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All Journal PROSIDING SEMINAR NASIONAL Economic Journal of Emerging Markets Media Ekonomi dan Manajemen Jurnal Akuntansi Jurnal Dinamika Ekonomi dan Bisnis Fokus Ekonomi Balance Vocation Accounting Journal Eksos Journal of Trends Economics and Accounting Research Jurnal Simki Economic
Murharsito Murharsito
Universitas Islam Nahdlatul Ulama Jepara, Indonesia.
Religion Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Social Sciences

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MARKET REACTION ON PT GARUDA INDONESIA DEBT RESTRUCTURING ANNOUNCEMENTS Fauziah, Fitri Ella; murharsito, murharsito
Jurnal Akuntansi Vol. 13 No. 1 (2025): JURNAL AKUNTANSI VOL. 13 NO. 1 JUNI 2025
Publisher : Program Studi Akuntansi Fakultas Ekonomi Universitas Sarjanawiyata Tamansiswa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30738/ja.v13i1.4522

Abstract

Corporate debt restructuring is a meaningful mechanism for firms in supervising their financial challenges. This study examines the market reaction to debt restructuring announcements by PT Garuda Indonesia, a prominent Indonesian airline facing financial distress. The research employs an event study methodology, analyzing stock price movements 7 days before and after key restructuring announcements. Data was collected from the Indonesia Stock Exchange (IDX). The method employed in this study was the Shapiro-Wilk to test the normality and paired sample t-test to test the hypothesis. The results show a significant difference in stock prices for the announcements on December 30, 2020 and December 29, 2023. These results provide implications that the market can provide a positive response or provide appreciation for corporate debt restructuring events as in the case of PT Garuda Indonesia. This study provides an understanding of market efficiency and the impact of corporate financial strategies related to debt issues that are still rarely found in the literature.
MUI Boycott Fatwa and Companies Clarification Effect on Affiliated Stocks Price in Indonesia Stock Exchange Murharsito Murharsito; Fitri Ella Fauziah
Jurnal Simki Economic Vol 8 No 1 (2025): Volume 8 Nomor 1 Tahun 2025
Publisher : Universitas Nusantara PGRI Kediri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29407/jse.v8i1.898

Abstract

The Israel attacks on Gaza that cause massive civilian victims has raised concerned from people arround the world. In Indonesia, Majelis Ulama Indonesia (MUI) issued a fatwa of boycotting israel related products as a punishment for Israel. This research would like to investigate the effect of the MUI fatwa announcement as well as allegedly affiliated companies’ clarification. The research seeks to test whether there is a difference in the company's share price before and after those announcements with a time window of 7 days and 30 days. The company studied was PT. Unilever Indonesia Tbk, PT. FastFood Indonesia Tbk, PT. Map of Boga Adi Perkasa Tbk. This research uses a paired sample t-test as an analysis tool. The findings of this research include that there was a difference in share prices 30 days before and after the MUI fatwa, but there was no difference in share prices 7 days before and after the MUI fatwa, as well as 7 days and 30 days before and after the clarification.
Resiko Bisnis, Profitabilitas, Nilai Perusahaan, Perataan Laba Sebelum dan Saat Pandemi Covid-19 pada Sektor Barang Konsumsi Fitri Ella Fauziah; Murharsito
Journal of Trends Economics and Accounting Research Vol 4 No 4 (2024): June 2024
Publisher : Forum Kerjasama Pendidikan Tinggi (FKPT)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/jtear.v4i4.1239

Abstract

The objective of this study is to determine whether there are differences in company risk, profitability, company value and income smoothing before and during the Covid-19 pandemic. This research is quantitative research with the research population including consumer goods companies listed on the IDX and the research sample selection used purposive sampling. Data analysis used the sample difference test t-test and paired Wilcoxon test. The research findings are that profitability has a different test value of 0.017, which means that it has a difference before and during the Covid-19 epidemic, but the variables of company value, business risk and income smoothing each have a different test value of 0.266; 0.601 and 0.218 which means there is no difference before and during the Covid-19 epidemic.
Current Account and Saving Account Determinants of Indonesian Banks Murharsito Murharsito; Fitri Ella Fauziah
Jurnal Simki Economic Vol 9 No 2 (2026): Volume 9 Nomor 2 Tahun 2026
Publisher : Universitas Nusantara PGRI Kediri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29407/jse.v9i2.1562

Abstract

The mobilization of deposits, particularly CASA, plays a strategic role as it represents a low-cost funding source that can reduce interest expenses while simultaneously enhancing bank profitability. This study aims to examine the factors influencing CASA fund mobilization in the banking sector, with suspected influencing variables including CAR, bank size, BOPO, and NPL. The analysis employs a panel data regression method utilizing annual financial report data from 43 banking issuers listed on the Indonesia Stock Exchange (IDX) over the period 2013–2024, yielding a total of 486 observations. Based on estimations using the fixed effect model, the results reveal that only the non-performing loan (NPL) ratio is proven to be a significant determinant with a negative impact on the CASA ratio. Meanwhile, CAR, bank size, and operational efficiency (BOPO) do not exhibit significant influence. These findings provide important implications that risk perception and customer confidence, as reflected by bank asset quality, are key factors in mobilizing low-cost funds, thereby necessitating that prudent credit risk management be prioritized.
The Effect of Money Ethics on Ethical Attitutes with Religiosity as the Moderating Variable Fitri Ella Fauziah; Murharsito Murharsito
Media Ekonomi dan Manajemen Vol 34, No 1 (2019): The Importance of Personality and Strategy in Successful of Corporate Performan
Publisher : Fakultas Ekonomika dan Bisnis UNTAG Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (479.985 KB) | DOI: 10.24856/mem.v34i1.912

