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Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Published by Institut Agama Islam Nasional Laa Roiba Bogor
ISSN : 26562871     EISSN : 26564351     DOI : https://doi.org/10.47467/alkharaj
Core Subject : Economy, Science, Agriculture, Social, Engineering,
Agriculture, Biological Sciences & Forestry Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Industrial & Manufacturing Engineering Social Sciences
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah is a scientific journal published by Pusat Riset dan Kebijakan Strategis PRKS) of  Institut Agama Islam Nasional (IAI-N) Laa Roiba Bogor in collaboration with Masyarakat Ekonomi Syariah (MES) and Intelectual Association for Islamic Studies (IAFORIS) . This journal contains scientific papers from academics, researchers and practitioners in the fields of Islamic economics, finance and business research. E-ISSN 2656-4351 ISSN Print 2656-2871   DOI: 10.47467/alkharaj  Starting from Volume 1 Number 1 2019 to Volume 6 Number 3 of 2024 published on the website with the URL https://journal.laaroiba.ac.id/index.php/alkharaj. Starting from Volume 6 Number 4 2024 onwards it will be published with the URL https://journal-laaroiba.com/ojs/index.php/alkharaj.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 81 Documents
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Search results for , issue "Vol. 7 No. 3 (2025): Al-Kharaj: Jurnal Ekonomi, Keuangan " : 81 Documents clear
Financial Performance Analysis and Z-Score Assessment of Pharmaceutical Industry During and After Economic Crisis In 2020 Habib Muhammad Dwana Nugraha; Raden Aswin Rahadi
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 7 No. 3 (2025): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v7i3.6278

Abstract

This study discusses the analysis of financial performance and potential bankruptcy of all publicly listed pharmaceutical companies in Indonesia during and after the COVID-19 pandemic. This study uses financial ratio analysis such as Liquidity, Solvency, Profitability, and Activity Ratio as well as bankruptcy potential assessment with the Altman Z-Score Model. This research aims to evaluate the financial conditions of companies and identify the financial risks faced by the pharmaceutical industry in Indonesia. Statistical approach Kolmogorov-Smirnov, Paired T-Test, and Wilcoxon Signed Rank Test, to asses significant change in financial performance during and after pandemic. The results of this study indicate that PT Kimia Farma (KAEF), PT Indonesia Farma (INAF), PT Pharos (PEHA), and PT Pyridam Farma (PYFA) have poor financial conditions based on the results of all poor financial ratios, Moreover, these companies showed significant bankruptcy potential, with Altman Z-Score values below 1.89. and for SOHO it also has a poor profitability ratio especially in Gross Profit Margin categorizing them in the "Distress Zone.", And Soho Global Health (SOHO) is not so safe from the potential remains in the "Gray Zone," with Z-Score values ranging from 1.89 to 2.99, indicating moderate bankruptcy risk. In conclusion, this research highlights the urgent need for pharmaceutical companies in Indonesia to enhance their financial resilience in the post-pandemic era.
Pengaruh Kesadaran, Pengetahuan Perpajakan, Kualitas Layanan dan Sanksi Perpajakan Terhadap Kepatuhan Wajib Pajak Amelia Robbi Anisa; Endang Masitoh Wahyuningsih; Sari Kurniati
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 7 No. 3 (2025): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v7i3.6305

Abstract

As one of the largest sources of revenue, tax collection is one of the government's focuses for the smooth running of national development activities. The thing that can provide a significant increase in tax revenue is all compliant taxpayers. The purpose of this finding is to examine the impact of tax awareness, tax knowledge, service quality, and tax sanctions on taxpayer compliance. The data source that is realized is primary data obtained by researchers from the results of distributing questionnaires. The population in this finding is all Taxpayers of the Tax Consultant Office in Surakarta. The sample of this finding is 100 respondents of clients of the PIK Surakarta Tax Consultant Office in 2024 which was determined using the Accidental Sampling technique. The data analysis method in this finding applies multiple regression analysis processed with the SPSS version 25 program. The results of this finding indicate that tax awareness and tax sanctions have an effect on taxpayer compliance, while tax knowledge and service quality do not have an effect on taxpayer compliance.
The Financial Feasibility of Launching a New Product at PT. Refractorindo Graha Dinamika Muhammad Anandito Attaya; Isrochmani Murtaqi
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 7 No. 3 (2025): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v7i3.6313

