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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 646 Documents
 61   62   63   64   65 
Pengaruh Literasi Keuangan dan Sikap Keuangan Terhadap Pengelolaan Keuangan UMKM Frederick Saroha Silaban; Pasaman Silaban; Vebry Lumban Gaol; Nora Manik
Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS) Vol 7 No 4 (2026): May 2026
Publisher : Forum Kerjasama Pendidikan Tinggi (FKPT)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/ekuitas.v7i4.9776

Abstract

In Indonesia, MSMEs have a very important role in the pace of the economy, which is one way to accelerate regional development. However, MSME actors face obstacles, particularly difficulties in financial management. MSME actors in the Medan Timur area have limited knowledge of financial literacy and financial attitudes, which results in them being unable to manage their finances properly. This research uses quantitative methods with SPSS software. The population of this study was 130, using a saturated sample where the sample size was 130 MSME actors in Medan Timur. The data analysis technique uses multiple linear regression analysis. The results of this research show that the financial literacy variable has a positive and significant effect on the financial management of MSMEs in Medan Timur (t-value 3.713 > t-table 1.657, sig. 0.000 < 0.05), and financial attitude also has a positive and significant effect on the financial management of MSMEs in Medan Timur (t-value 6.668 > t-table 1.657, sig. 0.000 < 0.05). Simultaneously, both variables explain 54.7% of the variance in financial management. The contribution of this research is to provide new empirical evidence on the simultaneous influence of financial literacy and financial attitude on the financial management of MSMEs in the urban area of Medan Timur Sub-district, which has not been represented in previous similar studies, as well as to provide practical implications for stakeholders in designing MSME financial capacity-building programs.
Pengaruh Profitabilitas, Pertumbuhan Perusahaan, dan Ukuran Perusahaan Terhadap Pengungkapan CSR Pada Sektor Infrastruktur Caroline Astri Oktariani; Nopiani Indah
Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS) Vol 7 No 4 (2026): May 2026
Publisher : Forum Kerjasama Pendidikan Tinggi (FKPT)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/ekuitas.v7i4.9803

Abstract

This study focuses on Corporate Social Responsibility (CSR) disclosure in infrastructure sector companies listed on the Indonesia Stock Exchange during the 2020–2024 period. The study aims to examine the extent to which profitability, company growth, and firm size influence CSR disclosure practices. This research employs a quantitative approach with an associative design to empirically analyze the relationship among variables. From a total population of 70 companies, purposive sampling was used to obtain 26 companies with 130 observation units. Data analysis was conducted using panel data regression assisted by EViews 13. Simultaneously, the three independent variables showed a significant relationship with CSR disclosure. However, partially, profitability demonstrated a positive direction without statistical significance, while company growth and firm size had a positive and significant effect on CSR disclosure. The Adjusted R² value of 5.57% indicates that the model has limited ability to explain variations in CSR disclosure, suggesting that most variations are influenced by other external factors. Therefore, company growth and firm size appear to play a more dominant role in encouraging CSR transparency, whereas profitability is not considered a primary determinant. This study contributes to the CSR literature, particularly in the infrastructure sector, by providing more recent research coverage. Furthermore, this research is expected to offer theoretical contributions in enriching the literature on CSR disclosure, especially within infrastructure companies, and practical contributions for companies, investors, and regulators in understanding the factors influencing CSR disclosure to improve corporate transparency and accountability toward stakeholders.
Green Accounting, Kinerja Lingkungan, dan Sustainability Report sebagai Determinan Nilai Perusahaan Dassaad Dassaad; Ananda Nur Fauziah; Riyanti Riyanti; Bertilia Lina Kusrina; Dyah Palupi
Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS) Vol 7 No 4 (2026): May 2026
Publisher : Forum Kerjasama Pendidikan Tinggi (FKPT)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/ekuitas.v7i4.9812

