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Faculty of Economic and Business, Universitas Islam Negeri Syarif Hidayatullah
Currency Risk and Debt Maturity: Their Effects on the Resilience of Indonesia’s Foreign Exchange Reserves
Research Originality: This study uncovers the unexpected negative impact of long-term external debt on Indonesia’s foreign exchange reserves, challenging conventional beliefs about debt stability. Research Objectives: This study provides important—and occasionally surprising—new insights into the dynamics of Indonesia's external debt and its impact on the country's foreign exchange reserves. Research Methods: Using recent time series data from 2013–2024 and the tried-and-true OLS regression method, this study provides a thorough and timely analysis of the relationship between Indonesia's foreign exchange reserves and the structure of its external debt. Empirical Results: The empirical results indicate that long-term debt has a negative impact on foreign exchange reserves, whereas Rupiah and foreign currency-denominated debts have positive effects. Notably, short-term debt shows no significant impact. These findings offer practical guidance for Indonesia’s external debt management, supporting better debt prioritization and enhanced financial resilience. Implications: These novel insights offer valuable guidance for optimizing debt management to strengthen Indonesia’s financial resilience and economic stability. JEL Classification: E4, E5, E6 How to Cite: Afriana, W., Damanhuri, D. S., Taryono.,& Amanah, S. (2025). Currency Risk and Debt Maturity: Their Effects on the Resilience of Indonesia’s Foreign Exchange Reserves. Signifikan: Jurnal Ilmu Ekonomi, 14(2), 537-548. https://doi.org/10.15408/sjie.v14i2.46526.
Copyright (c) 2025 Wendra Afriana, Didin S. Damanhuri, Taryono Taryono, Siti Amanah https://creativecommons.org/licenses/by-sa/4.0
Do Tourism-Related Sectors Drive Most of the Economy in Toba Regency? A RAS-based Regional Input-Output Analysis
Research Originality: This study constructs the first regional Input–Output (RIO) table for Toba Regency in 2023, utilizing the iterative RAS technique to adapt provincial coefficients to local macroeconomic data. Research Objectives: To estimate sectoral interlinkages, multiplier effects, and labor intensity for Toba Regency, and to identify strategic sectors that can drive regional economic growth and inform evidence-based policymaking. Research Methods: The 2016 North Sumatra I–O table was regionalized into a 22-sector Toba Regency table through RAS, with row and column sums adjusted to match Toba Regency GRDP by industry and expenditure. The resulting table was analyzed to calculate backward and forward linkages, output multipliers, and labor intensity. Empirical Results: The local economy is primarily driven by paper manufacturing, agriculture, and construction, while the tourism sector contributes only 6.2 percent of output and exhibits weak forward linkages. This finding suggests limited integration of tourism-related activities into the local supply chain. Electricity, business services, and agriculture emerge as growth drivers, while wage disparities persist in low-productivity service sectors. Implications: The approach can guide other subnational governments in producing localized Input–Output (I–O) tables, thereby enhancing evidence-based policymaking. JEL Classification: D57, R15, R58 How to Cite: Susanti, H., Revindo, M.D., Iskandar, S.D., Nusantoro, N., & Sabrina, S. (2025). Do Tourism-Related Sectors Drive Most of the Economy in Toba Regency? A RAS-based Regional Input-Output Analysis. Signifikan: Jurnal Ilmu Ekonomi, 14(2), 521-536. https://doi.org/10.15408/sjie.v14i2.46490.
Copyright (c) 2025 Hera Susanti, Mohamad Dian Revindo, Sulistiadi Dono Iskandar, Nalendro Nusantoro, Syahda Sabrina https://creativecommons.org/licenses/by-sa/4.0
The Impact of Investment and Labor Force Participation on Poverty in Aceh: The Mediating Role of Per Capita Income
Research Originality: Poverty remains a persistent challenge in Aceh Province despite multiple interventions. This study contributes to the literature by examining both the direct and indirect effects of investment and labor on poverty, as measured by per capita income, using path analysis. Research Objectives: The study aims to examine the impact of Labor Force Participation Rate (LFPR), Domestic Investment (DI), and Foreign Direct Investment (FDI) on poverty, with per capita income (PCI) as a mediating factor. Research Methods: Time-series data from 2009 to 2023 were analyzed using path analysis to identify direct and indirect relationships. Empirical Results: Findings show that per capita income has the most substantial effect in reducing poverty. DI significantly influences poverty, both directly and indirectly, while LFPR and FDI exhibit no significant impact; however, both trends show a negative correlation with poverty. Implications: Poverty alleviation strategies should prioritize income growth through domestic investment optimization and enhancing workforce quality. JEL Classification: I32, I21, F21, O16 How to Cite: Wayus, D., Safuridar., & Syarief S. (2025). The Impact of Investment and Labor Force Participation on Poverty in Aceh: The Mediating Role of Per Capita Income. Signifikan: Jurnal Ilmu Ekonomi, 14(2), 505-520. https://doi.org/10.15408/sjie.v14i2.46434.
