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All Journal Jurnal Hukum Ekonomi Syariah Economos : Jurnal Ekonomi dan Bisnis Horizon: Indonesian Journal of Multidisciplinary
Andi Ayu Frihatni
Institut Agama Islam Negeri Parepare
Agriculture, Biological Sciences & Forestry Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Languange, Linguistic, Communication & Media Social Sciences Other

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The THE EFFECT OF PROFITABILITY AND SOLVENCY ON FIRM VALUE IN ISLAMIC BANKS IN INDONESIA Halfiah Rustamin; Syahriyah Semaun; Damirah Damirah; Muliati Muliati; Andi Ayu Frihatni
Economos : Jurnal Ekonomi dan Bisnis Vol. 9 No. 1 (2026): ECONOMOS : Jurnal Ekonomi dan Bisnis
Publisher : Fakultas Ekonomi dan Bisnis Universitas Muhammadiyah Parepare

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31850/economos.v9i1.4237

Abstract

Abstract This study aims to analyze the effect of profitability and solvency on firm value in Islamic banks in Indonesia. Firm value reflects investors’ perceptions of a company’s performance and future prospects, making it an important indicator in investment decision-making. This study employs a quantitative approach using secondary data obtained from the financial statements of Islamic banks in Indonesia. Multiple linear regression analysis is applied to examine the effect of profitability and solvency, both partially and simultaneously, on firm value. The results show that profitability has a significant effect on firm value, indicating that the ability of Islamic banks to generate profits plays an important role in increasing investor confidence. Meanwhile, solvency also has a significant effect on firm value, suggesting that the banks’ ability to meet their financial obligations is a key consideration in firm valuation. Simultaneously, profitability and solvency have a significant effect on firm value in Islamic banks in Indonesia. These findings are expected to contribute to the development of Islamic banking financial studies and to serve as a reference for management and investors in making informed decisions. Keywords : Profitability, Solvency, Firm Value, Islamic Banks.
Pengaruh Struktur Modal, Profitabilitas, dan Ukuran Perusahaan Terhadap Keputusan Investasi dengan Kebijakan Deviden sebagai Variabel Intervening Nur Afni; Muzdalifah Muhammadun; Syahriyah Semaun; Damirah Damirah; Andi Ayu Frihatni
HORIZON: Indonesian Journal of Multidisciplinary Vol. 4 No. 3 (2026): HORIZON: Indonesian Journal of Multidisciplinary
Publisher : Lembaga Intelektual Muda (LIM) Maluku

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54373/hijm.v4i3.6322

Abstract

Penelitian ini berangkat dari pertimbangan struktur modal, profitabilitas, dan ukuran perusahaan, serta kebijakan dividen sebagai variabel intervening, penelitian ini menyelidiki pilihan investasi perusahaan syariah yang terdaftar di Jakarta Islamic Index. Dalam konteks pasar modal syariah Indonesia, tujuan penelitian ini adalah untuk melihat bagaimana variabel keuangan tersebut berdampak langsung dan tidak langsung satu sama lain. Laporan keuangan tahunan perusahaan digunakan sebagai data sekunder dalam penelitian ini, yang menggunakan pendekatan kuantitatif. Sampel ditentukan melalui purposive sampling terhadap perusahaan yang memenuhi kriteria selama periode 2022–2025. Data dianalisis menggunakan regresi data panel, pengujian asumsi klasik, pengujian hipotesis parsial dan simultan, koefisien determinasi, serta Uji Sobel untuk menguji peran mediasi kebijakan dividen. Hasil penelitian menunjukkan bahwa struktur modal tidak berpengaruh signifikan terhadap kebijakan dividen maupun keputusan investasi. Profitabilitas berpengaruh signifikan terhadap kebijakan dividen dan keputusan investasi, sedangkan ukuran perusahaan berpengaruh terhadap kebijakan dividen, tetapi tidak berpengaruh signifikan terhadap keputusan investasi. Kebijakan dividen terbukti berpengaruh positif dan signifikan terhadap keputusan investasi. Hasil Uji Sobel menunjukkan bahwa kebijakan dividen hanya memediasi pengaruh profitabilitas terhadap keputusan investasi. Penelitian ini menegaskan bahwa profitabilitas dan kebijakan dividen merupakan indikator penting dalam menjelaskan keputusan investasi perusahaan syariah. Implikasinya, manajemen perlu menjaga kualitas laba dan konsistensi distribusi dividen untuk memperkuat kepercayaan investor.
Penguatan Inklusi Keuangan Syariah Melalui Fintech Syariah: Implikasi terhadap Pengembangan UMKM di Indonesia Syamsul Ma'arif; Muzdalifah Muhammadun; Syahriyah Semaun; Andi Bahri S.; Andi Ayu Frihatni
Jurnal Hukum Ekonomi Syariah Vol. 10 No. 1 (2026): Juni 2026 (In Progress)
Publisher : Universitas Muhammadiyah Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26618/s7kvd473

Abstract

The rapid growth of Sharia financial technology (fintech) has created significant opportunities to enhance Islamic financial inclusion and support the development of micro, small, and medium enterprises (MSMEs). However, empirical evidence regarding the mechanisms through which Sharia fintech influences MSME development remains limited, particularly in regional contexts in Indonesia. This study examines the mediating role of Islamic financial inclusion in the relationship between Sharia fintech services and MSME development. Using a quantitative approach, data were collected from 100 MSME owners in Parepare City, South Sulawesi, Indonesia, and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results indicate that Sharia fintech has a positive and significant effect on Islamic financial inclusion and MSME development. Islamic financial inclusion also positively influences MSME development. Furthermore, Islamic financial inclusion partially mediates the relationship between Sharia fintech and MSME development, suggesting that the benefits of fintech adoption are strengthened through broader access to Sharia-compliant financial services. The structural model explains 50.1% of the variance in MSME development. These findings underscore the strategic role of Sharia fintech in fostering an inclusive Islamic financial ecosystem and promoting sustainable MSME growth. While the findings provide valuable insights into Islamic digital finance, they are based on MSMEs operating in Parepare City and should therefore be interpreted within this local context. This study contributes to the literature on Islamic digital finance by providing empirical evidence on the mediating role of Islamic financial inclusion and offers practical implications for policymakers, Islamic financial institutions, and fintech providers.
Co-Authors Andi Bahri S. Damirah Damirah Halfiah Rustamin Muliati Muzdalifah Muhammadun Nur Afni Syahriyah Semaun Syamsul Ma'arif