Article Per Year (5 Year)
p-Index From 2021 - 2026
0.444
P-Index
This Author published in this journals
All Journal Abdi Makarti Jurnal Manajemen Dayasaing
Purnomo, Dwi Tjahjo
Unknown Affiliation
Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Social Sciences Other

Published : 2 Documents Claim Missing Document
Claim Missing Document
Check
Articles

Found 2 Documents
Search

 1 
Long-Term Effects of Sharia Stock Status Changes on Returns and Liquidity Purnomo, Dwi Tjahjo; Lestari, Rohmini Indah
Jurnal Manajemen Dayasaing Vol. 27 No. 2 (2025): Manajemen Dayasaing
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/dayasaing.v27i2.13683

Abstract

This study examines the long-term impact of changes in Sharia stock status (CSS) on abnormal returns (AR) and liquidity (LIQ) in the Indonesian Sharia Stock Index (ISSI). The analysis explores liquidity’s mediating and moderating roles to clarify how Sharia screening outcomes shape market behavior beyond short-term announcement effects. Monthly data from 2018–2024 are analyzed using an event-study framework and Partial Least Squares Structural Equation Modelling (PLS-SEM) to test direct, indirect, and interaction effects grounded in signaling, asymmetric information, and liquidity theories. The findings show that CSS strongly affects liquidity for excluded stocks but only marginally influences liquidity for included stocks. CSS does not directly generate abnormal returns for excluded firms, while inclusion triggers short-term return pressure. Liquidity acts as a significant mediating channel, particularly following exclusion, translating compliance-related signals into price adjustments. No moderating effect is identified, indicating that liquidity operates sequentially rather than conditionally. Model diagnostics confirm strong predictive performance for liquidity and relatively weaker explanatory power for returns, highlighting other contributing market forces. This study provides novel long-horizon evidence on Sharia index dynamics and underscores liquidity’s strategic relevance for investors and regulators in strengthening Islamic capital market efficiency and compliance mechanisms.
MENJADI ASN CERDAS FINANSIAL: STRATEGI PENGELOLAAN KEUANGAN UNTUK KESEJAHTERAAN BERKELANJUTAN Puryandani, Siti; Purnomo, Dwi Tjahjo
ABDI MAKARTI Vol 5, No 1 (2026): ABDI MAKARTI
Publisher : Sekolah Tinggi Ilmu Ekonomi AMA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52353/abdimakarti.v5i1.966

Abstract

This community service program aims to enhance financial literacy and promote effective financial management strategies among civil servants (ASN) to achieve sustainable well-being. Despite having relatively stable income sources, many ASN still face financial challenges due to limited financial planning, consumptive behaviour, and lack of understanding of investment and risk management. The program employed an educational and participatory approach through training sessions, discussions, and practical exercises on budgeting, cash flow management, debt control, and basic investment planning. The results indicate a significant improvement in participants’ understanding of personal financial management, particularly in prioritizing needs over wants, preparing structured financial plans, and recognizing the importance of emergency funds and financial protection. Participants also demonstrated increased awareness of long-term financial goals, including retirement planning. Behavioural changes were observed in the form of improved financial discipline, such as routine expense recording and consistent saving habits. However, challenges remain, including limited time for implementation and the persistence of consumptive patterns. Therefore, continuous mentoring and the integration of digital financial tools are recommended to ensure sustainability. Overall, this program contributes to fostering financially responsible behaviour among ASN, supporting their long-term welfare and professional performance.
Co-Authors Lestari, Rohmini Indah SITI PURYANDANI