Copyright (c) 2025 Dicky Wayus, Safuridar Safuridar, Salman Syarief https://creativecommons.org/licenses/by-sa/4.0
Factors of Halal Industry Ecosystem Development: A Study on the Islamic Hospital Industry in Indonesia
Research Originality: This study offers originality by examining Islamic hospitals, a sector that has been rarely explored in halal industry research. It employs a quantitative approach to analyze how knowledge and perception influence public intention, with preference serving as a mediating variable, providing new empirical evidence for strengthening the halal ecosystem in healthcare services. Research Objectives: This study aims to investigate the impact of knowledge and perception factors on public intentions to use sharia-certified hospitals, with preference serving as a mediating variable. Research Method: A quantitative descriptive approach was employed, utilizing primary data collected through questionnaires and analyzed using the Structural Equation Modeling-Partial Least Squares (SEM-PLS) method. Respondents consisted of individuals living in areas with the presence of Islamic hospitals. Empirical Results: The results showed that knowledge and perceptions have a significant influence on community preferences. Perceptions and preferences are also proven to affect people's intentions in choosing Islamic hospitals, while knowledge does not show a direct impact on intentions. Preference acts as a mediator in the relationship between knowledge, perception, and intentions. Implications: The findings underscore the significance of education in enhancing public knowledge, promoting positive perceptions, and developing effective marketing and regulatory strategies to strengthen the position of Islamic hospitals within the halal ecosystem development in Indonesia. JEL Classification: M31, O14, Z12 How to Cite: Masruroh, A., & Rahmawati, Y. (2025). Factors of Halal Industry Ecosystem Development: A Study on the Islamic Hospital Industry in Indonesia. Signifikan: Jurnal Ilmu Ekonomi, 14(2), 591-604. https://doi.org/10.15408/sjie.v14i2.46428.
Copyright (c) 2025 Aini Masruroh, Yuke Rahmawati https://creativecommons.org/licenses/by-sa/4.0
Do Coffee Exports Have an Impact on Economic Growth in Indonesia?
Research Originality: The novelty lies in exploring an under-researched topic, with limited studies on the impact of coffee exports from 1993 to 2024, considering key events such as the Asian financial crisis and the COVID-19 pandemic. Research Objectives: This study examines the short-term and long-term effects of exchange rates and coffee exports on economic growth. Research Methods: This study utilizes data from 1993 to 2024 on exchange rates, coffee exports, recessions, and economic growth in Indonesia. The analysis is conducted using the ARDL model. Empirical Results: Exchange rate depreciation has a negative impact on GDP in the short term, while past depreciation has a positive effect on economic growth. The value of coffee exports has a marginal positive effect on GDP, while the volume of coffee exports shows inconsistent impacts. Recession does not significantly affect GDP, likely due to policy responses. Long-term estimates show a stable relationship among the variables, with adjustments occurring at a rate of 35.43% per period. Implications: The government should thoroughly evaluate existing policies with a focus on promoting economic growth, while enhancing the quality of Indonesian coffee exports to remain competitive globally. JEL Classification: C32, E01, F10, O11 How to Cite: Hikmatias, N.A., Zahra, Z.N., Octariyadi, N.U., & Sahara. (2025). Do Coffee Exports Have an Impact on Economic Growth in Indonesia?. Signifikan: Jurnal Ilmu Ekonomi, 14(2), 489-504. https://doi.org/10.15408/sjie.v14i2.46425.
Copyright (c) 2025 Nazla Atikah Hikmatias Nasution, Zhena Nofhatiaz Zahra, Nabila Umami Octariyadi, Sahara Sahara https://creativecommons.org/licenses/by-sa/4.0
Unlocking Sustainability in Informal Micro Enterprises: Capital Access in The Fintech Era
Research Originality: This study offers a unique exploration of how capital access mediates the impact of financial literacy and fintech peer-to-peer (P2P) lending on the sustainability of micro and small enterprises (MSEs) in traditional markets, utilizing SDG-based indicators. Research Object: This study examines the effects of financial literacy and fintech P2P lending on capital access and sustainability of MSEs in traditional markets. Research Methods: The study employed a quantitative approach, utilizing Structural Equation Modeling analysis, using 232 MSEs in Jakarta. Empirical Results: The findings indicate that financial literacy and fintech P2P lending have a positive impact on both capital access and the sustainability of MSEs. However, capital access did not significantly affect the sustainability of MSE or mediate either factor. Implications: The Financial Services Authority (OJK) must enhance legislation protecting MSEs from fintech risks and promote financial literacy. The OJK must coordinate P2P platforms, cooperatives, and MSE offices. Creating an inclusive fintech ecosystem for traditional market MSEs, with microloans and mentorship, is essential for viable financing. JEL Classification: G21, G53, L26, O16, Q01 How to Cite: Ispriyahadi, H., Zaenudin, Wati, L. N. (2025). Unlocking Sustainability in Informal Micro Enterprises: Capital Access in the Fintech Era. Signifikan: Jurnal Ilmu Ekonomi, 14(2), 467-488. https://doi.org/10.15408/sjie.v14i2.46421.
Copyright (c) 2025 Heri Ispriyahadi, Zaenudin Zaenudin, Lela Nurlaela Wati https://creativecommons.org/licenses/by-sa/4.0
The Future of Health Expenditure in ASEAN Countries: A Forecasting Analysis with ARIMA
Research Originality: The primary contribution of this research is its novel analysis and forecasting of health expenditure in the ASEAN region, which has been previously underexamined by scholars. Research Objectives: This research forecasts per capita health expenditure across three ASEAN countries, broken down by government, private, and out-of-pocket sources. Research Methods: This study employs a time series ARIMA model approach using secondary data from the World Bank for the period 2000 to 2021 Empirical Results: The findings indicate that projections for all three countries significantly increase across all health expenditure categories. Singapore is expected to see a sharp surge in all health expenditure components. At the same time, Indonesia is forecasted to achieve the highest growth rate in percentage terms, but lags in nominal terms. Conversely, Malaysia is projected to experience moderate growth in health expenditure. Implications: This research underscores the financing disparities and the urgent need for health system reform. JEL Classification: I18, C22, O53 How to Cite: Melati, A. P. S., & Sihaloho, E. D. (2025). The Future of Health Expenditure in ASEAN Countries: A Forecasting Analysis with ARIMA. Signifikan: Jurnal Ilmu Ekonomi, 14(2), 449-466. https://doi.org/10.15408/sjie.v14i2.46420.
