Articles
Pengaruh faktor makroekonomi terhadap harga indeks saham syariah menggunakan pendekatan metode vecm
Fifi Afiyanti Tripuspitorini;
Setiawan Setiawan;
Nanda Juliana Setiawan
INOVASI Vol 17, No 2 (2021): Mei
Publisher : Faculty of Economics and Business Mulawarman University
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DOI: 10.30872/jinv.v17i2.7972
Perkembangan pasar modal syariah mengalami peningkatan setiap tahunnya. Hal tersebut menandakan investasi syariah sedang diminati oleh para investor. Indeks Saham Syariah Indonesia (ISSI) merupakan indikator dari saham syariah di Indonesia. Salah satu faktor yang mempengaruhi ISSI adalah kondisi makroekonomi. Kondisi makroekonomi dijadikan investor sebagai pertimbangan untuk berinvestasi khususnya di pasar modal syariah. Penelitian ini bertujuan untuk mengetahui bagaimana variabel makroekonomi (Inflasi, BI-Rate, nilai tukar, dan lain-lain) mempengaruhi pergerakan harga ISSI dalam jangka pendek dan jangka panjang serta implikasinya terhadap pergerakan harga ISSI dalam jangka panjang. Penelitian ini menggunakan pendekatan kuantitatif dengan metode VECM. Variabel makroekonomi yang digunakan dalam penelitian ini adalah inflasi, BI – Rate, dan nilai tukar IDR/USD. Data yang digunakan dalam penelitian ini data sekunder. Dalam jangka pendek, berdasarkan hasil estimasi VECM dapat diketahui bahwa hanya variabel BI - Rate yang berpengaruh secara signifikan terhadap ISSI, sedangkan variabel inflasi dan nilai tukar IDR/USD berpengaruh tidak siginifikan terhadap ISSI. Dalam jangka panjang, berdasarkan hasil estimasi VECM dapat diketahui bahwa hanya variabel BI - Rate yang berpengaruh tidak signifikan terhadap Indeks Saham Syariah Indoensia (ISSI).
Capital Structure and Firm Performance: A Comparative Study of Shariah-Compliant and Non-Shariah-Compliant Firms in Indonesia
Setiawan Setiawan
Indonesian Journal of Economics and Management Vol 3 No 1 (2022): Indonesian Journal of Economics and Management (November 2022)
Publisher : Jurusan Akuntansi Politeknik Negeri Bandung
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DOI: 10.35313/ijem.v3i1.4665
This study seeks to examine the extent of influence of capital structure towards firm performance in shariah-compliant firms (SCFs) and non-shariah-compliant firms (NSCFs) in Indonesia. Data used are from the companies listed in Indonesian Stock Exchange. For SCFs, it was the companies listed in Jakarta Islamic Index and Sharia Stock Index while NSCFs are companies that not listed there. Data collected are 273 SCFs and 71 NSCFs. Data analysis using Mann Whitney, Panel Fixed Effects Regression and Generalized Methods of Moments. The result of this study shows that debt-financed capital structure in SCFs is smaller than NSCFs. Whereas firm performance in SCFs is higher than NSCFs. Another finding in SCFs is that Debt to Equity Ratio and Debt to Assets Ratio affecting Return on Equity, while Return on Assets only affected by Debt to Assets Ratio. The implication of this finding is that firm performance achievement in SCFs very much depends on its capital structure policy, so that the stakeholders shall be more careful to get into debt.
Assessing Banking Soundness of Infobank15 Index' Categories: The Impact of RGEC on Stock Return
Destri Alpiani;
Radia Purbayati;
Setiawan Setiawan;
Darya Setia Nugraha
Indonesian Journal of Economics and Management Vol 3 No 1 (2022): Indonesian Journal of Economics and Management (November 2022)
Publisher : Jurusan Akuntansi Politeknik Negeri Bandung
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DOI: 10.35313/ijem.v3i1.3895
Assessment of the soundness of a bank using the RGEC method (Risk Profile, Good Corporate Governance, Earnings, and Capital) shows the financial performance of a banking company for a certain period. With good performance, investors will be interested in investing in the company. This study aims to determine the effect of bank soundness on bank stock returns listed on the Indonesia Stock Exchange in the Infobank 15 Index category for the 2016-2021 period. With a purposive sampling method, 10 banks were obtained from a total population of 15. This study uses panel data multiple linear regression analysis using Eviews 12 software. The regression model chosen is the Common Effect Model (CEM). The results showed that partially Non-Performing Loans (NPL) had a significant negative effect on stock returns. Return on Assets (ROA), Net Interest Margin (NIM), and Capital Adequacy Ratio (CAR) have a significant positive effect, and Loan to Deposit Ratio (LDR) and Good Corporate Governance (GCG) have no significant effect on stock returns.
Capital Structure Policy in Property, Real Estate and Building Construction Sector Companies: Do Women Play a Role?
