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Capital Market Reaction Analysis Before And After The Implementation Of The Makan Bergizi Gratis (Mbg) Program Zulfajry Al Syafaat; Tenri S.P. Dipoatmodjo; Annisa Paramaswary Aslam
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 3 No. 1 (2026): Vol 3 No 1 June 2026
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v3i1.1421

Abstract

This study aims to analyze the capital market reaction to the implementation of the Makan Bergizi Gratis (MBG) Program announced by the Indonesian government on January 6, 2025, focusing on food and beverage subsector companies listed on the Indonesia Stock Exchange (IDX). The main research problem is whether there are differences in abnormal return and trading volume activity (TVA) before and after the policy implementation. The study employs an event study method with a comparative approach, using stock closing prices and trading volume data over a 21-day observation period (10 days before and after the event). The sample was selected through purposive sampling, consisting of 54 companies. Data analysis was conducted using the Paired Sample T-Test for normally distributed data. The results show significance values of 0.459 for abnormal return and 0.135 for trading volume activity, both exceeding the 0.05 significance level. This indicates that there is no significant difference before and after the implementation of the MBG program. These findings suggest that the MBG policy did not generate a meaningful market reaction and is perceived as a long-term social policy rather than a direct economic stimulus affecting corporate performance. The results align with the efficient market hypothesis and signaling theory, which posit that markets only respond to events containing strong economic information. Therefore, the MBG policy was not regarded as a significant economic signal by investors during the observation period. Keywords: Abnormal Return; Trading Volume Activity; Makan Bergizi Gratis Program; Event Study; Market Reaction
THE INFLUENCE OF LIFESTYLE AND FINANCIAL ATTITUDE ON FINANCIAL MANAGEMENT WITH FINANCIAL LITERACY AS A MODERATING VARIABLE A. Nur Habibie Jannah; Tenri Sayu Puspitaningsih Dipoatmodjo; Andi Mustika Amin; Anwar Anwar; Annisa Paramaswary Aslam
Jurnal Manajemen Vol 6, No 2 (2026): August
Publisher : Universitas Negeri Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26858/jm.v6i2.84780

Abstract

Abstract: By using “financial literacy” as a moderator variable, this study aims to investigate the influence of lifestyle and financial attitudes on financial management among students of the 2023-2024 intake of the Management Study Program, Makassar State University. Using a survey methodology, this study adopted a quantitative approach. Through a purposive sampling technique, 250 respondents were selected to participate in the survey. Partial Least Squares - Structural Equation Modeling (PLS-SEM) using SmartPLS 3 was used to evaluate the data obtained from the questionnaire. The research findings indicate that: (1) a person's lifestyle has a significant negative impact on financial management (β = -0.419; p = 0.000); (2) a person's financial attitude has a positive impact on financial management (β = 0.387; p = 0.000); (3) a person's financial literacy has a positive impact on financial management (β = 0.429; p = 0.000); however, (4) a person's financial literacy does not significantly mitigate the impact of a person's lifestyle or financial attitude on financial management. With an R² score of 0.895, the predictive ability of this model is quite high.”Keywords: Lifestyle, Financial Attitude, Financial Literacy, Financial Management
Pengaruh Financing to Deposit Ratio, Biaya Operasional dan Pendapatan Operasional terhadap Return on Assets pada Bank Umum Syariah di Indonesia Periode 2020-2024. Nur Alya Nanda; Chalid Imran Musa; Annisa Paramaswary Aslam; Anwar Anwar; Abdul Rahman
MANABIS: Jurnal Manajemen dan Bisnis Vol. 5 No. 1 (2026): Maret 2026
Publisher : Yayasan Pendidikan Penelitian Pengabdian Algero

