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All Journal Nominal: Barometer Riset Akuntansi dan Manajemen JURNAL DINAMIKA EKONOMI PEMBANGUNAN BISNIS: Jurnal Bisnis dan Manajemen Islam Jurnal Ekonomi Syariah Teori dan Terapan Petra International journal of Business Studies (IJBS) Indonesian Capital Market Review Syarah: Jurnal Hukum Islam dan Ekonomi Indonesian Journal of Islamic Economics and Finance Jurnal Magister Ekonomi Syariah
Fajriyatul Abadiyah
UIN Sunan Kalijaga
Religion Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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Analysis of Sharia Banking Share Valuation Using Intrinsic Value and Margin of Safety Method Graham Number Fajriyatul Abadiyah; Hikmah Endraswati
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 10 No. 1 (2023): Januari-2023
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol10iss20231pp16-26

Abstract

ABSTRACT This study aims to analyze the valuation of Islamic banking stocks using the intrinsic value method and the margin of safety Graham number, and determine whether Islamic banking stocks are undervalued or overvalued. This research is included in the descriptive quantitative research. The data source used is secondary data obtained from www.idx.co.id and www.Indopremier.com, while the research sample selection technique uses a purposive sampling method with the criteria of companies that have been IPOs for more than five years and the number of samples found consists of three Islamic banking stocks, namely BRIS, BTPS, and PNBS shares. Based on the results of the valuation of Islamic bank stocks using the intrinsic value method and margin of safety, graham numbers are obtained if the three Islamic bank stocks experience an overvalued/expensive condition above the criteria set by Benjamin Graham, the cause is because investor euphoria is quite high regarding the news of the merger of Bank Syariah Indonesia so that it can be concluded that the three Islamic banking stocks have considerable investment risks. Therefore, investors need to wait and see until the position of the Islamic bank's stock price is close to its fair price. Keywords: Graham Number, Intrinsic Value, Margin of Safety, Market Share, Islamic Banking.   ABSTRAK Penelitian ini bertujuan untuk menganalisis valuasi saham perbankan syariah dengan metode intrinsik value dan margin of safety graham number, serta menentukan apakah saham perbankan syariah dalam kondisi undervalue atau overvalue. Penelitian ini termasuk kedalam penelitian kuantitatif deskriptif. Sumber data yang digunakan adalah data sekunder yang diperoleh dari www.idx.co.id dan www.indopremier.com, sedangkan teknik pemilihan sampel penelitian menggunakan metode purposive sampling dengan kriteria perusahaan yang telah IPO lebih dari lima tahun dan diperoleh jumlah sampel yang ditemukan terdiri dari tiga saham perbankan syariah, yakni saham BRIS, BTPS, dan PNBS. Berdasarkan hasil valuasi saham bank syariah dengan menggunakan metode intrinsik value dan margin of safety graham number diperoleh jika ketiga saham bank syariah tersebut mengalami kondisi overvalue/mahal berada diatas kriteria yang ditetapkan oleh Benjamin Graham, penyebabnya dikarenakan euforia investor cukup tinggi mengenai kabar merger Bank Syariah Indonesia sehingga dapat disimpulkan ketiga saham perbankan syariah memiliki risiko investasi yang cukup besar. Maka dari itu, investor perlu wait and see sampai posisi harga saham bank syariah mendekati harga wajarnya. Kata Kunci: Graham Number, Intrinsic Value, Margin of Safety, Market Share, Perbankan Syariah.   REFERENCES Alhazami, L. (2020). Valuasi saham yang masih layak untuk dikoleksi di bursa efek Indonesia (BEI) pada Saat pandemik covid-19. Jurnal Ilmiah Akuntansi Dan Keuangan, 9(2), 139–149. https://doi.org/10.32639/jiak.v9i2.526 Antoni, Juwita, R., & Wijayanti, A. P. (2020). Penentuan nilai harga wajar saham menggunakan metode gordon growth model. Co-Value: Jurnal Ekonomi, Koperasi & Kewirausahaan, 11(3), 77–82. Budiman, R. (2020). Investing is easy. PT Elex Media Komputindo. Ervian, P. (2015). Pemanfaatan metode value investing Benjamin Graham untuk meraih capital gain di bursa efek Indonesia. Universitas Kristen Satya Wacana. Graham, B., & Dood, D. L. (2014). Security analysis: Principles and techniques. McGraw Hill. Halim, A. (2005). Analisis investasi. Salemba Empat. Hutabarat, F. (2022). Value investing analysis: A look at Anthony Salim portfolio. 