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Perilaku Investor Muslim Dalam Bertransaksi Saham di Pasar Modal Pramita Agustin; Imron Mawardi
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 1 No. 12 (2014): Desember-2014
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (405.686 KB) | DOI: 10.20473/vol1iss201412pp874-892

Abstract

This research aims to know the muslim investor behavior in a stock transaction in capital market. This research used the qualitative approach, using the case study method by basing on the theory of behavioral finance.Data collection using a purposive sampling technique to determine informants amounted to five muslim investors who at least has a two year stock transaction to be interviewed in depth, observed and evaluated the data by performing a triangulation.The results of this research have findings that muslim investor behavior in a stock transaction is divided into two point of view that is, investors who consider religion in their investment decisions and the invetor did not consider religion in their investment decisions. Investors who consider religion in their investment decisions preferring stock composition of the incoming Sharia index list and nature of investments tend to be long term. Investors who do not consider religion in choosing his investment decision stock blends well in the Shariahcompliantindex or not. The nature of investment investors who did not consider the shortterm nature of the religion. REFERENCES Abd. Al-Baqi, Muhammad Fuad. 2010. Kumpulan Hadis Sahih Al-Bukhari Muslim, Terjemahan Arif Rahman Hakim. Solo: Insan Kamil.Alexander, Gordon J dan William Sharpe.1997.Fundamental of Investment. Prentice Hall Inc, Englewood, New Jersey.Al-Qur’an Indonesia.2013. Tanpa Judul.(Online). http://www.alquranindonesia.com/) diakses pada Kamis, 9 Januari 2013, jam 00.52 WIB.Aziz, Abdul. 2010. Manajemen Investsi Syariah. Bandung: Alfabeta. Cetakan Kesatu. Daniel,Kent.1998.”Investor Psychology and Security Market Under and Over. Reaction”. Journal of Asset Finance Vol 53, PP 1839-1886Hayes, Suzanne K. 2010. Exploring Investor Decision in a Behavioral Finance Framework. Journal of Family and Cunsumer Sciences Vol 102. No. 2. Hal: 56-60.Huda, Nurul. Mustafa Edwin. 2007. Investasi pada Pasar Modal Syariah. Jakarta: Kencana. Cetakan Kesatu. Jamaluddin, Ancok dan Fuad NashoriSuroso.1994. Psikologi Islami; Solusi Atas Problem-problem Psikologi. Yogyakarta. Pustaka Pelajar. Kumpulan Fatwa Dewan Syariah Nasional Majelis Ulama Indonesia.Litner, G. 1998. Behavioral Finance: Why Investor Make Bad Decisions. The Planner 13 (1). Hal: 7-8.Manap, dkk..2007.The Principles of Islamic Religiosity and Religious Personality Measurement. Jurnal Akademik: Koleksi Artikel Ilmiah untuk Dikongsi, Dianalisis dan Dibahaskan [On-line series]. http://jurnalakademik.com/2006/0 9/principles-of-islamic-eligiosityNafik Ryandono, Muhamad. 2009. Bursa Efek & Investasi Syariah. Jakarta: Serambi Ilmu Semesta. Cetakan Kesatu.Nagy, Robert dan Obenberger. 1994. Factors Influencing Individual Investors Behaviour. Financial Analysts Journal. hal 63-68.Nofsinger, Jhon R. 2005. Psychologi of Investing. Secon Edition. New Jersey. Precentice-Hall Inc.Puspitaningtyas, Zarah. 2012. Relevansi Nilai Informasi Akuntansi dan Manfaatnya bagi Investor. EKUITAS: Jurnal Ekonomi dan Keuangan Vol. 16. No. 2. Hal: 164-183.Puspitaningtyas, Zarah dan Agung Kurniawan. 2012. Prediksi Tingkat Pengembalian Investasi Berupa Deviden Yield berdasarkan Analisis Finansial Rasio. Majalah Ekonomi: Telaah Manajemen, Akuntansi, dan Bisnis, Vol. 16. No.1. Hal: 89-98.Puspitaningtyas, Zarah. 2013. Perilaku Investor dalam Pengambilan Keputusan Investasi. (Diakses dari www.researchgate.com pada Senin, 26 Januari 2014, pukul 19.48)Ricciardi, V dan Simon. 2000. What is Behaviour in Finance?. Business, Education,and Technology Journal. Fall. Hal:1-9.Ritter, Jay R. 2003. “Behavioral Finance”. Pasific-Basin Finance Journal Vol 11, pp 429-437.Roth, Allan S. 2007. Behavioral Finance. Article Wealth Logic, LLC.Shahzad, Syed J.H. dkk. 2013. Stock Market Efficiency: Behavioral or Traditional Paradigm? Evidence From Kawachi Stock Exchange and Investor Community of Pakistan. Interdisciplinary Journal of Contemporary Research In Business Vol. 4. No. 10. Hal: 605-619.Sunariyah. 2000. Pengantar Pengetahuan Pasar Modal. Yogyakarta: Unit Penerbit dan Percetakan Akademi Manajemen Preusan YKPN.Sutedi, Adrian. 2011. Pasar Modal Syariah. Jakarta: Sinar Grafika. Cetakan Kesatu.Tandelilin, Eduardus. 2010. Portofolio dan Investasi. Yogyakarta: BPFE Tilson, Whitney. 2005. Applying Behavioral Finance to Value Investing. Artikel Partner LLC.com
Praktik Gharar Pada Hubungan Bisnis UMKM-Eksportir Furnitur di Jepara Achmad Hijri Lidnillah; Imron Mawardi
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 2 No. 2 (2015): Februari-2015
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (291.29 KB) | DOI: 10.20473/vol2iss20152pp108-129

