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INDONESIA
EKONOMI, KEUANGAN, INVESTASI DAN SYARIAH (EKUITAS)
Published by Forum Kerjasama Pendidikan TInggi
ISSN : -     EISSN : 2685869X     DOI : -
Core Subject : Economy,
Economics, Econometrics & Finance
1. Auditing, 2. Financial Management, 3. Marketing Management, 4. Strategic Management, 5. Organizational Behavior, 6. Operations Management, 7. Change Management, 8. Management of Sharia, 9. Knowledge Management 10.Entrepreneurship, 11.E-Business, 12.Business Management, 13.Capital Market, 14.Risk Management, 15.Syariah banking, 16.Economics of Sharia, 17.Islamic Capital Market, 18.Financial accounting, 19.Managerial accounting, 20.Behavioral accounting, 21.Tax accounting, 22.Public Sector Accounting, and 23.Syariah accounting
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 597 Documents
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Analisis Profitabilitas, Likuiditas, dan Ukuran Perusahaan Sebagai Determinan Kebijakan Dividen Korporasi Suprayitno, Muhamad Rizal; Suryandani, Wulan
Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS) Vol 7 No 3 (2026): February 2026
Publisher : Forum Kerjasama Pendidikan Tinggi (FKPT)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/ekuitas.v7i3.9073

Abstract

This study aims to examine the effect of profitability, liquidity, and firm size on dividend policy in food and beverage companies listed on the Indonesia Stock Exchange (IDX) during the 2022–2024 period. This research is motivated by inconsistencies in the findings of previous studies and fluctuations in the average Dividend Payout Ratio (DPR) within the food and beverage sector. A quantitative research approach was employed using multiple linear regression analysis with SPSS version 22. The research sample consisted of 25 companies selected through purposive sampling based on specific criteria to ensure the suitability of the sample with the research objectives. Dividend policy was measured using the Dividend Payout Ratio (DPR), while profitability was proxied by Return on Assets (ROA), liquidity was measured by the Current Ratio (CR), and firm size was measured using Firm Size. The results of the study indicate that profitability has a negative and insignificant effect on dividend policy, liquidity has a positive but insignificant effect on dividend policy, while firm size has a negative and significant effect on dividend policy. This study is expected to contribute to the development of dividend policy literature and provide practical insights for investors and corporate management in making investment decisions and managing corporate financial performance.
Inovasi dan Tata Kelola dalam Pengungkapan Emisi Karbon Manufaktur Indonesia Yanti, Evi; Haryanto, Hery; Suprapto, Yandi
Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS) Vol 7 No 3 (2026): February 2026
Publisher : Forum Kerjasama Pendidikan Tinggi (FKPT)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/ekuitas.v7i3.9074

Abstract

Manufacturing companies contribute significantly to carbon emissions, making transparency in carbon emission disclosure an important issue in supporting environmental sustainability. However, the level of carbon emission disclosure in Indonesia still varies and is influenced by internal company factors. This study aims to analyze the effect of green innovation on carbon emission disclosure and examine the moderating role of internal governance, which consists of ownership concentration, executive political connections, and director compensation. This study is a quantitative study with a causal approach using secondary data. The research sample included 154 manufacturing companies listed on the Indonesia Stock Exchange during the 2019–2023 period with a total of 770 observations. The analysis technique used is ordinary least squares (OLS) to test the relationship between variables and moderating effects. The results show that green innovation has a significant negative effect on carbon emission disclosure. In terms of moderating variables, ownership concentration and executive political connection are not proven to moderate this relationship. Meanwhile, director compensation was found to moderate the relationship between green innovation and carbon emission disclosure in a negative direction, indicating that the director compensation system actually weakens the transparency of carbon emission disclosure. The novelty of this study lies in the simultaneous testing of internal governance mechanisms as moderating variables in the relationship between green innovation and carbon emission disclosure in the context of manufacturing companies in Indonesia. This study contributes theoretically to the literature on environmental accounting and corporate governance, as well as providing practical implications for management and regulators in formulating sustainability and environmental transparency policies.
Pengaruh Pengumuman Unusual Marker Activity Terhadap Abnormal Return dan Trading Volume Activity Tarigan, Agnes Monika; Trimeiningrum, Eny
Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS) Vol 7 No 3 (2026): February 2026
Publisher : Forum Kerjasama Pendidikan Tinggi (FKPT)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/ekuitas.v7i3.9092

