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Journal : IQTISHODUNA

PENGARUH LEVERAGE, FINANCIAL DISTRESS DAN LIQUIDITY SEBAGAI PENGAMBILAN KEPUTUSAN HEDGING (Studi Kasus pada Perusahaan yang Terdaftar pada Bursa Jakarta Islamic Index Periode 2011-2015) Fatimia, Al; Sulhan, Muhammad
IQTISHODUNA IQTISHODUNA (VOL 12, NO: 2.
Publisher : Fakultas Ekonomi, UIN Maliki Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (347.627 KB) | DOI: 10.18860/iq.v12i2.3948

Abstract

Hedging is one alternative risk management to protect the assets of the company resulting from theforeign exchange risk. Hedging by using derivative instrumentis common ways that is used by the company.This study aimed to determine the effect of leverage, and liquidity of financial distress, both simultaneouslyand partially to the company’s decision to do hedging. The population in this study was a company in JakartaIslamic Index on the observation period of 2011-2015. The sampling technique used in this research waspurposive sampling method in order to obtain a sample of seven companies. The techniques in this studyused multiple regression analysis software of SPSS version 16. The results of this study that of the fourvariables used, there was one variable that affected the company to be used as a hedging decision making.Variable that affected the hedging activities was the current ratio, because if the value of the current ratio washigh then indicated that the liquid assets that was managed by the company was also high, so it needed toimplement a policy of hedging, quick ratio was getting the negative and significant, which meant that if thevalue of the variable quick ratio was low, then the company pushed for hedging, debt to equity ratio had nosignificant effect on hedging, this was because the company was using the rupiah currency to do debt,financial distress had no significant because the company was not experiencing the financial difficulties.
PENGARUH KINERJA KEUANGAN PERBANKAN BERDASARKAN ANALISIS CAMELS TERHADAP HARGA SAHAM DENGAN CSR SEBAGAI VARIABEL INTERVENING Sulhan, Muhammad; Halimah, Dewi Nur
IQTISHODUNA IQTISHODUNA (VOL 9, NO 2.
Publisher : Fakultas Ekonomi, UIN Maliki Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (279.531 KB) | DOI: 10.18860/iq.v9i2.3569

Abstract

" CAMELS method, as a standart of Bank of Indonesia to asses bank health, is employed to ratebanking health. Moreover, companies is eager to implement CSR program as a hidden way to attract publicattention. This study aims to identify and analyze the direct influence of financial ratios such as CAR, KAP,NPM, ROA, ROA and LDR on CSR and the direct influence of CAR ratio; KAP, NPM, ROA, BOPO, LDR andCSR on stock prices; and indirect influence of CAR, KAP, NPM, ROA, ROA and LDR ratios to the stock pricewith CSR as an intervening variable. The population in this study are 29 banks which has go public in theIndonesia Stock Exchange and the sample in this study are 10 banking companies. The results of the studywith 5% level of significance shows that 76.4% information contained in the data can be explained by themodel. While the diversity of the remaining 23.6% is explained by other variables. The result of partial assayshows that only ROA and LDR which have significant influence on CSR. In contrast, CAR, KAP, NPM, ROAand LDR have no significant influence on CSR. The partial influence of CAMELS on stock prices only CARand KAP which have no significant influence on the go public company’s stock price. While NPM, ROA,ROA, LDR and CSR have significant influence on the stock prices. And for the indirect influence, only ROAand LDR which have indirect influence on stock prices through CSR.
ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI PENGUNGKAPAN CSR DAN DAMPAKNYA TERHADAP NILAI PERUSAHAAN Sulhan, Muhammad
IQTISHODUNA IQTISHODUNA (VOL 10, NO 2.
Publisher : Fakultas Ekonomi, UIN Maliki Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (217.742 KB) | DOI: 10.18860/iq.v10i2.3219

Abstract

This research aims to analyze factors that affect the company’s CSR disclosure and to see theimpact of CSR on firm value. The population in this study are all companies listed on the Indonesia StockExchange (IDX) and samples are15 companies manufacturing. Analysis of the data used to test the firsthypothesis is linear multiple regression analysis is to look at the effect of profitability, leverage, institutionalownership, size, and slack resources on the disclosure of CSR, while to test the hypothesis that both areseeing the effect of CSR on firm value, then used a simple linear regression. The results of this study indicatethat the variable profitability, size, and slack resources have a significant impact on CSR. As for the variableleverage and institutional ownership has no significant effect on CSR. The last, variable CSR has a significantinfluenceon the firm value
TRANSAKSI VALUTA ASING (AL-SHARF) DALAM PERSPEKTIF ISLAM Sulhan, Muhammad
IQTISHODUNA IQTISHODUNA (Vol 4, No 2
Publisher : Fakultas Ekonomi, UIN Maliki Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (219.068 KB) | DOI: 10.18860/iq.v3i2.257

Abstract

The written text attempts to explain transactional problem (trade) foreign exchange of Islamic law trade. It is caused by the international trade phenomena that won’t be free from state currency one another as a payment tool in which accelerate the traffic of international trade activity.  The necessity of currency conversion in the international trade will bring up out of foreign exchange demand and supply in the foreign exchange market; it will cause foreign exchange trade transaction at last. Based on the variety of Islamic laws analysis, it is known that the foreign currency  trade practice (al-sharf) is allowed if done based on each other agreement and cash, not to have a speculation (undertake something hoping for the best), there is transactional needed or aware of (saving), and if the transaction done toward the same type of currency so, it must have the same value and if it’s different, it must be done using prevailed rate of exchange (kurs)  in the moment of transaction. The following types of foreign exchange transaction in the foreign exchange market, it is only spot transactional type allowed, meanwhile forward, swap, and option are forbidden because they aren’t cash and contain of maisir (speculation). Besides, the participants should pay more attention toward constrains of foreign exchange trade transaction and they should be able to avoid divergences that are forbidden in Islamic of syariah trade like extortionate, forcing and many others. In this case, these cause the transaction of foreign exchange trade is prohibited.