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All Journal Journal of Economics JURNAL EKONOMI BISNIS DAN MANAJEMEN Jurnal Ekonomi Bisnis dan Manajemen Harmony Philosophy: International Journal of Islamic Religious Studies and Sharia Al Hukm: Journal of Islamic Legal Studies
Chetrine Alya Rinaima
Universitas Negeri Surabaya
Religion Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice

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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

Abstract

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

Abstract

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

Abstract

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
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

Abstract

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.
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

Abstract

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.
Co-Authors Aini Nur Furoida Akhyar Siddiq Aldan Ardana Athia Nur Kamilah Dinta Kharisma Almeira Laras Annisa Ulfitri Nedi Muhammad Faizal Hakim Rendra Dwi Saputra Saddam Abhinaya Setiyawan