Abstract

Climate change, environmental pollution, and the excessive exploitation of natural resources have become major global issues. Environmental concerns require companies to commit to environmental costs and social aspects within their operational strategies in order to create value for consumers and build stakeholder trust. The food and beverage industry is one of the subsectors that contributes to environmental problems. With its significant economic contribution and substantial environmental challenges, the food and beverage industry needs to develop business strategies focused on sustainability. This study aims to examine the effect of green accounting, environmental performance, and sustainability reports on the firm value of food and beverage subsector companies listed on the Stock Exchange during the 2019–2023 period. The quantitative data used in this study include environmental performance as measured by PROPER, sustainability reports, and annual reports of food and beverage companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2023 period. The sample consisted of 9 companies selected through a purposive sampling method, with a total of 45 observations over 5 years. Data testing was conducted using multiple regression analysis with the assistance of SPSS version 30 software. The results of this study indicate that green accounting has no effect on firm value. Meanwhile, environmental performance and sustainability reports have a negative effect on firm value. These findings suggest that green accounting practices and sustainability disclosures have not yet become major considerations for investors, who still tend to focus on short-term financial performance.
Model Integratif TAM, Kepercayaan, dan Kelengkapan Fitur terhadap Volume Transaksi Saham Investor Ritel Aloysius Agus Subagyo; Ivan Jaka Perdana; Heru Agus Triyanto
Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS) Vol 7 No 4 (2026): May 2026
Publisher : Forum Kerjasama Pendidikan Tinggi (FKPT)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/ekuitas.v7i4.9824

Abstract

The number of stock investors on the Indonesia Stock Exchange grew steadily from 5.26 million Single Investor Identifications (SID) at the end of 2023 to 6.38 million at the end of 2024 and 8.59 million at the end of 2025, alongside a surge in total consolidated capital-market investors to 20.32 million SID; this growth was largely driven by mobile-based stock trading applications that lowered the barriers to entering the capital market. This study analyzes the influence of trading application quality on the stock transaction volume of retail investors through four user-experience dimensions: perceived ease of use, perceived usefulness, trust, and trading feature completeness. Transaction volume rather than investment intention was chosen as the dependent variable because it represents actual trading behavior more closely tied to market liquidity and real economic impact. A quantitative explanatory approach was applied by distributing online questionnaires to 312 retail investors using trading applications in Indonesia through purposive sampling, and the data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4. The results indicate that all four variables have a positive and significant effect on transaction volume (p < 0.05), with trading feature completeness as the strongest predictor (β = 0.341; t = 5.213), followed by perceived usefulness (β = 0.287; t = 4.125), trust (β = 0.218; t = 3.412), and perceived ease of use (β = 0.176; t = 2.847); the model explains 62.4% of the variance in transaction volume (R² = 0.624; Q² = 0.387). The novelty of this study lies in developing an integrative TAM–Trust–Feature Completeness model relevant to the Indonesian e-brokerage context during the 2023–2025 digital maturation phase. Practically, the findings direct securities firms to prioritize analytical-feature development and to strengthen security and transparency, while for regulators (OJK and BEI) they underscore the urgency of minimum feature standards, fee transparency, and digital literacy to protect retail investors from noise-trading risks.
Pengaruh Angka Partisipasi Sekolah dan Pengangguran Terhadap Kemiskinan Dalam Perspektif Islam Aldilla Disepta; M. Yusuf Bahtiar; Gustika Nurmalia
Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS) Vol 7 No 4 (2026): May 2026
Publisher : Forum Kerjasama Pendidikan Tinggi (FKPT)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/ekuitas.v7i4.9884

Abstract

This study aims to analyze the effect of the School Participation Rate and Open Unemployment Rate on poverty in Sumatra Island during 2015–2024 from an Islamic economic perspective. This research employs a quantitative method using panel data from 10 provinces in Sumatra analyzed with E-Views 10 software. The results indicate that the School Participation Rate has a negative but insignificant effect on poverty, while the Open Unemployment Rate has a positive and significant effect on poverty. Simultaneously, both variables significantly affect poverty levels. From the perspective of Islamic economics, poverty alleviation can be achieved through improving education quality, expanding employment opportunities, and optimizing Islamic social instruments such as zakat, infaq, sadaqah, and waqf.
Optimalisasi Peran Unit Pengumpul Zakat dalam Meningkatkan Penghimpunan Dana Zakat Masyarakat Muhamad Adi Putra; Ruslan Abdul Ghofur; Zulaikah Zulaikah
Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS) Vol 7 No 4 (2026): May 2026
Publisher : Forum Kerjasama Pendidikan Tinggi (FKPT)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/ekuitas.v7i4.10036