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54259/manabis.v5i1.7069

Abstract

This study aims to analyze the effect of the Financing to Deposit Ratio (FDR) and Operating Expenses to Operating Income (BOPO) on Return on Assets (ROA) in Islamic Commercial Banks in Indonesia. This research employs a quantitative approach using secondary data in the form of annual financial statements of Islamic Commercial Banks registered with the Financial Services Authority (OJK) during the period 2020–2024. The sample consists of 12 Islamic Commercial Banks selected using purposive sampling based on data availability and completeness. Data were analyzed using panel data regression with the assistance of Eviews 13. Model selection was conducted through the Chow test, Hausman test, and Lagrange Multiplier test. The results show that the Financing to Deposit Ratio (FDR) has a significant effect on Return on Assets (ROA), indicating that banks’ ability to manage financing distribution plays an important role in determining asset performance. In addition, Operating Expenses to Operating Income (BOPO) is also proven to have a significant effect on Return on Assets (ROA), suggesting that the management of operational activities contributes substantially to banks’ financial performance. Overall, these findings support agency theory, which states that managerial performance as an agent in managing funds and operational activities has a direct impact on the achievement of banks’ financial performance.
Co-Authors A. Nur Habibie Jannah Abadi, Rahmat Riwayat Abadi, Ridfan Rifaldy Abdi Akbar Idris Abdul Rahman Achmad Yassin Zidan Akram Aslam Agung Widhi Kurniawan Alya Fadiyah Dwi Putri Amalia, Regina Andi Asmawati Azis Andi Citra Pratiwi Andi Citra Pratiwi Andi Dewi Angreyani Andi Mustika Amin Andika Isma Angraeni, Erni Angreyani, Andi Dewi Anugrah, Fira Anwar Anwar Anwar Anwar Anwar Anwar Anwar Ramli Anwar, Indah Lestari Arissoma, Muhammad Anggit Gagat Arnes Yuli Vandika Aslam, Achmad Yassin Zidan Akram Asri Awal Athaillah Hasyim Ayu Kartini Parawansa Ayu Kartini Parawansa Ayu, Dian Fajar Ayu, Reski Burhanuddin Burhanuddin Burhanuddin Burhanuddin Burhanuddin Chalid Imran Musa Darmawinata, Widhi Nugraha Sumiharja Dipoatmodjo, Tenri S.P Dipoatmodjo, Tenri SP Dwi Anugerah Lestari Musa Farid, A Muhammad Firdaus Daud Fitriani Fitriani Rahim Fudjaja, Letty Haeruddin , Muhammad Ilham Wardhana Haeruddin, Muhammad Ilham Wardhana Haeruddin Hamid, Muliana Gunawan Hanafi, Anhar Ahmad Syah Hanafi, Kartini Hannan Fadlurahman Hardiyanti, Andi Aryani Hasbiah, Siti Hety Budiyanti, Hety Idris, Abdi Akbar Idris, Muhammad Istiyansyah Ulman Ilma Wulansari Hasdiansa Indri Iswardhani Ipoatmodjo, Tenri S. P. D Irma Satriani Irma Satriani, Irma Isma Azis Riu Juliani Khairul, Nila Kalla, Rastina Kesuma, Sulfadli Adi Jaya Khadija, Sitti Khaidir Syahrul Kristina W. Parinsi Kusuma, Sulfadli Adijaya M Taslim Dangnga M. Ikhwan Maulana Haeruddin Maghfirah Sultan, Nurul Malika, Safinah Aisya Mansyur, Muthmainnah McMahon, Peter J. Muh Al Fatah Arief Putra Muh Arnesta Arnanda Muh Ichwan Musa Muh Reza Abdillah Muh. Yushar Mustafa Muhammad Ardiansyah Muhammad Ridwan Muhammad Yasir Muhammad Yushar Mustafa Mukarram, Hadratul Musa , Muhammad Ichwan Musa, M. Ichwan Musa, Muh Ichwan Musa, Muhammad Ichwan Mushawwir , Shaleh Afief A Mushawwir, Shaleh Afief A Mustafa, Fahrina Mustafa, Riad Natsir, Uhud Darmawan Nugraha , Rahmat Nurul Prima Nur Alya Nanda Nur Haliza Nur, Sulistiwati Nurgraha SD, Widhi Nurhidayanti, Helmi Nurman Nurman Nurman Nurman Nurman Nurul Aulia Nisa Nurul Fadilah Aswar Palangkey, Nurul Rahmi Parawansa, Dian Anggraece Sigit Patigana, A Gita Namira Pole, Yogi Adnal Fathirullah Pratiwi, Andi Citra Primawalda, Az-zahra Rizqi Putra, Muh Al Fatah Arief Putra, Muh. Al Fatah Arief Putri, Ariella Ramadhani Qhalby, Zakira Rahayu, Widuri Rahmadani, Dwi RAHMAT SETIAWAN Rahmat, Muhammad Rijal Alim Ramadhani, Gina Ramadhani, Khusnul Khatimah Putri Ramli , Anwar Rauf, Deddy Ibrahim Regina Regina Regina Rezky Amalia Hamka Rezky Amalia Hamka Ridfan Rifadly Abadi Rifda Rahmah Bamatraf Romansyah Sahabuddin Sapira, Amani Sahra Saputra, Aria Sari, Risa Arsita Sitti Hasbiah Sitti Nuralifah Rahmayani Sombeng, Andi Rini Hastuti Suci Nengsia Syafikah, Nurul Syahrul, Khaidir Syam, Muh. Lutfi Syardiansyah Syarif Saddam Rivanie Taufik, Anisya Devinta Taufik, Finta Anindhita Tawe, Amiruddin Tenri Sayu Puspitaningsih Dipoatmodjo Uhud Darmawan Natsir Upriani, Upriani Wahyudin Wahyudin Widhi Kurniawan, Agung Widuri Rahayu Wilda Wilda Wulansary, Ilma Yusri Yunus Zulfajry Al Syafaat