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INDONESIA
Jurnal Pasar Modal dan Bisnis
Published by The Indonesia Capital Market Institute
ISSN : -     EISSN : 27155595     DOI : https://doi.org/10.37194/
Core Subject : Economy, Science, Social,
Computer Science & IT Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice
The journal is designed to provide a platform for researchers, academicians, and practitioners who are interested in new knowledge and discussing ideas, issues, and challenges in the field of capital markets. JPMB is published by The Indonesia Capital Market Institute (TICMI).  It covers the following topics: - Capital Markets and Financial Institutions - Financial Instruments and Financial Innovation - Investment and Financial Decision Making - Valuation of Financial Assets - Financial and Non-Financial Information - Corporate Reporting & Investment Decision - Capital Market Governance & Sustainability - Investor Protection - Capital Markets Literacy and Inclusion - Financial Standards and Regulations - Crime in Capital Markets - Risk Management in Capital Markets - Financial Engineering & Derivatives - Islamic Capital Markets - Emerging Markets Studies - International Capital Markets - International/Regional Financial Center - Capital Markets Technology & Cybersecurity and related topics
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 74 Documents
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Perbandingan Hasil Investasi BPJS Ketenagakerjaan dalam Pengelolaan Dana Pensiun Henrianto M.Ec.Dev; Tanti Novianti
Jurnal Pasar Modal dan Bisnis Vol 4 No 1 (2022)
Publisher : The Indonesia Capital Market Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37194/jpmb.v4i1.104

Abstract

The total investment of BPJS Ketenagakerjaan (agency) was recorded at Rp. 11,656 billion, the dominant investment portfolios were bonds, stocks, time deposits, sukuk and mutual funds. The purpose of this study is to compare financial instruments as a forum for BPJS Employment in allocating funds for the development of Pension Security so that it is expected to provide high returns. This type of research is a qualitative research with the method used is a descriptive method of content analysis, namely comparing the returns generated by each of the 3 (three) variables, namely stocks, bonds and deposits. The results of this study indicate that of the three financial instruments that provide the highest return, bonds are Rp. 6,614,426,103,588, - or about 26.16%. Next is the stock market financial instrument that provides a return of Rp. 6,207,042,474,170,- or about 24.55%. Lastly, investing by saving funds in state-owned banks that provide deposit interest every year amounting to IDR 5,413,654,515,898, - or around 21.41%. So it can be concluded that the right choice to provide the highest portion in the allocation of BPJS Employment pension funds in investment is bonds.
Analisis Implementansi Prinsip Syariah terhadap Pembiayaan Mudharabah pada Bank Syariah Indonesia Rachmat Sugeng Sugeng; Abdul Majid Bakri
Jurnal Pasar Modal dan Bisnis Vol 4 No 1 (2022)
Publisher : The Indonesia Capital Market Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37194/jpmb.v4i1.106

Abstract

This study aims to determine how the implementation of sharia principles on mudharabah financing at Bank Syariah Indonesia (BSI) KC Makassar 2. This study uses a qualitative approach that requires a process that comes from the results of observations, interviews and documentation. The results of this study indicate that the implementation of mudharabah financing at Bank Syariah Indonesia (BSI) KC Makassar 2 is not in line with DSN MUI Fatwa No. 07/DSN-MUI/IV/2000 Regarding Mudharabah Financing (Qiradh) but the researchers found the first finding that mudharib who want to apply for financing do not need to include collateral and secondly shahibul maal and mudharib share operational costs.Abstract bahasa Inggris memuat tujuan (purpose), metode (methods), temuan (finding), keterbatasan/implikasi (jika ada) dan originalitas riset/signifikansi riset.
Dampak Corporate Social Responsibility (CSR) terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Intervening (Studi Pada Perusahaan LQ45 yang Terdaftar Di BEI Periode 2016-2020) Victor Pattiasina; Entar Sutisman; Dwi Septa Rini; Sumartono Sumartono
Jurnal Pasar Modal dan Bisnis Vol 4 No 1 (2022)
Publisher : The Indonesia Capital Market Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37194/jpmb.v4i1.107

Abstract

This review was coordinated to check out the effect of corporate social commitment on firm worth with usefulness as a mediating variable on LQ45 shares recorded on the Indonesian stock exchange for the 2016-2020 period. The quantity of occupants in this survey is the LQ45 stock document recorded on the Indonesian stock exchange for the 2016-2020 period, which is 45 associations. Considering the purposive investigating methodology, an illustration of 21 associations was gotten. This audit uses the methodology for documentation obtained from financial rundowns circulated on the site www.idx.co.id. The assessment system used is diverse straight backslide. The eventual outcomes of the survey show that: 1) corporate social commitment (CSR) generally influences the usefulness of the LQ45 stock record recorded on the Indonesian stock exchange for the 2016-2020 period. 2) efficiency tremendously affects association regard on the LQ45 stock rundown recorded on the Indonesian stock exchange for the 2016-2020 period. 3) corporate social commitment (CSR) no affects the value of the association in the LQ45 stock record recorded on the Indonesian stock exchange for the 2016-2020 period. 4) efficiency can mediate the effect of corporate social commitment (CSR) on association regard on the LQ45 stock rundown recorded on the Indonesian stock exchange for the 2016-2020 period.
Pengaruh Board Diversity terhadap Stabilitas Bank: Bukti dari Bank Tercatat di Indonesia Pananda Pasaribu; Masripah Masripah
Jurnal Pasar Modal dan Bisnis Vol 4 No 1 (2022)
Publisher : The Indonesia Capital Market Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37194/jpmb.v4i1.108