8ISC Proceedings: Business, 58–65. Islami, R. G. (2020). Valuasi nilai wajar saham dengan metode DCF (Discounted Cash Flow) dalam pengambilan keputusan investasi pada perusahaan pertambangan tahun 2015-2019. Unpublished thesis. Universitas Semarang. Jahan, N., Chehb, J. J., & Kim, I. (2016). A comparison of Graham and Piotroski investment models using accounting information and efficacy measurement. Journal of Economic & Financial Studies, 04(01). https://doi.org/http://dx.doi.org/10.18533/jefs.v4i1.219 Kaniati, R., Prakoso, R., Ateniyanti, Sopiani, M., & Siahaan, F. L. W. (2020). Peluang investasi saham dalam pandemi covid 19 melalui pendekatan price earning rasio, price book value dan margin of safety di bursa efek Indonesia. Unpublished thesis. Universitas Pancasila. Kurniawan, R. (2020). Multibagger: Cara Meraih Profit > 100% Dari Pasar Saham. PT Elex Media Komputindo. Kusmayadi, I., Ahyar, M., Muhdin, & Oktaryani, G. (2020). Prospek saham perbankan di Indonesia. Jurnal Magister Manajemen Universitas Mataram, 9(2), 175–185. https://doi.org/10.29303/jmm.v9i2.547 Lin, J., & Sung, J. (2014). Assessing the Graham's formula for stock selection"¯: Too good to be true? Open Journal of Social Science, 2(3), 1–5. http://dx.doi.org/10.4236/jss.2014.23001 Petrova, E. (2015). Value investing - Essence and ways of finding undervalued assets. International Conference Knowledge-Based Organization, 21(2), 344–348. https://doi.org/10.1515/kbo-2015-0057 Puspaningtyas, L., & Intan, N. (2021). Mantapnya kinerja 2 bank syariah, ungguli bank konvensional. Retrieved from https://www.republika.co.id/berita/qsr4uy440/mantapnya-kinerja-2-bank-syariah-ungguli-bank-konvensional-part1 Rachmattulah, M. F., & Faturohman, T. (2016). The implementation of Benjamin Graham criteria (A case in Indonesia market). Journal of Business and Management, 5(6), 773-782. Rakim, A. A., Iqbal, M., & Misra, I. (2022). Analysis of investment strategy in Indonesian consumer goods industry: Benjamin Graham's approach. Diponegoro International Journal of Business, 5(1), 57–69. https://doi.org/10.14710/dijb.5.1.2022.57-69 Sari, P. S., Ghozi, S., & Rakim, A. A. (2020). Analisis harga wajar saham sektor perbankan pada bank Buku IV dengan metode Benjamin Graham. Jurnal Tugas Akhir Mahasiswa Akuntansi Poltekba (JMAP). Sekaran, U., & Bougie, R. (2017). Metode penelitian untuk bisnis. Salemba Empat. Sidik, S. (2021). Tumbuh pesat, Investor pasar modal RI tembus 7,48 juta. Retrieved from https://www.cnbcindonesia.com/market/20211230160504-17-303338/tumbuh-pesat-investor-pasar-modal-ri-tembus-748-juta Sitorus, F. Y., & Hutasoid, P. S. J. K. (2017). Pengaruh EPS dan return saham terhadap IHSG BEI menggunakan value investing dari Benjamin Graham. Fundamental Management Journal, 2(1), 16–21. https://doi.org/10.33541/fjm.v2i1.426 Srivastava, V. K., & Kulshrestha, N. (2020). Portfolio selection and performance evaluation through Benjamin Graham's value investing. Indian Journal of Finance and Banking, 4(2), 11–16. https://doi.org/10.46281/ijfb.v4i2.688 Widyawinata, R. (2022). Graham number: Apa itu, rumus, perhitungan dan pengaruhnya. Retrieved from https://glints.com/id/lowongan/graham-number-adalah/#.Yp7Mr6hBzIU Wirawan, G. H., & Sumirat, E. (2021). Performance analysis of investment portfolio strategy using Warren Buffett, Benjamin Graham, and Peter Lynch method in Indonesia stock exchange. European Journal of Business and Management Research, 6(4), 394–401. https://doi.org/10.24018/ejbmr.2021.6.4.1040 Yanuarsyah, I. (2021). Pengaruh rasio keuangan terhadap harga dan valuasi saham berdasarkan kriteria Benjamin Graham dengan analisis regresi. Unpublished Thesis. Institut Teknologi Sepuluh Nopember. Yulita, I. K., & Rahayu, C. W. E. (2019). Hospitality and tourism industry performance in Indonesia based on Benjamin Graham's perspective. Jurnal Ilmu Manajemen Dan Bisnis, 10(1), 9–16. https://doi.org/10.17509/jimb.v10i1.14485
Financial Development, Financial Market, and Financial Institutional on International Trade in Developing Eight Countries Fajriyatul Abadiyah; Hikmah Endraswati
JURNAL DINAMIKA EKONOMI PEMBANGUNAN Vol 6, No 2 (2023): AUGUST
Publisher : Fakultas Ekonomika dan Bisnis, Universitas Diponegoro

