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All Journal Jurnal Sinar Manajemen
Suwedy
Program Studi Manajemen, Fakultas Ekonomi dan Bisnis, Universitas Muhammadiyah Palu, Indonesia
Economics, Econometrics & Finance

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Determination of Stock Returns of State-Owned Banks: The Role of Fundamental Ratios in the Midst of Indonesia's Macroeconomic Dynamics Suwedy; Syarifah Aliyah Fitrisam; Burhanuddin; Arnianti
Jurnal Sinar Manajemen Vol. 12 No. 2: July 2025
Publisher : Fakultas Ekonomi dan Bisnis Universitas Muhammadiyah Palu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56338/jsm.v12i2.8142

Abstract

This study aims to analyze the effect of Return On Equity (ROE), Earning Per Share (EPS), and Price to Earnings Ratio (PER) on the return of state-owned banking stocks in Indonesia for the 2020-2024 period. The research approach uses a quantitative method with an explanatory design. The research sample consists of four state-owned banks listed on the Indonesia Stock Exchange, namely Bank Mandiri, BRI, BNI, and BTN. The data analysis technique used panel data regression with the Common Effect Model (CEM) model selected through the Chow test and the Lagrange Multiplier test. The results of the study show that simultaneously ROE, EPS, and PER do not have a significant effect on stock returns. However, partially, only ROE has a significant positive effect on stock returns, while EPS and PER have no significant effect. These findings indicate that stock investment decisions in the state-owned banking sector are not enough based only on financial fundamental ratios, but require consideration of macroeconomic factors and market sentiment. This research is expected to be a reference for investors, financial managers, and subsequent researchers in understanding the determinants of banking stock performance in Indonesia.
Human Capital Constrains in the implemetation of Pesantren Accounting Guidelines (PAP): Evidence from a modern Pesantren Al-Istiqamah Ngata Baru in Central Sulawesi Arnianti; Suwedy; Nur Rizkianti Suryanto; Muhammad Bashri Bas
Jurnal Sinar Manajemen Vol. 12 No. 2: July 2025
Publisher : Fakultas Ekonomi dan Bisnis Universitas Muhammadiyah Palu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56338/jsm.v12i2.8676

Abstract

This study aims to analyze the human resource (HR) constraints in the implementation of the Pesantren Accounting Guidelines (PAP) at Pondok Pesantren Modern (PPM) Al-Istiqamah Ngata Baru, Central Sulawesi. Using a qualitative case study design, data were collected through in-depth interviews, direct observation, and analysis of the pesantren’s financial documents. The findings reveal that limited accounting competencies among staff, lack of PAP socialization and training, absence of professional accountant assistance, and multiple work responsibilities are the main barriers to implementation. In addition, low digital literacy and reliance on manual systems increase the risk of errors and reduce the quality of financial reporting. These limitations lead to low accountability, restricted access to funding, and declining stakeholder trust. The study highlights that human resources are the key determinant in the successful implementation of PAP. Recommendations include regular training, professional mentoring, the use of simple accounting applications, and institutional support from pesantren leaders, government, and professional accounting bodies. Keywords: Pesantren Accounting Guidelines, Human Resources, Accountability, Financial Reporting, Pesantren
Co-Authors Arnianti Burhanuddin Muhammad Bashri Bas Nur Rizkianti Suryanto Syarifah Aliyah Fitrisam