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All Journal JURNAL MANAJEMEN MOTIVASI
Mohammad Nofal
Unknown Affiliation
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Capital Structure Determinants of Sharia-Compliant and Non-Compliant Companies in the Food and Beverage Sector ARIF; Mohammad Nofal; Cici Rianty K. Bidin; Ayu Putri Utami
JURNAL MANAJEMEN MOTIVASI Vol 22 No 1 (2026): Jurnal Manajemen Motivasi
Publisher : Universitas Muhammadiyah Pontianak

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29406/jmm.v22i1.9097

Abstract

This study examines the effects of profitability, tangibility, Tobin’s Q, and firm size on the capital structure of Sharia and non-Sharia food and beverage companies listed on the Indonesia Stock Exchange during 2020–2025. Using purposive sampling, the study analyzed 240 observations through panel data regression with the Random Effects Model. The results show that profitability negatively affects capital structure, while tangibility and Tobin’s Q have positive effects. Firm size has no significant effect. In Sharia companies, profitability and Tobin’s Q are significant, whereas in non-Sharia companies, only tangibility significantly affects capital structure. Keywords: Capital Structure; Sharia Companies; Profitability; Tangibility; Tobin's Q; Firm Size
Analysis of the Impact of Economic Shocks on Indonesian Stock Market Returns MOH. SAIFULLAH ADAM; Mohammad Nofal; Munawarah; Erwan Sastrawan Farid
JURNAL MANAJEMEN MOTIVASI Vol 22 No 2 (2026): Jurnal Manajemen Motivasi
Publisher : Universitas Muhammadiyah Pontianak

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29406/jmm.v22i2.9221

Abstract

This study analyzes the return movements of the IHSG and eleven IDX sectoral indices during sequential external and domestic shocks from January 2025 to April 2026 using the 5-day EMA, skewness, kurtosis, and Sharpe Ratio. Based on 293 trading days, the results show nonlinear and highly responsive Composite EMA movements, with all sectors recording negative skewness and leptokurtic distributions. Industrials achieved the highest Sharpe Ratio (0.135), followed by Transportation (0.097) and Basic Materials (0.094), while Finance, Composite, and Non-Cyclical recorded negative values. These findings support higher-moment risk management in Indonesian sectoral portfolio analysis. Keywords: Economic Shocks; Stock Returns; Moving Average; Skewness; Kurtosis; Sharpe Ratio
Co-Authors arif Ayu Putri Utami Cici Rianty K. Bidin Erwan Sastrawan MOH. SAIFULLAH ADAM Munawarah