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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.
The Impact of Financial Ratios on Corporate Performance in Southeast Asia: A Comparison of Pre- and Post-COVID-19 Pandemic Dadan Samsul Badar; Nugraha Nurgraha; Yayat Supriyatna; Imas Purnamasari
Jurnal Ilmiah Akuntansi Kesatuan Vol. 13 No. 3 (2025): JIAKES Edisi Juni 2025
Publisher : Institut Bisnis dan Informatika Kesatuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37641/jiakes.v13i3.3483

Abstract

This study aims to analyze the impact of financial ratios on corporate performance in Southeast Asia before and after the COVID-19 pandemic. This research uses secondary data obtained from the annual financial statements of companies listed in Indonesia, Malaysia, and Singapore during the 2019–2023 period. The method used is panel data regression with a Random Effect model, which was selected based on the results of the Hausman and Lagrange Multiplier tests. The results indicate that the Debt Ratio (DR) and firm size have a significant negative impact on financial performance, measured by Return on Assets (ROA). Meanwhile, the Current Ratio (CR) does not show a significant effect on ROA. Additionally, the findings also suggest that the COVID-19 pandemic negatively impacted corporate performance during the period, but there was no significant difference in performance post-pandemic. This research provides valuable insights for corporate managers and policymakers to formulate more effective financial strategies in the face of global crises. Keywords: Financial Ratios, Corporate Performance, COVID-19 Pandemic, Panel Data Regression, Southeast Asia
Analisis Konten Tiktok Terhadap Motivasi Belajar Siswa Sekolah Dasar Anisa Anisa; Desty Endrawati Subroto; Anggun Mutia; Imas Purnamasari; Tarsih Tarsih
Jurnal Yudistira : Publikasi Riset Ilmu Pendidikan dan Bahasa Vol. 3 No. 3 (2025): Jurnal Yudistira : Publikasi Riset Ilmu Pendidikan dan Bahasa
Publisher : Asosiasi Riset Ilmu Pendidikan Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61132/yudistira.v3i3.1928

Abstract

This study aims to explore how TikTok content is related to elementary school students' learning motivation. Using a descriptive qualitative approach, data was collected through interviews, observations, and documentation from five students, three teachers, and two student guardians at SDN 02 Serang. The results show that TikTok content has mixed effects on students' learning motivation; some students feel motivated by educational content, while others experience a decline in learning enthusiasm due to watching too much entertainment content. In addition, TikTok also plays a role in shaping students' social aspects, such as self-confidence and interaction skills. Proper mentoring is needed so that the use of TikTok can optimally support the learning process.
Behavioral Biases in Islamic Retail Investing: The Moderating Role of Demographics Satria, Rita; Nugraha, Nugraha; Disman, Disman; Purnamasari, Imas
Share: Jurnal Ekonomi dan Keuangan Islam Vol. 14 No. 1 (2025)
Publisher : Faculty of Islamic Economics and Business, Universitas Islam Negeri Ar-Raniry