Abstract

This study aims to analyze the response of the Indonesian capital market to the announcement of Unusual Market Activity (UMA) issued by the Indonesia Stock Exchange (IDX) by examining abnormal return and trading volume activity (TVA) of listed stocks during the 2023–2024 period. The research employs a quantitative approach using an event study methodology, with an observation window of 11 days consisting of five days before the announcement, one day on the announcement date, and five days after the UMA announcement. The research sample was determined using purposive sampling, resulting in 168 UMA announcement events that met the research criteria. Data were analyzed using normality tests, followed by the Wilcoxon Signed Rank Test due to non-normal data distribution. The findings reveal a significant difference in abnormal return before and after the UMA announcement in both 2023 and 2024, indicating that UMA announcements contain information that is responded to by the market through stock price adjustments. However, the analysis of trading volume activity shows no significant difference before and after the UMA announcement in both periods. These results provide empirical evidence that UMA announcements exert an asymmetric impact on market reactions and support the notion that the Indonesian capital market exhibits characteristics consistent with semi-strong form market efficiency
Pengaruh CAR, LDR, BOPO, NIM, dan Inflasi terhadap ROA Bank Terdaftar BEI Tahun 2022-2024 Nanda, Fransiska Natalia; Trimeiningrum, Eny
Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS) Vol 7 No 3 (2026): February 2026
Publisher : Forum Kerjasama Pendidikan Tinggi (FKPT)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/ekuitas.v7i3.9093

Abstract

The banking sector plays a strategic role in maintaining national financial system stability and contributes significantly to overall economic growth. Therefore, bank profitability serves as a key indicator for evaluating banking performance. However, previous studies examining the determinants of return on assets (ROA) have reported inconsistent findings, particularly during the post–COVID-19 pandemic period. This study aims to analyze the effects of the capital adequacy ratio (CAR), loan to deposit ratio (LDR), operating expenses to operating income (BOPO), net interest margin (NIM), and inflation on ROA. The analysis focuses on conventional banks listed on the Indonesia Stock Exchange during the 2022–2024 period. A quantitative approach is employed, using secondary data obtained from banks’ annual financial statements and national inflation data. Multiple linear regression analysis is applied in this study. Prior to hypothesis testing, classical assumption tests are conducted, including tests for normality, multicollinearity, autocorrelation, and heteroskedasticity. The results indicate that, simultaneously, CAR, LDR, BOPO, NIM, and inflation have a significant effect on ROA. The Adjusted R-squared value of 0.764 indicates that 76.4% of the variation in ROA can be explained by these variables. Partially, BOPO has a negative and significant effect on ROA, while CAR, LDR, NIM, and inflation do not show a significant effect. These findings emphasize that operational efficiency is the primary determinant of banking profitability in Indonesia during the post-pandemic economic recovery period. Moreover, this study provides up-to-date empirical evidence that contributes to the literature on banking and financial performance.
Determinan Perilaku Penggunaan Aplikasi BYOND by BSI: Peran Literasi Keuangan Digital, Kegunaan, dan Persepsi Biaya Zulkarnain, Rizky; Amri, Andi
Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS) Vol 7 No 3 (2026): February 2026
Publisher : Forum Kerjasama Pendidikan Tinggi (FKPT)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/ekuitas.v7i3.9100

