Papers by Misnen Ardiansyah Misnen Ardiansyah
Signifikan: Jurnal Ilmu Ekonomi
This study investigates the BAZNAS Microfinance Desa (BMD) Sigi program’s impacts on the material... more This study investigates the BAZNAS Microfinance Desa (BMD) Sigi program’s impacts on the material and spiritual well-being of the Mustahiq (zakat beneficiaries). The quantitative CIBEST model and qualitative observation were performed on 100 households recruited using a random sampling technique. The results show that BMD Sigi’s program positively impacted Mustahiq’s material and spiritual well-being, with increases of 35.39% and 10%, respectively. The welfare index rose 19%, and the material poverty index fell by 1%. Both spiritual poverty and the absolute index fell by 6% and 12%, respectively. Our direct observation further supports the quantitative findings, showing that monitoring and technical support provided by BMD Sigi is crucial for the successful implementation of the program. This study contributes to the novelty of measuring the impact of zakat distribution on productive means using quantitative and qualitative approaches with particular evidence from a post-disaster ar...
Jurnal Multidisiplin West Science
Adanya globalisasi dan liberalisasi di pasar keuangan, investasi antar negara, dan peningkatan pe... more Adanya globalisasi dan liberalisasi di pasar keuangan, investasi antar negara, dan peningkatan perusahaan multinasional dapat menghubungkan pasar di berbagai negara. Ketika terjadi satu peristiwa di suatu negara, maka negara sekitarnya akan terimbas oleh peristiwa tersebut. Penelitian ini bertujuan untuk mengetahui dan menjelaskan dampak shock yang terjadi pada indeks saham syariah global dan regional Asean terhadap perubahan harga saham di JII. Metode yang digunakan adalah Vector Error Correction Model (VECM) dengan Eviews12 untuk menganalisis hubungan jangka panjang dan jangka pendek. Populasi dalam penelitian ini adalah indeks saham syariah global dan Asean dengan Sampel Dow Jones Islamic Market China/Hongkong (DJICHK), Dow Jones Islamic Market Japan (DJIJP), Dow Jones Islamic Market US (DJIMUS), FTSE Bursa Malaysia Emas Sharia Index (FBMS), dan FTSE SFX Asia Sharia100 (SGS100). Hasil penelitian menunjukkan bahwa terdapat dua indeks pasar saham syariah yang memiliki hubungan jang...
Asian Economic and Financial Review
Conservative accounting in Islamic banking is a crucial issue. This research aims to analyze the ... more Conservative accounting in Islamic banking is a crucial issue. This research aims to analyze the influence of executive compensation, the debt covenant, political cost, the composition of the commissioner board, the audit committee, and operating cash flow on the principle of accounting conservatism practiced in Islamic banking in Indonesia. Using data for 13 Islamic banks from 2014 to 2018 and employing panel regression, this study revealed that debt covenant, political cost, and operating cash flow significantly influence accounting conservatism. This result reconfirms the Positive Accounting Theory and Free Cash Flow Theory. However, the other three factors, i.e., executive compensation, the composition of the board of commissioners, and the audit committee were found to have no impact on accounting conservatism. From the findings, the study recommends that policy makers should improve the practice of good corporate governance in Islamic banking, thus the issue of conservative ac...
