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All Journal IQTISHADIA QIJIS (Qudus International Journal Of Islamic Studies) Media Trend: Berkala Kajian Ekonomi dan Studi Pembangunan JURNAL SOSIAL HUMANIORA (JSH) Jurnal Ekonomi Syariah Teori dan Terapan Journal of Information Systems Engineering and Business Intelligence Al-Ihkam: Jurnal Hukum dan Pranata Sosial Jurnal MD Jurnal Ekonomi dan Bisnis Islam Jurnal Ilmiah Pendidikan Pancasila dan Kewarganegaraan AKSIOLOGIYA : Jurnal Pengabdian Kepada Masyarakat Perisai : Islamic Banking and Finance Journal al-Uqud : Journal of Islamic Economics International Journal of Islamic Economics and Finance (IJIEF) Jurnal Ekonomi Islam Muqtasid: Jurnal Ekonomi dan Perbankan Syariah MALIA Shirkah: Journal of Economics and Business Ihtifaz: Journal of Islamic Economics, Finance, and Banking TSAQAFAH Journal of Innovation in Business and Economics Iqtishoduna: Jurnal Ekonomi Islam Abdi: Jurnal Pengabdian dan Pemberdayaan Masyarakat International Journal of Zakat (IJAZ) Jurnal Layanan Masyarakat (Journal of Public Service) Iqtishadia: Jurnal Kajian Ekonomi dan Bisnis Islam Business Review and Case Studies Journal of Accounting Research, Organization and Economics (JAROE) Jurnal Ekonomi Islam Jurnal RAK (Riset Akuntansi Keuangan) Review of Islamic Social Finance and Entrepreneurship Journal of Infrastructure Policy and Management (JIPM)
Imron Mawardi
Departemen Ekonomi Syariah - Fakultas Ekonomi Dan Bisnis - Universitas Airlangga
Religion Agriculture, Biological Sciences & Forestry Arts Humanities Civil Engineering, Building, Construction & Architecture Computer Science & IT Control & Systems Engineering Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Health Professions Industrial & Manufacturing Engineering Law, Crime, Criminology & Criminal Justice Medicine & Pharmacology Public Health Social Sciences Other

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ELIMINASI RISIKO OPERASIONAL BMT SRI SEJAHTERA SURABAYA Yanuar Dharma Putra; Imron Mawardi
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 6 No. 7 (2019): Juli-2019
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol6iss20197pp1317-1330

Abstract

The results of this research are risk mitigation measures in the continuity of internal processes, human resources, technology and information. Risk mitigation on the internal processes is done by performing supervision based on employees job description, and implementation of sharia financing agreements with customers. Risk mitigation on human resources is done by providing moral guidance to employees. Risk mitigation in information technology is carried out by performing regular maintenance of computer software and hardware, as well as other devices that support Baitul Maal wa tamwil Sri Sejahtera business activities.  REFFERENCESAlexander, Carol. 2003. Operational Risk: Regulation, Analysis and Management. London: Prentice HallAlijoyo, Antonious. 2006. Enterprise Risk Management: Pendekatan Praktis. Edisikedua. Jakarta: PT. Ray IndonesiaChapra, M. Umer. 2000. Islam dan Tantangan Ekonomi. Jakarta: Gema Insani Press dan Tazkia InstituteDjohanputro. Bramantyo. 2006. Prinsip-Prinsip Ekonomi Makro. Cetakan 1. Jakarta: PPMFrame. J. Davidson. 2003. Managing Risk in Organisations: A Guide for Managers. San Francisco. Jossey Bass: A wiley imprintHerman, Darmawi. 2008. Manajemen Risiko. Jakarta: Bumi AksaraIlmi, Makhalul. 2002. Teori dan Praktek Lembaga Mikro Keuangan Syariah: Beberapa Permasalahan dan Alternatif Solusi. Yogyakarta: UII PressKarim, Adiwarman Azwar. 2006. Bank Islam: Analisis Fiqih dan Keuangan. Jakarta: PT. Raja Grafindo PersadaKhan, Tariqullah and Habis Ahmed. 2008. Manajemen Risiko Lembaga Keuangan Syariah. Jakarta: Bumi AksaraMamduh, M. Hanafi. 2009. Manajemen RIsiko. Yogyakarta: UPP STI Manajemen YKPNMirakhor, Abbas dan Zainal Iqbal. 2007. Pengantar Keuangan Islam: Teori dan Praktik. Terjemahan oleh A.K. Anwar. 2008. Jakarta: Kencana Media GroupMughni, Abdul. 2005. Keuangan Mikro Islam dalam Upaya Pengentasan Masalah Sosial. www.takzia.ac.id, (diaksespada 26 Februari 2017)Muhammad. 2002. Manajemen Bank Syariah. Yogyakarta: UPP AMP YKPNMuhammad. 2004. Manajemen Dana Bank Syariah. Yogyakarta: EkonisiaRedja, George E. 2008. Principles of Risk Management and Insurances. Edisi ke-10. Boston: Pearson International EditionSudarsono, Heri. 2004. Bank dan Lembaga Keuangan Syariah Deskripsi dan Ilustrasi. Yogyakarta: EkonisiaSugiyono. 2015. Pendekatan Kuantitatif, Kualitatif, dan R&D. Cetakan Ke-21. Bandung: AlfabetaSuhendi, Hendi. 2009. Strategi Optimalisasi Peran BMTT sebagai Penggerak Sektor Usaha Mikro. www.fe.unpad.ac.id, (diakses pada 26 Februari 2017)Yin, K Robert. 2002. Studi Kasus (Desain dan Metode). Jakarta: PT. Raja Grafindo PersadaYin, K. Robert. 2009. Case Study Research: Design and Method (4thed.). California: Sage Publications, Inc.Yin, K. Robert. 2013. Studi Kasus (Desain dan Metode). Jakarta: PT. Raja Grafindo Persada
RISIKO PEMBIAYAAN MODAL KERJA DI BANK JATIM SYARIAH Taufan Indrasasmita; Imron Mawardi
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 6 No. 9 (2019): September-2019
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol6iss20199pp1770-1782