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This study aims to determine the type of gharar practiced in cooperation between Small and medium industry exporters of furniture to the furniture in Jepara district.This study used a qualitative descriptive approach with a case study strategy.Determinating techniques for informants in this study using snowball sampling. Data collected through interviews with research subjects and direct observation of the research object. The analysis technique used is descriptive analysis by using the method of data analysis and describes the results of interviews and direct observation.The results of this study indicate that gharar is practiced in the cooperation between the Small and medium industry with the company exporting furniture is unclear at the end of the time limit on credit payments by companies exporting furniture to the Small and medium industry as suppliers of goods to the company.
Pengaruh Jumlah Saham Beredar, Harga Saham dan Presentase Saham Publik Terhadap Likuiditas Saham Perusahaan Yang Listing di JII Periode 2013 Ira Erlinawati; Imron Mawardi
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 2 No. 2 (2015): Februari-2015
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (262.376 KB) | DOI: 10.20473/vol2iss20152pp130-146

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The increase on market capitalization, number of traded shares, frequency of stocks trading and stocks price index influence the stock liquidity. Stocks which have a high market capitalization and that index prices always increase reflected in the Jakarta Islamic Index (JII). It is because the majority shares on JII are member of LQ45 which have a big market capitalization and good track record. Therefore interesting to do research to see the effect of the number of shares, the stock price and the percentage of public stock to the stock liquidity of listed companies on JII. The approach used in this research is quantitative with multiple linear regression analysis technique. The independent variables are the number of shares, the stock price and the percentage of public stock, and the dependent variable is stock liquidity. The samples are 30 listed companies on JII of period 3 June to 29 November 2013. Simultaneously, the number of shares, the price stock and the percentage of public stock have significant effect on stock liquidity. Partially, only the price stock and the percentage of public stock that affect on stock liquidity.
Pengaruh Kecukupan Modal, Fungsi Intermediasi, Efisiensi Operasional, dan Pembiayaan Bermasalah Terhadap Profitabilitas (Studi Pada Bank Syariah Periode Januari 2010 - Juli 2014) Rifqul Ma'isyah; Imron Mawardi
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 2 No. 3 (2015): Maret-2015
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (236.703 KB) | DOI: 10.20473/vol2iss20153pp248-264

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The research aims to analyze the influence of Capital Adequacy Ratio (CAR), Financing to Deposit Ratio (FDR), Opperational Efficiency (BOPO), and Non Performing Financing (NPF) to Return On Assets (ROA) of Sharia Banking in the period from January 2010 to July 2014. The sample population of the research is the Industry of Sharia Banking. Samples were taken by purposive sampling, which is taken from the Sharia Banking Industry. The analysis technique used in this research is by multiple linier regression that aims to obtain a comprehensive picture of the relationship between variables. The results of this research shows that the CAR, BOPO, and NPF have a significant influence on ROA of Sharia Banking. Whereas FDR has no significant influence on ROA of Sharia Banking. The amount of the contribution of the four variables on ROA is 47,20% while the remaining 52,80% influenced by other factors that are not included in the analysis of this research. The results of this research are expected to be guidelines for Sharia Banking in increasing the profitability of Sharia Banking.
Perbandingan Tingkat Pengembalian (Return), Risiko dan Koefisien Variasi Pada Saham Syariah dan Saham Non Syariah di Bursa Efek Indonesia (BEI) Periode 2011-2013 Ajeng Gama Rosyida; Imron Mawardi
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 2 No. 4 (2015): April-2015
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (439.914 KB) | DOI: 10.20473/vol2iss20154pp288-304

