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Pengaruh Penerbitan Sukuk Ijarah Terhadap Return On Assets, Return On Equity dan Earning Per Share Emiten di Bursa Efek Indonesia Tahun 2009-2013
Rianda Ajeng Ardiyanti Putri;
Leo Herlambang
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 2 No. 6 (2015): Juni-2015
Publisher : Universitas Airlangga
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DOI: 10.20473/vol2iss20156pp459-472
Sukuk in Indonesia is growing rapidly with marked Corporate Sukuk issuance reached 65 Sukuk. Within this development also trigger the issuance of Ijarah Sukuk more in demand by the issuer as it is considered more prospective than the Mudharabah Sukuk.This study aimed to determine the issuance effect of Ijarah Sukuk on the financial performance issuer in the Indonesia Stock Exchange in 2009 to 2013. The independent variable in this study is Sukuk to Equity Ratio and the dependent variable in this study are Return on Assets, Return on Equity and Earnings per Share. The analysis technique used is a simple linear regression analysis OLS with 95% of confidence level.The results of this study show that Sukuk to Equity Ratio has significant effect on Return on Assets, but Sukuk to Equity Ratio has not significant effect on Return on Equity and Earnings per Share.
Pengaruh Variabel Makroekonomi Inflasi, Harga Emas Dunia dan Hang Seng Index Terhadap Volatilitas Jakarta Islamic Index (JII) Periode Oktober 2011 - Oktober 2014 (Studi Pada Mahasiswi Program Studi Ekonomi Islam Fakultas Ekonomi dan Bisnis UA
Bestari Kusuma Wardhani;
Leo Herlambang
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 2 No. 6 (2015): Juni-2015
Publisher : Universitas Airlangga
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DOI: 10.20473/vol2iss20156pp473-480
This research attempt to analyze the effect of variabel inflation, gold price and Hang Seng Index to the volatility of Jakarta Islamic Index (JII) in period of October 2011-October 2014.The subject is index of Jakarta Islamic Index in period of October 2011 until October 2014. Typed of data used are the secondary data. This research using quantitatif methods and the analytical methods is multiple linear regression with a significance level of 0.05.The result of this research indicate that the inflation, gold price and Hang Seng index partially provide an insignificant influence on the volatility of Jakarta Islamic Index. However the inflation, gold price and Hang Seng Index simultaneously provide a signification effect on the volatility of Jakarta Islamic Index. Based on the coefficient determination ( ܴଶ) of 0.236 or 23.6% shows that the volatility of Jakarta Islamic Index is influenced by inflation, gold price, and Hang Seng Index.
Reaksi Pasar Atas Stock Split Pada Emiten Saham Syariah di Bursa Efek Indonesia Periode 2011-2014
Aldila Vania Jasmine;
Leo Herlambang
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 2 No. 8 (2015): Agustus-2015
Publisher : Universitas Airlangga
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DOI: 10.20473/vol2iss20158pp658-672
The aims of this study are to identify and explain the market reaction as the result of corporate action in the form of stock split managed by the stock issuers registered with Jakarta Islamic Index and Indonesia Sharia Stock Index from period 2011 to 2014.This study used quantitative approach with event study method. Those stock issuers also have to perform the stock split and have been registered with ISII and JII to fulfill the requirements of this study. While the focus of this study is the reaction indicated by the change of AAR and CAAR by doing several test such as one sample t-test and paired sample t-test by defining the level of significant in the amount of 5%.The results of the study indicate there is no significance difference in the AAR before and after the stock split, but there is a quite significance difference in the CAAR.
Perbedaan Return Saham Pada Monday Effect di Bursa Efek Indonesia (Studi Pada Emiten Yang Masuk Dalam Perhitungan JII Selama Desember 2013 - Mei 2014)
Wildan Aditya Nugraha;
Leo Herlambang
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 2 No. 9 (2015): September-2015
Publisher : Universitas Airlangga
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DOI: 10.20473/vol2iss20159pp772-785
Monday effect is an information used by investors to adjudge their investment decision in accordance with some conditions. The condition is able to make changes into stock supply and demand. The change of stock supply and demand generate fluctuating stock return. The purpose of this research is to analyze the reaction of sharia capital market over the Monday effect depicted by the difference of stock return before and after Monday.This research uses event study approach, applied to JII listed issuers in December 2013 – May 2014. The 5-days observation period was used in this research which is consist of t-2 (2 days before Monday), t-0 (event date), t+2 (2 days after Monday). The hypothesis test was ran through paired sample t-test.In accordance with the statistic test result using significant rate (α) 5%, the probability of this research was 0,001 depicting the difference of stock return before and after Monday.
Pengaruh Variabel Makro Ekonomi Terhadap Indeks Jakarta Islamic Index (JII) Periode Januari 2010 Hingga November 2015
Ayu Tri Utami;
Leo Herlambang
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 3 No. 1 (2016): Januari-2016
Publisher : Universitas Airlangga
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DOI: 10.20473/vol3iss20161pp70-84
The study aimed to know whether there were influences of inflation, interest rate, and exchange rate on the Jakarta Islamic Index (JII). The study population were factors which influenced the Jakarta Islamic Index. The sample were those factors in the period of January 2010- November 2015. Multiple linear regression was used for the analysis. The analysis showed that inflation had a negative effect on Jakarta Islamic Index (JII) index, interest rates had a positive effect on Jakarta Islamic Index (JII) index, and the exchange rate had a positive effect on Jakarta Islamic Index (JII) index. All independent variables simultaneously had an effect on the Jakarta Islamic Index (JII) index. This study was expected to add insightsto science, governance and other fields.
