the growth of Shari’a Insurance premiums in Indonesia. While other Shari’a financial instruments in Indonesia such as Shari’a BPR, Leasing Shari’a are not so large, so they have not provided significant premium contributions to National Shari’a Insurance. If other Islamic Financial Instruments can accelerate market share, then of course it will be able to provide additional premiums that are not small to Shari’a Insurance in Indonesia. This research is expected to be further developed in order to increase the income of Islamic banks in Indonesia while at the same time growing national Shari’a Insurance Premium Income. Keywords : Islamic Bank, Sharia Insurance and Takaful.
Mastura Binti Ahmad, Mohd Shahril Bin Ahmad Razimi
IKONOMIKA, Volume 3, pp 35-42; doi:10.24042/febi.v3i1.2548

The purpose of this paper is to present a concept inherent in Islam can be applied on the training. Training plays an important role in the organization without it the organization find difficulty to stay competitive in recent global world.Ongoing training is very important in an organization in order to compete and maintain excellent performance. This paper attempts to look at the concept and how to practice from the viewpoint of Islam. The study examines three concepts related to training (Itqan, al-Falahand Ihsan) and the principle of education Islam (Ta’dib) relating to the training.Keywords: concept of the training, principle of education Islam relating to training.
Pudji Astuty, Umiyati Umiyati
IKONOMIKA, Volume 3, pp 1-16; doi:10.24042/febi.v3i1.2229

The purpose of this study is to analyze the influence of religiosity on the saving interest at Islamic Banking with the knowledge of the people as the moderator variable. This study was held at Tanggerang Selatan. The methods that is used to gather samples for this study is non-probability sampling and with the technique convenience sampling. The respondents in this study are the people of South Tanggerang City who saves their money at Islamic Banking, there are 100 respondents in total. The data gathered through questionnaire as the methods of survey. The data that are gathered then processed using multiple linear regression with interaction test (moderated regression analysis). The result of this study shows that there is significant influence between religiosity and the saving interest at Islamic Banking. the knowledge of the people and the saving interest at Islamic Banking also shows significant influence. The interaction between religiosity and knowledge as the moderator variable giving significant influence on the saving interest at Islamic Banking at the rate of significance bellow 0.05 or 5%.
Mohammad Bintang Pamuncak, Bayu Taufiq Possumah, Zairihan Abdul Hamid
IKONOMIKA, Volume 3, pp 17-34; doi:10.24042/febi.v3i1.2512

This study aims to evaluate the characteristics of zakat institution and proposes the adoption of International Financial Reporting Standard (IFRS) since it has developed and provides various product i.e zakat for productive purpose. This is important, considering that one of the measurement of accountability and transparency of an institution is providing brief financial report towards its beneficaries. Thereby, this study found that practically zakat institution is simillar to the SMEs, and there are 11 strandard of IFRS for SMEs that could be applicable to zakat institutionto achieve accountability and transparency. However, this study is preliminary study that proposes a conceptual frameworkwhich limited to the sharia compliance of IFRS that could be applicable to zakat Institution.Keywords: IFRS for SMEs, SMEs Criteria, Zakat InstitutionJEL Classification:
Afifah Binti Ismail, Mohd Shahril Bin Ahmad Razimi
IKONOMIKA, Volume 3, pp 73-88; doi:10.24042/febi.v3i1.2543

This paper illustrates occupational safety and health (OSH) based on Islamic perspective in human resource management. This paper has been written based on the following objectives; a)to state the duty of employer to provide safety workplace and to concern on employee health; b)to list out the management system of OSH based on Islamic perspective as preventive measure.A purely qualitative approach of literature review was done and Islamic OSH is derived from Islamic principles which are guide by Al-Quran and sunnah. The responsibility to preserve safety and health of employee does not only relies to the employer solely but involved all workers, the government and the authority bodies as the runner for the Occupational safety and Health Act OSHA 1994, Islamic order’s and policy to be implemented in the organization. The Occupational Safety and Health Master Plan (OSHMP) 2020 is a tremendous incentive by the Ministry of Human Resource to cope and minimize the number of accident and injuries in Malaysia. Keywords: Islamic occupational safety and health, employee safety and health, Islamic management system of OSH
Zulpahmi Zulpahmi, Sumardi Sumardi , Muhammad Akmal
IKONOMIKA, Volume 3, pp 43-52; doi:10.24042/febi.v3i1.2510