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22373/share.v14i1.28784

Abstract

Young Muslim retail investors in the Indonesian capital market often face challenges stemming from various behavioral finance biases that can negatively impact their investment decisions. This study examines the influence of behavioral finance biases—herding, overconfidence, mental accounting, loss aversion, and status quo bias—on the investment decisions of novice Muslim retail investors in Indonesia. It further explores the moderating effects of demographic factors including generation, gender, education, and income. Using a quantitative research design, data were collected from 318 respondents through a structured questionnaire, with 310 valid responses analyzed using multiple regression and moderation analysis via Hayes’ PROCESS macro in SPSS. The results indicate that all five behavioral biases negatively affect investment decisions, and demographic variables significantly moderate these effects. These findings underscore the importance of financial education and advisory services tailored to both behavioral tendencies and Islamic financial values to support informed decision-making among young Muslim investors. Despite its demographic limitations, this study contributes to a deeper understanding of behavioral finance within the Islamic finance context.======================================================================================================== ABSTRAK - Bias Perilaku dalam Investasi Ritel Syariah: Peran Moderasi Demografis. Investor ritel Muslim pemula di pasar modal Indonesia seringkali menghadapi tantangan yang disebabkan oleh berbagai bias perilaku keuangan yang dapat berdampak negatif pada keputusan investasi mereka. Penelitian ini mengkaji pengaruh bias perilaku keuangan—herding, overconfidence, mental accounting, loss aversion, dan status quo bias—terhadap keputusan investasi investor ritel Muslim pemula di Indonesia. Studi ini juga menganalisis peran moderasi faktor demografis seperti generasi, jenis kelamin, pendidikan, dan pendapatan. Dengan menggunakan pendekatan kuantitatif, data dikumpulkan dari 318 responden melalui kuesioner terstruktur, dengan 310 data valid yang dianalisis menggunakan regresi berganda dan analisis moderasi melalui PROCESS macro dari Hayes dalam SPSS. Hasil penelitian menunjukkan bahwa kelima bias perilaku berpengaruh negatif terhadap keputusan investasi, dan variabel demografis memoderasi pengaruh tersebut secara signifikan. Temuan ini menekankan pentingnya edukasi dan layanan konsultasi keuangan yang disesuaikan dengan kecenderungan perilaku dan nilai-nilai keuangan Islam untuk mendukung pengambilan keputusan yang lebih terinformasi di kalangan investor Muslim muda. Meskipun memiliki keterbatasan pada fokus demografis, penelitian ini memberikan kontribusi terhadap pemahaman yang lebih mendalam mengenai perilaku keuangan dalam konteks keuangan Islam.
Peningkatan Kinerja Karyawan melalui Pendidikan dan Pengalaman Kerja pada Perusahaan Perhotelan Purnamasari, Imas
Jurnal Wacana Ekonomi Vol 22 No 2 (2023): Jurnal Wacana Ekonomi
Publisher : Fakultas Ekonomi Universitas Garut

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52434/jwe.v22i2.2568

Abstract

Untuk menjadi perusahaan yang berdaya saing tinggi, perusahaan harus memiliki karyawan yang berpendidikan tinggi dan sesuai dengan kebutuhan perusahaan . Tterdapat beberapa masalah kurangnya SDM yang professional yang berpendidikan tinggi dan SDM disana hanya sebatas dilatih secara teknis tanpa latar belakang pendidikan yang sesuai dengan pekerjaan yang ada pada PT. Tirtagangga Resort dan Hotel Garut.Tujuan pembuatan penelitian ini adalah untuk memberikan gambaran terkait pengaruh pendidikan dan pengalaman kerja terhadap kinerja karyawan. Metoda penulisan ini menggunakan metode kuantitatif dengan melibatkan 38 responden untuk mengisi kuesioner dan memberikan tanggapan terkait variable yang diteliti. Hasil dari penyebaran kuesioner diolah dan dianalisis menggunakan analisis regresi linier berganda. Hasil analisis data menunjukan pendidikan dan pengalaman kerja yang berpengaruh terhadap kinerja karyawan. Sehingga, perusahaan perlu mempertimbangkan tingkat pendidikan dan pengalaman kerja karyawan untuk meningkatkan kinerja karaywan. 
Key Determinants in The Preservation of Bamboo Weaving in Mekarsari Village, Selaawi Subdistrict, Garut Regency Rawati, Fitrin; Purnamasari, Imas
Jurnal Wacana Ekonomi Vol 24 No 2 (2025): Jurnal Wacana Ekonomi
Publisher : Fakultas Ekonomi Universitas Garut

