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All Journal Jurnal STEI Ekonomi Jurnal Ilmu Multidisplin Jurnal Ekonomi Islam
Siti Riyyan Lisaumi
Universitas Sangga Buana, Bandung, Indonesia
Religion Agriculture, Biological Sciences & Forestry Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Law, Crime, Criminology & Criminal Justice Public Health Social Sciences

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Analisis rasio keuangan terhadap return saham perbankan yang terdaftar di bursa efek Indonesia: Periode 2015–2024 Erna Garnia; Rikah Yuliana Febriani; Siti Riyyan Lisaumi; Fitria Lilyana
Jurnal STEI Ekonomi Vol. 35 No. 1 (2026)
Publisher : Sekolah Tinggi Ilmu Ekonomi Indonesia Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36406/jemi.v35i1.368

Abstract

Banking stock returns in Indonesia exhibit significant fluctuations driven by various company fundamental factors. This study aims to analyze the effect of Debt to Asset Ratio (DAR), Net Profit Margin (NPM), and Return on Investment (ROI) on the stock returns of banking companies listed on the Indonesia Stock Exchange (IDX) for the 2015–2024 period. The research employs a quantitative approach using panel data regression analysis on 15 sample companies selected through purposive sampling, resulting in 150 observations. The results indicate that partially, DAR has a significant negative effect on stock returns, whereas NPM and ROI do not show significant effects. These findings suggest that capital structure is the primary risk consideration for investors in banking stock investment decisions, while operational profitability and investment efficiency have not yet become decisive signals during the observation period.
A COMPARATIVE ANALYSIS OF THE ACCURACY OF ARBITRAGE PRICING THEORY ON SHARIA STOCKS IN THE INDONESIA STOCK EXCHANGE Erna Garnia; Neli Andriani; Siti Riyyan Lisaumi; Hasna Inatsan Layiza; Deshinta Arrova Dewi
Ekonomi Islam Vol. 17 No. 1 (2026): Jurnal Ekonomi Islam Fakultas Agama Islam UHAMKA
Publisher : Universitas Muhammadiyah Prof DR HAMKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22236/jei.v17i1.22402

Abstract

Research aims: This study examines and compares the predictive accuracy of the Arbitrage Pricing Theory (APT) model in forecasting Sharia-compliant stock returns listed in the Jakarta Islamic Index (JII) across two presidential periods: Susilo Bambang Yudhoyono (2004–2014) and Joko Widodo (2014–2024). It analyzes how macroeconomic factors influence Islamic stock performance under different political-economic regimes. Design/Methodology/Approach: This study employs quantitative panel data regression using Ordinary Least Squares (OLS) on 27 companies consistently listed in the JII from 2004 to 2021. Seven macroeconomic factors global index, macroeconomic conditions, world oil prices, China index, Arabia index, competitive resources, and inflation—are derived using Principal Component Analysis (PCA). Observations are classified into high-return and low-return groups. Difference-in-regression tests examine variations across periods, while Mean Absolute Deviation (MAD) evaluates prediction accuracy. Research findings: The results show that the seven macroeconomic factors jointly have a significant influence on Sharia stock returns. However, the significance and direction of individual factors vary across return groups and presidential periods. The APT model achieves the highest predictive accuracy during high-return periods under President Joko Widodo, indicated by the lowest MAD value of 0.489591. Theoretical Contribution/Originality: This study extends multifactor APT analysis across different political-economic regimes. Practitioners/Policy Implications: The findings provide insights for investors and policymakers in developing macroeconomic-sensitive investment strategies. Research Limitations/Implications: This study is limited to secondary data and a specific market context; future research should incorporate broader datasets and alternative models
Determinan Return Saham Syariah: Analisis DAR, NPM, dan ROI Erna Garnia; Muhammad Aziiz; Siti Riyyan Lisaumi; Prima Vandayani
Jurnal Ilmu Multidisiplin Vol. 4 No. 6 (2026): Jurnal Ilmu Multidisplin (Februari - Maret 2026)
Publisher : Green Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/jim.v4i6.1749

Abstract

Penelitian ini mengkaji pengaruh indikator kinerja keuangan Debt to Asset Ratio (DAR), Net Profit Margin (NPM), dan Return on Investment (ROI) terhadap return kelompok saham Jakarta Islamic Index (JII) periode 2015-2024. Menggunakan metode pendekatan kuantitatif dengan analisis regresi data panel, penelitian ini memanfaatkan data sekunder dari laporan keuangan tahunan perusahaan konstituen JII yang dipilih melalui metode purposive sampling. Hasil analisis menunjukkan bahwa secara parsial, DAR dan NPM tidak berpengaruh signifikan terhadap return saham, sedangkan ROI menunjukkan pengaruh positif yang signifikan. Pengujian simultan mengindikasikan bahwa ketiga variabel secara bersama-sama mempengaruhi return saham JII, dengan ROI menjadi prediktor paling dominan. Temuan ini mengimplikasikan bahwa metrik profitabilitas, khususnya return on investment, merupakan indikator krusial bagi investor di pasar modal syariah dalam mengevaluasi kinerja saham. Penelitian ini berkontribusi pada pemahaman dinamika valuasi saham berbasis syariah dan memberikan wawasan praktis untuk strategi konstruksi portofolio dalam konteks keuangan Islam.
Co-Authors Deshinta Arrova Dewi Erna Garnia Fitria Lilyana Hasna Inatsan Layiza Muhammad Aziiz Neli Andriani Prima Vandayani Rikah Yuliana Febriani