The variables used in this research are the role of audit committee and internal audit as the dependent variables and the implementation of good corporate governance as the independent variable. This research employs a purposive sampling to determine the samples based on certain criteria and 3 (three) Sharia banks are obtained since they have met the pre-determined criteria. The primary data are obtained through questionnaires distributed to 43 employees of Audit Committee, Internal Auditor, and GCG as the respondents. This research employs a Multiple Linear Regression Analysis as its technical analysis. The results of this research show that the role of audit committee positively and significantly influences the implementation of good corporate governance. Keywords: Audit Committee, internal audit, implementation of Good Corporate Governance
Abdul Razak Abdul Hadi1, Tulus Suryanto, Eddy Yap Tat Hiung
IKONOMIKA, Volume 3, pp 97-106; doi:10.24042/febi.v3i1.2550

The study is carried out with the objective of examining the effects of bank’s liquidity (LR), non-performing loans (NPL), capital adequacy ratio (CAR), loan growth (FEXP) and default risk premium (FQL) on bank’s performance as measured by return on assets (ROA) within the framework of Basel Committee on Banking Supervision.The financial intermediation theory of banking is reexamined to see how the current banking supervision safeguards the interest of depositors. Engaging pooled OLS as an estimation tool on 93 commercial banks in Middle East, Africa and Indian subcontinent over study period from 2009 through 2016, the findings reveal thatthere are significant relationships between bank’s performance and its liquidity plus loan growth. Both ROA and FEXP are also found to be positively correlated. Even though NPL and CAR do not have significant relationship with ROA, both are found to be negatively correlated with ROA. Overall, the study has proven that liquidity and loan growth have pivotal roles in sustaining bank’s profitability over time. Keywords: Bank’s Liquidity, Return on Assets,Capital Adequacy Ratio, Non-Performing Loans, Loan Growth, Static Panel Data, PooledOLS and Basel Committee on Banking Supervision.
Riski Fajar, Yaser Taufik Syamlan
IKONOMIKA, Volume 3, pp 53-72; doi:10.24042/febi.v3i1.2531

Financial planning for retirement is a desire to achieve satisfaction with life in retirement. Good financial condition is a main component to having a quality life during retirement. The study aimed to find the factors influences on understanding of financial planning for retirement. Methodology that used in this study is a quantitative approach. The sample in this study as many as 350 respondents from students Islamic of economics in Bogor. Technique analysis that used in this study is Path analysis. The result in this study The results of this study indicate that in sub-structural I the variables parental influence on saving, social influence, and goal clarity have a significant influence to financial knowledge. Sub-structural II the variabel future time perspective have a significant influence to goal clarity and all variables of sub-structural III (parental influence on saving and conscientiousness) have significant infulence to future time perspective. According the result test on the sub-structural IV the variable financial knowledge have a significant influence to expectations of financial planning for retirement. On the sub-structural V there is a not significant variable, the variable is parental influence on saving to satisfaction life in retirement. Consequently, the author do a trimming on the sub-structural V to fix a structure of path model. Keywords: Financial Planning, Retirement, Retirement Planning
Diana Widhi Rachmawati
IKONOMIKA, Volume 3, pp 89-96; doi:10.24042/febi.v3i1.2511