Abstract

The results showed that the risk management process of working capital financing at Bank Jatim Syariah consists of risk identification, risk analysis, risk control and risk evaluation. The main risks in working capital financing are credit risk, reputation risk, and liquidity risk. Bank Jatim Syariah mitigates credit risk by analyzing risk using six methods of Bank Jatim Syariah analysis, which are management analysis, financial analysis, character analysis, facility analysis, business environment condition analysis and collateral analysis or guarantee. After conducting this analysis, Bank Jatim Syariah uses 3R control, which is rescheduling, restructuring and reconditioning.Keywords: Risk, Financing, Bank Jatim SyariahREFFERENCESAl-Quran dan Terjemahannya (revisi terbaru Departemen Agama RI dengan Transliterasi Arab-Latin (rumy)). 2000. Semarang: CV. Asy Syifa’.Adiwarman A. Karim, Bank Islam: Analisis Fiqih dan Keuangan, (Jakarta: PT. RajaGrafindo Persada, 2007:255)Antonio, Muhammad Syafi’i. 2001. Bank Syariah: Dari Teori ke Praktik. Jakarta: Gema Insani PersBank Indonesia. 2008. Undang-Undang No. 21 Tahun 2008: tentang Perbankan Syariah.Hasibuan, Malayu S.P. Manajemen, Dasar, Pengertian dan Masalah, (Jakarta:Bumi Aksara, 2005:2)Idroes, Ferry N. 2008:7. Manajemen Risiko Perbankan: Pemahaman 3 Pilar Kesepakatan Basel II Terkait Aplikasi Regulasi dan Pelaksanaannya di Indonesia.Ismail. 2011. Perbankan Syariah. Jakarta: KencanaMuhammad, 2002. Manajemen Bank Syariah. Yogyakarta: Unit Penerbit dan Percetakaan Sekolah Tinggi Ilmu Manajemen YKPNMulyono, Teguh. P. 2000. Manajemen Perkreditan Bagi Bank Komersil. BPFE YogyakartaPeraturan Bank Indonesia Nomor 13/23/PBI/2011 Tentang Penerapan Manajemen Risiko bagi Bank Umum Syariah dan Unit Usaha Syariah, diakses pada 18 Juli 2017 dari http://www.bi.go.id/NR/rdonlyres/pbi_132311fl.pdfRivai, Veithzal. 2010. Islamic Banking. Sistem Bank Islam Bukan Hanya Solusi Menghadapi Krisis Namun Solusi dalam Menghadapi Berbagai PersoalanPerbankan dan Ekonomi Global. Jakarta: Bumi AksaraRyandono. 2010. Peran dan Pengaruh Penghimpunan Dana terhadap Penyaluran Dana dan Faktor Kinerja Bank serta Kesejahteraan Karyawan Bank Islam di Indonesia. Disertasi tidak diterbitkan. Surabaya Program Doktor Pasca Sarjana Universitas Airlangga SurabayaSalim, Abbas. Asuransi dan Manajemen Risiko, (Jakara, 2003:197)Sudarsono, Heri. 2008. Bank dan Lembaga Keuangan Syariah. Yogyakarta: EkonisiaSugiyono. 2015. Metode penelitian pendidikan.Suhendra dan Murdiyah. Manajemen Sumber Daya Manusia, (Jakarta:UIN Press, 2006:2)Sulhan, M., dan Ely Siswanto. 2008. Manajemen Bank : Konvensional dan Syariah. UIN Malang Press: MalangYin, Robert K. 2013. Studi kasus:desain dan metode. Jakarta: Rajawali PressAscarya. 2013. Akad & Produk Bank Syariah. Jakarta: Rajawali Pers..Undang-undang Dasar Negara Republik Indonesia Tahun 1945.
THE EFFECT OF INTELLECTUAL CAPITAL ON PROFITABILITY AND STOCK RETURN (CASE STUDY OF JAKARTA ISLAMIC INDEX FOR 2013-2018 PERIOD) Gabriella Jodie Adhama; Imron Mawardi
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 7 No. 7 (2020): Juli-2020
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol7iss20207pp1391-1411

