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All Journal Perisai : Islamic Banking and Finance Journal International Journal of Islamic Education, Research and Multiculturalism (IJIERM) Gudang Jurnal Multidisiplin Ilmu El-Wasathy: Journal of Islamic Studies Bisnis Manajemen dan Keuangan International Journal of Islamic Business and Economics (IJIBEC)
Riskayanto
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Capital Market Relaxation and Stability Policy: An Analysis Comparative on ISSI Jayanti, Anisah Ajeng; Riskayanto
El-Wasathy: Journal of Islamic Studies Vol 1 No 2 (2023): El-Wasathy: Journal of Islamic Studies
Publisher : Lembaga Swadaya Masyarakat Asosiasi Masyarakat Madani Indonesia (AMMI)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61693/elwasathy.vol12.2023.174-185

Abstract

Penelitian ini bertujuan untuk menganalisis perbedaan kinerja Indeks Saham Syariah Indonesia (ISSI) sebelum dan sesudah pencabutan kebijakan relaksasi dan stabilitas pasar modal sebagaimana diatur dalam POJK No.4/2022. Uji yang digunakan adalah Wilcoxon Signed Rank Test dengan sampel penelitian 47 hari sebelum masa pencabutan dan 47 hari setelah masa pencabutan kebijakan. Hasil penelitian yang diperoleh adalah terdapat perbedaan kinerja ISSI sebelum dan sesudah pencabutan kebijakan stabilitas pasar modal, dimana kinerja ISSI mengalami penurunan pada periode setelah pencabutan.
The Effect of Right Issue on The Stock Performance of PT Bank Syariah Indonesia Tbk (BRIS) Rukmini, Mimin; Izzani Ulfi; Riskayanto
Perisai : Islamic Banking and Finance Journal Vol 8 No 2 (2024): October
Publisher : Universitas Muhammadiyah Sidoarjo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21070/perisai.v8i2.1752

Abstract

The right issue policy is carried out by companies that have gone public. It usually aims to expand its business by increasing the capital obtained from old investors through Pre-emptive Rights. This study aims to test and find out how the difference in stock performance at PT Bank Syariah Indonesia Tbk (BRIS) before and after the right issue corporate action. This study uses secondary data sourced from various existing writings and publications such as those used in this study, namely retrieval of historical stock price data through the official website bankbsi.co.id owned by Bank Syariah Indonesia, and historical data on the Jakarta Composite Index (JCI) through the investing.com page. The sampling method used in this study was purposive sampling. Samples in this study were taken from stock prices for 5 (five) months before and after the right issue event in December 2022. The results of this study indicate that the right issue has no significant effect on stock performance when viewed from stock returns. However, the right issue has a significant influence when viewed from the abnormal stock return. Suggestions for further research can increase the observation time of the right issue event and the use of different abnormal stock return analysis models such as the market model or market adjusted model.
Comparative Analysis of Indonesia and Malaysia Sharia Stock Index Performance Using Sharpe, Treynor, and Jensen Methods Azizah, Fauziah; Handayani, Sri Setya; Riskayanto; Rizaldy, Muhamad Rizky
International Journal of Islamic Business and Economics (IJIBEC) Vol 8 No 1 (2024): Volume 8 Nomor 1 Tahun 2024
Publisher : Universitas Islam Negeri K.H. Abdurrahman Wahid Pekalongan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.28918/ijibec.v8i1.7188

