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All Journal JURNAL BISNIS STRATEGI IMAGE Journal of Business Management Education (JBME) Jurnal Manajemen & Keuangan Substansi: Sumber Artikel Akuntansi Auditing dan Keuangan Vokasi Jurnal ASET (Akuntansi Riset) IKRA-ITH EKONOMIKA EQIEN - JURNAL EKONOMI DAN BISNIS Shirkah: Journal of Economics and Business Jurnal Pendidikan Akuntansi dan Keuangan JURNAL MANAJEMEN JSMA (Jurnal Sains Manajemen dan Akuntansi) Jurnal Riset Bisnis dan Manajemen Cakrawala Repositori Imwi Equity: Jurnal Ekonomi Finansha: Journal of Sharia Financial Management International Journal of Finance Research Jurnal Kajian Peradaban Islam Jurnal Neraca Peradaban The Eastasouth Management and Business Journal of Economics, Entrepreneurship, Management Business and Accounting West Science Accounting and Finance West Science Social and Humanities Studies
Purnomo, Budi Supriatono
Universitas Pendidikan Indonesia
Religion Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Law, Crime, Criminology & Criminal Justice Public Health Social Sciences Other

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Tinjauan Pustaka Sistematis Employee Stock Option Hidayat, Yusuf Murtadlo; Solikin, Ikin; Purnomo, Budi Supriatono; Alamanda, Dini Turipanam
Journal of Business Management Education (JBME) Vol 7, No 1 (2022)
Publisher : Business Education Program of Universitas Pendidikan Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17509/jbme.v7i1.42904

Abstract

Employee stock options are discussed not only by researchers in the field of finance, but also from human resources, to psychology. This study aims to fill the research gap related to ESO by conducting bibliometric analysis on articles from the Google Scholar database. A total of 151 articles were selected from the 175 articles found with a range of publication years 2002-2021. The selected articles are classified based on the relevance of the title and abstract. In addition, it is also classified by publisher. Keywords found and related to ESO are grouped based on relevance and frequency of occurrence in order to obtain three groups of keyword elements.
The Effect of Biological Asset Intensity and Public Share Ownership on Biological Asset Disclosure with Company Growth as a Moderating Variable Abdullah, Sulthan Yusuf; Purnomo, Budi Supriatono; Heryana, Toni
Jurnal Pendidikan Akuntansi & Keuangan Vol 12, No 1 (2024): JPAK : Jurnal Pendidikan Akuntansi dan Keuangan
Publisher : Universitas Pendidikan Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17509/jpak.v12i1.60377

Abstract

This study aims to determine the effect of the intensity of biological assets and public ownership of shares on the disclosure of biological assets with company growth as a moderating variable. The research method used is causal research. Sampling used a purposive sampling method in order to obtain a sample of 54 agricultural sector companies listed on the Indonesia Stock Exchange for 2019-2021. In this study using secondary data obtained from annual reports that have been audited by the company. The analytical method used is Multiple Regression Analysis and Moderation Regression Analysis. The test results show that biological assets have a positive effect on the disclosure of biological assets, public ownership has a negative effect on the disclosure of biological assets, company growth does not moderate the effect of the main concern of biological assets on the disclosure of biological assets and company growth moderates the effect of public share ownership on the disclosure of biological assets.
Pengaruh Rasio Keuangan Terhadap Harga Saham Perusahan Sektor Makanan dan Minuman di Bursa Efek Indonesia Periode 2016-2020 Nurmansyah, Abdul Ahmad Hafidh; Iskandar, Iskandar; Simatupang, Frido Saritua; Purnomo, Budi Supriatono; Purnamasari, Imas
Jurnal Neraca Peradaban Vol. 4 No. 1 (2024): Jurnal Neraca Peradaban
Publisher : Prodi Akuntansi STIE Hidayatullah Depok

