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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
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Pengaruh Inflasi, Suku Bunga dan Kurs Terhadap Harga Saham dengan Profitabilitas Sebagai Mediasi Cristian Danur Saputra; Solikah Nurwati; Pratiwi Hamzah; Dhina Sri Widyaningsih
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.v8i1.10853

Abstract

This study was motivated by the inconsistency of previous research findings regarding the effects of inflation, interest rates, and exchange rates on stock prices, particularly concerning the role of profitability as a mediating variable in Food and Beverage sub-sector companies. The study aims to analyze the effects of inflation, interest rates, and exchange rates on stock prices, both directly and indirectly through profitability. This research employed a quantitative approach with a causal associative research design. The sample was selected using purposive sampling from Food and Beverage sub-sector companies listed on the Indonesia Stock Exchange during the 2020–2025 period. Data were analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM) with SmartPLS software through the evaluation of the measurement model, structural model, and the testing of direct and indirect effects. The novelty of this study lies in the use of profitability, proxied by Net Profit Margin (NPM) and Return on Assets (ROA), as a mediating variable in the relationship between macroeconomic variables and stock prices in the Consumer Non-Cyclicals sector. The results of the direct and indirect effect analyses indicate that inflation has a positive effect on stock prices (β = 0.006; t-statistic = 0.066; p-value = 0.947), interest rates have a positive effect on stock prices (β = 0.028; t-statistic = 0.215; p-value = 0.830), exchange rates have a negative effect on stock prices (β = −0.118; t-statistic = 0.945; p-value = 0.344), inflation has a negative effect on profitability (β = −0.059; t-statistic = 0.543; p-value = 0.587), interest rates have a negative effect on profitability (β = −0.179; t-statistic = 1.380; p-value = 0.168), exchange rates have a positive and significant effect on profitability (β = 0.342; t-statistic = 2.571; p-value = 0.010), profitability has a significant positive effect on stock prices (β = 0.349; t-statistic = 4.909; p-value = 0.000), inflation has a negative indirect effect on stock prices through profitability (β = −0.021; t-statistic = 0.533; p-value = 0.594), interest rates have a negative indirect effect on stock prices through profitability (β = −0.062; t-statistic = 1.313; p-value = 0.189), and exchange rates have a positive and significant indirect effect on stock prices through profitability (β = 0.119; t-statistic = 2.338; p-value = 0.019). This study provides empirical evidence by reinforcing the role of profitability as a transmission mechanism through which exchange rates affect stock prices and serves as a valuable reference for investors, companies, and future research.
Pengaruh Ekspor, Inflasi dan FDI Terhadap Cadangan Devisa Tahun 2020–2024 Dalam Perspektif Ekonomi Islam Wanda Dwijayanti; Ahmad Hazas Syarif; Is Susanto
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.v8i1.10886

Abstract

Foreign exchange reserves are an important buffer for external-sector stability, while previous studies report mixed evidence on the effects of exports, inflation, and Foreign Direct Investment (FDI) on reserves. This study aims to examine the effects of exports, inflation, and Foreign Direct Investment (FDI) on foreign exchange reserves in five ASEAN countries, namely Indonesia, Malaysia, the Philippines, Singapore, and Thailand, during the 2020–2024 period. This research employs a quantitative approach using panel data analyzed with EViews 12 through panel data regression, partial significance tests (t-test), simultaneous significance tests (F-test), and the coefficient of determination (Adjusted R²). The results show that exports have a negative and statistically insignificant effect (β = −2.660880; p = 0.4120), inflation has a positive and statistically insignificant effect (β = 6,206,993; p = 0.8452), while FDI has a positive and statistically significant effect (β = 15.31527; p = 0.0069). Jointly, exports, inflation, and FDI significantly affect foreign exchange reserves (F-statistic = 4.560630; p = 0.017155), with an Adjusted R² of 0.359879. The findings indicate that strengthening foreign exchange reserves in ASEAN-5 during the observation period is more consistently associated with FDI than with the partial effects of exports and inflation. From an Islamic economics perspective, external-sector policies should emphasize justice, trustworthiness, transparency, and public welfare.
Pengaruh Ekspor dan Impor Pertanian terhadap Indeks Harga Produsen Indonesia Tahun 2010-2024 dalam Perspektif Ekonomi Islam Rama Risandi; Nurlaili Nurlaili; Liya Ermawati
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.v8i1.10907