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14710/jdep.6.2.118-130

Abstract

This study aims to analyze the effect of financial development, financial market, and financial institutional on international trade in developing eight countries, with foreign exchange reserves, foreign direct investment, and real gross domestic product as control variables. This research includes descriptive quantitative research. The population used is eight developing countries. The data in this study is secondary data sourced from World Bank and International Monetary Fund (IMF) reports observation period from 2011 to 2020. The research model uses the panel data regression analysis method (Ordinary Least Square) through the Eviews 10 program. The results show that financial development has a positive and significant effect on international trade in D-8 countries, while financial markets and financial institutional have a significant negative effect on international trade in D-8 countries.
The Role of Net Profit Margin, Asset Turnover, and Equity Multiplier in Driving Stock Returns: Moderating Effect of ROE Dupont Fajriyatul Abadiyah
Petra International Journal of Business Studies Vol. 6 No. 2 (2023): DECEMBER 2023
Publisher : Master of Management, School of Business and Management, Petra Christian University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.9744/petraijbs.6.2.185-192

Abstract

This study aims to test whether DuPont's ROE can moderate the effect of net profit margin, total asset turnover, and equity multiplier ratio on the stock returns of insurance companies listed on the Indonesia Stock Exchange. This research includes quantitative research. Purposive sampling techniques are used to find stocks of insurance companies that meet the research criteria. The data in this study is panel data sourced from financial statements and historical data on the closing prices of 14 insurance companies for the observation period of January 2018-December 2022. The research model uses SEM-PLS with a data analysis method, moderated regression analysis (MRA), through the Warp Pls 8.0 program. The results showed that the NPM variable did not affect stock returns, while TATO and EMR significantly affected insurance stock returns positively. Furthermore, Dupont's ROE moderation variable interactions were found to have varying classifications. Dupont's ROE role in NPM relationships acts as a homologizer, meaning it can influence the strength of the relationships built. While in the TATO relationship, Dupont's ROE acts as quasi-moderation, which means having a pseudo-interaction between the two. In the EMR relationship, Dupont's ROE acts as a moderation predictor, which means that Dupont's ROE variable only acts as an independent variable in the relationship model formed.
Determining Factors of Dividend Payout Ratio in The Top Five Banking Companies on The Indonesian Stock Exchange Toni Prihandoko; Fajriyatul Abadiyah
Petra International Journal of Business Studies Vol. 7 No. 1 (2024): JUNE 2024
Publisher : Master of Management, School of Business and Management, Petra Christian University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.9744/petraijbs.7.1.80-88

