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Dedi Junaedi
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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 2,175 Documents
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Pengaruh DER dan TATO terhadap Return Saham dengan ROA sebagai Mediasi, CSR Disclosure sebagai Moderasi dan Firm Size sebagai Kontrol pada Perusahaan Subsektor Basic Materials di BEI Alya Badariah
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 8 No. 3 (2026): 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.v8i3.11601

Abstract

Companies in the Basic Materials sector on the Indonesia Stock Exchange experienced a misalignment between financial performance and market performance during the 2021-2024 period, where fluctuations in profitability were not always followed by proportional movements in stock returns. This study aims to analyze the effect of capital structure (DER) and asset efficiency (TATO) on stock returns, with ROA as a mediating variable, CSR disclosure as a moderating variable, and firm size as a control variable. Theoretically, this study uses Agency Theory as the main framework to explain the relationship between leverage, asset efficiency, profitability, and stock returns through agency costs and transmission mechanisms. Stakeholder Theory also uses Stakeholder Theory to explain the moderating role of CSR disclosure in strengthening social legitimacy and reducing information asymmetry in the Basic Materials sector, which has significant environmental impacts and faces mandatory CSR regulations. Methodologically, it tests the moderated mediation mechanism where CSR disclosure moderates the ROA mediation pathway. The study used panel data regression analysis on 51 Basic Materials companies (204 observations) for the 2021-2024 period using EViews 13 software, including classical assumption tests, panel model selection, hypothesis testing, and Moderated Regression Analysis (MRA). The findings of this study show that DER has a significant negative effect on ROA, while TATO has no significant effect. ROA fully mediates the effect of DER on stock returns. CSR disclosure acts as a weak moderator, only moderating the relationship between profitability and stock returns. CSR weakens the direct relationship between ROA and Return but strengthens the indirect effect of DER and ROA through a double negative effect. Moderated mediation tests confirm that CSR disclosure moderates the indirect path only at the final stage (second-stage moderated mediation). Overall, profitability is the dominant factor influencing stock returns, with capital structure operating through the profitability mediation mechanism, while CSR disclosure plays a limited role as a moderator that alters the dynamics of market response.
Oportunisme, Konflik, dan Dualitas Kepuasan dalam Hubungan Bisnis Beton Precast Holidin Arif
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 8 No. 3 (2026): 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.v8i3.11622

Abstract

This study aims to observe the role of opportunism and conflict on dual satisfaction, namely non-economic satisfaction and economic satisfaction, as well as its implications on the intention to maintain business relationships in the precast concrete industry from the buyer's perspective. The precast concrete industry in Indonesia is a business-to-business (B2B) sector that is highly dependent on the sustainability of business relationships, especially in an increasingly price-driven and project-based competitive environment. This study uses a quantitative approach through questionnaires. Data were obtained from 175 respondents representing buyer companies in the precast concrete industry in Indonesia. The sampling technique used was purposive sampling. Data analysis was performed using Structural Equation Modeling (SEM) through AMOS 26 software. The results show that seller opportunism has a significant positive effect on conflict. Furthermore, neither seller opportunism nor conflict has a significant effect on buyer non-economic satisfaction. Non-economic satisfaction has been proven to have a significant positive effect on economic satisfaction. Furthermore, non-economic satisfaction and economic satisfaction have a significant positive effect on buyers' intention to maintain business relationships in the precast concrete industry. These findings indicate that in the context of the construction industry, with a majority of male respondents who tend to be masculine, conflict and opportunistic behavior by sellers tend to be perceived as part of the professional dynamics of the project, thus not directly reducing the non-economic satisfaction of buyers. Nevertheless, non-economic aspects still play an important relational role as they form the basis for economic satisfaction and encourage buyers' intention to maintain long-term business relationships.
Does Acquisition Improve Financial Performance? Evidence from Public Companies in Indonesia Cean Maria Bella; M. Shalahuddin; Henny Oktaviyani
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 8 No. 3 (2026): 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.v8i3.11649