Fildza Alifa Balqis;
Syahrun Nizar Maulana Muttaqin;
Wulan Daniyati;
Setiawan Setiawan
Indonesian Journal of Economics and Management Vol 3 No 1 (2022): Indonesian Journal of Economics and Management (November 2022)
Publisher : Jurusan Akuntansi Politeknik Negeri Bandung
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DOI: 10.35313/ijem.v3i1.4713
The existence of women in the top management of companies is an issue in corporate governance. This study examines the influence of female directors, female commissioners, and female audit committees on capital structure (DER). This research is a type of quantitative research. The population in this study are property companies listed on the Indonesia Stock Exchange (IDX) and issuing annual reports for 2020. There are 73 research samples. The results of this study explain that female directors and female commissioners have a negative and insignificant effect on capital structure (DER). Meanwhile, the audit committee has a positive and insignificant effect on capital structure (DER). Due to the limitations of testing variables, company and year in this study, it is suggested that further researchers conduct tests with more varied variables, using more than one company and year so that the results obtained are more descriptive and accurate.
Keputusan Menjadi Nasabah Bank Syariah: Peran Literasi Keuangan Syariah, Kepercayaan, dan Citra Bank Syariah
Setiawan Setiawan
Journal of Applied Islamic Economics and Finance Vol 3 No 2 (2023): Journal of Applied Islamic Economics and Finance (February 2023)
Publisher : Jurusan Akuntansi Politeknik Negeri Bandung
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DOI: 10.35313/jaief.v3i2.4858
Islamic banks in Indonesia have existed in Indonesia for three decades. However, until now the development is not very significant. Even though Muslims are the majority population in Indonesia. The purpose of this study was to investigate how three factors - Islamic financial literacy, trust in Islamic banks, and the image of Islamic banks - impact the decision to become a customer of Islamic banks. The research employed a quantitative approach and explanatory research to collect primary data from 200 respondents with diverse backgrounds through questionnaires. The study found that a higher level of Islamic financial literacy can motivate individuals to choose Islamic banks as customers. This finding highlights the importance of enhancing public awareness and understanding of Islamic finance. Additionally, the trust and image of Islamic banks were identified as critical factors affecting customers' decisions. Therefore, it is vital for Islamic banks to maintain high levels of professionalism to sustain customer trust and present a positive image.
Pengaruh Corporate Governance Terhadap Struktur Modal Pada Perusahaan Manufaktur
Adang Kurniawan;
Setiawan
Jurnal Financia : Akuntansi dan Keuangan Vol 1 No 1 (2020): Jurnal Financia
Publisher : Jurnal Financia : Akuntansi dan Keuangan
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Penelitian ini bertujuan untuk mengksplorasi pengaruh corporate governace terhadap struktur modal. Sampel penelitian adalah perusahaan yang terdaftar pada sektor manufaktu Bursa Efek Indonesia yaitu sebanyak 493 perusahaan. Analisis menggunakan pendekatan Partial Least Square. Hasil penelitian menunjukkan bahwa semua variabel corporate governance berpengaruh secara signifikan terhadap struktur modal. Variabel corporate governance tersebut adalah board size, board independence, audit committee size, dan ownership concentration. ABSTRACT This study aims to explore the effect of corporate governance on capital structure. The research sample was companies that were approved in the Indonesian Stock Exchange manufacturing sector totaling 493 companies. Analysis using Partial Least Square. The results showed that all corporate governance variables were significant on capital structure. The corporate governance variables are board size, board independence, audit committee size, and ownership concentration.
Factors Affecting The Measurement of Intermediation Margin in Islamic Banks in Indonesia
Ira Novianty;
Setiawan Setiawan;
Rika Lisnawati
Jurnal ASET (Akuntansi Riset) Vol 15, No 1 (2023): JURNAL ASET (AKUNTANSI RISET) JANUARI-JUNI 2023
Publisher : Universitas Pendidikan Indonesia
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DOI: 10.17509/jaset.v15i1.50607
Main Purpose - The purpose of this study is to empirically assess the main factors that affect the bank margin of Islamic operations in Indonesia.Method - Hypothesis testing and data analysis used the Structural Equation Model - Partial Least Square (SEM-PLS. The research sample was conducted on 10 Islamic banks that have a dual banking system in Indonesia.Main Findings - The results of the study proved that the Capital Adequacy Ratio (CAR) had a positive and significant effect on the Net Intermediation Margin (NIM) and the size of the bank had a positive and significant effect on the Net Intermediation Margin (NIM). Meanwhile, Non-Performing Financing (NPF) and Operating Expenses of Operating Income (BOPO) had no effect on the net intermediation margin (NIM) in Islamic Banks.Theory and Practical Implications - The significant impact of the CAR and the size of the bank showed that there was an analysis of capital policy and product diversification on the bank. The high level of margin in Islamic banks can be an obstacle for Islamic banks to pursue the development process, therefore, there is a need for improvement in terms of liability, asset side, and operational side of the Bank in order to reduce NIM in Sharia Banks. Novelty - This research used BI rate and inflation as control variables in contrast to other studies that included BI Rate and inflation as independent variables.
