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Article
Publication date: 1 July 2024

Harris Rizki Ananda, Kenny Devita Indraswari, A. Azizon, Irfani Fithria Ummul Muzayanah, Tika Arundina and Ashintya Damayati

The market value of luxury goods at the global and national levels continues to increase from year to year. The sales growth of the Indonesian luxury goods market is currently at…

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Abstract

Purpose

The market value of luxury goods at the global and national levels continues to increase from year to year. The sales growth of the Indonesian luxury goods market is currently at 6.6% per year. The largest sales sector in the market is the fashion sector, with more than US$700m per year. Several big cities in Asia, including Jakarta, experienced a shift in the age group of luxury goods buyers to a younger group with limited income resources. The behavior of purchasing luxury goods in the low-income group is contrary to Islamic values, which prioritize the fulfillment of needs rather than the fulfillment of desires. This study aims to analyze the factors that influence the intention of Muslim Generation Z consumers to buy luxury fashion products.

Design/methodology/approach

The purposive sampling method in this study involved 240 respondents who had bought luxury fashion products in the masstige category in the past two years. This study adopts the Theory of Reasoned Action (TRA) model and a quantitative approach through the structural equation modeling method.

Findings

The results of this study indicate that attitude towards behavior, subjective norms, self-esteem and materialism have a significant positive effect on the intention to consume luxury fashion, while the influence of religiosity was found to be insignificant. At the same time, religiosity has a significant negative effect on attitude towards behavior and subjective norms.

Research limitations/implications

These findings indicate that if consumers who have a positive attitude toward luxury fashion purchases, can be influenced by their significant others, self-esteem and materialistic nature, then they tend to buy luxury fashion items.

Originality/value

This study extends the theory of TRA by adding religiosity, self-esteem and materialism and it uses Muslim Generation Z as the respondent. Masstige category of luxury brands is also used to take into account the affordability of its generation toward luxury fashion products.

Details

Journal of Islamic Marketing, vol. 15 no. 9
Type: Research Article
ISSN: 1759-0833

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Article
Publication date: 8 July 2019

Ryanda Al Fathan and Tika Arundina

There are many studies related to finance-growth nexus, but existing empirical evidences still have not provided conclusive result of the nature and direction of this…

1431

Abstract

Purpose

There are many studies related to finance-growth nexus, but existing empirical evidences still have not provided conclusive result of the nature and direction of this relationship. Moreover, there are only few studies about finance-growth nexus seen from Islamic finance perspective, especially in Indonesia. Therefore, this study aims to examine the nature of causal relationship between Islamic finance development and economic growth in Indonesia seen from the development of Islamic banking, sukuk market and Islamic stock market.

Design/methodology/approach

By using quarterly data from 2002Q3 to 2017Q4, this study uses vector autoregressive (VAR) model, then uses granger causality and impulse response function to analyze the causal relationship between Islamic finance development and economic growth and also among three main sub-sectors of Islamic finance.

Findings

This study found that Islamic banking development and Islamic stock market development support neutrality hypotheses view, while sukuk market development supports supply-leading hypotheses view. Moreover, this study also found that there are unidirectional causalities from sukuk market development to Islamic banking development and from sukuk market development to Islamic stock market development.

Research limitations/implications

This study focuses only on the development of Islamic finance viewed from a macro perspective and only looks at how the three main sub-sectors in Islamic finance develop. In addition, the results of research related to finance-growth nexus are also sensitive to the object of research, the method and the proxies of variables used.

Originality/value

To the best of the authors’ knowledge, there is no study that examines the causal relationship between Islamic finance development and economic growth in Indonesia based on its three main sub-sectors simultaneously. So, this study gives empirical evidence to contribute on finance-growth nexus discussion based on three main sub-sectors of Islamic finance development in Indonesia.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. 12 no. 5
Type: Research Article
ISSN: 1753-8394

Keywords

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Article
Publication date: 29 July 2019

Amrial, Ahmad Mikail and Tika Arundina

Studies linking monetary policy to inflation and unemployment rates in the context of the Phillips curve are limited to conventional economics. On the other hand, research related…

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Abstract

Purpose

Studies linking monetary policy to inflation and unemployment rates in the context of the Phillips curve are limited to conventional economics. On the other hand, research related to application of the dual monetary policy is limited to discussion of monetary policy transmission lines, especially in Islamic banking channels. Therefore, this study aims to determine the monetary policy response in implementation of the dual monetary policy to two important indicators in the macro economy, namely, inflation and unemployment. In addition, the study reveals the relevance of the Phillips curve in Indonesia.

Design/methodology/approach

The method used is vector auto regression vector autoregression (VAR) with monthly data from February 2005 to October 2016 for the first model and semi-annual data from February 2005 to August 2017 for the second model. Analysis of VAR estimation in this research uses the impulse response function (IRF) to analyze the degree of sensitivity or responsiveness to a shock between variables and the variance decomposition (VD) application to analyze how the proportion of each independent variable’s contribution affects the money supply.

Findings

The result shows that monetary policy has responded appropriately to the problems of inflation and unemployment. However, inflation generates a bigger response than unemployment. Bank Indonesia considers the inflation expectations aspect of both conventional and Islamic references. Finally, the concept of the Phillips curve proves to be irrelevant in Indonesia.

Practical implications

The central bank is expected to build a more effective policy for transmission from the monetary sector to the real sector to effectively overcome the problems of inflation and unemployment. Furthermore, Indonesia needs to increase policies to overcome problems on the supply side.

Originality/value

The results of this study provide new insights into application of the dual monetary policy toward inflation and unemployment.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. 12 no. 5
Type: Research Article
ISSN: 1753-8394

Keywords

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