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All Journal Al-Iqtishad : Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics) JURNAL SOSIAL HUMANIORA (JSH) Jurnal Ekonomi Syariah Teori dan Terapan JURNAL EKONOMI DAN BISNIS AIRLANGGA Jurnal Pengabdian Kepada Masyarakat (Indonesian Journal of Community Engagement) Jurnal Terapan Abdimas Jurnal Ekonomi dan Bisnis Islam Falah : Jurnal Ekonomi Syariah Ikonomika : Jurnal Ekonomi dan Bisnis Islam AKSIOLOGIYA : Jurnal Pengabdian Kepada Masyarakat al-Uqud : Journal of Islamic Economics AFEBI Islamic Finance and Economic Review Review of Islamic Economics and Finance Jurnal Layanan Masyarakat (Journal of Public Service) SEMAR Airlangga Journal of Innovation Management Indonesian Capital Market Review Journal of Islamic Economics Lariba Proceedings of International Conference on Islamic Economic Finance and Social Finance
Puji Sucia Sukmaningrum
Departemen Ekonomi Syariah - Fakultas Ekonomi Dan Bisnis - Universitas Airlangga
Religion Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Languange, Linguistic, Communication & Media Social Sciences Other

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THE EFFICIENCY ANALYSIS OF SHARIA LIFE INSURANCE IN INDONESIA AND FAMILY TAKAFUL IN MALAYSIA USING DATA ENVELOPMENT ANALYSIS METHOD (CASE STUDY ON AL ABRAR'S SHARIAH FINANCIAL SERVICE COOPERATIVE) Muhammad Iqbal Rifqi Ardianto; Puji Sucia Sukmaningrum
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 7 No. 2 (2020): Februari-2020
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol7iss20202pp319-331

Abstract

This study aims to determine the level of efficiency of Sharia life insurance in Indonesia and Malaysia during the 2015-2018 period. The sample used was 12 Sharia life insurance companies in Indonesia and 5 Sharia life insurance companies in Malaysia. The method used in this research is Data Envelopment Analysis (DEA) with the assumption of Variable Return to Scale (VRS) with input-orientation. The selection of variables uses a value-added approach with its input variables, namely capital, total expenses, and total investment as well as its output variables, namely total profit and total investment income. The results of this study indicate that the average overall value of sharia life insurance efficiency in Indonesia is relatively lower than the average efficiency of sharia life insurance in Malaysia. The development trend of the efficiency of Sharia life insurance in Indonesia and Malaysia tends to decrease during 2015-2018. Meanwhile, the cause of inefficiency in Sharia life insurance in Indonesia and Malaysia is the total expenses variable. Keywords: Efficiency, Sharia Life Insurance, DEAREFFERENCE Akhtar, M. H. (2017). Performance analysis of takaful and conventional insurance companies in Saudi Arabia. Benchmarking: An International Journal, 25(30), 00-00. https://doi.org/10.1108/BIJ-01-2017-0018Antonio, M. S., Ali, M. M., & Nashr. (2013). A comparative analysis of the efficiency of takaful and conventional insurance in Malaysia. International Journal of Excellence in Islamic Banking and Finance, 3(1), 1-13.Astuti, Y. F., & Suprayogi, N. (2017). Perbedaan efisiensi perusahaan asuransi jiwa syariah dan konvensional di Indonesia dengan metode data envelopment analysis (DEA). Jurnal Ekonomi Syariah Teori dan Terapan, 4(8), 668-683.DIEDC. (2018). An inclusive ethical economy: state of the global Islamic economy report 2018/19. Dubai: Dubai the Capital of Islamic Economy.Faruk, M. O., & Rahaman, A. (2015). Measuring efficiency of conventional life insurance companies in Bangladesh and takaful life insurance companies in Malaysia:  A non-parametric approach. Management Studies and Economic Systems, 2(2), 129-144.IFSB. (2018). Islamic Financial Services Industry Stability Report 2018. Kuala      Lumpur: Islamic Financial Services Board.IFSB. (2019). Islamic Financial Services Industry Stability Report 2019. Kuala      Lumpur: Islamic Financial Services Board.Miniaoui, H., & Chaibi, A. (2014). Technical efficiency of takaful industry: a comparative study of Malaysia and GCC countries (Working Paper). IPAG Business School.MTA. (2018). Malaysian Takaful Annual Report 2018. Kuala Lumpur: Malaysian Takaful Associaton.MUI. (2014). Himpunan Fatwa Keuangan Syariah Dewan Syariah Nasional MUI. Jakarta: Penerbit Erlangga.Ningsih, Y. W., & Suprayogi, N. (2017). Analisis efisiensi asuransi umum Syariah di Indonesia tahun 2013-2015: Aplikasi metode data envelopment analysis. Jurnal Ekonomi Syariah Teori dan Terapan, 4(9), 575-772.Nurdiansyah, M. F. (2019). Analisis efisiensi perusahaan asuransi syariah di Indonesia periode 2014-2017 dengan metode Data Envelopment Analysis. Skripsi tidak diterbitkan. Surabaya: Fakultas Ekonomi dan Bisnis Universitas Airlangga.Rusydiana, A. S., & Tim Smart Consulting. (2013). Mengukur tingkat efisiensi dengan data envelopment analysis (DEA): Teori dan aplikasi. Bogor: SMART Publishing.Saad, N. M., & Idris, N. E. H. (2011). Efficiency of life insurance companies in Malaysia and Brunei: A comparative analysis. International Journal of Humanities and Social Science, 1(3), 111-122.Sabiti, M. B., Effendi, J., & Novianti, T. (2017). Efisiensi asuransi syariah di Indonesia dengan pendekatan data envelopment analysis. Jurnal Al-Muzara’ah,5(1), 69-87.Sholihin, A. I. (2010). Buku Pintar Ekonomi Syariah. Jakarta: GramediaTuffahati, H., Mardian, S., & Suprapto, E. (2016). Pengukuran efisiensi asuransi syariah dengan data envelopment analysis (DEA). Jurnal Akuntansi dan Keuangan Islam, 4(1), 1-23. Thomson Reuters. (2018). Islamic Finance Development Report 2018, Buliding Momentum: Thomson Reuters.
THE IMPACT OF SYSTEMATIC RISKS AND PERFORMANCE OF COMPANIES ON STOCK RETURNS: EVIDENCE IN ISLAMIC STOCK MARKET Nurul Laili Rahmawati; Puji Sucia Sukmaningrum
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 7 No. 3 (2020): Maret-2020
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol7iss20203pp563-575

