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All Journal Jurnal Riset Akuntansi dan Keuangan Jurnal Aplikasi Akuntansi Jurnal Ilmiah Akuntansi Manajemen BALANCE Jurnal Akuntansi dan Bisnis Journal of Enterprise and Development (JED) Amnesty: Jurnal Riset Perpajakan JURNAL AKUNTANSI KEUANGAN DAN MANAJEMEN JEKPEND Jurnal Ekonomi dan Pendidikan EKONOMI, KEUANGAN, INVESTASI DAN SYARIAH (EKUITAS) JOURNAL OF BUSINESS AND ECONOMICS RESEARCH (JBE) Journal of Management - Small and Medium Enterprises (SME's) Yumary: Jurnal Pengabdian kepada Masyarakat Prima Abdika: Jurnal Pengabdian Masyarakat Jurnal Ar-Ribh Transekonomika : Akuntansi, Bisnis dan Keuangan Al-Buhuts (e-journal) International Journal Of Economics Social And Technology Journal of International Conference Proceedings Jurnal Akuntansi Trisakti International Journal of Halal System and Sustainability
Rasyid, Syarifuddin
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Arts Humanities Automotive Engineering Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Electrical & Electronics Engineering Environmental Science Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Mathematics Social Sciences Other

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Analisis Reaksi Pasar Modal terhadap Pemilihan Umum Presiden Indonesia Tahun 2024 Rasyid, Syarifuddin; Darmawati, Darmawati; Khaerany, Rizky; Nadhifa, Nisrinatul; Pratiwi, Dwi Dian
Jurnal Akuntansi, Keuangan, dan Manajemen Vol. 6 No. 2 (2025): Maret
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/jakman.v6i2.3825

Abstract

Purpose: This research seeks to assess the capital market's response to the Indonesian presidential election by employing an event study methodology that incorporates abnormal return (AR) and trading volume activity (TVA) variables.Methodology/approach: This research employs a quantitative methodology utilising the event study technique on the Indonesia Stock Exchange. The utilised data comprises stock price information and trading volumes of companies listed in the LQ45 index. This study utilised a sample size of 45 companies. The employed hypothesis tests are the Wilcoxon Signed Ranks Test and the One Sample t-test.Results/findings: There is no significant market reaction in the days surrounding the 2024 election. There is a significant difference in abnormal returns before and after the 2024 election, but this difference is not followed by a difference in trading volume activity. In this study, there is no significant difference in trading volume activity before and after the 2024 presidential election.Conclusions: The capital market reaction to the presidential election on February 14, 2024 in Indonesia can be concluded that there was no significant market reaction in the days surrounding the 2024 election, although there was a difference in abnormal returns before and after the election.Limitations: This study's limitations include the inability to generalise results due to its exclusive focus on the LQ-45 index population and the selection of event types that inadequately represent presidential election occurrences, thereby restricting the generalisability of the election's impact on capital market reactions.Contribution: This research aims to assist investors and policymakers in comprehending market responses to political changes and their ramifications for investment choices.
Dramaturgi Peluncuran Danantara dan Dampaknya terhadap IHSG dalam Perspektif Politik Ekonomi Rusli, Urisnawati; Masnia, Masnia; Darmawati, Darmawati; Rasyid, Syarifuddin
Journal of Business and Economics Research (JBE) Vol 6 No 2 (2025): June 2025
Publisher : Forum Kerjasama Pendidikan Tinggi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/jbe.v6i2.7435

Abstract

This study analyzes the launch of the Indonesian Sovereign Wealth Fund, Daya Anagata Nusantara Investment Authority (Danantara), through Erving Goffman's dramaturgical approach, focusing on its impact on the Indonesia Stock Exchange Composite Index (IHSG). Using a qualitative method, the study identifies the government's narrative through the "front stage" of public communication, as well as media and investor responses as the "audience." Data were collected through documentation techniques, mass media analysis, social media, and online observation (netnography), including official speeches, online news, and other digital content. The findings reveal a tension between political symbolism and transparency, which influences market perception. The short-term negative reaction in the IHSG reflects a misalignment between public image and policy reality. This study recommends the importance of coherence between symbolic communication and governance in maintaining market stability and building investor trust.
Islamic Equity Investment Under Fiscal Pressure: Evaluating the Impact of Indonesia’s VAT Increase on Sharia-Compliant Markets Insirat, Mutahira Nur; Syahfir, Hasri Ainun; Darmawati, Darmawati; Rasyid, Syarifuddin
Jurnal Ar-Ribh Vol 8, No 2 (2025): October 2025
Publisher : Universitas Muhammadiyah Makassar