Jurnal Manajemen Bisnis, Aug 3, 2022
Research aims: This study aims to develop and validate a prediction model for the Islamic finance... more Research aims: This study aims to develop and validate a prediction model for the Islamic finance adoption by MSMEs based on isomorphism theory. In addition, this study also intends to show that the individual cognitive theory approach employed by previous studies in this area is not appropriate. Design/Methodology/Approach: The research strived to develop a predictive model; therefore, variance-based SEM analysis was chosen. The research data were 242 MSMEs selected from four regencies/cities in Central Java Province, i.e., Semarang City, Pekalongan City, Jepara Regency, and Cilacap Regency. The analysis was carried out to ensure that the measurement and structural models were excellent and acceptable. Research findings: This study successfully constructed and validated a model to predict the behavior of adopting Islamic finance by MSMEs employing the isomorphism theory framework. The resulting model has considered a more comprehensive domain, i.e., external organization (isomorphism pressure), internal organization (good corporate governance, GCG), and individual characteristics of the leaders (halal self-awareness, HSA). Theoretical contribution/Originality: This study closed the research gap in investigating the determinants of Islamic finance adoption from the demand side using an organizational perspective, thereby contributing to building a body of knowledge in the domain of MSME behavior and Islamic finance. Theoretically, the resulting model can be an alternative or substitute for the previous approach. As an organization, MSME behavior should not be investigated using individual cognitive theory as done by all previous studies. This study also introduced a new construct called halal self-awareness (HSA). This construct can be exploited and further developed to investigate individual characteristics of halal products or concepts. Practitioner/Policy implication: Stakeholders must have a strong commitment and earnest efforts to increase coercive and mimetic pressures, increase the HSA of MSME owner-managers, and realize good MSME governance. All this will encourage MSMEs to adopt Islamic finance to contribute positively to improving the national Islamic economic and financial landscape. Research limitation/Implication: The HSA construct could not reveal its direct effect on the adoption behavior of MSMEs. Therefore, future studies need to pay more attention to the measures for the HSA construct, namely: HSA neutral ("I know exactly how well my awareness about…") or HSA positive ("I know exactly that I have a good awareness of .... "). That way, the impact of the HSA becomes more accurate.
Justicia Islamica
This article examines Jasser Auda's maqaṣid approach to studying hadith and its implications ... more This article examines Jasser Auda's maqaṣid approach to studying hadith and its implications for the renewal of Islamic law. Generally speaking, one way to gain a closer understanding of the purpose of the hadīth is through contextualizing the Prophetic narrations (hadīth), primarily when the scripture cannot be understood textually. Using a descriptive-analytic and critical approach, this study showed that the conception of Auda’s maqāṣid could solve the problem. First, Auda, in this terms, offers a way of reading the scripture based on the intent in applying Islamic law and how its implications when maqāṣid are a primary consideration in reading and applying the law. Second, the theoretical approach as a result of Auda's academic research is the validation of several ijtihad methodologies which will practically produce the Anthropocentric Maqāṣid, namely the Maqāṣid model considering the development of world governance thinking within the framework of nation-states on the ...
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah
Various accounting scandals, financial cases and unethical practices violating laws and standards... more Various accounting scandals, financial cases and unethical practices violating laws and standards still occur today in Indonesia. Indonesia's code of ethics for Islamic accounting needs to be formulated in line with the development of sharia accounting practices that are widespread in the world of Islamic banking and Indonesia's dynamic sharia economy with high complexity. Indonesia's Islamic sharia accounting code of ethics needs to adopt a code of ethics compiled by international experts in the global Islamic accountant organization AAOIFI as a drafting reference. The research uses an interactive qualitative type that advances interview techniques to collect data from scholars. The primary source of research uses the code of ethics issued by AAOIFI and through interviews with Islamic accounting expert from IAI and ulama (scholars) in the Indonesian Ulema Council (MUI). The principles of the AAOIFI code of ethics include taqwa, tawakal, amanah, sidiq. quwwah and tawasi ...
Ekonomi Bisnis dan Akuntansi (e-journal), Mar 29, 2022
Salah satu upaya yang dilakukan untuk mengukur kestabilan perekonomian di suatu negara yaitu deng... more Salah satu upaya yang dilakukan untuk mengukur kestabilan perekonomian di suatu negara yaitu dengan cara melihat kinerja dari pasar sahamnya. Pasar saham dapat dikatakan memiliki kinerja baik, apabila mampu mencerminkan harga yang relevan dengan berita yang sedang berkembang di kalangan masyarakat. Tujuan dari penelitian ini untuk menguji pengaruh pasar modal syariah 5 negara ASEAN di era pandemi covid-19. Penelitian ini menggunakan pendekatan kuantitatif dengan data harian tahun 2020 sebagai basis datanya. Model analisis menggunkan regresi data panel dengan model Common Effect Model (CEM). Hasil Penelitian menunjukkan indeks saham syariah Singapura, Filipina, dan Thailand berpengaruh positif signifikan terhadap indeks saham syariah Indonesia sedangkan indeks saham syariah Malaysia berpengaruh negatif signifikan terhadap indeks saham syariah Indonesia di era pandemi Covid-19.