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52434/jwe.v24i2.42346

Abstract

The objective of this study is to identify and analyze the determinants, particularly the most dominant, in the preservation of bamboo weaving in Mekarsari Village, Selaawi Subdistrict. The research employs an exploratory factor analysis method. Data were collected through questionnaires administered to 112 bamboo weaving artisans in Mekarsari Village, Selaawi Subdistrict. Upon gathering the responses, validity, reliability, and exploratory factor analysis were conducted. The study’s findings revealed seven key determinants in the preservation of bamboo weaving in Mekarsari Village, Selaawi Subdistrict: Factor 1 (Cultural and Family Factors), Factor 2 (Economic Sustainability of Bamboo Weaving), Factor 3 (Market and Raw Material Stability), Factor 4 (Leisure Utilization and Cultural Relevance), Factor 5 (Innovation and Government Support), Factor 6 (Traditional Skills and Product Durability), and Factor 7 (Product Uniqueness). The most dominant determinant in the preservation of bamboo weaving in Mekarsari Village, Selaawi Subdistrict, is Factor 1 (Cultural and Family Factors).
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.
Bibliometric Analysis of Value at Risk in Islamic Portfolio: Trends, Gaps, and Future Directions Yulandri, Elsa; Heryana, Toni; Utama, Wahyudayanto; Nugraha; Waspada, Ikaputera; Purnamasari, Imas
Journal of Islamic Economics and Business Vol. 4 No. 2 (2024): Journal of Islamic Economics and Business
Publisher : Fakultas Ekonomi dan Bisnis Islam

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/jieb.v4i2.45494

Abstract

This study explores trends, intellectual structures, and thematic evolution in the literature on Value at Risk (VaR) for Islamic portfolios, identifying research gaps and proposing future directions. Using bibliometric analysis, it synthesizes 311 articles from the Scopus database (2005–2025) through Biblioshiny in RStudio and VOSviewer, focusing on publication trends, influential authors, affiliations, and thematic structures. The findings reveal steady growth in VaR literature for Islamic portfolios, with a 3.53% annual growth rate and contributions from 677 authors. Key contributors include Hammoudeh S., Mensi W., and institutions like International Islamic University Malaysia and Prince Sultan University. Thematic analysis highlights advanced methodologies such as GARCH and wavelet analysis, enhancing Islamic finance approaches. Thematic evolution shows a shift from foundational Islamic finance topics to complex analyses of volatility spillovers and dynamic connectedness. The study identifies nine research clusters and recommends integrating ESG considerations, improving risk management, and strengthening portfolio diversification. This research offers valuable insights for practitioners and policymakers in Islamic finance, underscoring the importance of tailored risk assessment tools. It provides a roadmap for scholars to address gaps, particularly in adapting conventional VaR methods to align with Islamic principles. To the authors’ knowledge, this is the first comprehensive bibliometric analysis on VaR in Islamic portfolios, significantly contributing to the literature by mapping intellectual landscapes and offering actionable future research directions.
Behavioral Finance in Sharia Investment: An Empirical Study on Indonesian Millennials Rozak, Abdul; Nugraha; Sari, Maya; Purnamasari, Imas; Zainol, Fakhrul Anwar
Journal of Islamic Economics and Business Vol. 4 No. 2 (2024): Journal of Islamic Economics and Business
Publisher : Fakultas Ekonomi dan Bisnis Islam