Abstract

This study aims to determine the Impact of Systematic Risk and Corporate Performance on Stock Returns: Evidence on the Islamic Stock Market. The population in this study is all companies listed on the Jakarta Islamic Index (JII) for the 2014-2018 period partially and simultaneously. This research uses quantitative data. The analysis technique used panel data regression analysis. The samples used in this study were 17 companies listed on the Jakarta Islamic Index with a purposive sampling technique. The results of the study based on the Ordinary Least Square model estimation showed that partially the Beta variable has a positive and significant effect, the Return on Equity (ROE) variable has positive and not significant effect, while the Earning Per Share (EPS) variable, Debt to Equity Ratio (DER), and Current Ratio (CR) has negative and not significant effect on the stock returns of companies listed on the Jakarta Islamic Index. While simultaneous variable Beta shares, Earning Per Share (EPS), Return On Equity (ROE), Debt to Equity Ratio (DER), and Current Ratio (CR) are not significant to the stock returns of companies listed on the Jakarta Islamic Index 2014- 2018.Keywords: Systematic Risk, Corporate Performance, Jakarta Islamic IndexREFFERENCEBasyaib, F. (2007). Manajemen Resiko. Jakarta: Grasindo.Brigham, E., & Houston, J. (2001). Manajemen Keuangan. Jakarta: Erlangga.Budialim, G. (2013). Pengaruh kinerja keuangan dan risiko terhadap return saham perusahaan sektor consumer goods di bursa efek Indonesia periode 2007-2011. CALYPTRA,2(1), 1–23.Dewi, P. A. R., Sedana, I. B. P., & Artini, L. G. S. (2016). Pengaruh tingkat suku bunga, risiko pasar, debt to equity ratio dan price earning ratio terhadap return saham pada perusahaan properti and real estate di bursa efek Indonesia. Ekonomi dan Bisnis, 3, 489–516.Fahmi, I. (2013). Analisis laporan keuangan. Bandung: Alfabeta.Hamidi, M. L. (2003). Jejak jejak ekonomi syariah. Jakarta: Senayan Abadi Publishing.Helfert, E. (1997). Teknik analisis keuangan. Jakarta: Erlangga.Kamsir. (2009). Pengantar manajemen keuangan. Edisi Kedua. Jakarta: Prenada Media.Kurnia, N. (2013). Pengaruh kinerja perusahaan dan risiko sistematis terhadap return saham (studi empiris pada perusahaan property dan real estate yang terdaftar di BEI). Jurnal Akuntansi, 1(2), 1-27.Nugroho, I., & Sukhemi. (2015). Pengaruh risiko sistematis dan likuiditas terhadap return saham pada perusahaan manufaktur yang terdaftar di BEI. Jurnal Akuntansi, 3(2), 63–74. Prabawa, D. W., & Lukiastuti, F. (2015). Analisis pengaruh kinerja keuangan, manajemen risiko dan manajemen modal kerja terhadap return saham. Jurnal Manajemen Indonesia, 15(1), 1–16. Prasetyo Supadi, D. B., & Amin, M. N. (2012). Pengaruh faktor fundamental dan risiko sistematis terhadap return saham syariah. Media Riset Akuntansi, Auditing dan Informasi, 12(1), 23–44. Ross, S. A., Christensen, M., Drew, M., Bianchi, R., & Jordan, R. W. B. D. (2010). Fundamentals of corporate finance, 9th Edition, Mc Graw Hill. Australia: McGraw-Hill Education.Susilowati, Y., & Turyanto, T. (2011). Reaksi signal rasio profitabilitas dan rasio solvabilitas terhadap return saham perusahaan. Dinamika Keuangan dan Perbankan, 3(1), 17-37.Sutarti. (2007). Analisis saham-saham Jakarta Islamic Index untuk membentuk portofolio yang optimal dengan menggunakan single indeks model studi kasus pada Bursa Efek Jakarta. Jurnal Ilmiah Ranggagading, 7(2), 119–124.Syamsuddin, L. (2009). Manajemen keuangan perusahaan: Konsep aplikasi dalam perencanaan, pengawasan, dan pengembalian keputusan. Jakarta: Rajawali Pers.Tandellin, E. D. (2010). Portofolio dan Investasi teori dan aplikasi. Yogyakarta: Kanisius.Tavinayati, & Qamariyanti, Y. (2009). Hukum pasar modal di Indonesia. Jakarta: Sinar Grafika.Verawaty, Jaya, A. K., & Mandela, T. (2015). Pengaruh kinerja keuangan terhadap return saham pada perusahaan pertambangan yang terdaftar di Bursa Efek Indonesia. Akuisisi, 11(2), 75–87.Wijaya, C. F., & Djajadikerta, H. (2017). Pengaruh risiko sistematis, leverage, dan likuiditas terhadap return saham lq 45 yang terdaftar pada Bursa Efek. Jurnal Manajemen, 9(2), 62–76. Wijayanti, E. N. (2010). Analisis perusahaan terhadap return saham pada perusahaan manufaktur di Bursa Efek Indonesia Tahun 2007-2009. Skripsi tidak diterbitkan. Ssemarang: Universitas Negeri Semarang.Yulianti, R., & Zahrotun. (2006). Operating leverage dan risiko sistematik perusahaan. Jurnal Ekonomi dan Kewirausahaan, 6(1), 1–10.www.idx.com
THE STOCK MARKET REACTION TO THE ANNOUNCEMENTTHE OF STOCK SPLIT IN INDONESIA SHARIA STOCK INDEX (ISSI) THE FOR 2013-2018 PERIOD Salsabiilaa Nadiah Putri Herlambang; Puji Sucia Sukmaningrum
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 7 No. 4 (2020): April-2020
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol7iss20204pp704-713