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Abstract

This study investigates the implications of Indonesia’s Value Added Tax (VAT) increase from 11% to 12%, effective January 1, 2025, on Sharia-compliant equity markets. Introduced as part of broader fiscal reforms, the policy aims to strengthen state revenue while exempting essential goods to minimize public burden. Using a qualitative exploratory approach, the study analyzes the impact of this fiscal shift on investor sentiment, market behavior, and sectoral performance. Results reveal that the VAT hike may reduce consumer purchasing power and corporate profitability, especially in consumption-driven sectors, thus increasing market volatility. Conversely, sectors such as healthcare, technology, and halal fintech demonstrate resilience and alignment with Sharia principles. From an Islamic finance perspective, the VAT policy is acceptable if it fulfills the objectives of maqasid al-shariah, particularly justice and protection for vulnerable groups. The study concludes that incorporating ethical investment frameworks and promoting strategic sectoral diversification can help Islamic equity investors manage risks and harness long-term opportunities amid fiscal tightening.
A Systematic Literature Review on Early Warning Systems for Stock Market Crises: The Role of Investor Sentiment Rasyid, Syarifuddin; Darmawati; Pitria, Ni Gusti Ayu; Pangraran, Fisca Mawa'
Journal of Enterprise and Development (JED) Vol. 6 No. 3 (2024): Journal of Enterprise and Development (JED)
Publisher : Faculty of Islamic Economics and Business of Universitas Islam Negeri Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20414/jed.v6i3.11783

Abstract

Purpose: This study systematically reviews existing research on early warning systems (EWS) for stock market crises, with a particular focus on the role of investor sentiment in enhancing prediction and mitigation efforts.Method: This study employed a systematic literature review (SLR) methodology, analyzing 32 peer-reviewed articles published between 2015 and 2024. The articles were sourced from reputable databases such as Scopus, EBSCO, and IEEE, ensuring a rigorous and reliable selection of relevant research.Result: The findings of this research indicate that investor sentiment significantly influences stock market dynamics and the occurrence of crises. The study emphasizes the importance of sentiment analysis in developing an early warning system (EWS) to enhance the accuracy and precision of stock market crisis predictions.Practical Implications for Economic Growth and Development: This research suggests that incorporating investor sentiment into early warning systems can enhance crisis prediction accuracy, stabilize financial markets, and guide proactive risk management for investors and policymakers.
Navigating the 12% VAT Increase in Indonesia: Challenges and Opportunities for Equity Investors in the Context of Islamic Finance Insirat, Mutahira Nur; Syahfir, Hasri Ainun; Darmawati, Darmawati; Rasyid, Syarifuddin
Jurnal Ar-Ribh Vol. 8 No. 2 (2025): October 2025
Publisher : Universitas Muhammadiyah Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26618/bdb97z47

Abstract

This study examines the economic and investment implications of Indonesia’s Value Added Tax (VAT) increase from 11% to 12%, effective January 1, 2025, within the framework of Islamic finance. The policy, part of a broader fiscal reform, aims to enhance state revenue, promote sustainable development, and strengthen fiscal stability, while applying the higher rate only to luxury goods and services. Using an exploratory qualitative approach, this research analyzes both challenges and opportunities arising for equity investors in the Indonesian capital market. Findings reveal that the VAT increase may reduce consumer purchasing power, particularly affecting consumption-driven sectors such as consumer goods and retail, thereby increasing market volatility and reducing short-term profitability. However, sectors less affected by the policy such as healthcare, technology, and halal finance present diversification opportunities aligned with Shariah principles. From an Islamic finance perspective, taxation is permissible when implemented with fairness (‘adl) and aimed at public welfare (maslahah), ensuring that vulnerable groups remain protected. The study highlights that investors integrating Shariah ethics, risk management, and sustainability considerations can navigate fiscal adjustments more effectively. Overall, the VAT increase, while posing short-term market challenges, may lead to long-term fiscal resilience and responsible investment opportunities under a just and transparent Islamic economic framework.
Meningkatkan Efisiensi Penatausahaan Belanja Daerah di Kabupaten Pangkajene Kepulauan Dharsana, Muhammad Try; Nirwana, Nirwana; Mediaty, Mediaty; Rasyid, Syarifuddin; Rura, Yohanis; Nagu, Nadhirah; Mahyuddin, Nurul Izzah; Syarif, Muh. Nur Irfan
Yumary: Jurnal Pengabdian kepada Masyarakat Vol. 4 No. 2 (2023): Desember
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/yumary.v4i2.2425

