Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS)

Pengaruh Financial Technology Syariah, Kinerja UMKM dan Penyerapan Tenaga Kerja Terhadap Pertumbuhan Ekonomi di Indonesia Dalam Perspektif Ekonomi Islam

Risda Juniandriani, Asriani Asriani, Agus Kurniawan — Tue, 11 Aug 2026 22:58:17 +0700

This study aims to examine the influence of Sharia Financial Technology (Fintech), the performance of Micro, Small, and Medium Enterprises (MSMEs), and the absorption of labor energy on economic growth in Indonesia for the period 2017-2025 from an Islamic economic perspective. This study uses a quantitative approach with secondary data analyzed using multiple linear regression. The test results show that the research model has an Adjusted R² value of 0.607212 (60.72%) with a Prob (F-statistic) of 0.055213. Partially, Sharia Fintech (coefficient = 0.000159, p-value = 0.3177) and MSME performance (coefficient = -0.203604, p-value = 0.5513) are proven to be insignificant and have not had a significant impact on national economic growth. From a sharia economic perspective, this is caused by low public literacy and the dominance of micro-enterprises that still focus on fulfilling basic needs (dharuriyyat) only. On the other hand, labor energy absorption (coefficient = 0.035054; p-value = 0.0155) was proven to have a positive and significant effect in driving Gross Domestic Product (GDP) by increasing people's purchasing power. This finding is in line with the principle of balance (tawazun) and fair distribution of wealth, where job creation is an important instrument in line with efforts to transfer falah (welfare in this world and the hereafter). This study provides a theoretical contribution by integrating quantitative macroeconomic data analysis into an Islamic economic evaluation framework. The contribution of this research is providing an empirical update on the post-pandemic macroeconomic transition (2017-2025) as well as establishing a policy evaluation framework based on maqashid sharia, which proves the urgency of structural transformation of MSMEs and Sharia Fintech from the dharuriyyat level (fulfilling basic needs) towards the creation of industrial-scale value added.

Penilaian Nilai Intrinsik Saham Menggunakan Metode DCF Pada Perusahaan JII30

Muhamad Fatikhul Khoir, Atika Lusi Tania, Era Yudistira, Lella Anita — Thu, 13 Aug 2026 14:04:35 +0700

This study aims to estimate the intrinsic value of Jakarta Islamic Index 30 (JII30) constituent stocks for the period 2022–2025 to address valuation uncertainty in the Islamic capital market. The main problem addressed is the disconnection between market prices and companies’ fundamental values amid macroeconomic volatility. This study employs a fully integrated Discounted Cash Flow (DCF) approach to project the time value of money and future cash flows. Through purposive sampling, 15 sample companies were selected and analyzed using the variables of Operating Cash Flow, capital structure, Capital Asset Pricing Model (CAPM), Weighted Average Cost of Capital (WACC), and Terminal Value based on the Gordon Growth Model. The novelty of this study lies in the application of a fundamental DCF valuation model to Islamic stocks in the JII30, integrated with a Maqasid Syariah perspective, particularly concerning asset productivity and economic justice. The results show that 13 companies have strong fundamentals with positive Free Cash Flow (FCF), while BRPT and TPIA recorded negative FCF due to massive expansion. WACC levels varying between 1.68%–13.70% reflect unique sectoral risk heterogeneity. The main findings reveal that the majority of JII30 constituents are undervalued, indicating that the market has not fully reflected the fundamental value of the issuers. The main contribution of this study is validating the relevance of the DCF method as a rational and objective instrument for investment decision-making by Islamic investors in Indonesia.

Determinan Tax Avoidance Sektor Basic Materials: Peran Faktor Keuangan dan Tata Kelola Perusahaan

Intan Putri Mahanani, Sartika Wulandari — Thu, 13 Aug 2026 14:32:06 +0700

Various tax avoidance measures taken by firms often spark conflicts of interest and threaten to substantially erode state revenue. Prior studies on tax avoidance determinants have focused on the manufacturing and financial sectors, while the capital-intensive, transaction-complex basic materials sector remains underexplored post-pandemic, leaving a research gap this study addresses. Adopting a quantitative design, this study measures the impact of Leverage (Debt to Asset Ratio/DAR), Profitability (Return on Assets/ROA), Capital Intensity (Capital Intensity Ratio/CIR), Firm Size (SIZE), Independent Commissioner (IC), and Institutional Ownership (IO) on tax avoidance, both jointly and individually, among basic materials sector firms listed on the Indonesia Stock Exchange (IDX) throughout 2019-2024. Samples were selected via purposive sampling and analyzed using panel data regression with EViews software. This study's novelty lies in focusing on the post-pandemic basic materials sector, an area scarcely studied in Indonesia, while extending agency theory to this sector. Results show that Profitability and Firm Size carry a meaningful impact on tax avoidance decisions as gauged through the Effective Tax Rate (ETR), whereas leverage, capital intensity, independent commissioner, and institutional ownership display no notable impact, confirming that highly profitable, large-scale firms are more inclined toward bolder tax avoidance. Academically, the findings broaden agency theory within taxation in the basic materials sector; practically, the results may guide management toward transparent tax policies and regulators toward tighter oversight of high-profit, large firms to curb revenue losses.

