3 Faculty of Economics and Business

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Open Access
A Bibliometric analysis of green sukuk literature
(Center for Islamic Economics Studies and Development, Faculty of Business and Economics, Universitas Islam Indonesia, 2024-09-12) Syamsi Mustofa Singgih Prayogo; Aji Raditya; Sarea, Adel
Purpose – The objective of this study is to provide a comprehensive analysis of the current body of literature on green sukuk. Methodology – To achieve this objective, this study uses a bibliometric analysis and visualization and mapping of green sukuk research from to 2015-2023. The process of retrieving data through the Scopus database with the keywords "green sukuk" OR "global green sukuk" OR "retail green sukuk" OR "project based green sukuk.” Findings – The findings included the identification of the most pertinent journals, highly cited articles, prominent authors, nations with prolific publishing in green sukuk, top research affiliations, and journal quality. The study also highlights the fundamental factors that contribute to the emergence of green sukuk, such as the incorporation of Islamic finance principles, adherence to green bond standards, emphasis on sustainability, implementation of environmental, social, and governance (ESG) principles, and the desire of investors to buy such instruments. Implications – This study examines the effects of government policies on the issuance of green sukuk to support all 2030 Sustainable Development Goals (SDGs) programs, particularly in mitigating and preventing the negative effects of climate change. Furthermore, it examines the potential consequences for future studies, as other scholars can use the discoveries of this analysis to investigate new research prospects concerning the correlation between green sukuk and sustainable development goals (SDGs). Originality – The analysis provides insights into the evolution of green sukuk, identifies gaps in current research, and highlights emerging areas of interest.
Open Access
A bibliometric analysis of sukuk using vosviewer in Indonesia with publish or perish (pop)
(Department of Islamic Economics, IPB University, 2024-06-27) Shellvy Lukito; Egi Arvian Firmansyah
The subject matter of sukuk has elicited increasing attention from both academic researchers and professionals within the industry. The employment of sukuk financing is effectively facilitating the progression of economic growth. The primary objective of this research endeavor is to integrate mapping analysis techniques with the utilization of VOSviewer software to conduct a comprehensive bibliometric analysis of scholarly literature pertaining to sukuk. The acquisition of research data is facilitated through the utilization of the Publish or Perish (PoP) application. The data collected has been derived from an examination of search outcomes pertaining to the keyword "sukuk" obtained from scholarly journals indexed by Google Scholar. A total of 997 articles, spanning the period from 2018 to 2022, have been identified in the present study. Based on the research findings, it has been observed that there has been a consistent upward trend in the number of studies conducted over the period 2018 to 2022. Islamic bonds, commonly referred to as sukuk, play a pivotal role in facilitating and propelling this expansion. The present study showcases the significance of bibliometric analysis in furnishing analytical data about occurrences. This study provides guidelines and serve as a valuable resource for researchers engaged in the exploration and identification of research themes.
Open Access
Advancing the understanding of behavioral intentions towards I-Fintech : a study on Indonesian millennials and gen z
(Universitas Islam Internasional Indonesia, 2023) Siti Nur Aisyah; Aimatul Yumna; Hamidi, M. Luthfi
Islamic fintech is likewise a part of the digital development and Islamic teaching is concerning the historical development. It is such a completely new for Islamic economic world to implement the technology in a daily life. Such an aftershock of Islamic finance which has not been accepted well by society, Islamic fintech is approaching the Islamic lifestyle. Conventional fintech has been well-approved by the society since Indonesian has not been concerning the Islamic value instead of the religion they believe. This leads to the lack of intention of using 1-fintech services. The intention of using a product is sometimes affected by the lack of product awareness and literacy instead. This project of the study is ensured to explore whether the society has an intention to adopt Islamic fintech services. The focus of this study is taking place on millennials and Gen Z's group as this circle of society is currently the higher adoption of technology and financially active. The questionnaire was placed on the surveymonkey.com website and shared through random sampling method. Before disseminating the questionnaire publicly, the questionnaire was tested by the piloting project to examine whether the questionnaire was valid and reliable. There are 333 respondents besides those who had been involved in the piloting project. The study was tested by SEM-PLS. The results describe that the variables, digital financial literacy, planned behavior, acceptance model and use of technology, while the three variables significantly affect the intention to adopt except digital financial literacy. Planned behavior is the most powerful factor among others. The score of digital financial literacy is considerably high where the intention to adopt is lower than the I fintech adoption rate. Moreover, DFL score is depicted to explain the current literacy on the millennials and gen z. This study was overseen only in Indonesia, aiming on millennials and gen z Therefore, the results cannot be globalized to other countries and generations. However, this study presents the critical information regarding the digital financial literacy in Indonesia to achieve the fintech industry development. On this case, where the digital financial literacy does not significantly affect the adoption of I- fintech, it could be explained that I-fintech is supposed to be explored by the Islamic Digital Financial Literacy. To the best of the author knowledge, there has been no theory representing the Digital Islamic Financial Literacy. It is suggested that the next studies could increase the number of respondents. By this study, it is aimed to obtain the best representing results for the future research about digital financial literacy and expected to be one of the concerns of the practitioner/developer of I- fintech and policy maker to improve the related regulation of I-fintech.