Abstract

This study aims to analyze the mechanism of zakat collection, the level of optimization in zakat fund collection, and strategies to increase community participation in distributing zakat through the Zakat Collection Unit (UPZ) in Tiuh Balak Pasar Village, Baradatu District, Way Kanan Regency. This research employed a qualitative approach using a case study method through interviews, observations, and documentation techniques. The results showed that the UPZ has carried out its functions in collecting and managing zakat quite effectively through direct services, religious outreach, transparent management, and zakat pick-up services that help build public trust. However, zakat collection has not yet been optimal due to the low level of public zakat literacy, the strong tradition of distributing zakat directly to mustahik, limited human resources, and the underutilization of digital technology in zakat administration and payment systems. The study also found that management transparency and supervision from BAZNAS are important factors in increasing the legitimacy and public trust toward the UPZ. The contribution of this research lies in the development of Islamic economics studies, particularly regarding the optimization of community-based zakat management at the village level by emphasizing social, institutional, and zakat digitalization aspects. In addition, the findings of this study can serve as a reference for UPZ, BAZNAS, and local governments in formulating more effective, modern, transparent, and sustainable zakat collection strategies.
Analisis Perbandingan Kinerja Investasi Perbankan Syariah dan Konvensional di Indonesia Nayla Putri Hasibuan; Paisal Rahmat; Risky Hamonangan; Purnama Zein Nasution
Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS) Vol 7 No 4 (2026): May 2026
Publisher : Forum Kerjasama Pendidikan Tinggi (FKPT)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/ekuitas.v7i4.9770

Abstract

nvestment performance is an important indicator in assessing the efficiency, effectiveness, and profitability of banking institutions, especially in comparing conventional and sharia systems that have different operational characteristics. This comparative quantitative research aims to analyze and compare the investment performance of conventional and sharia banking in Indonesia using Bank Rakyat Indonesia (BRI) and Bank Syariah Indonesia (BSI) as representatives of each system. Investment performance is evaluated through Return on Assets (ROA) and Return on Equity (ROE) indicators. This study uses quarterly financial report data for the 2020–2025 period obtained from official bank reports and publications of the Financial Services Authority (OJK). Data analysis techniques include descriptive statistics, normality tests, and hypothesis testing using the Independent Sample t-Test with SPSS. The results show that the average ROA and ROE values ​​of conventional banks tend to be higher than those of sharia banks. However, the Independent Sample t-Test produces a Sig. (2-tailed) value of 0.896 for ROA and 0.914 for ROE. Since this value is greater than the 0.05 significance level, it is concluded that there is no statistically significant difference between the investment performance of Islamic banking and conventional banking. This finding indicates that both banking systems have comparable capabilities in generating profitability and managing investments. The contribution of this study lies in providing the latest empirical evidence regarding the comparative investment performance of BSI and BRI post-merger during the 2020–2025 period, thereby enriching the literature on the competitiveness of Islamic and conventional banking and providing a reference for investors and bank management in making investment decisions and business strategies.
Pengaruh Rotasi Audit, Komite Audit, dan Fee Audit Terhadap Kualitas Audit Laporan Keuangan Muhammad Julianda Rizky Saputra; Reni Dwi Widyastuti; Wilda Sari
Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS) Vol 7 No 4 (2026): May 2026
Publisher : Forum Kerjasama Pendidikan Tinggi (FKPT)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/ekuitas.v7i4.9701

Abstract

Financial statements are the result of the accounting process and serve as an important source of information for stakeholders in making economic decisions. Therefore, companies are expected to present financial statements honestly, transparently, and in accordance with their actual financial condition to ensure the reliability of the information provided. To enhance the credibility of financial reporting, an audit conducted by an independent auditor is required, making audit quality an essential aspect of the auditing process. This study aims to examine the effect of audit rotation, audit committee, and audit fees on audit quality in manufacturing subsector companies listed on the Indonesia Stock Exchange during the 2020–2024 period. This research employs a quantitative approach using secondary data obtained from annual reports and financial statements. The sample was selected through a purposive sampling method based on predetermined criteria, resulting in 55 companies being included in the study. The data were analyzed using descriptive statistics and logistic regression analysis. The results indicate that audit rotation does not have a significant effect on audit quality (p-value = 0.629 > 0.05), and the audit committee also does not significantly affect audit quality (p-value = 0.851 > 0.05). In contrast, audit fees have a significant effect on audit quality (p-value = 0.013 < 0.05). These findings suggest that auditor changes and the existence of an audit committee are not sufficient to improve audit quality significantly. However, audit fees play an important role in enhancing audit quality, as higher audit fees may enable auditors to perform audit procedures more effectively and thoroughly. Therefore, this study provides empirical evidence that audit fees influence audit quality, while audit rotation and audit committee do not have a significant impact on audit quality in manufacturing subsector companies listed on the Indonesia Stock Exchange.
Pengaruh Financial Technology Syariah, Kinerja UMKM dan Penyerapan Tenaga Kerja Terhadap Pertumbuhan Ekonomi di Indonesia Dalam Perspektif Ekonomi Islam Risda Juniandriani; Asriani Asriani; Agus Kurniawan
Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS) Vol 8 No 1 (2026): August 2026
Publisher : Forum Kerjasama Pendidikan Tinggi (FKPT)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/ekuitas.v8i1.10307

