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All Journal Jurnal Ekonomi Syariah Teori dan Terapan Jurnal Terapan Abdimas Emerging Science Journal Economica: Jurnal Ekonomi Islam Al-Muzara'ah Jurnal Ekonomi & Keuangan Islam Journal of Islamic Economic Laws Shirkah: Journal of Economics and Business Amwaluna Jurnal Ekonomi dan Keuangan Syariah Journal of Islamic Monetary Economics and Finance ASIAN JOURNAL OF ISLAMIC MANAGEMENT (AJIM) JMK Jurnal Manajemen dan Kewirausahaan Journal of Islamic Economics Lariba Journal of Islamic Economic Laws
Bayu Arie Fianto
Departemen Ekonomi Syariah - Fakultas Ekonomi Dan Bisnis - Universitas Airlangga
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Determinants of Underpricing in Islamic and Non-Islamic Shares on IPO Setya, Vabila Ananta; Supriani, Indri; Fianto, Bayu Arie
Shirkah: Journal of Economics and Business Vol 5, No 1 (2020)
Publisher : IAIN Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (898.029 KB) | DOI: 10.22515/shirkah.v5i1.276

Abstract

This study aims at investigating the factors affecting the share’s underpricing in service companies of the Initial Public Offering (IPO) on the Indonesia Stock Exchange (IDX) covering the period from 2011 to 2017. Compared to the precedent studies, this study provides an empirical comparison between Islamic and non-Islamic shares on 22 underpricing stock samples from 44 IPOs in Islamic service shares and 21 underpricing samples from 32 IPOs in non-Islamic service shares. This study adopts a multiple linear regression analysis and an independent sample t-test method. It is revealed that the underwriter's reputation and auditor's reputation have a significant effect on the underpricing of IPO on IDX, both in Islamic and non-Islamic service companies. The result of independent samples t-test indicates that Islamic service shares companies have better financial performance compared to non-Islamic service shares companies. Predicated upon the results, this study implicatively insinuates that companies based on Shariah compliance could anticipate the underpricing level more expeditiously since the Shariah principles are in line with the decreasing level of underpricing.
ANALISIS STATISTIK DESKRIPTIF TERKAIT PENGGUNAAN FINTECH SYARIAH DI INDONESIA Yahya, Sahlan; Fianto, Bayu Arie
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/vol7iss20207pp1336-1349

Abstract

This research presents a preliminary study on the use of Islamic fintech in terms of several aspects, namely, socio-economic aspects, geographical aspects, social influence, religiosity. Socio-economic aspects consist of gender, age, education level, income level, and type of work. Geographical aspects consist of the distance of residence from the nearest financial institution and location of residence. Data is collected by giving questionnaires to users of Islamic fintech and non-users of Islamic fintech. The results of this study are in the form of an explanation or excavation of information related to which aspects show the difference between users and non-users of Islamic fintech. This research was conducted because of the lack of research about the use of Islamic fintech in terms of various aspects above. This study contributes to the behavior of Indonesian people in utilizing Islamic fintech as a provider of Islamic financial services in the Industrial Revolution 4.0 era.Keywords: Islamic fintech, socioeconomic aspects, geographical aspects, social influence, religiosity
Revisiting the Contribution of Islamic Banks’ Financing to Economic Growth: The Indonesian Experience Supriani, Indri; Fianto, Bayu Arie; Fauziah, Najim Nur; Maulayati, Ryan Rahmah
Shirkah: Journal of Economics and Business Vol 6, No 1 (2021)
Publisher : IAIN Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (727.447 KB) | DOI: 10.22515/shirkah.v6i1.383

Abstract

The contribution of Islamic banking towards economic growth remains debatable amongst academicians and practitioners. This study investigates the relationship between Islamic banks’ financing and economic growth in Indonesia which is the largest Muslim population country. This study adopts Autoregressive-Distributed Lag (ARDL) and utilizes time-series quarterly data from 2011Q1 to 2019Q3. The study uses four predictors: financing to deposit ratio, gross capital fixed formation, inflation, and trade openness. The results from the auto-regressive distributed lag model indicate that, in the long-run, Islamic banks' financing has a significant impact on the Indonesian economy. However, in the short-run, financing does not make a substantial contribution to Indonesian economic growth. The study’s key implication is that financing by Islamic banks still makes a limited contribution to economic growth in Indonesia. This study enhances the literature review, specifically on evaluating the contribution of Islamic banks towards economic growth. Numerous existing studies on this topic covering the crisis period data, which might suffer from data bias. Therefore, this study addresses this topic, excluding the global financial crises period such as 1998, 2008, and 2020, to demonstrate Islamic banks' evident contribution to Indonesian economic growth.
PENGUKURAN KINERJA REKSA DANA PADA REKSA DANA SYARIAH DAN REKSA DANA KONVENSIONAL DI INDONESIA PERIODE 2008 – 2018 Zulfiyah Azmi; Bayu Arie Fianto
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 6 No. 9 (2019): September-2019
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol6iss20199pp1851-1861