Controlled Access
An analysis of renewable energy demand : a case study of selected Gulf Cooperation Council countries between 1990-2021
(Universitas Islam Internasional Indonesia, 2024) Herawi, Saeed; Rima Prama Artha; Herbert Wibert Victor Hasudungan
This thesis analyzesthe demand for renewable energy in the United Arab Emirates, Qatar, Kuwait, and Saudi Arabia from 1990 to 2021. This study investigates the impact of economic, environmental, and market factors, using panel cointegration test and panel data analysis within the renewable energy demand theory framework. These factors include Gross Domestic Product (GDP), Fossil Fuel Consumption (FFC), Carbon Dioxide Emissions (CO2), Oil Prices (OIL), and the Levelized Cost of Renewable Energy (LC) on Renewable Energy Consumption (REC) in these fossil fuel-dependent nations. The study's objective isto analyze both short-term and long-term relationships between these variables. The study reveals a strong positive correlation between Income (GDP) and Renewable Energy Consumption (REC) in the selected (GCC) countries. This suggests that economic growth is a significant driver of renewable energy demand in these nations. Additionally, the findings indicate that fluctuations in Oil Prices (OIL) substantially impact (REC), with higher prices stimulating increased adoption of renewable energy alternatives. Moreover, the Levelized Cost of Renewable Energy (LC) is a critical determinant of (REC), as lower (LC) values correspond to higher adoption rates. These results emphasize the importance of economic factors in the GCC's transition to a renewable energy-based economy. However, the study found no significant relationship between Fossil Fuel Consumption (FFC) and renewable energy demand, indicating that a decrease in fossil fuel usage does not necessarily drive the transition towards renewables. The dominance of fossil fuels in (GCC) countries, supported by availability, infrastructure, and economic advantages, hinders the shift to renewables. Additionally, (CO2) emissions did not affect Renewable Energy Consumption (REC) within the studied period. This is because consumer preferences and national investments need to be stronger to shift the market towards renewables in response to (CO2) emissions changes. In addition, current environmental policies may need to be stronger to significantly impact Renewable Energy Consumption (REC), as the focus has historically been on oil production and revenue. The study recommends policies to help the (GCC) transition to sustainable energy while promoting economic growth. Key strategies include increasing renewable energy investment, reducing reliance on fossil fuels through subsidy reforms and carbon taxes, encouraging renewable technology innovation, and implementing carbon pricing. Furthermore, dynamic pricing mechanisms should adjust renewable energy incentives in response to changes in Oil Prices (OIL), ensuring competitiveness and environmental sustainability.
