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All Journal Jurnal Ilmiah Manajemen Kesatuan Fundamental and Applied Management Journal
Mayasari Mayasari
Universitas Pendidikan Indonesia, Indonesia
Economics, Econometrics & Finance Social Sciences

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Determinants of Sharia Stock Prices: Financial Performance, Capital Structure, and Interest Rates Sani Widaningsih; Ikaputera Waspada; Mayasari Mayasari
Fundamental and Applied Management Journal Vol. 4 No. 1 (2026): March
Publisher : Global Research Collaboration

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.66314/famj.v4i1.662

Abstract

This study examines the extent to which financial performance, capital structure, and interest rates influence sharia stock prices. Financial performance is represented by return on assets, current ratio, and cash flow from operations, while capital structure is measured by debt to equity ratio. Interest rates are incorporated as a macroeconomic factor, and firm size is included as a control variable. The study employs a quantitative approach using balanced panel data drawn from sharia compliant firms consistently included in a major Islamic stock index over the 2015 to 2024 period. The final sample consists of 220 firm year observations. Panel data estimation is conducted using the Random Effects Model, selected on the basis of model specification tests. The results show that current ratio and interest rates have a significant negative effect on sharia stock prices. In contrast, return on assets, debt to equity ratio, and cash flow from operations do not exhibit a significant effect. Firm size shows a marginal negative effect at the 10 percent significance level. These findings suggest that investors in sharia equity markets respond more strongly to liquidity conditions and monetary policy signals than to several other firm specific financial indicators. This study contributes to the Islamic capital market literature by integrating firm level fundamentals and macroeconomic variables within a panel data framework and by providing updated empirical evidence on the determinants of sharia stock prices.
The Impact of Risk Management Practices on Bank Performance: A Systematic Literature Review Rony Susalit; Agus Rahayu; Disman Disman; Mayasari Mayasari
Jurnal Ilmiah Manajemen Kesatuan Vol. 13 No. 6 (2025): JIMKES Edisi November 2025
Publisher : LPPM Institut Bisnis dan Informatika Kesatuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37641/jimkes.v13i6.3988

Abstract

The banking sector plays a crucial role in driving economic growth and maintaining financial stability by directing funds to productive sectors while managing risks that affect profitability and resilience. This study uses a Systematic Literature Review (SLR) guided by PRISMA principles to explore how risk management practices, especially Non-Performing Loan (NPL) management, influence bank performance. Lending, as the core banking activity, is key to profitability and financial intermediation, yet high NPL levels can undermine income and stability, particularly in developing countries like Indonesia. By reviewing 16 recent empirical studies, the findings show that effective risk management including strong credit governance, adherence to Basel III standards, technology-supported lending systems, and an empowered Chief Risk Officer helps reduce NPLs and improve financial performance as reflected in ROA, ROE, NIM, and other risk-adjusted indicators. Furthermore, a comprehensive approach that combines regulatory compliance, risk diversification, and sustainability strengthens long-term resilience. These insights provide practical guidance for regulators, bank managers, and researchers in designing flexible, transparent, and sustainable risk management strategies. The study emphasizes that managing NPLs is not just a technical or operational task but a central strategy for ensuring banks remain profitable, stable, and resilient over the long term.
Co-Authors Agus Rahayu Disman Disman Ikaputera Waspada Rony Susalit Sani Widaningsih