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55182/jnp.v4i1.371

Abstract

Harga saham merupakan cerminan keberhasilan manajemen perusahaan dalam menjalankan operasional perusahaan. Penelitian ini bertujuan untuk mengetahui pengaruh Current Ratio (CR), Return on Equity (ROE) dan Earning Per Share (EPS) terhadap harga saham. Populasi dalam penelitian ini perusahaan sub sektor makanan dan minuman yang terdaftar di Bursa Efek Indonesia tahun 206-2020. Teknik sampel dalam penelitian ini menggunakan purpossive sampling sehingga didapatkan sebanyak 14 sampel perusahaan. Hasil penelitian menunjukkan bahwa variabel CR tidak berpengaruh terhadap harga saham, sementara variabel ROE dan EPS berpengaruh positif secara parsial. Sedangkan secara simultan variabel CR, ROE dan EPS berpengaruh terhadap harga saham. Berdasarkan hasil uji koefisien determinasi menunjukkan besarnya nilai Adjusted R Square dalam model regresi sebesar 47,3% sedangkan sisanya dipengaruhi oleh faktor lain.
Analisis Kointegrasi IHSG dengan Indeks Bursa Saham di ASEAN Frido Saritua Simatupang; Doni Dirgantara; Budi Supriatono Purnomo; Imas Purnamasari
Cakrawala Repositori IMWI Vol. 7 No. 2 (2024): Cakrawala Repositori IMWI
Publisher : Institut Manajemen Wiyata Indonesia & Asosiasi Peneliti Manajemen Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52851/cakrawala.v7i2.671

Abstract

Penelitian ini bertujuan untuk menganalisis kointegrasi IHSG dengan bursa saham di negara-negara ASEAN yang dikaitkan dengan pandemi Covid-19. Penelitian ini menggunakan Vector Error Correction Model (VECM) dalam menganalisis integrasi pada 8 bursa saham di negara-negara ASEAN. Data penelitian bersumber dari data sekunder bulanan yang terdiri dari indeks pasar saham negara ASEAN. Populasi dalam penelitian ini adalah semua indeks pasar saham ASEAN yang terdiri dari 8 indeks. Teknik sampling menggunakan sampel jenuh yaitu semua populasi masuk dalam sampel penelitian. Hasil penelitian menunjukkan bahwa hanya indeks KLCI dan indeks PSEI Filipina yang memiliki kointegrasi dengan IHSG Indonesia sedangkan STI Singapura, SETI Thailand, LSX Laos, YSX Myanmar, CSX Kamboja dan VNI Vietnam tidak memiliki kointegrasi dengan IHSG Indonesia, yang artinya hanya bursa saham Malaysia dan Filippina yang memiliki hubungan jangka pajang dengan bursa saham Indonesia.
Corporate Social Responsibility Disclosure as an Agency Cost Reduction Mechanism for Investment Decisions in the Apparel & Textile Sector Sarifiyono, Aggi Panigoro; Purnomo, Budi Supriatono; Purnamasari, Imas
International Journal of Finance Research Vol. 6 No. 1 (2025): International Journal of Finance Research
Publisher : Training & Research Institute - Jeramba Ilmu Sukses (TRI-JIS)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47747/ijfr.v6i1.2588

Abstract

This study examines the role of Corporate Social Responsibility (CSR) disclosure as a mechanism to reduce agency costs and improve investment decisions in Indonesia’s apparel and textile sector. Using data from publicly listed companies on the Indonesia Stock Exchange (IDX) from 2020 to 2024, the research employs a quantitative approach with panel data regression and mediation analysis conducted using EViews software. CSR disclosure, measured through a CSR Disclosure Index, serves as the independent variable, while agency costs, assessed via operating and administrative expense ratios, function as the mediating variable. Investment decisions, the dependent variable, are evaluated using financial indicators such as Net Present Value (NPV), Internal Rate of Return (IRR), Return on Investment (ROI), and capital expenditure allocation efficiency. The findings reveal that CSR disclosure significantly reduces agency costs by enhancing transparency and accountability, thereby mitigating conflicts between shareholders and managers. Additionally, CSR disclosure positively impacts investment decisions, with agency costs partially mediating this relationship. These results align with agency theory, demonstrating the value of CSR practices in improving corporate governance and investment efficiency. However, the partial mediation effect suggests that other factors, such as market dynamics and regulatory frameworks, may also influence the CSR-investment relationship. This study contributes to the literature by validating agency theory in the context of CSR and investment decision-making in an emerging market setting. It provides practical implications for policymakers and practitioners, emphasizing the importance of standardized CSR reporting to foster better governance and financial performance. Future research should explore additional mediators and expand the scope to other industries and regions to generalize the findings further
25 Years of Dividend Policy Research in Indonesia (1998-2023): A Bibliometric Perspective Faldesiani, Riske; Ciptagustia, Annisa; Purnomo, Budi Supriatono; Purnamasari, Imas; Firmansyah, Egi Arvian
Image : Jurnal Riset Manajemen Vol 12, No 2 (2024): Image : Jurnal Riset Manajemen
Publisher : Universitas Pendidikan Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17509/image.2024.27