Abstract

Stock split is a breakdown of the nominal value of stocks into smaller ones carried out by the issuer. This study aims to determine and explain the reaction of the stock market to the announcement of a stock split made by issuers of all sectors in the 2013-2018 Indonesian Sharia Stock Index (ISSI). This study uses a quantitative approach using event studies to analyze market reactions to events. Sampling using purposive sampling and obtained 50 companies and two companies do two stock splits. The sample analysis technique uses the One-Sample Test t-test and Paired Sample t-test with an observation period of 31 days which is 15 days before the announcement of the stock split and 16 days after the announcement of the stock split. The results obtained from this study are that there is no significant abnormal return before the announcement of the stock split, but there is a significant abnormal return after the stock split, although a little. However, there is no significant cumulative average abnormal return as a reaction before or after the stock split. This study also found no significant differences in abnormal returns before and after stock split and changes in cumulative average abnormal returns before and after stock split that was not significant.Keywords: Market Reaction, Stock Split, Average Abnormal Return, Indonesian Sharia Stock Index (ISSI)REFFERENCE Brigham F Eugene dan I.C. Gapenski. (1996). Intermediate financial management, Fifth Edition. New York: The Dryden Press.Brown, S.J. & J.B. Warner. (1985). Using daily stock returns: The case of event studies. Journal of Financial Economics, 14, 3-31.Jogiyanto Hartono. (2009). Teori portofolio dan analisis investasi. Yogyakarta: BPFE.Jogiyanto, Hartono. (2003). Studi peristiwa: Menguji reaksi pasar modal akibat suatu peristiwa. Yogyakarta: BPFE.Jogiyanto, Hartono. (2003). Teori portofolio dan analisis investasi. Yogyakarta: BPFE.Jogiyanto. (2003). Pasar efisien secara keputusan. Jakarta: PT. Gramedia Pustaka Utama.Kementerian Agama RI. (2017). Al Quran dan terjemahannya. Jakarta: Kementerian Agama RI.Otoritas Jasa Keuangan. (2018). Saham syariah (www.ojk.go.id diakses pada 28 September 2018).Subekti, Dwi Agus. (2014). Pengaruh stock split terhadap abnormal return dan volume perdagangan saham (Studi kasus pada perusahaan yang masuk dalam daftar efek syariah periode 2011-2013). Skripsi tidak diterbitkan. Yogyakarta: Universitas Islam Negeri Sunan Kalijaga.Tandelilin, Eduardus. (2007). Analisis investasi dan manajemen portofolio. Yogyakarta: BPFE.
FAKTOR-FAKTOR FUNDAMENTAL YANG MEMPENGARUHI HARGA SAHAM PERUSAHAAN YANG TERDAFTAR DI JAKARTA ISLAMIC INDEX TAHUN 2010-2016 Hamidatul Husnah; Puji Sucia Sukmaningrum
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 6 No. 8 (2019): Agustus-2019
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol6iss20198pp1620-1636

