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FAKTOR DETERMINAN PENYEBAB NON PERFORMING FINANCING PADA BANK PEMBIAYAAN RAKYAT SYARIAH DI INDONESIA PERIODE 2008-2015 Fary Adisetya Putra; Imron Mawardi
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 5 No. 4 (2018): April-2018
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (466.267 KB) | DOI: 10.20473/vol5iss20184pp336-351

Abstract

The goal of this research is to determine the factors that caused the problematicfunding of Bank Pembiayaan Rakyat Syariah in Indonesia during the period of 2008-2015. The method of research used is the quantitative approach. The sample of the research is Bank Pembiayaan Rakyat Syariah which is taken every three months for each variable during the period of 2008-2015. The analysis technique used is multiple regression analysis and the result is Y = 5,076 – 0,743PDB + 0,018FDR + 0,047BOPO + 0,040Inflation + 0,024AverageFunding, with R2 registration 0,749 or 74,9%.The result of the partial test shows that economic growth has a significant effect. The result of the simultaneous test shows that the five variables have significant effects in the problematic funding of Bank Pembiayaan Rakyat Syariah in Indonesia.  REFERENCESAndarini, Marisa Ayu. 2015. Pengaruh Transmisi Moneter Syariah: Sertifikat Bank Indonesia Syariah dan Pasar Uang Antar Bank Syariah terhadap Operasi Moneter Syariah Dalam Mempengaruhi Inflasi di Indonesia Pada Periode 2011-2015. Skripsi diterbitkan. Fakultas Ekonomi dan Bisnis Unoversitas Airlangga Surabaya.Ascarya. 2012. Transmission Channel and Effectiveness of Dual Monetary Policy in Indonesia. Buletin Ekonomi Moneter dan Perbankan, Vol. 14, No. 3.Baasir, F. 2003. Pembangunan dan Krisis. Jakarta : Pustaka Harapan.Bank Indonesia. 2003. Himpunan Fatwa Dewan Syariah Nasional. Kerjasama Dewan Syariah Nasional, Majelis Ulama Indonesia dan Bank Indonesia.Bofinger, P. 2001. Monetary Policy: Goals, Institutions, Strategies, and Instruments. Oxford University Press.Chapra, M. Umer: 1985, Towards a Just Monetary System. Leicester,UK: The Islamic Fondation.Enders, W. 1995. Applied Econometric Time Series. New York: John Wiley and Sons, Inc.Harris, Richard. 1995. Using Cointegration Analysis in Econometrics Modelling. London: Prentice Hall.McEarchern, William A. 2000. Ekonomi Makro, Jakarta : Salemba EmpatPratiwi, Ardianing. 2013. Determinan Inflasi di Indonesia : Analisa Jangka Panjang dan Pendek. Jurnal Ilmiah Fakultas Ekonomi dan Bisnis Universitas Brawijaya Malang.Rahardja, Pratama dan Mandala Manurung. 2001.Teori Ekonomi Makro: Suatu Pengantar. Lembaga Penerbit Fakultas Ekonomi UI. JakartaSamuelson,Paul A. dan William D. Nordhaus. 2004. Ilmu Makro Ekonomi. Terjemahan, Jakarta: Media Global Edukasi.Siddiqui, Shamin Ahmad. 2008. An Evaluation of Research on Monetary Policy and Stability of the Islamic Economic System. Paper 7th International Conference on Islamic Economics: 30 Years of Research in Islamic Economics, Jeddah: KAAU-IRTI, April.Sugiyono, 2011. Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Bandung: Alfabeta.Taylor,J.B. 1995. The Monetary Transmission Mechanism : An Empirical Framework. Journal of Economic Perspective, 9.Warjiyo, Perry. 2004. Mekanisme Transmisi Kebijakan Moneter di Indonesia. Buku Seri Kebanksentralan No.11. Pusat Pendidikan dan Studi Kebanksentralan, Bank Indonesia, Jakarta.Warjiyo, P dan J. Agung. 2002. Transmission Mechanism of Monetary Policy in Indonesia. Directorate of Economic Research and Monetary Policy. Bank Indonesia, Jakarta.Warjiyo, P, dan Solikin. 2003. Kebijakan moneter di Indonesia. PSSK BI. JakartaWidarjono, Agus.2007. Ekonometrika Teori dan Aplikasi. Ekonisia. Yogyakarta.http://bi.go.id (diakses 9 Agustus 2016)http://ekonomi.kabo.biz/2011/01/jumlah-uang-beredar-m2.html?m=1(diakses 14 November 2016)
PENGARUH PENERBITAN SUKUK TERHADAP RETURN ON ASSETS EMITEN DI BURSA EFEK INDONESIA Fathaniadina Fakhrana; Imron Mawardi
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 5 No. 5 (2018): Mei-2018
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (464.02 KB) | DOI: 10.20473/vol5iss20185pp408-422

