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All Journal Jurnal Manajemen dan Bisnis Sriwijaya Jurnal Manajemen & Keuangan JBMP (Jurnal Bisnis, Manajemen dan Perbankan) JURNAL PENGABDIAN KEPADA MASYARAKAT JEMPER (Jurnal Ekonomi Manajemen Perbankan) AMALIAH: JURNAL PENGABDIAN KEPADA MASYARAKAT Procuratio : Jurnal Ilmiah Manajemen Jurnal STEI Ekonomi TECHNO-SOCIO EKONOMIKA Abdi Kami : Jurnal Pengabdian Kepada Masyarakat JRAK (Jurnal Riset Akuntansi dan Bisnis) (e-Journal) Jurnal Abdimas Sang Buana Husnayain Business Review Jurnal Akuntansi Keuangan dan Bisnis Jurnal Ilmu Multidisplin Jurnal Ilmiah MEA (Manajemen, Ekonomi, dan Akuntansi) Journal of Informatics and Electronics Engineering International Journal of Emerging Issues in Islamic Studies Jurnal Ekonomi Islam Multifinance Indonesian Journal of Banking and Financial Technology (FINTECH) Jurnal Akuntansi, Ekonomi dan Manajemen Bisnis ABDI KAMI: Jurnal Pengabdian Kepada Masyarakat
Erna Garnia
Universitas Sangga Buana
Religion Aerospace Engineering Agriculture, Biological Sciences & Forestry Humanities Civil Engineering, Building, Construction & Architecture Computer Science & IT Control & Systems Engineering Decision Sciences, Operations Research & Management Earth & Planetary Sciences Economics, Econometrics & Finance Education Electrical & Electronics Engineering Engineering Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Public Health Social Sciences Other

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Analisis rasio keuangan terhadap return saham perbankan yang terdaftar di bursa efek Indonesia: Periode 2015–2024 Erna Garnia; Rikah Yuliana Febriani; Siti Riyyan Lisaumi; Fitria Lilyana
Jurnal STEI Ekonomi Vol. 35 No. 1 (2026)
Publisher : Sekolah Tinggi Ilmu Ekonomi Indonesia Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36406/jemi.v35i1.368

Abstract

Banking stock returns in Indonesia exhibit significant fluctuations driven by various company fundamental factors. This study aims to analyze the effect of Debt to Asset Ratio (DAR), Net Profit Margin (NPM), and Return on Investment (ROI) on the stock returns of banking companies listed on the Indonesia Stock Exchange (IDX) for the 2015–2024 period. The research employs a quantitative approach using panel data regression analysis on 15 sample companies selected through purposive sampling, resulting in 150 observations. The results indicate that partially, DAR has a significant negative effect on stock returns, whereas NPM and ROI do not show significant effects. These findings suggest that capital structure is the primary risk consideration for investors in banking stock investment decisions, while operational profitability and investment efficiency have not yet become decisive signals during the observation period.
Impact of Macroeconomic Factors on the Market Performance of Indonesia Sharia Stocks Deden Rizal Riadi; Erna Garnia; T Tahmat
International Journal of Emerging Issues in Islamic Studies Vol. 1 No. 1 (2021): July 2021
Publisher : Research Synergy Foundation

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31098/ijeiis.v1i1.577

Abstract

This paper presents a study on the impact of macroeconomic factors on the market performance of Indonesia sharia stocks that is shown by the JII. The studied macroeconomic factors are the regional and global market indexes, oil price, the FED rate, and the US$ exchange rate.  Regional markets considered in this paper are Singapore and Malaysia. On the other hand, the global markets considered in this paper are Hong Kong, Japan, and the United States of America. For this purpose, we have used global data from the period of 2009-2019. This paper's main contribution is the use of principal component analysis (PCA) to reduce the independent variables. Based on the PCA, it is found that the macroeconomic factors can be simplified into two factors, namely regional and global factors. Moreover, it is found that the oil price, the FED rate, and the US$ exchange rate have no effect on the sharia stock performance. Based on the regression analysis, it is found that these two factors have a positive impact with a significant level of 24.2%. It is also found that the global factor has a greater effect than the regional factor.  
A COMPARATIVE ANALYSIS OF THE ACCURACY OF ARBITRAGE PRICING THEORY ON SHARIA STOCKS IN THE INDONESIA STOCK EXCHANGE Erna Garnia; Neli Andriani; Siti Riyyan Lisaumi; Hasna Inatsan Layiza; Deshinta Arrova Dewi
Ekonomi Islam Vol. 17 No. 1 (2026): Jurnal Ekonomi Islam Fakultas Agama Islam UHAMKA
Publisher : Universitas Muhammadiyah Prof DR HAMKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22236/jei.v17i1.22402