Abstract

Intellectual capital is the creation of company value added represented by employees with all the potential and capabilites they have. This study aims to analyze the effect of Intellectual Capital, profitability as an intervening variable on Islamic stock returns on the Jakarta Islamic Index (JII). Sampling of 14 issuers was carried out using purposive sampling technique. The method used is path analysis with a maximum likelihood model. Intellectual capital has a positive effect on ROA, ROA has no significant effect on returns, Intellectual Capital has a significant positive effect on returns directly, Intellectual Capital indirectly has insignificant effect on returns for the 2013-2018 period. Based on these results, the issuer company can disclose reports related to intellectual capital from the company. Research on intellectual capital using intervening variables in Indonesia still tends to be limited, besides that the writer also uses path analysis with the maximum likelihood model. In this study robustness tests were also conducted to test the resilience of the variables used.Keywords: intellectual capital, ROA, return, JII, path analysis
THE ANALYSIS OF SHARIA EMITENTS IN JII CONCERNING FACTORS OF CAPITAL STRUCTURE FOR THE 2014 – 2018 PERIOD Anisa Priyanka Jasmine; Imron Mawardi
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 7 No. 6 (2020): Juni-2020
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol7iss20206pp1193-1204

Abstract

This study was made with the aim to examine the effect of profitability, company size, company age, growth opportunity, liquidity and dividend payout ratio on the capital structure of Islamic issuers listed in the JII (Jakarta Islamic Index). The method in this study uses multiple regression analysis techniques with Random Effet Model (REM) selected as the best model for estimating panel data regression, where in estimating the General Least Saquare (GLS) regression test is used. And produce profitability and dividend payout ratio as a significant variable and this also proves its effect partially on leverage (DER). While simultaneously profitability, company size, company age, liquidity and dividend payout ratio significantly influence leverage (DER).Keywords: profitability, company size, company age, growth opportunity, liquidity, dividend payout ratio, pecking order theory, capital structureREFFERENCE Ahmad, Rodoni dan Herni, Ali. (2010). Manajemen keuangan. Jakarta: Penerbit Mitra Wacana Media.Arief, Bramantyo. (2011). Analissis pengujian teori pecking order melalui keterkaitan profitabilitas, struktuk asset, ukuran perusahaan dan kesempatan bertumbuh terhadap financial leverage periode 2006-2009 (Studi kasus pada emiten syariah di JII). Skripsi tidak diterbitkan. Semarang: Universitas Diponegoro.Chen et al. (2011). How the pecking order theory explain capital structure. International Journal of Management Studies, 1-9.Darminto dan Manurung, Adler Haymans. (2008). Pengujian teori trade-off dan pecking order dengan satu model dinamis pada perusahaan publik di Indonesia. Jurnal Manajemen Bisnis, 1(1), 35-52.Dimitri, Michael dan Sumani. (2013). Analisis pengaruh likuiditas, profitabilitas, ukuran, usia, dan pertumbuhan perusahaan terhadap struktur modal. Jurnal Manajemen. 