Abstract

This research tries to examine the effect of board diversity, namely gender, education, and age on bank stability (credit risk and risk-taking decisions). This study uses listed banks in Indonesia during the period 2010 and 2020, which include foreign banks and governments banks. The estimation method used is panel data regression with fixed-effect method to anticipate endogeneity problems that may arise when analyzing the diversity of directors/commissioners on bank stability. The results of the descriptive analysis show that there is a tendency for Indonesian banks to choose individuals who fill the boards with homogeneous characteristics, particularly the low partipicipation of females on board. However, there is a positive trend during the observation period to increase the diversity of characteristics in these important positions. The results of the regression analysis show that various board diversity can affect bank stability, but the relationship may be affected by bank size, in which large banks may obtain most of benefits of board diversity.
Strategi Investasi Saham Jangka Pendek Menggunakan Average Directional Index, Directional Movement Index, dan Average True Range Pada Pasar Sideways Pada PT. Bukit Asam Tbk Ichsan Alif Setiawan; Iqbal Nur Fajar; Tine Badriatin
Jurnal Pasar Modal dan Bisnis Vol 4 No 1 (2022)
Publisher : The Indonesia Capital Market Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37194/jpmb.v4i1.110

Abstract

Market Sideways is sometimes difficult to determine purchases using technical analysis indicators that are trending or leading to stock prices, some of the right indicators for Market Sideways are Average Directional Index (ADX), Directional Movement Index (DMI), Average True Range (ATR). The research objective was conducted to explain why it is important using ADX, DMI, and ATR when Market Sideways. Determining whether the market is trending or sideways with parameters from ADX, DMI, and ATR, and after that it explains the buying and selling points even though the Market Sideways is in PT. Bukit Asam Tbk. Otherwise, the implication of this research is that traders know and use optimal strategies using ADX, DMI, and ATR on Market Sideways, also to publish stock recommendations for private and public. The ADX, ATR and DMI indicators from the results of the study showed negative results for decision making in buying or selling shares in PT. Bukit Asam Tbk for the period 2017 - 2018, This research shows that this indicator provides inaccurate directions for buying or selling for investors or traders in the issuer PT. Bukit Asam Tbk, but easy to operate.
Rasio Camel terhadap Pertumbuhan Laba Bank Umum Syariah Indonesia yang Terdaftar di BEI periode 2018-2020 Tensy Agustiana; Andang Sunarto; Evan Setiawan
Jurnal Pasar Modal dan Bisnis Vol 4 No 1 (2022)
Publisher : The Indonesia Capital Market Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37194/jpmb.v4i1.115

Abstract

Tujuan dari penelitian ini adalah untuk mengetahui faktor-faktor pendorong pertumbuhan laba Bank Umum Syariah Indonesia yang terdaftar di BEI dengan menggunakan rasio CAMEL. Jenis penelitian ini adalah data sekunder yang diperoleh secara tidak langsung melalui media perantara dengan menggunakan pendekatan kuantitatif asosiatif. Laporan Keuangan Bank Umum Syariah Metode pengumpulan data berasal dari laporan keuangan. Dari hasil studi kelayakan terhadap 7 faktor variabel yang mempengaruhi pertumbuhan laba, dengan menggunakan Metode Bartlett Test Of Sphericity dan MSA (Measure Of Sampling analysis), diketahui bahwa 4 faktor tersebut adalah KAP (Earning Asset Qualit), Net Profit Margin (NPM), RO (Return On Assets) dan BOPO (Operating Coats and Operating Income) semuanya mempengaruhi pertumbuhan pendapatan Bank Umum Syariah Indonesia yang Terdaftar di BEI terhadap rasio CAMEL. Faktor pertama nilai MMA adalah jika nilai MSA untuk pendapatan KAP (Kualitas Aktiva Produktif) MSA adalah 0,645 atau lebih tinggi dari 0,5, untuk (NPM) Net Profit Margin nilai MSA adalah 0,792 atau lebih tinggi dari 0,5, untuk Return Pada Aset (ROA) nilai MSA adalah 0,616 atau lebih tinggi dari 0,5 , dan untuk BOPO (Biaya Operasi dan Pendapatan Operasional) nilai MSA adalah 0,564 atau lebih tinggi 0,5.
Pengaruh ISSI, JIBOR, Kurs JISDOR, dan JUB terhadap NAB Reksa Dana Syariah (Sucorinvest Sharia Equity Fund) Andi Muhammad Nur; Muhammad Noval
Jurnal Pasar Modal dan Bisnis Vol 4 No 1 (2022)
Publisher : The Indonesia Capital Market Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37194/jpmb.v4i1.116