Abstract

This research aims to determine the effect of Current Ratio, Debt Equity Ratio and Earning Per Share on stock price of Companies in Jakarta Islamic Index partially or simultaneously. The population in this study is a company registed in Jakarta Islamic Index and the sample used in this study as many as 9 companies listed in Jakarta Islamic Index that meets the criteria of purposive sampling. The observation period of the study starts from 2010 to 2016. This best of research in used quantitative analysis with multiple linear regressionshow that Current Ratio, Debt Equity Ratio and Earning Per Sharesimultaneously and significantly affect the stock price of companies in Jakarta Islamic Index. And partially variable of current ratio insignificant influence to stock price, debt equity ratio is negative and significant influence, and earning per share have positif and significant influence to stock price of company in Jakarta Islamic Index periode 2010-2016.Keywords: Stock Price, Current Ratio, Debt Equity Ratio,Earning Per ShareREFFERENCESAcheampong, Prince dkk. 2014. The Effect of Financial Leverage and Market Size on Stock Returns on the Ghana Stock Exchange: Evidence from Selected Stocks in the Manufacturing Sector. International Journal of Financial Research. Vol 5 No 1Arista dan Astohar. 2012. “Analisis Faktor-faktor yang Mempengaruhi Return Saham (Kasus pada Perusahaan Manufaktur yang Go Public di BEI periode tahun 2005-2009)”. Jurnal Ilmu Manajemen dan AkuntansiTerapan, Vol. 3, No. 1, Mei 2012Atmaja, Lukas Setia. 2008. Teori dan Praktek Manajemen Keuangan. Yogyakarta: Penerbit ANDIBaridwan, Zaki. 2010. Intermediate Accounting. EdisiKetujuh. Yogyakarta: BadanPenerbitFakultasEkonomiUniversitas Gajah Mada.Brigham E.F & Houston Joel. 2001. Manajemen Keuangan. Buku kesatu Edisi kedelapan. Jakarta : Penerbit ErlanggaDarmadji dan Fakhruddin. 2001.” Pasar modal di Indonesia”. Salemba Empat, Jakarta.Departemen Agama RI. 1998. Al-Qur’an dan Terjemahannya dengan Transliterasi. Semarang : Karya Toha PutraDjazuli, H.A. 2010. Ilmu Fiqh. Edisi Revisi Cetakan ketujuh.Jakarta: KencanaGunadi, Gd Gilang dan I Ketut Wijaya Kesuma. 2015. Pengaruh ROA, DER, EPS Terhadap Return Saham Perusahaan Food and Beverage BEI. E-Jurnal Manajemen Unud, Vol. 4 No. 6Gurajati,Damodar.1999.Ekonometrika Dasar.Edisi Terjemahan. Erlangga: Jakarta-----------------------.2003.Ekonometrika Dasar.EdisiTerjemahan.Erlangga:JakartaHarahap, Sofyan Syafri. 2004. Analisis Kritis atas Laporan Keuangan.Cetakan keempat. Jakarta:Raja Grafindo Persada                                                                                                                                                                                  Huda, Nurul dan Mustafa Edwin Nasution. 2007. Investasi pada Pasar Modal Syariah. Edisi pertama Cetakan pertama. Jakarta: Kencana ---------------------. 2008. Investasi pada Pasar Modal Syariah. Edisi Revisi Cetakan kedua. Jakarta: KencanaHusnan, Suad. 2005. Dasar-Dasar Teori Portofolio dan Analisis Sekuritas. Edisi keempat Cetakan kedua. Yogyakarta : Unit Penerbit dan Percetakan Sekolah Tinggi Ilmu Manajemen YKPNIndriantoro, NurdanBambangSupomo, 2009. MetodologiPenelitianBisnisuntukAkuntansidanManajemen. EdisiPertama. Yogyakarta : BPFE YogyakartaJogiyanto, H.M.2003. Teori Portofolio dan Analisis Investasi. Edisi Ketiga. Yogyakarta : BPFE-YogyakartaKasmir. 2015. Analisis Laporan Keuangan. Jakarta: PT. Raja Grafindo PersadaKhairuriza. 2015. Pengaruh EVA dan MVA terhadapHargaSaham yang Terdaftar di Jakarta Islamic Index periode 2010-2014.Skripsi. Surabaya:UniversitasAirlanggaKurniawan, RizkiDwidan Nadia Asandimitra. 2008. AnalisisPerbandinganKinerjaIndeksSahamSyariahdanIndeksSahamKonvensional. JurnalIlmuManajemen UNESA. Vol.2 No.4Malintan, Rio. 2013. Pengaruh Current Ratio (CR), Debt To Equity Ratio (DER), Price Earning Ratio (PER), DAN Return On Asset (ROA) Terhadap Return Saham Perusahaan Pertambangan Yang Terdaftar Di Bursa Efek Indonesia Ttahun 2005-2010. Jurnal Ilmiah Universitas Brawijaya.Novitasari, Puput. 2015. AnalisisKinerjaKeuanganTerhadapHargaSahampada Perusahaan yang Terdaftar di JII Tahun 2009-2013. JESTT. Vol. 2 No 4Octavia, Dewi Prita Yull. 2012. Pengaruh EVA dan ROA Terhadap Pendapatan  Saham Pasar pada Perusahaan yang Tergabung Dalam Jakarta Islamic Index Tahun 2006-2010. Skripsi. Surabaya: Universitas AirlanggaPurnamasari, Khairani, dkk. 2014. Pengaruh CR, DER, ROE, PER, EPS Terhadap Return Sahampada Perusahaan Property and Real Estate yang Terdaftar di BEI Tahun 2009-2011. Jom FEKOM. Vol 1 No 2Rahmalia.2013.Pengaruh Return On Assets (ROA), Return On Equity (ROE), dan Earning Per Share (EPS) TerhadapHargaSaham. FakultasEkonomiUniversitasWidyatama, BandungRatih, Dorothea dkk. 2013. Pengaruh EPS, PER, DER, ROE TerhadapHargaSahamPada Perusahaan SektorPertambangan yang Terdaftar di Bursa Efek Indonesia Tahun 2010-2012. Diponegoro journal of social and politic. Vol 2 No 1Ryandono, Muhammad Nafikh H. 2009. Bursa Efek dan Investasi Syariah. Jakarta : SerambiSari, Latipah Retna dan Sugiyono. 2016. Pengaruh NPM, ROE, EPS Terhadap Return Saham Pada Perusahaan Farmasi di BEI. Jurnal Ilmu dan Riset Manajemen. Vol. 5 No. 12Sudana, I Made. 2011. Manajemen Keuangan Perusahaan Teori & Praktik. Jakarta : Penerbit ErlanggaSunyoto, Danang. 2013. MetodologiPenelitian. PT RefikaAditamaTandelilin, Eduardus. 2010. Portofolio dan Investasi. Yogyakarta : Kanisiushttp://www.reksadanasyariah.nethttp://www.ojk.co.idhttp://idx.comhttp://yahoo.finance.com 
THE EFFECT OF ENTERPRISE RISK MANAGEMENT (ERM), COMPANY PERFORMANCE, AND SIZE ON FIRMS’ VALUE Miftakhul Fadhilah; Puji Sucia Sukmaningrum
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 7 No. 5 (2020): Mei-2020
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol7iss20205pp926-939

