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Journal : iijse

Dynamics of Corporate Financial Performance in IDX Carbon Initial Trading Participation: A DuPont Five-Step Approach Danil Maulana; A. Ifayani Haanurat; Asri Jaya
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 2 (2026): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v9i2.9740

Abstract

Global warming and increasing greenhouse gas emissions are driving various countries to develop carbon trading mechanisms as an instrument for emission control, including in Indonesia through the launch of IDX Carbon on September 26, 2023. This research aims to examine the dynamics of companies' financial performance before, during, and after participation in the inaugural carbon trading transaction via IDX Carbon using the DuPont Five-Step Analysis approach. The research population includes 16 companies participating in the inaugural IDX Carbon transaction, with a sample of seven companies selected using purposive sampling based on the availability of financial statements and annual reports. The data used consists of quarterly financial statements for the 2022-2024 period. The research problem focuses on the differences in Return On Equity (ROE) before, during, and after participation, as well as changes in DuPont components and their correlation to ROE. The analysis methods include descriptive analysis, comparative analysis, and correlation testing of DuPont components consisting of tax burden, interest burden, operating profit margin, asset turnover, and financial leverage. The research results indicate that companies' participation in the inaugural IDX Carbon transaction was not followed by a significant change in ROE in the short term. However, there were adjustments in the ROE-forming structure, especially an increase in interest burden pressure and the important role of operational efficiency and asset utilization in maintaining profitability. This research concludes that the impact of carbon trading on companies' financial performance is transitional and is more reflected through the dynamics of DuPont components than through aggregate changes in ROE.
Foreign Flow And Transaction Volume Of State-Owned Enterprise Shares In Response To The Announcement Of The Establishment Of Danantara: Event Study Nurmi Nurmi; Ismail Badollahi; A. Ifayani Haanurat
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 2 (2026): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v9i2.9763

Abstract

This study analyzes the response of the Indonesian capital market to the announcement of the establishment of Danantara as a national sovereign wealth fund using a comparative quantitative approach and event study method. The focus of the study is on changes in foreign flow and the volume of transactions of strategic state-owned enterprises on the Indonesia Stock Exchange. Secondary data was obtained from ten strategic state-owned enterprises with an observation period before and after the announcement in February 2025. The results show a significant difference in the trading volume of strategic SOE stocks after the establishment of Danantara. In addition, foreign selling experienced a significant change, while foreign buying did not show a significant difference. These findings indicate that the announcement of Danantara's formation was perceived as important information by the market and responded to in the short term, mainly through stock trading activities, while foreign investors tended to be more cautious in adjusting their investment decisions
Co-Authors Abdul Khaliq Achmadi Achmadi Achmadi Achmadi Adinda Syalsyabilla Aidha Vedianty Alam Tauhid Syukur, Alam Tauhid Alda, Alda Ananda Saputri Andi Mappatompo Andi Nila Sari Andi Rustam Arman Arman Arni Arni Arsal, Muryani Arsyad Arsyad Asri Jaya Asrijal Bintang Awaliah, Eni Versary Azizah Saban Badollahi, Ismail Budi Mawan Aris Buyung Romadhoni Choiriah Muslimah Nurdin Choirudin, Choirudin Danil Maulana Dhakal, Amrit Fakhira Irwan Fuadah Johari Hainnuraqma Binti Rahim Hairul Mar’i Harfina Handayani Husnaeda Husnaeda Husnaeda Ipahriani Rahman Ipahriani Rahman Irpan Irpan Ismi Aulia Rahma Ramly J, Jusriadi Jam’an, Andi Kadriati Hasyim Karsinah Sidi Kartini Kartini M. Yusuf K M. Yusuf K M. Yusuf. K Mardin Mardin Mardin, Mardin Marsyad Alganawi Salam Meily Meliyani Muchran, Muchriady Muchriady Muchran Muchriana Muchran Muchriana Muchran Muchriana Muchran Muchriana Muchran Muchriana Muchran Muh. Saharulla Muhammad Nur Abdi Muhammad Syaiful Muhammad Syaiful Muhammad Umar Muryani Arsal Musdalifa Musdalifa Musdalifa Musdalifa Nasrullah Nasrullah Nasrullah Nasrullah Nur Yanti, Nur Nurbiah Nurbiah Nurlina Nurlina Nurlina Nurlina Nurmi Nurmi Nur’aeni Nur’aeni Pratiwi, Nurul Rezky Putri, Aisyah Aulia Rahman, Anisur Rahmawati Muin Ramly Ramly Rani Darmayanti Razak, Linda Arisanty Rd. Heri Solehudin Risaldi, Muh Romadhoni, Buyung Rony Kusmaladi Rusni Hasni Rustam, Andi S. Sukmawati Safitri Nurfianti Safri Haliding Sahabuddin Nanda Sahabuddin Nanda Sahabuddin Nanda Sahay Amrita Tollentino Saiful Bakhri Sakia Putri Samsul Salam, Marsyad Alganawi Salsabila Arianto Samsul Bahari Siti Asiah Azis Sriwahyuni Rustan Suarni, Agusdiwana Sukmawati - Sukmawati S Sukmawati Sukmawati Syafaruddin Syafaruddin Syafaruddin Syafaruddin Tiwi Tiwi Tollentino, Sahay Amrita Totok Hendarto Vikram Singh Wa Ode Rayyani Wa Ode Rayyani Wa Ode Rayyani Wa Ode Rayyani Wahyudi Malik Wahyudin Rahman Warda Warda Yusra Putri Zalkha Soraya Zalkha Soraya Zalkha Soraya Zalkha Soraya