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All Journal MIX : Jurnal Ilmiah Manajemen Jurnal Ekonomi dan Bisnis Islam
Hermanto Siregar
Department of Economics, IPB University, Indonesia
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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Post-Pandemic Healthcare Stocks: The Impact of Microeconomic Factors and Investor Behavior Reza Fauzan Risch; Hermanto Siregar; Zenal Asikin
MIX: JURNAL ILMIAH MANAJEMEN Vol. 16 No. 1 (2026): MIX : Jurnal Ilmiah Manajemen
Publisher : Universitas Mercu Buana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22441/jurnal_mix.2026.v16i1.021

Abstract

Objective: This study investigates the influence of microeconomic factors and investor behavior on stock prices in the healthcare sector following the COVID-19 pandemic, aiming to identify which factors most significantly affect stock performance.Methodology: A quantitative approach was used with panel data regression analysis through the Random Effect Model (REM), selected based on the Hausman test (p = 0.7357). Independent variables included revenue, operating costs, return on equity (ROE), earnings per share (EPS), price-to-earnings ratio (PER), debt-to-equity ratio (DER), current ratio (CR), and investor behavior.Finding: The analysis shows that revenue, operating costs, EPS, PER, DER, and CR significantly affect stock prices, while ROE and investor behavior have no significant effect. The model has a high explanatory power with an R² of 0.928, indicating it accounts for 92.8% of the variation in healthcare stock prices.Conclusion: Internal financial factors are more dominant than investor behavior in influencing stock prices. Improving financial efficiency and performance transparency is recommended to strengthen investor confidence, and future research should include macroeconomic variables to broaden the analysis.
UNLOCKING THE POTENTIAL OF ISLAMIC SOCIAL FINANCE WITHIN THE ISLAMIC BANKING ECOSYSTEM FOR UNBANKED MSME INCLUSION Reza Mustafa; Hermanto Siregar; Irfan Syauqi Beik; Suhendi; Rifki Ismal
Jurnal Ekonomi dan Bisnis Islam (Journal of Islamic Economics and Business) Vol. 12 No. 1 (2026): JANUARY - JUNE 2026
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jebis.v12i1.88715

Abstract

Despite the significant decline in poverty rates in Indonesia, the simultaneous shrinking of the middle class and the expansion of the vulnerable population reveal a persistent challenge of socio-economic inequality. Accessing formal financing remains a significant challenge for Micro, Small, and Medium Enterprises (MSMEs), as nearly 70% of them currently unbanked. Although Islamic banks are legally mandated to fulfill both commercial and social functions, their role in optimizing Islamic social finance instruments such as zakat and waqf to address the financing gap of unbanked MSMEs remains suboptimal. This study examines how Islamic social finance can be integrated with the Islamic banking ecosystem to support MSMEs and promote inclusive and sustainable economic development. This study adopts a descriptive analysis approach to explore stakeholder perceptions, experiences, and strategies. This study used secondary data combined with in-depth interviews (IDIs) with relevant stakeholders and focus group discussions (FGDs). This study suggests that Islamic banking in Indonesia develop a hybrid financing model that integrates commercial and Islamic social finance schemes to support MSMEs. MSMEs are segmented into subsistent, unbankable, pre-bankable, and bankable categories, with each segment requiring tailored financial instruments ranging from qard hasan to commercial contracts such as murabahah and musyarakah. Islamic banks and Islamic social finance institutions can form an ecosystem whereby banks act as orchestrators, and social institutions serve as program implementers. The findings emphasize that segment-based empowerment and strategic collaboration are essential to ensure sustainable MSME upgrading and inclusive financial development.
Co-Authors Irfan Syauqi Beik Reza Fauzan Risch Reza Mustafa Rifki Ismal Suhendi Zenal Asikin