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The influence of financial leverage on bid-ask spread through market capitalization: A study on companies listed in LQ 45 index Muhammad Putra Aprullah; Muhammad Arfan; Syukriy Abdullah
Proceedings of AICS - Social Sciences Vol 1 (2013)
Publisher : Proceedings of AICS - Social Sciences

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (335.214 KB)

Abstract

This study is aimed to examine empirically the influence of financial leverage on bid-ask spread through market capitalization. The population are companies that listed in the LQ45 Index during periods 2011-2012. This study uses 35 companies listed in the LQ45 index during periods 2011-2012 as many as 70 observations. Data are collected from Indonesian Capital Market Directory. This study uses path analysis to examine the hypothesis. The results show that (1) the influence of financial leverage on market capitalization is negative. (2) the influence of market capitalization on bid-ask spread is also negative. (3) the influence of financial leverage on the bid-ask spread is positive. (4) simultaneously, financial leverage and market capitalization have influence on bid-ask spread. Indirectly, financial leverage has influence on bid-ask spread through the market capitalization. Then, direct influence of financial leverage on the bid-ask spread is stronger than indirect influence of financial leverage on the bid-ask spread through the market capitalization. Therefore, it can be stated that the real influence of financial leverage on bid-ask spread is direct influence.Keywords: Bid-Ask Spread, Financial Leverage and Market Capitalization.
THE ROLE OF PT BANK ACEH'S DIGITAL TRANSFORMATION IN SUPPORTING MSMEs DRIVING HALAL TOURISM IN ACEH PROVINCE Aprullah, Muhammad Putra; Adria, Agus; Sayuthi, Muhammad; Fuadi, Raida; Julnadi, Salsabilla
I-Economics Vol 10 No 2 (2024): I-ECONOMICS: A Research Journal on Islamic Economics
Publisher : Islamic Economics Program, Faculty of Islamic Economics and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.19109/ieconomics.v10i2.24482

Abstract

The research aims to discuss the role of Bank Aceh's digital transformation in developing halal tourism in Aceh Province. The concept of tourism development that remains in synergy with the cultural values of the Acehnese people who are thick with Islamic values. The people of Aceh have a strong commitment to implementing Islamic law in a kaffah manner and in all activities of life. Bank Aceh's digital transformation is very important to support the development of halal tourism in Aceh Province. Bank Aceh must consider three main factors in carrying out digital transformation as a means of supporting the development of halal tourism. First, halal tourism is developed based on the values of Islamic law, national law and qanun (regional regulations). Second, the importance of halal certification in all types of services.  Third, the active involvement of PT Bank Aceh in the feasibility study of capital and MSMEs assistance in managing tourist attractions, tourism marketing, tourism industry, and institutional development. These three factors need to be fully supported by integrative government and financial industry policies. This research is expected to contribute to the development of knowledge about the role of digital transformation of PT Bank Aceh in developing halal tourism in Aceh Province.  
THE IMPLEMENTATION OF BCBL MODEL ON INTEGRATED ECONOMIC EXPLORATION TO DEVELOP XXI CENTURY SKILLS APRULLAH, MUHAMMAD PUTRA; FUADI, RAIDA; SAYUTHI, MUHAMMAD; ADRIA, AGUS; JULNADI, SALSABILLA
LEARNING : Jurnal Inovasi Penelitian Pendidikan dan Pembelajaran Vol. 4 No. 4 (2024)
Publisher : Pusat Pengembangan Pendidikan dan Penelitian Indonesia (P4I)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.51878/learning.v4i4.3409