Abstract

Research aims: This study examines and compares the predictive accuracy of the Arbitrage Pricing Theory (APT) model in forecasting Sharia-compliant stock returns listed in the Jakarta Islamic Index (JII) across two presidential periods: Susilo Bambang Yudhoyono (2004–2014) and Joko Widodo (2014–2024). It analyzes how macroeconomic factors influence Islamic stock performance under different political-economic regimes. Design/Methodology/Approach: This study employs quantitative panel data regression using Ordinary Least Squares (OLS) on 27 companies consistently listed in the JII from 2004 to 2021. Seven macroeconomic factors global index, macroeconomic conditions, world oil prices, China index, Arabia index, competitive resources, and inflation—are derived using Principal Component Analysis (PCA). Observations are classified into high-return and low-return groups. Difference-in-regression tests examine variations across periods, while Mean Absolute Deviation (MAD) evaluates prediction accuracy. Research findings: The results show that the seven macroeconomic factors jointly have a significant influence on Sharia stock returns. However, the significance and direction of individual factors vary across return groups and presidential periods. The APT model achieves the highest predictive accuracy during high-return periods under President Joko Widodo, indicated by the lowest MAD value of 0.489591. Theoretical Contribution/Originality: This study extends multifactor APT analysis across different political-economic regimes. Practitioners/Policy Implications: The findings provide insights for investors and policymakers in developing macroeconomic-sensitive investment strategies. Research Limitations/Implications: This study is limited to secondary data and a specific market context; future research should incorporate broader datasets and alternative models
Pembuatan Display Penunjuk Arah dan Nama Objek Wisata di Kawasan Agro Edu Wisata Nurwathi Nurwathi; Erna Garnia; Rangga Satria Perdana; Muhamad Fahrulrozi; Lisya Maharani
TECHNO-SOCIO EKONOMIKA Vol 18 No 2 (2025): Jurnal Techno-Socio Ekonomika - Oktober
Publisher : LPPM Universitas Sangga Buana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32897/techno.2025.18.2.4257

Abstract

The development of Agro-Educational Tourism is now growing rapidly as an effort to restore the community's economy through the tourism and agriculture sectors. Sindulang Village, Sumedang Regency, is located in the Gunung Kereceng area and is one of the potential locations for developing Agro-Educational Tourism. The challenges faced in managing this area include the need for integrated tourism management and educational capabilities to enhance the visitor experience. Additionally, some visitors get lost due to the lack of directional signs. Therefore, it is necessary to create more displays to reduce difficulties in reaching the intended location. This study aims to design and create directional signboards and tourist attraction name boards in the Baruimun-Hill, applying the principles of ergonomics. The research steps included problem analysis, site surveys, data collection from 44 students, data calculation, followed the creation and installation of the display. Ergonomic principles were applied in determining the dimensions of the letters, the distance, and the color to ensure readability and visual appeal. As a result, the directional signs have a visibility distance of 18 meters with a letter height of 90 mm, while the tourist attraction signs have a visibility distance of 50 meters with a letter height of 250 mm. The combination of a brown background and white lettering was chosen for its high contrast and suitability to the environment. This implementation not only makes it easier for visitors but also enhances the tourist experience, supports the development of the tourist area, and creates visual with ergonomic principles.
Determinan Return Saham Syariah: Analisis DAR, NPM, dan ROI Erna Garnia; Muhammad Aziiz; Siti Riyyan Lisaumi; Prima Vandayani
Jurnal Ilmu Multidisiplin Vol. 4 No. 6 (2026): Jurnal Ilmu Multidisplin (Februari - Maret 2026)
Publisher : Green Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/jim.v4i6.1749

Abstract

Penelitian ini mengkaji pengaruh indikator kinerja keuangan Debt to Asset Ratio (DAR), Net Profit Margin (NPM), dan Return on Investment (ROI) terhadap return kelompok saham Jakarta Islamic Index (JII) periode 2015-2024. Menggunakan metode pendekatan kuantitatif dengan analisis regresi data panel, penelitian ini memanfaatkan data sekunder dari laporan keuangan tahunan perusahaan konstituen JII yang dipilih melalui metode purposive sampling. Hasil analisis menunjukkan bahwa secara parsial, DAR dan NPM tidak berpengaruh signifikan terhadap return saham, sedangkan ROI menunjukkan pengaruh positif yang signifikan. Pengujian simultan mengindikasikan bahwa ketiga variabel secara bersama-sama mempengaruhi return saham JII, dengan ROI menjadi prediktor paling dominan. Temuan ini mengimplikasikan bahwa metrik profitabilitas, khususnya return on investment, merupakan indikator krusial bagi investor di pasar modal syariah dalam mengevaluasi kinerja saham. Penelitian ini berkontribusi pada pemahaman dinamika valuasi saham berbasis syariah dan memberikan wawasan praktis untuk strategi konstruksi portofolio dalam konteks keuangan Islam.
Health Sector Stock Performance Model On The Indonesian Stock Exchange: Model Kinerja Saham Sektor Kesehatan di Bursa Efek Indonesia Erna Garnia; Siti Riyyan Lisaumi; Nadya Fitriana
JBMP (Jurnal Bisnis, Manajemen dan Perbankan) Vol. 12 No. 1 (2026): April
Publisher : Universitas Muhammadiyah Sidoarjo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21070/jbmp.v12i1.2237