11(1), 82-105.Eviani, Anantia Devi. (2015). Pengaruh struktur aktiva, pertumbuhan penjualan, dividen payout ratio, likuiditas, dan profitabilitas terhadap struktur modal.Jurnal Akuntansi dan Sistem Teknologi Informasi, 11(2), 194 – 202.Ghozali, I (2011). Aplikasi analisis multivariate dengan program SPSS. Semarang: Universitas Diponegoro.Gujarati. Damodar N and porter Dawn C. (2009). Basic econometrics, fifth edition. New York: McGraw-Hill Irwin.Hasan and Safdar (2005). Impact of ownership structure and corporate governance on capital structure of Pakistani llisted companies. International Journal of Business & Management, 4(2).Liu. Yuanxin & Ning. Xiangbo. (2009). Empirical research of the capital structure influencing factor of electric power listed companies. International Journal of Marketing Studies, 1(1), 43-49. DOI:10.5539/ijms.v1n1p43Mau, Jefrianus, dkk. (2015). Pengaruh profitabilitas, umur dan ukuran perusahaan terhadap struktur modal. Jurnal Riset Akuntansi dan Keuangan, 11(2), 147-156.Myers. C Stewart. (1984). The Capital Stucture Puzzle. The Journal of Finance, 39(3), 575-592.Myers , S and Majluf. (1984). Corporate financing and investment decision when firms have information investors do not have. Journal of Financial Economics, 13(2), 187-221.Rahman Hakim, Arief. (2013). Pengaruh struktur aktiva, Profitabilitas, ukuran perusahaan dan likuiditas terhadap struktur modal (studi kasus pada perusahaan makanan dan minuman yang terdatar di Bursa Efek Indonesia. Skripsi tidak diterbitkan. Jakarta: Universitas Islam Negeri Syarif Hidayatullah.Dewi, Sofia Prima dan Keni Keni. (2013). Pengaruh Umur Perusahaan, Profitabilitas, Ukuran Perusahaan, dan Leverage terhadap Pengungkapan Tanggung Jawab Sosial Perusahaan. Jurnal Bisnis dan Akuntansi, 15(1), 1-12. DOI: https://doi.org/10.34208/jba.v15i1.203 
THE EFFECT OF RETURN ON ASSET, DEBT TO EQUITY RATIO, DIVIDEND PAYOUT RATIO AND YIELD DIVIDEND ON STOCK RETURNS Aprilidya Ayu Parandita Ananta; Imron Mawardi
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 7 No. 10 (2020): Oktober-2020
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol7iss202010pp1913-1928

Abstract

ABSTRAKPenelitian ini bertujuan bertujuan untuk mengetahui pengaruh profitabilitas, leverage, dividen payout ratio, dan dividend yield terhadap return saham di Jakarta Islamic Index periode 2015-2019. Penelitian ini menggunakan data sekunder dari laporan keuangan perusahaan yang diambil dari website masing-masing perusahaan pada tahun 2015-2019. Pendekatan yang digunakan adalah kuantitatif dan dianalisis menggunakan analisis data panel. Hasil uji statistik menunjukkan bahwa profitabilitas, leverage, dividen payout ratio, dan dividend yield secara simultan tidak berpengaruh signifikan terhadap return saham. Secara parsial diperoleh hasil variabel dividend payout ratio berpengaruh signifikan terhadap return saham, sedangkan variabel rasio profitabilitas, leverage, dan dividend yield tidak berpengaruh signifikan terhadap return saham.Kata Kunci: Probabilititas, Leverage, Dividend Payout Ratio, Dividen Yield, Return Saham ABSTRACTThis study aims to determine the effect of profitability, leverage, dividend payout ratio, and dividend yield on stock returns of Jakarta Islamic Index for the 2015-2019 Period. This study uses secondary data from the company's financial statements taken from the websites of each company in 2015-2019. The approach used is quantitative and analyzed using panel data analysis. Statistical test results show that profitability, leverage, dividend payout ratio, and dividend yield simultaneously do not have a significant effect on stock returns. Partially dividend payout ratio have a significant effect on stock returns; profitability, leverage, and dividend ratio have no significant effect on stock returns.Keywords: Probability, Leverage, DividenD Payout Ratio, Dividen Yield, Stock Returns
ANALYSIS OF FACTORS THAT AFFECT THE TIMELINESS OF FINANCIAL REPORTING IN MANUFACTURING COMPANIES LISTED IN INDONESIA SHARIA STOCK INDEX (ISSI) Fithrotin Azizah Rahmah; Imron Mawardi
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 8 No. 5 (2021): September-2021
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol8iss20215pp582-592