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This research measured and compared the performance between Islamic mutual funds and conventional mutual funds using Sharpe Ratio, Treynor Index, Jensen Alpha, Modigliani Measure, Appraisal Ratio, and Adjusted Sharpe Ratio. This research used quantitative approach with panel data that was measured by using different test and it aimed to find out the comparation of the samples. This research used Net Asset Value (NAV), Joint Stock Price Index, BI Rate to find out return and risk that will be implemented on the measured methods. The results of the research based on T-test are that there is no significant difference of performance between Islamic mutual funds and conventional mutual funds, except the Appraisal Ratio method that shows the difference on Islamic mutual funds that has a better performance.Keywords: Sharpe Ratio, Treynor Index, Jensen Alpha, Modigliani Measure, Appraisal Ratio, Adjusted Sharpe RatioREFFERENCESAbdul Halim. (2005). Analisis Investasi Edisi 2. Jakarta: Salemba Empat.Adrian Sutedi. (2011). Pasar Modal Syariah Sarana Investasi Keuangan Berdasarkan Prinsip Syariah. Jakarta : Sinar Grafika.Al-Bahar, J,.F. Crandall, K.C. (1990). Systematic Risk Management Approach for Construction Project. Journal of Construction Engineering Management. ASCE, 116 (3) 533-545.Bodie, Zvi., Kane, Alex., Markus, Alan J., dan Jain, Ravi. (2010). Investments. Buku 1 dan 2. Terjemahan oleh, Zulaini Dalimunthe dan Budi Wibowo. Jakarta: Salemba Empat.COSO. (2004). Enterprise risk management– integrated framework. Committee of Sponsoring Organizations.Devaney,M, Morillon, T & Weber, W. 2016. Mutual fund efficiency andtradeoffs in the production ofrisk and return.Managerial Finance.Vol. 42. No: 3. pp. 225-243.Drobetz, Wolfgang and Kohler, Friederike. (2002). The Contribution of Asset Allocation Policy to Portfolio Performance. Working Paper. No. 2/02, Basel: WWZ/Departement of Finance University of Basel.Eduardus Tandelilin. (2001). Analisis Investasi dan Manajemen Portofolio Edisi Pertama. Yogyakarta: BPFE-Yogyakarta.Mansor, Fadillah, and M Ishaq Bhatti. (2011). Risk and Return Analysis on Performance of the Islamic Mutual Funds : Evidence from Malaysia. Global Economy and Finance Journal, 4, 19– 31.Modigliani, F., & Modigliani, L. (1997). Risk-adjusted performance. Journal of Portfolio Management, 23(2), 45–54.Muhammad Firdaus. Et. Al. (2005).  Investasi Halal di Reksa dana Syariah. Jakarta: Renaisa.Shamsher, M., & Annuar, M. N. (1995). The performance of unit trusts in Malaysia: Some evidence. Capital Market Review, 3, 51–64.Sharpe, William F. (1966). Mutual Fund Performance. Journal of Business, V. 39, Part 2: pp 119-138.Sudarsono, Heri. (2003). Bank dan Lembaga Keuangan Syariah. Yogyakarta: EKONISIA.Sugiyono. (2015). Metode Penelitian Pendidikan (Pendekatan Kuantitatif, Kualitatif dan R&D). Penerbit CV. Alfabeta: Bandung. Sukirno, Sadono. (2011). Makro Ekonomi Teori Pengantar Edisi Ketiga. Rajawali Pers, Jakarta.Sunariyah. (2011). Pengantar pengetahuan pasar modal. Edisi keenam. UPP STIM YKPN. Yogyakarta.Suryani dan Hendryadi. (2015). Metode Riset Kuantitatif Teori dan Aplikasipada Penelitian Bidang Manajemen dan Ekonomi Islam. Jakarta: prenadamedia group.
ANALISIS FAKTOR YANG MEMPENGARUHI TINGKAT KOLEKTIBILITAS PEMBIAYAAN PADA KSPPS MUAMALAH BERKAH SEJAHTERA DAN KPRI USAHA KITA DI SURABAYA Viola Nurahma Putri; Bayu Arie Fianto
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 6 No. 10 (2019): Oktober-2019
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol6iss201910pp2041-2051

