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Impact of Financial Ratios on Strategic Investment Decisions: A Case Study of Petronas and Sapura Energy Kamilah, Athia Nur; Fauziyah, Nur; Rinaima , Chetrine Alya; Utari , Septi
Maaliyah: Journal of Islamic Economic Law and Islamic Finance Vol. 1 No. 2 (2025): Maaliyah: Journal of Islamic Economic Law and Islamic Finance
Publisher : Universitas Darunnajah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61159/maaliyah.v1i2.639

The use of financial ratio analysis as a decision-making tool is widely recognized. However, there is limited comparative research examining how such analysis influences investment assessment and strategic implications between financially stable and distressed companies in the same industry. This study aims to address that gap by evaluating and comparing the financial performance of Petroliam Nasional Berhad (PETRONAS) and Sapura Energy Berhad. A quantitative research method was employed, using profitability, liquidity, leverage, and investment valuation ratios derived from the companies’ annual financial statements. The results reveal a stark contrast between the two entities: PETRONAS exhibits strong profitability, high liquidity, balanced leverage, and favorable investment valuation, reflecting its resilience and capacity for sustainable growth. In contrast, Sapura Energy shows negative profitability, critical liquidity shortages, excessive leverage, and unfavorable investment valuation, indicating severe financial distress. These findings contribute to a better understanding of how financial health impacts strategic positioning and investment attractiveness in the energy sector. The study offers practical insights for investors, policymakers, and corporate managers in designing targeted strategies, such as energy transition initiatives and risk mitigation measures, to enhance competitiveness and long-term sustainability.

Risk and Return Evaluation: A Modern Portfolio Theory Approach on Bina Puri Berhad and Ahmad Zaki Resources Berhad Stocks Nur Fauziyah; Athia Nur Kamilah; Chetrine Alya Rinaima
Journal of Economic Education and Entrepreneurship Studies Vol. 6 No. 1 (2025)
Publisher : Department of Economics Education, Faculty of Economics, Universitas Negeri Makassar

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This study analyzes investment strategies based on Modern Portfolio Theory (MPT) using a case study of two Malaysian construction companies, Bina Puri Holdings Bhd and Ahmad Zaki Resources Berhad (AZRB). The study evaluates the risk and return of both companies' stocks using variables such as average closing price, average return rate, variance, and standard deviation. The results show that Bina Puri Berhad has a higher average return (36.43%) compared to AZRB (11.23%), but it also comes with higher risk. The correlation between the two stocks was found to be weakly positive (0.1759), indicating potential diversification benefits within a portfolio. By applying MPT principles, the study identifies the optimal portfolio combination that minimizes risk while maximizing returns. The findings highlight the importance of diversification in portfolio management and the relevance of MPT in strategic investment decision-making.

Impact of Financial Ratios on Strategic Investment Decisions: A Case Study of Petronas and Sapura Energy Athia Nur Kamilah; Nur Fauziyah; Chetrine Alya Rinaima; Septi Utari
Maaliyah: Journal of Islamic Economic Law and Islamic Finance Vol. 1 No. 2 (2025): Maaliyah: Journal of Islamic Economic Law and Islamic Finance
Publisher : Universitas Darunnajah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61159/maaliyah.v1i2.639

The use of financial ratio analysis as a decision-making tool is widely recognized. However, there is limited comparative research examining how such analysis influences investment assessment and strategic implications between financially stable and distressed companies in the same industry. This study aims to address that gap by evaluating and comparing the financial performance of Petroliam Nasional Berhad (PETRONAS) and Sapura Energy Berhad. A quantitative research method was employed, using profitability, liquidity, leverage, and investment valuation ratios derived from the companies’ annual financial statements. The results reveal a stark contrast between the two entities: PETRONAS exhibits strong profitability, high liquidity, balanced leverage, and favorable investment valuation, reflecting its resilience and capacity for sustainable growth. In contrast, Sapura Energy shows negative profitability, critical liquidity shortages, excessive leverage, and unfavorable investment valuation, indicating severe financial distress. These findings contribute to a better understanding of how financial health impacts strategic positioning and investment attractiveness in the energy sector. The study offers practical insights for investors, policymakers, and corporate managers in designing targeted strategies, such as energy transition initiatives and risk mitigation measures, to enhance competitiveness and long-term sustainability.

