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Item Open Access Determinants of clove production in Zanzibar : evidence from VECM model(Universitas Islam Internasional Indonesia, 2025-08-01) Nyange, Asia Khamis; Rininta NurrachmiCloves are not only a treasured cash crop in Zanzibar; they are an economic life-preserver, keeping export incomes and rural prosperity in place. The production of cloves, once a booming part of the export economy of the archipelago, has continued to shrink, raising serious questions about its root causes. In response to this call, this work explores how climatic factors as well as economic factors shape clove production in Zanzibar. Using secondary time series data from 1980 to 2024, sourced from the office of the chief government statistician Zanzibar, FAO and NOOA, this research used EViews software as a tool for data analysis, while R and STATA were used for graphical presentations. In addition, the analytical approach used descriptive statistics, as well as a Vector Error Correction Model (VECM) to reflect any immediate and long-term impacts. In the short-term analysis, result shows that Zanzibar clove production is primarily influenced by temperature (lag 1), producer price (lag 1), Precipitation (lag 2) and Ocean Nino Index (lag 1). However, several factors such as Producer Price (lag two), Temperature (lag two), Precipitation (lag two), Ocean Nino Index (lag two), Exchange Rate (lag one and two) and Clove export (lag one and lag two) do not have a statistically significant impact. Moreover, in the long run analysis, the study finds that Zanzibar’s clove production is significantly determined by most of the factors included in the model which are temperature, Ocean Nino Index, Exchange Rate and clove export. In contrast, the study finds that precipitation and producer price do not have a significant impact on clove production in long run. Overall, the study concludes that clove production in Zanzibar main determined by temperature, Ocean Nino Index, producer price, Exchange Rate, clove export and precipitation. Based on these findings, this paper proposes a climate adaptation plan on clove sector in Zanzibar. These are the establishment of drought tolerant cloves varieties, reinforced agro-extension programs, integrated agroforestry with the use of shade and nitrogen fixing trees like Gliricidia sepium and Albizia lebbeck.Item Embargo Examining the impact of international trade on pakistan’s economic growth : a vector error correction model (VECM) analysis(Universitas Islam Internasional Indonesia, 2025-08-04) Mehdi, Wasif; Fajar B. HirawanThe study examines the dynamic and long-term impact of international trade on Pakistan’s economic growth from 1985 to 2023, using a time-series econometric approach. Based on macroeconomic theory, the study uses specific methods to see how trade openness, foreign direct investment (FDI), and inflation affect GDP over time. Annual data for GDP growth, trade (as a percentage of GDP), FDI inflows, and inflation were collected from the World Bank Indicators. The Augmented Dickey-Fuller (ADF) test confirmed that the data is stable, and the Johansen cointegration method revealed four important long-term relationships between the variables. While the long-run results indicate that trade has a negligible effect on GDP, foreign direct investment (FDI) shows a slightly positive impact, and inflation appears to have a weak positive correlation; however, none of these effects are statistically significant at the 5% level. However, short-run dynamics reveal a meaningful adjustment mechanism, with GDP professing a strong tendency to turn back to its long-term path following short-term fluctuations. Descriptive statistics affirm high volatility in FDI, moderate trade activity, and relatively stable inflation trends. Diagnostic tests, including stability, serial correlation, and heteroscedasticity, confirm the robustness of the findings. The findings offer empirical insights into the trade-growth nexus in Pakistan, which points to the importance of policy reforms focused on export diversification, quality investment attraction, ensuring inflation control, and implementing institutional reforms. These insights are particularly relevant for researchers, economists, and policymakers working on macroeconomic planning within emerging economies.Item 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 A. NarjokoThis 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.Item Embargo Foreign aid, economic growth, and institutional quality : evidence from government effectiveness in African countries(Universitas Islam Internasional Indonesia, 2025-08-08) Touray, Katim; Teguh Yudo WicaksonoThis research examines the relationship between foreign aid and economic growth in 37 African countries from 2000 to 2022, emphasizing the moderating role of institutional quality specifically government effectiveness. While existing literature presents mixed results on the impact of official development assistance (ODA), this research introduces institutional quality as a key factor influencing aid outcomes. Using panel data, the study applies pooled OLS, fixed effects (FE), and random effects (RE) models to assess aid effectiveness. A novel aspect of the study is the interaction term between ODA and government effectiveness, allowing for an evaluation of whether stronger institutions enhance aid’s impact on growth. The research also explores regional differences by categorizing countries based on colonial history into British, French, and others to understand historical influences on institutional capacity. Findings show that while OLS and RE models suggest a positive effect of aid on growth, the FE model reveals an insignificant or negative relationship. However, when institutional quality is accounted for, aid becomes effective under better governance conditions, supporting the conditional aid effectiveness hypothesis. The study concludes that foreign aid promotes growth only when coupled with strong institutions, highlighting the importance of governance reforms for maximizing aid impact in Africa.Item Open Access Examining Filipino student’s adoption factors on switching from cash to mobile wallet payment : an UTAUT theory approach(Universitas Islam Internasional Indonesia, 2025-07-31) Mangindalat,Rosda Latipa; Rininta NurrachmiThe accelerated shift toward digital finance in Southeast Asia has placed mobile wallets at the forefront of financial innovation. In Philippines, however, mobile payment adoption remains inconsistent due to infrastructure, socio-economic, and behavioral factors. This study investigates the determinants influencing Filipino student’s adoption of mobile wallet payments, using the Unified Theory of Acceptance and Use of Technology (UTAUT) as the primary framework. The research employed a quantitative design using a structure survey distributed to 171 Filipino student, with a majority residing in region 12 (SOCCSKSARGEN). Data was analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) to test the relationships among six main constructs: Performance Expectancy, Effort Expectancy, Social Influence, Facilitating Conditions, Intention to Use, and Use Behavior. Findings revealed that Performance Expectancy and Effort Expectancy significantly influenced students’ intention to use mobile wallets. Notably, Social Influence also showed a statistically significant effect, suggesting that continued relevance of peer and social norms in technology adoption among youth. Facilitating Conditions strongly predicted actual Use Behavior, indicating that access to digital infrastructure, device compatibility, and app usability are critical enablers of sustained adoption. The study also found that financial autonomy through allowance, scholarships, or part-time work moderated usage behavior. Most students had been using wallets for 6 to 12 months, and the majority preferred GCash, underscoring brand dominance and platforms loyalty. Practically, the results support the need for stake holders’ specific intervention such as region sensitive infrastructure planning, digital literacy initiatives, and platforms designs tailored to student needs. Policy makers, educators, fintech developers, and digital inclusion advocates can benefit from this study’s insights. Ultimately, this research contributes to the evolving discourse on digital finance by offering a nuanced view of mobile adoption among a digital savvy yet economically diverse youth population in the Philippines.Item Embargo Factors affecting gen z’s intention to pursue higher education in Islamic economics : an integrated model of TPB, SDT, and alignment with maqasid al-shariah(Universitas Islam Internasional Indonesia, 2025-07-30) Hanifia Ihza Manila; Hamidi, M. LuthfiThe study examines the determinants of the intention of Gen Z to pursue higher education in Islamic economics by combining the Theory of Planned Behavior (TPB), SelfDetermination Theory (SDT), and alignment with Maqasid al-Shariah. With the increasing fear of the shortage of professional talents and experts in Islamic economy, the study aims at discovering the psychological, motivational and value-based factors that can be used to explain and improve educational decisions of students in the field. The study of 280 Gen Z participants that are active students or graduates in Islamic economics in higher education was conducted using Partial Least Squares-Structural Equation Modeling (PLS-SEM) to assess the direct and indirect links between the essential constructs: attitude, subjective norm, perceived behavioral control, the satisfaction of basic psychological needs, autonomous motivation, controlled motivation, and alignment with Maqasid al-Shariah. The results indicate that attitude is the most influential variable of intention in the TPB framework, followed by perceived behavioral control, and lastly subjective norm. This implies that the interest of Gen Z is mainly influenced by their personal assessment of Islamic economics and belief in their capability, but not by social pressure. Moreover, SDT variables have an important role in the intention by means of TPB components. Namely, the satisfaction of psychological needs is the strongest total indirect influence on intention through autonomous motivation. Controlled motivation, in its