Abstract

This study aims to determine the issuance effect of sukuk on the financialperformance issuer in Indonesia Stock Exchange during 2011 to 2015. The independen variable that used is Sukuk to Equity Ratio and Sukuk to Liability Ratio. The dependen variable is Return on Assets. The analysis technique that used is panel data regression with Econometric Views (EViews) 8.0 as statistical analysis software. The samples are 10 sukuk issuers in Bursa Efek Indonesia. The results of this study showed that Sukuk to Equity Ratio and Sukuk to Liability Ratio there was a possitive and significant effect to Return on Assets REFERENCESAchsien, Iggi H. 2000. Investasi Syariah di Pasar Modal. Jakarta: Gramedia Pustaka Utama.Akbarullah, H. Muhammad. 2011. Dampak Penerbitan Sukuk Terhadap Kinerja Bank Syariah (Studi Kasus Pada PT Bank Syariah Mandiri). Tesis Universitas Indonesia.Al Quran dan Terjemahan.Anshori, Muslich dan Sri Iswati. 2009. Metode Penelitian Kuantitatif. Surabaya: Pusat Penerbitan dan Percetakan UNAIR.Baynuny, F. Ahmad. 2013. Pengaruh Sukuk Terhadap Profitabilitas dan Nilai Perusahaan Emiten (Studi Kasus 2007-2011). Skripsi Universitas Islam Negeri Sunan Kalijaga Jogjakarta.Brealley, A. Richard and Myers, S.C. 2000. Principles of Corporate Finance. Internasional Edition. Mc Grow Hill.Brigham, F. Eugene and Ehrhardt, C. Michael. 2001. Financial Management. Tenth Edition. Harcourt.Brigham, F. Eugene and Joel F. Housten. 2004. Dasar-Dasar Manajemen Keuangan. Terjemahan oleh Ali Akbar Yulianto. Jakarta: Salemba Empat.Copeland,TE, and JF Weston. 1994. Financial Theory and Corporate Policy. 3th edition. New York: Pearson Addison Wesley.Darsono dan Ratri Dian H. 2012. Pengaruh Karakteristik Perusahaan Terhadap Struktur Modal Perusahaan Manufaktur yang Terdaftar pada Bursa Efek Indonesia. Volume1, No.1. Diponegoro Journal of Accounting.Fatwa Dewan Syariah Nasional No.7/DSN-MUI/IV/2000 Tentang Pembiayaan Mudharabah.Fatwa Dewan Syariah Nasional No.32/DSN-MUI/IX/2002 Tentang Obligasi Syariah.Fatwa Dewan Syariah Nasional No.33/DSN-MUI/IX/2002 Tentang Obligasi Syariah Sukuk Mudharabah.Fatwa Dewan Syariah Nasional No.41/DSN-MUI/III/2004 Tentang Obligasi Syariah Sukuk Ijarah.Gujarati, Damodar N dan Dawn C. Porter. 2013. Dasar-Dasar Ekonometrika. Edisi 5 Buku 2. Jakarta: Salemba Empat.Helfert, Erich A. 2003. Techniqques Of Financial Analysis. Seventh Edition. Boston: Richard D Irwin.Huda, Nurul dan Mustafa Edwin Nasution. 2007. Investasi pada Pasar Modal Syariah. Jakarta: Kencana Prenada Media Group.Husnan, Suad. 2001. Dasar-dasar Teori Portofolio dan Analisis Sekuritas. Edisi ketiga. Jogjakarta: UPP SMP YKPN.Herlambang, Leo. 2014. Struktur Keuangan Islami, Kinerja Keuangan dan Kinerja Pasar Saham (Studi Pada Emiten Saham Syariah Indonesia). Disertasi Thesis Tidak Diterbitkan. Universitas Airlangga.Jones, Charles P. 2002. Investment: Analysis and Management. Eight Edition. John Willey & Sons Inc.Julita. 2010. Pengaruh Debt To Equity Ratio Dan Debt To Assets Ratio Terhadap Profitabilitas Pada Perusahaan Transformasi Yang Terdaftar Di Bursa Efek Indonesia. Vol 1, No 1. Universitas Muhammadiyah Sumatera Utara.Kasmir. 2010. Analisis Laporan Keuangan. Cetakan Ketiga. Jakarta: Raja Grafindo Persada.Madura, Jeff. 2009. Pengantar Bisnis. Edisi Keempat. Buku 2. Jakarta: Salemba Empat.Mujahid, dan Tettet Fitrijanti. 2010. Pengaruh Penerbitan Obligasi Syariah (Sukuk) Perusahaan Terhadap Reaksi Pasar. SNA XIII. Universitas Jendral Soedirman Purwokerto.Namora. 