Abstract

One manifestation of investing is getting dividends or giving the company free bonuses, which are distributed to investors based on excess profits generated in a certain period. This research seeks to examine the influence of profitability and capital structure on the dividend payout ratio, which includes indicators of net profit margin (NPM), return on assets (ROA), return on investment (ROI), and debt-to-equity ratio (DER). Panel data regression analysis is used in this research to answer the problem formulation with an observation period from 2018-2022. The research results show that net profit margin and debt-to-equity ratio have a negative and significant effect on the dividend payout ratio, while return on assets and return on investment do not have a significant effect on the dividend payout ratio of the top five banking companies listed on the Indonesia Stock Exchange.
Bank Syariah Indonesia dalam Menguatkan Ekonomi Sektor UMKM pada Masa Pandemi Latifah, Eny; Abadiyah, Fajriyatul; Muawanah, Rifatul; Sukma, Diniyah
Indonesian Journal of Islamic Economics and Finance Vol 1 No 2 (2021)
Publisher : Institut Agama Islam Sunan Giri Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (244.037 KB) | DOI: 10.37680/ijief.v1i2.1151

Abstract

This study aims to find out the role of the Indonesian Islamic Bank merger in strengthening the economy in the MSME sector during the pandemic. The research method used is descriptive qualitative research with the type of library research, searching and recording data from various sources that are still related to the topic of the problem so that it becomes a unified whole to conclude. The results showed that the merger of Indonesian Sharia Banks had an important role in strengthening the economy in the MSME sector during the pandemic, namely BSI collaborated with LAZ Bangun Sejahtera Mitra Ummah to create an ISDP Program for entrepreneurial students in the form of providing UKT scholarships, coaching, mentoring, intensive and programmed training. In addition, BSI also collaborates with the well-known e-commerce platform Shopee in the Go Digital MSME program, which is expected by millennial entrepreneurs not only to make varied products at low prices but also to create the best quality brands and be able to take advantage of the development of digital technology for transformation business to the global market (go digital go international).
Pengaruh Manajemen Risiko Pasar Terhadap Profitabilitas Bank: Studi Bank Syariah yang Terdaftar Di Bursa Efek Indonesia Abadiyah, Fajriyatul
BISNIS Vol 12, No 1 (2024): BISNIS: Jurnal Bisnis dan Manajemen Islam
Publisher : Fakultas Ekonom dan Bisnis Islam Institut Agama Islam Negeri (IAIN) Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/bisnis.v12i1.23009

Abstract

This study aims to analyze and understand the effect of market risk management as measured by stock price, inflation, and BI-7days-RepoRate on the profitability of Islamic banks listed on the Indonesia Stock Exchange (IDX). This research method is included in descriptive quantitative research. The population used is all Islamic banks listed on the IDX. The data used in this study is secondary data obtained from quarterly financial statements and historical data on stock prices of Islamic banks listed on the Indonesia Stock Exchange for the observation period from Q12021-Q12023. The research model uses the Ordinary Least Square panel data regression analysis method through the Eviews 10 program. The results showed that partially, stock prices and inflation had a positive and significant effect on the profitability of Islamic banks, while BI-7days-RR had a negative and significant effect on the profitability of Islamic banks. While the results of simultaneous tests are known, the three independent variables in this study together affect the profitability variable of Islamic banks by 89% and the remaining 11% are influenced by other factors outside this research. 
Pengaruh Kinerja Keuangan dengan Pendekatan Dupont System terhadap Return Saham Perusahaan Asuransi di Indonesia dengan ROE Dupont sebagai Variabel Moderasi Abadiyah, Fajriyatul
Nominal: Barometer Riset Akuntansi dan Manajemen Vol. 13 No. 2 (2024): Nominal September 2024
Publisher : Universitas Negeri Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21831/nominal.v13i2.63248