turn, possesses a weaker and narrower effect, which supports the significance of self-endorsed motives. Moreover, the research concludes that the congruence with Maqasid al-Shariah positively and significantly directly influences the intention of Gen Z to study Islamic economics. This implies that when people feel that this discipline is in line with greater Islamic goals like the maintenance of religion and wealth, they will have higher chances of viewing this field as a worthwhile academic and career choice. In general, this study has shown that educational institutions and policymakers must popularize Islamic economics as a goaloriented and spiritually satisfying field. Considering both motivational factors and value alignment, the institutions will be able to develop more effective outreach strategies and curricula that appeal to the aspirations and beliefs of Gen Z.Item Open Access Determinants of customer satisfaction toward mobile banking : a case study of Bank Khartoum in Sudan(Universitas Islam Internasional Indonesia, 2025-07-30) Saleh, Husny Gibreel Musa; Fajar B. Hirawan; Hamidi, M. LuthfiThis research investigates the determinants of customer satisfaction toward mobile banking services at the Bank of Khartoum in Sudan. To achieve this, a structured questionnaire was used with 300 respondents, while 266 were usable for analysis, with an 88.7% response rate. The research employed SEM-PLS to estimate the data. The findings revealed that E-Service Quality, E-Trust, and Customer Value significantly influence Customer Satisfaction, with E-Trust also positively affecting Customer Value. However, E-Service Quality was not found to have a significant effect on Customer Value. Moreover, E-Trust acted both as a direct and indirect driver of satisfaction, highlighting its central role in digital financial service evaluation. These results offer empirical support for the Theory of Planned Behavior (TPB), Expectation-Confirmation Theory (ECT), and SERVQUAL model in a conflict-affected, developing economy context. The findings contribute to the literature by providing a new understanding of customer experience and digital trust in post-crisis banking environments. Additionally, the study offers practical implications for enhancing digital banking performance and customer engagement at the Bank of Khartoum. This research also provides policy recommendations that can help strengthen digital trust, promote customer value, and support financial inclusion in Sudan. However, this study has some limitations. It focused only on active mobile banking users of Bank of Khartoum; future research should compare multiple banks and include non-users to better understand satisfaction dynamics across the Sudanese digital financial sector.Item 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. LuthfiGrounded 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.Item Embargo The role of zakat empowerment program in transforming the unbanked farmer : case study of BSI village program in Rejo Asri, Central Lampung(Universitas Islam Internasional Indonesia, 2024) Citra Widuri; Teguh Yudo Wicaksono; Indra GunawanThe exact processes, tactics, and results of the BSI Village Program are the focus of this study. It aims to identify the elements that contribute to the transformation of unbanked people into active bankable persons within the role of zakat empowerment program by performing a thorough case study. The research focuses on the intervention of BSI Village Program, a community development initiative implemented in Rejo Asri village, Lampung Tengah, Sumatra, Indonesia from 2019 to 2022. The particular BSI Village program was a special situation to empower 100 poor families by the use of zakat funds in community development activities. The research employs a mixed-methods approach, combining qualitative and quantitative data collection methods. The qualitative data were collected through focus group discussion (FGD), interviews, and document analysis, while the quantitative data were collected through a survey of the beneficiaries and experts. The survey involved 78 accessible beneficiaries and 10 experts. The perception survey results were analyzed by a cross regression to measure the influence of zakat empowering program on productivity, financial literacy and financial inclusion. System expert’s rating survey were conducted with two consecutive sequences of Interpretive Structural Modelling (ISM) and Analytical Hierarchy Process (AHP) to define the exact process of BSI Village program and how might alternative strategy can be used. The findings reveal that the BSI Village Program has raised the beneficiaries from poverty line by year 2022. The zakat empowering program was perceived as influential to productivity, financial literacy and financial inclusion of the beneficiaries. BSI Village program can be defined into top five elemental process according to ISM analysis. In the context of retrospective goal, the AHP result the transformation of the unbanked people into active bankable person in the agricultural/farming sector can be achieved by mostly productive intervention without exit strategy (closed loop). The research