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Birth, marriage and death are the standard trio of key events in most people’s lives. But only one – marriage – is a matter of
choice. While early marriage takes many different form and has various causes, one issue is paramount. Whether it happens to a
girl or a boy, early marriage violates a panoply of interconnected rights. Early marriage causes serious physical and also
psychological harms and suffering, which is commonly defined as gender-related violence. The reasons behind child marriage
vary from one country to another. More often than not, child marriage takes place due to cultural aspect and poverty. Indonesia
as the biggest country in the southeast Asia region and as the fourth biggest population in the world aren’t so different compared
to the whole picture of the world. The lack of literature which explain the interconnection among how culture and poverty (or
culture of indigence) affect malformed behavior of the society, especially on early marriage issue. Motivated us to use Jurgen
Habermas idea to elucidate the process behind the issue; how culture directly stir every action and decision of the society,
including the un-consistency by the government, and Family decision to wed their child as the strategy to solve economic
problem

Birth, marriage and death are the standard trio of key events in most people’s lives. But only one – marriage – is a matter of
choice. While early marriage takes many different form and has various causes, one issue is paramount. Whether it happens to a
girl or a boy, early marriage violates a panoply of interconnected rights. Early marriage causes serious physical and also
psychological harms and suffering, which is commonly defined as gender-related violence. The reasons behind child marriage
vary from one country to another. More often than not, child marriage takes place due to cultural aspect and poverty. Indonesia
as the biggest country in the southeast Asia region and as the fourth biggest population in the world aren’t so different compared
to the whole picture of the world. The lack of literature which explain the interconnection among how culture and poverty (or
culture of indigence) affect malformed behavior of the society, especially on early marriage issue. Motivated us to use Jurgen
Habermas idea to elucidate the process behind the issue; how culture directly stir every action and decision of the society,
including the un-consistency by the government, and Family decision to wed their child as the strategy to solve economic
problem

Purpose: The aim of this study is to investigate correlation and the spillover effect between
the Islamic stock index in Indonesia and other Asian emerging markets including Malaysia,
Thailand, India, China and Taiwan.
Design/Methodology/Approach: The time series data used is from daily returns from May
13, 2011 to October 17, 2017 with 1395 observations. Using Pearson Correlation, the
multivariate VAR model and the Granger Causality test, the study found low correlation
across markets.
Findings: The fluctuation of the Indonesian Islamic stock index is substantially dominated
by local information and creates a spillover effect in all markets in Asia. It also reveals a
bidirectional relationship between the Indonesian market and the Thailand, Indian and
Taiwanese markets, but only a unidirectional relationship between Indonesian market and
Malaysian and Chinese markets.
Practical Implications: The research is able to examine the integration of conventional stock
markets between Indonesian and Asian markets quite well to investigate the spillover effect
in the region.
Originality/Value: The Indonesian market creates an essentially dominant spillover effect on
all Asian market investigated. Using Islamic stock market, this study complements studies
conducted by other researchers.

Birth, marriage and death are the standard trio of key events in most people’s lives. But only one – marriage – is a matter of
choice. While early marriage takes many different form and has various causes, one issue is paramount. Whether it happens to a
girl or a boy, early marriage violates a panoply of interconnected rights. Early marriage causes serious physical and also
psychological harms and suffering, which is commonly defined as gender-related violence. The reasons behind child marriage
vary from one country to another. More often than not, child marriage takes place due to cultural aspect and poverty. Indonesia
as the biggest country in the southeast Asia region and as the fourth biggest population in the world aren’t so different compared
to the whole picture of the world. The lack of literature which explain the interconnection among how culture and poverty (or
culture of indigence) affect malformed behavior of the society, especially on early marriage issue. Motivated us to use Jurgen
Habermas idea to elucidate the process behind the issue; how culture directly stir every action and decision of the society,
including the un-consistency by the government, and Family decision to wed their child as the strategy to solve economic
problem

Purpose: The aim of this study is to investigate correlation and the spillover effect between
the Islamic stock index in Indonesia and other Asian emerging markets including Malaysia,
Thailand, India, China and Taiwan.
Design/Methodology/Approach: The time series data used is from daily returns from May
13, 2011 to October 17, 2017 with 1395 observations. Using Pearson Correlation, the
multivariate VAR model and the Granger Causality test, the study found low correlation
across markets.
Findings: The fluctuation of the Indonesian Islamic stock index is substantially dominated
by local information and creates a spillover effect in all markets in Asia. It also reveals a
bidirectional relationship between the Indonesian market and the Thailand, Indian and
Taiwanese markets, but only a unidirectional relationship between Indonesian market and
Malaysian and Chinese markets.
Practical Implications: The research is able to examine the integration of conventional stock
markets between Indonesian and Asian markets quite well to investigate the spillover effect
in the region.
Originality/Value: The Indonesian market creates an essentially dominant spillover effect on
all Asian market investigated. Using Islamic stock market, this study complements studies
conducted by other researchers.