Abstract

This study examines the performance of the health sector index listed on the Indonesia Stock Exchange (IDX) during the leadership of Susilo Bambang Yudhoyono (SBY, 2004–2014) and Joko Widodo (JKW, 2014–2024), analyzing monthly data comprising eight stock observations. This research is novel for three reasons: First, it uses an Arbitrage Pricing Theory (APT) model with a separate analysis for high- and low-return categories. Second, it systematically compares the influence of seven macroeconomic factors (global indices, macroeconomic indicators, world oil prices, China indices, Arab indices, competitive resources, and inflation) across two distinct government periods. Third, it validates the accuracy of the model using Mean Absolute Deviation (MAD), offering a methodological advancement in stock performance analysis. The results show that, during the SBY administration, all macroeconomic factors significantly influenced stock returns in both the high- and low-return categories. Conversely, during the JKW administration, macroeconomic factors did not simultaneously significantly influence either high or low returns. These findings provide new empirical evidence regarding the sectoral responsiveness of healthcare stocks to macroeconomic factors under different Indonesian governments, and policymakers should recognize that the healthcare sector's responsiveness to macroeconomic factors varies significantly across political leadership.
INVESTMENT DECISIONS OF YOUNG INDONESIAN INVESTORS: THE INFLUENCE OF FINANCIAL LITERACY, OVERCONFIDENCE, AND RISK TOLERANCE Erna Garnia; Ajeng Aprilia; Siti Riyyan Lisaumi
Multifinance Vol. 3 No. 2 (2025): Multifinance
Publisher : PT. Altin Riset Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61397/mfc.v3i2.490

Abstract

Economic growth in a country can originate from investment activities. Every year, the number of investors in the capital market continues to increase, and these investors are predominantly young investors. Investment activities are inseparable from the investment decision-making process itself. However, in determining investment decisions, investors are influenced by both rational and irrational factors. This study aims to analyze and describe the influence of financial literacy, overconfidence, and risk tolerance on investment decisions among young investors in investment galleries throughout the Greater Bandung area. This research employs descriptive and verificative approaches using primary data and a quantitative methodology. The sampling method utilized is purposive sampling. Data testing and analysis include validity tests, reliability tests, classical assumption tests, multiple linear regression analysis, correlation coefficient analysis, coefficient of determination analysis, and hypothesis testing. The research findings demonstrate that financial literacy, overconfidence, and risk tolerance have a significant positive influence both simultaneously and partially on investment decisions among young investors in investment galleries throughout Greater Bandung. These results indicate that enhancing financial literacy, managing overconfidence behavior, and understanding individual risk tolerance profiles are crucial factors in improving the quality of investment decision-making among young investors in Indonesia's emerging capital market.
Perancangan Website Informatif dan Pemesanan Tiket Agro Edu Wisata Baruimun Hill Sumedang Rangga Satria Perdana; Teguh Wiharko; Erna Garnia; Nurwathi Nurwathi; Hady Siti Hadijah; Khaerul Manaf
Journal of Informatics and Electronics Engineering Vol. 4 No. 2 (2024): Desember 2024
Publisher : Unit Penelitian dan Pengabdian kepada Masyarakat Politeknik TEDC Bandung Jl. Pesantren Km 2 Cibabat Cimahi Utara – Cimahi 40513 Jawa Barat – Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70428/jiee.v4i2.940