PT Bank BNI Syariah, one of them working are a big banking company is almost covering all over the country until now looked at pretty good company asset which are owned, so author conduct research in the title “Financial Performance PT Bank BNI Syariah in Solvability Ratio”. Financial Statement Analysis is aplication from tools and technical analysis financial report general aim and data to be related and estimation produce useful conclutions in business analysis. Financial Performance Analysis research used analysis methode is solvability ratio. General aim to give information finance performance PT Bank BNI Syariah development. Special goals is finance performance PT Bank BNI Syariah from Solvability Ratio”. This Sample is: PT Bank BNI Syariah. Final result which is research obtained it says finance performance PT Bank BNI Syariah from Solvability Ratio quite solvable, because this three point inside it contained increased. This development hope PT Bank BNI Syariah, to be remain consistent with trying to do breakthrough a company goals Key Words : Financial Performance PT Bank BNI Syariah
Edi Setiawan, Faozan Amar
IKONOMIKA, Volume 2, pp 201-212; doi:10.24042/febi.v2i2.1398

Penelitian ini merupakan penelitian kuantatif yang menggunakan metode deskriptif analitis. Dalam hal ini dengan cara mendeskripsikan Analisis Determinasi Pemahaman Pemilihan Rekening Bank Syariah Pada Pengurus Masjid di DKI Jakarta. Rendahnya pemahaman pengurus Takmir Masjid akan pemahaman produk bank syariah apalagi kemanfaatan rekening bank syariah bagi perekonomian umat. Untuk itu perbankan syariah harus terus melakukan sosialisasi lebih gencar lagi lewat media yang lebih populer di pengurus Takmir Masjid. Hasil penelitian menyimpulkan bahwa kepemilikan rekening dalam bank syariah dari berasal dari pengurus/lembaga/takmir masjid sebesar 55,1 persen. Sedangkan rekening syariah yang dimiliki pribadi sebesar 50 persen. Berbeda sedikit dengan yang dikelola dengan menggunakan nama pengurus/lembaga/takmir.
IKONOMIKA, Volume 2, pp 149-161; doi:10.24042/febi.v2i2.1835

The discussion in this research is conducted to know the implementation of supervision of shahibul maal done in reducing the financing problem. In accordance with the provisions of Bank Indonesia that the amount of non-performing financing disbursed shall not exceed 5%. While on average per year the number of shahibul maal financing problem is greater than 5%, resulting from 5%. To be able to perform the rescue of troubled financing, some efforts need to be done such as rescheduling to allow leeway to Shahibul Maal to pay the financing that has been due by delaying the maturity date. Then re-arrange the financing requirements to strengthen the bargaining position with the customer by reviewing the contents of the financing agreement when necessary plus or minus. And improve the funding structure (recapitulation) and business organization, help improve the condition and financial liquidity of Shahibul Maal. Thus little by little Shahibul Maal was able to pay off his troubled financing
Serhat Yuksel , Ismail Canöz , Mustafa Özsarı
IKONOMIKA, Volume 2, pp 131-148; doi:10.24042/febi.v2i2.1894

The popularity of Islamic banking is increasing day by day. On the other hand, some people also criticized this system in some aspect. One of the criticism is that profit sharing rates of Islamic banks are similar to interest rate of deposit banks. While considering this issue, this study aims to identify the causality relationship between profit sharing rate and interest rate in Turkey. Within this scope, monthly, quarterly, 6-months and yearly data for the period between 2000 and 2016 was analyzed separately. In addition to this situation, Toda Yamamoto causality analysis was used in this study so as to achieve this objective. According to the results of the analysis, it was determined that there is a significant causality relationship between these rates. In other words, it was concluded that interest rate of the deposit banks is the main indicator of the profit share rate of Islamic banks in Turkey. The main reason behind this situation is that indicators in the market affect both deposit banks and Islamic banks. Therefore, it is inevitable that deposit rates and profit share rates will be similar when deposit banks and Islamic banks perform in the same market.
Loai Naser Mahmoud Alhawamdeh, Bardai Bardai
IKONOMIKA, Volume 2, pp 103-111; doi:10.24042/febi.v2i2.1878

