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p-Index From 2021 - 2026
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All Journal Journal of Economics, Business, & Accountancy Ventura UBMJ (UPY Business and Management Journal)
Ahmad Syarif
UIN Sultan Aji Muhammad Idris
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Do Financial Performance and Market Value Matter? Evidence on Stock Returns in the Pharmaceutical Industry Muhammad Rofi'i; Alyta Shabrina Zusryn; Nurul Huda; Ariel Nian Gani; Muhammad Faisal; Ahmad Syarif
UPY Business and Management Journal (UMBJ) Vol. 5 No. 2 (2026): UBMJ (UPY Business and Management Journal)
Publisher : Department of Management, Universitas PGRI Yogyakarta.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31316/ubmj.v5i2.9797

Abstract

Purpose: This study investigates whether the effects of market value, profitability, leverage, and liquidity on stock returns differ across economic conditions in the Indonesian pharmaceutical industry during the pre-pandemic (2018–2019), pandemic (2020–2022), and post-pandemic recovery (2023–2024) periods. Methodology: Using a quantitative approach, panel data regression was applied to seven pharmaceutical companies listed on the Indonesia Stock Exchange. Separate estimations were conducted for each phase to capture shifts in investor behavior over time. Findings: The results show that the influence of financial fundamentals on stock returns varies across economic conditions. Market value positively affects stock returns only in the pre-pandemic period. Profitability remains a positive and significant determinant throughout all periods, indicating investors’ consistent preference for firms with strong operating performance. Leverage changes from a negative factor before the pandemic to a positive factor during and after the pandemic, suggesting that debt is viewed as a strategic resource supporting growth. Liquidity is insignificant before the pandemic but becomes positively associated with stock returns during the pandemic and recovery periods, highlighting the importance of financial flexibility under uncertainty. Implications: Managers should prioritize sustainable profitability, effective debt utilization, and liquidity management to strengthen investor confidence. Investors should evaluate financial ratios according to prevailing economic conditions, as the relevance of financial indicators changes over time. Originality: This study contributes to the literature by demonstrating that the impact of financial fundamentals on stock returns is condition-dependent rather than constant, reflecting shifts in investor valuation behavior across different economic environments.
Customer Loyalty in Islamic Bank during the COVID-19 Outbreak: The Mediating Role of Trust and Satisfaction Ahmad Syarif; Parno Parno; Kokom Komariah; Irma Yuliani
Journal of Economics, Business, and Accountancy Ventura Vol. 26 No. 2 (2023): August - November 2023
Publisher : Universitas Hayam Wuruk Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/jebav.v26i2.3145

Abstract

Amidst the pandemic, Indonesia witnessed an economic downturn characterized by widespread layoffs, leading to an escalation in the unemployment rate and a decline in individual purchasing power. This crisis also bore down on the market share of Islamic banks. According to the 2021 survey conducted by the Islamic Financial Services Board (IFSB), the primary hurdles faced by Islamic banks during the pandemic were rooted in legacy infrastructure and technology. Loyalty, trust, and customer satisfaction are intricately linked to the quality of services provided, beginning with the customer's comprehension of Islamic banking. This study delves into the impact of knowledge on customer loyalty, with satisfaction and trust acting as mediating factors among Islamic bank customers in the context of the COVID-19 outbreak. Employing a quantitative approach, the study gathered data from 105 respondents based on the Isaac-Michael formula endorsed by the Islamic Economist Association in Yogyakarta in 2021, administered through questionnaires. The data was then analyzed using Structural Equation Modeling. The findings of this study underscore that knowledge significantly influences customer satisfaction, trust, and ultimately, loyalty. Additionally, satisfaction demonstrates a notable positive effect on loyalty. However, trust, in isolation, does not exert a direct influence on loyalty. Moreover, it was observed that knowledge directly impacts loyalty, and this effect is mediated by satisfaction, while trust does not serve as a mediator between knowledge and loyalty. In light of these findings, this study advocates for initiatives within Islamic banks to enhance financial literacy, provide accurate information, and foster understanding, countering any negative narratives that may erode public trust and perceptions. Furthermore, there is a pressing need to bolster digital services to ensure the continued loyalty of Islamic bank customers.
Co-Authors Alyta Shabrina Zusryn Ariel Nian Gani Irma Yuliani Kokom Komariah Muhammad Faisal Muhammad Rofi’i Nurul huda Parno Parno