Abstract

This study was conducted to determine the effect of occupation, financing and distance to the level of financing collectability using logistic regression. The data in this study came from KSPPS Muamalah Berkah Sejahtera and KPRI Usaha Kita in Surabaya. By using purposive sampling method, there are 183 members in KSPPS Muamalah Berkah Sejahtera and 88 members in KPRI Usaha Kita that meet the criteria. The results of this study indicate that distance has a significant effect on the level of collectibility of financing in KSPPS Muamalah Berkah Sejahtera. Whereas at the KPRI Usaha Kita level, the financing collectibility is significantly influenced by gender and distance.Keywords: Collectibility, Logistic Regression, Financing, Koperasi
PENGARUH VARIABEL MAKROEKONOMI DAN INDEKS SAHAM INTERNASIONAL TERHADAP INDEKS SAHAM JAKARTA ISLAMIC INDEX (JII) Devi Rahmiyanti; Bayu Arie Fianto
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 6 No. 12 (2019): Desember-2019
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol6iss201912pp2381-2392

Abstract

This study investigate the effect of macroeconomic variables and international stock index on the stock index Jakarta Islamic Index (JII) using monthly data over period January 2013 to December, 2018. Macroeconomic variables used in this study are inflation, exchange rate, international crude oil price, World Gold Price and for the international stock index using Dow Jones Islamic Market. The study employs the eror correction model (ECM). The empirical result reveal that there is co-integration between the four macroeconomic variables, one international stock index and stock index in Jakarta Islamic Index indicating long run equilibirium relationship. Furhther, the result reveal that with significancy 0,5% only exchange rate, international crude oil price, world gold price had significant effect on Jakarta Islamic Index while inflation and Dow jones Islamic Market did not have a significant effect on Jakarta Islamic Index.Keywords: The stock Index, the Jakarta Islamic Index, the macroeconomic variables
THE EFFICIENCY OF ASEAN SHARIA BANKS FOR THE 2013-2013 PERIOD: TWO-STAGE STOCHASTIC FRONTIER ANALYSIS Ivana Rosediana Dewi; Bayu Arie Fianto
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/vol7iss20203pp585-601