Objective: The purpose of this study is to conceptually review the determinants of Internet Islamic Banking Services adoption.In addition, it presents a conceptual research model to understand these relationships supported by literature review from recent studies.Methodology:A critical literature review had been conducted in the area of internet banking services adoption model, Islamic banking and UTAUT theory and application. Results: The main findings indicate that familiarity, social influence, needs, customer background and IT support affect adoption of internet banking services. In addition familiarity, social influence, needs, customer background and IT support affect adoption of Islamic internet banking services .Therefore we can conclude that factors of internet banking services affect Islamic internet banking services. Implication: This researchpresents a conceptually yet empirically supported model to describe the factors influencing internet banking services and internet Islamic banking services. This research will be significant in several areas, by adding new knowledge for the academics, practitioners and organizations in general and particularly in JordanObjective: The purpose of this study is to conceptually review the determinants of Internet Islamic Banking Services adoption.In addition, it presents a conceptual research model to understand these relationships supported by literature review from recent studies.Methodology:A critical literature review had been conducted in the area of internet banking services adoption model, Islamic banking and UTAUT theory and application. Results: The main findings indicate that familiarity, social influence, needs, customer background and IT support affect adoption of internet banking services. In addition familiarity, social influence, needs, customer background and IT support affect adoption of Islamic internet banking services .Therefore we can conclude that factors of internet banking services affect Islamic internet banking services. Implication: This researchpresents a conceptually yet empirically supported model to describe the factors influencing internet banking services and internet Islamic banking services. This research will be significant in several areas, by adding new knowledge for the academics, practitioners and organizations in general and particularly in Jordan
Achmad Rifa'i
IKONOMIKA, Volume 2, pp 177-200; doi:10.24042/febi.v2i2.1639

Pemberdayaan UMKM bisa menjadi salah satu jawaban untuk memeratakan tidak hanya pertumbuhan ekonomi tetapi juga pusat-pusat perputaran uang yang baru. Keuangan inklusif diusung untuk menjawab permasalah tersebut melalui pendalaman akses keuangan ke daerah-daerah terutama terhadap masyarakat menengah bawah. Bank Pembiayaan Rakyat Syariah selaku perpanjangan tangan lembaga keuangan formal berusaha untuk menjadi intermediatory institution dalam mengimplementasikan keuangan inklusif yang bertujuan untuk memeratakan akses keuangan di Indonesia. Penelitian ini bertujuan untuk melihat peran Bank Pembiayaan Rakyat Syariah melakukan tugasnya dalam pembiayaan UMKM sebagai upaya untuk mencapai keuangan inklusif. Adapun data yang digunakan adalah data sekunder. Metodologi penelitian yang digunakan adalah deskriptif dengan pendekatan kualitatif. Analisis data kualitatif yang digunakan menggunakan teknik analisis Open Coding, Axial Coding dan Selective Coding. Berdasarkan hasil penelitian menggunakan tiga indikator keuangan inklusif Bank Indonesia yaitu access, usage, dan quality menunjukkan bahwa Bank Pembiayaan Rakyat Syariah sejauh ini telah berhasil menjaga dan meningkatkan kapasitasnya dalam memberikan akses, menyalurkan pembiayaan, dan rasio keuangan.
Yolanda Yolanda
IKONOMIKA, Volume 2, pp 162-176; doi:10.24042/febi.v2i2.1881

Bank is one of the most decisive financial intermediary of a country's economy. Country that in the economies has healthy banking industries will have an impact on all the activity and stability of the economy. The purpose of this study is to investigate the determinants of the capital adequacy of Islamic banks in Indonesia by using panel data of eleven Islamic Banks from 2012 to 2016. This study uses secondary financial data that were analyzed using multiple linear regression model to the capital adequacy of banks (Capital Adequacy Ratio / CAR) as the dependent variable, and profitability (ROA, ROE, NIM) and Liquidity (FDR) as the independent variables. The findings of this study showedpositive correlation between the financial performance of capital adequacy and liquidity. As a result, this study provides more insight into the determinants that affect the capital adequacy of Islamic Banks in Indonesia.
Khusnul Hidayah, Wahyu Mas Wulandari
IKONOMIKA, Volume 2, pp 213-238; doi:10.24042/febi.v2i2.1880

