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All Journal Al-Kharaj: Journal of Islamic Economic and Business Jurnal Akutansi Manajemen Ekonomi Kewirausahaan (JAMEK)
Mustarudin
Unknown Affiliation
Economics, Econometrics & Finance

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Analysis the impact of boycott pro-Israel products on the financial performance of multinational companies in Indonesia Syarif Maula Andriansyah; Uray Ndaru Mustika; Mustarudin; M. Irfani Hendri
Jurnal Akutansi Manajemen Ekonomi Kewirausahaan (JAMEK) Vol 5 No 1 (2025): Edisi Januari 2025
Publisher : Forum Kerjasama Pendidikan Tinggi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/jamek.v5i1.1671

Abstract

This research seeks to examine the effects of the boycott against pro-Israel products on the financial performance of multinational companies in Indonesia. Boycotts of pro-Israel products are often triggered by political and social factors, which can affect consumer perceptions and purchasing behaviour. This study utilizes a quantitative approach by analyzing secondary data obtained from the financial statements of Indonesian companies whose pruducts were affected by the boycott, both before and following the expansion of the boycott within Indonesia. The findings of the research suggest that the decision to reject products originating from Israel or associated with Israeli entities significantly affects the financial outcomes of various multinational corporations in Indonesia, particularly those with a substantial presence in markets of nations that endorse the boycott. The impact is seen in decreased sales, decreased stock prices, and decreased profitability. This study provides important insights for issuers in Indonesia in anticipating and responding to product boycotts and their implications for their financial performance.
The Role of Political Connections in Moderating Profitability, Leverage, and Institutional Ownership on Firm Value: Empirical Evidence from the Indonesian Banking Industry Yuli; Azazi, Anwar; Syahputri, Anggraini; Mustarudin; Wendy
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 1 (2026): All articles in this issue include authors from 3 countries of origin (Indonesi
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i1.9832

Abstract

This study aims to analyze the effect of political connections, profitability, and leverage on firm value in banking companies listed on the Indonesia Stock Exchange for the period 2019–2024, with institutional ownership acting as a moderating variable. The research sample consisted of 39 companies with a total of 234 observations selected through purposive sampling, using secondary data sourced from financial reports and share ownership information. The analysis was conducted using Moderated Regression Analysis (MRA) based on panel data. The results show that internal company determinants have an impact on firm value with varying intensity, while political connections are proven to play a selective role in moderating this relationship. These findings contribute to enriching the literature on firm value determinants in the banking sector and governance implications in a highly regulated industry.
Co-Authors Anwar Azazi M. Irfani Hendri Syahputri, Anggraini Syarif Maula Andriansyah Uray Ndaru Mustika Wendy Yuli