Abstract

This paper aims to find out how the application of the Brain Collaborative Based Learning (BCBL) learning model on Integrated Economic Exploration material to develop XXI Century Skills of Class X-3 MAN 1 Banda Aceh students. The application of this learning model involved 39 students. The achievement of learning targets for Integrated Economic Exploration material using the Brain Collaborative Based Learning (BCBL) learning model still varies. This learning model increases student motivation in the literacy of integrated economic exploration material on environmental, social and religious moderation issues. The absorption and target achievement of the curriculum on integrated economic exploration material with the target achievement of 21st century skills is 92.31%. Three out of thirty-nine students in class X-3 did not meet the completeness of the learning objective achievement criteria score (KKTP: 78-80). The Brain Collaborative Based Learning (BCBL) learning model is believed to be able to contribute to the development of XXI century generation skills in welcoming the Sustainability Development Goals. ABSTRACTThis paper aims to find out how the application of the Brain Collaborative Based Learning (BCBL) learning model on Integrated Economic Exploration material to develop XXI Century Skills of Class X-3 MAN 1 Banda Aceh students. The application of this learning model involved 39 students. The achievement of learning targets for Integrated Economic Exploration material using the Brain Collaborative Based Learning (BCBL) learning model still varies. This learning model increases student motivation in the literacy of integrated economic exploration material on environmental, social and religious moderation issues. The absorption and target achievement of the curriculum on integrated economic exploration material with the target achievement of 21st century skills is 92.31%. Three out of thirty-nine students in class X-3 did not meet the completeness of the learning objective achievement criteria score (KKTP: 78-80). The Brain Collaborative Based Learning (BCBL) learning model is believed to be able to contribute to the development of XXI century generation skills in welcoming the Sustainability Development Goals.
INTEGRATING ARTIFICIAL INTELLIGENCE INTO COLLABORATIVE LEARNING TO FOSTER 21ST-CENTURY SOFT SKILLS: EVIDENCE FROM A BEST PRACTICE STUDY IN MAN 1 BANDA ACEH Aprullah, Muhammad Putra; Sayuthi, Muhammad; Julnadi, Salsabilla; Gunawan, William Ben; Indrayani, Indrayani; Fuadi, Raida; Zahara, Zahara; Adria, Agus
Multidisciplinary Indonesian Center Journal (MICJO) Vol. 3 No. 1 (2026): Vol. 3 No. 1 Edisi Januari 2026
Publisher : PT. Jurnal Center Indonesia Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62567/micjo.v3i1.1888

Abstract

This best practice study aims to develop 21st-century soft skills in students at MAN 1 Banda Aceh through the implementation of an artificial intelligence-based collaborative learning model called KOTAK (Artificial Intelligence-Based Brain Collaboration). The study used a qualitative case study design with 39 students. Data collection was conducted through learning observations, interviews, and analysis of student activities and learning outcomes in the Integrated Economic Exploration material. The KOTAK model was designed by integrating various easily accessible AI tools, such as Google Lens, ChatGPT, and QuestionWell, to support interactive, collaborative, and problem-solving-based learning. The results showed that implementing the KOTAK model significantly improved students' critical thinking, communication, collaboration, and creativity (4C) skills. Analysis of learning outcomes indicated a 94.87% absorption rate and achievement of the curriculum objectives for the taught material. The use of the AI platform has proven to be an effective interactive medium for encouraging active student engagement, strengthening higher-order thinking, and fostering collaboration in problem-solving. This research makes an original contribution by offering and testing a contextual learning model that integrates collaborative pedagogy and AI technology in a madrasah environment, while also presenting a practical framework for developing 21st-century skills in integrated subjects such as Economics, in line with the implementation of the Merdeka Curriculum.
Beyond philanthropy: Modelling zakat’s systemic role in circular economic practices and sustainable finance Aprullah, Muhammad Putra; Sayuthi, Muhammad; Julnadi, Salsabilla; Gunawan, William Ben; Indrayani, Indrayani
Priviet Social Sciences Journal Vol. 6 No. 2 (2026): February 2026
Publisher : Privietlab

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55942/pssj.v6i2.1374

Abstract

This study systematically examines the role of zakat in promoting sustainable finance and achieving Sustainable Development Goals (SDGs). Through the Systematic Literature Review (SLR) method, this study identifies, analyzes, and synthesizes various empirical studies and national data related to zakat’s contribution to economic, social, and environmental development. Zakat, as an Islamic social finance instrument, has great potential in strengthening the inclusive financial ecosystem and supporting community welfare. The literature review shows that zakat plays a significant role not only as a financial instrument for redistributing prosperity but also as a catalyst for sustainable development through environmental conservation, economic empowerment, enhanced social resilience, and increased financial inclusion. The integration of zakat into the sustainable finance policy framework has been proven to support the achievement of several SDGs, particularly the goals of poverty eradication (SDG 1), decent work and economic growth (SDG 8), and inequality reduction (SDG 10). Therefore, zakat’s potential can be optimized through good governance, digital innovation, and cross-sector collaboration is a strategic key to accelerate the realization of sustainable finance and achieve the SDGs in Indonesia