Abstract

ABSTRAKKetepatan waktu publikasi laporan keuangan merupakan faktor penting dalam memengaruhi kegunaan informasi yang dibutuhkan untuk para pengambil keputusan. Studi ini dimaksudkan untuk menganalisa faktor-faktor yang mampu memengaruhi ketepatan waktu pelaporan laporan keuangan tahunan yang terdaftar dalam Index Saham Syariah Indonesia (ISSI) 2015-2019. Pengambilan sampel sebanyak 75 perusahaan mempergunakan teknik purposive sampling dan metode analisis data regresi logistik. Hasil analisis menyimpulkan adanya hubungan positif signifikan antara variabel profitabillitas, leverage serta ukuran perusahaan terhadap ketepatan waktu pelaporan keuangan. Hubungan yang positif menunjukkan tingginya laba, leverage serta besarnya aset perusahaan mampu mendorong perusahaan agar mempublikasikan laporan keuangan secara tepat waktu. Namun, terdapat pula hasil yang mencerminkan tidak adanya hubungan signifikan antar kepemilikan publik serta umur perusahaan dengan ketepatwaktuan pelaporan keuangan.Kata Kunci: Ketepatan Waktu, ISSI, Pelaporan Keuangan, Analisis Regresi Logistik. ABSTRACTThe timeliness of financial reporting is considered to be an important factor to affects the usefulness of information that is required to a decision maker. This study examines the factors that can affects the timeliness of financial reporting listed in the Indonesia Sharia Stock Index (ISSI) 2015-2019. Sampling was obtained as many as 75 companies using purposive sampling technique and logistic regression data analysis methods. The results showed that there is a significantly positive relationship between the profitability, leverage and company size with the timeliness of financial reporting. This positively proven that the high profit or leverage and the size of the company’s assets can encourage the companies to be timely in reporting the financial reports. However, it is also found that public ownership and company age do not significantly towards the timeliness of financial reporting.Keywords: Timeliness, ISSI, Financial Reporting, Logistic Regression Analysis.DAFTAR PUSTAKAAlDaoud, K. A., Ku-Ismail, K. N. I., & Lode, N. A. (2014). The timeliness of financial reporting among Jordanian companies: Do company and board characteristics and audit opinion matter?. Asian Social Science,10(3),191-201.Alkhatib, K., & Marji, Q. (2012). Audit reports timeliness: Empirical evidence from Jordan. Procedia Social and Behavioral Sciences, 62. 1342-1349.Brigham., & Houston. (2010). Dasar-dasar manajemen keuangan. Jakarta: Salemba Empat.Bursa Efek Indonesia. (2004). Keputusan Direksi PT Bursa Efek Indonesia Nomor KEP-306/BEJ/07/2004 tentang kewajiban penyampaian informasi laporana keuangan tahunan.______. (2004). Keputusan Direksi PT Bursa Efek Indonesia Nomor KEP-307/BEJ/07/2004 Tentang sanksi.Efobi, U., & Okougbo, P. (2014). Timeliness of financial reporting in Nigeria. SA Journal of Accounting Research, 28(1), 65-77.Ghozali, I. (2005). Aplikasi analisis multivariat dengan program SPSS. Semarang: Badan Penerbit Universitas Diponegoro.Ghozali, I. (2013). Aplikasi analisis multivariate dengan program IBM SPSS 21 update PLS regresi. Semarang: Badan Penerbit Universitas Diponegoro.Hashim, F., Hashim, F., Jambari A. R. (2013). Relationship between