Abstract

Digital transformation in the Sharia banking industry currently requires actual technology adoption by customers to maintain organizational competitiveness. This study aims to analyze the determinants of actual usage behavior regarding the BYOND by BSI application by integrating cognitive and economic factors within the Mobile Technology Acceptance Model (MTAM) framework. Utilizing a quantitative approach, data were gathered from 100 respondents in the Jabodetabek area through purposive sampling techniques. Data analysis was conducted using Partial Least Squares Structural Equation Modeling (PLS-SEM). The findings indicate that Mobile Usefulness significantly influences Behavior Intention. Furthermore, Behavior Intention acts as a full mediator in the relationship between perceived usefulness and actual usage behavior. Within the urban Jabodetabek sample, Digital Financial Literacy does not exert a significant impact on application adoption. Conversely, Mobile Perceived Cost shows a significant direct effect on Use Behavior. These results offer implications for Sharia banking management regarding the importance of utility value and cost transparency in maintaining customer retention within the digital ecosystem.
The Pengaruh Inflasi, Suku Bunga, dan Nilai Tukar terhadap Harga Saham Perbankan di BEI Periode 2020-2024 Fadila, Ririn Nur; Susilo, Dwi Ermayanti
Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS) Vol 7 No 3 (2026): February 2026
Publisher : Forum Kerjasama Pendidikan Tinggi (FKPT)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/ekuitas.v7i3.9261

Abstract

This research seeks to examine the impact of inflation, interest rates, and exchange rates on the stock prices of banking firms listed on the Indonesia Stock Exchange for the period from 2020 to 2024. The primary concern addressed is the inconsistency found in previous empirical studies regarding the effect of macroeconomic variables on banking stock prices, especially in the post-pandemic era marked by significant global economic fluctuations. This study employs a quantitative methodology utilizing secondary data sourced from the Indonesia Stock Exchange, Bank Indonesia, and the Central Bureau of Statistics. The sample comprises 27 banking companies chosen through purposive sampling, yielding a total of 135 observations. The data were analyzed using multiple linear regression after confirming that all classical assumption tests were met. The findings reveal that inflation exerts a positive and significant influence on stock prices, with a coefficient of 0.700 (p < 0.001). Conversely, interest rates have a negative and significant impact, reflected by a coefficient of −0.499 (p < 0.001). Exchange rates also demonstrate a positive and significant effect, with a coefficient of 0.577 (p < 0.001). The coefficient of determination (R²) of 64.5% suggests that these three variables account for the majority of the variation in banking stock prices, while the remaining 35.5% is attributed to other factors not included in the model. The originality of this study is highlighted by its focus on a recent observation period that captures adjustments in global monetary policy. This research provides valuable insights for investors, regulators, and banking management in comprehending the macroeconomic factors that influence banking stock prices.
Drivers of Firm Value: Evidence from Green Accounting, Audit Signals, and Financial Performance Christian, Feivel Vito; Rinendy, Jhon; Pangaribuan, Hisar
Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS) Vol 7 No 3 (2026): February 2026
Publisher : Forum Kerjasama Pendidikan Tinggi (FKPT)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/ekuitas.v7i3.9289

Abstract

This study examines the drivers of firm value by analyzing the effects of Green Accounting, Financial-Risk Assurance, Audit Timeliness, Leverage, and Profitability among companies listed in the LQ45 Index in Indonesia during 2020–2024. Using panel data regression on 125 firm-year observations, the results indicate that Green Accounting practices and profitability have a positive and significant impact on firm value, suggesting that capital markets reward both environmental commitment and strong financial performance. In contrast, higher Financial-Risk Assurance, longer audit delays, and greater leverage are associated with lower firm value, reflecting negative market perceptions of risk exposure, reporting inefficiency, and financial pressure. Overall, the findings demonstrate that firm value is influenced by an integrated set of sustainability, audit, and financial signals rather than by profitability alone. This study underscores the importance of credible sustainability disclosure, timely auditing, and sound financial structure in supporting transparency and signalling theories, which also enhance firm value within Indonesia’s capital market.
Ekonomi Islam : Angkatan Kerja, Tingkat Partisipasi Angkatan Kerja, Status Perokok Aktif Terhadap Pertumbuhan Ekonomi Vega, Aeylen Amanda; Putri, Rosydalina; Setyanto, Alief Rakhman
Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS) Vol 7 No 3 (2026): February 2026
Publisher : Forum Kerjasama Pendidikan Tinggi (FKPT)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/ekuitas.v7i3.9328