Abstract

Mergers and acquisitions (M&A) activity in Indonesia has continued to increase and is theoretically expected to generate synergies—such as cost efficiency, strengthened market share, and diversification—thereby improving corporate financial performance. However, empirical evidence is often inconsistent and suggests that the benefits of acquisitions are not always immediately reflected in post-transaction performance. This study employs a quantitative approach with a comparative design to examine differences in financial performance before and after acquisitions among 10 publicly listed companies that conducted acquisitions in 2021, using an observation period of one year prior to the acquisition (2020) and three years after the acquisition (2022–2024). Performance is measured using ROA, ROE, DER, Current Ratio (CR), and EPS. The analysis is conducted using the Wilcoxon Signed Rank Test. The results show no significant differences between pre-acquisition and post-acquisition financial performance across all variables for the 2022–2024 period. These findings indicate that acquisitions have not been proven to improve profitability, liquidity, capital structure, or shareholder value in the short to medium term. Therefore, acquisition success is likely determined more by the effectiveness of post-acquisition integration, integration cost control, and the quality of synergy strategy implementation than by the acquisition decision alone.
Pengaruh Social Media Marketing dan Fomo terhadap Purchase Intention Produk Cicil Emas pada PT Pegadaian Pontianak dengan Brand Trust sebagai variabel Moderasi Gavin Satria Pangestu; Wendy Wendy; Harry Setiawan; Nur Afifah; Bintoro Bagus Purmono
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 8 No. 3 (2026): 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.v8i3.11666

Abstract

The development of digital technology has driven changes in financial services marketing strategies, including for PT Pegadaian's Gold Installment product, which faces competition from digital investment platforms. This situation has prompted Pegadaian to optimize social media marketing and leverage the Fear of Missing Out to increase purchase intention, particularly among the younger generation. This study aims to analyze the influence of social media marketing and Fear of Missing Out on purchase intention for the Gold Installment product, with brand trust as a moderating variable. The study used a quantitative approach with explanatory research through online questionnaire data collection from respondents who met the research criteria. Data analysis was conducted using the Partial Least Squares Structural Equation Modeling method with WarpPLS 8.0. The results show that social media marketing and Fear of Missing Out have a positive and significant effect on purchase intention. Furthermore, brand trust has been shown to strengthen the influence of both variables on purchase intention. This research is expected to provide theoretical contributions to the development of consumer behavior studies and practical implications for PT Pegadaian in strengthening its digital marketing strategy and increasing purchase interest in the Gold Installment product.
Dampak Stres Kerja dan Beban Kerja Terhadap Kinerja Pegawai Indah Safitri, Rani; Eka Hadiyanti, Sofia Ulfa; Tri Kusumawati, Yulia
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 8 No. 3 (2026): 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

Abstract

Job stress and workload are two factors that frequently arise in modern organizational environments and have the potential to impact employee performance. Increased work demands and pressure in completing tasks can lead to psychological and physical conditions that impact employee work effectiveness. This study aims to analyze the effect of job stress and workload on employee performance at the Communication and Informatics Office of East Kalimantan Province. The study used a quantitative approach with a survey method of 94 respondents selected using simple random sampling techniques from a total population of 123 employees. Data were collected through a questionnaire using a Likert scale and analyzed using multiple linear regression analysis, while the research data were processed using SPSS (Statistical Product and Service Solutions) version 30. The results show that the effect of job stress on employee performance obtained a T-statistic value of −2.010 with a p-value of 0.047, therefore H1 is accepted. The effect of workload on employee performance obtained a T-statistic value of −2.306 with a p-value of 0.023, therefore H2 is accepted. Simultaneously, the effect of job stress and workload on employee performance obtained an F-statistic value of 4.671 with a p-value of 0.012, therefore H3 is accepted. In addition, the coefficient of determination (R²) value of 0.093 indicates that job stress and workload contribute 9.3% to the variation in employee performance.

Page 218 of 218 | Total Record : 2175

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