Abstract

This study aims to determine the influences of internal and external variables of Islamic banks towards technical efficiency (TE)of Islamic banks in ASEAN 2013-2018. The data represented the sample from each country. The study was analyzed using two-step processes. The first stage is looking for technical efficiency (TE) with the Stochastic Frontier Analysis (SFA) as an intermediation approach. The second stage is conducting panel data regression analysis to determine the influence of internal and external variables of Islamic banks towards TE score. The result of the study indicates that the average TE value of Islamic banks in ASEAN at the periods of the study has very good efficiency of 0.92 (92.8 percent). Respectively, Islamic banks in Indonesia have TE score higher than Malaysia. Meanwhile, Islamic banks in Brunei Darussalam have the highest TE score, followed by Islamic banks in Thailand and the Philippines. The variable of total assets (lnTA), Degree of Capitalization (EQTA), and Bank's Financing Intensity (FINTA) have a positive and significant effect on the value of TE and the variable of economic growth (GDP) and inflation rate (CPI) have no effect on TE of sharia banks.Keywords: Technical Efficiency, Islamic Bank, ASEAN, Stochastic Frontier AnalysisREFFERENCE Abdul-majid, A. M., Saal, D. S., Battisti, G., Journal, S., August, N., & Saal, M. A. D. S. (2016). Efficiency in Islamic and conventional banking : an international comparison efficiency in Islamic and conventional banking : an international comparison, 34(1), 25–43.Aigner, D., Lovell, C. A. K., & Schmidt, P. (1977). Formulation and estimation of stochastic frontier production function models. Journal of Econometrics, 6(1), 21–37. Al-Gasaymeh, A. (2016). Bank efficiency determinant: Evidence from the gulf cooperation council countries. Research in International Business and Finance, 38, 214–223. Alqahtani, F., Mayes, D. G., & Brown, K. (2017). Islamic bank efficiency compared to conventional banks during the global crisis in the GCC region. Journal of International Financial Markets, Institutions and Money, 51, 58–74. Athanasoglou, P., Delis, M., & Staikouras, C. (2006). Determinants of bank profitability in the South Eastern European Region. MPRA Paper No. 10274, Posted 20 Sep 2008 04:31 UTC, (10274).Barry, T. A., Dacanay, S. J. O., Lepetia, L., & Tarazi, A. (2012). Ownership structure and bank efficiency in the asia pacific region. Beck, T., Demirguc-Kunt, A., & Maksimovic, V. (2004). Bank competition and access to finance: International evidence. Journal of Money, Credit, and Banking, 36(3b), 627–648. Berger, A. N., & DeYoung, R. (2001). The effects of geographic expansion on bank efficiency. Journal of Financial Services Research, 19(2–3), 163–184. Berger, A. N., & Humphrey, D. B. (1997). ScienceDirect.com - European Journal of Operational Research - Efficiency of financial institutions: International survey and directions for future research. European Joumal of Operational Research, 98, 175–212. Berger, A. N., & Mester, L. J. (1997). Inside the black box : What explains differences in the efficiencies of financial institutions ? 1, 21, 895–947.Budiantoro, R. (2019). Mengukur efisiensi Bank Pembiayaan Rakyat Syariah (BPRS) dalam pembiayaan UMKM menggunakan Stochastic Frontier Analysis di Provinsi Jawa Timur, Triwulan I/2012-Triwulan IV/2017. Tesis tidak diterbitkan. Surabaya: Fakultas Ekonomi dan Bisnis. Universitas Airlangga.Christopher Findlay; Friska Parulian; Jenny Corbett; (2010). Linkages between real and financial aspects of economic integration in East Asia, 28(September), 350.Coelli, G. E. B. J. (1995). Battese-Coelli-1995. Empirical economics, 20, 325–332.Coelli, T. J., Prasada Rao, D. S., O’Donnell, C. J., & Battese, G. E. (2005). An introduction to efficiency and productivity analysis. An Introduction to Efficiency and Productivity Analysis. Drake, L., & Hall, M. J. B. (2003). Efficiency in Japanese banking: An empirical analysis. Journal of Banking and Finance, 27(5), 891–917. Eyceyurt Batir, T., Volkman, D. A., & Gungor, B. (2017). Determinants of bank efficiency in Turkey: Participation banks versus conventional banks. Borsa Istanbul Review, 17(2), 86-96. Farrell, M. J. (1957). The measurement of productive efficiency. Journal of the Royal Statistical Society. Series A (General), 120(3), 253–290. Fries, S., & Taci, A. (2005). Cost efficiency of banks in transition: Evidence from 289 banks in 15 post-communist countries. Journal of Banking and Finance, 29(1 SPEC. ISS.), 55–81. Hauner, D. (2005). Explaining efficiency differences among large German and Austrian banks. Applied Economics, 37(9), 969–980. Iveta, Ř. (2015). Banking efficiency determinants in the czech banking sector, 23(October 