IKONOMIKA
Accounting scandals against standards still occur in Indonesia. The Indonesian Islamic accounting... more Accounting scandals against standards still occur in Indonesia. The Indonesian Islamic accounting code of ethics needs to be formulated in line with the development of Islamic accounting practices in Indonesia. The preparation of the Islamic accounting code of ethics needs to adopt the AAOIFI International Islamic accounting organization code of ethics. This study aims to describe the recommendations of scholars regarding the adoption of the AAOIFI code of ethics for Indonesian Islamic accountants. This research uses a qualitative type prioritizing interview techniques in collecting data. The study used the AAOIFI code of ethics through interviews with ulama (scholar) from the Indonesian Ulema Council (MUI). The results of this study are the adoption of the AAOIFI code of ethics provides guidelines for the preparation of a code of ethics for Indonesian Islamic accountants. The preparation of the code of ethics for Islamic accountants applies Islamic law in order to provide solutions...
Global Review of Islamic Economics and Business, 2015
The objective of this paper is to analyze the gharar issue of warrant by presenting the empirical... more The objective of this paper is to analyze the gharar issue of warrant by presenting the empirical evidence of warrant mispricing in Malaysia's market (moneyness and mispricing) and its determinant. The Black Scholes Option Pricing Model (BSOPM) will be used to detect mispricing in a warrant's contract. In addition panel regression will be performed to analyze the determinant if said warrant is mispriced. The result shows that in majority, mispricing happens in warrant, either by Out the Money, or In the Money. Panel regression analysis finds that Stock price, klibor, and maturity are positive and are significant variables to the mispricing of a warrant. Finally, with the use of a warrant mispricing model, this research concludes that there is gharar issue in warrant contract.
3rd Economics & Business Research Festival. Proceeding Seminar &Call For Papers : Busines... more 3rd Economics & Business Research Festival. Proceeding Seminar &Call For Papers : Business Dynamics Toward Competitive Economic Region Of Asean (Salatiga : 2014), p. 1766 - 1781Recently, the most university in Indonesia reforms become to the public service institutuions. However, BPK based on audit result in 2013, gave disclaimer opinion. It explained toward weakness in university governance and internal control of financial managing. Therefore, this study try to conduct a investigations toward them. This study performanced to analyse throught literature study about good university governance that based on theories, concepts, and regulations in Indonesia. Data was obtained by direct survey in field, and was used by interview technuiqe from management in state university that had status the public service institution. The result will explain some reasons that appeared internal control weakness, and drive to opportunity, rasionalization, and presure to members of management in state university to do fraud. Beside that, the study will obtain a model of good univerity governance that have ability a detection of fraud
International Journal of Approximate Reasoning, 2004
This research is aimed to examine the influence of financial variables in the prospectus on initi... more This research is aimed to examine the influence of financial variables in the prospectus on initial return and after 15 days return after IPO using non-financial variable as the controlling variable. Another purpose for this research is to examine if the size of company plays as moderating variable on the relationship between financial variables (rate of return on total asset, financial leverage, earnings per share, offer size, profit growth, and current ratio) and initial return and that between financial variables and 15 days return after IPO. The sample for this research are 64 companies listed in Jakarta Stock Exchange from 1995-2000 as the sample for this research. Data were collected by means of purposive sampling. The analytical methods used are those of multiple regression and absolute-different value regression. The result of the regression analysis for the influence of financial variables on initial return shows that earnings per share significantly influences initial re...
Al-Manahij: Jurnal Kajian Hukum Islam, 2021
All this time, both in academic discourse and the reality of legal practice in the field tend to ... more All this time, both in academic discourse and the reality of legal practice in the field tend to show a lack of attention to the rule of judges as an instrument of legal reform. Generally, the law is regarded as the main instrument of legal reform. Therefore, instilling an understanding of the law enforcement officers, especially the judges through their decision, is a very urgent thing to do. The main issue to be discussed in this paper is: How is the contribution of the Judge's decision to legal reform in Indonesia? This study used the perspective of the School of Sociological Jurisprudence, mainly the philosophical mind of Roscoe Pound. The results of this study show that the effort to make a judge's decision as a means of legal reform is a necessity. This can be realized through a progressive legal paradigm. The presence of a progressive legal paradigm is very important in order to give birth to a progressive type of judge who has a legal decision that qualifies maturity...