Abstract

This study presents a comprehensive bibliometric analysis of dividend policy literature spanning the past twenty-five years (1998–2023), with a specific focus on Indonesia. Employing advanced computational mapping techniques using Biblioshiny and VOS Viewer, the research analyses 948 relevant Scopus-indexed articles and seminar papers. Key search terms included “dividend policy,” “dividend payout ratio,” and “dividend puzzle.” Articles specifically addressing "Indonesia" were mapped and scrutinized to uncover trends and insights. The findings offer a nuanced perspective on the evolution of dividend policy research, shedding light on its application in Indonesia's financial management landscape and providing a robust foundation for future scholarly inquiries.
Islamic Economic Principles: A Critical Review of Capitalism and a Vision for Justice Muhammad Ifan Fadillah; Budi Supriatono Purnomo; Imas Purnamasari
Equity: Jurnal Ekonomi Vol 12 No 2 (2024): Equity : Jurnal Ekonomi
Publisher : Universitas Bangka Belitung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33019/equity.v12i2.381

Abstract

This article addresses the paradigmatic tension between capitalism and socialism in the quest for economic and social justice, with a specific focus on critiquing financial capitalism from an Islamic perspective. Using a literature review methodology, this study explores the theoretical foundations of these paradigms and highlights Islam’s distinct approach. The findings reveal that Islam critiques the financial theories underpinning capitalism, particularly its emphasis on the unrestricted pursuit of profit, accumulation of capital, and reliance on mechanisms like interest (riba) and speculative activities (gharar) that exacerbate economic inequality and social injustice. Islam does not align with the profit-driven individualism of capitalism or the state-centric control of socialism. Instead, it presents a transformative paradigm rooted in Islamic theology, advocating principles such as zakāt to ensure equitable wealth distribution, the prohibition of riba to prevent exploitative financial practices, and the prioritization of shared welfare over material accumulation. This paradigm, referred to as Transformative Islam, critiques the structural inequities of financial capitalism while emphasizing the moral imperative for justice, communal well-being, and sustainable economic systems. By integrating theological principles with practical methodologies, Transformative Islam offers a comprehensive and just alternative to exploitative financial systems.
Pengujian Model Black-Scholes dan Model Binomial pada Kontrak Opsi Saham NFLX Hanifa, Fanni Husnul; Supriatono Purnomo, Budi; Purnamasari, Imas; Shintia Dewi, Andrieta
Jurnal Manajemen dan Keuangan Vol 14 No 1 (2025): JURNAL MANAJEMEN DAN KEUANGAN
Publisher : Program Studi Manajemen Fakultas Ekonomi Universitas Samudra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33059/jmk.v14i1.10705

Abstract

Investasi di pasar saham menghadirkan risiko dan peluang yang tinggi, termasuk dengan instrumen derivatif seperti opsi saham. Model matematika seperti Black-Scholes dan Binomial telah dikembangkan untuk menentukan harga opsi, namun keakuratan keduanya masih menjadi perdebatan, terutama untuk berbagai periode jatuh tempo. Penelitian ini memberikan wawasan tentang keakuratan model penentuan harga opsi yang berbeda berdasarkan periode jatuh tempo. Tujuan penelitian ini adalah untuk membandingkan keakuratan Model Black-Scholes dan Model Binomial dalam menentukan nilai opsi beli saham Netflix, Inc. (NFLX) berdasarkan volatilitas harga saham dan periode jatuh tempo (1 bulan, 2 bulan, dan 3 bulan). Penelitian menggunakan data opsi saham Netflix dari Januari hingga November 2024. Nilai opsi dihitung menggunakan kedua model, dengan evaluasi berdasarkan Price Absolute Error untuk masing-masing periode jatuh tempo. Hasil penelitian menunjukkan bahwa Model Black-Scholes lebih akurat untuk periode jatuh tempo 1 bulan, sementara Model Binomial lebih akurat untuk periode 2 dan 3 bulan. Hal ini terlihat dari nilai Price Absolute Error yang lebih kecil pada masing-masing model untuk periode tersebut. Temuan ini relevan untuk investor dalam memilih model yang sesuai untuk meminimalkan risiko investasi.
TEST THE REACTION OF THE BANK SYARIAH INDONESIA STOCK MARKET (STUDY OF EVENTS PP MUHAMMADIYAH DECIDED TO WITHDRAW CUSTOMER FUNDS) Sopian, Adi; Purnomo, Budi Supriatono; Purnamasari , Imas
Finansha: Journal of Sharia Financial Management Vol. 6 No. 1 (2025): Finansha: Journal of Sharia Financial Management
Publisher : UIN Sunan Gunung Djati Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/fjsfm.v6i1.42873