2014), 191–196. Johnes, J., Izzeldin, M., Pappas, V. (2014). A comparison of performance of Islamic and conventional banks 2004–2009. Elsevier B.V, (October), 15. Kamaruddin, B. H., Safa, M. S., & Mohd, R. (2008). Assessing production efficiency of Islamic banks and conventional bank Islamic windows in Malaysia, (61160).Kamarudin, F., Sufian, F., Loong, F. W., & Anwar, N. A. M. (2017). Assessing the domestic and foreign Islamic banks efficiency: Insights from selected Southeast Asian countries. Future Business Journal, 3(1), 33–46. Karray, S. C. (2013). Bank size and efficiency in developing countries: intermediation approach versus value added approach and impact of non-traditional activities Jamel eddine Chichti. Asian Economic and Financial Review, 3(5), 593–613. Kumar, S., & Gulati, R. (2014). Measurement of bank efficiency: Analytical methods. Lin, K. L., Doan, A. T., & Doong, S. C. (2016). Changes in ownership structure and bank efficiency in Asian developing countries: The role of financial freedom. International Review of Economics and Finance, 43, 19–34. Mačerinskiene, I., & Ivaškevičiute, L. (2008). The evaluation model of a commercial bank loan portfolio. Journal of Business Economics and Management, 9(4), 269–277.Meesters, A. J. (2009). Efficiency of financial institutions Meesters, A.J. University of Groningen, 9–12.Meeusen, W., & van Den Broeck, J. (1977). Efficiency estimation from cobb-douglas production functions with composed error. International Economic Review, 18(2), 435. Mokhamad Anwar. (2014). Bank efficiency and lending propensity: Evidence from commercial banks in Indonesia. School of Management University of Leicester, 1–251.Mokhtar, H. S. A., Abdullah, N., & Alhabshi, S. M. (2006). Efficiency of Islamic banking in Malaysia: a Stochastic Frontier Approach. Humanomics, 27(2), 37–70. Mongid, A. (2016). Business efficiency of the commercial banks in asean. Investment Management and Financial Innovations, 13(1), 67–76. Nahm, D., & Vu, H. (2013). Profit efficiency and productivity of Vietnamese banks: A new index approach. Journal of Applied Finance and Banking, 3(1), 1–31. Nguyen, T. L. A. (2018). Diversification and bank efficiency in six ASEAN countries. Global Finance Journal, 37, 57-78. OJK. (2017). Booklet perbankan Indonesia 2017. Purnamandari, N., & Badera, I. (2015). Kemampuan prediksi rasio keuangan dan ukuran bank pada risiko gagal bank. E-Jurnal Akuntansi, 12(2), 172–187.Rismawati, R. (2016). Menghadapi qualified Asean bank, Indonesia: Berekspansi Atau Bertahan Di Dalam Negeri? Veritas et Justitia, 2(1), 154-176. Rosman, R., Wahab, N. A., & Zainol, Z. (2014). Efficiency of Islamic banks during the financial crisis: An analysis of Middle Eastern and Asian countries. Pacific Basin Finance Journal. Rozzani, N., & Rahman, R. A. (2013). Determinants of bank efficiency: Conventional versus Islamic. International Journal of Business and Management, 8(14), 98-109. Solihin, S., Achsani, N. A., & Saptono, I. T. (2016). the Islamic banking and the economic integration in Asean. Buletin Ekonomi Moneter Dan Perbankan, 19(1), 81–106. Subandi, & Ghozali, I. (2013). Determinan efisiensi dan dampaknya terhadap kinerja profitabilitas industri perbankan di indonesia. Jurnal Keuangan Dan Perbankan, 17(1), 123–135.Sufian, F., & Akbar Noor Mohamad Noor, M. (2009). The determinants of Islamic banks’ efficiency changes: Empirical evidence from the MENA and Asian banking sectors. International Journal of Islamic and Middle Eastern Finance and Management, 2(June),120-138. Sufian, F., & Kamarudin, F. (2015). Determinants of revenue efficiency of Islamic banks. International Journal of Islamic and Middle Eastern Finance and Management, 8(1), 36–63. Sufian, F., Mohamad, A. . N., & Muhamed-Zulkhibri, A. M. (2009). The tfficiency of Islamic banks: Empirical Evidence from the MENA and Asian countries Islamic banking sectors. J for International Business and Entrepreneurship Development, 5(2), 154-166.Tahir, I. M., Mongid, A., & Haron, S. (2012). The determinants of bank cost inefficiency in ASEAN banking. Jurnal Pengurusan, 36(January 2012), 69–76.Todaro, M. P., & Smith, S. C. (2003). Economic development: The Addison-Wesley series in economics.Wensveen, D. Van. (2003). The theory of financial intermediation: an essay on what it does (not) explain by Bert Scholtens Vienna 2003.Yudistra, D. (2003). Efficiency in Islamic banking: An empirical analysis of 18 banks. Islamic Financial Architecture - Risk Management and Financial Stability, 44(0), 479–496. 
THE MARKET REACTION OF THE STOCK SPLIT IN INDONESIAN AND MALAYSIA SHARIA CAPITAL MARKETS FOR THE 2015-2019 PERIOD Fadlilah Fadlilah; Bayu Arie Fianto
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/vol7iss20204pp734-744

