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All Journal Ikonomika : Jurnal Ekonomi dan Bisnis Islam Indatu Journal of Management and Accounting
Chairunnisa, Rizka
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences Other

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Dynamic Impact of Inflation and Exchange Rate in Indonesia's Top 10 Market Capitalization Companies: Implications for Stock Prices Hardi, Irsan; Idroes, Ghalieb Mutig; Utami, Resty Tamara; Dahlia, Putri; Mirza, Muhammad Alfin Falha; Humam, Rais Aulia; Chairunnisa, Rizka; Hardia, Natasha Athira Keisha; Mahdani, Rimal
Indatu Journal of Management and Accounting Vol. 1 No. 2 (2023): December 2023
Publisher : Heca Sentra Analitika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60084/ijma.v1i2.110

Abstract

Macroeconomic factors are widely believed to have a crucial role in affecting a company's financial health and, ultimately, its stock price. The study addresses this important issue by investigating the long-term impact of inflation and exchange rates on firm stock prices. This study adopts both panel and cross-firm modeling, along with a dynamic approach, which no prior study has ever conducted in Indonesia’s top 10 market capitalization companies. It utilizes monthly data spanning from September 2008 to August 2023. To generate insights into long-term effects, the study applies the Dynamic Ordinary Least Squares (DOLS) method, with a robustness check using the Fully-Modified Ordinary Least Squares (FMOLS) method. The econometric estimations yield results that are consistent with the hypotheses, indicating that the rise in inflation levels has a negative effect, while the strengthening of the domestic currency in exchange rates positively influences firm stock prices in the long term. This implies that investors should carefully assess and navigate inflationary environments, consider diversifying their portfolios across industries and international markets, and maintain a long-term perspective when making investment decisions in the unique context of Indonesia's market landscape.
Prediction of Islamic Banking Bankruptcy in Indonesia: Comparative Study of Altman Z-Score and Springate Models Nata, Shafitra -; Chairunnisa, Rizka; Arshed, Noman
IKONOMIKA Vol 5, No 2 (2020)
Publisher : Universitas Islam Negeri Raden Intan Lampung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24042/febi.v5i2.7747

Abstract

Aim of this research is to calculate, measure, analyze, and evaluate predictions of potential bankruptcy of Islamic banking using the modified Altman Z-Score and Springate models and identify differences in the predicted results.  This research uses descriptive quantitative analysis.  Model analysis used is the Modified Altman Z-Score and Springate models.  The research object used is 12 Islamic banks in Indonesia 2013-2019 and data collection includes literature study and observation.Modified Altman Z-Score model predicts that 1.19% of Islamic banking is in gray area and 98.81% is in a non-bankrupt position.  Meanwhile, the Springate model predicts 38.10% of Islamic banking is in a bankrupt position and 61.90% is in a non-bankrupt position.  This research only analyzes and compares the prediction results of the potential bankruptcy of Islamic banking with the modified Altman Z-Score and Springate models.This research can be used as an evaluation material for Islamic Banking in Indonesia in the face of potential bankruptcy so that companies can immediately improve their management and company performance.
Co-Authors Arshed, Noman Dahlia, Putri Hardi, Irsan Hardia, Natasha Athira Keisha HUMAM, RAIS AULIA Idroes, Ghalieb Mutig Mirza, Muhammad Alfin Falha Nata, Shafitra - Rimal Mahdani Utami, Resty Tamara