Abstract

The research aims to measure the performance of stock indices and analyze the comparative performance of sharia stock indices in Indonesia (JII-70) and Malaysia (FBMS) during and after the COVID-19 pandemic. The performance assessment used was the Sharpe, Treynor, and Jensen method. Sharpe concept will be used to measure the risk premium for each unit of risk in the portfolio, Treynor will be used to measure portfolio performance assuming that the Reward to Volatility Ratio (RVR) of a well-diversified portfolio, and Jensen will measure that estimates a constant rate of return over the investment period. The performance of JII-70 and FBMS will be comparatively analyzed using the independent sample t-test with Eviews-12 software. According to Treynor, the test results show that the performance of the JII-70 stock index is positive. In contrast, according to the Sharpe and Jensen indices, it is negative, while the performance of FBMS based on these three indices shows negative results. The performance of the JII-70 stock index is higher than the FBMS index, although the difference is not significant. Meanwhile, according to the Jensen index, FBMS performance is better than JII-70 performance. It can be concluded that the Jakarta Islamic Index-70 (JII-70) performance is better than the FTSE Bursa Malaysia EMAS Sharia (FBMS). The findings of this study help regulators and practitioners design essential strategies in light of varying stock market dynamics during the pandemic.
Dampak Sertifikasi Halal Dan Kualitas Produk Terhadap Minat Beli Konsumen Dengan Kesadaran Halal Sebagai Variabel Mediasi Auliya Rahma; Riskayanto
Gudang Jurnal Multidisiplin Ilmu Vol. 3 No. 9 (2025): GJMI - SEPTEMBER
Publisher : PT. Gudang Pustaka Cendekia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59435/gjmi.v3i9.1750

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh sertifikasi halal dan kualitas produk terhadap kesadaran halal dan minat beli konsumen Mie Gacoan di wilayah Jabodetabek, baik secara langsung maupun tidak langsung melalui mediasi kesadaran halal. Adapun penelitian ini dilatarbelakangi oleh meningkatnya perhatian masyarakat Muslim terhadap kehalalan produk makanan, khususnya dalam konteks brand yang sedang naik daun seperti Mie Gacoan. Pendekatan yang digunakan adalah kuantitatif dengan metode survei. Sampel dalam penelitian ini terdiri dari 210 responden konsumen Mie Gacoan di kota Depok yang dipilih menggunakan teknik purposive sampling. Pengujian data dilakukan dengan metode Structural Equation Modeling (SEM) berbasis Partial Least Square (PLS) untuk menguji hubungan antar variabel. Hasil penelitian menunjukkan bahwa sertifikasi halal berpengaruh positif dan signifikan terhadap kesadaran halal dan minat beli. Kualitas produk juga terbukti memberikan pengaruh signifikan terhadap kesadaran halal dan minat beli. Selain itu, kesadaran halal memiliki pengaruh langsung yang signifikan terhadap minat beli konsumen. Temuan lainnya mengungkap bahwa kesadaran halal memediasi secara signifikan hubungan antara sertifikasi halal dan kualitas produk terhadap minat beli. Hal ini mengindikasikan bahwa peningkatan minat beli tidak hanya dipengaruhi oleh kualitas dan label halal secara langsung, tetapi juga diperkuat melalui peningkatan pemahaman konsumen akan pentingnya kehalalan produk. Implikasi dari penelitian ini menunjukkan pentingnya peran sertifikasi halal dan kualitas produk dalam strategi pemasaran kuliner halal, serta perlunya edukasi halal untuk memperkuat kesadaran konsumen.
COMPARATIVE ANALYSIS OF SHARIA AND CONVENTIONAL STOCKS PORTFOLIO PERFORMANCE USING SHARPE, TREYNOR AND JANSEN METHODS Muchlisina, Fanji; Riskayanto
International Journal of Islamic Education, Research and Multiculturalism (IJIERM) Vol 5 No 3 (2023)
Publisher : The Islamic Education and Multiculturalism Foundation

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47006/ijierm.v5i3.261

Abstract

The Sharia capital market emerged as an alternative vehicle for the investor community to invest in the financial world in accordance with Sharia principles. As an alternative investment vehicle, the Sharia capital market is of course also targeted by investors who care about Sharia in addition to the general objective as a vehicle used to a profitable investing. Based on this basic framework, this research was conducted with the aim of analyzing and comparing stock performance in the form of stock portfolios between Sharia-based and conventional one. The JII70 stock index was used as an object for the Sharia stock portfolio, while the conventional stock portfolio was represented by the LQ45 index. The performance assessment used on these two portfolios was a portfolio performance assessment using the Sharpe, Treynor, and Jensen methods during the Covid-19 pandemic. The performance of these stock portfolios according to the three methods showed positive results. The performance of the JII70 stock portfolio was lower than the LQ45 index although it is insignificant. Meanwhile, according to the Treynor index, the performance of the JII70 was better than the LQ45 although it is insignificant.
The Effect of Right Issue on The Stock Performance of PT Bank Syariah Indonesia Tbk (BRIS): Pengaruh Right Issue Terhadap Kinerja Saham PT Bank Syariah Indonesia Tbk (BRIS) Rukmini, Mimin; Izzani Ulfi; Riskayanto
Perisai : Islamic Banking and Finance Journal Vol. 8 No. 2 (2024): October
Publisher : Universitas Muhammadiyah Sidoarjo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21070/perisai.v8i2.1752