Abstract

ABSTRACTThis research aims to analyze the influence of financial performance using the Dupont system approach on stock returns in insurance companies, and to find out whether there is a role for Dupont ROE as a moderating variable. This research used a sample of 14 insurance companies listed on the IDX using a purposive sampling approach. Data comes from quarterly financial reports and stock prices from 2019 to 2021. The data analysis methods used are panel data regression and moderated regression analysis (MRA) interaction tests using the WarpPls 8.0 program. The research results show that NPM has no significant effect on stock returns, while TATO and EMR have a significant positive effect on stock returns. Furthermore, in the moderation analysis, the statistical results concluded that Dupont's ROE was not able to moderate the relationship between NPM and stock returns or EMR and stock returns, but Dupont's ROE was able to moderate the relationship between TATO and insurance stock returns.Keywords: Financial Performance, Dupont System, Stock Returns, Insurance CompaniesABSTRAKPenelitian ini bertujuan untuk menganalisis pengaruh kinerja keuangan dengan pendekatan Dupont system terhadap return saham pada perusahaan asuransi, serta mengetahui apakah terdapat peran ROE Dupont sebagai variabel moderasi. Penelitian ini menggunakan 14 sampel perusahaan asuransi yang terdaftar di BEI dengan pendekatan purposive sampling. Data bersumber dari laporan keuangan kuartal dan harga saham dari tahun 2019 sampai 2021. Metode analisis data yang digunakan yaitu regresi data panel dan uji interaksi moderated regression analysis (MRA) melalui program WarpPls 8.0. Hasil penelitian menunjukkan bahwa NPM tidak berpengaruh signifikan terhadap return saham, sedangkan TATO dan EMR berpengaruh positif signifikan terhadap return saham. Lebih lanjut pada analisis moderasi, hasil statistik menyimpulkan ROE Dupont tidak mampu memoderasi dalam hubungan NPM dan return saham maupun pada EMR dan return saham, namun ROE Dupont mampu memoderasi dalam hubungan antara TATO dan return saham asuransi.Kata kunci: Kinerja Keuangan, Sistem Dupont, Pengembalian Saham, Perusahaan Asuransi
Pengaruh Financial Development Terhadap International Trade Dengan Foreign Exchange Reserves Sebagai Moderasi: Studi Negara D-8 Fajriyatul Abadiyah; Abdul Haris
Jurnal Magister Ekonomi Syariah Vol. 2 No. 1 Juni (2023): J-MES: Jurnal Magister Ekonomi Syariah
Publisher : Program Studi Magister Ekonomi Syariah, Fakultas Ekonomi dan Bisnis Islam, Universitas Islam Negeri Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/jmes.2023.021-02

Abstract

This study aims to analyze the influence of the financial development index on international trade in D-8 countries and examine whether foreign exchange reserves as a moderation variable are able to moderate the relationship between financial development and international trade in D-8 countries. This study included quantitative research with secondary data types sourced from the world bank and international monetary fund in the observation period from 2011 to 2020. The population in this study is a member of the Developing Eight Countries, with a sampling technique using purposive sampling. This research method uses panel data regression (ordinary least square) and moderated regression analysis (MRA) interaction test through the Eviews 10 program. The results showed that if there is a positive and significant influence between financial development and international trade, similar results are also found in foreign exchange reserves, which are used as moderation variables that significantly affect international trade. Meanwhile, the variable interaction of financial development and foreign exchange reserves has a negative influence on international trade in D-8 countries  
Implikasi Penutupan Platform Tiktok Shop Era Disruptif: Evaluasi Konformitas Menurut Perspektif Ekonomi Syariah Maulana, Nora; Ernita, Ernita; Abadiyah, Fajriyatul
Syarah: Jurnal Hukum Islam dan Ekonomi Vol. 12 No. 2 (2023): SYARAH : Jurnal Hukum Islam dan Ekonomi
Publisher : Fakultas Syariah Institut Agama Islam Negeri Lhokseumawe

