Article Per Year (5 Year)
p-Index From 2021 - 2026
0.408
P-Index
This Author published in this journals
All Journal Al-Kharaj: Journal of Islamic Economic and Business Indonesia Auditing Research Journal
Andi Chairil Furqan
Universitas Tadulako, Indonesia
Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Languange, Linguistic, Communication & Media

Published : 2 Documents Claim Missing Document
Claim Missing Document
Check
Articles

Found 2 Documents
Search

 1 
The Influence of Market Value and Leverage on IDX Manufacturing Share Prices 2019-2023 Maulidin T. Semma; Ni Made Suwitri Parwati; Andi Chairil Furqan
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 2 (2026): All articles in this issue include authors from 3 countries of origin (Indonesi
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i2.10302

Abstract

This study aims to examine the effect of market value and leverage on stock prices of manufacturing companies listed on the Indonesia Stock Exchange during the 2019–2023 period. Market value is proxied by Earnings Per Share (EPS), while leverage is measured using the Debt to Equity Ratio (DER). This research employs a quantitative approach with a causal design and utilizes variance-based Structural Equation Modeling (SEM) through WarpPLS 7.0. The population consists of 219 manufacturing companies, with a sample of 74 firms selected using purposive sampling. The data used are secondary data derived from annual financial statements and year-end closing stock prices. The results indicate that market value, as measured by EPS, has a positive and significant effect on stock prices. This finding suggests that higher profitability per share increases investor interest, thereby driving stock price growth. In contrast, leverage, as proxied by DER, shows a positive but statistically insignificant effect on stock prices. This implies that the level of debt usage is not a primary determinant of stock price movements in manufacturing firms. This study highlights that investors tend to prioritize profitability signals over capital structure in making investment decisions. The findings are expected to provide insights for investors and corporate management in understanding fundamental factors influencing stock prices.
Determinants of local government capital expenditure in Indonesia: Fiscal capacity, local revenue, and BPK’s audit opinion Marwatul Hasanah; Andi Chairil Furqan; Muliati Muliati; Erwinsyah Erwinsyah
Indonesia Auditing Research Journal Vol. 15 No. 2 (2026): June: Auditing, Finance, IT Plan, IT Governance, Risk
Publisher : Institute of Accounting Research and Novation (IARN)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35335/arj.v15i2.711

Abstract

Differences in fiscal capacity, local revenue, and financial accountability may contribute to variations in capital expenditure allocation among Indonesian local governments. Understanding these factors is important because capital expenditure supports public infrastructure provision and long-term regional development. This study examines the effects of the Fiscal Capacity Index (FCI), Local Own-Source Revenue (LOSR), and BPK audit opinion on capital expenditure. A quantitative explanatory approach was employed using secondary data obtained from the Ministry of Finance of the Republic of Indonesia and BPK audit reports. The sample comprises 542 local governments observed from 2021 to 2023, resulting in 1,626 panel observations. Panel data regression analysis was used to estimate the relationships between the explanatory variables and capital expenditure. The findings indicate that the Fiscal Capacity Index has a positive and significant effect on capital expenditure. Local Own-Source Revenue also has a positive and significant effect and exhibits the largest coefficient, suggesting that fiscal autonomy plays the strongest role in explaining capital expenditure allocation. In contrast, BPK audit opinion has a negative but statistically insignificant effect on capital expenditure. Overall, fiscal capacity and local revenue are significant determinants of capital expenditure allocation, whereas BPK audit opinion is not significantly associated with capital expenditure among Indonesian local governments.
Co-Authors Erwinsyah Erwinsyah Marwatul Hasanah Maulidin T. Semma Muliati Muliati Ni Made Suwitri Parwati