The Risk Preferences Of Graduates Of Islamic Educational Institutions In Indonesia

Salahuddin Rijal Arifin, Dimas Herliandis Shodiqin, Iftitah Rita Udiniyah, Fajri Yuriz Habibi

Abstract


Indonesia as a Muslim-majority country and the survey results show that the most Indonesian are religious. Religious education also gets facilities from the state as a form of support for people's needs for religion. Religiosity, and education are hypothesized to be determinants of risk preference. This study aims to uncover the relationship between risk preferences and Islamic faith-based education in the Indonesian context. This research tries to combine aspects of religiosity and educational aspects in one framework, namely Islamic faith-based education where previous studies do not unite aspects of religiosity and education. This research is expected to provide a more complete picture or map of the risk preferences of graduates of Islamic educational institutions.


Keywords


Risk Preferences; Religious Education; religiosity

Full Text:

PDF

References


Aven, T., & Renn, O. (2009). On risk defined as an event where the outcome is uncertain. Journal of Risk Research, 12(1), 1–11. https://doi.org/10.1080/13669870802488883

Binde, P. (2007). Gambling and religion: Histories of concord and conflict. Journal of Gambling Issues, 20, 145. https://doi.org/10.4309/jgi.2007.20.4

Blau, B. M., & Crane, B. D. (2021). Religiosity and loss aversion: Does local religiosity influence the skewness of stock returns? International Review of Finance, 21(2), 478–496. https://doi.org/10.1111/irfi.12287

Brown, S., Ortiz, A., & Taylor, K. (2006). Educational Attainment and Risk Preference (Issue February).

Cameron, L., & Shah, M. (2015). Risk-taking behavior in the wake of natural disasters. Journal of Human Resources, 50(2), 484–515. https://doi.org/10.3368/jhr.50.2.484

Campbell, S. (2005). Determining overall risk. Journal of Risk Research, 8(7–8), 569–581. https://doi.org/10.1080/13669870500118329

Dohmen, T., Falk, A., Huffman, D., & Sunde, U. (2018). On the relationship between cognitive ability and risk preference. Journal of Economic Perspectives, 32(2), 115–134. https://doi.org/10.1257/jep.32.2.115

Eckel, C. C., El-Gamal, M. A., & Wilson, R. K. (2009). Risk loving after the storm: A Bayesian-Network study of Hurricane Katrina evacuees. Journal of Economic Behavior and Organization, 69(2), 110–124. https://doi.org/10.1016/j.jebo.2007.08.012

EVS/WVS. (2021). European Values Study and World Values Survey: Joint EVS/WVS 2017-2021 Dataset (Joint EVS/WVS). JD Systems Institute & WVSA. https://doi.org/doi:10.14281/18241.11

Freese, J. (2004). Risk preferences and gender differences in religiousness: Evidence from the world values survey. Review of Religious Research, 46(1), 88–91. https://doi.org/10.2307/3512255

Gao, L., Wang, Y., & Zhao, J. (2017). Does local religiosity affect organizational risk-taking? Evidence from the hedge fund industry. Journal of Corporate Finance, 47, 1–22. https://doi.org/10.1016/j.jcorpfin.2017.08.006

Gharbi, I., Hamed-Sidhom, M., Hussainey, K., & Ganouati, J. (2021). Religiosity and financial distress in U.S. firms. International Journal of Finance and Economics, 26(3), 3902–3915. https://doi.org/10.1002/ijfe.1994

Grable, J. E., & Joo, S.-H. (1997). Determinants of Risk Preference: Implications for Family and Consumer Science Professionals. Family Economics and Resource Management Biennial, 2(1), 19–24.