Abstract

This study investigates the financial feasibility of launching a new product—plastic refractories—at PT. Refractorindo Graha Dinamika. The company aims to diversify its offerings while maintaining competitiveness in Indonesia's growing refractory market. The study employs a structured methodology that begins with a comprehensive business environment analysis using PESTLE and Porter’s Five Forces frameworks, then calculates the company’s Weighted Average Cost of Capital (WACC), and constructing a detailed five-year cash flow projection. Capital budgeting metrics—Net Present Value (NPV), Internal Rate of Return (IRR), Profitability Index (PI), Payback Period (PP), and Discounted Payback Period (DPP)—are applied to evaluate the financial feasibility of investing in three locally sourced manufacturing machines essential for producing plastic refractories. The results indicate that the new product is financially feasible, with a positive NPV, an IRR exceeding the WACC, and acceptable payback periods. Sensitivity analysis using Monte Carlo simulation further assesses the impact of uncertainties in sales volume on financial outcomes. The study offers insights for PT. Refractorindo Graha Dinamika’s management regarding the decision whether to accept or reject the acquisition of new capital investments.
Pengaruh Keterlibatan Kerja, Work-Life Balance, dan Kepuasan Kerja terhadap Kesejahteraan Karyawan PT. Primatexco Indonesia Haq, Muhammad Izzul; Fauzan, Mohammad
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 7 No. 3 (2025): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v7i3.6318

Abstract

This study aims to explain the influence of work engagement, work-life balance, and job satisfaction on employee welfare at PT Primatexco Indonesia. This research is a type of explanatory research. The number of samples in this study is 100 employees of the operator section (Weaving). Data collection uses the distribution of questionnaires in the form of Google Forms to all respondents. The tests used in this study are instrument tests, model feasibility tests, and hypothesis tests and data processing using SPSS. The findings of the study (1) Work involvement has a positive effect on employee welfare (2) Work Life Balance has no positive effect on employee welfare (3 Job satisfaction has a positive effect on employee welfare
Pengaruh Rasio Keuangan Terhadap Harga Saham LQ45 Tahun 2020-2023 Nur Aini, Salsabila; Hidajat, Sjarief
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 7 No. 3 (2025): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v7i3.6321

Abstract

This study was conducted to examine the effect of Earnings per Share, Dividend per Share, Price to Earnings Ratio, Market to Book Ratio, and Economic Value Added on stock prices of companies included in the LQ45 index listed on the Indonesia Stock Exchange (IDX) for the period 2020–2023. The sample was selected using the purposive sampling method, resulting in a total of 24 selected companies. This research employed a quantitative method and used multiple linear regression analysis with the Ordinary Least Squares (OLS) method, processed using IBM SPSS Statistics 27 software. The findings indicate that Earnings per Share (EPS) has a positive and significant effect on stock prices, Dividend per Share (DPS) has a positive and significant effect on stock prices, Price to Earnings Ratio (PER) has a positive and significant effect on stock prices, Market to Book Ratio (MB) has no significant effect on stock prices, and Economic Value Added (EVA) has a negative and significant effect on stock prices. Collectively, the five independent variables significantly influence stock prices. The findings of this study are expected to serve as a reference for investors in making investment decisions.
Financial Performance and Valuation Analysis of Diversification Company in Indonesia Case Study: PT. Harum Energy Tbk (HRUM) Danyaa Allya Salsabilla; Raden Aswin Rahadi
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 7 No. 3 (2025): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v7i3.6330

Abstract

The planned termination of coal-fired power plants (PLTU) and the ongoing energy transition are set to significantly reshape Indonesia's energy sector. This shift is expected to lead to a marked decrease in coal demand. In response to these changes, several coal companies in Indonesia are diversifying their operations into green energy enterprises. The Indonesian government has introduced various incentive packages designed to promote the construction of nickel smelters and processing facilities. PT Harum Energy, a company that focused on coal but has significantly expanded its operations by acquiring nickel mines and smelters. Despite the promising prospects of nickel, HRUM faced a dramatic 99% decline this year. Apart from that, HRUM's share price has exhibited considerable volatility since the diversification began. The objective of this study is analyze financial performance during diversification and evaluate the intrinsic value of HRUM to give recommendation to the investors in making decisions in the current market. The methods utilized are secondary data by looking at historical data for the last 5 years through the 2019-2023. The author applies the DCF-FCFF method to determine the intrinsic value, which is calculated at IDR 570. With the current market price of IDR 1,130, the stock is perceived to be overvalued as its market price exceeds its intrinsic value. Further analysis is also carried out using relative valuation, which the P/E ratio, P/B ratio, and EV/EBITDA ratio is overvalued compared to the industry average. Therefore, the author does not recommend prospective investors to buy shares at this time.
Determinan Kinerja Keuangan pada Perusahaan Makanan dan Minuman yang Terdaftar di BEI Tahun 2021-2023 Hanyfah Chairun Nisa; Endang Masitoh Wahyuningsih; Suhendro
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 7 No. 3 (2025): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v7i3.6407