Abstract

This study aims to determine the market reaction to the stock split in the market. This research uses a quantitative approach using the event study method to analyze market reactions to an event. The analysis technique uses the One Sample t-Test to see market reactions and the Independent Sample t-Test to determine whether there is a difference between the Indonesian and Malaysian Islamic capital markets with a 21-day observation period consisting of 10 days before the stock split announcement (t -10), day of stock stock announcement (t0 or t = 0), and 10 days after stock split announcement (t + 10). The results of this study, based on statistical tests with α = 5%, found a significant abnormal return around the stock split announcement on the Indonesian Islamic capital market. AAR significant as much as 4 days and CAAR significant as much as 18 days during the observation period. In the Malaysian Islamic capital market, abnormal returns were also found to be significant around the stock split announcement. AAR is significant for 3 days during the observation period, 1 day before the announcement of the stock split, during the announcement of the stock split, and 1 day after the announcement of the stock split. A significant CAAR of 19 days during the observation period. In the independent sample t-test, AAR Indonesia and Malaysia obtained sig. (2-tailed) of 0.658. In the CAAR test, Indonesia and Malaysia obtained sig. (2-tailed) of 0.563. So there is no difference between the Indonesian and Malaysian sharia capital market reactions.Keywords: Market Reaction, Stock Split, Abnormal Return, Event StudyREFFERENCE Azizah, Faradilla Zulfa. (2019). Abnormal return dan volume perdagangan saham sebagai reaksi pasar terhadap stock split emiten consumer goods di Indeks Saham Syariah Indonesia (ISSI) periode 2015-2018. Skripsi tidak diterbitkan. Surabaya: Fakultas Ekonomi dan Bisnis Universitas Airlangga.Darmadji, Tjiptono, and Hendy M. Fakhrudin. (2011). Pasar modal di Indonesia. Jakarta: Salemba Empat.Fatimatuzahra, Vita. (2014). Reaksi pasar atas penerbitan sukuk (studi pada emiten saham penerbitan sukuk periode (2008-2012). Skripsi tidak diterbitkan. Surabaya: Fakultas Ekonomi dan Bisnis Universitas Airlangga.Ghazali, Zahiruddin, Fauziah Md Taib, and Noraini Othman. (2014). Reminiscing Stock Splits Announcement: A Malaysia Case. International Journal of Business, Economics and Management, 1(7), 136-145.Hartono, Jogiyanto. (2014). Teori portofolio dan analisis investasi. Yogyakarta: BPFE.Hasna, Chotyahani. (2010). Analisis pengaruh stock split terhadap harga saham pada perusahaan Go Public di Bursa Efek Indonesia. Skripsi tidak diterbitkan. Semarang: Universitas Diponegoro.Jasmine, Aldila Vania. (2015). Reaksi atas stock split pada emiten saham syariah di BEI periode 2011-2014. Skripsi tidak diterbitkan. Surabaya: Fakultas Ekonomi dan Bisnis Universitas Airlangga.Mardani. (2015). Aspek hukum lembaga keuangan syari'ah di Indonesia. Jakarta: Kencana.Mittal, Dr. Swati. (2015). Stock Market Reactions to Announcements of Stock Splits. Journal of Management Sciences and Technology, 2(2), 52-58.P.J, Jijo Lukose, and S. Narayan Rao. (2001). The market reaction to stock splits - an emperical study, The ICFAI Journal of Applied Finance.Pebrianingrum, Fifi. (2019). Analisis reaksi pasar terhadap pengunguman penerbitan sukuk (studi kasus pada emiten yang menerbitkan sukuk dan terdaftar di Bursa Efek Indonesia periode tahun 2007-2018). Skripsi tidak diterbitkan. Surabaya: Fakultas Ekonomi dan Bisnis Universitas Airlangga.Samudra, Suryadi, and dkk. "Analisis Efisiensi Pasar Modal Pada Indeks Saham Syariah Di Bursa Efek Indonesia. Jurnal Katalogis, 4(6), 134-142.Soemitra, Andri. (2016). Bank dan lembaga keuangan syariah. Jakarta: Kencana.Sutedi, Adrian. (2011). Pasar modal syariah sarana investasi keuangan berdasarkan prinsip syariah. Jakarta: Sinar Grafika.Tandelilin, Eduardus. (2010). Portofolio dan investasi teori dan aplikasi. Yogyakarta: Kanisiu.Wijanarko, Iguh. (2012). Analisis pengaruh pemecahan saham (stock split) terhadap likuiditas saham dan return saham (study kasus pada perusahaan yang terdaftar BEI Periode 2007-2011). Skripsi tidak diterbitkan. Semarang: Universitas Diponegoro.Yosef, Bar, and lawrence D. Brown. (1977). A reexamination of stock splits using moving betas." The Journal of Finance, 32(4), 1069-1080.
THE EFFECT OF FINANCIAL AND NON-FINANCIAL VARIABLES ON STOCK UNDERPRICING IN THE SERVICE COMPANIES WHEN INITIAL PUBLIC OFFERING (IPO) IN INDONESIA STOCK EXCHANGE (BEI): A CASE STUDY IN SHARIAH AND NON-SHARIAH STOCKS FOR 2012-2017 PERIOD Vabila Ananta Setya; Bayu Arie Fianto
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/vol7iss20205pp886-900