The development of Corporate Social Resposibility is not only applied at the conventional company, but also thrive in Islamic-based business economy that is often referred as the Islamic Social Reporting (ISR). The company that reported their liabilities in the form of ISR assumes that an entity is not only being required to do accountability to internal and external parties but more is the existence of an obligation to do accountability to Allah SWT.As an agricultural company wjich has been listed on the Indeks Saham Syariah Indonesia (ISSI) was supposed to do the disclosure of ISR in accordance with Sharia principles. This is necessary to meet the importance of muslim stakeholders who want social activityinformationwhich is undertaken by a syari’ah company.This research was aimed to analyze the factors that affect the disclosure of ISR. The population in this research was the entire agricultural companies listed on the Indeks Saham Syariah Indonesia (ISSI) in the Bursa Efek Indonesia.The selection of the sample used the purposive samplingmethod with criteria of agricultural sector companies who conducted disclosure of ISR and consistently at ISSI in the year of 2012– 2015. The samples is 11 companies. Data analysis technique that was used in this research is a multiple regression analysis method.The results of this research indicated that there was a significant influence among all independent variables simultaneously against the dependent variable. Partially it indicated that profitability, proportion of independent commissioner, the size of the company, and the age of the company which has an influence on disclosure of Islamic Social Reporting.
Nashr Akbar, Muhamad Haeikaly
IKONOMIKA, Volume 2, pp 112-130; doi:10.24042/febi.v2i2.1831

The existence of financial intermediation institution is quite necessary to support the economic activity. It serves both surplus unit and deficit unit to meet their wants whereby the former wants to invest his money in the lack of skill, while the latter wants to develop their businesses but does not have adequate capital. Bank institution is the most common institution serving the people’s need of financial intermediation. However, bank has several weaknesses that may harm and hamper the economic development. This paper aims to explore the weaknesses of banks as financial intermediary institutions and then promote Islamic Private Equity Fund as alternative. The result showed that the weaknesses of banks are: 1) fractional reserve banking, 2) fiat money, 3) debt-based investment, 4) risk averse. Furthermore, the study also found that Islamic Private Equity Fund can serve as an ideal financial intermediary institution due to some strengths: 1) no fractional reserve banking, 2) equity-based investment and 3) risk taker
Salman Al Parisi
IKONOMIKA, Volume 2; doi:10.24042/febi.v2i1.900

This study aimed to know the effect of CAR, NPF, FDR, BOPO and NOM on ROA both of partially and simultaneously for year 2011-2016. This study uses Panel Data Regression. Furthermore, Object of research consists of Islamic Banking in Indonesia with annually data from 2011to 2016. The dependent variable (Y) used in this panel datais ROA and independent variables (X) consist of CAR, NPF, FDR, BOPO, and NOM. The results showed that CAR, NPF and NOM have significant positive effect on ROA, while FDR and BOPO have significant negative effect on ROA. In addition, CAR, NPF, FDR, BOPO, and NOM variables have significant effect on ROA of Islamic Banking simultaneously for 2011-2016.
Malisah Latip, M.H. Yahya, Muhammad Junaina
IKONOMIKA, Volume 2; doi:10.24042/febi.v2i1.681