concluded that BSI Village program is influential to the transformation of the unbanked farmer into active bankable individuals in Rejo Asri, Lampung Tengah with the role of zakat empowerment program in the process.Item Open Access The dynamic interrelationships of CO2 emissions and renewable energy consumption on economic growth in G20 countries : a panel VAR approach(Universitas Islam Internasional Indonesia, 2024) Joko Susilo; Indra Gunawan; Aimatul YumnaThe interrelationship between CO2 emissions, renewable energy consumption, and economic growth is comprehensive, especially for the G20 countries, which contribute to huge global C02 emissions and the world economy. On the other hand, we require a deeper comprehension to formulate policies that harmonize economic expansion with sustainable development. This study will analyze the dynamic interrelationship between CO2 emissions and renewable energy consumption on economic growth in G20 countries. It employs the Panel Vector Autoregression (VAR) approach, covers a period from 1990 to 2022, and involves several fundamental stages. These include the unit roots test to see if the data is statistically sound, the cointegration test to see how the variables have changed over time, and the impulse response function test and variance decomposition to see how shocks to one variable affect other variables. The study's findings show a relationship among CO2 emissions, renewable energy consumption, and economic growth. The data indicate that CO2 emissions have a favourable immediate impact in the short term, resulting in higher GDP and greater economic activity, than C0 emissions and GDP are negative in the long term. Furthermore, we confirm that the short-term relationship between renewable energy consumption and GDP is positive; in contrast, using renewable energy sources does not positively impact economic expansion in the long run. Therefore, G20 countries need to take action to formulate renewable energy policies for economic growth to achieve sustainable development and reduce CO2 emissions while promoting economic growth, whether short-term or long-term.Item Open Access The impact of digital infrastructure on the employment rate in ASEAN(Universitas Islam Internasional Indonesia, 2024) Shellvy Lukito; Dian Masyita; Rizky WisnoentoroNeglecting the exponential expansion of digital infrastructure in ASEAN is impossible. This study investigates digital infrastructure's influence on the employment rate in ASEAN, where Singapore and Timor Leste are regarded as outliers. The variables that are being measured are as follows: fixed broadband subscriptions, fixed telephone subscriptions, internet usage, mobile cellular subscriptions, secondary school enrolment, GDP per employed person, inflation, GDP deflator, and employment to population ratio. The quantitative technique employed is panel regression data analysis, which is conducted using the Stata 17.0 application. this study employs the Heteroscedastic Panels Corrected Standard Errors (HPCSE) method to address the issue of heteroscedasticity in panel data. Additionally, the study utilizes the Feasible Generalized Least Squares (FGLS) approach in regression to obtain parameter estimates that are both efficient and consistent. This study reveals that Fixed broadband subscriptions positively affect the employment rate with a coefficient of 0.5211926 and a p-value of 0.000. Mobile cellular subscriptions also have a coefficient of 0.0359148 and a p-value of 0.064. However, GDP per person employed has a negative coefficient of -3.039084 and a p-value of 0.005. The findings of this study suggest that digital infrastructure is essential for developing job opportunities. Policies that prioritize the development of broadband and cellular access and consider the influence of productivity on the labor market can assist in developing strategies to increase work participation.Item Controlled Access Natural shocks, economic risks, health and social risks impact on food security in Indonesia(Universitas Islam Internasional Indonesia, 2024) Melani Sukma Yuridis; Rizky Wisnoentoro; Rima Prama ArthaThis study aims to elucidate the evolution of food security in Indonesia from 2017 to 2022 and to ascertain the impact of natural shocks (meteorological, hydrological, geophysical, climatological hazards), economic risks (inflation, GDP per capita, trade, and savings), as well as health risks and social risks (biological hazards) on food security during this period. In order to achieve the aforementioned objectives, this study employs descriptive analysis and panel data regression techniques. It is regrettable that the results demonstrate that only La Niña and El Niño, in addition to trade, exert a considerable influence on food security. As extreme climate phenomena, La Niña and El Niño exert a considerable influence on rainfall and temperature patterns, which in turn impact food production and availability. The results indicate that increased trade can help reduce food insecurity by redirecting surpluses from production areas to less well-off areas. The variables representing disasters, including natural shocks (meteorological, hydrological, geophysical, climatological) as well as health and social risks (biological hazards), do not exert a significant effect. This is due to the fact that the model may be unable to adequately capture the specific conditions of the number of disaster events, which can vary considerably depending on the type of disaster or the region in question. Furthermore, the economic variables of inflation, GDP per capita, and savings have no significant impact, as the model has been unable to adequately capture the fluctuating economic conditions of Indonesia during the data year under study.Item 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 HasudunganThis 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.Item Embargo The impact of tourism development on CO2 emissions : evidence from ASEAN economies(Universitas Islam Internasional Indonesia, 2024) Arif Rahman; Rizky Wisnoentoro; Dionisius Ardiyanto NarjokoFor several decades, the tourism sector has played a pivotal role in driving economic growth across ASEAN economies. However, the sector now faces significant challenges due to its vulnerability to climate change. This study investigates the correlation between the growth of the tourism industry and CO2 emissions in ASEAN countries from 2010 to 2019. Utilizing a random effects model, we analyse the impact of tourism on CO2 emissions, a key contributor to climate change. The results indicate that sustainable tourism practices, such as ecotourism, sustainable tourism and cultural tourism, can significantly reduce CO2 emissions by promoting biodiversity and preserving natural beauty. Furthermore, the study finds a positive correlation between real GDP per capita, energy intensity, and carbon emissions. The regression results confirm that international tourists prefer less-polluting destinations with efficient infrastructure, indicating a strong attraction to environmentally friendly travel options in ASEAN economies. This preference has significant implications for sustainable tourism development in ASEAN economies. Policy recommendations include pursuing sustainable, eco-friendly tourism through comprehensive and integrated sustainable tourism policies. These policies should focus on maintaining environmental quality, promoting green infrastructure, adopting clean technologies, and preserving forests to attract foreign tourists while minimizing environmental impact. Ultimately, integrated sustainable tourism policies will position ASEAN as a leading sustainable and eco-friendly destination, fostering both economic growth and environmental stewardship. By implementing these recommendations, ASEAN countries can balance economic development with environmental sustainability, contributing to the global effort against climate change.Item Embargo The impact of ESG implementation on financial performance : a case study of Indonesia stock market(Universitas Islam Internasional Indonesia, 2024) Dio Darmawan; Fajar B. Hirawan; Dionisius Ardiyanto NarjokoThis Study examines whether there is a relationship among companies between disclosure of environmental, social, and governance (ESG), operational performance (ROA), financial performance (ROE), market performance (Tobin’s Q), and market value (PER). And if these relationships are positive, negative, or simply neutral. This study aims to assess the influence of Environmental, Social, and Governance (ESG) implementation in Indonesia, comparing it to the situations in Japan and South Korea. It will consider the discrepancies in results found in previous studies conducted in other countries. Panel regression analysis was used to examine the study hypothesis. The study sample from companies listed on the Jakarta Composite Index with a total sample of 87 companies or 696 observations for the period 2015 to 2022 is used. During the given observation period, the sample data from Japan, as reported on the Nikkei 225 Index, consisted of 221 firms, totaling 1768 during the observation time. Similarly, South Korea, as listed on the Kospi Index, has a sample size of 294 companies, totaling 2352 throughout the observation period. The analysis indicates that the introduction of Environmental, Social, and Governance (ESG) practices in Indonesia has a significant negative impact on market performance, particularly measured by Tobin's Q. ESG implementation has no significant impact on other variables. The comparison of countries shows vary. The implementation of Environmental, Social, and Governance (ESG) practices in Japan has a significant negative influence on Return on Assets (ROA) and Tobin's Q. Meanwhile, South Korea has a negative relationship with market value as measured by PER.Item Open Access Understanding the factors driving product searches : an analysis using panel data(Universitas Islam Internasional Indonesia, 2024) Pradanti Nolo Wigati; Fajar B. Hirawan; Rima Prama ArthaThis study examines the factors that influence consumer product search behavior on e-commerce platforms, specifically focusing on the leading marketplaces in Indonesia, namely Shopee, Tokopedia, and Lazada using a panel data approach. This research analyzes the impact of organic and paid search