Abstract

This study aims to investigate the factors that influence the underpricing of stocks in service companies during an initial public offering (IPO) on Bursa Efek Indonesia (BEI) for the period 2012-2017 (Comparison of Sharia and non-sharia stocks). The data used in this study consist of 20 stocks that experienced the underpricing from a total of 44 IPOs of sharia-compliant service companies and 19 stocks that experienced the underpricing from a total of 32 IPOs of non-shariah-compliant service companies. The research approach used is a quantitative approach with multiple linear regression analysis techniques. This research reveals that the underwriter reputation and auditor reputation have a significant effect on the underpricing at the IPO on Bursa Efek Indonesia (BEI) for the period 2012-2017.Keyword: Underpricing, Underwriter Reputation, Auditor Reputation, Financial Leverage, Return on Assets, Initial Public Offering (IPO)REFFERENCE Anwar, Y. (2010). Pasar modal sebagai sarana pembiayaan dan investasi. Bandung: Alumni.Beatty, R. P., & Ritter, J. R. (1986). Investment banking, reputation, and the underpricing of initial public offerings. Financial Economics, 15(1), 213–232.Carter, R., & Manaster, S. (1990). American finance association initial public offerings and underwriter reputation author (s): Richard Carter and Steven Manaster. The Journal of Finance, 45(4). 1045-1067.Chastina, Y., & Martani, D. (2005). Variabel-variabel yang Memperngaruhi Underpricing pada penawaran saham perdana di BEJ Tahun 1994-2001. SNA, 8.Daljono. (2000). Analisis faktor-faktor yang mempengaruho initial return saham yang listing di BEJ tahun 1990-1997. SNA, 3.Fahmi, I. (2012). Pengantar pasar modal panduan bagi para akademis dan praktisi bsinis dalam memahami pasar modal Indonesia. Bandung: Alfabeta CV.Ghozali, I., & Mansur, M. al. (2002). Analisis faktor-faktor yang mempengaruhi tingkat underpricing di bursa efek Indonesia. Bisnis dan Akuntansi, 4(1).Handayani, S. R. (2008). Analisis faktor-faktor yang mempengaruhi underpricing saham pada penawaran umum perdana (Studi kasus pada perusahaan keuangan yang Go Public di Bursa Efek Jakarta Tahun 2000-2006). Skripsi tidak diterbitkan. Semarang: Universitas Diponegoro.Hapsari, V. A. (2012). Analisis faktor-faktor yang mempengaruhi underpricing saham pada penawaran umum perdana di BEI Periode 20082010. Diponegoro Journal of Management, 1(1), 1–9.Jannah, K. M. (2016). Peluang investasi di pasar modal syariah.Kadek, P., Raditya, A., & Yasa, G. W. (2017). Reputasi auditor sebagai pemoderasi pengaruh informasi keuangan dalam prospektus pada tingkat underpricing penawaran saham perdana. E-Jurnal Akuntansi, 21(3), 1963-1992.Kasmir. (2010). Pengantar manajemen keuangan. Jakarta: Kencana Prenada Media Group.Khan, T., & Ahmed, H. (2008). Manajemen risiko: Lembaga keuangan syariah. Jakarta: PT Bumi Aksara.Kristiantari, I. D. (2013). Analisis faktor- faktor yang mempengaruhi underpricing saham pada penawaran saham perdana di Bursa Efek Indonesia. Ilmiah Akuntansi Dan Humanika, 2(2), 785-811.Lestari, A. H., Hidayat, R. H., & Sulasmiyati, S. (2015). Analisis faktor-faktor yang mempengaruhi underpricing saham pada penawaran umun perdana di BEI periode 2012-2014 (Studi pada perusahaan yang Melaksanakan IPO di Bursa Efek Indonesia periode 2012-2014). Administrasi Bisnis, 25(1), 1-9.Lestari, Y. O. (2011). Pengaruh informasi keuangan dan non keuangan terhadap return saham di pasar perdana. Akuntansi Aktual, 1(1), 1–10.Muhamad, S. (2006). Pasar modal dan manajemen portofolio. Surabaya: Erlangga.Nugroho, R., & Nanda, R. (2016). Analisis investasi atau penanaman modal dalam konsep ekonomi Islam. Universitas Islam Indonesia Yogyakarta.Retnowati, E. (2013). Penyebab underpricing pada penawaran saham perdana di Indonesia. Accounting Anlysis Journal, 1(4), 173–192.Safithri, M., Setyaningsih, I., Tarman, K., Suptijah, P., & Yuhendri, V. M. (2018). Potensi kolagen teripang emas sebagai inhibitor tirosinase. JPHPI, 21(2), 295-303.Siamat, D. (2005). Manajemen lembaga keuangan, kebijakan moneter dan perbankan. edisi pertama. Jakarta: Fakultas Ekonomi Universittas Indonesia.Sugiyono. (2014). Metode penelitian kuantitatif, kualitatif, dan R&D. Bandung: Alfabeta CV.Suyatmi, & Sujadi. (2006). Faktor-faktor yang mempengaruhi underpricing pada penawaran umum perdana di Bursa Efek Jakarta. Jurnal Benefit, 10(1), 11–32.
THE DESCRIPTIVE ANALYSIS OF THE SERVICE QUALITY DIMENSION OF MOBILE BANKING (M-BANKING) ON THE SATISFACTION OF SHARIA BANKING CUSTOMERS Charissa Kezia Rahmawati; Bayu Arie Fianto
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/vol7iss20206pp1118-1127