Abstract

This study aims to determine the effect of Enterprise Risk Management (ERM), profitability, leverage, earnings per share and company size on firm value. The method used in this study is the Panel Data Regression with the study population of companies registered in the Jakarta Islamic Index between 2014-2018 period. The sample of this study consists of 13 companies and the data in this study were obtained from the company's annual report from the Indonesia Stock Exchange website. The results showed that profitability and leverage has a positive and significant effect on firm value. And Earning per Share has a negative and significant effect on company value. Meanwhile, Enterprise Risk Management and company size have no significant effect on firm value.Keywords:  firm value, enterprise risk management, profitability, leverage, earning per share, sizeREFFERENCE Aditya, O., & Naomi, P. (2017). Penerapan manajemen risiko perusahaan dan nilai perusahaan di sektor konstruksi dan properti. Esensi: Jurnal Bisnis Dan Manajemen, 7(2), 167–180. https://doi.org/10.15408/ess.v7i2.4981Agustina, L., & Baroroh, N. (2016). The relationship between Enterprise Risk Management (ERM) and firm value mediated through the financial performance. Review of Integrative Business and Economics Research, 5(1), 128–138.Ali, M. M., Hamid, N. S. A., & Ghani, E. K. (2019). Examining the relationship between enterprise risk management and firm performance in Malaysia. International Journal of Financial Research, 10(3), 239–251. https://doi.org/10.5430/ijfr.v10n3p239Ayuningsih, S. D., Sunarya, E., & Norisanti, N. (2019). Analisis keterkaitan return on equity dan earning per share terhadap nilai perusahaan pada PT. Astra Agro Lestari Tbk. Jurnal Bisnis Dan Manajemen, 6(1), 65–71.Brigham, E. F., & Houston, J. F. (2003). Fundamentals of financial management (Concise Fo). Florida: South-Western.Brigham, E. F., & Houston, J. F. (2004). Fundamentals of financial management (Tenth). Mason: Elm Street Publishing Service, Inc.Cheng, M.-C., & Tzeng, Z.-C. (2011). The effect of leverage on firm value and how the firm financial quality influence on this effect. World Journal of Management, 3(2), 30–53.COSO. (2004). Enterprise risk management- integrated framework executive summary.Ekaprastyana, D., & Anwar, S. (2017). The effect of earning per share and debt to asset ratio on firm’s value: Case study on food and beverage corporation listed in Indonesia Stock Exchange. Jurnal Keuangan Dan Perbankan, 13(2), 120–127.Endri. (2019). Determinant of firm’s value: Evidence of manufacturing sectors listed in Indonesia Shariah Stock Index. International Journal of Recent Technology and Engineering, 8(3), 3995–3999. https://doi.org/10.35940/ijrte.C5258.098319Endri, E., & Fathony, M. (2020). Determinant of firm’s value: Evidence from financial industry. Management Science Letters, 10(1), 111–120. https://doi.org/10.5267/j.msl.2019.8.011Erradiana, R., Ratih, A. E., & Ruwanti, S. (2015). Pengaruh current ratio, debt to equity ratio, earning per share, return on asset dan dividen payout ratio terhadap nilai perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode 2013-2015.Gujarati, D. N., & Porter, D. C. (2013). Dasar-dasar ekonometrika, buku 2, edisi 5. Jakarta: Salemba Empat.Harmono. (2009). Manajemen keuangan: Berbasis balanced scorecard pendekatan teori, kasus, dan riset bisnis. Jakarta: PT Bumi Aksara.Hoyt, R. E., & Liebenberg, A. P. (2011). The value of enterprise risk management. Journal of Risk and Insurance, 78(4), 795–822. https://doi.org/10.1111/j.1539-6975.2011.01413.xIswajuni, I., Manasikana, A., & Soetedjo, S. (2018). The effect of enterprise risk management (ERM) on firm value in manufacturing companies listed on Indonesian Stock Exchange year 2010-2013. Asian Journal of Accounting Research, 3(2), 224–235. https://doi.org/10.1108/ajar-06-2018-0006Iswajuni, Soetedjo, S., & Manasikana, A. (2018). Pengaruh Enterprise Risk Management (ERM) terhadap nilai perusahaan pada perusahaan manufaktur yang terdaftar di Bursa Efek. Journal of Applied Managerial Accounting, 2(2), 275–281. https://doi.org/10.30871/jama.v2i2.942Kayobi, I. gusti M. A., & Anggraeni, D. (2015). Pengaruh Debt to Equity Ratio (DER), Debt to Total Aset (DTA), dividen tunai dan ukuran perusahaan terhadap nilai perusahaan. Jurnal Akuntansi Dan Keuangan, 4(1), 100–120.Kholis, N., Sumarwati, E. D., & Mutmainah, H. (2018). Faktor-faktor yang mempengaruhi nilai perusahaan. Jurnal Analisis Bisnis Ekonomi, 16(1), 19–25.Li, Q., Wu, Y., Ojiako, U., Marshall, A., & Chipulu, M. (2014). Enterprise risk management and firm value within China’s insurance industry. Acta Commercii, 14(1), 1–10. https://doi.org/10.4102/ac.v14i1.198Marlina, T. (2013). Pengaruh earning per share , return on equity , debt to equity ratio dan size terhadap price to book value. Jurnal Ilmiah Akuntansi Kesatuan, 1(1), 59–72.Mindra, S., & Erawati, T. (2014). Pengaruh Earning per Share (EPS), ukuran perusahaan, profitabilitas dan leverage terhadap nilai perusahaan. Jurnal Akuntansi, 2(2), 10–22.Modigliani, M., & Miller, M. H. (1963). Corporate income taxes and the cost of capital: A correction. The American Economic Review, 53(3), 433–443.Mulyasari, D., Miyasto, & Muharam, H. (2013). Pengaruh enterprise risk management, firm size, leverage, sales growth, profitability terhadap firm value. Tesis tidak diterbitkan. Semarang: Universitas Diponegoro.Novari, P. M., & Lestari, P. V. (2016). Pengaruh ukuran perusahaan, leverage, dan profitabilitas terhadap nilai perusahaan pada sektor properti dan real estate. 5(9), 5671–5694.Noviana, C. K., & Nelliyana. (2017). Faktor-faktor yang mempengaruhi nilai perusahaan non keuangan yang terdaftar di Bursa Efek Indonesia. Jurnal Bisnis Dan Akuntansi, 19(3), 168–176. https://doi.org/10.34208/jba.v20i2.416Obradivich, J., & Gill, A. (2012). The impact of corporate governance and financial leverage on the value of american firms. International Research Journal of Finance and Economics, (91), 1–14. https://doi.org/10.12816/0034973Onggita, T. (2018). Pengaruh earning per share, struktur modal, struktur kepemilikan, profitabilitas dan ukuran perusahaan pada perusahaan manufaktur yang terdaftar di BEI tahun 2013-2016.Pamungkas, A. (2019). Pengaruh penerapan enterprise risk management (COSO) terhadap nilai perusahaan: Studi empiris pada perusahaan manufaktur yang terdaftar di BEI. Jurnal Akuntansi Maranatha, 11(1), 12–21. https://doi.org/10.28932/jam.v11i1.1539Pangaribuan, L. R. M., Sihombing, Y. R., Hasugian, S. S., & Purba, D. L. (2019). Pengaruh struktur modal, net profit margin, earning per share dan firm size terhadap price ti book value pada perusahaan sub sektor property dan real estate yang terdaftar di Indonesia Stock Exchange pada tahun 2014-1017. Jurnal Akrab Juara, 4(2), 39–49.Pesiwarissa, P., & Simu, N. (2014). Analisis pengaruh Debt to Equity Ratio (DER), Return on Equity (ROE) dan Earning per Share (EPS) terhadap nilai perusahaan. Jurnal Managemen, Akuntansi dan Studi Pembangunan, 13(2), 48–59.Rahmantio, I., Saifi, M., & Nurlaily, F. (2018). Pengaruh debt to equity ratio, return on equity, return on asset dan ukuran perusahaan terhadap nilai perusahaan. Jurnal Administrasi Bisnis, 57(1), 151–159.Rahmawati, A. D., Topowijono, & Sulasmiyati, S. (2015). Pengaruh ukuran perusahaan, profitabilitas, struktur modal dan keputusan investasi terhadap nilai perusahaan. Jurnal Administrasi Bisnis, 23(2), 1–7.Rizqia, D. A., Aisjah, S., & Sumiati. (2013). Effect of managerial ownership, financial leverage, profitability, firm size, and investment opportunity on dividend policy and firm value. Research Journal of Financing Accounting, 4(11), 120–130.Sanjaya, C. K., & Linawati, N. (2015). Pengaruh penerapan enterprise risk management dan variabel kontrol terhadap nilai perusahaan di sektor keuangan. FINESTA, 3(1), 52–57.Solikhah, D. R., & Hariyati. (2019). Pengaruh pengungkapan enterprise risk management terhadap nilai perusahaan dengan profitabilitas sebagai variabel mediasi. Jurnal Akuntansi Unesa, 6(3), 1–21.Suwardika, I. N. A., & Mustanda, I. K. (2017). Pengaruh leverage, ukuran perusahaan, pertumbuhan perusahaan, dan profitabilitas terhadap nilai perusahaan pada perusahaan properti. Manajemen Unud, 6(3), 1248–1277.Syafina, Dea Chadiza. (2018). Kebangkrutan Lehman Brother Memicu Krisis Ekonomi Global. https://tirto.id/kebangkrutan-lehman-brothers-yang-memicu-krisis-ekonomi-global-cYjMTahu, G. P., & Susilo, D. D. B. (2017). Effect of liquidity , leverage and profitability to the firm value (dividend policy as moderating variable) in manufacturing company of Indonesia Stock Exchange. Research Journal of Finance and Accounting, 8(18), 89–98.Tampubolon, M. P. (2004). Manajemen keuangan (finance management): Konseptual, problem, & studi kasus. 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THE EFFECT OF RETURN ON ASSETS, QUICK RATIO, DEBT TO TOTAL ASSETS, AND DIVIDEND PAYOUT RATIO ON THE VALUE OF COMPANIES LISTED IN THE JAKARTA ISLAMIC INDEX (JII) Novia Rizky Ramadhanty; Puji Sucia Sukmaningrum
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 7 No. 6 (2020): Juni-2020
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol7iss20206pp1091-1101