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The purpose of this study was to determine the differences of rate of return, risk and coefficient of variation on Islamic stock and non-Islamic stock in Indonesia Stock Exchange (IDX) 2011-2013. This study was using quantitative approach with Mann-Whitney U test. The population in this study was Islamic stock and non-Islamic stock which listed on Indonesia Stock Exchange (IDX) within the time period (2011-2013). Determination of the number of samples using probability sampling, where the sampling randomly taken from members of the population without considering the level, and 10 Islamic stock and 10 non-Islamic stock where being selected. Data that being used was secondary data. The data was collected from official website of the Indonesia Stock Exchange (IDX). The results of this study showed that there was no significant differences of rate of return, risk and coefficient of variation on Islamic stock and non-Islamic stock.
Pengaruh Pembiayaan Mudharabah dan Musyarakah Terhadap Likuiditas Industri Bank Syariah di Indonesia Aulia Ramadhani; Imron Mawardi
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 2 No. 7 (2015): Juli-2015
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (245.022 KB) | DOI: 10.20473/vol2iss20157pp598-613

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This research aimed to know the influence of financing based on profit sharing against Islamic Banking Industry liquidity in Indonesia from January 2008 through June 2014. This research used the quantitative approach method. The analysis technique used was multiple linear regression and the equation was Y = 0,58 + 0,016 (PMUD) – 0,056 (PMUS)Based on the result of t-test, mudharabah financing and musyarakah financing partially did not influence significantly to liquidity with t test result consecutively 0,765 for mudharabah financing and 0,621 for musyarakah financing. The result of simultaneous test showed that mudharabah financing and musyarakah had significant effect to Islamic banking industry liquidity with siginificant value 0,000. And based on determination test result, the value of R Square is 0,593 or 59,3% that showed the ability of mudharabah financing and musyarakah financing in explaining liquidity of 59,3% and the remaining 40,7% was explainedby other variables outside the model.
Pengaruh Produk, Harga, Tempat, Promosi Ritel Modern Terhadap Keberlangsungan Usaha Ritel Tradisional di Gresik Ongky Martha Dwiyananda; Imron Mawardi
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 2 No. 9 (2015): September-2015
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol2iss20159pp759-771

Abstract

This research was aimed to examine the effect of product, price, place and promotion modern retail to the business continuity of traditional retail business in Gresik. This study used questionnaires in making primary data and quantitative approaches. Tests carried out using multiple linear regression, where the dependent variable (Y) is the business continuity of traditional retail business and the independent variable (X) is the product, price, place,promotion of modern retail. This research sample selected using purposive technique. The sample was 50 traditional retailers radius of two kilometers of modern retail in Gresik.Based on F test results showed that the product, price, place and promotion of modern retail simultaneously significant effect on the sustainability of traditional retail businesses. While the t test results showed that it was only on the variable product, place and promotion that has a significant influence on the sustainability of traditional retail business while at variable rates have no significant effect on the sustainability of traditional retail businesses. Aswe know that modern retail has the advantage of varied products, strategic location and attractive promotion of the suggestions from researchers that the traditional retailers are more creative and innovative in marketing their products and provide better service to the consumer so that the business can continue to compete with modern retail and avoid bakruptcy.
Analisis Jalur (Path Analysis) DER Terhadap Return Saham Siti Maisaroh; Imron Mawardi
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 2 No. 10 (2015): Oktober-2015
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol2iss201510pp786-796