Abstract

This research presents an initial study of customer satisfaction as measured by five mobile banking (m-banking) quality services dimensions using descriptive statistics and mean score. The survey data were obtained from 100 respondents of mobile banking (m-baking) users by using a purposive sampling method. The data is processed using validity and reliability test to check the quality of the data. The results shown in this research are explanatory or extracting information on which factors the customer shows high and low satisfaction.Keywords: Customer Satisfaction, Descriptive Statistic, Mobile Banking, Quality Service DimensionREFFERENCE Arcand, M., Promtep, S., & Brun, I. (2016). Mobile banking service quality and customer relationships. International Journal of Bank Marketing, 35(7), 1068-1089. DOI: https://doi.org/10.1108/IJBM-10-2015-0150Azwar, S. (2012). Penyusunan skala psikologi, edisi kedua. Yogyakarta: Pustaka Pelajar.Baabdullah, A. M., Alalwan, A. A., Rana, N. P., Kizgin, H., & Patil, P. (2019). Consumer use of mobile banking (M-Banking) in Saudi Arabia: Towards an integrated model. International Journal of Information Management, 44(September 2018), 38–52. Clemes, M. D., Cohen, D. A., Wang, Y., Clemes, M. D., Cohen, D. A., & Wang, Y. (2013). Understanding Chinese university students ’ experiences: an empirical analysis. Asia Pacific Journal of Marketing and Logistics, 25(3), 391-427. DOI: 10.1108/APJML-07-2012-0068Hamidi, H., & Safareeyeh, M. (2019). A model to analyze the effect of mobile banking adoption on customer interaction and satisfaction: A case study of m-banking in Iran. Telematics and Informatics, 38(May 2019), 166–181. Harris, L. C., & Goode, M. M. H. (2010). Online servicescapes, trust, and purchase intentions. Journal of Services Marketing, 24(3), 230–243. Kotler, Phillip, Amstrong, & Gary. (2012). Principles of marketing (14th ed.). New Jersey: Pearson Hall.Lee, K. C., & Chung, N. (2009). Understanding factors affecting trust in and satisfaction with mobile banking in Korea: A modified DeLone and McLean’s model perspective. Interacting with Computers, 21(5–6), 385–392. Mehmet Haluk Koksal. (2016). The intentions of Lebanese consumers to adopt. International Journal of Bank Marketing, Vol. 34(3), 327-346. DOI: https://doi.org/10.1108/IJBM-03-2015-0025OJK. (2017). Prinsip dan konsep dasar perbankan syariah. Jakarta: OJK.Rustam, B. R. (2018, Oktober). Perbankan syariah era digital. Koran Jakarta.Shaikh, A. A., & Karjaluoto, H. (2015). Telematics and Informatics Mobile banking adoption: A literature review. Telematics and Informatics, 32(1), 129–142. Tam, C., & Oliveira, T. (2015). Literature review of mobile banking and individual performance. International Journal of Bank Marketing, 35(7), 1044-1067. DOI: https://doi.org/10.1108/IJBM-09-2015-0143Toor, A., Hunain, M., Hussain, T., Ali, S., & Shahid, A. (2016). The impact of E-banking on customer satisfaction: Evidence from banking sector of Pakistan. Journal of Business Administration Research, 5(2), 27–40. Yuliardi, R., & Nuraeni, Z. (2017). Statistika penelitian plus tutorial SPSS, edisi pertama. Yogyakarta: Innosain.
Co-Authors Aam Slamet Rusydiana, Aam Slamet Aisy, Fathiya Nimatul Ali Shah, Syed Alamdar Amanina, Filzah Thahirah Anisha, Ade Intan Ismi Nur Annisa Rahma Febriyanti Aryo, Bagus Ascarya Ascarya Azhar Alam Azwar Aulia Rasyad Azzam Izzuddin Busser, Rogier Charissa Kezia Rahmawati Charissa Kezia Rahmawati Devi Rahmiyanti Dinda Azzahroh Fathimiyah Fadlilah Fadlilah Faris Achmad Muhtadin Billah Fauziah, Najim Nur Filianti, Dian Fitrianingsih, Eka Rani Ivana Rosediana Dewi Izzani Ulfi Madyan, Muhammad Martini Dwi Pusparini, Martini Dwi Masagus M. Ridhwan Maulayati, Ryan Rahmah Mohammad Yusron Sholikhin Mohd Dali, Nuradli Ridzwan Shah Bin Muhammad Faris Mustofa, Muhammad Ubaidillah Al Najim Nur Fauziah Nisful Laila Noven Suprayogi, Noven Nugroho, Perdana Adi Puji Sucia Sukmaningrum Pupun Saepul Rohman Rachmania Nurul Fitri Amijaya Raditya Sukmana Rafiatul Adlin Hj Mohd Ruslan Rogier Busser Ruslan, Rafiatul Adlin Hj Mohd Ryan Rahmah Maulayati Sahlan Yahya Setya, Vabila Ananta Shah, Syed Alamdar Ali Supriani, Indri Syed Alamdar Ali Shah Syed Alamdar Ali Shah Tjiptohadi Sawarjuwono Ujang Syahrul Mubarrok Vabila Ananta Setya Vabila Ananta Setya Viola Nurahma Putri Wijayanti, Ida Yahya, Sahlan Zulfiyah Azmi