Abstract

Purpose: This community service activity aims to improve the ability of revenue treasurers to manage regional expenditure in Pangkep Regency. Methodology/approach: The research method used in the implementation of this community service activity is the primary approach. This approach allows active cooperation between the service team and the parties involved, such as the revenue treasurer and local government, in designing, implementing, and evaluating the changes needed in local financial management. Results/findings: The outcomes of this service activity clearly showed a significant improvement in the treasurer's ability to manage local finances, as well as the overall local financial management process. Limitation: The research steps, including Initial Assessment, Joint Planning, Action Implementation, Monitoring and Evaluation, Reflection and Improvement, and Dissemination of Results, helped ensure the success of this program. Contribution: This activity provides recommendations that have the potential to maintain and improve the ability of revenue treasurers in the future, with benefits that include increased efficiency and transparency in local financial governance, as well as more optimal contribution to the goal of practical regional autonomy.
Peningkatan Kapabilitas Pengelola Keuangan Badan Layanan Umum Daerah Dalam Rangka Pencegahan Fraud di Kabupaten Pinrang Indrijawati, Aini; Darmawati, Darmawati; Kartini, Kartini; Syamsuddin, Syamsuddin; Rasyid, Syarifuddin; Purisamya, Asharin Juwita; Juanda, Indira Syakira Kirana
Prima Abdika: Jurnal Pengabdian Masyarakat Vol. 4 No. 4 (2024): Volume 4 Nomor 4 Tahun 2024
Publisher : Program Studi Pendidikan Guru Sekolah Dasar Universitas Flores Ende

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37478/abdika.v4i4.5077

Abstract

Regional Public Service Agencies (BLUD) play a strategic role in supporting public services, particularly in the health sector. However, financial management in BLUD often faces challenges such as fraud risks and weak internal control systems. This Community Service Program aims to enhance the financial management capacity of BLUD managers in Pinrang Regency to prevent fraud. The methods employed include intensive training, case study simulations, technical assistance, and evaluation of the implementation of internal control systems. The results show improved participants' understanding of fraud concepts and the application of more effective prevention measures. Technical assistance enabled BLUD managers to design and implement internal control systems tailored to the needs of each unit. This program successfully fostered more transparent and accountable financial governance, supporting the sustainability of public services. As a follow-up, it is proposed that similar activities be conducted periodically to ensure the continuous improvement of BLUD managers' capabilities. Additionally, the development of digital platforms is recommended to support more integrated and efficient financial reporting. These steps are expected to strengthen BLUD financial governance in Pinrang Regency and serve as a model for adoption in other regions.
The Effect of Stock Trading Volume and Market Capitalisation on Stock Price with Managerial Ownership as Moderator Wijayanti, Winola; Arman, Rifqah Zakiyah; Rasyid, Syarifuddin; Darmawati, Darmawati
TRANSEKONOMIKA: AKUNTANSI, BISNIS DAN KEUANGAN Vol. 5 No. 1 (2025): January 2025
Publisher : Transpublika Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55047/transekonomika.v5i1.841

Abstract

This research investigates how stock trading volume and market capitalization impact stock prices in manufacturing companies listed on the Indonesian Stock Exchange between 2017-2019. It also explores the potential influence of managerial ownership on this relationship. Using a quantitative methodology with a correlational design, the study focuses on a sample of manufacturing companies selected via purposive sampling from the Indonesia Stock Exchange. Data was gathered from secondary sources accessed through www.idx.co.id. Analysis involved multiple linear regression and moderating regression using the Moderated Regression Analysis (MRA) approach. Results indicate that stock trading volume has a detrimental effect on stock prices, whereas market capitalization has a beneficial impact. Interestingly, managerial ownership was found not to moderate the link between trading volume and stock prices, but it did moderate the relationship between market capitalization and stock prices.
Analisis Faktor-Faktor Penentu Dividend Policy Pada Perusahaan Publik Sektor Makanan dan Minuman Fuada, Nurul; Amiruddin, Amiruddin; Rasyid, Syarifuddin; Darmawati; Hs, Rahmawati
Al-Buhuts Vol. 20 No. 1 (2024): Al-Buhuts
Publisher : Institute Agama Islam Negeri (IAIN) Sultan Amai Gorontalo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30603/ab.v20i1.4822

