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PERDAGANGAN EFISIEN DALAM PERSPEKTIF ISLAM: KEPENTINGAN SIMETRIS, KESEIMBANGAN INFORMASI DAN KESEIMBANGAN ANTAR SEKTOR Khoiruddin, Moh
Muqtasid: Jurnal Ekonomi dan Perbankan Syariah Vol 2, No 2 (2011): MUQTASID: Jurnal Ekonomi dan Perbankan Syariah
Publisher : IAIN Salatiga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18326/muqtasid.v2i2.209-230

Abstract

Many major problems arise in the trading. All these problems could not beseparated from the conventional economic concept belief that market force will create ?order? and ?harmony?, and every effort for the government intervention will only lead to market distortions and inefficiency. Symmetry concept between the public and private interests that will be able to realize a good trade order and fair, also the concept of self-interest as the cornerstone of all activities, including producers / sellers and consumers. That concept has been proven to cause market distortions and inefficiency within the micro and macro. Trade sector is a special emphasis in Islamic economics, for its links directly with the real sector. The author, based on reality problems and as well as exploration of Islamic values, particularly in trade areas, recommending solutions to trade problems. First, the concept of symmetry between the private and public interests are believed to bring good order and fair trade must be changed to be symmetrical between the interests of consumers, producers / sellers and the government. Second, the government as a regulator of trade must build systems that ensure the minimization of assymetric information anytime and anywhere, which essentially includes the publication of prices and product specifications in real time, accurate, inexpensive, and informative so that all parties to avoid deception or inaccurate information. Third, the regulations should not increase the cost burden of the public or business, let alone the additional costs outweigh the benefits. Fourth, to ensure stability and economic security, the development of financial sector development should be based on the real sector, in which is dominated by the trade sector
Penentu Kebijakan Dividen Perusahaan yang Sahamnya Masuk dalam Daftar Efek Syariah Khoiruddin, Moh; Setiowati, Yuni
Muqtasid: Jurnal Ekonomi dan Perbankan Syariah Vol 4, No 2 (2013): MUQTASID: Jurnal Ekonomi dan Perbankan Syariah
Publisher : IAIN Salatiga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18326/muqtasid.v4i2.179-198

Abstract

This study purpose to the determine the influence of Current Ratio, Debt to Equity Ratio, Earning Per Share, and Return On Assets to the Dividend Policy (Dividend Payout Ratio) for companies included Daftar Efek Syariah period 2008-2010 simultaneously and partial. The population in this study all companies included Daftar Efek Syariah period 2008-2010 amount to 286 companies. The sample selection procedure used was a purposive sampling so that it produced 44 companies. Secondary data was collected by the documentation technique were obtained from the fundamental annual report 2011. The analysis technique used was multiple linear regression analysis using the tools of SPSS. The research found that four variables of kind of CR, DER, EPS and ROA simultaneously influence to DPR for companies included Daftar Efek Syariah period 2008-2010. The three variables of kind of CR, EPS, and ROA partially influence positive significant to DPR, while variable DER influence negative but insignificant to DPR for companies included Daftar Efek Syariah period 2008-2010.
Determinants of Funding Decision: Empirical Evidence from Companies Listed in Indonesia Stock Exchange Risnaeni, Eva Yuni; Khoiruddin, Moh
Management Analysis Journal Vol 10 No 2 (2021): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v10i2.45521

Abstract

The funding decision is an important decision for the company because this is the main decision in financial management that will directly influence the company’s financial position. The phenomenon from 2014-2018 describes that companies listed on the Indonesia Stock Exchange have increased levels of debt and debt to equity ratio so the proportion of debt still dominates in the company’s capital structure. This study intends to test empirically the impact of the investment opportunity set (IOS), managerial ownership, institutional ownership, and profitability on corporate funding decisions. The population of this research is all companies listed on the Indonesia Stock Exchange for the period 2014-2018. Samples that match the criteria based on the purposive sampling technique are 83 companies with a period of 5 years in order to obtain a result of 415 units of observations. Data were collected using the documentation method/secondary data. Data were analyzed using the panel data regression method and processed using Eviews version 9 software. The results of the research evidence that the investment opportunity set (IOS) has a significant positive effect on funding decisions, while institutional ownership and profitability have a significant negative effect on funding decisions. However, managerial ownership has no significant effect on funding decisions. For further researchers, it is suggested to develop a similar theme by adding variables that influence funding decisions, changing managerial ownership proxies, and adding IOS proxies to get better research results.
Pengaruh Rasio Keuangan Early Warning System terhadap Tingkat Solvabilitas Perusahaan Asuransi Jiwa Syariah Periode 2010-2013 Utami, Ely Pramuji; Khoiruddin, Moh
Management Analysis Journal Vol 5 No 1 (2016): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v5i1.8133