Copyright (c) 2025 Alexsandra Putri Sekar Melati, Estro Dariatno Sihaloho https://creativecommons.org/licenses/by-sa/4.0
Employment as the Missing Link: Full Mediation of Minimum Wage Effect on Per Capita Income in Central Java
Research Originality: This paper is original by explicitly analyzing employment as a mediating variable in the relationship between minimum wage and per capita income, given the inconclusive findings of previous research on these variables. Research Objectives: This study investigates the relationship between minimum wage and per capita income and examines the mediating role of employment with two control variables: government expenditure and education. Research Methods: This study utilized secondary data from BPS covering 35 districts and municipalities in Central Java Province over the period 2018–2023. The study applies panel-data regression, complemented by mediation analysis using path analysis and the Sobel test. Empirical Results: The minimum wage does not directly affect per capita income; instead, its impact is fully mediated by employment. The finding suggests that the minimum wage alone does not raise per capita income; rather, it exerts its influence indirectly by improving employment, which in turn drives income growth. As control variables, government expenditure and education exert positive and significant effects on per capita income. Implications: A minimum wage policy must be accompanied by job-creation strategies. A minimum wage increase without policies that maintain or increase jobs will not effectively boost per capita income. JEL Classification: E24, H52, J31, O15 How to Cite: Pratista, R., Istiqomah., & Pravitasari, C. F. (2025). Employment as the Missing Link: Full Mediation of Minimum Wage Effect on per Capita Income in Central Java. Signifikan: Jurnal Ilmu Ekonomi, 14(2), 437-448. https://doi.org/10.15408/sjie.v14i2.46419.
Copyright (c) 2025 Regina Pratista, Istiqomah Istiqomah, Chairani Fadhila Pravitasari https://creativecommons.org/licenses/by-sa/4.0
Frugal Living is A New Alternative Gen Z Lifestyle
Research Originality: This research novelty is about the location of Surakarta City and the relationship between lifestyle and love of money towards frugal living. Research Objectives: This study examines the frugal living practices of Generation Z in Surakarta City. Research Methods: This study used quantitative methods with PLS-SEM for analysis. The variables in this study include frugal living, lifestyle, love of money, and financial management. Empirical Results: The findings show that lifestyle and love of money significantly influence frugal living among Generation Z in Surakarta City. At the same time, financial management does not have a significant impact on frugal living among Generation Z in Surakarta City. Implications: These results highlight the importance of financial literacy improvement policies that include environmentally friendly consumption patterns and raise awareness among Generation Z to use local products. JEL Classification: D14, D91, G41 How to Cite: Rahmasari, H. A. S., Mafruhah, I., Istiqomah, N., & Gravitiani, E. (2025). Frugal Living is A New Alternative Gen Z Lifestyle. Signifikan: Jurnal Ilmu Ekonomi, 14(2), 423-436. https://doi.org/10.15408/sjie.v14i2.46418.
Copyright (c) 2025 Himas Arum Syarifah Rahmasari, Izza Mafruhah, Nurul Istiqomah, Evi Gravitiani https://creativecommons.org/licenses/by-sa/4.0
The Rising Food Prices in Ramadan and Its Impact on Inflation
Research Originality: This study proposes a new contribution by analyzing the seasonal pattern of rising food prices in Ramadan and its impact on inflation over the period 2018–2024. This data range allows for more recent and relevant identification. Research Objectives: This study aims to describe food prices before, during, and after Ramadan and to analyze their impact on inflation, using data from January 2018 to May 2024. Research Methods: This research uses descriptive statistical methods to analyze food prices and inflation, and multiple linear regression to examine the impact of food prices on inflation. Empirical Results: This study found that prices of all food commodities tended to increase before, during, and after Ramadan, especially in Ramadan 2022. Descriptively, inflation also showed an increasing pattern before, during, and after Ramadan in most observation years, except 2020. Multiple linear regression analysis revealed that only chicken prices had a significant effect on inflation, while the other nine foods did not. Implications: These findings suggest that the government prioritize controlling the prices of strategic commodities like chicken during Ramadan by stabilizing supply and disseminating price information equitably. Furthermore, education on wise consumption and support for food access for poor groups can help mitigate price fluctuations on the demand side. JEL Classification: Q110, E310, E210 How to Cite: Mutiara, T., Al Arif, M. N. R., & Anwar, M. (2025). The Rising Food Prices in Ramadhan and Its Impact on Inflation. Signifikan: Jurnal Ilmu Ekonomi, 14(2), 407-422. https://doi.org/10.15408/sjie.v14i2.46417.
Copyright (c) 2025 Tira Mutiara, Mohammad Nur Rianto Al Arif, Muhammad Anwar https://creativecommons.org/licenses/by-sa/4.0
Spending More, Fewer Casualties? Leveraging Governance in Local Disaster Management
Research Originality: This research introduces a quantitative framework for evaluating the effectiveness of local government disaster management strategies in Indonesia, specifically during the pre-disaster and emergency response stages—an area previously underexplored in existing qualitative-focused literature. Research Objectives: This study evaluates the effectiveness of disaster management in reducing losses from natural disasters, focusing on two main stages: the pre-disaster and emergency response stages. Pre-disaster is measured by the documented availability of the Disaster Management Plan and the emergency response aspect through emergency spending. Research Methods: This study employs fixed-effect estimation using panel data from districts and cities across Indonesia spanning 15 years, from 2008 to 2022. Empirical Results: The study's results indicate that RPB effectively reduces the death rate from natural disasters, whereas the realization of BTT shows the opposite result. Implications: These findings indicate that local governments should improve the quality of their RPBs and regularly prepare them to mitigate disaster risk effectively. Additionally, the government needs to assess and improve the flexibility of the BTT implementation mechanism, enabling its immediate use during the initial emergency response stage and thereby reducing death rates from natural disasters. JEL Classification: Q54, Q58, H72 How to Cite: Suksesi, G., & Qibthiyyah, R. M. (2024). Spending More, Fewer Casualties? Leveraging Governance in Local Disaster Management. Signifikan: Jurnal Ilmu Ekonomi, 14(2), 391-406. https://doi.org/10.15408/sjie.v14i2.46416.