Open Access
An Islamic economics perspective on the determinants of indebtedness as measured by debt-to-GDP ratio : a panel regression analysis of the data from certain OIC and non-OIC member countries
(Universitas Islam Internasional Indonesia, 2023) Yadgari, Mohammad Rashed; Hamidi, M. Luthfi; Fajar B. Hirawan
This thesis aims to define common causes of indebtedness, differentiate within common causes of indebtedness, assess whether fiscal and monetary policies are on a sustainable path to control debt distress and levels, and lastly, evaluate whether the ethical foundation of Islamic economics and finance provide a better way of handling the phenomenon in terms of fiscal, monetary policies and speculative investments. To accomplish these objectives, data of specified countries are taken from the World Bank, IMF. and Central Banks in terms of Debt-to-GDP ratio as the dependent variable, and FDI (net inflows), Government revenue, Government Expenditure, Export, Stocks traded value (GDP), Interest rate, GDP growth, Inflation, and Import as independent variables from 1990 to 2021, 32 years and 12 cross sections, establishing 384 observations for the study, the method consists pre-estimation tests of endogeneity and heteroskedasticity to validate basic assumptions of Ordinary Least Square regression and main separated estimation of Pooled OLS group wise for OIC, non-OIC countries with the adjustments by Heteroskedasticity Linear Regression with maximum Likelihood option. The study found that all the variables except inflation are significantly impacting Debt-to-GDP ratio regardless of separated estimation, however, the difference is that interest rate and stocks traded have a negative and significant relationship with debt for OIC countries while positive nexus for non-OIC countries, FDI has a positive and significant relation with debt for OIC countries while adversely it decreases debt for non-OIC countries with negative nexus. Export and economic growth have a significant and negative relationship for both types of countries, while imports have a positive relationship with debt. Government revenue and expenditure have a significant and negative relationship with debt for OIC countries while positive nexus for non-OIC countries. This study fills the gap of a comparative group-wise study of the macroeconomic determinants of indebtedness while calibrating initial theories proposed by major economists addressing the relationship among mentioned variables and results imply that governments shall formulate efficient policies to lower interest rates, avoid & decrease speculative investments and unnecessary spendings, and maximize revenues to control the debt levels and ensure the ability to service their debt.
Open Access
Analyzing nestle's waters and nespresso divisions : systematic approaches for improving corporate sustainability
(ZAIN Publications, 2024-03) Azhar, Auns; Waheed, Usman
The corporate landscape of Nestle is examined in this investigation, with a particular emphasis on the company's dedication to CSR and environmental preservation. This paper presents Nestle Waters' approach to ethical encounters in extraction of water, focusing on native rights, expired licenses, and security of water. It argues that open communication, compliance oaths and assurance, and community alliance are systematic solutions to these problems. The investigation now turns its attention to Nespresso and the premium coffee industry's waste management and aluminum consumption issues. Nespresso may benefit from a more methodical approach if the company would only establish some definite long-term objectives, encourage more partnerships, educate its customers better, and put more money into environmentally friendly packaging. These initiatives not only address pressing issues, but also help Nestle achieve its long-term sustainability objectives, which will set it apart as an industry leader in ethical business practices.
Open Access
Analyzing the determinants of trade balance : an empirical investigation of Indonesia's economic dynamics
(2024-05) Nyange, Asia Khamis; Jonas, Ajibu
The study investigates the determinants of Indonesia's trade balance focusing on five key factors: money supply, foreign direct investment, exchange rate, carbon dioxide emissions, and government expenditure. Utilizing secondary time-series data from 1990 to 2022 and employing vector error correction model analysis, the research reveals significant insights. In the short term, only the money supply notably influences trade balances, while the other factors show no significant impact. However, in the long term, foreign direct investment, exchange rate, carbon dioxide emissions, and government expenditure positively affect the trade balance, with the money supply displaying an insignificant impact. The study's conclusions offer policy suggestions to address these findings. These suggestions include putting policies in place to lower carbon emissions and encourage sustainable growth, making sure government funding for sustainable development initiatives is used effectively, luring foreign direct investment, keeping exchange rates stable, and being cautious when controlling the money supply to preserve price stability. The objective of these recommendations is to improve Indonesia's trade balance sustainability. However, the analysis admits its limitations in not accounting for all macroeconomic factors, such as GDP, interest rates, and industrial production, that affect trade balance. Notwithstanding these drawbacks, the study provides insightful information to help policymakers develop plans for enhancing the dynamics of Indonesia's trade balance.