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A source of company funds reflected through foreign capital and their own capital that was worn by the company. Jakarta islamic index is one stock index in indonesia who calculates an average price index stock for a stocks which satisfies the criteria of investment in by islamic syariah. Public companies of JII having financial concerns about the limitation debt, that is debt ratio. This limitation used to review whether there is significant influence of the debt and profitability to return of manufacturing firm in JII. The research approach that used is quantitative analysis by technical lines ( paths analysis ). The exogent variable that used is DER , while the endogent variable is return of stock and the intervening variable is ROE. The result obtained that DER influence significanly to ROE, ROE has no significant influence on Return of stock, and DER has no significant influence on return of stock.
Pengaruh Inflasi, Nilai Tukar Rupiah, BI Rate Terhadap Net Asset Value Reksa Dana Saham Syariah Ainur Rachman; Imron Mawardi
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 2 No. 12 (2015): Desember-2015
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (289.92 KB) | DOI: 10.20473/vol2iss201512pp986-1001

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This research aims to examine the influence of inflation, Rupiah exchange rate, and BI rate towards Net Asset Value (NAV) Sharia Equity Fund from January 2011 through December 2014. This research used the quantitative approach method. The analysis techniques used is multiple linear regression and the equation is Y = 12,081-1,755(I)-0,131(RER)-84,492(BI rate).Based on the result of t-test, the rupiah exchange rate has a significant influence by the value -3,017. Inflation and BI rate partially has not significant influence to Net Asset Value (NAV) Sharia Equity Fund with result t -0,144 for Inflation and -1,431 for BI rate. The result of simultaneous test showed that inflation, rupiah exchange rate, and BI rate has significant effect to Net Asset Value (NAV) Sharia Equity Fund with significance value 0,004. Thesuggestions was investment manager is to keep attention to macro economic factors such as inflation, rupiah exchange rate, and BI rate. In order to invest in sharia equity fund can contribute a maximum profit.
Kinerja Keuangan Dan Kemaslahatan Stakeholder Bank Umum Syariah Di Indonesia Periode 2010-2014 Ariska Oktavia; Imron Mawardi
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 3 No. 1 (2016): Januari-2016
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (319.409 KB) | DOI: 10.20473/vol3iss20161pp39-55

