Dewi Suryani Sentosa
Universitas Syiah Kuala

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AN EXAMINATION OF HERDING BEHAVIOR ON THE STOCK MARKET: AN HALAL PERSPECTIVE Dewi Suryani Sentosa
JURNAL ILMIAH MAHASISWA EKONOMI ISLAM Jurnal Ilmiah Mahasiswa Ekonomi Islam (JIMEKI) Vol. 5 No.1, Mei 2023
Publisher : FEB Universitas Syiah Kuala

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24815/jimeki.v5i1.25759

Abstract

The objective of this study is to examine herding on the stock market from a halal perspective for understanding the way of thought and it could result in the right decision for investors. The decision can be obtained from herding which is seen as a factor of the stock market being more volatile and risky. This behavior is done by the investor due to feeling doubt in choosing a stock because there are no other choices to make some decisions and they assume that other investors have some information. On the other hand, herding can affect the level of risk to be faced. The problems being analyzed are; First, how the halal perspective about herding behavior. Second, what are the criteria for herding based on the halal perspective? This study was written over a month beginning in August 2018. The primary data is mainly gathered from Al-Qur’an, al Hadits, and Ushul Fiqh. To support the data, an in-depth analysis technique was also used. In addition, secondary data from journal articles, books, and other related kinds of literature were also utilized. This paper is using the descriptive method of analysis, and include in the literature research category. The findings show that herding from a halal perspective is allowed but it must be following the knowledge of stock analysis and who person they follow. It could not be followed blindly to result in a decision. This study would make Syariah economics has the potential to answer the shortcoming found in the phenomenon of the stock market.
Corporate Sukuk Issuance and Firm Fundamentals: A Dynamic Causality Approach from Indonesia Atallah Aqil; Suriani Suriani; Dewi Suryani Sentosa
Signifikan: Jurnal Ilmu Ekonomi Vol. 15 No. 2 (2026)
Publisher : Faculty of Economic and Business, Universitas Islam Negeri Syarif Hidayatullah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/sjie.v15i2.50909

Abstract

Research Originality: This study extends existing knowledge on corporate sukuk by moving beyond static determinant frameworks and examining the dynamic relationships between firm fundamentals and issuance behavior. The analysis offers new insights into the factors underlying sustained access to Sharia-compliant financing. Research Objectives: This study investigates whether financial performance, capital structure, firm size, and asset growth predict the issuance behavior of Indonesian sukuk issuers. Research Methods: Using quarterly panel data from the five most active issuers during 2015Q1-2024Q4, this study applies panel Granger causality and panel VAR with impulse response and variance decomposition. Empirical Results: The findings reveal that firm size Granger-causes sukuk issuance, whereas return on equity, net profit margin, capital structure, and asset growth do not show Granger-causal effects at conventional levels. Issuance also exhibits strong persistence and responds more strongly to firm-size shocks than to other firm fundamentals. Implications: These results suggest that policies to deepen the sukuk market should reduce issuance frictions, improve disclosure quality, and expand access to Sharia-compliant financing for mid-sized firms. JEL Classification: C33, G23, G32, O16 How to Cite:Aqil, A., Suriani, S., & Sentosa, D. S. (2026). Corporate Sukuk Issuance and Firm Fundamentals: A Dynamic Causality Approach from Indonesia. Signifikan: Jurnal Ilmu Ekonomi, 15(2), 585-600. https://doi.org/10.15408/sjie.v15i2.50909.