An-Nisbah: Jurnal Ekonomi Syariah, 2021
Negara-negara kawasan Asia Tenggara tengah menyongsong integrasi pasar modal. Kehadiran momentum ... more Negara-negara kawasan Asia Tenggara tengah menyongsong integrasi pasar modal. Kehadiran momentum itu, dibutuhkan kondisi ekonomi masing-masing negara yang stabil dan pasar modal yang menarik. Momentum ini juga merupakan kesempatan pasar modal syariah untuk lebih dikembangkan di kawasan ini. Penelitian ini bertujuan untuk menguji pengaruh Foreign Direct Investment (FDI) dan variabel ekonomi makro yakni pertumbuhan ekonomi, inflasi, suku bunga acuan dan nilai tukar terhadap return indeks saham syariah di empat negara ASEAN yaitu Indonesia, Malaysia, Thailand dan Singapura. Periode penelitian sejak kuartal IV tahun 2006 sampai dengan kuartal I tahun 2020. Metode yang digunakan dalam pembuktian empiris pada penelitian ini adalah Autoregressive Distributed Lag Bounds Testing Approach (ARDL). Penelitian ini menemukan hubungan kointegrasi jangka panjang pada semua negara objek penelitian. Dalam hubungan jangka panjang dan dinamika jangka pendek, penelitian ini menemukan adanya variasi has...
IQTISHADIA, 2020
The number of sharia-approved companies in the Indonesia Stock Exchange is growing rapidly. It is... more The number of sharia-approved companies in the Indonesia Stock Exchange is growing rapidly. It is important to see how the social performance of these companies, using Islamic Social Reporting Index (ISR Index). Financial Distress as an early sign of a company’s failure is also important to study. This study examines the relation between ISR Index and financial distress in list of sharia securities. The control variables apply in this research are SIZE, ROA, CR, WCTR, DER, and RETA. By using a sample of 129 companies from financial statements and annual reports (2014-2018), three models were built with the Modified Altmans Z-Score, Ohlson O-Score and Zmijewski Zm-Score as a proxy of financial distress. Based on ISR index calculation, the theme of products and services has the highest disclosure score. The lowest disclosure score is corporate governance theme. Panel data regression results show that ISR Index affects financial distress in the Modified Altman’s model. It means the hig...
INFERENSI: Jurnal Penelitian Sosial Keagamaan, 2020
This research discusses the motives of the Muslim community in choosing banking institutions by u... more This research discusses the motives of the Muslim community in choosing banking institutions by using the analysis of pragmatism theory. This research is qualitative research using a phenomenology approach. Data collection that is used in this research is the interview, observation, and documentation. The result of the study indicated that the Muslim’s customer of Yogyakarta tend to be pragmatic due to the character of society which has more accommodating and flexible philosophy of life (tolerance). This pragmatic attitude was influenced by the internal factors (cognitive limitations) and external factors (reputation and service of Conventional Banks). Furthermore, adopting from the theory of Schutz’s motives that the motives reason (because of motive) of Yogyakarta's Moslem customers in choosing to the bank are their inconsistency in choosing is influenced by economic and service motives that are stronger than religious motives. As for their destination motive (in order to mo...
Global Review of Islamic Economics and Business, 2015
Stability of financial institutions is a crucial issue amid the economic crisis that hit the US a... more Stability of financial institutions is a crucial issue amid the economic crisis that hit the US and Europe. Islamic banking in Indonesia as financial institutions are also required to have good stability in order to maintain the stability of the national economy. The aim of this research is to determine the stability of Islamic banking in Indonesia, and understand the factors that affect the stability. Stability of Islamic banking will be measured using Merton model to estimate the Probability Default (PD). Panel data regression was used to estimate the factors that affect the stability of Islamic Banking. The object of this research is 10 Islamic banking in Indonesia that meet the specified criteria. From the analysis of the Merton model, the research found that the stability of Islamic banking in Indonesia is not good enough. This can be seen from the value of the probability default on Islamic banking which still above 0.5. However, based on the trend, the probability default of...