Abstract

The purpose of this research is to investigate the influence of liquidity ratio, retention, expense ratio, and the size of the company to the company’s solvability rate that proxied by the ratio of risk-based capital (RBC). Samples of thr research was sharia life insurance companies that publish financial statements in 2010-2013. There were 40 samples in this research by using purposive sampling method. This research is a quantitative research. This research uses multiple linear regression. The results of this research shows that the expense ratio give significant affect to solvability rate of sharia life insurance company with a significance value of less than 0.05. While the liquidity ratio, the ratio of own retention and company size does not affect the company's solvability rate. The Advice given to investors who would buy insurance products do not need to pay attention to the liquidity ratio, and the size of the company's own retention in assessing the solvability rate of sharia life insurance company's as the third ratio did not affect the solvability rate. The Suggestions for the company is to maximize premiums in order to cover expenses due to the company expense ratio affect the solvency rate.
Pengaruh Corporate Governance dan Kinerja Keuangan dalam Memprediksi Kondisi Financial Distress Rahmawati, Diah; Khoiruddin, Moh
Management Analysis Journal Vol 6 No 1 (2017): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v6i1.8184

Abstract

Financial distress memilki hubungan yang kuat dengan kebangkrutan suatu perusahaan. Penelitan ini bertujuan untuk mendiskripsikan dan menganalisis pengaruh kepemilikan institusional, kepemilikan manajerial, ukuran dewan direksi ukuran dewan komisaris, rasio likuiditas, financial leverage, profitabilitas, dan ukuran perusahaan terhadap kondisi financial distress perusahaan yang masuk Daftar Efek Syariah pada periode 2007-2010. Populasi dalam penelitian ini adalah seluruh perusahaan yang masuk Daftar Efek Syariah selama periode 2011-2013. Sedangkan sampel penelitian ini ditentukan dengan metode purposive sampling sehingga diperoleh 61 perusahaan sampel. Jenis data yang digunakan adalah data sekunder yang diperoleh dari www.idx.co.id. Metode analisis yang digunakan adalah analisis regresi logistik. Hasil penelitian menunjukkan variabel kepemilikan institusional, ukuran dewan direksi, financial leverage, dan profitabilitas berpengaruh negatif signifikan terhadap financial distress. Ukuran perusahaan berpengaruh positif signifikan terhadap financial distress. Sementara kepemilikan manajerial, ukuran dewan komisaris, dan likuiditas tidak signifikan memprediksi kondisi financial distress.
Pengaruh Good Corporate Governance terhadap Manajemen Laba pada Perusahaan yang Masuk dalam JII (Jakarta Islamic Index) Tahun 2012-2013 Sutino, Eva Rosa Dewi; Khoiruddin, Moh
Management Analysis Journal Vol 5 No 3 (2016): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v5i3.8274

Abstract

Penelitian ini bertujuan untuk menguji pengaruh good corporate governance terhadap manajemen laba. Good corporate governance diukur dengan indikator kepemilikan institusional, kepemilikan manajerial, ukuran dewan komisaris, proporsi dewan komisaris independen, ukuran komite audit dan manajemen laba dihitung dengan discretionary accruals. Corporate governance merupakan konsep yang didasarkan pada teori keagenan yang diharapkan dapat menurunkan biaya keagenan dan meminimalisir manajemen laba. Penelitian ini merupakan penelitian kuantitatif dan menggunakan data sekunder yang diambil dengan teknik dokumentasi. Populasi dalam penelitian ini adalah perusahaan yang masuk dalam JII selama 2012-2013. Sampel yang diambil melalui teknik purposive sampling berjumlah 38 data. Metode analisis dalam penelitian ini menggunakan analisis regresi berganda dengan bantuan program SPSS 20. Hasil penelitian ini menunjukkan bahwa kepemilikan institusional, kepemilikan manajerial, ukuran dewan komisaris dan ukuran komite audit tidak berpengaruh terhadap manajemen laba karena memiliki nilai signifikansi lebih dari 0,05. Sedangkan proporsi dewan komisaris independen memiliki pengaruh positif dan signifikan terhadap manajemen laba karena memiliki nilai signifikansi kurang dari 0,05. Saran yang berkaitan dengan hasil penelitian ini adalah dapat menambahkan periode penelitian lebih panjang untuk mengetahui konsistensi efek good corporate governance terhadap manajemen laba, membentuk dewan komisaris independen yang dapat menjalankan tanggung jawab dengan baik dan lebih teliti dalam membaca informasi keuangan sehingga dapat mengambil keputusan yang tepat untuk berinvestasi.
Pengaruh Struktur Kepemilikan, Struktur Pendapatan, Struktur Deposito terhadap Insolvency Risk Bank Syariah Prasetyowati, Fitriana Dwi; Khoiruddin, Moh
Management Analysis Journal Vol 6 No 2 (2017): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v6i2.16064