Abstract

This study aims to determine the effect of the Indonesian Sharia Stock Index (ISSI), Jakarta Interbank Offered Rate (JIBOR), Jakarta Interbank Spot Dollar Rate (JISDOR), and Total Money Supply (JUB) on Net Asset Value of Sucorinvest Sharia Equity Fund. in the period January 2016-May 2021 in the short and long term. This study uses Autoregressive Distributed Lag (ARDL), in explaining the effect of ISSI, JIBOR, JISDOR, and JUB as independent variables on the NAV of Sharia Mutual Funds Sucorinvest Sharia Equity Fund as the dependent variable. In the short term, partially NAB at lag 1, ISSI at lag 0, 1 2, JIBOR at lag 1 and JISDOR at lag 0 have a significant effect on NAV. In the long term, only the ISSI variable has a significant effect on NAV while the JIBOR and JISDOR variables have no effect on NAV. The JUB variable has no effect on the NAV of Islamic mutual funds in the short and long term. The results of this study are expected to be additional literacy in the capital market and become a reference for investors in investing in mutual fund instruments.
Perilaku Herding pada Jakarta Islamic Index (JII) Alifa Jauzaa; Asri Khayati; Axel Giovanni
Jurnal Pasar Modal dan Bisnis Vol 4 No 1 (2022)
Publisher : The Indonesia Capital Market Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37194/jpmb.v4i1.117

Abstract

Herding behavior is the attitude of investors who do not take into account the available information and prefer to follow the decisions of other investors in making decisions. Herding can occur when investors tell themselves and are more sure of other investors without careful consideration. Herding behavior is measured by looking at the relationship between the market portfolio (Rmt2) and Cross Sectional Absolute Deviation (CSAD). This study aims to identify evidence of herding behavior on the JII stock index. This study uses the JII index (Jakarta Islamic Index) with 29 companies selected as samples. The research period is monthly from April 2020 to March 2021. The results show that stock market investors in the Jakarta Islamic Index do not show a significant relationship between CSAD and market returns in each quantile or in other words. The Jakarta Islamic Index does not show any symptoms of herding behavior in every market condition (low return, normal, and high return). This can be proven by the magnitude of the probability value of the y2 variable which is above 0.05 in each analyzed market condition.
Pengujian Six Factor Model terhadap Excess Return Saham di Indonesia Neneng Susanti
Jurnal Pasar Modal dan Bisnis Vol 4 No 1 (2022)
Publisher : The Indonesia Capital Market Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37194/jpmb.v4i1.118

Abstract

This study aims to determine the effect of the six-factor (market return, firm size, value, profitability, investment, human capital) on excess returns in the manufacturing sector listed on the Indonesian stock exchange for the period 2016 – 2020. The method used in this study is an explanatory method, namely descriptive statistics and verification. The analysis technique in this method uses the eviews 9 application. Based on the research, it can be concluded that partially, market return (X1), firm size (X2), value (X3), and investment (X5) have a significant positive effect on excess return on manufacturing sector companies for the 2015-2019 period. Profitability (X4) and human capital (X6) variables do not have a significant effect on excess return in manufacturing sector companies for the 2015-2019 period.
The Role of Efficiency Management for Optimizing Corporate Sustainability Performance Estu Widarwati; Nunik Nurmalasari; Ivan Yusriful Fajar; Nabilla Nur Rohmah
Jurnal Pasar Modal dan Bisnis Vol 4 No 1 (2022)
Publisher : The Indonesia Capital Market Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37194/jpmb.v4i1.120

Abstract

The improvization of sustainability performance for creating the long-term value requires good governance in order to achieve a high productivity and control costs. Firm’s ability managing assets efficiently should be synergized with good corporate sustainability information disclosure. Efficiency management is important for corporate sustainability. A better firm’s managerial improvement will increase firm’s sustainability performance. This is early study analyzing the firm efficiency for achieving corporate sustainability performance in terms of economic, environmental, or social aspects. Furthermore, the study test the impact of efficiency management on corporate sustainability performance in Indonesian’s non financial industry. This study uses purposive sampling technique and the samples include infrastructure, healthy, industrial, basic material, and non primer sector of IDX in 2019-2020. The analytical tools using descriptive statistic, simple regression, and T-test The results show that efficiency management has a significant effect on corporate sustainability performance. Separated effect of efficiency management significant on economic aspect but different finding on environment and social aspect. Next research should explore deeply the topic using long period and complex model approac. The finding this study lead to the significance of efficiency management as breakthrough for optimizing corporate sustainability performance.

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