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FINANCIAL PERFORMANCE OF SHARIA BANKS BEFORE AND AFTER SPIN-OFF Prima Naomi
Journal of Innovation in Business and Economics Vol. 1 No. 02 (2017): Journal of Innovation in Business and Economics
Publisher : Faculty of Economics and Business, University of Muhammadiyah Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22219/jibe.v1i02.4371

This research aimed at identifying whether Bank Umum Syariah (BUS), as the result of spin-off of Unit Usaha Syariah (UUS), has better performance compared to the period when they were still in the form of UUS. There are 4 out of 5 BUSes as a result of spin-off us as samples. The results indicate that: 1) the spin-off of UUS to become BUS has successfully increased the market share of each BUS; 2) there is no significant difference in the profitability before and after spin-off in most sample; 3) no significant difference related to the operational efficiency.

Corporate Governance on Natural Resources: Lessons from the Past Years’ Scandal, Fraud, and Corruption Prima Naomi; Iqbal Akbar
Asia Pacific Fraud Journal Vol. 8 No. 2: 2nd Edition (July-December 2023)
Publisher : Association of Certified Fraud Examiners Indonesia Chapter

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21532/apfjournal.v8i2.275

The recognition of corporate governance as one of the solutions to scandal, fraud, and corruption has generated interest among scholars who seek to comprehend the underlying theoretical mechanism of corporate governance practices. Using scientific literature from the Web of Science and news media, this research attempts to probe the conceptual basis for corporate governance in preventing crimes in managing natural resources. Based on the theories of corporate governance, this study reviews the framework and elaborates the challenges of implementing the practices of corporate governance in reducing scandal, fraud, and corruption. Agency and stakeholder theories are mostly used to scrutinize the practice of doing good business. We also evaluate how news media serve as an effective avenue for the public to receive unbiased information. Some major corporate cases reported in news media have indeed provoked scholars to shed light on the role of corporate governance in the presence of the crisis.

CREDIT RATING ANALYSIS OF COAL PRODUCTION INDUSTRY USING LOGISTIC REGRESSION MODEL Arief Tirtana; Aditio Wahyudi; Prima Naomi
Jurnal Ekonomi Vol. 12 No. 04 (2023): Jurnal Ekonomi, 2023
Publisher : SEAN Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar

Purpose: The main idea of this study is to identify the credit rating of the coal-producing sub-industry through the utilization of binary logistic regression analysis. Method: This research used 19 companies of IDX (Indonesia Stock Exchange) as samples with purposive sampling method. This paper use financial ratio data in October 2022. The variables used are six types of financial ratios, namely Price to Earning Ratio (PER), Return on Equity (ROE), Return on Asset (ROA), Net Profit Margin (NPM), Price to Book Value (PBV), and Debt to Equity Ratio (DER). This study uses binary logistic regression analysis. Result: The empirical result shown that financial ratio such as PBV, PER, and DER can be used prediction model with accuration rate of 0.95 and ROC 1.00. Based on the result, the companies with the best credit rating (AAA) is Bukit Asam Tbk (PTBA), Indika Energy Tbk (INDY), Baramulti Suksessarana Tbk (BSSR), and Adaro Energy Indonesia Tbk (ADRO). Novelty: The research presented in this study is distinguished by its utilization of a two-stage approach. The initial phase involves the application of the K-Means method to replicate the clustering of the company in order to identify binary performance data. The subsequent phases involve the utilization of binary logistic regression, incorporating six distinct financial ratios.