Abstract

This study aims to analyze the effect of the labor force, labor force participation rate, and active smoking status on economic growth in Indonesia during the period 2019–2024 from an Islamic economics perspective. The data used are panel data sourced from the Central Statistics Agency (BPS) and analyzed using a quantitative approach with the Common Effect Model (CEM) method through EViews software. The results of the t-test indicate that, partially, the labor force and labor force participation rate do not have a significant effect on economic growth, with probability values of 0.7178 and 0.8951 (> 0.05), respectively. Meanwhile, active smoking status has a significant effect on economic growth, with a coefficient value of 0.039842 and a probability of 0.0080 (< 0.05). Simultaneously, the labor force, labor force participation rate, and active smoking status do not have a significant effect on economic growth, with an F-statistic value of 0.278473 and a probability of 0.840896 (> 0.05). From an Islamic economics perspective, economic growth is not only measured by increased output but must also consider the quality of human resources and public health as part of the maqāṣid al-sharī‘ah, particularly the preservation of life (ḥifẓ al-nafs) and wealth (ḥifẓ al-māl). Therefore, development policies should focus on improving labor quality and controlling smoking behavior to achieve sustainable and equitable economic growth.
Pengaruh Literasi Keuangan Terhadap Keputusan Mahasiswa Menggunakan Produk Perbankan Syariah Pada Mahasiswa Gunawan, Gempa; Syahriza, Rahmi; Kusmilawaty, Kusmilawaty
Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS) Vol 7 No 3 (2026): February 2026
Publisher : Forum Kerjasama Pendidikan Tinggi (FKPT)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/ekuitas.v7i3.9333

Abstract

Financial literacy is an important aspect in determining individual behavior in managing finances, including in choosing financial services that are in accordance with sharia principles. Among students, a good understanding of financial concepts and products can influence their decisions in using sharia banking services. This study aims to determine the effect of financial literacy on students' decisions in using sharia banking products. The method used is a quantitative approach with a simple linear regression analysis technique. Data were obtained by distributing questionnaires to 100 respondents. The results of the instrument testing showed that all items were valid and reliable with a Cronbach's Alpha value of 0.740 for financial literacy and 0.909 for usage decisions. The results of the simple linear regression analysis produced the equation Y = 17.917 + 2.047X. The hypothesis test showed a significant effect with a t_count value of 2.708, which is greater than the t_table of 1.66023, and a significance value of 0.001 which is below the threshold of 0.05. This finding indicates that every one unit increase in financial literacy will increase the decision to use Islamic banking products by 2,047 points. This study contributes theoretically by strengthening the discourse on financial literacy within the framework of Islamic economics and providing empirical evidence in the context of university students. Practically, it offers recommendations for higher education institutions and Islamic banking institutions in designing educational strategies and financial literacy enhancement programs to promote Islamic financial inclusion among the younger generation.
Dampak Literasi Keuangan, Preferensi Risiko dan Pendapatan Terhadap Keputusan Investasi Generasi Milenial Amelia, Shafira; Widiastuti, Anna
Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS) Vol 7 No 3 (2026): February 2026
Publisher : Forum Kerjasama Pendidikan Tinggi (FKPT)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/ekuitas.v7i3.9138

Abstract

This study aims to assess the extent to which financial literacy, risk preference, and income level influence investment decisions among millennials in Jepara Regency. The growing interest in investment among millennials has not been fully supported by adequate financial literacy and sustainable risk management capabilities. This study employs a quantitative approach with an associative design to examine the relationships among variables. The sample was determined using a purposive sampling technique, involving 150 respondents categorized as millennials who already have investment experience. Data were collected through a structured questionnaire and analyzed using the Partial Least Squares (PLS) method with SmartPLS software. The findings reveal that financial literacy and income have a positive and significant effect on investment decisions, while risk preference does not show a significant effect. The R-square value of 0.588 indicates that the three independent variables collectively explain 58.8% of the variance in investment decisions. These results support the Theory of Reasoned Action (TRA), which posits that behavior is shaped by intention influenced by attitude and subjective norms. In this context, financial literacy reflects the attitude toward investment behavior, whereas income represents the subjective norm associated with economic capacity. Practically, the findings underscore the importance of improving financial literacy and maintaining income stability to promote rational and sustainable investment behavior among millennials.

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