Journal of Islamic Accounting and Business Research, 2020
PurposeThe purpose of this study is to investigate the nature and integration of Islamic stock ma... more PurposeThe purpose of this study is to investigate the nature and integration of Islamic stock markets across the Association of Southeast Asian Nations (ASEAN-5) countries for economic community (AEC) development.Design/methodology/approachUsing samples of daily closing prices from 2009 to 2014 across ASEAN-5 countries, co-integration and Granger-causality tests were applied.FindingsThis research finds that Islamic capital markets across ASEAN-5 countries remain highly integrated despite the global financial crisis of 2008, and it also finds the integration strength between Jakarta Islamic Index -Indonesia and Bursa Malaysia Emas Sharia-Malaysia Islamic capital markets to be the most influential across ASEAN-5 countries, while MSCI-Philippine Islamic capital market is the most vulnerable across ASEAN-5 Islamic capital markets.Research limitations/implicationsThe overwhelming benefit of Islamic stock market integration across ASEAN-5 countries, and, even in a broader context, awaits...
INFERENSI: Jurnal Penelitian Sosial Keagamaan, 2018
The aims of this study were to examine the resilience of non-sharia stock in Indonesia, to measur... more The aims of this study were to examine the resilience of non-sharia stock in Indonesia, to measure the impact of macro-economic variables and micro-company specific factors toward resilience. All the data, including 30 non-sharia companies in Indonesia, are retrieved from Indonesia Stock Exchange and Bloomberg database. Our dataset spans from 2005 to 2013, the study employs GMM Estimation Approach to estimate the determinants of company’s resilience in Indonesia. The results find that profitability ratios (ROE, ROIC, NIM), liquidity ratio (CASHR, CURR), debt asset ratio, and lagged dependent variable (Mertonit-1) are found to be statistically significant determinants of Merton distance-to-default. The company size is not a good predictor of the default risk for companies observed. This study emphasizes the benefits of using several accounting-based measures in company-default prediction models.
IJTIHAD Jurnal Wacana Hukum Islam dan Kemanusiaan, 2017
Shariah stocks is one of the financial sectors that experienced with most significant growth in r... more Shariah stocks is one of the financial sectors that experienced with most significant growth in recentyears. the most important issue in Shariah stock is Stock screening mechanism. The aim of this study isto examine the screening models of Shariah stocks in ASEAN countries. This study is very crucialespecially in the era of ASEAN economic community (AEC). In addition, this study aims to examinesome of the factors that contribute to the differences in screening models applied in five ASEANcountries. By using descriptive method and literature studies approach, this study found a few things.Firstly, there are various models of Shariah stock screening in Indonesia, Malaysia, Singapore, Thailandand Philippines. In this context, the model screening in ASEAN countries have two tendencies, namely;for the country in the majority of the population is Muslim whereby there are many Sharia expert, thenthey will use the specific screening model and applied only in the country, while for the count...
IJTIHAD Jurnal Wacana Hukum Islam dan Kemanusiaan, 2015
In Indonesia, the most populer contract used by Islamic bank is murabahah contract, which is very... more In Indonesia, the most populer contract used by Islamic bank is murabahah contract, which is very close to the debt based financing. Many researchers argue that, this phenomenon is due to the risk faced by Islamic bank particularly related to the moral hazard by mudarib. This paper aims to explore the lack of musharakah and mudarabah contract in perspective of agency problems theory. The important issue in this paper is whether agency problem also underlies between customer as an agent and Islamic bank as a principal in financing contract. By employing holistic paradigm, namely by combining Islamic value and conventional theory, this study find two conclusion. First, agency problem in the scheme of Islamic banking products is due to the asymmetric information between agent and principal. Strict procedures and higher criteria cause mudarabah amount of financing contract of Islamic bank can not reach it optimum level. Second, agency problems which is happen in Islamic bank can be solv...
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Papers by Misnen Ardiansyah Misnen Ardiansyah