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All Journal Journal of Management, Economic, and Financial Journal Markcount Finance
Agus Zainul Arifin
Universitas Tarumanegara
Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Social Sciences

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Financial Distress Analysis: Cigarette Companies on Idx, Pandemic & Excise Tax Impact (2019-2023) Ifan Muhamad Lutfan; Lela Nurlela Wati; Agus Zainul Arifin
Journal of Management Economic and Financial Vol. 3 No. 4 (2025): Special Issue
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/jmef.v3i4.154

Abstract

The policy of increasing tobacco excise taxes, implemented gradually in recent years, has created challenges for companies. Since 2019, various challenges have emerged, especially due to the COVID-19 pandemic that affected the whole world and the government's policy of increasing tobacco excise taxes. This study aims to analyze the condition of financial distress in cigarette companies listed on the Indonesia Stock Exchange during the period 2019 to 2023, as well as identify the influence of external factors in the form of an increase in excise rates and the COVID-19 pandemic on the level of distress risk. This research method is quantitative with a descriptive and associative approach. The research sample consisted of four cigarette companies, namely PT HM Sampoerna Tbk (HMSP), PT Gudang Garam Tbk (GGRM), PT Wismilak Inti Makmur Tbk (WIIM), and PT Bentoel Internasional Investama Tbk (RMBA). The results showed that HMSP and WIIM were consistently in a healthy financial condition according to all three models, while GGRM was volatile but relatively stable. In contrast, RMBA shows a score that indicates a distressed condition almost every year. The study concludes that external factors have a significant contribution to the risk of bankruptcy of cigarette companies. Predictive models can be used as an early detection tool against declining corporate financial health.
The Influence of Maqasid Sharia on the Financial Performance of Sharia Financial Institutions Agus Zainul Arifin; Daiki Nishida; Ren Suzuki
Journal Markcount Finance Vol. 3 No. 2 (2025)
Publisher : Yayasan Adra Karima Hubbi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/jmf.v3i2.2134

Abstract

Maqasid Sharia, which refers to the objectives of Islamic law, plays a central role in ensuring that Sharia financial institutions operate in alignment with Islamic principles. These objectives include preserving faith, life, intellect, progeny, and wealth. While Sharia compliance is a cornerstone of Islamic finance, the extent to which Maqasid Sharia influences the financial performance of Sharia financial institutions remains underexplored. Understanding this relationship is critical for enhancing the sustainability and competitiveness of Islamic financial institutions. This study aims to examine the influence of Maqasid Sharia on the financial performance of Sharia financial institutions, providing insights into how adherence to Islamic principles can drive financial success. A quantitative research design was employed, utilizing data from 50 Sharia financial institutions in Indonesia. Multiple regression analysis was used to analyze the relationship between Maqasid Sharia compliance and financial performance indicators, such as return on assets (ROA) and return on equity (ROE). The findings reveal that higher levels of Maqasid Sharia compliance significantly improve financial performance, with institutions demonstrating strong adherence to Islamic principles reporting higher ROA and ROE. The preservation of wealth and faith emerged as the most influential dimensions of Maqasid Sharia in driving financial success. This study highlights the importance of Maqasid Sharia in enhancing the financial performance of Sharia financial institutions. The results suggest that institutions should prioritize adherence to Islamic principles to achieve sustainable growth and maintain competitiveness in the financial sector.
Co-Authors Daiki Nishida Ifan Muhamad Lutfan Lela Nurlela Wati Ren Suzuki