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Determinan Return Saham Syariah: Analisis DAR, NPM, dan ROI Garnia, Erna; Aziiz, Muhammad; Lisaumi, Siti Riyyan; Vandayani, Prima
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.
Pembuatan Display Penunjuk Arah dan Nama Objek Wisata di Kawasan Agro Edu Wisata Nurwathi, Nurwathi; Garnia, Erna; Perdana, Rangga Satria; Fahrulrozi, Muhamad; Maharani, Lisya
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.
Analisis rasio keuangan terhadap return saham perbankan yang terdaftar di bursa efek Indonesia: Periode 2015–2024 Garnia, Erna; Febriani, Rikah Yuliana; Lisaumi, Siti Riyyan; Lilyana, Fitria
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.
Health Sector Stock Performance Model On The Indonesian Stock Exchange: Model Kinerja Saham Sektor Kesehatan di Bursa Efek Indonesia Garnia, Erna; Lisaumi, Siti Riyyan; Fitriana, Nadya
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.