Pengaruh CAR, NPF, FDR dan BOPO terhadap Profitabilitas BPRS di Indonesia
Irma Rizky Destiani;
Ine Mayasari;
Destian Arshad Darulmalshah Tamara;
Setiawan Setiawan
Journal of Applied Islamic Economics and Finance Vol 3 No 2 (2023): Journal of Applied Islamic Economics and Finance (February 2023)
Publisher : Jurusan Akuntansi Politeknik Negeri Bandung
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DOI: 10.35313/jaief.v3i2.3766
This study aims to determine the effect of Capital Adequency Ratio (CAR), Non Performing Financing (NPF), Financing to Deposit Ratio (FDR), and Operating Efficiency Ratio (OER) on profitability as measured by Return On Assets (ROA) and Return On Equity (ROE) at Sharia Rural Banks in Indonesia for the 2014-2021 period. This research uses multiple linear regression analysis method. The data used is secondary data, namely Islamic banking statistics that have been published on the official page of the Financial Services Authority (OJK). The results of this study conclude that CAR and NPF have no effect on ROA. Furthermore, FDR has a positive effect on ROA while BOPO has a negative effect on ROA. Then CAR has a positive effect on ROE. Furthermore, NPF and FDR have no effect on ROE, while BOPO has a negative effect on ROE.
FAKTOR – FAKTOR YANG MEMPENGARUHI PEMBIAYAAN SEKTOR KONSTRUKSI PADA PERBANKAN SYARIAH DI INDONESIA
Rezky Apriyanthi;
Radia Purbayati;
Setiawan Setiawan
ProBank Vol 5, No 1 (2020)
Publisher : STIE AUB Surakarta
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DOI: 10.36587/probank.v5i1.565
AbstrakSaat ini Indonesia merupakan negara berkembang yang sedang aktif menjalankan kemajuan sektor ekonomi, salah satunya adalah sektor konstruksi. Pengembangan sektor konstruksi memiliki peran dalam pembangunan infrastruktur untuk penyediaan sarana dan prasarana yang memfasilitasi masyarakat. Dalam pengembangan sektor konstruksi ini perbankan syariah ikut terlibat sebagai penyalur modal dalam bentuk pembiayaan. Penelitian ini bertujuan untuk menganalisis faktor yang kemungkinan dapat berpengaruh terhadap penentuan besarnya pembiayaan yang diberikan pada Bank Syariah terhadap Sektor Konstruksi yang meliputi Nilai Tukar Mata Uang (KURS), Non Performing Financing (NPF), dan Dana Pihak Ketiga. Populasi yang digunakan adalah Bank Umum Syariah dan Unit Usaha Syariah di Indonesia pada periode 2013-2017. Data yang digunakan adalah data sekunder berupa Laporan Keuangan Tahunan Bank Umum Syariah periode 2013-2017 yang dipublikasikan oleh Otoritas Jasa Keuangan. Teknik analisis regresi linear berganda. Hasil penelitian ini menunjukkan bahwa variabel NPF, Kurs, dan DPK berpengaruh terhadap Pembiayaan Sektor Konstruksi. Temuan penilitian ini memberikan kontribusi untuk Bank Umum Syariah (BUS) dari aspek keuangan yaitu tentang prioritas pengalokasian dana pembiayaan yang diberikan. Kata Kunci: Nilai Tukar Mata Uang, Non Performing Financing (NPF), Dana Pihak Ketiga (DPK).
Analisis Rasio Likuiditas Terhadap Profitabilitas Pada Perusahaan-Perusahaan Yang Terdaftar di Jakarta Islamic Index Periode 2017-2022
Salsabila Eka Sutrisna;
Djoni Djatnika;
Setiawan
Journal of Applied Islamic Economics and Finance Vol 3 No 3 (2023): Journal of Applied Islamic Economics and Finance (June 2023)
Publisher : Jurusan Akuntansi Politeknik Negeri Bandung
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DOI: 10.35313/jaief.v3i3.5496
Based on the data obtained that there is a difference in fluctuations between the average amount of revenue and net profit of companies listed on the Jakarta Islamic Index. When observed from a capital perspective, the average yield shows that the company chooses to fund its operations with a larger proportion of capital than liabilities. This study aims to analyze how far the influence of the liquidity ratio on profitability in companies listed on the Jakarta Islamic Index. The results of the study show that the current ratio, cash ratio, quick ratio and working capital to total assets do not affect return on assets simultaneously. The current ratio has no effect on return on assets partially. Cash ratio has no effect on return on assets partially. Quick ratio has no partial effect on return on assets Working Capital to Total Asset has no partial effect on return on assets Keywords: Current Ratio, Cash Ratio, Quick Ratio, Working Capital to Total Aset Ratio, Return on Aset