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All Journal Al-Iqtishad : Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics) Al-Muzara'ah
Qoriatul Hasanah
Department Of Islamic Economics, IPB University
Religion Economics, Econometrics & Finance Social Sciences Other

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Determinants of Islamic Bank Share Price Fluctuation During the Covid 19 Pandemic: The Case of BTPN Syariah Bank Shares Farhan Lauda; Resfa Fitri; Qoriatul Hasanah
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 13, No 2 (2021)
Publisher : Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (376.287 KB) | DOI: 10.15408/aiq.v13i2.22479

Abstract

Abstract. The Covid-19 pandemic has caused a decline in the performance of the national economy. However, the share price of Islamic banks, especially the BTPN Syariah Bank (BTPS), has continued to grow. This study aims to identify and evaluate the variables affecting BTPS stock price fluctuation, using The Vector Error Correction Model (VECM). The results show that in the short term, only the Jakarta Composite Index variable had a significant effect on the stock price of BTPS. While in the long term, the variables of Price to Book Value (PBV), Trading Volume Activity (TVA), GDP, Bank Indonesia (BI) Reference Interest Rate, and the Jakarta Composite Index had a significant effect on BTPS stock price. Based on the Impulse Response Function (IRF) analysis, the stock price of BTPS responded negatively to shocks in GDP, TVA, and the exchange rate. Meanwhile, the shocks of Earning Per Share, PBV, BI Reference Interest Rate, and the Jakarta Composite Index were responded positively by BTPS share price. Based on the Forecast Error Variance Decomposition analysis, PBV gave the highest contribution in explaining the diversity of BTPS stock prices fluctuation.Keywords: Covid-19, BTPS Shares, VECM, Internal Factors, External FactorsAbstrak. Pandemi Covid-19 menyebabkan penurunan perekonomian nasional. Namun, harga saham bank syariah, khususnya saham PT. Bank BTPN Syariah (BTPS) tetap tumbuh. Penelitian ini bertujuan untuk mengetahui faktor yang memengaruhi perubahan harga saham BTPS, dengan metode Vector Error Correction Model (VECM). Hasil penelitian menunjukan bahwa dalam jangka pendek, hanya variabel Indeks Harga Saham Gabungan yang berpengaruh signifikan terhadap harga saham BTPS. Sementara pada jangka panjang, variabel Price to Book Value (PBV), Trading Volume Activity (TVA), PDB, Suku Bunga Acuan Bank Indonesia (BI), dan Indeks Harga Saham Gabungan berpengaruh secara signifikan terhadap harga saham BTPS.  Berdasarkan analisis Impulse Response Function (IRF), harga saham BTPS merespon negatif adanya guncangan PDB, TVA, dan nilai tukar. Sementara guncangan Earning Per Share, PBV, Suku Bunga Acuan BI, dan Indeks Harga Saham Gabungan direspon positif oleh harga Saham BTPS. Berdasarkan analisis Forecast Error Variance Decomposition, PBV memberikan kontribusi tertinggi dalam menjelaskan keragaman perubahan harga saham BTPS.Kata kunci: Covid-19, Saham BTPS, VECM, Faktor Internal, Faktor Eksternal
Kenaikan Omzet UMKM Makanan dan Minuman di Kota Bogor Pasca Sertifikasi Halal Hana Khairunnisa; Deni Lubis; Qoriatul Hasanah
AL-MUZARA'AH Vol. 8 No. 2 (2020): AL-MUZARA'AH (December 2020)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.8.2.109-127

Abstract

Halal certification is one of the company’s strategy that aims to retain their consumers and become a difference with competitors and to give added value for product. Most of the researchers have proved that halal certificates affect big companies’ total revenue. However, there are not many studies that have proved that halal certificate would affect the total revenue of micro, small, and medium enterprises (MSMEs), especially in Bogor City. This research aims to determine the characteristics of MSMEs’ owners and their business, analyze the changes of MSME’s total revenue before and after owning a halal certificate, and the factors that affect MSMEs’ total revenue after owning a halal certificate. The questionnaire data were collected through an interview with 40 food and beverage MSMEs’ owners who have halal certificates in Bogor City. This research uses descriptive analysis, paired sample t-test, and multiple linear regression analysis as the analysis methods. Results based on this research showed that there was a difference in the total revenue of MSMEs before and after owning a halal certificate. The factors that have positive and significant effects of MSMEs’ total revenue influences are capital, work hours, length of business, and a dummy of promotion.
Co-Authors Deni Lubis Farhan Lauda Fitri, Resfa Hana Khairunnisa