Determinants of stock returns in property and real estate companies listed on the Indonesia Stock Exchange Arinto, Sutresna; Naomi, Prima
Journal of Enterprise and Development (JED) Vol. 6 No. 1 (2024): Journal of Enterprise and Development (JED)
Publisher : Faculty of Islamic Economics and Business of Universitas Islam Negeri Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20414/jed.v6i1.8431

Purpose — This study aims to investigate the influence of macroeconomic factors, including economic growth, inflation, the rupiah exchange rate, and interest rates, as well as corporate financial performance indicators such as leverage and profitability, on the stock returns of Indonesian Property and Real Estate Sub-Sector companies.Method — The research data consists of annual data obtained from the Indonesia Stock Exchange, the Indonesia Central Bureau of Statistics, and Bank Indonesia for the period from 2017 to 2021. The research population comprises 36 Property and Real Estate companies listed on the Indonesia Stock Exchange. Out of these, 28 companies meet the sample requirements. The analysis employs panel data regression to examine the data.Result — The results indicate that inflation and exchange rates have a negative and statistically significant impact on stock returns. On the other hand, economic growth, interest rates, return on equity, and the debt-to-equity ratio exhibit a positive influence on stock returns, although these effects are not statistically significant.Contribution — This study's distinctive contribution is its focused analysis of the Property and Real Estate Sub-Sector in Indonesia. It stands out by exploring the intricate relationship between macroeconomic factors and financial performance variables concerning the stock returns of companies within this sub-sector. This nuanced approach provides valuable insights into a specific industry within the Indonesian market, shedding light on previously unexplored dynamics and contributing to a deeper understanding of how these factors affect stock returns in this context.

Indonesian MSMES Resilience During Covid-19 Pandemics Prima Naomi; Christharyanto, Handrix; Mayasari, Iin; Risza, Handi
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 6 No. 7 (2025): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v6i7.7782

Throughout the crisis in 1997-1998 and 2008-2009, the role of the MSME sector was to safeguard the national economy from turmoil, but this was not the case with the COVID-19 pandemic crisis. MSMEs have become a sector that has been heavily impacted. Therefore, the discussion on the resilience of MSMEs during disruption is important to bring valuable lessons and recommendations for the stakeholders to help MSMEs revert from the recession. This study aims to document studies that have been carried out by academics and the media on MSMEs resilience during pandemic. Some studies highlight its characteristics, others highlight the developmental perspective. Some research focuses on workers and their lead and on business processes and models. Some researchers aim at how MSMEs anticipate, foresee, and respond to disruption; while others pinpoint the intervention to increase MSMEs resilience. At the end, theoretical framework related to MSMEs resilience is drawn to conclude the findings. The resilience does not merely come from the individual and organization level. Supportive ecosystem is imperative to preserve the resilience.

Indonesian MSMES Resilience During Covid-19 Pandemics Prima Naomi; Christharyanto, Handrix; Mayasari, Iin; Risza, Handi
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 6 No. 7 (2025): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v6i7.7782

Throughout the crisis in 1997-1998 and 2008-2009, the role of the MSME sector was to safeguard the national economy from turmoil, but this was not the case with the COVID-19 pandemic crisis. MSMEs have become a sector that has been heavily impacted. Therefore, the discussion on the resilience of MSMEs during disruption is important to bring valuable lessons and recommendations for the stakeholders to help MSMEs revert from the recession. This study aims to document studies that have been carried out by academics and the media on MSMEs resilience during pandemic. Some studies highlight its characteristics, others highlight the developmental perspective. Some research focuses on workers and their lead and on business processes and models. Some researchers aim at how MSMEs anticipate, foresee, and respond to disruption; while others pinpoint the intervention to increase MSMEs resilience. At the end, theoretical framework related to MSMEs resilience is drawn to conclude the findings. The resilience does not merely come from the individual and organization level. Supportive ecosystem is imperative to preserve the resilience.

Determinants of stock returns in property and real estate companies listed on the Indonesia Stock Exchange Arinto, Sutresna; Naomi, Prima
Journal of Enterprise and Development (JED) Vol. 6 No. 1 (2024): Journal of Enterprise and Development (JED)
Publisher : Faculty of Islamic Economics and Business of Universitas Islam Negeri Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20414/jed.v6i1.8431

