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Capital Market Reaction Analysis Before And After The Implementation Of The Makan Bergizi Gratis (Mbg) Program Zulfajry Al Syafaat; Tenri S.P. Dipoatmodjo; Annisa Paramaswary Aslam
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 3 No. 1 (2026): Vol 3 No 1 June 2026
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v3i1.1421

Abstract

This study aims to analyze the capital market reaction to the implementation of the Makan Bergizi Gratis (MBG) Program announced by the Indonesian government on January 6, 2025, focusing on food and beverage subsector companies listed on the Indonesia Stock Exchange (IDX). The main research problem is whether there are differences in abnormal return and trading volume activity (TVA) before and after the policy implementation. The study employs an event study method with a comparative approach, using stock closing prices and trading volume data over a 21-day observation period (10 days before and after the event). The sample was selected through purposive sampling, consisting of 54 companies. Data analysis was conducted using the Paired Sample T-Test for normally distributed data. The results show significance values of 0.459 for abnormal return and 0.135 for trading volume activity, both exceeding the 0.05 significance level. This indicates that there is no significant difference before and after the implementation of the MBG program. These findings suggest that the MBG policy did not generate a meaningful market reaction and is perceived as a long-term social policy rather than a direct economic stimulus affecting corporate performance. The results align with the efficient market hypothesis and signaling theory, which posit that markets only respond to events containing strong economic information. Therefore, the MBG policy was not regarded as a significant economic signal by investors during the observation period. Keywords: Abnormal Return; Trading Volume Activity; Makan Bergizi Gratis Program; Event Study; Market Reaction
Pengaruh Financing to Deposit Ratio, Biaya Operasional dan Pendapatan Operasional terhadap Return on Assets pada Bank Umum Syariah di Indonesia Periode 2020-2024. Nur Alya Nanda; Chalid Imran Musa; Annisa Paramaswary Aslam; Anwar, Anwar; Abdul Rahman
MANABIS: Jurnal Manajemen dan Bisnis Vol. 5 No. 1 (2026): Maret 2026
Publisher : Yayasan Pendidikan Penelitian Pengabdian Algero

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54259/manabis.v5i1.7069

Abstract

This study aims to analyze the effect of the Financing to Deposit Ratio (FDR) and Operating Expenses to Operating Income (BOPO) on Return on Assets (ROA) in Islamic Commercial Banks in Indonesia. This research employs a quantitative approach using secondary data in the form of annual financial statements of Islamic Commercial Banks registered with the Financial Services Authority (OJK) during the period 2020–2024. The sample consists of 12 Islamic Commercial Banks selected using purposive sampling based on data availability and completeness. Data were analyzed using panel data regression with the assistance of Eviews 13. Model selection was conducted through the Chow test, Hausman test, and Lagrange Multiplier test. The results show that the Financing to Deposit Ratio (FDR) has a significant effect on Return on Assets (ROA), indicating that banks’ ability to manage financing distribution plays an important role in determining asset performance. In addition, Operating Expenses to Operating Income (BOPO) is also proven to have a significant effect on Return on Assets (ROA), suggesting that the management of operational activities contributes substantially to banks’ financial performance. Overall, these findings support agency theory, which states that managerial performance as an agent in managing funds and operational activities has a direct impact on the achievement of banks’ financial performance.
PENGARUH FREE CASH FLOW, CURRENT RATIO, DAN RISIKO BISNIS TERHADAP KEBIJAKAN DIVIDEN PADA PERUSAHAAN PERBANKAN DI BURSA EFEK INDONESIA Suci Nengsia; Anwar; Annisa Paramaswary Aslam; Muh Ichwan Musa; Abdul Rahman
Akmenika: Jurnal Akuntansi dan Manajemen Vol. 23 No. 1 (2026): AKMENIKA
Publisher : Universitas PGRI Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31316/akmenika.v23i1.9013

Abstract

Penelitian ini bertujuan menganalisis pengaruh Free Cash Flow, Current Ratio, dan Risiko Bisnis terhadap kebijakan dividen pada perusahaan perbankan yang terdaftar di Bursa Efek Indonesia periode 2020–2024. Penelitian menggunakan pendekatan kuantitatif asosiatif dengan sampel bank konvensional dan syariah yang dipilih melalui purposive sampling.Analisis data dilakukan menggunakan regresi data panel, meliputi uji statistik deskriptif, uji Chow, uji Hausman, uji Lagrange Multiplier, serta pengujian parsial (uji t), simultan (uji F), dan koefisien determinasi (R²). Hasil penelitian menunjukkan bahwa Free Cash Flow dan Current Ratio berpengaruh positif dan signifikan terhadap kebijakan dividen, sedangkan Risiko Bisnis berpengaruh negatif dan signifikan. Temuan ini mengindikasikan bahwa ketersediaan kas dan likuiditas mendorong pembagian dividen, sementara tingginya risiko bisnis menurunkan kecenderungan perusahaan dalam membagikan dividen.
ANALISIS BIAYA DALAM OPTIMALISASI LABA USAHA PADA CV. AGUNG UTAMA SPORT DI KOTA MAKASSAR Sitti Nuralifah Rahmayani; Anwar; Nurman; Anwar Ramli; Annisa Paramaswary Aslam
Akmenika: Jurnal Akuntansi dan Manajemen Vol. 23 No. 1 (2026): AKMENIKA
Publisher : Universitas PGRI Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31316/akmenika.v23i1.9019

Abstract

Penelitian ini bertujuan menganalisis pengaruh biaya produksi dan biaya operasional terhadap optimalisasi laba usaha pada CV. Agung Utama Sport di Kota Makassar periode 2022–2024. Penelitian menggunakan pendekatan kuantitatif deskriptif dengan data sekunder berupa laporan keuangan selama 36 bulan. Analisis yang digunakan meliputi analisis proporsi biaya, rasio efisiensi biaya, profit to cost ratio, dan analisis tren. Hasil penelitian menunjukkan bahwa biaya produksi dan biaya operasional mengalami peningkatan, sementara laba usaha cenderung menurun. Kenaikan biaya terutama berasal dari biaya bahan baku dan biaya operasional rutin. Rasio efisiensi menunjukkan penurunan kemampuan biaya dalam menghasilkan laba, yang mengindikasikan struktur biaya perusahaan belum efisien dan berdampak pada penurunan profitabilitas.