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All Journal Jurnal Reviu Akuntansi dan Keuangan International Journal of Accounting, Management, Economics and Social Sciences (IJAMESC) Research Horizon
Muhyarsyah
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Arts Humanities Economics, Econometrics & Finance Education Law, Crime, Criminology & Criminal Justice Social Sciences

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Comparative Analysis of Risk and Return of Sharia Stocks with Conventional Stocks Isti’anah; Muhyarsyah
Research Horizon Vol. 5 No. 4 (2025): Research Horizon - August 2025
Publisher : LifeSciFi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54518/rh.5.4.2025.767

Abstract

The rapid growth of investment in the Indonesian capital market has sparked an increasing interest in both sharia-based and conventional stocks. This study aims to analyze and compare the level of risk and return rate between sharia stocks that are members of the Jakarta Islamic Index 70 (JII70) and conventional stocks in the LQ45 index in the 2019–2023 period. This study uses a quantitative approach with a comparative descriptive method. The data analysis technique was carried out using the calculation of return and standard deviation as risk indicators, as well as a difference test using an independent sample t-test to determine the significance of the difference between the two types of stocks. The results of the study show that there is a significant difference between sharia stocks and conventional stocks in terms of return and risk. In general, sharia stocks show a higher rate of return and lower risk compared to conventional stocks. These findings serve as an important reference for investors in considering investment alternatives that are not only financially competitive, but also in accordance with ethical and sustainability principles.
DETERMINANTS OF STOCK PRICES: CAPITAL STRUCTURE, PROFITABILITY, AND SALES GROWTH Deden Tarmidi; Paulus, Hendro; Apollo Daito; Nurul Hidayah; Muhyarsyah
International Journal of Accounting, Management, Economics and Social Sciences (IJAMESC) Vol. 4 No. 1 (2026): February
Publisher : ZILLZELL MEDIA PRIMA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61990/ijamesc.v4i1.736

Abstract

This study analyzes the effect of capital structure, profitability, and sales growth on stock prices, with firm size serving as a moderating variable in property and real estate companies listed on the Indonesia Stock Exchange. The sample was determined using purposive sampling by selecting firms that consistently published complete annual reports and reported positive earnings during the 2020–2023 period, resulting in 26 companies and 104 panel observations that were examined using panel data regression. The results show that capital structure and profitability have a positive and statistically significant influence on stock prices, while sales growth demonstrates a significant negative effect. Furthermore, firm size strengthens the relationship between capital structure and sales growth with stock prices but does not moderate the effect of profitability. These findings support signaling theory by indicating that investor responses to financial indicators are shaped by firm-specific characteristics and provide practical implications for corporate financial policy and investment decision-making in the property and real estate sector.
Financial, Responsibility, and the Environment: Unpacking the Drivers of Corporate Tax Avoidance Tarmidi, Deden; Hendro Paulus; Hidayah, Nurul; Muhyarsyah
Jurnal Reviu Akuntansi dan Keuangan Vol. 16 No. 2 (2026): Jurnal Reviu Akuntansi dan Keuangan
Publisher : Universitas Muhammadiyah Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22219/jrak.v16i2.43948

Abstract

Purpose: This study aims to analyze the effect of profitability, Corporate Social Responsibility (CSR), and Carbon Emission Disclosure (CED) on tax avoidance in transportation companies listed on the Indonesia Stock Exchange (IDX), as well as to examine the role of leverage as a moderating variable. Methodology/approach: This study uses a quantitative approach with panel data obtained from financial reports and sustainability reports of companies in the transportation sector during the period 2020–2024. The research sample consisted of 28 companies with a total of 140 observations selected using purposive sampling. Data analysis was performed using panel data regression with the Random Effect Model (REM) and processed using EViews 13. Findings: The results show that profitability, as measured by Return on Assets (ROA) and Carbon Emission Disclosure (CED), has a positive and significant effect on tax avoidance, while CSR has no significant effect. Leverage does not moderate the relationship between profitability and tax avoidance, but it has been proven to strengthen the influence of CSR on tax avoidance and weaken the influence of CED on tax avoidance. The research model has a strong explanatory power for variations in tax avoidance. Practical implications: These findings have important implications for tax authorities and regulators to improve risk-based supervision by considering the financial performance, sustainability practices, and funding structure of transportation companies. For companies, the results of this study emphasize the need to align tax strategies with CSR practices and environmental transparency more consistently in order to avoid reputational and legitimacy risks amid increasing demands for transparency. Meanwhile, for investors, these findings provide a basis for assessing corporate governance quality by considering the interrelationship between sustainability, financial structure, and tax behavior. Originality/value: This study offers novelty by integrating profitability, CSR, and carbon emission disclosure into a single tax avoidance analysis framework and testing the role of leverage as a moderating variable in the transportation sector, which is still relatively understudied in the context of emerging markets such as Indonesia.
Co-Authors Apollo Daito Deden Tarmidi Hendro Paulus Isti’anah Nurul Hidayah NURUL HIDAYAH Paulus, Hendro