Abstract

This study aims to examine the influence of money ethics on ethical attitudes and to examine the influence of religiosity in moderating the relationship between money ethics and ethical attitudes.The population used in this study were all accounting students at Nahdlatul Ulama Islamic University in Jepara. The research sample was taken by purposive sampling method, 87 students elected as the research sample. The analysis technique used in the study is a residual test. This study used primary data  by distributing questionnaires to students of the accounting department of the Islamic University of Nahdlatul Ulama 'Jepara. The results of the study showed that money ethics has no effect on ethical attitudes and religiosity cannot moderate the relationship between money ethics and ethical attitudes.The implication of this research is that ethics education is still needed in University, so that they have an understanding related to it.
The Effect Of Swap Line Establishment To Developing Countries Portfolio Flows In Subprime Mortgage Crisis Murharsito Murharsito
Media Ekonomi dan Manajemen Vol 29, No 2 (2014): Pengembangan Kinerja Bisnis
Publisher : Fakultas Ekonomika dan Bisnis UNTAG Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (281.368 KB) | DOI: 10.24856/mem.v29i2.223

Abstract

Abstract This paper tries to investigate the effect of swap line establishment to the portfolio flows to developing countries in the subprime mortgage crisis. This issue is interesting to investigate because the swap line establishment is relatively new phenomenon in the international financial resolution. It also involve major economic powers as the partner of developing countries in this arrangement. Sample of this research consist of 64 developing countries and the observation period year is 2009. The quantitative approach specifically regression analysis is chosen to obtain the result.  From the analysis result reveals that the swap presence has no effect to the portfolio flows to the developing and emerging market. The swap partner statistical result is more convincing; but the relationship is weak it is significant at the alpha 10 %. And finally the swap amount provide much better result, it has the highest relationship significant at the alpha of 1 % with the portfolio flows to developing countries. Keywords : swap line, portfolio flows, developing countries, subprime mortgage crisis Abstraksi           Tulisan ini mencoba untuk menganalisis pengaruh dari pembentukan jalur swap terhadap arus portofolio menuju negara berkembang dalam krisis subprime mortgage. Isu ini menarik untuk dipelajari karena pembentukan jalur swap adalah fenomena yang relatif baru dalam penyelesaian permasalahan keuangan internasional. Hal ini juga melibatkan kekuatan-kekuatan ekonomi besar sebagai partner dari negara-negara berkembang dalam perjanjian ini. Sampel dalam penelitian ini terdiri dari 64 negara berkembang dan periode pengamatan adalah tahun 2009. Pendekatan kuantitatif secara lebih spesifik yaitu analisis regresi dipilih untuk mendapatkan hasil perhitungan. Dari hasil perhitungan mengungkapkan bahwa pembentukan swap tidak memiliki pengaruh terhadap arus portofolio ke negara berkembang. Hasil statistik dari swap partner lebih meyakinkan, walaupun hubungannya lemah signifikan pada alpha 10 %. Dan terakhir nilai swap memberikan hasil yang lebih baik, memiliki hubungan yang lebih erat signifikan pada alpha 1 % dengan aliran modal menuju negara berkembang. Kata kunci : jalur swap, arus portofolio, negara berkembang, krisis subprime mortgage 
Firm Size as Determinants of Intellectual Capital Disclosure Fitri Ella Fauziah; Murharsito Murharsito
Media Ekonomi dan Manajemen Vol 36, No 2 (2021): July 2021
Publisher : Fakultas Ekonomika dan Bisnis UNTAG Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (422.614 KB) | DOI: 10.24856/mem.v36i2.1820

Abstract

The objective of this research was to investigate the effect of size of firm, leverage, audit committee and business complexity on the disclosure of intellectual capital. The sample of this study was manufacturing firms in the basic industrial and chemical sub sectors that registered on the Indonesia Stock Exchange in the period of 2019. The sample was determined by using a method of purposive sampling, there were 104 samples. This research used multiple linear regression methods. Partly, the results of this analysis show that only firm size has an influence on intellectual capital disclosure. Meanwhile, the audit committee, business complexity and leverage have no significance on the disclosure of intellectual capital.
Co-Authors Emanuel Kristijadi Fitri Ella Fauziah Fitri Ella Fauziah Fitri Ella Fauziah Fitri Ella Fauziah Fitri Ella Fauziah Fitri Ella Fauziah, Fitri Ella Mohamad Rifqy Roosdhani Rr. Iramani