Copyright (c) 2025 Gita Suksesi, Riatu Mariatul Qibthiyyah https://creativecommons.org/licenses/by-sa/4.0
Substitution or Complementarity? Sukuk–Bank Performance Resilience in Indonesia’s Dual Banking System
Research Originality: This study examines whether sukuk serves as a substitute or complement to banks, offering new insights into the resilience and vulnerability of Indonesia’s dual banking system under macroeconomic shocks. Research Objectives: To examine the evolving sukuk–bank performance relationship before and after the 2020 global recession, and its implications for financial stability. Research Methods: Quarterly data (2015–2023) from 6 Islamic and 15 conventional banks are analyzed using a dynamic panel System GMM model to address endogeneity and bank-specific heterogeneity. Empirical Results: Prior to the crisis, the development of the sukuk market significantly reduced the profitability of Islamic banks, indicating a substitution effect. After the crisis, the negative impact on Islamic banks weakened, suggesting partial complementarity. Inflation widened margins, money supply reduced them, and GDP growth benefited only conventional banks. Implications: Aligning sukuk market growth with banking strategies can strengthen resilience, enhance competitiveness, and support stability in dual banking systems. JEL Classification: G21, G23, E44, E52 How to Cite: Nofrianto., Zaenal, M. H., Khairunnisa, D. A., & Sali, N. R. A. (2025). Substitution or Complementarity? Sukuk-Bank Performance Resilience in Indonesia’s Dual Banking System. Signifikan: Jurnal Ilmu Ekonomi, 14(2), 563-xx. https://doi.org/10.15408/sjie.v14i2.46415.
Copyright (c) 2025 Nofrianto Nofrianto, Muhammad Hasbi Zaenal, Dini Anggreini Khairunnisa, Najeeb Razul A Sali https://creativecommons.org/licenses/by-sa/4.0
Food Security Outcomes of Indonesia’s Non-Cash Food Assistance Program (BPNT) among Lowest-Expenditure Households
Research Originality: This study provides the first scientific analysis of the effect of the Non-Cash Food Assistance (BPNT) Program on household food security among Indonesia’s lowest 20% expenditure group. Research Objectives: This study examines the impact of the Non-Cash Food Assistance Program (BPNT) on household food security in Indonesia, with a focus on households in the lowest 20% expenditure group. Research Methods: This study employs a multinomial logistic regression model to investigate the key determinants of food security among households. Empirical Results: The Non-Cash Food Assistance Program (BPNT) plays a significant role in improving the food security of recipient households. Social assistance programs like BPNT can help low-income families by mitigating the negative effects of food price shocks, specifically by promoting dietary diversity. Implications: The government should continually update data to enhance the effectiveness of BPNT distribution, particularly for the poorest 20% of households, who are most vulnerable to food insecurity. It also needs to conduct regular outreach and monitoring to ensure beneficiaries use BPNT properly. JEL Classification: O01, O02, Q0, Q12, Q18 How to Cite: Kharisma, B., Wardhana, A., Remi, S. S., & Fathimah, D. I. (2025). Food Security Outcomes of Indonesia’s Non-Cash Assistance Program (BNPT) among Lowest-Expenditure Households. Signifikan: Jurnal Ilmu Ekonomi, 14(2), 373-390. https://doi.org/10.15408/sjie.v14i2.46203.
Copyright (c) 2025 Bayu Kharisma https://creativecommons.org/licenses/by-sa/4.0
Gen Z’s Work Paradigm Shift: Determinants of Gig Economy Choice in Surakarta
Research Originality: The mixed-method approach combines quantitative and qualitative data, thereby providing a more comprehensive view of work preferences among the younger generation. Research Objectives: This research examines Generation Z's work preferences about the gig economy in Surakarta. Research Methods: A mixed method was used, employing Atlas.ti for qualitative analysis and logistic regression for quantitative analysis. Empirical Results: Atlas.ti mapping identified five main categories in the gig economy: type of work, purpose of work, legal guarantees, barriers, and advantages and disadvantages. Logistic regression results revealed that income, reduced work stress, flexible arrangements, and work environment significantly influence Generation Z’s decision to engage in gig work. In contrast, age, gender, and education level showed no significant influence on the choice to work in this sector. Implications: These results highlight the need for legal frameworks that ensure fair protection and social benefits for gig workers, including health insurance, pension schemes, and fair wage standards. JEL Classification: J21, J22, J24, C25 How to Cite: Rahmawati, F. N., & Istiqomah, N. (2025). Gen Z’s Work Paradigm Shift: Determinants of Gig Economy Choice in Surakarta. Signifikan: Jurnal Ilmu Ekonomi, 14(2), 359-372. https://doi.org/10.15408/sjie.v14i2.46135.
Copyright (c) 2025 Nurul - Istiqomah https://creativecommons.org/licenses/by-sa/4.0
The Intention of Young Muslim Generation to Choose Muslim-Friendly Destinations in Indonesia
Research Originality: Although much research has examined Muslim-friendly tourism, this research conducts a more comprehensive study of the intentions of the young Muslim generation to choose Muslim-friendly tourist destinations. Research Objectives: The research objective is to analyze what factors influence the young Muslim generation's intention to choose Muslim-friendly tourist destinations in Indonesia. Research Methods: The data analysis technique used a Structural Equation Model (SEM) with SmartPLS 3.0 software. Data was obtained by distributing questionnaires to 200 respondents. Empirial Result: The results showed that the variables of subjective norms, behavioral control, and religiosity had a significant effect on the intentions of the young generation in choosing Muslim-friendly tourist destinations in Indonesia, while the attitude variable had no significant effect. Implications: The results of this research imply that the government must create regulations that attract the young generation of Muslims to visit Muslim-friendly tourist destinations in Indonesia. JEL Classification: M30, M31 How to Cite: Dewi, N. D. (2025). The Intention of Young Muslim Generation to Choose Muslim-Friendly Destinations in Indonesia. Signifikan: Jurnal Ilmu Ekonomi, 14(1), 265-278. https://doi.org/10.15408/sjie.v14i1.45353.
