Article Per Year (5 Year)
p-Index From 2021 - 2026
0.61
P-Index
This Author published in this journals
All Journal Economics and Business Journal (JIMBE)
Zainal Ruma
Fakultas Ekonomi dan Bisnis, Universitas Negeri Makassar
Economics, Econometrics & Finance

Published : 3 Documents Claim Missing Document
Claim Missing Document
Check
Articles

Found 3 Documents
Search

 1 
The Effect of Assertive Communication and Physical Work Environment on the Productivity of Telkom Property Regional VII Makassar City Employees Zainal Ruma
Economics and Business Journal (ECBIS) Vol. 4 No. 2 (2026): January
Publisher : PT. Maju Malaqbi Makkarana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47353/ecbis.v4i2.425

Abstract

Indonesia is known as a country rich in local culture and traditions that are passed down from generation to generation. One of the traditions that is still preserved by the Bugis-Makassar people is Mappanre Temme, which is a procession of Qur'an khatam which is an important part of the traditional wedding series. This research aims to examine the symbolic meaning and cultural values in the Mappanre Temme tradition and its relevance in the life of modern society. The method used is a literature study with a qualitative descriptive approach. The results of the study show that this tradition contains religious, educational, social, and moral values. Apart from being a symbol of the spiritual readiness of the bride-to-be, this tradition is also a medium for the preservation of Islamic values and local culture. However, modernization also affects the meaning of this tradition, so sustainable preservation efforts are needed.
Economic Signals from Acquisition Premiums: A Re-Analysis of Stock Price Fluctuations to Assess the Impact of Shareholder Wealth in M&A Transactions Zainal Ruma
Economics and Business Journal (ECBIS) Vol. 4 No. 1 (2025): November
Publisher : PT. Maju Malaqbi Makkarana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47353/ecbis.v4i1.146

Abstract

This study investigates the role of acquisition premiums in mergers and acquisitions (M&A) and their impact on shareholder wealth, focusing on five major Indian deals in pharmaceuticals, retail, banking, steel, and renewable energy sectors. Potential synergies often justify acquisition premiums ranging from approximately 15% to 40% above target companies’ market values. However, market responses suggest that such premiums may not consistently result in value creation for acquiring firms' shareholders. Empirical findings reveal mixed outcomes: Sun Pharma’s acquisition of Ranbaxy led to a 9.8% share price increase within five days, while Tata Steel’s high-premium acquisition of Bhushan Steel saw only a 1.7% gain. In contrast, deals like Reliance–Future Retail and Tata Power–Welspun Power showed minimal or negative returns, despite sizable premiums. These patterns indicate that premium size alone is not a reliable predictor of post-deal shareholder wealth creation. The study concludes that M&A success depends more on strategic fit, market timing, and sectoral dynamics than on the premium offered. This analysis contributes to the broader M&A discourse by offering evidence-based insights into how premium valuations can either maximise or dilute shareholder value, aiding investors, corporate strategists, and policy analysts in deal assessment
Pengaruh Estimasi Permintaan Bahan Bakar Pertalite Pada PT Pertamina (Persero) Periode 2020–2024 Zainal Ruma
Jurnal Ilmu Manajemen, Bisnis dan Ekonomi Vol 3 No 4 (2025): Desember
Publisher : PT Maju Malaqbi Makkarana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59971/jimbe.v3i4.325

Abstract

This study aims to analyze the influence of economic factors on the estimated demand for Pertalite fuel at PT Pertamina (Persero) during the 2020–2024 period. The background of this research is based on the increasing consumption of Pertalite in Indonesia in line with fluctuations in fuel prices, economic growth, and population growth. The originality of this research lies in the development of an empirical model to estimate the demand for Pertalite using macroeconomic variables, including Pertalite prices, public income (GDP per capita), population, and substitute fuel prices. This study uses a quantitative approach with descriptive and verifiable methods, where data is analyzed using multiple linear regression with the help of SPSS software. The classical assumption test showed that the model met the criteria of normality and was free of multicollinearity, heteroscedasticity, and autocorrelation, making it worthy of analysis. The regression results showed that the price of Pertalite had a significant negative effect on estimated demand, GDP per capita and population had a significant positive effect, while the price of substituted fuel had a positive but insignificant effect. A determination coefficient (R²) of 0.847 indicates that the model explains most of the variation in Pertalite demand estimates. These findings confirm that demand for Pertalite in Indonesia is inelastic because it remains high despite price fluctuations. The results of this study are expected to be the basis for the government and PT Pertamina (Persero) in formulating a strategy for pricing, subsidies, and energy distribution that is more adaptive to national economic dynamics.
Co-Authors