Abstract

This study aims to identify the determinants of dividend policy based on financial ratio data. The determinants of dividend policy consist of Return on Asset (ROA), Current Ratio (CR), Debt to Equity Ratio (DER), dan Price to Earning Ratio (PER). The sample of this research is public companies in the food and beverage sector. The results of this study indicate that the determinants consisting of ROA, CR, DER, and PER have no effect on dividend policy which indicates that the number of financial ratios from the value of ROA, CR, DER and PER does not encourage the amount of dividend policy. Thus, companies in making dividend distribution decisions tend to be more determined by other variables than ROA, CR, DER, and PER.
Studi Pertumbuhan Sektor Perbankan dari Perspektif Analisis Fundamental Keuangan Bahri, Nur Alim; Amiruddin, Amiruddin; Rasyid, Syarifuddin; Darmawati , Darmawati; Rahmawati HS
Al-Buhuts Vol. 20 No. 2 (2024): Al-Buhuts
Publisher : Institute Agama Islam Negeri (IAIN) Sultan Amai Gorontalo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30603/ab.v20i2.4823

Abstract

The aim of this research is to determine the influence of the Current Ratio, Earning Per Share and Debt to Equity Ratio on Stock Prices with the Price Earning Ratio as a Moderating Variable in the Conventional Banking Sector listed on the Indonesia Stock Exchange. This research is a type of quantitative research. The data used in this research is secondary data, with data collection methods using purposive sampling techniques. The population of this research is the conventional banking sector registered on the IDX for the period 2017 to 2021. Then a population of 43 companies was obtained with 25 conventional banking sector companies meeting the criteria. Data analysis techniques use descriptive statistical analysis, classical assumption testing, moderated regression analysis and hypothesis testing. The results of this research found that the Current Ratio and Earning Per Share had a significant effect on share prices, while the Debt to Equity Ratio had the opposite effect. In terms of moderation, the Price Earning Ratio is not able to moderate the Current Ratio and Debt to Equity Ratio on stock prices but cannot moderate the relationship between Debt to Equity Ratio and stock prices.
Co-Authors Amalia, Lestari Rezki Nurul Amiruddiin Amiruddin Amiruddin Amiruddin Arman, Rifqah Zakiyah Bahri, Nur Alim BANEA, AGNES EYNE Christian, Ferry Darmawati Darmawati , Darmawati Darmawati Darmawati Daud, Dahniyar Ferdiansah, Muhammad Irdam Fuada, Nurul Haliah, Haliah Hamzah, Hajrah HS, Rahmawati Indrijawati, Aini Insirat, Mutahira Nur Irianto, Laode Bagus Wijaya Irmawati Irmawati Juanda, Indira Syakira Kirana Kaco, Rahmawati Karfina AR, Lilis Karfina AR Kartini Kartini Khaerany, Rizky Khaerunnisa, Ana Kusumawati, Andi Mahyuddin, Nurul Izzah Makkasau, Muhammad Bachtiar Makkasau Masnia Masnia, Masnia Mediaty Muhammad Try Dharsana Nadhifa, Nisrinatul Nagu, Nadhirah Nirwana, Nirwana Nurazisah, Andi Fadhilah Pangraran, Fisca Mawa' Parintak, Sutrisno Pitria, Ni Gusti Ayu Pratiwi, Dwi Dian Purisamya, Asharin Juwita Rahmawati HS Ridzal, Nining Asniar Rusli, Urisnawati Syahfir, Hasri Ainun Syamsuddin Syamsuddin Syarif, Muh. Nur Irfan Syarifuddin Syarifuddin Tandilino, Charles Usman, Asri Wahyudi Wahyudi Wijayanti, Winola Yohanis Rura