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Market Reaction to Green Sukuk and Conventional Sukuk: An Event Study Approach Mastiah Mastiah; Aura Nabilat En Najla; Wahyu Novriansyah; Rahma Lia
RIGGS: Journal of Artificial Intelligence and Digital Business Vol. 5 No. 2 (2026): Mei-Juli
Publisher : Prodi Bisnis Digital Universitas Pahlawan Tuanku Tambusai

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31004/riggs.v5i2.7282

Abstract

Amid the growing emphasis on sustainable finance, green sukuk has emerged as an innovative financial instrument that integrates Islamic principles with environmental objectives. This study aims to examine the reaction of the Indonesian capital market to the Government of Indonesia’s announcements of green sukuk and conventional sukuk issuance. Using an event study approach, this research adopts a quantitative explanatory design to evaluate the informational content of these announcements and their impact on investor behavior. The Indonesia Composite Index (IHSG) is employed as a proxy for overall market performance. The observation period covers eleven trading days, consisting of five days before the announcement, the announcement day, and five days after. Expected returns are estimated using the mean-adjusted model, which are then used to calculate Abnormal Returns (AR) and Cumulative Abnormal Returns (CAR) to capture market reactions. Statistical tests, including the One-Sample t-test and Independent-Sample t-test, are conducted to assess the significance of market responses and to compare reactions between green and conventional sukuk. The findings indicate that sukuk issuance announcements do not generate statistically significant market reactions, as CAR values are not significantly different from zero. Furthermore, no significant difference is found between green sukuk and conventional sukuk, suggesting that investors have not yet fully incorporated sustainability considerations into their investment decisions. This study contributes to the literature on Islamic sustainable finance by providing empirical evidence from an emerging market context.
Implementasi Manajemen Keuangan Sederhana di UMKM di Desa/Kelurahan Pabean, Kota Cilegon untuk Meningkatkan Kinerja Keuangan Usaha Firda Nurul Aini; Mariza Pratiwi; Nadian Gustira; Deden Hamdani; Deni Mulyanto; Aura Nabilat En Najla
Aksi Kita: Jurnal Pengabdian kepada Masyarakat Vol. 2 No. 3 (2026): MEI-JUNI
Publisher : Indo Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63822/hm0z9938

Abstract

Kegiatan pengabdian masyarakat ini bertujuan untuk meningkatkan pemahaman dan keterampilan Usaha Mikro, Kecil, dan Menengah (UMKM) di Desa/Kelurahan Pabean dalam melakukan manajemen keuangan yang sederhana dan efektif. Masalah utama yang dihadapi UMKM adalah kurangnya pencatatan keuangan yang sistematis, pencampuran keuangan bisnis dan pribadi, serta pengetahuan yang terbatas dalam menyusun laporan keuangan. Metode pelaksanaan kegiatan ini meliputi sosialisasi dan presentasi langsung tentang pencatatan keuangan sederhana, seperti pencatatan arus kas, laporan laba rugi, dan manajemen modal usaha. Hasil kegiatan menunjukkan peningkatan pemahaman peserta tentang pentingnya manajemen keuangan dan kemampuan mereka untuk membuat catatan keuangan yang lebih terstruktur. Dengan menerapkan manajemen keuangan yang baik, UMKM diharapkan mampu mengintegrasikan kondisi keuangan bisnis mereka, membuat keputusan yang lebih tepat, dan secara berkelanjutan meningkatkan kinerja keuangan. Kegiatan ini juga berdampak positif dalam mendorong kemandirian dan profesionalisme UMKM di Desa/Kelurahan Pabean.
SOSIALISASI KAPABILITAS FINANSIAL DAN TATA KELOLA KEUANGAN DALAM MEMPERSIAPKAN SISWA SMAN 1 MAJA MENJADI MAHASISWA BARU UNIVERSITAS PAMULANG KAMPUS SERANG PADA PROGRAM STUDI MANAJEMEN Aura Nabilat En Najla; Mina Wati Dewi; Ani Apriani; Alfatha Abda; Rafi Fajar Rizki
Jurnal Ilmiah Multidisiplin Ilmu Vol. 3 No. 4 (2026): Agustus : Jurnal Ilmiah Multidisiplin Ilmu (JIMI)
Publisher : CV. Denasya Smart Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69714/mwrsmr12

Abstract

This socialization activity aims to implement community service through the enhancement of digital financial literacy among SMAN 1 Maja students, as preparation for becoming new students at Universitas Pamulang Serang in the Management Study Program. As young individuals, students play a crucial role in developing healthy financial management habits from an early age. However, there is still a lack of understanding regarding personal financial management and limited skills in utilizing digital technology to support financial decision-making. This program includes material presentations, interactive discussions, and simulations using digital financial applications to help students manage expenses and develop wiser consumption patterns. The results indicate an increased awareness of the importance of digital financial literacy and motivation among students to be more selective in financial management. Nevertheless, challenges such as limited experience in applying digital financial technology and strong social influence remain. Therefore, ongoing guidance is necessary to ensure that financial literacy is consistently applied. Through this socialization, students are expected to develop healthy, rational, and responsible consumption patterns in accordance with sound financial management principles, providing a solid foundation for their academic life at the university.