Abstract

The company has a long-term goal of maximizing corporate value. The achievement of these goals is done by corporate managers through the implementation of financial decisions consisting of Return On Asset, Quick Ratio, Debt to Total Asset dan Dividen Payout Ratio. The purpose of this research is to verify the influence of Return On Asset, Quick Ratio, Debt to Total Asset dan Dividen Payout Ratio to company value. The sample used is companies listed in the Jakarta Islamic Index (JII) during the year 2013-2018. Determination of sample by using purposive sampling technique. The process of data analysis is done by using multiple linear regression. The study results showed that QR does not affect the value of the company. While variable of ROA, DAR dan DPR have positive effect to company value.Keywords: firm value, ROA, QR, DAR, and DPRREFFERENCE Adenugba, A.A., A.A. Ige, O.R. Kesinro. (2016). Financial leverage and firms’ value: A study of selected firms in Nigeria. European Journal of Research and Reflection in Management Sciences, 4(1), 14-32.Aditya, M.A.E. (2015). Pengaruh rasio keuangan terhadap nilai perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia. Surabaya: STIE PERBANAS.Arif. (2015). Pengaruh struktur modal, return on equity, likuiditas, dan growth opportunity terhadap nilai perusahaan pada perusahaan jasa yang terdaftar di Bursa Efek Indonesia. Skripsi tidak diterbitkan. Yogyakarta: Fakultas Ekonomi Universitas Negeri Yogyakarta.Brigham, Eugene F. dan L.C. Gapenski. (1999). Intermediate financial management. Seaharbor Drive: The Dryden Press.Chaidir. (2015). Pengaruh struktur modal, profitabilitas, dan pertumbuhan perusahaan terhadap nilai perusahaan pada perusahaan sub sektor transportasi yang tercatat di Bursa Efek Indonesia periode 2012-2014. Jurnal Ilmiah Manajemen Fakultas Ekonomi, 1(2). DOI: 10.34203/jimfe.v1i2.557Darsono. (2006). Manajemen keuangan, pendekatan praktis kajian pengambilan keputusan bisnis berbasis analisis keuangan. Jakarta: Nusantara Consulting.Faizal, C. (2014). Pengaruh rasio likuiditas, rasio profitabilitas, rasio aktivitas, rasio solvabilitas, dan rasio nilai pasar terhadap return saham (studi empiris pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode 2010- 2012). Skripsi tidak diterbitkan. Yogyakarta: Fakultas Ekonomi Universitas Negeri Yogyakarta.Febrianti, M. (2012). Faktor-faktor yang mempengaruhi nilai perusahaan pada industri pertambangan di Bursa Efek Indonesia. Jurnal Bisnis dan Akuntansi, 14(2), 141-156. DOI: https://doi.org/10.34208/jba.v14i2.198Harahap, S. S. (2004). Analisis kritis atas laporan keuangan. Jakarta: PT. Raja Grafindo Persada.Husnan, Suad. (1993). Dasar-dasar teori portofolio dan analisis sekuritas. Yogyakarta: AMP YKPN.Kasmir. (2015). Analisis laporan keuangan, edisi pertama. Jakarta: Rajawali Pers.Mahendra, A., L.G.S. Artini, A.A.G. Suarjaya. (2012). Pengaruh kinerja keuangan terhadap nilai perusahaan pada perusahaan manufaktur di Bursa Efek Indonesia. Matrik: Jurnal Manajemen Strategi Bisnis dan Kewirausahaan, 6(2), 130-138.Martono, dan Harjito, D. Agus. (2005). Manajemen keuangan, edisi Pertama, cetakan pertama. Yogyakarta: Penerbit Ekonisia Fakultas Ekonomi UI.Meythi. (2013). Rasio keuangan terbaik untuk memprediksi nilai perusahaan. Jurnal Keuangan dan Perbankan, 17(2), 200-210.Ngaisah, S. (2008). Pengaruh rasio profitabilitas dan leverage terhadap return saham pada perusahaan yang terdaftar di Jakarta Islamic Index tahun 2004- 2006. Skripsi tidak diterbitkan. Yogyakarta: Fakultas Ekonomi Universitas Negeri Yogyakarta.Pertiwi, T.K. dan F.M.I. Pratama. (2012). Pengaruh kinerja keuangan, good corporate governance terhadap nilai perusahaan food and beverage. Jurnal Manajemen dan Kewirausahaan, 14(2,), 118-127.Ross, dkk. (2009). Pengantar keuangan perusahaan, buku 1, edisi 8. Jakarta: Salemba Empat.Sabardi, A. (1995). Manajemen keuangan, Jilid 1. Yogyakarta: UPP AMP YKPN.Santoso, B.H. (2016). Pengaruh kinerja keuangan terhadap nilai perusahaan pada perusahaan jasa telekomunikasi. Jurnal Ilmu dan Riset Manajemen, 5(2), 1-21.Sianturi, M. W. E. (2015). Pengaruh kinerja keuangan terhadap nilai perusahaan manufaktur sektor industri barang konsumsi di BEI. E-Journal Ilmu Administrasi Bisnis, 3 (2), 282-296.Susilaningrum, C. (2016). Pengaruh return on assets, rasio likuiditas, dan rasio solvabilitas terhadap nilai perusahaan dengan pengungkapan Corporate Social Responsibility (CSR) sebagai variabel moderasi. Jurnal Profita, 4(8), 1-17.Sutrisno. (2000). Manajemen keuangan, teori, konsep, dan aplikasi. Yogyakarta: Penerbit Ekonisia.Umobong, A.A. (2015). Assessing The impact of liquidity and profitability ratios on growth of profits in pharmaceutical firms in Nigeria. European Journal of Accounting, Auditing and Finance Research, 3(10), 97-114.
THE MEASUREMENT OF SHARIA GENERAL BANK PRODUCTIVITY IN INDONESIA USING MALMQUIST INDEX Mutiara Ramadhani Putri; Puji Sucia Sukmaningrum
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 7 No. 7 (2020): Juli-2020
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol7iss20207pp1264-1275