Abstract

Tujuan dari penelitian ini adalah untuk menjelaskan pengaruh struktur kepemilikan yaitu proksi highest dan block, struktur pendapatan yaitu proksi profit loss sharing income (pls) dan non-profit loss sharing income (non-pls), struktur deposito yaitu profit sharing investment account (psia) dan non-profit loss sharing investment account (non-psia) terhadap insolvency risk. Populasi dalam penelitian ini adalah Bank Syariah di Bursa Efek Indonesia pada tahun 2011-2015. Jumlah sampel penelitian ini adalah 11 bank syariah dengan metode purposive sampling. Metode analisis menggunakan regresi linear berganda dengan program Eviews 8. Hasil penelitian ini adalah highest berpengaruh positif signifikan terhadap insolvency risk, sedangkan block, pls income, non-pls income, psia dan non-psia bepengaruh negatif signifikan terhadap insolvency risk pada bank syariah di Indonesia.
Peran Financial Distress Memediasi Kepemilikan Institusional, Kepemilikan Manajerial terhadap Return Saham Jannah, Indah Roikhatul; Khoiruddin, Moh
Management Analysis Journal Vol 6 No 3 (2017): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v6i3.18876

Abstract

Penelitian ini bertujuan untuk mendiskripsikan dan menganalisis pengaruh kepemilikan institusional, kepemilikan manajerial terhadap return saham melalui financial distress. Sampel penelitian sebanyak 282 observasi yang terdiri dari 84 perusahaan yang terdaftar di Bursa Efek Indonesia periode 2012-2015 dan pengamatan melalui metode purposive sampling. Teknik analisa yang digunakan yaitu analisis linier berganda dan analisis jalur (path analysis). Hasil penelitian menunjukkan bahwa kepemilikan institusional berpengaruh terhadap financial distress. Kepemilikan manajerial tidak berpengaruh terhadap financial distress. Kepemilikan institusional tidak berpengaruh terhadap return saham. Kepemilikan manajerial berpengaruh terhadap return saham. Financial distress tidak berpengaruh terhadap return saham. Financial distress memediasi pengaruh kepemilikan institusional terhadap return saham. Financial distress tidak memediasi pengaruh kepemilikan manajerial terhadap return saham.
The Effect Intellectual Capital on Sharia Companies Financial Performance in Two Countries in 2012-2016 Dewi, Karina Chandra; Khoiruddin, Moh
Management Analysis Journal Vol 8 No 2 (2019): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v8i2.30062

Abstract

Abstract The purpose of this study is to determine whether there is influence or not intellectual capital on the financial performance of sharia companies JII Indonesia and BMHSI Malaysia. The research samples is 28 JII companies and 6 BMHSI companies in 2012-2016. The data analysis method used in this study is multiple regression analysis. The results showed that the VACA variable regression coefficient was 12,232 with a sig value of 0,000 on JII and 2,112 with a sig value of 0,045 on BMHSI; VAHU variable regression coefficient of 2.841 with a sig value of 0.005 on JII and 5.591 with a sig value of 0.000 on BMHSI; and STVA variable regression coefficient of 1.874 with a sig value of 0.063 on JII and -0.505 with a sig value of 0.618 on BMHSI. The conclusion of this study is that VACA and VAHU have a positive and significant effect on the financial performance of sharia JII companies as well as BMHSI and STVA which have a negative and not significant effect on the financial performance of sharia companies JII and BMHSI.
Determinants of Funding Decision: Empirical Evidence from Companies Listed in Indonesia Stock Exchange Risnaeni, Eva Yuni; Khoiruddin, Moh
Management Analysis Journal Vol 10 No 2 (2021): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v10i2.45521

Abstract

The funding decision is an important decision for the company because this is the main decision in financial management that will directly influence the company’s financial position. The phenomenon from 2014-2018 describes that companies listed on the Indonesia Stock Exchange have increased levels of debt and debt to equity ratio so the proportion of debt still dominates in the company’s capital structure. This study intends to test empirically the impact of the investment opportunity set (IOS), managerial ownership, institutional ownership, and profitability on corporate funding decisions. The population of this research is all companies listed on the Indonesia Stock Exchange for the period 2014-2018. Samples that match the criteria based on the purposive sampling technique are 83 companies with a period of 5 years in order to obtain a result of 415 units of observations. Data were collected using the documentation method/secondary data. Data were analyzed using the panel data regression method and processed using Eviews version 9 software. The results of the research evidence that the investment opportunity set (IOS) has a significant positive effect on funding decisions, while institutional ownership and profitability have a significant negative effect on funding decisions. However, managerial ownership has no significant effect on funding decisions. For further researchers, it is suggested to develop a similar theme by adding variables that influence funding decisions, changing managerial ownership proxies, and adding IOS proxies to get better research results.