2006. Perbandingan Market Performance dan Karakteristik Keuangan Perusahaan Sektor Aneka Industri dengan Sektor Properti Real-Estate. Program Studi Manajemen Program Pasca Sarjana Universitas Pelita Harapan. Jakarta.Otoritas Jasa Keuangan. 2017. Statistik Sukuk Korporasi di Indonesia (Sumber:  http://www.ojk.go.id/id/kanal/syariah/data-dan-statistik/data-produk-obligasi-syariah/Pages/Statistik-Sukuk-Desember-2015.aspx) diakses pada tanggal 24 Januari 2017.Putri, R. Ajeng Ardiyanti. 2015. Pengaruh Penerbitan Sukuk Ijarah Terhadap Kinerja Keuangan Emiten di Bursa Efek Indonesia Tahun 2009-2013. Skripsi Tidak Diterbitkan. Universitas Airlangga.Rahardjo, Budi. 2009. Dasar-dasar Analisis Fundamental Saham: Laporan Keuangan Perusahaan. Yogyakarta: Gadjah Mada University Press.Ramadhani, Ikromi. 2010. Pengaruh Penerbitan Obligasi Syariah Pada Profitabilitas (Studi Pada Perusahaan-Perusahaan Yang Menerbitkan Obligasi Syariah di BEI (Bursa Efek Indonesia) Tahun 2004-2009). Skripsi Universitas Islam Negeri Syarief Hidayatullah Jakarta.Rosiyadi, Tatik. 2014. Analisis Pengaruh Penerbitan Obligasi Syariah Terhadap Profitabilitas Perusahaan yang Menerbitkan Obligasi Syariah Ijarah di Indonesia Tahun 2009-2012. Vol 3, No 2. Jurnal Kajian Ilmiah Akuntansi Fakultas Ekonomi UNTAN.Ross, Westerfield, and Jeff. 2005. Corporate Finance. Seventh Edition. New York: Irvin Mc Grow Hill.Ryandono, M. Nafik Hadi. 2009. Bursa Efek dan Investasi Syariah. Jakarta: Serambi.Shyam, Sunder,L.,and Myers,S.C. 1999. Testing Statistic Trade Off Againts Pecking Order Model Of Structure. Journal of Financial Ekconomics,51:219-244.Sudana, I Made. 2009. Manajemen Keuangan Teori dan Praktik. Surabaya: Airlangga University Press.Sugiyono. 2012. Metode Penelitian Kuantitatif, Kualitatif dan R&D. Bandung: Alfabeta.-----------. 2013. Metode Penelitian Bisnis (Pendekatan Kuantitatif, Kualitatif dan R&D). Bandung: Alfabeta.Sukmaningrum, Puji Sucia. 2009. Reaksi Pasar Terhadap Pengumuman Penerbitan Obligasi Syariah di Bursa Efek Indonesia. Skripsi Tidak Diterbitkan. Universitas Airlangga.Sunariyah. 2011. Pengantar Pengetahuan Pasar Modal. Edisi keenam. Yogyakarta: Sekolah Tinggi Ilmu Manajemen YKPN.  Suta, I Putu Gede Ary. 2005. Kinerja Pasar Perusahaan Publik di Indonesia: Suatu Analisis Reputasi Perusahaan. Jakarta: Yayasan SAD Satria Bhakti. Sutedi, Adrian. 2011. Pasar Modal Syariah, Sarana Investasi Keuangan Berdasarkan Prinsip Syariah. Jakarta: Sinar Grafika.Tandelin, Eduardus. 2001. Analisis Investasi Dan Manajemen Portofolio. Yogyakarta. BPFE Yogyakarta.Tunggal, Amin Widjaja. 2008. Audit Manajemen. Jakarta: Rineka Cipta.762-786.Umar, Husein. 2001. Metodologi Penelitian, Aplikasi dalam Pemasaran. PT Gramedia Pustaka Utama: Jakarta.Van Horne, James C. And John M.Wachowics,Jr. 2005. Fundamental of Financial Mnagement. Twelfth Edition. Madrid Spain: Prentice Hall.Universitas Airlangga. 2009. Pedoman Penulisan Pembimbingan dan Ujian Skripsi. Surabaya: Airlangga University Press.Widarjono, Agus. 2010. Analisis Statistika Multivariat Terapan. Yogyakarta: UPP STIM YKPN--------------. 2013. Ekonometrika (Pengantar dan Aplikasinya). Edisi Keempat. Yogyakarta: UPP STIM YKPN.www.cnnindonesia.com update tanggal 22 November 2016www.idx.co.id 
Pengaruh Variabel Akuntansi Perusahaan Terhadap Risiko Beta Saham Perusahaan Yang Tercatat di Jakarta Islamic Index Periode 2012-2016 Ainur Rofiq Kurniawan; Imron Mawardi
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 5 No. 9 (2018): September-2018
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (317.784 KB) | DOI: 10.20473/vol5iss20189pp791-803

