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All Journal Jesya (Jurnal Ekonomi dan Ekonomi Syariah) JSE: Jurnal Sharia Economica
SEGATI, AHDA
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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THE INFLUENCE OF DER, ROE ON DPR OF COMPANIES LISTED IN THE MES BUMN 17 INDEX Widjiantoro, Surya Tegar; Segati, Ahda; Muda, Iskandar; Soemitra, Andri; Yusrizal
JSE: Jurnal Sharia Economica Vol. 4 No. 4 (2025): Oktober
Publisher : LPPM STAI Muhammadiyah Probolinggo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46773/jse.v4i4.2641

Abstract

This study aims to analyze the effect of Debt- to-Equity Ratio (DER) and Return on Equity (ROE) on Dividend Payout Ratio (DPR) in companies listed in the MES BUMN 17 Index and also included in LQ45. The research employs a quantitative explanatory approach using panel data, with analysis conducted through EViews. The t-test results indicate that DER has a significant negative effect on DPR, while ROE is not significant. The F-test shows that DER and ROE simultaneously have a significant effect on DPR. The coefficient of determination (R²) of 0.260 reveals that most variations in DPR are influenced by other factors outside the model.
EVALUASI SYARIAH DAN PENGEMBANGAN MODEL CRYPTOCURRENCY STABLECOIN: PENDEKATAN BERBASIS FIAT VS. BERBASIS EMAS Widjiantoro, Surya Tegar; Segati, Ahda; Marpaung, Muslim
JSE: Jurnal Sharia Economica Vol. 5 No. 1 (2026): Januari
Publisher : LPPM STAI Muhammadiyah Probolinggo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46773/jse.v5i1.3006

Abstract

This study discusses the comparison between fiat-based stablecoins and gold-based stablecoins from the perspective of Islamic economics, particularly in the context of the high price volatility of cryptocurrencies. The background of this research is the need for stable digital financial instruments that comply with sharia principles, considering that stablecoins have emerged as a solution to cryptocurrency value fluctuations but raise questions regarding their compatibility with Islamic law. The research method used is a literature review by analyzing various stablecoin models and examining literature related to sharia principles in finance, such as the prohibition of riba (usury), gharar (uncertainty), maysir (gambling), and the importance of underlying assets. The results show that gold-based stablecoins are more aligned with the concept of money in Islamic economics because they are backed by clear physical assets, whereas fiat-based stablecoins contain elements of riba due to seigniorage and the lack of clarity in intrinsic value. The conclusion of this study asserts that, from an Islamic economic perspective, gold-based stablecoins are more appropriate to be developed as sharia-compliant digital transaction instruments, while fiat-based stablecoins still have several aspects that need further review regarding sharia compliance.
Bibliometric-Systematic Literature Review (B-SLR): Keberhasilan Redenominasi Rupiah dan Implikasinya Terhadap Pertumbuhan Ekonomi Indonesia Widjiantoro, Surya Tegar; Segati, Ahda; Yusrizal, Yusrizal
Jesya (Jurnal Ekonomi dan Ekonomi Syariah) Vol 9 No 2 (2026): FORTHCOMING ARTICLES : JUNI 2026
Publisher : LPPM Sekolah Tinggi Ilmu Ekonomi Al-Washliyah Sibolga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36778/jesya.v9i2.2689

Abstract

Rencana redenominasi rupiah yang tertuang dalam PMK Nomor 70 Tahun 2025 hadir di tengah tekanan nilai tukar yang berkepanjangan, namun belum terdapat kajian yang secara sistematis memetakan literatur dan mengidentifikasi kondisi-kondisi kritis keberhasilannya. Penelitian ini menggunakan pendekatan Bibliometric-Systematic Literature Review (B-SLR) terhadap 27 artikel final dari Scopus, dianalisis menggunakan VOSviewer melalui keyword co-occurrence analysis dan sintesis naratif tematik. Hasil analisis mengidentifikasi empat kluster tematik: (1) Redenomination Risk & Monetary Union Shock, (2) Legal & Financial Contract Redenomination, (3) Economic Impact, Growth & Policy, dan (4) Policy Implementation & Public Perception. Sintesis lintas kluster menghasilkan empat kondisi kritis yang bersifat kumulatif yaitu kesiapan analitik dan legislatif, mitigasi risiko psikologis melalui sosialisasi tersegmentasi, kesiapan ekosistem bisnis, dan manajemen biaya transisi korporat. Dampak redenominasi rupiah terhadap pertumbuhan ekonomi Indonesia tidak bersifat deterministik, melainkan bergantung pada terpenuhinya keempat kondisi kritis tersebut secara simultan. Pemerintah perlu memprioritaskan kajian biaya-manfaat yang komprehensif, sosialisasi tersegmentasi untuk kelompok rentan, serta mekanisme dukungan transisi bagi usaha kecil dan menengah sebelum implementasi dimulai.
Co-Authors Andri Soemitra Iskandar Muda Muslim Marpaung Widjiantoro, Surya Tegar Yusrizal