Embargo
Analyzing the impact of public health insurance claims and government health expenditure on Indonesia's economy
(Universitas Islam Internasional Indonesia, 2024) Wafdah Layli Rizqiyah; Indra Gunawan; Herbert Wibert Victor Hasudungan
This study contains various discussions related to the impact of government spending in the health sector, as well as the impact of public health insurance claim costs on economic growth in Indonesia during the period 2014 - 2023. Therefore, in conducting various analyses on short-term and long-term relationships related to these variables, an approach called Auto-Regressive Distributed Lag (ARDL) is needed. In addition, as a control variable applied to the urban population and the Consumer Price Index (CPI), this variable is used with the aim of separating the various influences of independent variables related to economic growth in Indonesia. The results show that public health insurance claims have a positive and significant impact on GDP per capita and Real GDP in the short and long run. This indicates that increased access to health services through BPJS Kesehatan contributes to increased labor productivity, which in turn boosts real economic growth. Government health expenditure does not show a significant effect on GDP per capita, either in the short or long run. This suggests that government health spending may not have been managed effectively to make a strong contribution to sustainable economic growth. This finding emphasizes the importance of improvements in the allocation and efficiency of health spending to support economic growth. Control variables such as urban population and CPI also play an important role in this analysis. Urbanization impact on GDP per capita is more variable, with potential negative impacts in the short term due to pressure on infrastructure and public services. Inflation, as measured by the CPI, has a significant impact in the short term on GDP per capita but the effect does not persist in the long term, highlighting the need for prudent inflation management to maintain economic stability. Overall, this study concludes that improving access and efficiency of health insurance claims through BPJS Kesehatan can be a key driver of economic growth in Indonesia, particularly through improving labor productivity and individual welfare. However, to achieve sustainable economic growth, more comprehensive policies are needed, including reforms in the management of government health spending, better management of urbanization, and effective inflation control. The findings provide important insights for policymakers in formulating more effective and sustainable economic strategies.
Open Access
Analyzing the market conditions and long-term dynamics in the biodiesel industry
(Taylor & Francis, 2024-07-02) Muhammad, Mansur; Herbert Wibert Victor Hasudungan
The Indonesian energy industry is working towards achieving net zero emissions by reducing energy composition between renewables and non-renewables. Based on this background, this study investigates the biodiesel market conditions and its long-term sustainability using monthly data from January 2014 to October 2023. The study applies the 3SLS, Johansen and bound test approach to cointegration for estimations. Findings from the study show that demand for biodiesel in Indonesia is price inelastic, which implies that the response of demand on small price changes is high due to the availability of substitute products. The Walrasian coefficient is negative and statistically significant, suggesting a partial disequilibrium in the biodiesel market. Furthermore, the blending mandatory of biodiesel is found to be sustainable in the long run as shown by the bound f-statistics and Johansens’ trace statistics. The increasing prices of crude palm oil, catalysts, methanol, and glycerin have a devastating effect on biodiesel production. Exchange rate depreciation is also a negative function of biodiesel production. These findings are crucial for industry stakeholders and policymakers to make informed decisions about resource allocation, cost management, and strategies to enhance the sustainability and efficiency of biodiesel production processes.
Embargo
Assessing sustainability of Islamic banking and its impact on financial performance : evidence from Indonesia and Malaysia using the quadruple bottom line framework
(Universitas Islam Internasional Indonesia, 2025-07-03) Jajang; Hamidi, M. Luthfi
Grounded in the regulatory landscape requiring Islamic banks in Indonesia and Malaysia to publish sustainability reports, this study aims to re-evaluate their level of sustainability performance and explores its influence on financial performance. Employing the Quadruple Bottom Line (QBL) framework, which expands the traditional sustainability model by incorporating a spiritual dimension (Prophet), the study applies content analysis to obtain QBL score and ranks the bank based on Reactive, Defensive, Accommodative, and Proactive (RDAP) scale. Furthermore, this study employs panel data regression by selecting the appropriate model among common effect model, fixed effect model, and random effect model. The data used is obtained from annual report, sustainability report, and/ or official website of 24 Islamic banks in Indonesia and Malaysia over the period 2019–2023. The research findings reveal a significant shift where most banks have realized sustainability performance. In addition, each dimension of sustainability has shown to have varying impacts on financial performance, which in this study is measured by Return on Assets (ROA). The results of this research emphasize the need for banks to improve their social performance due to its positive influence on financial performance, even in conditions of economic downturn.