Abstract

Perkembangan teknologi informasi sebagai media pendukung proses bisnis semakin hari semakin cepat, bahkan dapat dikatakan sudah tidak dapat terkendali. Perkembangan teknologi dan sistem informasi membawa perubahan pada dunia usaha. Agro Edu Wisata Baruimun Hill merupakan sebuah tempat wisata yang sedang dikembangkan dan dipersiapkan untuk memberikan pengalaman berwisata dan berbagi ilmu serta pengalaman dalam Bertani. Object oriented adalah metode pengembangan sistem atau aplikasi yang menyesuaikan dengan kebutuhan dan implementasi pengguna. Hasil identifikasi permsalahan dijabarkan dengan menggunakan Use Case Diagram dan Activity Diagram sebagai Gambaran dalam merancang website tersebut. Aktor yang menjadi pengguna di dalam website ini ada 2 aktor, yaitu admin dan user / pengunjung. Perancangan website informatif yang dirancang dapat digunakan sebagai media pemasaran Agro Edu Wisata Baruimun Hill dengan tujuan memperluas penyebaran informasi tanpa terhalang ruang dan waktu. Perancangan form pemesanan tiket pada website tersebut pun dapat menjadikan proses pencatatan dan pelaporan jumlah pengujung Agro Edu Wisata Baruimun Hill lebih terorganisir.
Dinamika Faktor Risiko Makroekonomi pada Return Saham Sektor Energi: Pendekatan Arbitrage Pricing Theory Erna Garnia; Tahmat Tahmat; Pipit Muditya Harjo Singgih; Siti Riyyan Lisaumi; Usep Rendiana
Jurnal Akuntansi, Ekonomi dan Manajemen Bisnis Vol. 6 No. 1 (2026): Maret : Jurnal Akuntansi, Ekonomi dan Manajemen Bisnis
Publisher : Lembaga Pengembangan Kinerja Dosen

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55606/jaemb.v6i1.10054

Abstract

sector in Indonesia faces significant exposure to external macroeconomic shocks, yet the understanding of how these risk factors dynamically influence stock returns across different political-economic regimes remains limited. This study investigates the influence of six exteral factors Global Index, macroeconomic variables, world oil prices, China Index, Arabian Index, and competitive resources on energy sector stock returns during two presidential admitrtions: Susilo Bambang Yudhoyono (2004-2014) and Joko Widodo (2014-2021). The research employs Arbitrage Pricing Theory (APT) as the theoretical framework to examine whether these macroeconomic risk factors demonstrate regime-dependent pricing dynamics. Using panel data regression analysis on monthly observations spanning 17 years, energy stocks are categorized into high-return and low-return portfolios to assess differential sensitivity across performance groups. The methodology includes best model selection, classical assumption tests, hypothesis testing, and dummy variable analysis to detect regime differences. Results indicate that all six factors simultaneously influence stock returns across both periods. Partial analysis reveals that Global Index, China Index, and Arabian Index significantly affect returns during SBY's administration, while Jokowi's era shows expanded sensitivity including world oil prices alongside previously significant factors. Tests for differential effects between portfolio groups yield mixed results across regimes. The study concludes that while external macroeconomic factors significantly drive energy sector performance, their influence magnitude does not consistently differ between high and low-return groups, suggesting uniform market-wide sensitivity to systematic risk factors regardless of individual stock performance characteristics.
Co-Authors Ae Suaesih Ahmad Zulfahmi Ubaidillah Ajeng Aprilia Al-Farizi, Rafly Muhammad Aliya, Rijal Mustofa Anita Syafariah Aryanti Ratnawati Bambang Rustandi Bambang Susanto Bambang Susanto Bambang Susanto Bunga Suci Romadhona Deden Rizal R Deshinta Arrova Dewi Didin Saepudin Dini Febriani Dyah Saputri Eva Rachmawati Fahrulrozi, Muhamad Fitria Lilyana Fitria Lilyana Hady Siti Hadijah Hady Siti Hadijah Hady Siti Hadijah, Hady Siti Hasna Inatsan Layiza Hasna Qurratu-ain Putri Henda Hendawati Hendajany, Nenny Ida Margareta Nainggolan Ine Aprianti Jaelani, Mochamad Pitra Kasmawati Laturauw Khaerul Manaf Khaerul Manaf Kusmadi Kusmadi Lisaumi, Siti Riyyan Lisya Maharani Lisya Maharani Maharani, Lisya Mayesya, Yusevin Rossa Muhamad Fahrulrozi Muhamad Fahrulrozi Muhammad Aziiz Muhammad Fauzan Muhammad Iman Mustofa, Rahmat Imam Nadya Fitriana Neli Andriani Nurwathi Nurwathi Nurwathi Nurwathi Nurwathi, Nurwathi Perdana, Rangga Satria Pipit Muditya Harjo Singgih Prima Vandayani Puji Sri Astuti Raden Gatari Cesiariviyanti Rakhmawati, Ranti Suci Rangga Satria Perdana Rangga Satria Perdana Rani Rahayu Rena Nur Utari Rikah Yuliana Febriani Rio Akbar Pasuma Rusmin Nuryadin Setiawan, Audita Siti Riyyan Lisaumi Siti Riyyan Lisaumi Siti Riyyan Lisaumi Siti Riyyan Lisaumi Siti Riyyan Lisaumi Sri Wahyuni Sukardi, Hadi Ahmad T Tahmat T Tahmat Tahmat Tahmat Tahmat Tahmat Tahmat, Tahmat Teguh Wiharko Tiktik Sartika Usep Rendiana Wahyuni, Astri Sri Wiharko, Teguh Wiwin Sukiati Wuri Handayani Yuli Nawangsasi