Examining the Model for Enhancing E-Loyalty in Digital Banks
Research Originality: This research novelty lies in applying the Stimulus-Organism-Response (S-O-R) theory to measure e-loyalty among digital banking customers in Indonesia. This approach has not been widely explored in Indonesia's digital banks' context. Research Objectives: This research evaluates e-loyalty among digital banks' customers in Indonesia using the SOR theory's direct and indirect measurement methodologies. Research Methods: The sample consists of 130 participants drawn from customers of both Islamic and conventional digital banks in Indonesia. This research applies PLS-SEM through SmartPLS software for structural model analysis. Empirical Result: The results show that e-CRM, e-trust, and e-satisfaction directly enhance e-loyalty. E-CRM and e-trust also influence e-loyalty indirectly through e-satisfaction. Moreover, e-satisfaction mediates these relationships, highlighting its crucial role in strengthening customer loyalty in Islamic and conventional digital banks. Implications: Digital banks need to enhance e-CRM by improving application features and usability to maintain customer interaction. Additionally, e-trust is crucial to continuously strengthening security systems to reduce customer concerns. Moreover, services must consistently meet or even exceed customer expectations to achieve high satisfaction and foster customer loyalty. JEL Classification: G21, M31, D91 How to Cite: Mahfuzh, M. A., Setyono, J., & Riza., A. F. (2025). Examining the Model for Enhancing E-Loyalty in Digital Banks. Signifikan: Jurnal Ilmu Ekonomi, 14(1), 247-264. https://doi.org/10.15408/sjie.v14i1.44901.
Copyright (c) 2025 Muhammad Ady Mahfuzh, Joko Setyono, Alex Fahrur Riza
Sharia Supervisory Board and Islamic Banking Performance in Indonesia: Does Size Matter?
Research Originality: This study is amongst a few studies empirically examining the impact of the Sharia Supervisory Board's (SSB) characteristics on the financial performance of Islamic banks in Indonesia. This attribute concerns regulators and market players due to its importance in Shariah governance and Islamic banks' performance. This study encompasses both full-fledged and dual-banking Islamic financial institutions. Research Objectives: This study investigates the impact of the Sharia Supervisory Board's characteristics on the financial performance of Islamic banks in Indonesia. Research Methods: This study utilizes random-effects GLS unbalanced panel data regression analysis with panel data from 30 Islamic banks in Indonesia (13 full-fledged Islamic banks and 17 dual-banking Islamic banks) from 2018 to 2023. Empirical Results: The study highlights the pivotal role of SSB size in enhancing the financial performance of Islamic banks. The results suggest that the size of SSB has a significant positive influence on the financial performance of Islamic banks in Indonesia during the 2018- 2023 period. Implications: It provides additional rationale for the newly issued regulation regarding the SSB size in Indonesia. It also offers actionable insights into the necessity of effective governance structures to ensure the sustainable growth of Islamic banking institutions. JEL Classification: G21, G28, G34 How to Cite: Pessiwarisa, J. A., & Kasri, R. A. (2025). Sharia Supervisory Board and Islamic Banking Performance in Indonesia: Does Size Matter?. Signifikan: Jurnal Ilmu Ekonomi, 14(1), 231-246. https://doi.org/10.15408/sjie.v14i1.44740.
Copyright (c) 2025 Jerry Adriaan Pessiwarisa, Rahmatina Awaliyah Kasri
Women's Micro Business Performance in Islamic Perspective: Social Learning Theory Approach
Research Originality: This research examines the gender gap in the economic sector, particularly women's micro-enterprises in Indonesia, which has not been widely explored. With an Islamic approach and Albert Bandura's Social Learning Theory. Research Objectives: This study aims to describe the performance of women micro-entrepreneurs from an Islamic perspective and empirically prove the influence of competence, Islamic work ethic, family support, and manager role actualization on women's micro-enterprises in Bandung City. Research Methods: This study used a quantitative method with a descriptive causality research design. The survey method collected data from 236 female micro-business owners in Bandung City. The data was processed using the Partial Least Square—Structural Equation Modeling (PLS-SEM) analysis technique. Empirical Results: The results show that, from an Islamic perspective, competence and an Islamic work ethic positively affect women's micro-enterprise performance. However, family support has a negative influence on business performance. Implications: This research makes an important contribution to understanding the dynamics of women's micro-enterprise performance from an Islamic perspective. The results can be used as a basis for developing more effective programs and policies to support women's economic empowerment through micro-enterprises. JEL Classification: L26, J16, M10, M13, O17, Z12 How to Cite: Fatimah, S. H., Nurasyiah, A., & Rosida, R. (2025). Women’s Micro Business Performance in Islamic Perspective: Social Learning Theory Approach. Signifikan: Jurnal Ilmu Ekonomi, 14(1), 217-230. https://doi.org/10.15408/sjie.v14i1.44739.
