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Pengaruh Esg Disclosure dan Faktor Internal Perusahaan terhadap Nilai Perusahaan di ISSI Periode 2019-2024 Zaky Fahrezi; RR. Tini Anggraeni
Tauhidinomics: Journal of Islamic Banking and Economics Vol. 6 No. 1 (2026)
Publisher : Faculty of Economics and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/thd.v6i1.51696

Abstract

This study aims to analyze the effect of Environmental, Social, and Governance (ESG) disclosure, Return On Asset (ROA), Return On Equity (ROE), Current Ratio (CR), and Price Earning Ratio (PER) on the value of energy sector companies listed on the Indonesian Sharia Stock Index (ISSI) for the 2019–2024 period. The study uses panel data regression method with a Fixed Effect Model (FEM) approach. The results show that simultaneously all independent variables have a significant effect on company value with a Prob F-statistic value of 0.00000 < 0.05 and an adjusted R² of 98.5%. Partially, ROE and CR have a positive significant effect, while ESG, ROA, and PER have a negative effect on company value. These results indicate that investors pay more attention to the management of capital and liquidity of the company rather than ESG disclosure, asset profitability, and PER in making investment decisions.
Do Retail and Non-Retail State Sharia Securities Promote Economic Growth in Indonesia? Evidence from an ARDL Approach Annisa Dinda Rahmasari; Rr Tini Anggraeni
Al-Tijary Vol. 11 No. 2 (2026): AL-TIJARY VOL. 11, NO. 2, JUNI 2026
Publisher : Faculty of Islamic Economics and Business Sultan Aji Muhammad Idris State Islamic University Samarinda

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21093/at.v11i2.11466

Abstract

State Sharia Securities or Surat Berharga Syariah Negara (SBSN) have become an increasingly important instrument for financing Indonesia’s fiscal needs, yet the economic effects of retail- and non-retail-oriented issuances may differ because they target different investor segments and financing channels. This study examines the short- and long-run roles of Non-Retail SBSN and Retail SBSN in Indonesia’s economic growth. Using a quantitative time-series approach, the study analyzes 60 quarterly observations from 2009Q1 to 2023Q4 and applies the Autoregressive Distributed Lag (ARDL) method in EViews 13. Trade openness, the Consumer Price Index (CPI), and the BI Rate are included as macroeconomic control variables, while GDP represents economic growth. The findings show that Retail SBSN and CPI are significantly associated with GDP in the short run, whereas Non-Retail SBSN, trade openness, and CPI are significant in the long run. The results indicate that the contribution of SBSN to economic growth differs across investor segments and time horizons. Policy efforts should therefore strengthen the productive allocation of SBSN proceeds while expanding retail participation and Islamic financial literacy so that sovereign sukuk can contribute more effectively to sustainable economic activity.