Abstract

The goal of this research is to determine the effect of corporate Fundamental Factor on Stock Systematic Risk of Listed Companies in Jakarta Islamic Index (JII) partially or simultaneously. The method of research used is the quantitative approach. The sample of the research is are 13 companies registered in Jakarta Islamic Index that meet the criteria of purposive sampling. The analysis technique used best estimation model by Common Effect Model (CEM) and the result is Y = 0,616495 + 0,002389CRit + 0,006740DERit - 0,028809ROAit - 0,017486PERit and R2 13,58%. The result of the partial test shows that Current Ratio and Debt to Equity ratio has a significant effect. The result of the simultaneous test shows that the four variables have significant effects in company stock beta registered in Jakarta Islamic Index.   REFERENCESAnoraga, Panji dan Panji Pakarti. 2001. Pengantar Pasar Modal. Edisi Revisi. Jakarta: PT Rineka Cipta.Bergevin, Peter M, 2002, Financial Statement Analysis, New Jersey; pretince HallHartono, Jogiyanto, 1998, Teori Portofolio dan Analisis Investasi. Edisi pertama. BPFE.YogyakartaJones, Charles O. 1996. Pengantar Kebijakan Publik (Public Policy. Terjemahan Rick Ismanto.Jakarta: RajaGrafmdo Persada.Jones, Charles P., 2004, Investment, New York : Prentice-Hall.Kieso, Donald E., Jerry J. Weygandt, dan Terry D. Warfield, 2002. Akuntansi Intermediete, Terjemahan Emil Salim, Jilid 1, Edisi Kesepuluh, Penerbit Erlangga, Jakarta.Munawir, S. 2002. Analisis Laporan Keuangan. Edisi Ketujuh. Yogyakarta: Liberty.Weston, J. Fred dan Thomas E. Copeland. 1995. Manajemen Keuangan I. Edisi Kesembilan. Penerbit Binarupa Aksara. Jakarta.
ANALISIS JALUR FAKTOR MAKROEKONOMI TERHADAP RETURN SAHAM SYARIAH Ardina Talitha Nidya; Imron Mawardi
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 5 No. 10 (2018): Oktober-2018
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (524.372 KB) | DOI: 10.20473/vol5iss201810pp877-891

