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Journal : Journal Economics

PERFORMANCE OF ISLAMIC INDICES: RISK ADJUSTED RETURNS OF SHARIA COMPLIANT STOCKS ON JAKARTA ISLAMIC INDEX AND DOW JONES ISLAMIC TURKEY Banani, Ade; Hidayatun, Nur Afni
Journal Economics & Business Atmajaya Indonesia Vol 1 No 1 (2017): Journal of Economics & Business (JEBI)
Publisher : Penerbit Atma Jaya Catholic University of Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (577.123 KB) | DOI: 10.25170/jebi.v1i1.18

Abstract

The purpose of this research was to analyze the performance of Islamic indices compared to their counterparts. The research elaborated the performance of Islamic index in developing countries, which were Indonesia and Turkey represented by Jakarta Islamic Index and Dow Jones Islamic Market Turkey. This research was conducted during the period of 2010 until 2014. Populations in this research were all of companies listed in Jakarta Islamic Index, Dow Jones Islamic Market Turkey and their counterpart index. While sample was determined by purposive sampling method to eliminated stocks listed in both Islamic and counterpart index (dual listing). Data collection techniques used was method of documentation, literature review and internet search. The result based on three risk adjusted performance measurements consist of Sharpe, Treynor and Jensen Alpha, Islamic index did not significantly result in poor performance compared to its counterpart. Moreover, Islamic index in Indonesia has insignificantly outperformed its counterpart LQ45 index, while in Turkey has insignificantly underperformed it counterpart Dow Jones Turkey Titans 20 index. This study also revealed that Sharia compliant did not significantly affect the performance of Islamic index related to risk and return payoffs. Therefore, investors who are concerns with investing in Sharia compliant stocks could also benefit by holding portfolio of investments adhering to Sharia principles.
COMPARATIVE ANALYSIS OF THE EFFECT OF MACROECONOMIC FACTORS TOWARD IDX COMPOSITE INDEX AND FTSE BURSA MALAYSIA INDEX Rahmani, Annisa Gilang; Banani, Ade; Widiastuti, Ekaningtyas
Journal Economics & Business Atmajaya Indonesia Vol 3 No 1 (2019): Journal of Economics & Business (JEBI)
Publisher : Penerbit Atma Jaya Catholic University of Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (888.548 KB) | DOI: 10.25170/jebi.v3i1.53

Abstract

This article is titled ?Comparative Analysis of The Effect of Macroeconomic Factors toward Idx Composite Index and FTSE Bursa Malaysia Index?. The aims of this study are to determine the influence of macroeconomic factors toward the Indonesia?s and Malaysia?s index, and to compare the performance of those two indices. The macroeconomic factors studied were inflation rates, exchange rates, Gross Domestic Product (GDP), and WTI crude oil prices on Indonesian and Malaysian stock indices. This study took the period from January 2012 until December 2017 as a sample. The Indonesian stock market is represented by IDX Composite Index, while Malaysia is FTSE Bursa Malaysia. This research used Multiple Regression Linear Model as analysis tool. The result shows that the inflation rate has no effect on IDX Composite Index and FTSE Bursa Malaysia. While the exchange rate and GDP have a significant positive influence on IDX Composite Index and FTSE Bursa Malaysia. Vice versa, the WTI crude oil price does not affect IDX Composite Index and FTSE Bursa Malaysia. Both of these stock indices significantly proved to be different. The implication of this study is that the results of this study can be used as a reference for investors in choosing which index is better, Bank Indonesia and Bank Negara Malaysia in determining monetary policies made for each country.  
FINANCIAL PERFORMANCE ANALYSIS OF STATE OWNED AND PRIVATE ENTERPRISES IN PHARMACEUTICAL INDUSTY LISTED IN INDONESIA STOCK EXCHANGE IN PERIOD YEAR 2012 - 2016 Banani, Ade; Riyasari, Indah; Widiastuti, Ekaningtyas
Journal Economics & Business Atmajaya Indonesia Vol 3 No 1 (2019): Journal of Economics & Business (JEBI)
Publisher : Penerbit Atma Jaya Catholic University of Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (573.728 KB) | DOI: 10.25170/jebi.v3i1.50

Abstract

This study compares the financial performance between state owned and private enterprises in the pharmaceutical sub sector. The proxies for ratio analysis are current ratio, return on equity, debt equity ratio, and total asset turnover. By using independent sample t-test, the result shows that there was no significant difference between the financial performance of state owned and private enterprises on profitability ratio and activity ratio. Meanwhile, there was significant difference in the financial performance of state owned and private enterprises for liquidity ratio and leverage ratios. In addition, the result of the analysis illustrates that the performance of state owned enterprises were better than private enterprises in the  pharmaceutical sub sector.