Abstract

The development of Islamic bank is increasingly rapid and intense competition is one reason for the importance of assessing the performance of Islamic banks in Indonesia. This research was conducted to measure the level of productivity of Islamic Commercial Banks in Indonesia for the period 2011-2018. Measurement productivity level of Islamic banks can be measured by the Malmquist Productivity Index (MPI). There are 8 Islamic Commercial Banks used as research samples. This study uses an intermediation approach with an output orientation. There are two types of variables used, namely input and output variables. Input variables include: total assets, Third Party Funds, and labor costs. Output variables include: total financing and total investment. The funding of this study is productivity of Islamic Commercial Banks in Indonesia increased during the observation period. The increase was more influenced by the technology change factor (TECHCH) than the efficiency factor (EFFCH). It shows that the increase in productivity of Islamic Commercial Banks is due to the success of Islamic Commercial Banks in managing production using appropriate technology.Keywords: productivity, Islamic commercial bank, Malmquist Productivity Index, Indonesia
INTELLECTUAL CAPITAL, FINANCIAL PERFORMANCE, AND VALUE OF COMPANIES REGISTERED IN JAKARTA ISLAMIC INDEX: SEM-PLS APPROACH Ira Ragelia; Puji Sucia Sukmaningrum
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 7 No. 8 (2020): Agustus-2020
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol7iss20208pp1468-1483

Abstract

This study aims to analyze the effect of intellectual capital on firm value through financial performance as a intervening variable on companies that are consistently listed on the Jakarta Islamic Index from 2014 to 2018. Based on purposive sampling techniques, there are 15 companies used as research samples. This research tested used the Structural Equation Modeling method with Partial Least Square (SEM-PLS). The measurement of intellectual capital in this study uses the VAICTM method, which consists of Value Added Capital Employed (VACA), Value Added Human Capital (VAHU), and Structural Capital Value Added (STVA). It was found that intellectual capital influence on firm's value directly and indirectly. Financial performance as a partial intermediary reflected through Return on Assets (ROA), Current Ratio (CR), Debt to Total Assets Ratio (DAR), Total Assets Turnover (TATO), and Earnings per Share (EPS). However, only ROA and TATO indicators can reflect financial performance variables. In the intellectual capital variable, there is only one valid indicator, namely physical and financial capital (VACA). The company's value in this study reflected through Market to Book Value and Tobin's Q.Keywords: intellectual capital, financial performance, firm’s value, SEM-PLS, Jakarta Islamic Index
THE REACTION OF SHARIA CAPITAL MARKET REACTION TO THE ANNOUNCEMENT OF THE TRADE BALANCE DEFICIT Ichwan Abdillah; Puji Sucia Sukmaningrum
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 7 No. 9 (2020): September-2020
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol7iss20209pp1646-1660

