EFFECT OF ZAKAT, INFAK AND SEDEKAH (ZIS), INDEX HUMAN DEVELOPMENT (HDI) AND UNEMPLOYMENT ON INDONESIAN ECONOMIC GROWTH AT 2013-2017
Keywords:
Economic Growth, ZIS, HDI, Unemployment
Abstract
Islamic view that growth in the economy is not only oriented to create accretion of single production but indicated the basis of the fairness of distribution, one of them with equal distribution of income that did not create a gap between the rich and the poor. In its development, many factors influence the economic growth, Including Zakat Infak and Sedekah (ZIS), Human Development Index, and Unemployment rate. The research type is explanatory with a quantitative approach. The type of data used is secondary data and Analysed using multiple linear regression by using Software Eviews 10. The results of the study have demonstrated that Zakat Infak and Sedekah (ZIS) and the Human Development Index (HUMAN DEVELOPMENT INDEX) influence positively and significantly on Indonesia's economic growth in 2013-2017. While unemployment did not affect. Based on the F-test, variable Zakat Infak and Sedekah (ZIS), the Human Development Index (HUMAN DEVELOPMENT INDEX), and unemployment simultaneously affected the Indonesia’s Economic growth . The magnitude of the effect of independent variables on the dependent variable amounted to 41.1%, while 58.9% are influenced by variables other research.
References
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Abimanyu, M., and Wayan Pradnyantha Wirasedana. 2015. “Pengaruh Ukuran Perusahaan, Variabilitas Pendapatan Dan Operating Leverage Pada Struktur Modal Industri Perbankan.” E-Jurnal Akuntansi Universitas Udayana 11(3):848–862.
Adiputro, Ricky Valianto. 2015. “Determinants of Capital Structure: Evidence from Listed Indonesian Companies. Thesis.” Netherlands: University of Twente.
Ahmeti, Faruk, and Burim Prenaj. 2015. “A Critical Review Of Modigliani And Miller’s Theorem Of Capital Structure.” International Journal of Economics, Commerce and Management 03(06):914–24.
Al-Kahtani, Noura, and Mohamed Al-Eraij. 2018. “Does Capital Structure Matter? Reflection on Capital Structure Irrelevance Theory: Modigliani-Miller Theorem (MM 1958).” International Journal of Financial Services Management 09(01):39–46.
Aremu, Mukaila Ayanda, Imoh Christopher Ekpo, Adeniyi Mudashiru Mustapa, and Salami Isaac Adedoyin. 2013. “Determinants of Capital Structure in Nigerian Banking Sector.” International Journal of Academic Research in Economics and Management Sciences 02(04).
Bank Sentral Republik Indonesia. 2005. Peraturan Bank Indonesia No. 7/13/PBI/2005 Tentang Kewajiban Penyediaan Modal Minimum Bank Umum Prinsip Syariah.
Belkhir, Mohamed, Aktham Maghyereh, and Basel Awartani. 2016. “Institutions and Corporate Capital Structure in the MENA Region.” Emerging Market Review 26(C):99–129.
Bitar, Mohammad, M. Kabir Hassan, and William J. Hippler. 2018. “The Determinants of Islamic Bank Capital Decisions.” Emerging Market Review 35(C):48–68.
Brigham, Eugene F., and Michael C. Ehrhardt. 2009. Financial Management: Theory and Practice. 13th ed. Mason: South Western Collegel Pub.
Brigham, Eugene F., and Joel F. Houston. 2011. Fundamentals of Financial Management. 13th ed. Boston: South Western Educational Publishing.
Chaklader, Barnali, and Deepak Chawla. 2016. “A Study of Determinants of Capital Structure through Panel Data Analysis of Firms Listed in NSE CNX 500.” Vision-The Journal of Business Perspective 20(04):267–77.
Chang, Chong-Chuo, Munkh-Ulzii Batmunkh, Wing-Keung Wong, and Munkhchimeg Jargalsaikhan. 2019. “Relationship Between Capital Structure And Profitability: Evidence From Four Asian Tigers. Journal of Management Information and Decision Sciences.” Journal of Management Information and Decision Sciences 22(02):54--65.
