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All Journal Buletin Poltanesa Indonesian Journal of Advanced Research (IJAR)
Icha Mustamin
Politeknik Indonesia
Agriculture, Biological Sciences & Forestry Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Education Languange, Linguistic, Communication & Media

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Between Logic of Blessing and Accounting Rationality: Financial Reporting Formalization Process in a Sharia Property Developer Icha Mustamin; Alimuddin; Darwis Said
Poltanesa Vol 26 No 2 (2025): December 2025
Publisher : P3KM Politeknik Pertanian Negeri Samarinda

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.51967/tanesa.v26i2.3607

Abstract

This research explores the meaning of accountability and the fundamental challenges arising during the transition from a manual reporting system to a formal accounting system in a non-bank Islamic property developer. Utilizing a qualitative approach with an in-depth design, the researcher served as a participant-observer for over five months at PT. Pandawa Lima Development in South Sulawesi. Data collection involved triangulation of semi-structured interviews, participant observations, and document analysis to ensure validity. The findings identify the existence of a "logic of blessing" as the dominant rationality replacing conventional market logic, manifested in the owner's migration story and the company's ability to survive three years without sales, interpreted as divine help. The formalization challenge was not merely technical but an intensive sense-making process to translate intuition-based practices into an inflexible account code structure. The study highlights that accounting formalization in this context is a negotiation between spiritual values and technical rigidity. This research contributes to the literature by providing bottom-up empirical data on accounting practices in non-banking Islamic entities and offers practical insights for integrating spiritual values into formal reporting systems without eroding the organization's unique ethos.  
Comparative Analysis of the Residual Income Valuation Model and the Dividend Discounting Model in Predicting Stock Prices of LQ45 Companies Icha Mustamin; Amiruddin; Darmawati; Endang Sriningsih
Indonesian Journal of Advanced Research Vol. 5 No. 5 (2026): May 2026
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/ijar.v5i5.16520

Abstract

This study aims to analyze and compare the effectiveness of the Residual Income Valuation (RIV) model and the Dividend Discount Model (DDM) in predicting stock prices for companies listed on the LQ45 index of the Indonesia Stock Exchange. Changes in dividend policies and market uncertainty in Indonesia necessitate the use of accurate valuation models for investors and regulators. The research method used is a quantitative comparative study employing a multiple linear regression approach. The sample was determined using purposive sampling, which included LQ45 index companies with complete financial statement data available during the observation period. The effectiveness of the models was measured using statistical instruments and prediction accuracy measures such as Mean Absolute Percentage Error (MAPE) and Root Mean Square Error (RMSE). The results of the study indicate that, taken together, net income, book value of equity, and dividends have a significant impact on stock prices, explaining 65.8% of the variance. However, when considered individually, dividends per share were found to be the most dominant and significant variable influencing stock prices (Sig. 0.000). Conversely, net income and book value of equity did not show a significant independent effect. Thus, this study indicates that in the context of LQ45 companies, the Dividend Discount Model (DDM) proves to be more relevant and has stronger predictive power compared to the RIV model. These findings suggest that investors in the Indonesian capital market still heavily rely on dividends as the primary signal of a company’s stability and quality.
Co-Authors Alimuddin Amiruddin Darmawati Darwis Said, Darwis Endang Sriningsih