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The purpose of this research is to know the effect of financial performance to stakeholder’s maslahah on Sharia Commercial Bank in Indonesia. The exogenous latent variable that is used is financial performance which is formed by five indicators that are ROA, BOPO, NPF, FDR and CAR. The endogenous latent variable is stakeholder’s maslahah which is formed by five indicators: proprietor’ maslahah, employee’s maslahah, government’s maslahah, society’s maslahah, and consumer financing’s maslahah.Technique of analysis that is used is Partial Least Square (PLS) which is appropriate to relate latent variables. There are nine Sharia Commercial Banks which are appropriate to be taken as samples. The length of observation of this research is five years, from 2010 to 2014.The result of this research shows that business performance has positive and significant effect to stakeholder’s maslahah. It means that the rise of business performance will increase stakeholder’s maslahah.
Co-Authors Abdullah, Syahidah Achmad Hijri Lidnillah Achmad Hijri Lidnillah, Achmad Hijri Achmad Kharis Adhama, Gabriella Jodie Afifa, Ulfia Nur Ahmad Sodiq, Ahmad Ainur Rachman Ainur Rachman, Ainur Ainur Rofiq Kurniawan Ajeng Gama Rosyida Al Ma'rifatul A'la Al Mustofa, Muhammad Ubaidillah Almustofa, Muhammad Ubaidillah Ambariyanto Ambariyanto Anisa Priyanka Jasmine Anwar Allah Pitchay, Anwar Allah Aprilidya Ayu Parandita Ananta Ardina Talitha Nidya Arfiani, Ninda Ari Prasetyo Arifin, Nur Rachmat Ariska Oktavia Arni Dini Inayati Asya'bani, Nispia Atiya, Nikmatul Aufar Fadlul Hady Aulia Ramadhani Aysha Dhamaring Nugroho Azel Raoul Reginald Azel Raoul Reginald, Azel Raoul baharsyah, akmal ilham Bayu Wardhana Bintang Pratama Buana Putra Bonang, Dahlia Dewie Saktia Ardiantono Diamantin Rohadatul Aisy Dian Anggraini Diaz Tulus Anandri Dien Mardhiyah Dinda Oktaviona Rosidi Dzikri Nurrohman Dzikri Nurrohman Eka Puspa Dewi Eko Fajar Cahyono, David Kaluge Ergun, Hüseyin Fahmy Zarkasyi, Hamid Faizurrahman, Umar Haidar Fakhrana, Fathaniadina Falah, Yusril Faridatun Nila Faridatun Nila Faridatun Nila Fary Adisetya Putra Fathaniadina Fakhrana Febrianti, Puput Rosita Febrinda Eka Damayanti Firsty Izzata Bella Fithrotin Azizah Rahmah Fitri Nur Latifah Gabriella Jodie Adhama Gea Papurane Langi Gita Apriwiliza Hanifiyah Yuliatul Hijriah, Hanifiyah Yuliatul Hanoraga, Tony Huzein Satrio Prasetyawan Ilham Nur Agustha Ilham Nur Agustha, Ilham Nur Ilmiawan Auwalin Imam Sopingi Indi Masita Lisdawami Indra Kharisma Raharjana Insani, Taqiyah Dinda Insani, Taqiyah Dinda Ira Erlinawati Ira Erlinawati, Ira Ishma Amelia Jihad Jihad Jihad, Jihad Khoirul Umam Kurniawan, Ainur Rofiq Kusnul Ciptanila Yuni K Kusuma, Aditya Machfud, Syafrina Mahmudah, Siti Nur Matsahri, Matsahri Md Atiqur Rahman Sarker Mirna Ainurrachma Moch. Ali Fudin Al Islami Moh Fudholi Moh. Fudholi Moh. Fudholi Mohammad Haidar Risyad Mohammad Haidar Risyad Muhamad Nafik Hadi Ryandono Muhamad Nafik Hadi Ryandono, Muhamad Nafik Muhammad Adlan Muhammad Ali Nuruddin Muhammad sanusi Muhammad Sanusi Muhammad Syauqi Muhammad Ubaidillah Al Mustofa Muhammad Ubaidillah Al Mustofa Muhammad Ubaidillah Al Mustofa Muhammad Ubaidillah Al Mustofa Muhammad Ubaidillah Al Mustofa Muhammad Wicaksono Hasdyani Putra Muslich Anshori Muslich Anshori Muslich Anshori Mutmainah Mutmainah Nadia Arisanti Nareswari Saputro Nareswari Saputro, Nareswari Nidya, Ardina Talitha Nikmatul Atiya Nila, Faridatun Nisa, Khairun Norma Rosyidah Norma Rosyidah, Norma Nova Rini Nova Rini Novalia Nastiti Novalia Nastiti, Novalia Novita Novita Nur Habiba Zain Nur Rachmat Arifin Nur Rachmat Arifin Nuria Latifah Nurul Asfiah Nurul Asfiah Okyviandi Putra Erlangga Ongky Martha Dwiyananda Ongky Martha Dwiyananda, Ongky Martha Pramita Agustin Pramita Agustin, Pramita Puji Sucia Sukmaningrum Puput Rosita Putra, Fary Adisetya Putra, Muhammad Wicaksono Hasdyani R Moh Qudsi Fauzi R Wahyu Agung Utama R Wahyu Agung Utama R. Wahyu Agung Utama R. Wahyu Agung Utama R. Wahyu Agung Utama R. Wahyu Agung Utama Rachman Sugiharno Raditya Sukmana Rahmadany, Zhahirah Adriana Ramdani Ramdani Rani, Lina Nugraha Renny Oktafia Renny Oktafia, Renny Ridan Muhtadi Rifqul Ma'isyah Ririn Tri Ratnasari Rosana Puspasari Rosana Puspasari, Rosana Rosyidi, Luthfi Sadikin, Muhamat Ali Samsidar Widiarso Saptowati, Errin Dwi Setiyo Aji Shofal Iman Sinulingga, Rizky Amalia Siti Maisaroh Siti Maisaroh Siti Nur Azizaturrohmah Siti Nur Azizaturrohmah, Siti Nur Siti Nur Mahmudah Siti Zulaikha Siti Zulaikha Soleh, Mochamad Sri Hartini Sri Herianingrum Sri Ningsih Sulaeman Sulaeman Sunan Fanani, Sunan Sunarno Sunarno Taqiyah Dinda Insani Taufan Indrasasmita Tika Widiastuti Tjiptohadi Sawarjuwono Ubaidi, Ubaidi Utama, R Wahyu Agung Utama, R. Wahyu Agung Wahyu Wibisono Wahid Wisudanto Wisudanto Yanuar Dharma Putra Yossy Imam Candika Zaim Nur Afif Zaim Nur Afif, Zaim Nur Zainal Abidin Zakaria, Nor Balkish