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All Journal Jurnal Studi Islam dan Kemuhammadiyahan (JASIKA) Jurnal Comparative : Ekonomi Dan Bisnis
Habibi, Pahman
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Religion Economics, Econometrics & Finance Other

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IMPACT OF STOCK PRICES AND GCG ON FIRM VALUE: EVIDENCE FROM INDONESIAN REAL ESTATE COMPANIES Salsyadillah, Meilani; Fadhilah, Ash Shoffi Hana; Habibi, Pahman
Jurnal Comparative: Ekonomi dan Bisnis Vol 7, No 3 (2025): August
Publisher : Univesitas Muhammadiyah Tangerang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31000/combis.v7i3.14737

Abstract

This study investigates the impact of stock prices and Good Corporate Governance (GCG) on company value in the property and real estate sector listed on the Indonesia Stock Exchange, an industry pivotal to economic growth yet prone to market volatility and governance deficiencies. Given Indonesia’s rising urbanization and investment inflows, understanding value drivers in this sector is crucial for sustainable development and investor protection. Using panel data regression from 2020–2023, we analyze stock price, audit committee size, managerial ownership, board of directors, and independent board of commissioners as key determinants. Results reveal that stock price and managerial ownership exert a significant positive effect on firm value, indicating market efficiency and effective alignment of managerial incentives. However, audit committee, board of directors, and independent commissioners show no significant influence, suggesting structural weaknesses in oversight and decision-making independence. Collectively, all variables significantly enhance firm value, emphasizing the interplay between market signals and governance. This study contributes to the literature by offering timely empirical evidence from an emerging market with evolving regulatory frameworks. Its novelty lies in integrating market-based performance (stock price) with multidimensional GCG indicators in the Indonesian real estate context—underexplored in prior research. Furthermore, it provides policy implications for regulators to strengthen board independence and monitoring mechanisms to improve corporate accountability and long-term value creation.
Developing an Islamic Religiosity Construct for Halal Cosmetics Based on the “Pedoman Hidup Islami Warga Muhammadiyah” Rosmaniar, Asyidatur; Yusoff, Rushami Zien; Al Farisi, Salman; Habibi, Pahman
Jurnal Studi Islam dan Kemuhammadiyahan (JASIKA) Vol. 6 No. 1 (2026)
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jasika.v6i1.238

Abstract

Religiosity is widely acknowledged as a multidimensional concept; however, existing measures of Islamic religiosity often rely on generalized or Western-derived frameworks, limiting their contextual relevance for Muslim societies in Indonesia. Addressing this gap, this study aims to develop and preliminarily validate a religiosity construct based on the Pedoman Hidup Islami Warga Muhammadiyah (PHIWM) within the context of halal cosmetic consumption. The construct development followed a multi-stage procedure involving domain specification, item generation, expert judgment, pilot testing, and item purification. The refined instrument was subsequently analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) and modeled as a reflective–reflective second-order construct comprising Aqidah, Akhlaq, Ibadah, and Muamalah. The results demonstrate satisfactory reliability and convergent validity at both the low-order and higher-order levels. The findings indicate that PHIWM can be operationalized into a contextually grounded and empirically sound measure of religiosity, contributing to Islamic studies by empirically operationalising PHIWM as a framework of lived Islamic religiosity. This study extends the measurement of religiosity by integrating a normative organizational framework into empirical consumer research.
Co-Authors Fadhilah, Ash Shoffi Hana Rosmaniar, Asyidatur Rushami Zien Yusoff Salman Al Farisi, Salman Salsyadillah, Meilani