Copyright (c) 2025 Salsabila Husnul Fatimah, Aas Nurasyiah
Empowering Loan Awareness: The Role of Sharī‘ah Financial Literacy, Blockchain, and Fintech Trust
Research Originality. Despite extensive research on Sharī‘ah financial literacy and fintech trust, their combined impact on illegal loan awareness remains unexplored. This study bridges that gap by analyzing their interaction in financial decision-making amid rising predatory lending, offering a novel perspective on their protective role against unethical financial practices Research Objectives. This study aims to examine the effect of Sharī‘ah financial literacy on awareness of illegal online loans, with blockchain technology understanding and Sharī‘ah fintech trust as mediating variables. Research Methods. An associative quantitative approach was employed, utilizing a survey of 519 Indonesian millennial Muslims, selected through simple random sampling. Data analysis was conducted using structural equation modeling (SEM) to explore the relationships among variables. Empirical Results. The findings indicate that Sharī‘ah financial literacy significantly influences blockchain understanding, fintech trust, and awareness of illegal online loans. Blockchain understanding enhances fintech trust but does not directly impact loan awareness, whereas trust in Sharī‘ah fintech positively affects awareness of illegal online lending risks. Implications. This study underscores the importance of improving Sharī‘ah financial literacy and blockchain understanding to strengthen consumer trust in Sharī‘ah fintech and raise awareness of illegal online lending risks. However, further research with broader samples is recommended to validate these findings. JEL Classification: G41, G28, O33, Z12, D83 How to Cite: Sumar’in, Ardi. P, Sumin, & Kusnadi, I. (2025). Empowering Loan Awareness: The Role of Sharī‘ah Financial Literacy, Blockchain, and Fintech Trust. Signifikan: Jurnal Ilmu Ekonomi, 14(1), 179-196. https://doi.org/10.15408/sjie.v14i1.44735.
Heterogeneous Effects of Islamic Finance: A Multilevel Analysis for Policy Optimization in Developing Economies
Research Originality: This study addresses a gap in the literature by examining the heterogeneous impact of Islamic financial instruments. It incorporates various contextual factors and employs panel data regression to control for cross-country and temporal heterogeneity, offering a broader perspective on Islamic finance and economic growth. Research Objectives: This study analyzes the impact of Islamic financial instruments on economic growth in developing countries with different income levels over time. Research Methods: A quantitative approach is applied using panel data regression with pooled data classification to account for variations in data treatment. Empirical Results: The findings reveal that Islamic financial instruments, particularly Total Islamic Financing and Islamic Banking Assets, significantly enhance economic growth. Demographic factors, such as population size, also play a key role, while inflation has no significant impact. Additionally, Fixed Effects (Cross) values, which adjust for country- and year-specific heterogeneity, show substantial variation, with positive and negative values across countries and periods. Implications: These findings offer policy insights to help governments and regulators develop responsive, economic policies that promote financial inclusion, strengthen regulatory frameworks, and support sustainable growth through Islamic finance. JEL Classification: C33, F43, G21, O16 How to Cite: Supriadi, I., & Wany, E. (2025). Heterogenous Effect of Islamic Finance: A Multilevel Analysis for Policy Optimization in Developing Economies. Signifikan: Jurnal Ilmu Ekonomi, 14(1), 197-216. https://doi.org/10.15408/sjie.v14i1.44736.
Copyright (c) 2025 Iman Supriadi, Eva Wany
Fiscal Sustainability and Country Risk Profile: Empirical Evidence in Indonesia
Research Originality: This research examines fiscal sustainability by considering the fiscal behavior of different government regimes and analyzing the correlation between fiscal sustainability and a country's risk profile using the VARX method, with the real effective exchange rate (REER) as an exogenous variable. Research Objectives: This study aims first to determine whether Indonesia's fiscal conditions are sustainable across different government regimes. It then investigates whether a significant link exists between Indonesia's fiscal sustainability and its country's risk profile, as reflected by sovereign spreads from 2005 to 2024. Research Methods: This study used the Vector Autoregressive Exogenous (VARX) method to capture endogeneity, exogeneity, simultaneity, direct effects, indirect effects, and shock-response of the variables used to measure the relationship between fiscal sustainability and sovereign risk. Empirical Results: The findings indicate a significant relationship between fiscal sustainability and country risk, where an increase in the primary balance raises investor risk perception. Meanwhile, if debt management policies are implemented prudently and effectively, a rise in the debt-to-GDP ratio does not always widen the sovereign spread. Implications: These results suggest that, despite differences in government regimes, policymakers should focus on strengthening the government's ability to manage debt prudently and either generate a primary balance surplus or reduce the deficit by sustainably enhancing revenue and spending policies to maintain fiscal sustainability and lower the country's risk profile. JEL Classification: H62, H60, H63, C32 How to Cite: Mufid, A.H., & Widyawati, D. (2025). Fiscal Sustainability and Country Risk Profile: Empirical Evidence in Indonesia. Signifikan: Jurnal Ilmu Ekonomi, 14(1), 163-178. https://doi.org/10.15408/sjie.v14i1.45801.
Dynamic Panel Data Analysis of Income Inequality in Indonesia
Research Originality: This study examines the short-term and long-term relationships between macroeconomic variables and income inequality, adopting a broader approach than previous research, which has primarily focused on partial and simultaneous influences on income inequality. Research Objectives: This study aims to analyze the dynamic variables that affect income inequality in Indonesia. Research Methods: This study uses panel data from 34 provinces in Indonesia from 2015 to 2023 and employs the Generalized Method of Moments Arellano Bond (GMM-AB) approach. This method was selected to address endogeneity and heteroscedasticity issues commonly encountered in panel data analysis. Empirical Results: The findings reveal that the Indonesian Democracy Index and the Gender Inequality Index significantly impact income inequality. Meanwhile, the ICT Development Index and the Human Development Index also exhibit significant influences. These results reinforce the argument that enhancing access to education and promoting gender equality are essential strategies for reducing income inequality. Implications: The study provides valuable insights for policymakers, emphasizing the need to strengthen democratic institutions and empower women through improved access to education and economic opportunities as key measures to mitigate income inequality. JEL Classification: D63, J16, O15, O32, P16 How to Cite: Syafitri, A. E., Endang, E., & Susilo, J. E. (2025). Dynamic Panel Data Analysis of Income Inequality in Indonesia. Signifikan: Jurnal Ilmu Ekonomi, 14(1), 149-162. https://doi.org/10.15408/sjie.v14i1.44943.