strategies on organic traffic, which is an important driver for e-commerce performance. Utilizing data from 2019 to 2022, obtained from SEMrush, this study explores the effects of organic keywords, organic traffic cost, paid keywords, and paid traffic cost on the organic traffic of these platforms. In addition, the study also included dummy variables to assess the influence of the COVID-19 pandemic and peak seasons on consumer search behavior. The findings reveal that organic factors, especially organic keywords and traffic costs, significantly increase organic traffic, highlighting the importance of SEO (Search Engine Optimization) in e-commerce strategies. In contrast, paid search strategies show a complex relationship with organic traffic, with paid keywords negatively impacting organic traffic, while paid traffic costs show a more nuanced effect. The COVID-19 era and peak season were found to significantly alter search behavior, with the pandemic driving an important shift towards online shopping, thus intensifying competition in organic search. Economically, the results underscore the critical role of digital marketing in shaping consumer behavior and the broader implications for market efficiency in fast-growing Indonesia.Item Open Access Financial policy and socio-economic dimension on co2 emissions : revisiting the G20 countries(Universitas Islam Internasional Indonesia, 2024) Andi Dzulfahmi Imran Hamzah; Teguh Yudo Wicaksono; Aimatul YumnaThe issue of climate change, driven by high concentrations of CO2 emissions in the atmosphere, has garnered global attention. Consequently, the Paris Agreement represents a commitment by nations worldwide to address climate change by agreeing to limit the rise in global surface temperature to below 2°C, and ideally below 1.5°C, by 2050. This necessitates a transition to a greener economy, which is hindered by significant funding challenges, particularly for renewable energy financing and the transfer of environmentally friendly technology. Additionally, socio-economic factors must be considered, as population growth and urbanization increase demand in the energy and infrastructure sectors. This study aims to examine the effects of climate-related financial policy through climate-related financial policy index (CRFPI) and socio-economic factors on CO2 emissions in G20 countries from 2000 to 2020. Utilizing a panel regression random effects model, the impact of exogenous variables on CO2 emissions is found to be varied. CRFPI significantly reduces CO2 emissions, as does financial development. The Environmental Kuznets Curve (EKC) hypothesis is validated, showing that in the early stages, GDP positively affects CO2 emissions; however, as GDP growth reaches a turning point, economic growth negatively impacts CO2 emissions in the long term, indicating that G20 countries are predominantly characterized by progressive economic growth. Empirical evidence, particularly regarding socio-economic factors, presents diverse results. Renewable energy consumption leads to the most substantial reduction in CO2 emissions, while the response of CO2 emissions to FDI inflows shows a positive trend, suggesting that investment flows need better alignment with environmental sustainability goals. Finally, trade openness, urbanization, population, and technology patents do not show significant impacts. Despite the dynamic nature of empirical evidence, CRFPI, through various instruments such as green prudential policy, green financial principles, green investment and credit allocation, green bonds, and other disclosure requirements, can serve as alternative financing mechanisms to achieve net-zero emissions targets.Item Open Access The relationship between Islamic Financial Literacy (IFL), Halal Brand Awareness (HBA) in customer decisionmaking to choosing Islamic bank : a SEM-PLS study(Universitas Islam Internasional Indonesia, 2024) Diah Bardiah; Dian Masyita; Indra GunawanThe study reveals that the measurement model meets the required validity and reliability criteria, with all indicators showing satisfactory external loadings and AVE values. The structural model indicated a significant relationship between latent variables. The R Square value shows moderate to high explanatory power, and the SRMR value of 0.06 indicates suitable model fit, with a Goodness of Fit (GoF) Index of 0.662 categorizing the model fit as high. Using the SmartPLS software program, PLS-SEM analysis evaluates the outer and inner models. Assessment of measurement models emphasized the validity and reliability of indicators on measures such as outer loading, Cronbach's Alpha, Composite Reliability, AVE, and measures of discriminant validity, including the Fornell-Larcker criterion and cross-loading. Structural model estimation tests hypothesis testing, effect size, and predictive relevance using R Square, Q Square, SRMR, and PLS Predict measures. By using online survey data distributed to 1,027 respondents in 34 provinces in Indonesia, this study examines the application of PLSSEM to explore the relationship between latent variables in the Islamic Financial Literacy (IFL) framework and Halal Brand Awareness (HBA). The