Pengaruh Nilai Tukar dan Kebijakan Moneter The Federal Reserve terhadap Return Saham Volkswagen AG: (Studi Kasus pada Perusahaan Multinasional) Rendra Dwi Saputra; Muhammad Faizal Hakim; Saddam Abhinaya Setiyawan; Aldan Ardana; Chetrine Alya Rinaima
JURNAL EKONOMI BISNIS DAN MANAJEMEN Vol. 4 No. 2 (2026): April : JURNAL EKONOMI BISNIS DAN MANAJEMEN
Publisher : CV. ALIM'SPUBLISHING

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59024/jise.v4i2.2038

This study aims to analyze the impact of the USD/CNY exchange rate and the Federal Reserve interest rate on the stock returns of Volkswagen AG. Volkswagen AG is chosen as the object of analysis because it is a multinational corporation with significant exposure to the Chinese market, making it highly sensitive to fluctuations in global economic conditions, particularly exchange rate movements and monetary policy changes. The study adopts a quantitative research approach using multiple linear regression analysis to examine the relationships between variables. The data used are monthly secondary data covering the period from 2017 to 2023, resulting in 84 observations. The dependent variable in this study is Volkswagen AG stock returns, while the independent variables consist of the USD/CNY exchange rate and the Federal Funds Rate. The empirical results show that the USD/CNY exchange rate has a negative and statistically significant effect on Volkswagen AG stock returns, indicating that currency depreciation or appreciation plays a crucial role in influencing investor sentiment and firm valuation. In contrast, the Federal Funds Rate does not show a statistically significant effect on stock returns during the observed period. However, the simultaneous test indicates that both variables jointly have a significant influence on Volkswagen AG stock returns. Overall, the findings suggest that exchange rate risk is more dominant than U.S. monetary policy in affecting the stock performance of Volkswagen AG over the study period.

Pengaruh Nilai Tukar dan Kebijakan Moneter The Federal Reserve terhadap Return Saham Volkswagen AG: (Studi Kasus pada Perusahaan Multinasional) Rendra Dwi Saputra; Muhammad Faizal Hakim; Saddam Abhinaya Setiyawan; Aldan Ardana; Chetrine Alya Rinaima
JURNAL EKONOMI BISNIS DAN MANAJEMEN Vol. 4 No. 2 (2026): April : JURNAL EKONOMI BISNIS DAN MANAJEMEN
Publisher : CV. ALIM'SPUBLISHING

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59024/jise.v4i2.2038

This study aims to analyze the impact of the USD/CNY exchange rate and the Federal Reserve interest rate on the stock returns of Volkswagen AG. Volkswagen AG is chosen as the object of analysis because it is a multinational corporation with significant exposure to the Chinese market, making it highly sensitive to fluctuations in global economic conditions, particularly exchange rate movements and monetary policy changes. The study adopts a quantitative research approach using multiple linear regression analysis to examine the relationships between variables. The data used are monthly secondary data covering the period from 2017 to 2023, resulting in 84 observations. The dependent variable in this study is Volkswagen AG stock returns, while the independent variables consist of the USD/CNY exchange rate and the Federal Funds Rate. The empirical results show that the USD/CNY exchange rate has a negative and statistically significant effect on Volkswagen AG stock returns, indicating that currency depreciation or appreciation plays a crucial role in influencing investor sentiment and firm valuation. In contrast, the Federal Funds Rate does not show a statistically significant effect on stock returns during the observed period. However, the simultaneous test indicates that both variables jointly have a significant influence on Volkswagen AG stock returns. Overall, the findings suggest that exchange rate risk is more dominant than U.S. monetary policy in affecting the stock performance of Volkswagen AG over the study period.