Abstract

The right issue policy is carried out by companies that have gone public. It usually aims to expand its business by increasing the capital obtained from old investors through Pre-emptive Rights. This study aims to test and find out how the difference in stock performance at PT Bank Syariah Indonesia Tbk (BRIS) before and after the right issue corporate action. This study uses secondary data sourced from various existing writings and publications such as those used in this study, namely retrieval of historical stock price data through the official website bankbsi.co.id owned by Bank Syariah Indonesia, and historical data on the Jakarta Composite Index (JCI) through the investing.com page. The sampling method used in this study was purposive sampling. Samples in this study were taken from stock prices for 5 (five) months before and after the right issue event in December 2022. The results of this study indicate that the right issue has no significant effect on stock performance when viewed from stock returns. However, the right issue has a significant influence when viewed from the abnormal stock return. Suggestions for further research can increase the observation time of the right issue event and the use of different abnormal stock return analysis models such as the market model or market adjusted model.
Pengaruh Literasi Keuangan, Kemajuan Teknologi dan Persepsi Imbal Hasil Terhadap Minat Investasi Pada Pasar Modal Syariah Dengan Motivasi Sebagai Variabel Intervening (Studi Kasus: Masyarakat DKI Jakarta) Ahmad Faisal; Riskayanto
Bisnis Manajemen dan Keuangan Vol. 1 No. 1 (2024)
Publisher : Universitas Gunadarma

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35760/bismaku.2024.v1i1.132

Abstract

Pembentukan modal yang biasa disebut juga sebagai penanaman modal atau investasi, merupakan salah satu komponen yang dapat menentukan tingkat pengeluaran agregat terhadap suatu negara yang itu merupakan salah satu hal yang penting dalam pembangunan ekonomi. Di dunia pasar modal syariah dan investasi selalu menjadi poin yang menarik untuk dibahas di zaman sekarang. Bukan hanya di negara yang berkembang, fundamental ekonomi juga dapat terjadi di negara yang maju dengan ditemui banyaknya pasar modal syariah dan investasi. Penelitian ini bertujuan untuk melihat pengaruh literasi keuangan, kemajuan teknologi, dan persepsi imbal hasil terhadap minat investasi pada pasar modal syariah dengan motivasi sebagai variabel intervening (studi kasus: masyarakat DKI Jakarta). Penelitian ini menggunakan metode kuantitatif dengan teknik analisis yang dipakai adalah SEM-PLS dengan mengunakan aplikasi SMART-PLS 4. Pengambilan data melalui penyebaran kuesioner terhadap masyarakat yang sudah berinvestasi pada masyarakat DKI Jakarta terdiri dari 100 sampel sudah memenuhi kriteria. Hasil penelitian ini membuktikan tidak terdapat pengaruh yang signifikan dari variabel literasi keuangan terhadap minat investasi dengan motivasi sebagai variabel interveningnya. Selanjutnya tidak terdapat pengaruh dari variabel kemajuan teknologi terhadap minat investasi dengan motivasi sebagai variabel interveningnya. Dan yang terakhir tidak terdapat pengaruh dari variabel persepsi imbal hasil terhadap minat investasi dengan motivasi sebagai variabel interveningnya.
Co-Authors Ahmad Faisal Auliya Rahma Azizah, Fauziah Handayani, Sri Setya Izzani Ulfi Jayanti, Anisah Ajeng Muchlisina, Fanji Rizaldy, Muhamad Rizky Rukmini, Mimin