Abstract

This study aims to examine the differences in abnormal returns and trading volume activity before and after the announcement of the Muhammadiyah Central Leadership (PP Muhammadiyah) memo regarding the consolidation of member funds, which are not to be concentrated in Bank Syariah Indonesia (BSI). The research method used is an event study method with a paired sample t-test to assess the significance of differences between the periods before and after the announcement. The data utilized include abnormal returns and trading volume activity for 10 days before and after the event. The results of this study indicate no significant difference in abnormal returns before and after the announcement. This suggests that the PP Muhammadiyah memo did not affect stock returns, as shareholders still trust the credibility of BSI's management, disregarding external influences. However, in terms of trading volume activity, there is a significant difference between the periods before and after the announcement. This is due to a decline in trading volume after the announcement, as shareholders observe the situation of BSI stock trading before deciding to buy or sell shares.
Mudharabah and Musyarakah Financing in Indonesian Islamic Banking Practices: Is It Equity or Debt Financing? Purnomo, Budi Supriatono; Nasim, Arim; Besar, Mohd. Hairul Azrin Haji; Suryadi, Edi
Islamic Research Vol 7 No 1 (2024): Islamic Research
Publisher : Perhimpunan Intelektual Muslim Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47076/jkpis.v7i1.232

Abstract

The purpose of this paper is to examine whether Mudharabah and Musyarakah financing from Islamic banks in Indonesia is capital or debt financing, based on legal, accounting, and fiqh perspectives. To achieve this goal, a review is carried out on laws, Sharia Accounting Standards, MUI and DSN Fatwas, the Al Quran and Hadith, articles, the Financial Reports of Islamic Banks in Indonesia, and other relevant documents. This study concludes that the law as stipulated in Act No. 21 of 2008 limits Islamic banking operational activities only to the financial sector, and it is almost impossible to implement in a real economy. The current provision does not allow Islamic banking to act as an investor in a mudharabah contract or as an asset owner in a musyarakah contract. This is confirmed in the financial reports of Islamic banks, which do not report mudharabah financing and musyarakah financing as investments. In addition, in practice, Contract musyarakah cannot stand on its own but must be carried out in a multi-contract (hybrid) manner. Even though the Prophet had forbidden the practice of two contracts in one transaction. On the other hand, in distributing financing, banks do not have a sharia contract basis to act as shaibul mal. The bank's status as Al-Wakil or Mudharib does not justify it changing its status to Shahibul Mal when disbursing funds. As a result, the Contract of mudharabah and musyarakah financing carried out by banks with customers as mudharib becomes void.
Co-Authors Abdullah, Sulthan Yusuf Adi Sopian Aggi Panigoro Sarifiyono Andriana, Denny Andrieta Shintia Dewi Aslam, Muhammad Ilham Besar, Mohd. Hairul Azrin Haji Chika Aprillia Ciptagustia, Annisa Dematria Pringgabayu Dewi Puspasari Dini Turipanam Alamanda Doni Dirgantara Edi Suryadi, Edi Egi Arvian Firmansyah Fanni Husnul Hanifa Fitri Novilia Frido Saritua Simatupang Hadiansyah Ma’sum Heryana, Toni Hidayat, Yusuf Murtadlo Ida Farida Adi Prawira Ikin Solikin Imas Purnamasari Iskandar Iskandar Leonita Siwiyanti Maulidina, Alma Syifa Maya Sari Miftakul Huda Muhamad Iqbal Naimul Firdaus Muhamad Syahwildan Muhammad Deny, Muhammad Muhammad Ifan Fadillah Nasim, Arim Ningtyas, Regina Aulia Nurbaeti Nurbaeti Nurmansyah, Abdul Ahmad Hafidh Prayoga, Widi Rani, Asni Mustika Rina Suprina Riske Faldesiani Simatupang, Frido Saritua Siti Havidotinnisa solikin, ikin Syifa Pramudita Faddila Wenda Wahyu Christiyanto Yuliana, Rena