Abstract

This study aims to examine the influence of Sharia Financial Technology (Fintech), the performance of Micro, Small, and Medium Enterprises (MSMEs), and the absorption of labor energy on economic growth in Indonesia for the period 2017-2025 from an Islamic economic perspective. This study uses a quantitative approach with secondary data analyzed using multiple linear regression. The test results show that the research model has an Adjusted R² value of 0.607212 (60.72%) with a Prob (F-statistic) of 0.055213. Partially, Sharia Fintech (coefficient = 0.000159, p-value = 0.3177) and MSME performance (coefficient = -0.203604, p-value = 0.5513) are proven to be insignificant and have not had a significant impact on national economic growth. From a sharia economic perspective, this is caused by low public literacy and the dominance of micro-enterprises that still focus on fulfilling basic needs (dharuriyyat) only. On the other hand, labor energy absorption (coefficient = 0.035054; p-value = 0.0155) was proven to have a positive and significant effect in driving Gross Domestic Product (GDP) by increasing people's purchasing power. This finding is in line with the principle of balance (tawazun) and fair distribution of wealth, where job creation is an important instrument in line with efforts to transfer falah (welfare in this world and the hereafter). This study provides a theoretical contribution by integrating quantitative macroeconomic data analysis into an Islamic economic evaluation framework. The contribution of this research is providing an empirical update on the post-pandemic macroeconomic transition (2017-2025) as well as establishing a policy evaluation framework based on maqashid sharia, which proves the urgency of structural transformation of MSMEs and Sharia Fintech from the dharuriyyat level (fulfilling basic needs) towards the creation of industrial-scale value added.
Penilaian Nilai Intrinsik Saham Menggunakan Metode DCF Pada Perusahaan JII30 Muhamad Fatikhul Khoir; Atika Lusi Tania; Era Yudistira; Lella Anita
Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS) Vol 8 No 1 (2026): August 2026
Publisher : Forum Kerjasama Pendidikan Tinggi (FKPT)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/ekuitas.v8i1.10333

Abstract

This study aims to estimate the intrinsic value of Jakarta Islamic Index 30 (JII30) constituent stocks for the period 2022–2025 to address valuation uncertainty in the Islamic capital market. The main problem addressed is the disconnection between market prices and companies’ fundamental values amid macroeconomic volatility. This study employs a fully integrated Discounted Cash Flow (DCF) approach to project the time value of money and future cash flows. Through purposive sampling, 15 sample companies were selected and analyzed using the variables of Operating Cash Flow, capital structure, Capital Asset Pricing Model (CAPM), Weighted Average Cost of Capital (WACC), and Terminal Value based on the Gordon Growth Model. The novelty of this study lies in the application of a fundamental DCF valuation model to Islamic stocks in the JII30, integrated with a Maqasid Syariah perspective, particularly concerning asset productivity and economic justice. The results show that 13 companies have strong fundamentals with positive Free Cash Flow (FCF), while BRPT and TPIA recorded negative FCF due to massive expansion. WACC levels varying between 1.68%–13.70% reflect unique sectoral risk heterogeneity. The main findings reveal that the majority of JII30 constituents are undervalued, indicating that the market has not fully reflected the fundamental value of the issuers. The main contribution of this study is validating the relevance of the DCF method as a rational and objective instrument for investment decision-making by Islamic investors in Indonesia.

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