Embargo
Assessing the impact of domestic and external debt on the Gambia’s economic growth : an ardl analysis
(Universitas Islam Internasional Indonesia, 2025-08-06) Ceesay, Abdoulie; Dionisius Ardiyanto Narjoko
This study investigates the short- and long-run effects of domestic and external public debt on economic growth in The Gambia, a low-income economy characterized by persistent fiscal constraints and external vulnerabilities. Using annual data from 1976 to 2023, the analysis employs the Autoregressive Distributed Lag (ARDL) bounds testing approach to examine the dynamic relationship between public debt components and GDP growth, while incorporating key macroeconomic variables such as inflation, interest rates, and foreign direct investment (FDI). The results indicate that both domestic and external debt negatively impact economic growth in the short run, with external debt exerting a stronger adverse effect (–0.54%) compared to domestic debt (–0.30%), largely due to the crowding-out of private investment. In the long run, a stable relationship exists, yet external debt continues to suppress growth, driven by exchange rate volatility and substantial debt servicing obligations that consume over 40% of government revenue. The findings challenge classical economic assumptions such as Ricardian Equivalence, revealing that fiscal deficits may stimulate short-term demand in contexts marked by low household savings and weak financial systems. In response, the study proposes a tailored Debt Sustainability Framework (DSF) for The Gambia that emphasizes strengthened domestic revenue mobilization, enhanced public financial management, the promotion of FDI, and a strategic shift toward concessional borrowing. By offering empirical insights and policy-oriented solutions, this research adds value to the limited literature on debt-growth dynamics in aid-dependent economies and provides actionable strategies for achieving sustainable economic development.
Embargo
Assessing the impact of exchange rate fluctuations on rice import prices in five West African countries : an econometric approach using the Generalised Method of Moments (GMM)
(Universitas Islam Internasional Indonesia, 2025-08-06) Gissay, Amadou; Teguh Yudo Wicaksono
West Africa's heavy reliance on food imports, particularly rice, renders the region vulnerable to external market fluctuations, especially since these imports are primarily dollar-denominated. Currency depreciation exacerbates inflation, adversely affecting food security and purchasing power. This paper investigates how exchange rate fluctuations influence rice import prices and whether they impact monetary policy in major importers like Nigeria, Ghana, Senegal, Côte d'Ivoire, and Benin. Utilizing a monthly panel dataset from 2000 to 2024 and employing the System Generalised Method of Moments (GMM), the study reveals significant price persistence, with past rice prices heavily influencing current prices. Depreciation of exchange rates has a pronounced effect on import prices, indicating high sensitivity to currency fluctuations. Additionally, global food prices and trade tariffs contribute to rising costs, intensifying consumer vulnerability to international market shocks. The research further shows that exchange rate fluctuations significantly influence monetary policy decisions, particularly concerning interest rates. Central banks tend to tighten monetary policy in response to currency depreciation and rising food prices. However, the inertia in interest rate adjustments suggests a slow monetary policy transmission process in the Sub-Region. The study advocates for sound fiscal policies, effective foreign exchange interventions, and improved governance to mitigate food import inflation. Additionally, future research may extend to wheat, maize, or use an importable stable index to test whether past-through elasticities differ by cereal. Similarly, for the household’s welfare link, coupling the price pass-through with LSMS-type consumption data could help estimate real-income effects on poor households versus non-poor households.
Embargo
Asymmetric and symmetric responses of the environmental performance on tourism industry : a case study of D-8 countries
(Universitas Islam Internasional Indonesia, 2025-08-08) Muhammad Khafidh; Ugi Suharto
This study explores the asymmetric and symmetric responses of the environmental performance on tourism industry in the context of D-8 countries. While the tourism sector significantly contributes to economic growth, its environmental impact, particularly in developing countries like those in the D-8 group, remains underexplored. Existing research often overlooks the nonlinear and complex relationships between environmental performance and tourism activities, creating a significant gap in literature. Addressing this gap, the study aims to analyze the short-run and long-run symmetric and asymmetric impacts of environmental performance on the tourism industry within D-8 countries using advanced econometric models such as ARDL and NARDL. Employing a quantitative approach, the research utilizes panel data from 2008 to 2024, sourced from reputable institutions like the World Data Bank, World Travel and Tourism Council (WTTC) and Yale Center for Environmental Law & Policy. By capturing both symmetric and asymmetric relationships, the study provides deeper insights into the dynamic interplay between environmental performance and tourism. The findings are expected to reveal the differential impacts of positive and negative shocks in environmental performance on tourism trends, offering actionable insights for policymakers. It is anticipated that the study will propose strategies for integrating green tourism practices, developing energy-efficient infrastructure, and adopting international environmental standards to foster sustainable tourism while mitigating ecological degradation in D-8 countries.
