Judul: Analysis of The Effect of Macroeconomic Factors and Internal Factors of Sukuk on The Fluctuation of Sukuk Prices
Abstrak: Sukuk merupakan salah satu bentuk investasi yang sesuai dengan prinsip ajaran Islam. Ada banyak faktor yang memengaruhi harga sukuk, seperti faktor makroekonomi dan faktor internal. Pada karya ilmiah ini dianalisis bagaimana pengaruh faktor-faktor makroekonomi seperti Jakarta Islamic Index, kurs Rupiah terhadap Dollar Amerika Serikat, harga emas, dan harga minyak mentah serta faktor-faktor internal sukuk seperti harga sukuk SR-009 dan imbal hasil sukuk SR009 terhadap harga sukuk SR-009. Analisis tersebut dilakukan dengan membentuk model menggunakan Vector Error Correction Model (VECM). Selanjutnya, model tersebut diimplementasikan dalam Fungsi Respon Impuls atau Impulse Response Function (IRF) dan Forecast Error Variance Decomposition (FEVD) untuk melihat pengaruh jangka panjang seluruh faktor terhadap harga sukuk SR-009. Hasil yang diperoleh ialah seluruh faktor saling terkointegrasi atau memiliki hubungan jangka panjang bagi fluktuasi harga sukuk SR-009. Selain itu, seluruh faktor juga memiliki hubungan kausalitas Granger atau hubungan timbal balik dengan harga sukuk SR-009., Sukuk is a form of investment in accordance with the Islamic principles. There are many factors that influence the sukuk price, such as macroeconomic factors and internal factors of sukuk. In this research paper it is analyzed how the influence of macroeconomic factors such as Jakarta Islamic Index, USD exchange rate, gold prices, and crude oil prices, as well as internal factors of sukuk such as prices and yileds on the sukuk SR-009 prices. The analysis was carried out by forming a model using the Vector Error Correction Model (VECM). Furthermore, the model is implemented in the Impulse Response Function (IRF) and Forecast Error Variance Decomposition (FEVD) to see the long-term relationship of all factors on the sukuk SR-009 prices. The result shows that all factors are cointegrated or have a long-term relationship for the fluctuation of the sukuk SR009 prices. In addition, all factors have a Granger causallity or reciprocal relationship with the sukuk SR-009 prices.
Keyword: Forecast Error Variance Decompositon, Fungsi Respon Impuls, Sukuk, Vector Error Correction Model, Forecast Error Variance Decompositon, Fungsi Respon Impuls, Sukuk, Vector Error Correction Model

Judul: Analisis Pengaruh Guncangan Makroekonomi terhadap Perkembangan Sukuk Negara di Indonesia
Abstrak: Penerbitan Sukuk Negara masih berada pada kisaran 20-30 persen setiap tahunnya dari total Surat Berharga Negara yang diterbitkan serta terdapat beberapa penjualannya yang tidak mencapai target pemerintah. Sebagai negara Muslim terbesar di dunia, Indonesia hanya menyumbang 13.38 persen total penerbitan Sukuk Negara di dunia di bawah Malaysia sebesar 32.82 persen dan Arab Saudi sebesar 31.94 persen. Penelitian ini bertujuan untuk menganalisis pengaruh guncangan makroekonomi terhadap perkembangan Sukuk Negara yang berdenominasi rupiah dari tahun 2014 sampai 2019. Berdasarkan metode analisis Vector Error Correction Model (VECM) diperoleh hasil bahwa Sukuk Negara merespon positif guncangan produk domestic bruto, imbalan deposito mudharabah dan Jakarta Islamic Index (JII). Sedangkan Sukuk Negara merespon negatif inflasi, suku bunga acuan dan nilai tukar rupiah. Variabel yang memberikan kontribusi dominan dalam menjelaskan keragaman perkembangan Sukuk Negara secara berurutan adalah JII, nilai tukar rupiah dan suku bunga acuan., The issuance of Sovereign Sukuk is still in the range of 20-30 percent each year of the total Government Securities issued and there are several sales that do not reach the government’s target. As the largest Muslim country in the world, Indonesia only contributed 13.38 percent of the total issuance of Sovereign Sukuk in the world, under Malaysia at 32.82 percent and Saudi Arabia at 31.94 percent. This study aims to examines the impact of macroeconomic shocks on the development of local currency Sovereign Sukuk from 2014 to 2019. Based on the Vector Error Correction Model (VECM) analysis method, it is found that Sovereign Sukuk respond positively to the shocks of real gross domestic product, mudharabah deposits return rate, and Jakarta Islamic Index (JII). Meanwhile the Sovereign Sukuk respond negatively to the shock of inflation, policy rate, and exchange rate. The three variables that made dominant contribution in explaining the variation of development of Sovereign Sukuk were JII, exchange rate and policy rate.
Keyword: development, macroeconomic, Sovereign Sukuk, VECM

Judul: Penangkaran Kupu Pachliopta aristolochia (Papilionidae: Lepidoptera) di Screen House dan Laboratorium
Abstrak: This study aims to domesticate of Pachliopta aristolochia in screen house and laboratory. Sixty-seven P. aristolochiae were released into the screen house. From six pairs mated butterflies produced two hundred and sixty eggs layed. Forty eggs were studied in the research. Twenty larvae were maintained in screen house and the other twenty larvae were maintained in the laboratory. Twenty larvae that developed into pupa in the screen house, were moved into the laboratory. The other twenty larvae were maintained in the laboratory. The twenty larvae in the screen house turned into a pupa and only nineteen butterflies were in normal condition, with sex ratio 8/11. Larvae in the laboratory developed into twenty normal pupas and produced fifteen normal butterflies with a sex ratio 11/4. All butterflies in the screen house can continue to develop and reproduce as long as Aristolochia tagala as larvae food and nectar of flower as butterfly food are available. The life cyle of P. aristolochiae in screen house from egg until pupa was 35,9±6,76 days.
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