The emergence of Islamic banking system has had a huge impact on the financial industry. This research attempts to identify the influential factors that are associated with Islamic banking adoption between the Muslim and non-Muslim populations in Sarawak, Malaysia. With the “adoption of Islamic banking” as the dependent variable, this study studies its relationship with seven independent variables. They are, four attributes of innovation, namely; 1) relative advantage, 2) compatibility, 3) observability and 4) complexity, and three additional variables namely; 5) perceived risk, 6) perceived trust and 7) customer innovativeness. A convenient sampling method is used whereby a questionnaire is administered to 436 respondents in Sarawak, Malaysia. Using the logistic regression method, three factors; 1) compatibility, 2) relative advantage/observability and 3) complexity are found to have significant relationship with customers’ adoption of Islamic banking products and services.
Aam S. Rusydiana
IKONOMIKA, Volume 2; doi:10.24042/febi.v2i1.899

The application of fiat money in transaction makes unstability in economy. To solve this problem, it needs a strong monetary system that support by stabil currency. This research is going to analyze the impact of dinar on economic stability in Indonesia. This study use vector error correction model as tool of analysis. The result shows that exchange rate had negative impat of economic growth, but dinar give a positive impact on economic growth. Besides that, the dinar doesn’t give an impact on inflation increasing in Indonesia. This result imply that the application of dinar will make an economy relatively stabil than fiat money currency.
IKONOMIKA, Volume 2; doi:10.24042/febi.v2i1.944

The aim of this research activities to proving the entrepreneurial management of the coastal Muslim community in the village of Bongo. Experimental design used in this research is quasi experiment with the design of "The One-group pre-test - Post-test Design". The results showed that the model of functional skills for women of fishermen in the village of Bongo district of Gorontalo, can be seen from several aspects, namely: (1) The control / understanding of learners (female fisherman in the village of Bongo) of the learning materials functional skills wives of the fishermen in the form of entrepreneurship, practice makes kolombengi taste of fish, practice makes fish nuggets and practice makes sticks corn fish. (2) understanding wives of the fishermen village of Bongo towards community empowerment programs and Improved skills of students in the field of entrepreneurship, especially in terms of business development and business administration, and (3 ) the ability of learners work together in a business group that can produce a product with the criteria and processes in place.
Masudah Masudah
IKONOMIKA, Volume 2; doi:10.24042/febi.v2i1.959

As a financial intermediary institution, Islamic banking should give a financing to deficit units. The aim of this study is to emphasize the factors that had an influence to financing in Islamic banks. This research using panel data regression with 11 Islamic full-pledge banks from 2011 until 2015. The result shows that deposit funds, exchange rate, operational efficiency ratio and interest rate had an impact on Islamic bank’s financing, but other variables such as non-performing financing and inflation doesn't had an impact. From F-test shows that all variables simultaneously had an impact on Islamic bank’s financing. Besides that, the value of adjusted R-square shows that all of the independent variables can explain the model about 78.5%, the others explained by other variables outside the model.
Rani Febrian, Sepky Mardian
IKONOMIKA, Volume 2; doi:10.24042/febi.v2i1.943

This study aims to determine the accounting treatment of murabahah (recognition, measurement, presentation and disclosure) in accordance with PSAK no. 102. BMT in Depok was studied. The descriptive analysis with qualitative and quantitative approaches was used to deploy the questionnaires to respondents. The study showed that the accounting treatment of murabahah in BMT Depok is not all adopted PSAK no. 102 properly. The average value of the percentage only reached 68.4%. There are weaknesses in the educational background of the respondents were limited to the knowledge of transaction records BMT.
Sri Astuti Heryanti
IKONOMIKA, Volume 2, pp 75-84; doi:10.24042/febi.v2i1.958

The aim of this study was to obtain empirical evidence about the difference between the level of risk when investing stocks in the Islamic and conventional by using Value at Risk (VaR). The object of research including consistent stock in the Jakarta Islamic Index and LQ45. The analytical method used in this research is quantitative analysis consisting of the establishment of the optimal portfolio by Markowitz method, calculation of VaR and testing the differences with Independent sample t-test. This study indicated that the value every stock can be reduced by diversifying through the establishment of an optimal portfolio. Based on the calculation Independent sample t-test, it is known that there is no difference between VaR of Islamic stocks and conventional stocks.
Serhat Yuksel , Ismail Canöz
IKONOMIKA, Volume 2, pp 93-102; doi:10.24042/febi.v2i1.945