Open Access
Beyond immediate needs : an analysis of social insurance and its behavioral economic impact in Indonesia
(Corporate University BPJS Kesehatan, 2024-12-30) Ucca Bhanuwati Astutiningtyas Palupi
Despite the relatively high GDP growth of around 5.3 in 2022, Indonesia still faces high inequality (Gini index 37.9), which challenges social-economic-security instruments. In January 2023, the government spent around IDR 5.3 trillion to protect public health, a 12% increase compared to last year (2022), making Badan Penyelenggara Jaminan Sosial Kesehatan shortened by BPJS Kesehatan as a medic-aid social insurance manager need to keep evolving to suffice the need. In this research, we investigate the potential impact of social insurance in Indonesia to determine the possible direction of the relationship between the adequacy of social-economic-security instruments and spending. The study utilises a vector error correction model (VECM) test as a tool to analyse quarter data from several online source datasets, including household consumption expenditures, gross national income, and capital stock from bps.go.id, social insurance participations from djsn.go.id, inflation and national savings proxy by broad money M2 from bi.go.id in the form of quarterly data, starts from 2016 Q1 until 2023 Q3. The regression result shows no immediate and significant relationship between social insurance and consumption. However, the analysis reveals that social insurance might contribute to economic resilience, potentially leading to higher productive spending and a potential behavioural transformation towards risk.
Open Access
Bibliometric analysis of research trends in Islamic finance and investment
(Open Access Journals incorporations, 2025-01-31) Saleh, Husny Gibreel Musa; Gissay, Amadou; Mamburay, Yankuba
This study provides a bibliometric analysis of Islamic finance and investment, highlighting contributions and trends in the field from 2003 to 2023, using information from the Scopus database and displayed using the VOS viewer software. To chart the present state of international research on Islamic finance and investment, the PRISMA-compliant analysis includes an evaluation of the leading journals, nations, organizations, authors, document counts, and citation frequencies. We analyzed a corpus of 607 scholarly articles and found that Malaysia ranked first with 184 publications. International Islamic University Malaysia was the most productive institution, with 48 documents, and Hassan, M.K., was the most prolific author, with 22 articles and 9,427 citations. The Journal of Islamic Accounting and Business Research has the highest average citation per item. In contrast, the International Journal of Islamic and Middle Eastern Finance and Management has the most publications (33). Capital markets, Fintech, mutual funds, Sukuk, Islamic banks, commerce, and investing are some major trends. The results shed light on the industry's regulatory obstacles and provide policy suggestions to advance the growth of Islamic finance and investment and realize its potential advantages. Scholars, policymakers, and practitioners can rely on this bibliometric review as a fundamental resource when navigating the complexities of Islamic finance.