influence of these variables on consumer decision-making when choosing Sharia banking products and services is also explored. In conclusion, this research provides empirical evidence supporting the clarity of the PLS-SEM approach in examining the factors influencing consumer behavior in Islamic finance.Item Open Access Examining the regional economic integration : an analysis of cross border trade among ASEAN, China, and India(Universitas Islam Internasional Indonesia, 2024) Abbassy, Sadia; Hamidi, M. Luthfi; Fajar B. HirawanRegional economic integration has been studied since the late 20th century, when global markets became freer. ASEAN, China, and India are key players in the current political, economic, and infrastructural scene. These regions have had economic development, but globalization has brought geopolitical difficulties, regulatory hurdles, infrastructural issues, trade patterns, trade policies, environmental issues, and social issues. This extensive study examines the many factors affecting economic integration in various regions. Using quantitative gravity model with Panel Data analysis over time period of 1999 to 2023, and empirical literature studies to analyse trade flows, trade policies, and the role of international trade organization on regional economic integration. Trade statistics, FDI flows, economic indicators, literature reviews, case studies, and data analysis are used to understand the contextual elements affecting regional economic integration and crossborder trade. Engagement with stakeholders improves data accuracy and policy direction. Cross-border trade and important players' roles are examined to assess multi-regional integration and economic growth, as well as the obstacles and design an innovative complete policy for the coming economic size. Whether bilateral or multinational, free trade agreements strengthen long-term cooperation over competition. ASEAN, China, and India have great economic and strategic potential, according to this analysis. ASEAN's middle-class population is expected to quadruple to 630 million, whereas China and India represent 2.87 billion people. The region could become the fourth-largest economy by 2030 due to its strength. Thus, regional economic integration increases trade volume and reduces geopolitical tensions, promoting mutual understanding and advantageous trading patterns. The findings provide crucial insights for governments, companies, and researchers managing regional economic interconnectivity.Item Open Access The impact of fish production, government policy, climate change, and marine biodiversity as blue economy factors on food security : a panel data analysis(Universitas Islam Internasional Indonesia, 2024) Azzam Robbani; Dionisius Ardiyanto Narjoko; Herbert Wibert Victor HasudunganThis study explores the intersection between the blue economy and global food security, focusing on twelve Asia-Pacific countries from 2015 to 2021. As the blue economy becomes increasingly vital in sustainable development, particularly in regions reliant on marine resources, this research aims to quantitatively assess how key blue economy factors—such as fish production, government policies, marine biodiversity, and climate change—affect food security outcomes. Using a robust dataset sourced from reputable international organizations like the Food and Agriculture Organization (FAO) and the World Bank, the study applies panel data analysis using the Fixed Effects Model (FEM) based on the Hausman test, which confirmed FEM as the most appropriate model to account for country-specific characteristics and unobserved heterogeneity. Diagnostic checks for normality, heteroscedasticity, autocorrelation, and multicollinearity were conducted to ensure the robustness of the regression models. The findings reveal that climate change exerts a statistically significant and negative impact on food security, underscoring the vulnerability of food systems to environmental variability, particularly in regions where agriculture and fisheries depend heavily on natural rainfall and stable climatic conditions. Conversely, other blue economy factors—fish production, government policies, and marine biodiversity—do not show a significant direct influence on food security within the scope of this study. This suggests that while these areas hold potential, they may require more targeted and effective policy interventions to enhance their contributions to food security. The study emphasizes the need for policy recommendations that include the promotion of sustainable aquaculture and fisheries management, climate change mitigation strategies, and the development of comprehensive regulatory frameworks. Additionally, integrating urban planning into food security strategies and engaging local communities in the implementation of Marine Protected Areas (MPAs) are crucial for conserving marine biodiversity and supporting food security. The research also highlights the importance of diversifying blue economy activities to better integrate them into the broader economic system, thereby enhancing their contribution to food security.
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