Abstract

This research aims to determine the influence of macroeconomic factors on theprofitability and stock return of PT. Bank Panin Dubai Syariah, Tbk period 2014-2017. The approach is a quantitative approach using path analysis. The exogenous variables that used are inflation, Gross Domestic Product (GDP), BI rate, and exchange rate while the endogenous variable is stock return and the intervening variable is profitability. The result of this research indicates that inflation has no significant effect on profitability, GDP has no significant effect on profitability, BI rate influences positively significant on profitability, exchange rate influences negatively significant on profitability, inflation has no significant effect on stock return, GDP has no significant effect on stock return, BI rate has no significant effect on stock return, exchange rate influences negatively significant on stock return, and profitability has no significant effect on stock return of PT. Bank Panin Dubai Syariah, Tbk period 2014-2017  REFERENCESArifin, Zainul. 2006. Dasar-dasar Manajemen Bank Syariah. Jakarta: Pustaka Alvabet.Aryanti, dkk. 2016. Pengaruh ROA, ROE, NPM, dan CR terhadap Return Saham pada Perusahaan yang Terdaftar di Jakarta Islamic Index (JII). I-Finance, Vol.2 No.2, hal. 54-71.Darmadji, Tjiptono & Fakhrudin, Henry M. 2006. Pasar Modal di Indonesia Pendekatan Tanya Jawab. Jakarta: Salemba Empat.Dendawijaya, Lukman. 2009. Manajemen Perbankan, Edisi Kedua. Jakarta: Ghalia Indonesia.Fatmawati, Nur Lailatul. 2017. Pengaruh BI Rate dan Tingkat Kesehtaan Bank terhadap Tingkat Bagi Hasil Pembiayaan Mudharabah di Bank Syariah Mandiri Periode 2008-2015. (Online), (http://digilib.uin-suka.ac.id, diakses pada 8 Januari 2018).Ghozali, Imam. 2016. Aplikasi Analisis Multivariate dengan Program IBM SPSS 23, Edisi 8. Semarang: Badan Penerbit Universitas Diponegoro.Greenwald, Douglas. 1982. Encyclopedia of Economics. New York: McGraw-Hill, Inc.Gufron, Muzaki. 2015. Pengaruh Inflasi, Suku Bunga dan Nilai Tukar terhadap Profitabilitas Bank Umum Syariah di Indoensia (Periode Januari 2010-April 2015). Skripsi tidak diterbitkan. Surabaya: Fakultas Ekonomi dan Bisnis Universitas Airlangga.Irawan, Toni. 26 Agustus 2010. Sistem Perbankan Ganda: Pengalaman Malaysia. Iqtishodia jurnal ekonomi islam republika, hlm. 7.Kasmir. 2016. Analisis Laporan Keuangan. Jakarta: Rajawali Pers.Kewal, S.S. 2012. Pengaruh Inflasi, Suku Bunga, Kurs dan Pertumbuhan PDB terhadap Indeks Harga Saham Gabungan. Jurnal Economia, Vol. 8, No.1.Koostanto, Harya Buntala. 2013. Pengaruh Inflasi, Suku Bunga, Nilai Tukar dan PDB terhadap Perubahan Tingkat Pengembalian Saham Perusahaan yang Terdaftar pada Bursa Efek Indonesia, (Online), (http://repository.ipb.ac.id, diakses 30 Oktober 2017).Kurniasih, Erni. 2012. Pengaruh Capital Adequacy Ratio (CAR), Non Performing Financing (NPF), Financing to Deposit Ratio (FDR), Biaya Operasional Pendapatan Operasional (BOPO), Suku Bunga dan Inflasi terhadap Profitabilitas (Perbandingan Bank Umum Syariah dan Bank Umum Konvensional periode 2007-2011). Skripsi diterbitkan. Yogyakarta: Fakultas Syariah dan Hukum Universitas Islam Negeri Sunan Kalijaga.Mayfi, Fathimah & Dudi Rudianto. 2014. Analisis Pengaruh Faktor Internal dan Eksternal Perusahaan terhadap Return Saham. Jurnal MIX, Volume IV, No.3, hal. 348-362.Prihantini, Ratna. 2009. Analisis Pengaruh Inflasi, Nilai Tukar, ROA, DER, dan CR terhadap Return Saham (Studi Kasus Saham Industri Real Estate and Property yang Terdaftar di Bursa Efek Indonesia periode 2003-2006). Tesis diterbitkan. Semarang: Program Studi Magister Manajemen Universitas Diponegoro.Pujawati, Putu Eka, dkk. 2015. Pengaruh Nilai Tukar Rupiah terhadap Return Saham dengan Profitabilitas sebagai Variabel Intervening. E-Jurnal Ekonomi dan Bisnis Universitas Udayana 4.04: 220-242.Rosanna, Rizky Dahlia. 2007. Pengaruh Inflasi, Nilai Tukar, dan Suku Bunga SBI terhadap Profitabilitas Perbankan Syariah di Indonesia Tahun 2002-2006. Tesis diterbitkan. Yogyakarta: Universitas Islam Indonesia.Ross, A Stephen. Westerfield et.al. 2003. Fundamentals of Corporate Finance. Sixth Edition. New York: Mc Graw-Hill.Stiawan. Adi . 2009. Analisis Pengaruh Faktor Makroekonomi, Pangsa Pasar dan Karakteristik Bank terhadap Profitabilitas Bank Syariah (Studi pada Bank Syariah periode 2005-2008). Tesis diterbitkan. Semarang: Program Studi Magister Manajemen Universitas Diponegoro.Sukirno, Sadono. 2006. Ekonomi Pembangunan: Proses, Masalah, dan Dasar Kebijakan. Jakarta: Kencana.Sukmana, Raditya. 26 Agustus 2010. Determinan Pembiayaan Bank Syariah di Indonesia. Iqtishodia jurnal ekonomi islam republika, hlm. 7.Syachfuddin, Laras Andasari. 2017. Pengaruh Inflasi, Gross Domestic Product (GDP), Dana Pihak Ketiga (DPK), dan Pangsa Pasar terhadap Return on Asset (ROA) Industri Perbankan Syariah di Indonesia Periode 2011-2015. Skripsi tidak diterbitkan. Surabaya: Fakultas Ekonomi dan Bisnis Universitas Airlangga.Syahputri, Rianti. 2015. Pengaruh ROA, NPM, EPS terhadap Return Saham pada Emiten Jakarta Islamic Index Tahun 2010-2013. Skripsi tidak diterbitkan. Surabaya: Fakultas Ekonomi dan Bisnis Universitas Airlangga.Syarul, G. 2000. Kiat Berinvestasi. Jakarta: Erlangga.Tandelilin, Eduardus. 2010. Portofolio dan Investasi Teori dan Aplikasi, Edisi Pertama. Yogyakarta: Kanisius.Titman, Sheridan & Arthur Warga. 1989. Stock Return as Predictors of Interest Rates and Inflation. Journal of Financial and Quantitative Analysis: Accounting and Tax, Vol.24, No.1, Maret 1989, hal.47-58.Wibowo, Edhi Satriyo & Muhammad Syaichu. 2013. Analisis Pengaruh Suku Bunga, Inflasi, CAR, BOPO, NPF terhadap Profitabilitas Bank Syariah. Diponegoro Journal of Management, Vol.2, No.2, hal. 1-10.Yanuardi, Aliandra, dkk. 2014. Faktor Determinan atas Profitabilitas Perbankan yang Terdaftar di Bursa Efek Indonesia. Jurnal Akuntansi Multiparadigma, Vol.2, No.2, Agustus 2014; 170-344.
Analisis Pengaruh Variabel Makroekonomi terhadap Return Saham Syariah Sektor Pertanian yang terdaftar di ISSI Periode 2011-2018 Achmad Kharis; Imron Mawardi
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 6 No. 10 (2019): Oktober-2019
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol6iss201910pp1953-1965

Abstract

This study aims to determine the effect of GDP, Inflation, SBIS, Exchange Rates against Returns on Sharia Stocks in the Agriculture Sector Listed in the Indonesian Sharia Stock Index (ISSI). The approach used is quantitative by using the Vector Error Correction Model (VECM) analysis technique with the STATA program. While the GDP, Inflation, SBIS, Exchange Rates as independent variables and Returns on Sharia Stocks in the Agriculture Sector Listed in the Indonesian Sharia Stock Index (ISSI) as the dependent variable. The results of this study indicate that in the short term only GDP has a negative and significant effect. Whereas in the long run the GDP has a negative and significant effect, inflation has a positive and significant effect, SBIS has a negative and significant effect, Exchange rates have a positive and significant effect on the return of Agricultural Sector Sharia Shares registered at ISSI on the research period from 2011 to 2018.Keywords: GDP, Inflation, SBIS, Exchange Rates and Returns on Sharia Stocks in the Agriculture Sector Listed in ISSI
DETERMINAN PRICE EARNING RATIO SAHAM YANG TERDAFTAR DALAM JAKARTA ISLAMIC INDEX (JII) PERIODE 2011 – 2017. Aysha Dhamaring Nugroho; Imron Mawardi
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 6 No. 11 (2019): November-2019
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol6iss201911pp2224-2235