Pengaruh Jumlah Angkatan Kerja dan Tingkat Kemiskinan Terhadap Indeks Pembangunan Gender (IPG) Dalam Ekonomi Islam (Analisa Data Panel Periode 2015-2025)

Zadli Rahma Ilahi, Fatih Fuadi, Is Susanto — Thu, 13 Aug 2026 14:42:49 +0700

This study aims to analyze the influence of the workforce and poverty levels on the Gender Development Index (GDI) in 10 provinces on Sumatra Island for the period 2015–2025 from an Islamic economic perspective. The main issue raised is the low increase in the GDI despite a decrease in the poverty rate and an increase in the workforce during that period, thus raising questions about the effectiveness of both variables in promoting gender equality. This study uses a quantitative approach with panel data regression analysis. The data used are secondary data sourced from the Central Bureau of Statistics with a total of 110 observations (balanced panel). Model selection is carried out through the Chow, Hausman, and Lagrange Multiplier tests which indicate that the Random Effect Model (REM) is the best model. To overcome violations of the autocorrelation assumption, this study applies Robust Standard Errors with White Period. The results show that simultaneously, the workforce and poverty levels have a significant effect on the GDI (Prob. F = 0.0098). Partially, the poverty level has a negative and significant effect on the GDI at the α = 5% level, while the workforce has a positive but insignificant effect at the α = 5% level. The R-squared value of 8.28% indicates that many other factors influence the GDI. This study contributes to filling this gap by integrating panel data analysis on Sumatra Island with an Islamic economic perspective, specifically the maqasid sharia (Islamic principles), which emphasize the principles of social justice (al-'adl) and public welfare (maslahah). The results are expected to inform policy recommendations for gender-equitable poverty alleviation in Sumatra.

Good Corporate Governance, Corporate Social Responsibility, dan Financial Distress dimoderasi Leverage

Noval Alief Rahman Aditya, Rida Perwita Sari S — Thu, 13 Aug 2026 14:49:13 +0700

This research aims to examine the influence of board of director size and the proportion of independent commissioners as proxies of Good Corporate Governance, along with Corporate Social Responsibility, on the likelihood of Financial Distress among listed companies, with leverage as a moderating variable. A casual associative quantitative approach was employed, with the research subjects comprising listed companies in the tourism, recreation, restaurant, and hospitality sub-sectors on the Indonesia Stock Exchange during the 2021-2024 period. The final sample consisted of 24 companies yielding a total of 96 observations. Logistic regressions analysis incorporating Moderated Regression Analysis (MRA) was conducted using IBM SPSS version 31. Financial distress was assessed using Altman Z-Score model with specific adjustments for non-manufacturing firms, with 57.3% of observations classified as distressed. The findings reveal that board of director size and corporate social responsibility disclosure exert a significant negative effect on the risk of financial distress (p-value=0,015 & 0,044; B=-1,831 & -6,345). Conversely, the proportion of independent commissioners was found to have no significant effect on financial distress (p-value=0,668). Regarding moderation effects, leverage was found to significantly strengthen the protective role of independent commissioners under high-leverage conditions, while simultaneously weakening the protective effect of CSR disclosure when debt burden increases (p-value=0,043 & 0,007 ; B=-23,482 & 18,346). However, leverage did not significantly moderate the relationship between board of directors and financial distress (p-value=0,510). The implications of these findings suggest that strengthening board structure and enhancing CSR disclosure serve as primary protective mechanisms against financial distress risk, with prudent leverage management serving as a critical prerequisite for the effectiveness of CSR and independent commissioner oversight, particularly within the tourism, recreation, restaurant, and hospitality industries, which are inherently susceptible to external economic shocks. This study contributes theoretically by simultaneously testing leverage as a moderator of the GCG-CSR relationship with financial distress in the post-pandemic tourism sector, a context rarely examined in prior research. Practically, these findings serve as a reference for management and investors in designing governance policies and CSR disclosure that are adaptive to capital structure conditions, and offer input for regulators in encouraging substantive independent commissioner oversight beyond mere formal compliance with the 33.3% minimum threshold.