Guo, Q., Liu, Z., & Tian, Q. (2018). Religiosity and Prosocial Behavior at National Level. Psychology of Religion and Spirituality, August. https://doi.org/10.1037/rel0000171

Harrison, G. W., & Rutström, E. E. (2008). Risk aversion in the laboratory. Research in Experimental Economics, 12(08), 41–196. https://doi.org/10.1016/S0193-2306(08)00003-3

Jung, S. (2015). Does education affect risk aversion? Evidence from the British education reform. Applied Economics, 47(28), 2924–2938. https://doi.org/10.1080/00036846.2015.1011313

Kahneman, D., & Tversky, A. (1979). Prospect Theory: An Analysis of Decision under Risk. Econometrica, 47(2), 293–298. https://doi.org/10.2307/j.ctv1kr4n03.21

Ministry of Religious Affairs of the Republic of Indonesia. (2019). Recapitulation of Islamic Education Principal Data. Emis Dashboard. http://emispendis.kemenag.go.id/dashboard/?content=data-pendis

Kim, H. S., Shifrin, A., Sztainert, T., & Wohl, M. J. A. (2018). Placing your faith on the betting floor: Religiosity predicts disordered gambling via gambling fallacies. Journal of Behavioral Addictions, 7(2), 401–409. https://doi.org/10.1556/2006.7.2018.23

Malinowski, B. (1948). Magic, Science and Religion and Other Essays. In The Free Press (Text Editi). The Free Press. https://doi.org/10.2307/3017623

Mata, R., Frey, R., Richter, D., Schupp, J., & Hertwig, R. (2018). Risk preference: A view from psychology. Journal of Economic Perspectives, 32(2), 155–172. https://doi.org/10.1257/jep.32.2.155

Miller, A. S., & Hoffmann, J. P. (1995). Risk and Religion: An Explanation of Gender Differences in Religiosity. Journal for the Scientific Study of Religion, 34(1), 63. https://doi.org/10.2307/1386523

Muzakky, F. A. (2021). How financial literacy affect risk preference: an evidence from Bandung, Indonesia. Journal of Accounting and Financial Research, 9(1), 1–12. https://doi.org/10.17509/jrak.v9i1.29202

Outreville, J. F. (2015). The relationship between relative risk aversion and the level of education: A survey and implications for the demand for life insurance. Journal of Economic Surveys, 29(1), 97–111. https://doi.org/10.1111/joes.12050

Pew Research. (2017). The changing global religious landscape. Online. www.pewforum.org/2017/04/05/the-changing-global-religious-landscape/[Accessed]

Purnama, M. Y. I., & Nugroho, L. I. (2020). Overtime risk preference and its determinants: Evidence from Indonesia. Sebelas Maret Business Review, 5(1), 17. https://doi.org/10.20961/smbr.v5i1.42991

Sakha, S. (2019). Determinants of risk aversion over time: Experimental evidence from rural Thailand. Journal of Behavioral and Experimental Economics , 80, 184–198. https://doi.org/10.1016/j.socec.2019.03.008

Sanjaya, M. R. (2013). On the Source of Risk Aversion in Indonesia Using Micro Data 2007. 0–31.

Schildberg-hörisch, H. (2018). Are Risk Preferences Stable. Journal of Economic Perspectives, 32(2), 135–154.

Steinberg, L. (2013). The influence of neuroscience on US Supreme Court decisions about adolescents’ criminal culpability. Nature Reviews Neuroscience, 14(7), 513–518.

https://doi.org/10.1038/nrn3509

Torgler, B. (2006). The importance of faith: Tax morale and religiosity. Journal of Economic Behavior and Organization, 61(1), 81–109. https://doi.org/10.1016/j.jebo.2004.10.007

Willis, H. H. (2007). Guiding resource allocations based on terrorism risk. Risk Analysis, 27(3), 597–606. https://doi.org/10.1111/j.1539-6924.2007.00909.x




DOI: https://doi.org/10.32528/tarlim.v5i2.7635

Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.

Tarlim: Islamic religious education journal, published by muhammadiyah university of Jember. Jl. Karimata No. 49 Jember 68121 Jawa Timur Indonesia Kotak Pos 104 Telp. 0331-336728 Fax. 0331-337957 Email : jurnaltarlim.pai@unmuhjember.ac.id ISSN : 2615-7225 (Print) and 2621-847X: (Online)
 
INDEX Jurnal :
Google ScholarMorarefCrossrefPortal Garuda RistekdiktiPKP INDEX, AKREDITASI SINTA 5Dimensions
 
 
View My Stats