Abstract

It is very important for investor to be able to assess whether a stock will be able to provide a high return of investment in the future. There are various kinds of approaches that can be used by investor to assess the performance of a stock in the stock market, two of which are technical analysis and fundamental analysis. Price earning ratio is part of ratio that are used in fundamental analysis and price earning ration is often used by investor as a refrence to read the performance of a stock in the future. This study are focusing on finding which variabel can affect the value of price earning ratio of a stock, using VECM method this study finds that debt to equity ratio, return on equity, dividend payout ratio and current ratio in long -run affecting price earning ratio in a significant way.Keywords: financial ratio, price earning ratio, fundamental analysis, Indonesia syariah stock market
DETERMINAN TINGKAT BAGI HASIL DEPOSITO MUDHARABAH PERBANKAN SYARIAH DI INDONESIA Huzein Satrio Prasetyawan; Imron Mawardi
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 6 No. 12 (2019): Desember-2019
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol6iss201912pp2422-2434

Abstract

The purpose of this research is to analyze the effect of Return On Assets, SBIS, IPI, and Exchange Rate toward the rate of return mudharabah deposits islamic bank industries in Indonesia start from January 2012 until December 2017. This research use quantitative approach. The analysis method used in this research is Vector Error Correction Model. This research used saturation sampling, the data in this study are secondary data obtained from OJK, BI, and BPS. The results showed that Return On Assets, IPI, and Exchange Rate have a significant effect on the profit sharing rate of mudharabah deposits in the long term and have no significant effect in the short term. While the SBIS variable does not significantly influence the level of profit sharing of mudharabah deposits in the long and short term. Then the biggest influence that influenced the development of Islamic banks in Indonesia in the 2012-2017 research period was the exchange rate.Keywords : Islamic Banking, ROA, SBIS, IPI, Exchange Rate, Rate of Return Deposito Mudharabah, Vector Error Correction Model.
THE EFFECT OF INTELLECTUAL CAPITAL ON COMPANY DEVELOPMENT AND FINANCIAL PERFORMANCE IN COMPANIES LISTED IN JAKARTA ISLAMIC INDEX FOR 2014-2018 PERIOD Rachman Sugiharno; Imron Mawardi
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 7 No. 4 (2020): April-2020
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol7iss20204pp745-756

Abstract

The research aims to find out how to determine investors' decisions in transacting Islamic shares in the capital market. The method used is a qualitative approach with a descriptive case study method. The informant determining technique uses snowball and purposive sampling. data collection techniques using direct interviews, documentation and observation. After collecting data, the results of the study were analyzed using triangulation analysis to arrive at conclusions. The results of this study show that investors in transacting Islamic shares are divided into three parts, namely: from the type of investor, from the purpose of choosing Islamic shares and looking at the macro or micro side.Keywords: investor preferences, sharia stock, type of investors, macro side, micro sideREFFERENCE Bungin, B. (2011). Penelitian kualitatif. Jakarta: Kencana.Bursa Efek Indonesia. (2010). Panduanindeks harga saham bursa efek Indonesia. Jakarta: Bursa Efek Indonesia.Departemen Agama Republik Indonesia. (2012). Al-Quran dan terjemahannya. Jakarta: Departemen Agama Republik IndonesiaFardiansyah. (2002). Kiat dan strategi menjadi investor piawai. Jakarta: PT. Elex Media Komputindo.Ghozali, Imam. (2011). Aplikasi analisis multivariate dengan program IBM SPSS 19, edisi kelima. Semarang: Universitas DiponegoroHuda, N., & Mustafa Edwin Nasution. (2007). Investasi pada pasar modal syariah. Jakarta: Kencana.Husnan, S. (2003). Dasar-dasar teori portofolio dan analisis sekuritas. Yogyakarta: UPP STIM YKPN.Jogiyanto. (2010). Teori portofolio dan analisis investasi. Yogyakarta: BPFE.Kertonegoro, S. (2000). Analisa dan manajemen investasi. Jakarta: PT. Widya Press.Majelis Ulama Indonesia. (2003). Himpunan fatwa-fatwa Dewan Syariah nasional. Jakarta: DSN MUI bekerjasama dengan Bank Indonesia.Melicher, R., & Edgar A., N. (2003). Finance: Introduction to institutions, investment, and management. USA: John Wiley & Sons, Inc.Ryandono, M. Nafik Hadi. (2009). Bursa efek dan investasi syariah. Jakarta: PT Serambi Ilmu Semesta.Oyedele, J. B., McGreal, S., Adair, A., & Ogedengbe, P. (2013). Performance and role of European listed infrastructure in a mixed-asset portfolio. Journal of Financing Management of Property and Construction, 18(2), 160-183.Sugiyono. (2014). Metode penelitian kuantitatif, kualitatif, R&D, edisi 20. Bandung: Alfabeta.Sujawerni, Wiratna. (2014). SPSS untuk penelitian. Yogyakarta: Pustaka Baru Press.Susanti, & Syahyunan. (2012). Analisis pembentukan portofolio optimal saham dengan menggunakan model indeks tunggal (studi pada saham LQ-45 di Bursa Efek Indonesia periode Agustus 2009-Juli 2012). Media Informasi Manajemen, 1(4), 1-13.Tandelilin, E. (2010). Portofolio dan investasi. Yogyakarta: Kanisius.
MANAJEMEN RISIKO PEMBIAYAAN MUSYARAKAH MUTANAQISAH DI BANK MUAMALAT INDONESIA KC MAS MANSYUR SURABAYA Gea Papurane Langi; Imron Mawardi
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 6 No. 1 (2019): Januari-2019
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol6iss20191pp188-197

