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All Journal VALUE: Jurnal Ilmiah Akuntansi, Keuangan dan Bisnis Talaa : Journal of Islamic Finance
Anggraini, Sisilia
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education

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Efektivitas Indikator MACD Dan RSI Dalam Menentukan Sinyal Jual Beli Saham Top 4 Big Banks Di Indonesia Anggraini, Sisilia; Imron, Habibulloh
VALUE Vol 6 No 1 (2025): Edisi April 2025 - September 2025
Publisher : PRODI AKUNTANSI FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS TJUT NYAK DHIEN (UTND)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36490/value.v6i1.1749

Abstract

This study aims to examine the effectiveness of the technical indicators Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) in generating buy and sell signals for the four largest banks in Indonesia—BBCA, BBRI, BMRI, and BBNI—during the period from May 23, 2023, to May 23, 2024. A quantitative approach with a descriptive analytical method was applied to secondary data in the form of daily stock closing prices obtained from the Indonesia Stock Exchange. The results show that the MACD indicator provides more accurate and consistent signals compared to the RSI, with buy signal accuracy reaching 87.5% and sell signals at 85.2%. Conversely, RSI showed buy signal accuracy at 83.3% and sell signal accuracy at 72.7%. The chi-square test also indicates a statistically significant relationship between both indicators and actual stock price movements. While RSI is better suited for sideways markets, MACD proves to be more effective in trending conditions, which are typical in the banking sector. These findings offer practical implications for investors in making technical analysis-based investment decisions in the Indonesian stock market.
Value-Based Intermediation in the International Expansion Strategy of Halal Food Companies Post-Trade Liberalization Syaichoni, Ahmad; Hidayati, Amalia Nuril; Sampurno, Rama Wahyu; Anggraini, Sisilia
Talaa : Journal of Islamic Finance Vol. 5 No. 1: June 2025
Publisher : Department of Sharia Financial Management, Institut Agama Islam Negeri Sultan Amai Gorontalo, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54045/talaa.v5i1.777

Abstract

Trade liberalization has reshaped the competitive landscape of Indonesia’s processed food industry, including halal food companies that must navigate market expansion while maintaining Shariah compliance. This study analyzes how halal food firms integrate the Value-Based Intermediation (VBI) framework into their international expansion strategies following tariff reductions and the removal of non-tariff barriers. Utilizing a mixed-method approach—combining quantitative analysis of trade and investment data (BPS and UN Comtrade) with qualitative case studies of Indofood and Mayora—the research reveals that firms are not solely pursuing economic efficiency, but also embedding Islamic ethical values such as social sustainability, local farmer empowerment, and halal assurance into their strategies. Key initiatives include the establishment of halal compliance units, alignment with Shariah-compliant financing, and the implementation of risk governance frameworks inspired by maqashid al-shariah. The findings confirm that VBI can serve as an effective strategic model to guide halal food companies in balancing global trade opportunities with their religious and ethical obligations, thereby enhancing both competitiveness and sustainability.
Co-Authors Ahmad Syaichoni, Ahmad Amalia Nuril Hidayati Imron, Habibulloh Sampurno, Rama Wahyu