corporate attributes and timeliness in corporate reporting: Malaysian evidence. Jurnal Teknologi, 64(2), 115-119.Ikatan Akuntansi Indonesia. (2017). PSAK No. 1 tentang laporan keuangan– edisi revisi 2017. Jakarta: PT. Raja GrafindoIyoha, F. O. (2012). Company attributes and the timeliness of financial reporting in Nigeria. Business Intelligence Journal, 5(1), 41-49.Kamalluarifin, W. F. S. W. (2016). The influence of corporate governance and firm characteristics on the timeliness of corporate internet reporting by top 95 companies in Malaysia. Procedia Economics and Finance 35, 156-165.Kasmir. (2013). Analisis laporan keuangan. Jakarta: Rajawali Pers.Kasmir. (2014). Analisis laporan keuangan. Jakarta: PT. Raja Grafindo Persada.Kuswanto, H., & Manaf, S. (2015). Faktor-faktor yang mempengaruhi ketepatan waktu penyampaian laporan keuangan ke publik (Studi empiris pada perusahaan manufaktur yang terdaftar di bursa efek Indonesia periode 2010-2013). Jurnal Ekonomi Manajemen Akuntansi, 22(38).Romney, M. B., & Steinbart, P. J. (2014). Accounting information systems. New York: Prentice Hall.Peraturan Ketua Bapepam Nomor KEP-346/BL/2011 No. X.K.2. Tentang Penyampaian Laporan Keuangan Berkala Emiten Atau Perusahaan Publik.Putra, I. G. A. P., & Pramantha, I. W. (2015). Pengaruh profitabilitas, umur perusahaan, kepemilikan institusional, komisaris independen, dan komite audit pada ketepatwaktuan publikasi laporan keuangan tahunan. E-Jurnal Akuntansi Universitas Udayana, 10(1), 199-213.Rahmawati, E. (2018). Information content and determinants of timeliness financial reporting: Evidence from an emerging market. Academy of Accounting and Financial Studies Journal, 22(4).Rohmat. (2015). Nilai-nilai moral kewirausahaan membangun bangsa berkarakter. Gresik: Gerbang Media.Saleh, R. (2004). Studi empiris ketepatan waktu pelaporan keuangan perusahaan manufaktur di bursa efek Jakarta. Simposium Nasional Akuntansi (SNA) VII Denpasar.Sanjaya, I. M. D. M., & Wirawati, N. G. P. (2016). Analisis faktor-faktor yang mempengaruhi ketepatan waktu pelaporan keuangan pada perusahaan manufaktur yang terdaftar di BEI. E-Jurnal Akuntansi, 15(1), 17-26.Sari, L. K., & Ifada, L. (2010). Studi empiris ketepatan waktu pelaporan keuangan perusahaan manufaktur di bursa efek Jakarta. Jurnal Ekonomi dan Bisnis, 11(1).Savitri, E., Andreas, A., Surya, R. A. S. (2019). Influencing Factors: The Timeliness of Financial Reporting Submissions. Business and Management Studies, 5(1).Surat Edaran Otoritas Jasa Keuangan Nomor S-92/D-04/2020 tentang relaksasi atas kewajiban penyampaian laporan keuangan dan RUPSTyler, T. R. (1989). The psychology of procedural justice: A test of the Group Value Model. Journal of Personality and Social Psychology, 57, 830-838.Undang-Undang Republik Indonesia Nomor 8 Tahun 1995 tentang pasar modal.Wulandari, G. H. (2018). Factors that influence the timeliness of publication of financial statements on banking in Indonesia. Technobiz: International Journal of Business, 1(1), 16-18.
Stock Market Reaction to the Merger of State-Owned Islamic Banks Mirna Ainurrachma; Imron Mawardi
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 9 No. 1 (2022): Januari-2022
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol9iss20221pp92-105