Dispute Resolution in Islamic Economics: A Comparative Study of Dispute Settlement Mechanisms in Indonesia and Malaysia Dinta Kharisma Almeira; Chetrine Alya Rinaima; Athia Nur Kamilah
Al Hukm: Journal of Islamic Legal Studies Vol. 1 No. 01: Al Hukm: Journal of Islamic Legal Studies (June 2026)
Publisher : Cv. Kayaswara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65097/jils.v1i01.150

This article provides a comprehensive comparative analysis of Islamic economic dispute resolution mechanisms in Indonesia and Malaysia, two of the largest Muslim-majority nations in Southeast Asia with rapidly expanding Islamic finance sectors. Employing a normative-juridical approach complemented by comparative legal methodology, this study examines the legislative frameworks, institutional architectures, and procedural modalities governing the settlement of Sharia economic disputes in both jurisdictions. The findings reveal that Indonesia adopts a dual-track system wherein the Religious Courts (Pengadilan Agama) exercise primary adjudicatory jurisdiction over Sharia economic disputes following the enactment of Law No. 3 of 2006, while the National Sharia Arbitration Board (Basyarnas) provides alternative dispute resolution services. Malaysia, by contrast, has developed an integrated framework anchored in the Shariah Advisory Council (SAC) of Bank Negara Malaysia, whose rulings possess binding authority over all courts and arbitral tribunals adjudicating Islamic financial matters. The comparative analysis demonstrates that each jurisdiction has developed contextually appropriate mechanisms shaped by distinct constitutional arrangements, colonial legacies, and legal traditions. This article proposes a harmonization framework that leverages the institutional strengths of both systems, offering policy recommendations for enhancing legal certainty, procedural efficiency, and Sharia compliance in Islamic economic dispute resolution across the ASEAN region

Does Islamic Banking Performance Enhance Social Welfare? Evidence from Indonesia Hapid Durohman; Fajar Andrian Sutisna; Danial Muhammad Wirdyansyah; Chetrine Alya Rinaima
Journal of Islamic Economics and Business Vol. 4 No. 2 (2024): Journal of Islamic Economics and Business
Publisher : Fakultas Ekonomi dan Bisnis Islam

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/jieb.v4i2.45727

This study examines the influence of Islamic banking performance on social welfare in Indonesia, focusing on Shariah Non-compliance Risk (SNCR) and its relationship with the Capital Adequacy Ratio (CAR), unemployment, and Gross Domestic Product (GDP). SNCR occurs when Islamic banks fail to comply with Shariah principles, potentially leading to operational risks. Using panel data from 13 Islamic banks during 2017–2020, this research applies the Three-Stage Least Squares (3SLS) method to analyze the interaction between financial performance, macroeconomic indicators, and social welfare. Results show that higher CAR and unemployment tend to increase SNCR, while greater profitability, sufficient liquidity, and stable inflation help reduce it. Interestingly, although SNCR poses operational challenges, it has a positive impact on social welfare as reflected in GDP growth. This suggests that Islamic banks, despite Shariah compliance risks, still contribute to economic development. These findings emphasize the need for strong governance, effective risk control, and supportive economic policies. The study recommends that regulators enhance Shariah supervision and develop policies that strengthen financial stability while enabling Islamic banks to support national welfare goals. Overall, the research contributes to understanding how Islamic banking can balance financial soundness and social responsibility in the context of a growing Shariah-compliant financial system.

Analisis Perbandingan Kinerja Risiko-Return Indeks Saham di Kawasan ASEAN: Studi pada Indonesia, Malaysia, dan Singapura CHETRINE ALYA RINAIMA; Akhyar Siddiq; Aini Nur Furoida
Jurnal Ekonomika : INDEPENDEN Vol 5 No 3 (2025): Desember 2025
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26740/independent.v5i3.74284

Penelitian ini bertujuan untuk menganalisis dan membandingkan kinerja risiko-return indeks saham utama di kawasan ASEAN, yaitu Jakarta Composite Index (JCI), Kuala Lumpur Composite Index (KLCI), dan Straits Times Index (STI) selama periode 2017–2023. Analisis dilakukan menggunakan pendekatan risk-adjusted return melalui Sharpe Ratio, Treynor Ratio, dan Jensen’s Alpha untuk menangkap perbedaan kinerja berdasarkan total risiko dan risiko sistematis. Data yang digunakan merupakan data sekunder berupa return indeks pasar dan tingkat pengembalian bebas risiko yang dianalisis dengan metode kuantitatif deskriptifkomparatif. Hasil penelitian menunjukkan bahwa indeks STI memiliki kinerja risiko-return yang paling konsisten dan efisien, terutama pada periode krisis dan pemulihan ekonomi. Indeks JCI menunjukkan kinerja yang cukup kompetitif pada fase pemulihan, namun belum konsisten dalam menghasilkan abnormal return setelah disesuaikan dengan risiko sistematis. Sementara itu, indeks KLCI secara umum menunjukkan kinerja risiko-return yang relatif lemah dan kurang stabil sepanjang periode penelitian. Temuan ini mengindikasikan bahwa perbedaan karakteristik dan efisiensi pasar memengaruhi kualitas kinerja investasi di kawasan ASEAN.