Dampak Devaluasi Yuan Pada 11 Agustus 2015 Terhadap Abnormal Return Dan Abnormal Trading Volume Activity Saham Yang Tercatat Di Jakarta Islamic Index JII)
Windiya Saputri;
Leo Herlambang
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 3 No. 2 (2016): Februari-2016
Publisher : Universitas Airlangga
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DOI: 10.20473/vol3iss20162pp127-143
Government-related announcement is one of the determinants that potentially affect capital market. This research aims to see the reaction of stock market to Yuan Devaluation on August, 11 2015. The market reaction in this study is indicated by the presence of abnormal retun and abnormal trading volume activty. The approach taken in this research is the quantitative approach with event study method by using one sample t-test and paired sample t-test analysist. The variables in this research are Yuan Devaluation, AAR, and AATVA. The issuers observed in this research are stock listed on JII during the period of study. Results showed that stock listed on JII reacted to Yuan Devaluation, that is showed by significant results both in the AAR and AATVA, which means Yuan Devaluation bears valuable information for investor.
Faktor Makro Ekonomi Segi Moneter Terhadap Kinerja Indeks Saham Di Jakarta Islamic Index (JII) (Periode Januari 2010-Agustus 2015)
Dian Ayu Wulansari;
Leo Herlambang
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 3 No. 4 (2016): April-2016
Publisher : Universitas Airlangga
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DOI: 10.20473/vol3iss20164pp266-279
Jakarta Islamic Index (JII) is one of Indonesia’s stock index in calculating the average price index of stocks for the type of stocks that meet the criteria of Shariah. One of the factors that influence is macroeconomic factors. This study aims to determine the effect of macroeconomic variables which consist of Inflation, Exchange Rate and M2 on the Jakarta Islamic Index (JII) with the observation period January 2010-August 2015. The data used is secondary data time series in the form of monthly data during the observation period January 2010-August 2015. The results showed that Exchange Rate and Money Supply (M2) have positively significant effect on the Jakarta Islamic Index (JII), whereas other variables such as Inflation is not significantly effect on the Jakarta Islamic Index (JII). While simultaneously the Inflation, Exchange Rate and Money Supply significant effect on the Jakarta Islamic Index (JII).
Economic Value Added Dan Market Value Added Serta Perilaku Harga Saham Perusahaan Yang Listing Di Jakarta Islamic Index (Periode 2010-2014)
Khairuriza Khairuriza;
Leo Herlambang
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 3 No. 6 (2016): Juni-2016
Publisher : Universitas Airlangga
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DOI: 10.20473/vol3iss20166pp444-459
Stern Stewart & Co. introduced new methods of measuring financial performance based on the added value produced by the company, these methods being Economic Value Added (EVA) and Market Value Added (MVA). The purpose of this research is to analyze the effect of EVA and MVA toward the stock price of companies listed in Jakarta Islamic Index (JII) for the year period 2010-2014.The data used in this research are secondary data comprising of yearly data for the period 2010-2014. The analysis employed in this research is through using multiple linear regression analysis with α of 0.05.The research suggest that EVA and MVA partially and simultaneously have significance effect towards the stock price of the company enlisted in JII. With α of 0.162 or 16.2%, this shows that 16, 2% of stock price in JII is affected by EVA and MVA, whereas 83, 8% is affected by other variables.
Pengaruh Rasio Profitabilitas, Rasio Solvabilitas, Dan Rasio Likuiditas Terhadap Return Saham Perusahaan Properti Dan Real Estate Yang Terdaftar Dalam Indeks Saham Syariah Indonesia (ISSI) Periode 2011 – 2014
Novia Eka Fitri;
Leo Herlambang
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 3 No. 8 (2016): Agustus-2016
Publisher : Universitas Airlangga
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DOI: 10.20473/vol3iss20168pp625-642
This study aims to determine the effect of Return of Asset (ROA), Debt to Equity Ratio (DER), and Current Ration (CR) on stock return partially and simultaneously. The objects of the study are Property and Real Estate Company which registered in Indonesia Sharia Stock Index (ISSI) for four years, 2011-2014. This study used quantitative research. The writer used literature study and gathered secondary data for technique of data collection. This study finds that partially Return of Asset (ROA) significantly affects on stock return, while Debt to Equity Ratio (DER) and Current Ratio (CR) are not significantly affect on stock return. Simultaneously Return on Assets (ROA), Debt to Equity Ratio (DER) and Current Ration (CR) do not significantly affect on stock return.
Analisis Pengaruh Variabel Makro Ekonomi Dan Harga Komoditas Terhadap Jakarta Islamic Index (JII)
Ika Fitriyanti;
Leo Herlambang
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 3 No. 9 (2016): September-2016
Publisher : Universitas Airlangga
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DOI: 10.20473/vol3iss20169pp713-727
The purpose of this research is to determine the effects of macroeconomic variables to Jakarta Islamic Index in the period January 2013 – October 2015. The results of this research show that in partially world gold price (X1) does not have a significant influence to Jakarta Islamic Index (Y) which is indicated with t-test a significance value of 0.982. World oil price variable (X2) partially does not have a significant influence to Jakarta Islamic Index as evidenced by t test significant value of 0.090. Exchange Rate (X3) partially has a significant influence to Jakarta Islamic Index as evidenced by t test significant value of 0,003. Interest rate of Bank Indonesia (X4) has no significant influence to Jakarta Islamic Index as evidenced by t test significant value of 0.405. The result of all variables simultaneously have significant influence to Jakarta Islamic Index as evidenced by f test significant value of 0.03.