Abstract

This study examines how the import and export of agricultural commodities influenced the Producer Price Index (PPI) for Indonesian agricultural products between 2010 and 2024, viewed through the lens of Islamic economics. The research topic is grounded in the fluctuations of agricultural product prices, which can impact consumer purchasing power, national food stability, and farmer welfare. The study employs a combination of quantitative techniques and a descriptive-verification approach. Secondary data sources include the World Bank, FAO, CIS, ITC, and BPS. Data analysis was conducted using SPSS 27, utilizing multiple linear regression, partial regression, simultaneous regression, and the coefficient of determination. This research is unique in that it investigates the relationship between producer prices and agricultural commodity trade over a relatively long period while integrating empirical findings with Islamic economic concepts of justice and welfare. The results indicate that exports have a significant negative impact on the Producer Price Index (coefficient: -0.603; significance: 0.003), whereas imports have a significant positive impact (coefficient: 0.641; significance: 0.000). Imports and exports exert a significant simultaneous impact, with an F-value of 13.053 and a significance level of 0.001. With a coefficient of determination of 0.685, these two factors explain 68.5% of price movements. This study contributes an empirical foundation for developing agricultural trade policies that are fairer, more sustainable, and more equitable, thereby safeguarding farmers, consumers, and national food security.
Rupiah Exchange Rate Resilience: The Role of Domestic Determinants and Global Monetary Shocks Reznandya Adhistara Ayu Wijayanti; Andryan Setyadharma
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.v8i1.10926

Abstract

Financial openness puts the rupiah exchange rate under repeated pressure due to global monetary shocks, while policy evaluations have so far relied on stability indicators that are static and do not explain the currency's recovery capacity. This study aims to analyze the influence of the BI Rate, inflation, Composite Stock Price Index, US Treasury Yield, and CBOE Volatility Index on the rupiah exchange rate in the short and long term, as well as measure exchange rate resilience through the adjustment speed coefficient. The approach used is explanatory quantitative with secondary data for the period January 2013-December 2024 as many as 144 observations, taken through documentation techniques from Bank Indonesia, the Central Statistics Agency, the Indonesia Stock Exchange, and the Federal Reserve Economic Data, and analyzed using Autoregressive Distributed Lag accompanied by dummy Taper Tantrum and COVID-19. The bounds test confirmed cointegration with F-statistic 11.333. In the long term, inflation and US Treasury Yield drive depreciation significantly, global market volatility has a significant effect, while the BI Rate and JCI are insignificant; In the short term, JCI actually triggered appreciation. The Term Error Correction coefficient of -0.368 indicates 36.8% of the imbalance is corrected every month. These findings operationalize resilience as the pace of adjustment and provide an empirical basis for calibrating the duration and intensity of stabilization policies.
Pengaruh Pendidikan, Pengalaman Kerja, dan Pembiayaan Syariah terhadap Produktivitas UMKM Halal Ahmad Aflah Putra; Muhammad Iqbal Fasa; Erlin Kurniati
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.v8i1.10935

Abstract

This study aims to analyze the effects of educational investment, work experience, and School Enrollment Rate (APS) on labor productivity among Micro, Small, and Medium Enterprises (MSMEs) that have received halal certification in Bandar Lampung City. This study employs a quantitative approach with an associative research design. Primary data were collected through questionnaires distributed to 100 respondents selected using purposive sampling. Data were analyzed using multiple linear regression, preceded by validity, reliability, normality, multicollinearity, and heteroscedasticity tests. The results show that educational investment has a positive and significant effect on labor productivity, with a significance value of 0.001. Work experience also has a positive and significant effect, with a significance value of 0.014, while the School Enrollment Rate has a positive and significant effect, with a significance value of 0.000. Simultaneously, educational investment, work experience, and the School Enrollment Rate have a significant effect on labor productivity, as indicated by an F-statistic of 233.948 with a significance value of 0.000. The Adjusted R-squared value of 0.876 indicates that the three independent variables explain 87.6% of the variation in labor productivity. These findings highlight the importance of improving educational quality, work experience, and access to education in enhancing the productivity and competitiveness of halal-certified MSMEs.
Pengaruh Konsumsi Energi dan Jumlah Industri Besar Terhadap Aglomerasi Industri dalam Perspektif Ekonomi Islam Rani Wulandari; Asriani Asriani; Ghina Ulfa Saefurrohman
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.v8i1.10955

Abstract

Industrial agglomeration plays an important role in improving production efficiency, regional economic growth, and the development of industrial centers. This study aims to analyze the effects of energy consumption and the number of Large and Medium Industries (LMI) on industrial agglomeration in the Southern Sumatra (Sumbagsel) region during the 2020–2025 period from an Islamic economic perspective. This study employs a quantitative approach using panel data covering five provinces, namely Jambi, Bengkulu, Lampung, South Sumatra, and the Bangka Belitung Islands, with a total of 30 observations. The analysis was conducted using panel data regression with the assistance of EViews 10, and the Random Effect Model (REM) was selected as the best model based on the Chow Test, Hausman Test, and Lagrange Multiplier Test. The results show that energy consumption has a positive but insignificant effect on industrial agglomeration, with a coefficient of 0.010772, t-statistic of 0.271195, and p-value of 0.7883. Meanwhile, the number of LMIs has a negative and significant effect on industrial agglomeration, with a coefficient of -0.074059, t-statistic of -2.441010, and p-value of 0.0215. Simultaneously, energy consumption and the number of LMIs have a significant effect on industrial agglomeration, as indicated by an F-statistic of 5.390787 and a p-value of 0.010718. From an Islamic economic perspective, the development of industrial agglomeration should be based on the principles of 'adl (justice), maslahah (public benefit), tawazun (balance), and amanah (trustworthiness) in resource management so that industrial development can take place efficiently, equitably, and sustainably.

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