Purpose — This study aims to investigate the influence of macroeconomic factors, including economic growth, inflation, the rupiah exchange rate, and interest rates, as well as corporate financial performance indicators such as leverage and profitability, on the stock returns of Indonesian Property and Real Estate Sub-Sector companies.Method — The research data consists of annual data obtained from the Indonesia Stock Exchange, the Indonesia Central Bureau of Statistics, and Bank Indonesia for the period from 2017 to 2021. The research population comprises 36 Property and Real Estate companies listed on the Indonesia Stock Exchange. Out of these, 28 companies meet the sample requirements. The analysis employs panel data regression to examine the data.Result — The results indicate that inflation and exchange rates have a negative and statistically significant impact on stock returns. On the other hand, economic growth, interest rates, return on equity, and the debt-to-equity ratio exhibit a positive influence on stock returns, although these effects are not statistically significant.Contribution — This study's distinctive contribution is its focused analysis of the Property and Real Estate Sub-Sector in Indonesia. It stands out by exploring the intricate relationship between macroeconomic factors and financial performance variables concerning the stock returns of companies within this sub-sector. This nuanced approach provides valuable insights into a specific industry within the Indonesian market, shedding light on previously unexplored dynamics and contributing to a deeper understanding of how these factors affect stock returns in this context.

Corporate Governance on Natural Resources: Lessons from the Past Years Scandal, Fraud, and Corruption Naomi, Prima; Akbar, Iqbal
Asia Pacific Fraud Journal Vol. 8 No. 2: 2nd Edition (July-December 2023)
Publisher : Association of Certified Fraud Examiners Indonesia Chapter

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21532/apfjournal.v8i2.275

The recognition of corporate governance as one of the solutions to scandal, fraud, and corruption has generated interest among scholars who seek to comprehend the underlying theoretical mechanism of corporate governance practices. Using scientific literature from the Web of Science and news media, this research attempts to probe the conceptual basis for corporate governance in preventing crimes in managing natural resources. Based on the theories of corporate governance, this study reviews the framework and elaborates the challenges of implementing the practices of corporate governance in reducing scandal, fraud, and corruption. Agency and stakeholder theories are mostly used to scrutinize the practice of doing good business. We also evaluate how news media serve as an effective avenue for the public to receive unbiased information. Some major corporate cases reported in news media have indeed provoked scholars to shed light on the role of corporate governance in the presence of the crisis.

Do political events affect stock return volatility on Indonesian Stock Exchange Nurlita, Vina; Naomi, Prima
Journal of Economics, Business, and Accountancy Ventura Vol. 22 No. 1 (2019): April - July 2019
Publisher : Universitas Hayam Wuruk Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/jebav.v22i1.1215

This study has the purpose to examine the effect of political events on the volatility of stocks traded on the Indonesia Stock Exchange (IDX). Furthermore, this study also sees whether such political events also influence the shares that have direct links with the participants in presidential elections. The political event being examined was the Indonesian Presidential Election held in 2014. The researchers used the daily data on the shares of all companies listed on the Indonesia Stock Exchange (IDX) in 2014. The hypothesis testing were done using the GARCH (Generalized Auto Regressive Conditional Heteroscedasticity) estimation and its derivatives namely EGARCH (Exponential GARCH) and TARCH (Threshold GARCH). It was found that the 2014 Presidential Election asymmetrically affected stock return volatility on IDX and contrary to the leverage effect, which means that positive shocks (good news) have better influence than negative shocks (bad news). Out of all listed companies that have direct links with participants in the presidential election, 3 companies have their stock volatility affected by this Presidential Election; some with symmetric effect and some others with asymmetric effect.

The influence of gambler's fallacy and financial literacy on generation z's investment decisions in the digital era Fathur Baihaqi Marzuki; Muhamad Daffa Azriel; Prima Naomi
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 7 No. 1 (2025): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v7i1.6342

Financial decisions play a significant role in determining an individual’s economic well-being, especially in today’s digital era, where access to financial services and information is much easier. Among Generation Z, who were born amidst technological advancements and have instant access to various digital platforms, financial decisions are often influenced by various factors, including cognitive biases such as the Gambler’s Fallacy (Justyanita & Agustin, 2023). The Gambler’s Fallacy refers to the false belief that past random outcomes will influence future random outcomes (He, 2022). Although this phenomenon is more commonly associated with gambling, its impact is also seen in everyday financial behaviour.

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