Abstract

This research is done to see any risks that happened in Islamic bank, which can damage the bank. While it aims to find out the strategy used by Bank Muamalat Indonesia (BMI) to reduce the risk faced and often happened in the field. The research method uses a qualitative approach with a case study method. Data collecting was done by relating proposed questions and the conclusion made from the result of the interview with Branch Manager (BM), Relation Manager, and Remedial BMI of Branch Office of Mas Mansyur. The result of this research showed that BMI of Mas Mansyur Branch Office had done the process of risk management by identifying risk in the manner of finding out the existing risks which are financing risk; market risk; and ownership risk, measuring and monitoring the risks in the manner of doing measurement to find out and see any reason that causes those risks exist, and controlling and managing the existing risks in Musyarakah Mutanaqisah (MMQ) financing in the manner of ways that have already determined by BMI of Mas Mansyur Branch Office. The last is by monitoring the risks in MMQ financing at BMI of Mas Mansyur Branch Office.Keywords: Risk Management, Risk, Financing, Musyarakah Mutanaqisah, Bank Muamalat IndonesiaREFERENCES Dsnmui.or.id diakses pada 11  september2017 pukul 21.41Hosen,   M    Nadratuzzaman   Hosen.   13November 2017. www.ekonomisyariah.orgKarim A, Adiwarman. 2014. Bank Islam: analisis fiqih dan keuangan. Jakarta. PT. Raja Grafindo Persada.Nafik HR, Muhammad, 2009. Bursa Efek dan Investasi Syariah. jakarta: PT. Serambi Ilmu SemestaNaf’an,2014.  Pembiayaan  Musyarakah dan Mudharabahi. Yogyakarta: Graha IlmuStandar Produk Perbankan Syariah Musyarakah dan Musyarakah Mutanaqisah, 2016.Sugiyono, Prof. Dr. 2012. Metode Penelitian Kuantitatif, kualitatif, dan R&D. Bandung: Alfabeta.Wahyudi, Imam, et al. 2013. Manajemen Risiko Bank Islam. Jakarta: Salemba Empat.Yin, Robert K. 2009. Studi kasus: desain& Metode. Jakarta: Prenada media.
ANALISIS REAKSI PASAR TERHADAP PENGUMUMAN RIGHT ISSUE (STUDI KASUS PADA SAHAM YANG TERDAFTAR DI ISSI) Moch. Ali Fudin Al Islami; Imron Mawardi
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 6 No. 6 (2019): Juni-2019
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol6iss20196pp1101-1113