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47766/syarah.v12i2.2049

Abstract

Penutupan platform tiktok shop memicu polemik yang krusial, tidak hanya yang berkaitan dengan tanggung jawab platform e-commerce tetapi juga mengenai implikasi operasional terhadap lingkungan bisnis dan sosial. Penelitian ini bertujuan menggali dan menganalisis implikasi penutupan platform tiktok shop era disruptif menurut tinjauan ekonomi syariah. Penelitian menggunakan pendekatan library research dengan mengadopsi metode kualitatif bersifat deskriptif. Adapun sumber data penelitian berasal dari data sekunder seperti buku, artikel, media online, dan berbagai referensi yang relevan dengan topik penelitian. Sementara analisis data penelitian mengadopsi teknik analisis Miles dan Huberman yakni dilakukan dengan cara mereduksi data, penyajian data dan penarikan kesimpulan. Temuan penelitian diketahui, penutupan tiktok shop memberikan dampak positif dan negatif bagi kondisi ekonomi di Indonesia. Dampak positif seperti menunjang terjadinya persaingan yang lebih sehat di pasar e-commerce, mendorong masyarakat melek teknologi digital, meningkatkan kepatuhan platform e-commerce terhadap regulasi dan melahirkan masyarakat sadar perlindungan konsumen. Sementara dampak negatif dari penutupan tiktok shop adalah menurunnya pendapatan pelaku usaha. Menurut sudut pandang ekonomi syariah, penutupan tiktok shop dapat dianggap sebagai tindakan yang sesuai dengan etika, moral dan nilai-nilai Islam jika tiktok shop melanggar prinsip syariah seperti penipuan, tanggung jawab, keadilan, pelanggaran, tingkat privasi data dan perilaku lain yang membawa kerugian bagi konsumen. Apabila tutupnya platform tiktok shop merupakan bagian tindakan yang membantu mengurangi kesenjangan ekonomi, perilaku tidak bermoral, dan eksploitasi. Maka tindakan tersebut dipandang telah sesuai dengan nilai-nilai ekonomi syariah.
Bank Syariah Indonesia dalam Menguatkan Ekonomi Sektor UMKM pada Masa Pandemi: Indonesian Sharia Bank in Strengthening Economy of the UMKM Sector During Pandemic Latifah, Eny; Abadiyah, Fajriyatul; Muawanah, Rifatul; Sukma, Diniyah
Indonesian Journal of Islamic Economics and Finance Vol. 1 No. 2 (2021)
Publisher : Institut Agama Islam Sunan Giri Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37680/ijief.v1i2.1151

Abstract

This study aims to find out the role of the Indonesian Islamic Bank merger in strengthening the economy in the MSME sector during the pandemic. The research method used is descriptive qualitative research with the type of library research, searching and recording data from various sources that are still related to the topic of the problem so that it becomes a unified whole to conclude. The results showed that the merger of Indonesian Sharia Banks had an important role in strengthening the economy in the MSME sector during the pandemic, namely BSI collaborated with LAZ Bangun Sejahtera Mitra Ummah to create an ISDP Program for entrepreneurial students in the form of providing UKT scholarships, coaching, mentoring, intensive and programmed training. In addition, BSI also collaborates with the well-known e-commerce platform Shopee in the Go Digital MSME program, which is expected by millennial entrepreneurs not only to make varied products at low prices but also to create the best quality brands and be able to take advantage of the development of digital technology for transformation business to the global market (go digital go international).
Co-Authors Abdul Haris Eny Latifah, Eny ernita, ernita Hikmah Endraswati Maulana, Nora Muawanah, Rifatul Sukma, Diniyah Toni Prihandoko