Copyright (c) 2025 Allichia Errika Syafitri
The Impact of Household Poverty on Child Abuse in Indonesia
Research Originality: This study utilizes the expenditure approach as a measure of poverty and incorporates household-level factors to assess their impact on psychological and physical child abuse in Indonesia. Research Objectives: This study aims to analyze the impact of household characteristics, especially variations in poverty status on the risk of child abuse in Indonesia. Research Methods: This study uses Social Defense Module of the 2020 National Socio-Economic Survey (Susenas) data and the logistic regression model. Empirical Results: The results showed that children in households living below the poverty line have the highest probability of experiencing psychological and physical abuse. Factors that also increase the likelihood of abuse are female-headed households, unemployment, low education levels, households with only boys and/or children aged 6-12 years, and living in rural areas. Implications: These findings highlight that child protection and abuse prevention policies should focus more on economic and social interventions, with poor households as the primary target. JEL Classification: D19, I31, I32, J13 How to Cite: Rohadatul’aisy, N., Hardiawan, D., & Sihaloho, E. D. (2025). The Impact of Household Poverty on Child Abuse in Indonesia. Signifikan: Jurnal Ilmu Ekonomi, 14(1), 131-148. https://doi.org/10.15408/sjie.v14i1.45142.
Copyright (c) 2025 Nailah Rohadatul'aisy, Donny Hardiawan, Estro Dariatno Sihaloho
Dynamic Analysis on the Determinants of Prevalence of Undernourishment in Indonesia: A System GMM Approach
Research Originality: This original study examines the determinants of undernourishment in Indonesia with mediating variables. Research Objectives: This study examines the impact of food production, inflation, unemployment, and social food assistance on undernourishment with people's purchasing power as a mediating variable. Research Methods: Dynamic panel analysis with the Generalized Method of Moment (GMM) and Sobel test examines direct and mediation relationships for the data period 2018-2023. Empirical Results: The results show the direct and indirect effects of inflation, unemployment, and social food assistance on the prevalence of undernourishment in Indonesia through the mediation of people’s purchasing power. Meanwhile, food production has no effect either directly or indirectly. Implications: This study implies that the government must maintain stable inflation, create jobs, effectively target food assistance, and reduce reliance on social food assistance. JEL Classification: C31, G21, I32, O18 How to Cite: Geubrina, Y., Suriani., & Seftarita, C. (2025). Dynamic Analysis on the Determinants of Prevalence of Undernourishment in Indonesia: A System GMM Approach. Signifikan: Jurnal Ilmu Ekonomi, 14(1), 111-130. https://doi.org/10.15408/sjie.v14i1.42524.
Copyright (c) 2025 Yulia Geubrina, Suriani Suriani, Chenny Seftarita
Shaping a Sustainable Future: How Energy Consumption and Carbon Emissions Drive Low-Carbon Development
Research Originality: The study examines the impact of deforestation, energy use, transportation, and industrialization in North Sumatra from 1991 to 2021 on low-carbon development. It aims to understand environmental change drivers and propose strategies to mitigate their negative effects on development. Research Objectives: This research aims to explore the relationship between deforestation, energy consumption, land transportation, and industrialization as factors influencing low-carbon development. Research Methods: The study examines factors influencing low-carbon development in North Sumatra from 1991 to 2021, including energy consumption, land transportation, industrialization, and deforestation, influenced by population density and property rights. Empirical Results: The study reveals that deforestation, energy consumption, land transportation, and industrialization significantly impact low-carbon development in North Sumatra, with population density positively influencing deforestation. Implications: The research suggests that the government should implement policies to reduce deforestation, increase public transportation usage, and promote electric vehicles to achieve low-carbon development, promote efficient energy consumption, and encourage environmentally friendly technological innovation. JEL Classification: F21, F43, G18, H21, R23 How to Cite: Siregar, E. S. (2025). Shaping a Sustainable Future: How Energy Consumption and Carbon Emission Drive Low-Carbon Development. Signifikan: Jurnal Ilmu Ekonomi, 14(1), 93-110. https://doi.org/10.15408/sjie.v14i1.44779.
The Impact of Digital Technology on Environmental Quality: Empirical Evidence from Indonesia
Research Originality: This research investigates how digital technologies influence environmental quality in Indonesia. Research Objectives: This study examines the impact of digital technologies and socioeconomic variables on environmental quality in Indonesia. Research Methods: This study employs the System-Generalized Method of Moments (GMM) approach and analyzes data from 2013 to 2023. Key variables include digital technology, gross regional domestic product (GRDP), foreign direct investment (FDI), and mean years of schooling. Empirical Results: Computer ownership negatively impacts environmental quality due to higher energy consumption and e-waste. In contrast, GRDP improves environmental quality as wealthier regions invest in green infrastructure and stricter policies. FDI has a harmful effect, supporting the ‘pollution haven’ hypothesis of resource exploitation and unsustainable practices. Education fosters environmental awareness, though its influence is still limited. Implications: Digital technologies can enhance environmental quality, requiring strategic planning and continuous innovation by central and local governments. JEL Classification: O11, O13, Q56 How to Cite: Kartiasih, F., Rosanti, H.P., Miswa, S.D., & Hakim, A.R. (2025). The Impact of Digital Techonologies on Environmental Quality: Empirical Evidence from Indonesia. Signifikan: Jurnal Ilmu Ekonomi, 14(1), 77-92. https://doi.org/10.15408/sjie.v14i2.44874.