Integrasi Nilai-Nilai Ekonomi Islam Dalam Pengelolaan Keuangan Keluarga: Upaya Mewujudkan Kesejahteraan Rumah Tangga

Si Islam Siarno, Tsalis Bachtiar — Thu, 13 Aug 2026 15:04:55 +0700

Family financial management often faces challenges arising from economic uncertainty and consumerist behavior, highlighting the need for spiritual values as a moral foundation. This study explores how Islamic economic values are integrated into family financial management to promote sustainable household welfare. The research employs a qualitative case study design using interviews, observations, and document analysis to examine participants' financial practices and perspectives. The study population consisted of Muslim families residing in Surakarta City, while the research informants (sample) comprised approximately 20 participants selected using a purposive sampling technique. The informants included heads of households, husbands, or wives who were actively involved in managing household finances and met the predetermined research criteria.The findings reveal that participants demonstrate a strong understanding of Islamic economic principles, which serve as a key reference in household financial decision-making. Disciplined financial management is reflected in the ability to prepare household budgets, distinguish between needs and wants, prioritize saving, and maintain emergency funds. The study further suggests that the application of Islamic values strengthens family financial governance by encouraging responsible financial behavior and long-term financial planning. As a result, household welfare is achieved not only through material well-being, reflected in financial stability, but also through spiritual well-being, characterized by; peace of mind and family harmony. The findings indicate that sustainable household welfare is closely associated with financial management grounded in Islamic moral values rather than income alone. This study contributes to the growing literature on Islamic family finance by demonstrating how Islamic economic values function not only as ethical principles but also as practical guidelines for effective household financial governance and sustainable family welfare.

Minat Masyarakat Terhadap Investasi Emas Berdasarkan Aspek Keuntungan dan Nilai Aset

Mahfud asrof, MH Ainulyaqin, Kisanda Midisen, Sakum Sakum, Yudianto Achmad — Thu, 13 Aug 2026 15:14:17 +0700

Investing in gold is a popular investment option because it offers returns while preserving asset value over the long term. This study aims to analyze the influence of profit and asset value on the public’s interest in investing in gold among customers of Gerai Dinar Pekalongan. The study employs a quantitative approach with an associative design. The study population consisted of 252 customers of Gerai Dinar Pekalongan, with a sample of 100 respondents selected using purposive sampling. Data were collected through a questionnaire using a Likert scale and analyzed using multiple linear regression with SPSS version 24. The results indicate that the aspects of profit and asset value each have a positive and significant effect on public interest in investing in gold. Simultaneously, both variables also have a positive and significant effect on the public’s interest in investing in gold, with an Adjusted R-Square value of 0.883, indicating that the aspects of profit and asset value account for 88.3% of the variation in the public’s interest in investing in gold. Thus, the aspects of profit and asset value are important factors influencing the public’s interest in investing in gold. This study makes a theoretical contribution by enriching the literature on the determinants of public interest in investing in gold through empirical evidence of the influence of profit and asset value in the context of Sharia-based gold investment institutions. Practically, the results of this study provide insights for Gerai Dinar Pekalongan and other Sharia-based gold investment institutions in formulating education, marketing, and service development strategies aimed at increasing public interest in investing in gold.

Pengaruh Profitabilitas, Struktur Modal, dan Rasio Pasar Terhadap Harga Saham

Dian Insani, Sunarto Sunarto — Thu, 13 Aug 2026 22:24:57 +0700

This study aims to analyze the effect of profitability (ROE), capital structure (DER), and market capitalization ratio (EPS) on stock prices, measured using stock price volatility, in Consumer Non-Cyclicals companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2025 period. This study was motivated by the continued discrepancy in research findings regarding the effect of financial ratios on stock prices, necessitating further testing in more recent sectors and observation periods. The study employed a quantitative approach with secondary data obtained from the companies' annual financial reports. A total of 47 companies were selected as research samples after a selection process using a purposive sampling technique in accordance with predetermined criteria. Data analysis was carried out using multiple linear regression analysis, beginning with descriptive statistical tests, classical assumption tests, model feasibility tests, coefficient of determination tests, and hypothesis tests. The results of the study indicate that the capital structure variable has a positive and significant effect on stock prices (Sig. 0.015) with a regression coefficient of 0.032, while the profitability variable (Sig. 0.874) and the market ratio variable (Sig. 0.434) do not affect stock prices because each has a significance value above 0.05. These findings are expected to be a reference material for investors in evaluating the company's fundamental condition before making investment decisions and for companies in establishing financial policies that support increasing company value.