Abstract

This research aims to find out and explain market reactioncaused by existing action corporate advertisement which is the right issue done by the issuer who was listed in Indonesia Sharia Stock Index period 2014-2016.There are 20 issuers who become the research sample with the period of observation is 29 days. The approach used in this research is quantitative approach by using event study method which is the approach that is specialized to analyze a particular event that is believed to have an impact or reaction. The focus of the research is to see the reaction shown by the change of Average Abnormal Return and Trading Volume Activity using one sample t-test and paired sample t-test. Data processing used a statistical tool of Stata version 14 by determining level of significance of 5%.The results of the research show that there is a significant average abnormal return before and after the right issue and there is a significant difference in trading volume activity before and after the right issue.Keywords: Sharia Stock, Right Issue, Abnormal Return, Trading Volume ActivityREFFERENCESBeaver, William H. 1968. The Information Content of Annual Earning Releases : A Trading Volume Approach. Supplement to journal of Accounting ResearchBrigham, Eugene dan Joel F Houston, 2001. Manajemen Keuangan II. Jakarta:Salemba EmpatHermuningsih, Sri., Wardani D, K. (2009). Analisis Reaksi Pasar Modal Terhadap Peristiwa Right Issue Dan Pengumuman Deviden Yang Ditunjukkan Oleh Abnormal Return.Yogyakarta. Fakultas Ekonomi Universitas Sarjanawiyata Tamansiswa. ISSN:2086-0390.Husnan, Suad. (1994). Dasar-Dasar Teori Portofolio dan Analisis Sekuritas. Edisi I. Yogyakarta: Penerbit UPP AMP YKPNHusnan, Suad. (1996). Dasar-dasar teori portofolio dan analisis sekuritas. Edisi II. Yogyakarta: UPP AMP YKPNHusnan, Suad. (2005). Dasar-dasar teori portofolio dan analisis sekuritas.Edisi v. Yogyakarta: UPP AMP YKPNIndonesian Stock Exchange. 2017. Indonesian Capital Market Directory 2017. Jasmine, Aldila., (2015). Reaksi Pasar Terhadap Stock Split Pada Emiten Saham Syariah Yang Terdaftar Di Bursa Efek Indonesia Periode 2011-2014. Surabaya. Fakultas Ekonomi dan Bisnis Universitas Airlangga.Jogiyanto, H. M. (2003). Teori Portofolio dan Analisis Investasi. Edisi Ketiga. Yogyakarta: BPFE Universitas Gajah Mada.Jogiyanto, H. M. (2009). Teori Portofolio dan Analisis Investasi. Edisi Keenam. Yogyakarta: BPFE Universitas Gajah Mada.Latan, Hengky. (2014). Aplikasi Analisis Data Statistik Untuk Ilmu Sosial Sains Dengan Stata. Bandung. Alfabeta.Maguire, Frances. “The Banker”. 2007.Rusdi, Dedi dan Avianto, Angga.(2009). Pengaruh Right Issue Terhadap Tingkat Keuntungan Dan Likuiditas Saham Emiten Di Bursa Efek Jakarta. Fakultas Ekonomi Universitas Islam Sultan AgungSamsul, Mohammad. 2006. Pasar Modal dan Manajemen Portofolio. Jakarta: ErlanggaSugiyono.   2012.   Metode   Kuantitatif,   Kualitatif   dan   R&D.   Cetakan ke-17. Bandung: Alfa BetaUtomo,V.J. 2015. ”Efek Hari Libur Lebaran Pada Emiten yang Terdaftar dalam ISSI Periode 2011-2013” Surabaya.Fakultas Ekonomi dan Bisnis Universitas Airlangga.(www.ksei.co.id/services/corporate_action_services, diakses tanggal 10 Oktober 2017) ______________IDX Fact Book 2016.Bursa Efek Indonesia. Jakarta______________IDX Annualy Statistics 2014.Bursa Efek Indonesia. Jakarta______________IDX Annualy Statistics 2015.Bursa Efek Indonesia. Jakarta______________IDX Annualy Statistics 2016.Bursa Efek Indonesia. Jakarta______________Undang-Undang No. 8 Tahun 1995 Tentang Pasar Modal
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 Apriwiliza, Gita Ardiantono, Dewie Saktia 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 Hanifian Syahdana Bintang Pratama Buana Putra Bonang, Dahlia Candika, Yossy Imam Clarashinta Canggih Diamantin Rohadatul Aisy Dian Anggraini Diaz Tulus Anandri Diaz Tulus Anandri Dien Mardhiyah Dzikri Nurrohman Eka Puspa Dewi Eka Puspa Dewi Eko Fajar Cahyono, David Kaluge Ergun, Hüseyin Fahamsyah, Mohammad Hatta 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 Fihrist Rayhan Deqauni Firsty Izzata Bella Fithrotin Azizah Rahmah Fitri Nur Latifah Gabriella Jodie Adhama Gea Papurane Langi Hanifiyah Yuliatul Hijriah, Hanifiyah Yuliatul Hanoraga, Tony Huzein Satrio Prasetyawan Ilham Nur Agustha Ilham Nur Agustha, Ilham Nur Ilmiawan Auwalin Imam Sopingi Iman, Shofal 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 Latifah, Nuria Machfud, Syafrina Mahmudah, Siti Nur Matsahri, Matsahri Mirna Ainurrachma Moch. Ali Fudin Al Islami Moh Fudholi Moh. Fudholi Moh. Fudholi 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 Mustofa, Muhammad Ubaidillah Al Mutmainah Mutmainah Nadia Arisanti Nareswari Saputro Nareswari Saputro, Nareswari Nauval Fadhillah Gusti Wijaya Nidya, Ardina Talitha Nikmatul Atiya Nila, Faridatun Nisa, Khairun Nisful Laila Norma Rosyidah Norma Rosyidah, Norma Nova Rini Nova Rini Novalia Nastiti Novalia Nastiti, Novalia Novita Novita Nur Rachmat Arifin Nur Rachmat Arifin Nurrohman, Dzikri 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 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 Risyad, Mohammad Haidar Rosana Puspasari Rosana Puspasari, Rosana Rosidi, Dinda Oktaviona Rosyidi, Luthfi Sadikin, Muhamat Ali Samsidar Widiarso Saptowati, Errin Dwi Sarker, Md Atiqur Rahman Setiyo Aji Shabbir, Malik Shahzad 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 Wahid , Wahyu Wibisono Wisudanto Wisudanto Yan Putra Timur Yanuar Dharma Putra Zaim Nur Afif Zaim Nur Afif, Zaim Nur Zaimy Johana Johan Zain, Nur Habiba Zainal Abidin Zakaria, Nor Balkish