Abstract

ABSTRAK Penelitian ini bertujuan mengetahui bagaimana reaksi pasar terhadap  pengumuman  merger bank syariah BUMN, yaitu BRI Syariah, Bank Syariah Mandiri, dan Bank BNI Syariah menjadi bank Syariah Indonesia, sehingga diketahui efisiensi pasarnya. Penelitian ini menggunakan pendekatan kuantitatif degan metode event study untuk meganalisis reaksi pasar terhadap suatu peristiwa. Ada atau tidak adanya reaksi pasar akan diukur melalui variabel abnormal return (AR) dan trading volume activity (TVA). Subyek penelitian ini adalah BRI Syariah (BRIS) yang merupakan existing company merger dan satu-satunya yang sudah listing di Bursa Efek Indonesia (BEI). Teknik analisis yang digunakan adalah Uji Paired Sample t-Test pada AR dan TVA. Hasil penelitian ini menunjukkan tidak terdapat perbedaan abnormal return yang signifikan sebelum dan sesudah pengumuman merger, namun signifikan pada TVA. Bagi investor, pengumuman merger direaksi oleh pasar secara positif, namun tidak berlebihan sehingga tidak memberikan abnormal return yang signifikan. Adanya keputusan merger membuat pasar saham lebih aktif yang ditandai dengan meningkatnya TVA. Lebih lanjut, adanya informasi merger perusahaan tidak selalu disertai dengan abnormal return. Maka dari itu, investor disarankan untuk tidak melakukan spekulasi berlebihan menghadapi informasi merger tersebut. Kata Kunci: Bank Syariah, Merger, Abnormal Return, Volume Perdagangan.   ABSTRACT This study aims to determine how the market reaction to the announcement of the merger of state-owned Islamic banks, namely BRI Syariah, Bank Syariah Mandiri, and Bank BNI Syariah to become Indonesian Islamic banks, so that market efficiency is known. This research uses a quantitative approach with the event study method to analyze the market reaction to an event. The presence or absence of market reaction will be measured through abnormal return (AR) and trading volume activity (TVA) variables. The subject of this research is BRI Syariah (BRIS) which is the existing company merger and the only one that has been listed on the Indonesia Stock Exchange (IDX). The analytical technique used is the Paired Sample t-Test on AR and TVA. The results of this study indicate that there is no significant difference in abnormal returns before and after the announcement of the merger, but it is significant for TVA. For investors, the market reacted positively to the announcement of the merger, but not excessively so that it did not provide a significant abnormal return. The merger decision made the stock market more active, which was marked by an increase in TVA. Furthermore, information about company mergers is not always accompanied by abnormal returns. Therefore, investors are advised not to make excessive speculation regarding the merger information. Keywords: Bank Shariah, Merger, Abnormal Return, Trading Volume Activity.   DAFTAR PUSTAKA Al Islami, M. A. F., & Mawardi, I. (2019). Analisis reaksi pasar terhadap pengumuman right issue (Studi kasus pada saham yang terdaftar di ISSI). Jurnal Ekonomi Syariah Teori Dan Terapan, 6(6), 1101–1113. https://doi.org/10.20473/vol6iss20196pp1101-1113 Chhetri, S. D., & Baral, R. P. (2018). Event study of effect of merger announcement on stock price in Nepal. Journal of Business and Management, 5(1), 64–73. https://doi.org/10.3126/jbm.v5i0.27390 Crouzille, C., Lepetit, L., & Bautista, C. (2008). How did the Asian stock markets rexct to bank mergers after the 1997 financial crisis? Pacific Economic Review, 13(2), 171–182. https://doi.org/10.1111/j.1468-0106.2008.00395.x Dodd, P. (1980). Merger proposals, management discretion and stockholder wealth. Journal of Financial Economics, 8(2), 105–137. https://doi.org/10.1016/0304-405X(80)90014-8 Jackson, L. A. (2015). Market reaction to bidder announcements of horizontal mergers in an oligopolistic industry: Evidence from the US airline industry. Tourism Economics, 21(6), 1255–1271. https://doi.org/10.5367/te.2014.0401 Jayaraman, N., Frye, M. B., & Sabherwal, S. (2001). Informed trading around merger announcements: An empirical test using transaction volume and open interest in options market. Financial Review, 36(2), 45–74. https://doi.org/10.1111/j.1540 Mackinlay, A. C. (1997). Event Studies in Economics and Finance. Journal of Economic Literature, 35(1), 13–39. Mcwilliams, A., & Siegel, D. (1997). Event studies in management research: Theoretical and empirical issues. Academy of Management Journal, 40(3), 626–657. https://doi.org/10.2307/2570566288.2001.tb00010.x Moin, A. (2004). Merger, akuisisi & divestasi. Yogyakarta: Ekonisia. OJK. (2020). Data dan statistik perbankan syariah. Retrieved from https://www.ojk.go.id/id/kanal/syariah/data-dan-statistik/statistik-perbankan-syariah/Default.aspx Reddy, K., Qamar, M., & Yahanpath, N. (2019). Do mergers and acquisitions create value?: The post-M&A performance of acquiring firms in China and India. Studies in Economics and Finance, 36(2), 240–264. https://doi.org/10.1108/SEF-01-2018-0027 Tandelilin, E. (2010). Portofolio dan investasi. Yogyakarta: Kanisius.
COASTAL MOSLEM’S CREATIVE ECONOMY DEVELOPMENT MODEL : CASE STUDY IN KENJERAN SURABAYA Tika Widiastuti; Sunan Fanani; Imron Mawardi
Jurnal Ekonomi dan Bisnis Islam | Journal of Islamic Economics and Business Vol. 3 No. 2 (2017): JULI-DESEMBER 2017
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (3272.234 KB) | DOI: 10.20473/jebis.v3i2.6722