Abstract

This research was conducted to test and analyze the effect of independent board of commissioners, company size, leverage, and liquidity on financial performance. The data source used is secondary data obtained from the financial statements of food and beverage companies listed on the Indonesia Stock Exchange (IDX) for the 2021-2023 period. The population of this study is food and beverage companies listed on the Indonesia Stock Exchange (IDX) for the 2021-2023 period. Sampling using the purposive sampling method and the sample used in this study amounted to 21 companies. The data analysis technique used multiple linear regression analysis processed with SPSS version 21. The results of the study show that independent board of commissioners, company size, leverage have an effect on financial performance. While liquidity does not affect financial performance.
How Do Work-Life Balance and Work Environment Affect Employee Performance Through Job Satisfaction? Machmudi, Aziz Imam; Istiatin; Sudarwati
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 7 No. 3 (2025): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v7i3.6449

Abstract

This study examines how work-life balance, the work environment, and job satisfaction influence employee performance, emphasizing the mediating role of job satisfaction in these relationships at the Surakarta Medium Tax Service Office. A total of 117 employees participated, with data collected using a census sampling approach and questionnaires. The analysis was conducted using SmartPLS 3.0 software. The findings reveal that work-life balance, the work environment, and job satisfaction all significantly and positively impact employee performance. Furthermore, work-life balance and the work environment positively influence job satisfaction, which acts as a mediator connecting these factors to employee performance. The research highlights the critical role of improving work-life balance and fostering a supportive work environment to enhance job satisfaction and, consequently, employee performance.
Analisis Terhadap Disparitas Antar Wilayah dan Pertumbuhan Ekonomi di Sulawesi Selatan Purnama, Hukma Ratu; Lamo, Andika Pramukti; Lestari, Ade Putri; Majid, Putri Fidyah
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 7 No. 3 (2025): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v7i3.6455

Abstract

This study examines economic growth and regional disparities in South Sulawesi Province during the 2019–2023 period, focusing on the development of the Human Development Index (HDI). The urgency of this research lies in understanding the factors influencing HDI growth as a primary indicator of societal welfare and quality of life, particularly in efforts to reduce regional disparities. This study employs a descriptive quantitative method, analyzing secondary data obtained from official publications such as the Central Bureau of Statistics and related agencies, to assess HDI growth trends and compare them with the national average. The findings reveal that South Sulawesi’s HDI has steadily increased from 73.08 in 2020 to 74.60 in 2023. Generally, the province’s HDI achievement is slightly above the national average, which rose from 72.81 in 2020 to 74.39 in 2023. Since 2017, South Sulawesi's human development status has been classified as "high," ranging between 70 and 80. Over the past four years, HDI growth has been within the 0–1 percent range, with significant acceleration in the last two years. In 2021, HDI grew by 0.41 percent, followed by faster growth of 0.79 percent in 2022, and reaching 0.87 percent in 2023, with an increase of 0.64 points compared to the previous year.
Pengaruh Pendapatan Asli Daerah dan Dana Perimbangan terhadap Pertumbuhan Ekonomi Melalui Pengeluaran Pemerintah di Kalimantan Selatan Mastomo, Rangga Gotama; Saipudin; Yunita Sopiana; Anshar Nur; Noor Rahmini
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 7 No. 3 (2025): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v7i3.6468

Abstract

This study aims to examine the influence of Local Own-Source Revenue and Intergovernmental Fiscal Transfers on Economic Growth through Government Expenditure in South Kalimantan Province from 2014 to 2022. Employing a quantitative approach with descriptive and associative analysis, the research utilizes path analysis techniques within the PLS-SEM method, using SmartPLS 3 software. The findings reveal that Local Own-Source Revenue significantly and positively impacts Economic Growth, indicating that increases in Local Own-Source Revenue stimulate economic growth in South Kalimantan. Similarly, Intergovernmental Fiscal Transfers also significantly and positively affect Economic Growth, underscoring their crucial role in supporting the regional economy. However, an intriguing outcome of this study is the significant negative impact of Government Expenditure on Economic Growth. This suggests that while government spending increases, if not allocated efficiently, it can actually impede economic growth. Furthermore, the study indicates that Local Own-Source Revenue and Intergovernmental Fiscal Transfers allocated through Government Expenditure have a significantly negative indirect effect on Economic Growth. This means that although Local Own-Source Revenue and Intergovernmental Fiscal Transfers enhance the fiscal capacity of local governments, the effectiveness of government spending is the primary determinant of their impact on economic growth.

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