THE DETERMINANT ANALYSIS OF SERVICE QUALITY AND GOJEK'S MATCHING ALGORITHM ON THE SATISFACTION OF MUSLIMAH CUSTOMERS IN SURABAYA Abdullah Muhammad Al-Kamal; Chetrine Alya Rinaima; Ana Toni Roby Candra Yudha; Andhy Permadi
Jurnal Ekonomi dan Bisnis Islam (Journal of Islamic Economics and Business) Vol. 10 No. 1 (2024): JANUARY - JUNE 2024
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jebis.v10i1.47907

Introduction: The purpose of this study is to determine the partial influence of service quality and matching algorithm on the satisfaction of female muslim (muslimah) student customers using Gocar services in Surabaya. The research aims to investigate the effect of these two variables. The selection of a ride-hailing service catering to Muslimah-friendly preferences in Surabaya is driven by the increasing demand for such specialized services that are satisfy and safe for Muslimah. Method: Data for this research were collected through questionnaires distributed to 100 muslimah students using Gocar services in Surabaya as the research sample. Surabaya was chosen due to the high demand of this service compared to most other cities in Indonesia. The mixed-method approach involved quantitative analyses such as validity and reliability tests, classic assumption tests, t-tests, F-tests, and the coefficient of determination. Additionally, qualitative data from the interviews were analyzed to provide a comprehensive understanding of customer experiences. Results: The result is both service quality and matching algorithm have a positive impact on customer satisfaction, both individually and simultaneously. However, some criticisms were identified, such as excessive interaction from drivers that made customers uncomfortable and long waiting times for pick-up due to distant driver locations. Conclusion and suggestion: Achieving customer satisfaction is crucial for any company, including Gojek, as the provider of Gocar services. To address customer satisfaction issues, Gojek should provide training on appropriate customer interactions for drivers and improve the matching algorithm to ensure closer driver-customer proximity without relying solely on Gocar instant points.

Sharia Based Approaches to Global Digital Governance: Ethical Implications of Blockchain and Cryptocurrency in Muslim Communities Laras Annisa Ulfitri Nedi; Chetrine Alya Rinaima
Harmony Philosophy: International Journal of Islamic Religious Studies and Sharia Vol. 1 No. 3 (2024): August: Harmony Philosophy: International Journal of Islamic Religious Studies
Publisher : International Forum of Researchers and Lecturers

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70062/harmonyphilosophy.v1i3.327

The integration of blockchain technology and cryptocurrency within the framework of Islamic finance has raised significant ethical, legal, and regulatory concerns. Blockchain technology, known for its transparency, decentralization, and immutability, offers a promising solution for enhancing financial inclusion, transparency, and security in financial transactions. However, the use of cryptocurrencies, such as Bitcoin and Ethereum, introduces complexities due to their speculative nature, which may violate Sharia principles like gharar (excessive uncertainty) and riba (usury). This study explores the compatibility of blockchain and cryptocurrency with Sharia law, focusing on the challenges and opportunities that arise in the context of Islamic finance. The study analyzes existing fatwas (Islamic legal opinions), regulatory frameworks, and the application of Sharia principles to emerging financial technologies. It discusses the ethical dimensions of blockchain and cryptocurrency, such as their potential to promote fairness and transparency, while addressing concerns about privacy violations and the risks associated with unregulated trading. Furthermore, the research highlights the lack of standardized global regulations for cryptocurrency and blockchain, which complicates their adoption in Muslim-majority countries. The study also emphasizes the importance of establishing Sharia-compliant governance frameworks and regulatory standards to ensure the ethical use of these technologies. Finally, the study provides recommendations for further research in the intersection of Islamic law, digital finance, and global governance frameworks, focusing on the development of policies that ensure Sharia-compliant digital assets and technologies.

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