Copyright (c) 2025 Fitri Kartiasih, Hanifah Putri Rosanti, Sabrina Do Miswa, Arif Rahman Hakim
Household Food Consumption and Poverty Reduction After Earthquakes: Evidence from Lombok
Research Originality: This study contributes to the literature by examining how household food consumption mitigates the poverty impact of earthquakes, an area that remains underexplored in post-disaster economic studies. Research Objectives: The study aims to analyze the role of per capita household food consumption in poverty reduction after the Lombok earthquake and to highlight its importance for economic recovery. Research Methods: This study uses panel data from 10 districts/cities in West Nusa Tenggara (2011-2019) to employ the First-Difference Generalised Method of Moments (FDGMM) to address potential endogeneity and estimate the causal relationship between food consumption and poverty. Empirical Results: The results show that per capita food consumption significantly reduces poverty under normal conditions and after a disaster. Meanwhile, economic growth positively impacts poverty, suggesting that the observed growth is not inclusive. The study also finds that the direct effect of the earthquake on food consumption is statistically insignificant, suggesting that other factors, such as relief programs, may have played a role in stabilizing consumption. Implications: These findings underscore the importance of policies that enhance food security and equitable distribution, particularly in post-disaster contexts. Strengthening social protection programs and ensuring inclusive economic growth is essential for long-term poverty reduction in disaster-prone areas. JEL Classification: C33, I32, Q54 How to Cite: Pratama, A. W., Sari, D. W., & Awwalin, I. (2025). Household Food Consumption and Poverty Reduction After Earthquakes: Evidence from Lombok. Signifikan: Jurnal Ilmu Ekonomi, 14(1), 65-76. https://doi.org/10.15408/sjie.v14i1.43926.
Impacts of Rural Development on Human Development in Indonesia
Research Originality: This study presents a new analysis of the determinants of human development to implement the government’s vision of building Indonesia from the village and grassroots. Research Objectives: This study aims to determine the effects of rural development and fiscal policy on human development in Indonesia. Research Methods: This study uses data from 434 municipalities for the 2017-2023 period. The study employs panel data analysis with the Common Effect Model, Fixed Effect Model, Random Effect Model, and Generalized Estimating Equation. Empirical Results: The findings suggest that rural development, economic development, and expenditures on goods & services contribute to human development. In contrast, the COVID-19 pandemic and capital expenditures affect human development negatively. The negative effects of capital expenditures become positive after they become assets. Implications: The finding implies the important role of rural development in fostering human development. Short-run objectives might be achieved by goods & services expenditures. Capital expenditures should be directed toward long-run objectives. The central government may accelerate human development by transferring assets to the local government. JEL Classification: E62, H75, I38, O15 How to Cite: Hadiwibowo, Y., Setiya, T., & Raharjo, T. (2025). Impacts of Rural Development on Human Development in Indonesia. Signifikan: Jurnal Ilmu Ekonomi, 14(1), 53-64. https://doi.org/10.15408/sjie.v14i1.44453.
GWPR Model on Indonesian Economic Growth: The Analysis of Spatially Varying Relationships
Research Originality: This research is original in examining the spatial varying relationship on economic growth in Indonesia. Research Objectives: This study investigates the variability of Indonesia's economic growth model determinants. Research Methods: This study uses the Geographically Weighted Panel Regression (GWPR) approach. Panel data was analyzed with 34 provinces in Indonesia from 2016 to 2022. Empirical Results: This study found that the Revenue Sharing Fund (DBH) variable significantly influenced economic growth in 32 provinces. Meanwhile, the influence of DBH is not significant in only two provinces, namely Papua and West Papua. The variables of Labor and Gross Fixed Capital Formation did not have a significant effect on economic growth in 34 provinces. Implications: These results show that Indonesia's economic growth rate is still not optimal, so the government is expected to design development programs that integrate various factors, such as maximizing Revenue Sharing Fund management, improving the quality of labor, and maximizing capital efficiency, to encourage economic growth in all provinces. JEL Classification: C31, O47, R11, H54 How to Cite: Santoso, E., Priyono, T. H., Istiyani, N., Jumiati, A., & Yunitasari, D. (2025). GWPR Model on Indonesian Economic Growth: The Analysis of Spatially Varying Relationships. Signifikan: Jurnal Ilmu Ekonomi, 14(1), 37-52. https://doi.org/10.15408/sjie.v14i1.44771.
Copyright (c) 2025 Edy Santoso, Teguh Hadi Priyono, Nanik Istiyani, Aisah Jumiati, Duwi Yunitasari
Road Infrastructure and Local Economic Activity: Insight from Mobility Data
Research Originality: This research measures local economic activity through a mobility approach, using Google Mobility Report (GMR) data across all provinces in Indonesia. Measuring economic activity using conventional macro indicators, such as GDP, has limitations due to lengthy collection processes. Research Objectives: This study aims to determine the impact of road infrastructure on local economic activity using data from the GMR in categories such as Retail and recreation, Grocery and pharmacy, Parks, and Workplaces. Research Methods: This study uses panel data on the GMR, Ministry of Public Works and Public Housing, Ministry of Finance, and Central Bureau of Statistics from 2019–2022, which is analyzed using fixed-effect methods. Empirical Results: The results show a positive effect of road infrastructure on Retail and recreation and Grocery and pharmacy but a negative impact on Workplaces, likely due to the shift to remote work during COVID-19. Implications: These findings suggest that the government should prioritize road construction in areas that enhance economic activity. However, road construction in the Workplaces area still needs to be considered in line with the recovery of activities after the pandemic ends. JEL Classification: H54, R11, R42 How to Cite: Kustanto, R.Y., & Mahi, B.R. (2025). Road Infrastructure and Local Economic Activity: Insight from Mobility Data. Signifikan: Jurnal Ilmu Ekonomi, 14(1), 17-36. htttps://doi.org/10.15408/sjie.v14i1.42955.
Copyright (c) 2025 Raditya Yudhan Kustanto, Benedictus Raksaka Mahi