Chechet, Ishaya Luka, and Abduljeleel Badmus Olayiwola. 2014. “Capital Structure and Profitability of Nigerian Quoted Firms: The Agency Cost Theory Perspective.” American International Journal of Social Science 03(01):139–58.
Fauziah, Fenty, and Rusdiah Iskandar. 2015. “Determinant of Capital Structure in Indonesia Banking Sector.” International Journal of Business and Management Invention 04(12):36–44.
Ghozali, Imam. 2013. Aplikasi Analisis Multivariate Dengan Program IBM SPSS 21 Update PLS Regresi. Semarang: Universitas Dipenogoro.
Handoo, Anshu, and Kapil Sharma. 2014. “A Study on Determinants of Capital Structure in India.” Indian Institute of Management Bangalore 26(03).
Jensen, Michael C., and William H. Meckling. 1976. “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure.” Journal of Financial Economics 03(04):305–60.
Kumar, Satish, Sisira Colombage, and Purnima Rao. 2017. “Research on Capital Structure Determinants: A Review and Future Directions.” International Journal of Managerial Finance 13(02):106–32.
Lawi, Moh. 2016. “Analisis Pengaruh Ukuran Perusahaan, Profitabilitas, Pertumbuhan Penjualan, Dan Tingkat Pajak Terhadap Struktur Modal Bank Umum Syariah Di Indonesia Tahun 2013-2014.” Jurnal Pendidikan Akuntansi (JPAK) 4(3).
Listyawati, Listyawati, Abrar Oemar, and Agus Supriyanto. 2017. “Pengaruh Ukuran Perusahaan (SIZE), Profitabilitas (ROA), Growth Dan Likuiditas Terhadap Struktur Modal Perusahaan Perbankan Syariah Periode Tahun 2011-2014.” Journal Of Accounting 3(3).
Miller, Merton H., and Kevin Rock. 1985. “Dividend Policy Under Asymmetric Information.” The Journal of Finance 40(04).
M’ng, Jacinta Chan Phooi, Mahfuzur Rahman, and Selvam Sannacy. 2017. “The Determinants of Capital Structure: Evidence From Public Listed Companies in Malaysia, Singapore and Thailand.” Cogent Economics & Finance 05(01).
Modigilani, Franco, and Merton H. Miller. 1958. “The Cost of Capital, Corporation Finance and the Theory of Investment.” The American Economic Review 48(03).
Myers, Stewart C. 1984. “The Capital Structure Puzzle.” The Journal of Finance 39(03):575–92.
Myers, Stewart C., and Nicholas S. Majluf. 1984. “Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have.” Journal of Financial Economics 13(02):187–221.
Oino, Isaiah, and Ben Ukaegbu. 2015. “The Impact of Profitability on Capital Structure and Speed of Adjustment: An Empirical Examination of Selected Firms in Nigerian Stock Exchange.” Research in International Business and Finance 35:111–21.
Ross, Stephen A. 1977. “The Determination of Financial Structure: The Incentive-Signaling Approach.” The Bell Journal of Economics 08(01):23–40.
Singh, Narinder Pal, and Mahima Bagga. 2019. “The Effect of Capital Structure on Profitability: An Empirical Panel Data Study.” Jindal Journal of Business Research 08(01):65–77.
Solimun. 2010. Analisis Multivariat, Pemodelan Struktural, Metode Partial Least Square-PLS. Malang: CV Citra Malang.
Vătavu, Sorana. 2015. “The Impact of Capital Structure on Financial Performance in Romanian Listed Companies.” Procedia Economics and Finance 32:1314–1322.
Wahdati, Mefrina Wahyu, and Cahyo Budi Santoso. 2019. “Analisis Faktor-Faktor yang Mempengaruhi Struktur Modal pada Bank Umum Konvensional di Indonesia Tahun 2011–2016.” Measurement: Jurnal Akuntansi 11(2).