Embargo
Carbon emissions and trade in East, South, and Southeast Asia : a panel data approach
(Universitas Islam Internasional Indonesia, 2025-07-17) Saboor, Abdul; Teguh Yudo Wicaksono; Aimatul Yumna
The relationship between trade and carbon emissions is a crucial component of global climate discourse, particularly for Asia’s rapidly industrializing economies. Trade can either intensify environmental degradation through carbon leakage or serve as a channel for cleaner technologies and decarbonization. Understanding this duality is essential for designing effective, climate-aligned trade policy in the region. This thesis examines the impact of several trade factors on carbon emissions in thirteen countries spanning East, South, and Southeast Asia from 1990 to 2024, considering Asia's increasing emissions and reliance on exports. Employing a panel data methodology based on the Environmental Kuznets Curve (EKC), the Pollution Haven Hypothesis (PHH), and Pollution Halo effect Hypothesis frameworks, four distinct trade-emissions models are developed to evaluate the effects of total trade, merchandise trade, manufacturing exports, and agricultural exports independently. The principal independent variables comprise GDP per capita, power generated from renewable sources, and sector-specific tariff frameworks. The models are evaluated employing fixed effects and Driscoll–Kraay standard errors to guarantee robustness against heteroscedasticity, autocorrelation, and cross-sectional dependency. Empirical findings indicate that trade, especially in merchandise and agriculture, is significantly correlated with heightened emissions, notably in South Asia, where fertilizer use and fossil fuel transportation are prevalent. Conversely, manufacturing exports exhibit varied effects: emissions increase in East Asia while decreasing in ASEAN economies, characterized by more sustainable production methods. Renewable electricity consistently mitigates emissions across all scenarios, whereas tariff liberalization devoid of environmental protections exacerbates carbon leakage. The Environmental Kuznets Curve (EKC) is somewhat substantiated, particularly in the agricultural sector, where wealth development results in reduced emissions. Regionally, ASEAN demonstrates effective trade-emissions decoupling, East Asia reveals industrial vulnerability, and South Asia contends with enduring emission intensities associated with export expansion. Policy recommendations encompass the implementation of carbon-adjusted tariffs, regional Emissions Trading Systems (ETS), ESG-linked export incentives, and CBAM-style transport taxes to internalize embedded emissions. This study offers pragmatic approaches to align trade liberalization with climate objectives and enhances the developing dialogue on sustainable trade governance, green finance, and regional decarbonization plans in the Global South.
Embargo
Challenges in carbon markets - lessons for emerging emission trading system (ETS) and offset markets (case study: Indonesia)
(Universitas Islam Internasional Indonesia, 2025-07-30) Jobarteh, Ayuba; Hanafi Sofyan Guciano; Istiana Maftuchah
Carbon markets are increasingly recognized as vital instruments for reducing greenhouse gas (GHG) emissions and addressing climate change. As developing countries adopt market-based climate policies, understanding the operational challenges and potential of these markets becomes essential. This thesis examines the key regulatory, structural, and integrity-related issues facing Indonesia’s carbon market, with a focus on its Emissions Trading System (ETS) and offset programs. Using a mixed-methods approach combining document analysis of global case studies and in-depth stakeholder interviews, the research explores the institutional, technical, legal, and financial dimensions shaping Indonesia’s carbon market development. Sources include EU ETS literature, ASEAN regional reports, World Bank publications, and national regulatory presentations. The findings indicate persistent challenges such as fragmented governance, low liquidity, inadequate MRV and registry systems, and unclear legal frameworks. Stakeholders further identified untapped opportunities in nature-based solutions, digital innovation, and cross-border cooperation. Drawing lessons from the EU and ASEAN, the study emphasizes the need for phased policy rollout, stronger institutional alignment, price transparency, and fraud safeguards. Ten policy recommendations are proposed, including capacity-building, legal reforms, and alignment with Article 6 of the Paris Agreement. The novelty of this research lies in its triangulated methodology and its actionable synthesis of international best practices tailored to Indonesia’s context. This work contributes to the emerging literature on carbon markets by offering both diagnostic insights and policy-oriented solutions for market credibility and scalability.