Abstract

The aim of this study is to understand how coastal moslem’s creative economy development are. This study has used qualitative approach with study case strategy.  Data collection has done by interviewing the informants i.e. Head of Kelurahan Sukolilo and Creative Industry’s stakeholder nearby Kenjeran, Surabaya. The result of this study is an appropriate model to develop coastal moslem’s socio-economics is a holistic-integrated developments. The model involved sort of stakeholders viz. fishermans, seafood crackers producers, the government, NGO’s, and universities.  Keywords : Coastal Communities, Creative Economy,  Kenjeran, Sosio-Economic Development
ANALISIS PENGARUH UTANG BERBASIS BUNGA DAN PENDAPATAN NON-HALAL TERHADAP NILAI PERUSAHAAN EMITEN SAHAM SYARIAH Muhammad Adlan; Imron Mawardi
Jurnal Ekonomi dan Bisnis Islam | Journal of Islamic Economics and Business Vol. 4 No. 2 (2018): JULI-DESEMBER 2018
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (769.69 KB) | DOI: 10.20473/jebis.v4i2.10035

Abstract

This study aims to determine whether interest-based debt limitation and non-halal income limitation have significant effect on the firm value. Sharia stock issuers in Indonesia are obliged to pass several conditions set by the market regulator, some of them are limitations of the interest-based debt and non-halal income. This study assumes that the lower portion of interest-based debt and non-halal income, the more the investors will prefer the stocks, thus increasing the firm value. The subjects of this study are the companies listed on JII period 2013-2017. This study measures interest-based debt with ratio of interest-based debt devided by total debt, measures non-halal income with ratio of non-halal income divided by operating revenue, and measures the value of the firm with PBV. The analysis of this study using panel data regressions with fixed effects models with robust standard errors. The results shows that interest-based debt and non-halal income have no effects on the value of the firm, partially and simultaneously Keywords: Interest baseddebt, Non-halal income, Sharia stocks, Value of the firm
Empowerment Model of Migrant Workers Tika Widiastuti; Muhammad Nafik Hadi Ryandono; Imron Mawardi
Perisai : Islamic Banking and Finance Journal Vol 1 No 2 (2017): April
Publisher : Universitas Muhammadiyah Sidoarjo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21070/perisai.v1i2.877

Abstract

The profession of migrant workers in some cases bring the person concerned to get the treasures expected success, but not rarely contain a number of risks that need to get the attention of government authorities. A number of problems that might be experienced when Indonesian Labor not available works. Therefore it takes a model economic empowerment for the labor of Indonesia, when he returned to his country was able to survive and improve the well-being of himself and of his family. This research aims to know the role of zakah's institution towards the empowerment of Indonesia's labor and to devise appropriate empowerment model for Indonesian Workforce by Institution of Zakah. Data analysis was done with a qualitative approach. Analytical techniques in the study will be conducted with qualitative analysis approach, a case study of eksplanation to explain how the empowerment model right for Indonesia in Labor Studies. Based on the data and the results of the analysis that has been done can be known that Dompet Dhuafa has role in Indonesia Workforce empowerment. The empowerment Model implemented by Dompet Dhuafa form the Groove program that may help the former workforce of Indonesia after plunging back to life in his native region. Former Indonesian workforce empowerment meant to monitor and nurture the entrepreneurial activities are continuously carried out by former Indonesian labor so that it can be a permanent effort.
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