Rethinking Cryptocurrency Performance: Downside Risk Evaluation Using Sortino and Calmar Ratios

Reksha Laksana, Erik Nugraha, Hadi Ahmad Sukardi, Agrie Wahyudi Kharisman — Thu, 13 Aug 2026 22:31:57 +0700

This study evaluates the investment performance of the 20 largest cryptocurrencies by market capitalization during 2021–2025 using downside risk metrics. A quantitative descriptive approach was applied to 36,500 daily return observations derived from 36,520 daily closing prices obtained from CoinGecko. Performance was assessed using the Compound Annual Growth Rate (CAGR), annualized downside deviation, maximum drawdown, the Sortino Ratio, and the Calmar Ratio, with the risk-free rate set to zero. Descriptive statistics indicate excess kurtosis across all assets and positive skewness in 18 cryptocurrencies, supporting the use of downside-oriented metrics. Only six assets achieved a Sortino Ratio above 1.0, led by SHIB (10.0724), SOL (1.8578), and BNB (1.7341), while only three exceeded a Calmar Ratio of 1.0. Quadrant analysis identified three Alpha Leaders, three High-Yield Fragility assets, and 14 Value Destruction assets. SHIB exhibited a speculative paradox, combining exceptional risk-adjusted performance with a 91.98% maximum drawdown due to its near-zero initial price, whereas LTC was the only asset with negative CAGR. These findings demonstrate that downside risk metrics provide a complementary perspective on cryptocurrency performance by emphasizing downside deviation and drawdown, thereby supporting more informed investment decisions Practically, the resulting downside-based quadrant classification offers investors, market supervisors, and financial educators a concrete tool for distinguishing assets that genuinely reward risk-taking from those that erode capital, thereby strengthening risk-aware decision-making and consumer protection in the crypto-asset market.

Efektivitas Pengawasan Internal Sektor Publik: Peran Organisasi, Auditor, Moderasi Kualitas Audit, dan Moderasi Komitmen Manajemen

Ratno Adi Hartanto, Mombang Sihite, Lies Putriana — Thu, 13 Aug 2026 00:00:00 +0700

This study examines the effectiveness of internal oversight in the public sector by considering the roles of organizational support, auditor professionalism, audit quality, and management commitment. The research addresses the concern that formal control and oversight procedures do not always ensure measurable improvements in governance. A quantitative explanatory design was employed at an internal oversight unit within an Indonesian ministry. Data were collected from 156 respondents and analyzed using Partial Least Squares-Structural Equation Modeling. Organizational support had positive effects on audit quality (β = 0.408; p < 0.001) and internal oversight effectiveness (β = 0.244; p = 0.001). Auditor professionalism had a positive effect on audit quality (β = 0.414; p < 0.001) but no direct effect on internal oversight effectiveness (β = 0.003; p = 0.972). Audit quality positively affected internal oversight effectiveness (β = 0.328; p < 0.001) and mediated the effects of organizational support (β = 0.124; p = 0.002) and auditor professionalism (β = 0.126; p = 0.003). Management commitment strengthened the effect of audit quality on internal oversight effectiveness (β = 0.135; p = 0.047). The findings highlight the importance of integrating institutional support, auditor professionalism, audit process quality, and management commitment to follow-up actions. This study contributes by testing an integrated mediation–moderation model in which audit quality links organizational support and auditor professionalism to internal oversight effectiveness, while management commitment strengthens the effect of audit quality within APIP (Aparat Pengawasan Intern Pemerintah) of an Indonesian ministry.

Peran Mediasi Online Customer Review dan FOMO pada Keputusan Pembelian Kopi

Adinda Nona Agustina, Mohamad Rifqy Roosdhani — Thu, 20 Aug 2026 00:00:00 +0700

The evolution of social media has altered consumer behavior regarding purchase decisions, necessitating the implementation of effective digital marketing strategies by business owners. This study aims to analyze the impact of social media marketing on purchase decisions among Kopi Tiro consumers, with online customer reviews and Fear of Missing Out (FOMO) serving as mediating variables. A quantitative approach was employed, utilizing primary data collected via questionnaires from 117 Kopi Tiro consumers selected through purposive sampling. Data analysis was conducted using Structural Equation Modeling–Partial Least Squares (SEM-PLS) with Smart PLS 4 software. The study’s novelty lies in the simultaneous examination of online customer reviews and FOMO as mediating variables in the relationship between social media marketing and purchase decisions within the context of a local coffee shop. The results indicate that social media marketing has a positive and significant effect on purchase decisions (β=0.714, t=9.159, p=0.000), online customer reviews (β=0.809, t=13.351, p=0.000), and FOMO (β=0.437, t=5.514, p=0.000). Furthermore, online customer reviews (β=0.231, t=2.586, p=0.010) and FOMO (β=0.462, t=6.741, p=0.000) significantly and positively influence purchase decisions; they were also found to partially mediate the effect of social media marketing on purchase decisions, with values of (β=0.87, t=2.407, p=0.016) and (β=0.202, t=4.814, p=0.000), respectively. The model explains 72.3% of the variance in purchase decisions. These findings offer practical contributions for business owners seeking to optimize their digital marketing strategies.