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

The increasing participation of millennials in Indonesia’s Islamic financial markets underscores the importance of understanding the behavioral factors that influence their investment decisions. This study aims to analyze the impact of behavioral biases specifically representativeness, overconfidence, and herding on Sharia-compliant investment behavior among millennial investors. Despite the growing relevance of behavioral finance, empirical research on cognitive biases in Islamic investments remains limited, particularly in emerging economies. This study fills that gap by employing Structural Equation Modeling–Partial Least Squares (SEM-PLS) to examine data collected from 300 millennial users of the Bibit Sharia investment platform in West Java. The findings reveal that overconfidence (β = 0.235, p < 0.05) and herding (β = 0.198, p < 0.05) significantly influence investment decisions, whereas representativeness bias has no significant effect (p > 0.05). These results highlight the critical role of self-confidence and social influence in shaping millennial Sharia investment behavior. The study recommends enhancing targeted financial literacy programs that address behavioral biases and promote ethical, independent decision-making among young Muslim investors. Future research is encouraged to include broader regional samples and explore additional behavioral factors within Islamic financial contexts.
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.
Co-Authors A Sobandi Abdul Rozak ACHEAMPONG, KENNEDY Adi Sopian Adityani, Edna Ayu Aggi Panigoro Sarifiyono Ahiase, Godwin Ahim Surachim Amani, Akbar Riskal Amir Machmud, Amir Andrieta Shintia Dewi Anggun Mutia Anisa Anisa Arie Gunawan Arvian Triantoro Asti Nur Aryanti Auliadara, Nurul Azizah Fauziyah Budi Purnomo Budi Purnomo Budi Purnomo Budi S Purnomo Ciptagustia, Annisa Dadan Samsul Badar Dematria Pringgabayu Desty Endrawati Subroto Dewi Puspasari Dian Hardiana Disman Disman Disman, Disman Doni Dirgantara Eded Tarmedi, Eded Egi Arvian Firmansyah, Egi Arvian Elan Elan Elsa, Yulandri Elva Herlianti Esi, Esi Fitriani Komara Fanni Husnul Hanifa Fauziyyah, Nur Azizah Fitri Novilia Fitri, Irma Kurnia Frido Saritua Simatupang Gunawan, Ashari H. Nugraha Hari Mulyadi Hari Mulyadi, Hari Hari Supriadi Hartika, Nely Heny Hendrayati Heraeni Tanuatmodjo Herilna Herlina, Herilna Heryana, Toni Ikaputera Waspada, Ikaputera Irawan, Sopyan Irma Kurnia Fitri Iskandar Iskandar Janah Sojanah, Janah Khoirunnisa, Fairuz Kurjono Kurjono Kurjono, Kurjono Kusuma, Andita Delya Latifah, Widi Asih Noor Leni Yuliyanti, Leni Leonita Siwiyanti M. Arief Ramdhany Mardiani, Rika Maula, Sam Alpha Maya Sari Maya Sari Maya Sari Mayasari Mayasari, Mayasari Ma’sum, Hadiansyah Medyawicesar, Hana Meiwatizal Trihastuti Miftakul Huda Mohammad Solehudin Muhamad Fikri, Muhamad Muhamad Syahwildan Muhamat, Amirul Afif Muhammad Ifan Fadillah Mulyani, Heni Mulyani, Heni Muthahhari, Muhammad Husain Navik Istikomah Nely Hartika Neng Susi Susilawati Sugiana Nugraha Nugraha Nugraha Nugraha Nugraha Nugraha Nugraha Nurgraha Nugrahanti, Pipin Nurmansyah, Abdul Ahmad Hafidh Palupi Permata Rahmi Permatasari, Ghaisani Ayu Purnomo, Budi Supriatono Rahim, Sarah Aulia Rahmat Fajar Santoso Muslim Rahmawati, Fuji Rani, Asni Mustika Rawati, Fitrin Rena Yuliana Rengga Madya Riske Faldesiani Rosyidah Rahmah Satria, Rita Septiany Maulani Soraya Shafira Nur Simatupang, Frido Saritua Siti Havidotinnisa Suci Wulandari Sugiharti, Harpa Sukardi, Hadi Ahmad Sulastri Sulastri SUSAN SUSANTI, SUSAN Suwatno Suwatno Syifa Pramudita Faddila Tarsih Tarsih Thomas Nadeak Tia Yuliawati Utama, Wahyudayanto Yayat Supriyatna Yomi Romlah, Oom Yuki Dwi Darma Yulandri, Elsa Yulianty, Puspa Dewi Yusuf Suryana Zainol, Fakhrul Anwar