This paper aims to identify the effects of Islamic banking on economic growth and industrial development in Turkey. For this purpose, quarterly data for the periods between 2005 and 2016 were taken into the consideration. Additionally, VAR Granger causality analysis was used in this study. It was concluded that Islamic banks’ loans do not have a significant effect on the improvement of economy and industry in Turkey. The main reason for this result is that Islamic banking has a very low percentage in Turkish banking sector. Thus, it can be said that Islamic banking in Turkey should be so developed that it can contribute to GDP growth and industrial development.
IKONOMIKA, Volume 1; doi:10.24042/febi.v1i2.147

-This study is driven by the motivation to examine the capital structure determinants for Palestine Stock Exchange (PEX) and Egypt Stock Exchange (EGX). Within the framework of capital structure theories, this study uses Generalized Method of Moments (GMM,1982) as an estimation model employing quarterly panel data analysis during the observed period from 2008 till 2012. The test results from GMM indicate that all the examined determinants have significant relationship with leverage. It has a negative value with liquidity, non-debt tax shield, profitability, size and growth. The Egyptian firms have some uniqueness in its trend. Current assets, debt ratio and liquidity behave positively with leverage except for growth. The other tested determinants in Egyptian companies are found to be not significant.
IKONOMIKA, Volume 1; doi:10.24042/febi.v1i2.146

- Shadaqah has a very important role to every human when we leave this world, therefore moslem community build a foundation to take care of their shadaqah from Muzaki. Unisba as an Islamic University, also have organization to collect, manage, and allocate funding from shadaqah, named Baitul Maal of Unisba. There are 419 lecturers and employees in Unisba but there are only 27% from them who decide to become muzzaki at Baitul Maal of Unisba. On average, the Collected Fund at Baitul Maal of Unisba per month is only as many as Rp 3.000.000,-. Researchers assumed that it caused by lack of consumers knowledge about Baitul Maal of Unisba programs. Consumers knowledge consists of attributes, benefit, and satisfaction to the products or services. A total of 30 questionnaires from offline surveys has been analysed using “several statistical analysis”, including multiple regression. Result of this research shows us that satisfaction to the products or services is the most dominant variable that influence lecturers and employees to become muzzzaki at Baitul Maal of Unisba.
IKONOMIKA, Volume 1; doi:10.24042/febi.v1i2.151

The research problem originates from previous research done by Yoon et al (2004:395-412). The instruments were re-research in Depok city West Java. It was measuring the effect of organizational support, supervisory support, customer participation, and job satisfaction and employee service quality. This research was to attest the hypothesis and to examine the effect of organizational support, supervisory support, customer participation in the service effort, job satisfaction and employee service quality.There was significant effect of organizational support, supervisory support, customer participation in service effort, job satisfaction. For future research, what factors are affecting to the service effort and job satisfaction, beside organization support, supervisory support, customer participation, and what factors affecting to the employee service quality, beside service effort, job satisfaction.
M.N. Arshad, M.H. Yahya
IKONOMIKA, Volume 1; doi:10.24042/febi.v1i2.148

-This paper aims to study the relationship between stock market returns and exchange rates in emerging stock markets including Malaysia, Singapore, Thailand, Indonesia and Philippines. The data is taken from January 2003 to December 2012 using weekly closing indices and separated in two periods; before (2003-2007) and second, after (2008-2012) the financial crisis of 2008. Johansen-Juselius (JJ). Granger causality tests show that unidirectional causality exists between the stock market returns and exchange rates for Thailand before the financial crisis, whilst, for Indonesia and Singapore, the unidirectional causality between the two variables is detected in the period after the financial crisis. Error Correction Model (ECM) indicates the existence of long run causality between the two variables for Philippines. This study also finds that most of the emerging stock markets are informationally inefficient.
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