Abstract

ABSTRAKTujuan dari penelitian ini yakni untuk menganalisis reaksi pasar dari investor sebelum dan sesudah pengumuman defisit neraca perdagangan terhadap abnormal return (AR) dan trading volume activity (TVA). Model yang digunakan untuk menghitung AR adalah Market-Adjusted Model yang didapat dari return indeks pasar yakni return pasar indeks harga saham gabungan (IHSG). Periode yang digunakan adalah 3 hari sebelum dan 3 hari sesudah pengumuman defisit neraca perdagangan. TVA digunakan untuk memperkirakan harga saham yang akan datang. Sampel dalam penelitian ini adalah saham yang tedaftar di BEI yang terrindeks di indeks saham syariah Indonesia (ISSI) menggunakan purposive sampling. Hasil menunjukkan tidak ada perbedaan yang signifikan pada AAR dan ATVA sebelum dan sesudah pengumuman defisit neraca perdagangan.Kata Kunci: reaksi pasar, study peristiwa, abnormal return, trading volume activity ABSTRACTThe purpose of this study is to analyze the market reaction of investors before and after the announcement of a trade balance deficit to abnormal return (AR) and trading volume activity (TVA). The model used to calculate the abnormal return is the Market-Adjusted Model obtained from market index returns, namely the market return of the composite stock price index. The periods used is 3 days before and 3 days after the announcement of a trade balance deficit. TVA is used to estimate future stock prices. The sample in this study is shares listed in the IDX that are indexed in the Indonesian Islamic stock index (ISSI) using purposive sampling. The results showed no significant differences in AAR and ATVA before and after the announcement of a trade balance deficit.Keywords: market reaction, event study, abnormal return, trading volume activity
THE EFFECT OF ECONOMIC VALUE-ADDED AND FINANCIAL RATIOS ON THE MARKET VALUE-ADDED IN COMPANIES REGISTERED IN THE JAKARTA ISLAMIC INDEX DURING 2014-2018 PERIOD Rischi Qonita Fauziah; Puji Sucia Sukmaningrum
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 7 No. 10 (2020): Oktober-2020
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol7iss202010pp1855-1868

Abstract

ABSTRAKTujuan dalam penelitian ini yaitu untuk menganalisis nilai tambah yaitu EVA dan rasio keuangan yaitu EPS, ROE dan DER terhadap Market value added pada perusahaan yang terindeks JII selama periode 2014-2018. Metode analisis dalam penelitian ini yaitu regresi data panel dan sampel sejumlah 15 perusahaan. Sumber data berasal dari laporan keuangan perusahaan dan BEI. Hasil penelitian ini menunjukkan bahwa EVA, EPS, ROE dan DER secara simultan berpengaruh signifikan terhadap MVA. Dimana secara parsial EVA dan ROE berpengaruh secara signifikan terhadap MVA. Sedangkan DER dan EPS tidak berpengaruh terhadap MVA. Maka bagi para investor diharapkan untuk mempertimbangkan nilat tambah perusahaan dan melihat rasio keuangan perusahaan dalam memilih investasi.Kata Kunci: Market value added, metode nilai tambah ekonomi, rasio profitabilitas, rasio nilai pasar, rasio solvabilitas ABSTRACTThe purpose of this study is to analyze the added value of EVA and financial ratios namely EPS, ROE and DER oN MVA in companies indexed by the JII during the 2014-2018 period. The method of analysis in this study is panel data regression and a sample of 15 companies. The Source of data comes from the company’s financial statements as well as IDX. The results of this study indicate that EVA, EPS, ROE and DER simultaneously have a significant effect on MVA. Where partially EVA and ROE significantly influence the MVA. While DER and EPS did not affect the MVA in this study. So investors are expected to consider the value-added of the company and see the company’s financial ratios in choosing investments.Keywords: Market value-added, Economic value-added methods, profitability ratio, market value ratio, solvency ratio
Co-Authors Abdul Ghofur Achsania Hendratmi Ady Wena Pramudya Al Marifatul A'la Alifia Riza Azhari AMANI, ZATA ATIKAH Anindita, Nandini Annisa Rahma Febriyanti Aufar Fadlul Hady Azyyati Yusrina Bayu Arie Fianto Bin Mohd Dali, Nuradli Ridzwan Shah Che Mohd Salleh, Marhanum Chorista Fitriani Eka Puspa Dewi Eko Fajar Cahyono, David Kaluge Faiz, Ayatur Muhammad Farah Faadilah Fatimatuzzahra, Fitriati Filianti, Dian Fitriati Fatimatuzzahra Hamidatul Husnah Hanifiyah Yuliatul Hijriah, Hanifiyah Yuliatul Ichwan Abdillah Idzal Dwi Nantyah Ikramina, Cyntia Imron Mawardi Ira Ragelia Luthfi Nur Rosyidi Martini Dwi Pusparini, Martini Dwi Miftakhul Fadhilah Mohd Dali, Nuradli Ridzwan Shah Bin Muhammad Iqbal Rifqi Ardianto Muhammad Madyan, Muhammad Muhammad Satriyo Wibowo Muhammad Ubaidillah Al Mustofa Muhammad Wicaksono Hasdyani Putra Muryani Muryani Mutiara Ramadhani Putri Mutiara Ramadhani Putri Nadia Laksmita Sari Nikmatul Atiya Ninda Ardiani Nisful Laila Noven Suprayogi, Noven Novia Rizky Ramadhanty Nur Rochmania Nurul Dwi Wahyuni Nurul Hidayati Nurul Laili Rahmawati Putra, Muhammad Wicaksono Hasdyani Putri, Mutiara Ramadhani Putri, Tsamara Nadya Cantika Rahmat, Tsaniya Kamilah Rama Wijaya, Andika Rani, Lina Nugraha Rischi Qonita Fauziah Rusmita, Sylva Alif Salsabiilaa Nadiah Putri Herlambang Savilla Azzahra Shafana Putri Sambas Siti Inayatul Faizah, Siti Inayatul Siti Zulaikha Sri Herianingrum Sri Ningsih Sulistya Rusgianto Syafrina Hidayati Tika Widiastuti Wahyuni, Nurul Dwi Wibowo, Muhammad Satriyo Wijayanti, Ida ZATA ATIKAH AMANI