Open Access
Comparative analysis of board of directors term limits compliance in public and private institutions (case study in Gambia)
(Program Studi Administrasi Publik, Fakultas Ilmu Sosial dan Ilmu Politik, Universitas Bojonegoro, Indonesia, 2024-10-10) Gissay, Amadou; Bah, Momodou Habib; Mamburay, Yankuba; Haule, Daigo Bernadetha
This paper examines the comparative analysis of the board of directors’ term limits compliance in Non-Governmental Organizations and Public and Private Institutions in the Gambia. The objective of this study is to analyse the term limits of the board of directors in these three institutions and their impact on institutional performance. The study was conducted based on a sample size of 34 boards of directors using descriptive and thematic analysis approaches to analyze the data. The study found that institutions that comply with board tenure (term limits) enjoy rapid innovation and institutional growth compared to the institutions that neglect it. In addition, (Kroll et al., 2008) alluded that long-tenured directors are on the boards of scandal-ridden companies like Xerox, Worldcom, Tyco, and Enron and this lends credence to this viewpoint. Our findings also indicate that these companies have lower research and development (R&D), productivity and exploration intensity than their matched control companies. Further findings observed that board members have a term limit of 2.24 years on average. However, there is a considerable degree of fluctuation (standard deviation of 1.30). This shows that different institutions have different governance rules, with some having shorter-term restrictions and others allowing for longer periods. The study also recommends future research that may explore similar topics in diverse contexts, evaluating cultural differences in board dynamics and conducting assessments of governance protocols. You need to stick with either American or British English. E.g. be consistent with words like analyse or analyze. I have highlighted these two spellings because they’ve been used so many times and interchangeably. Please note the same for words like organisation and organization.
Open Access
Corruption, women participation, and economic development : evidence from G20
(Universitas Islam Internasional Indonesia, 2023) Ananda Olga Ulima; Fajar B. Hirawan; Teguh Yudo Wicaksono
Women's participation in the public sphere has been increasingly prominent and impactful, resonating across various macro and microeconomic domains. Gender- Corruption issues have been recently become the focus in empirical findings of scholars. This study aims to examine the effect of women participation in public space on corruption in G20 member countries between year 1995-2021, based on panel data analysis. Under the most relaxed assumption of the model i.e., fixed effect, the result concludes that countries with high inequality is associated by higher corruption level. However, a good governance indicated from their rule of law has significant impact on reducing the level of corruption, which indicated that the policies' role and commitment set by the government institution are essential especially for those of G20's developing countries. Furthermore, the impact of women participation in parliament does not necessarily reduce corruption. Both female labour force participation and senior-middle management have a positive effect to eradicate corruption level. While under fixed effect model, the impact of these variables dissipates, suggesting that country-specific characteristics may explain the variation in the corruption level. This study suggests that promoting women participation must be followed by institutions, norms, and culture to strengthen the effectiveness of law. Moreover, next agenda of G20's board meeting can be focusing on tracking the progress of Anti-Corruption Working Group because there is still gap between developed and developing countries in terms of corruption eradication policy to gain sustainable economic development.
Embargo
CWLS for sustainable healthcare financing : case study on Achmad Wardi eye hospital
(Universitas Islam Internasional Indonesia, 2025-07-18) Fahmi Aulia Rahman; Ugi Suharto; Aimatul Yumna
Productive management of waqf funds will have a significant and sustainably impact the development of waqf in Indonesia. This research examines the impact of CWLS implementation as a sustainable healthcare financing on Achmad Wardi Eye Hospital. The research combines qualitative interviews, quantitative surveys, and document analysis. Qualitative analysis involves thematic analysis of interviews with stakeholders related to the CWLS program in Achmad Wardi Eye Hospital. To gain deeper insight into the program's impact, the pentahilix theory approach was used to determine interview participants, consisting of the Ministry of Finance and BWI as the government, lecturers as academics, directors of Achmad Wardi Eye Hospital and Dompet Dhuafa as business actors, beneficiaries as the community and the media. The Analytic Network Process (ANP) was used to assess which important factors in implementing the CWLS program in Achmad Wardi Eye Hospital were seen from the Impact Evaluation framework which consist of Input, Process, Outcomes, and Impact. The findings show that the CWLS Program has significantly impacted Achmad Wardi Eye Hospital in financial, operational, and social. Beneficiaries also felt the program's impact on improved quality of life and health awareness. In addition, the ANP analysis identified the most important factor is the Input factor. Based on these findings, this study provides recommendations to relevant policymakers in managing CWLS funds to improve the program's effectiveness. These recommendations include patient diversification, providing more affordable prices for general patients, formulating policies and commitments pertaining to environmental concerns, increasing fund availability, updating regulations on waqf, prioritization shift from input to impact, increasing public literacy, replica of the program in other regions and improving capacity and professionalism nadzir. This research concludes that the CWLS Program at Achmad Wardi Eye Hospital is a role model in impactful and sustainable productive waqf management.