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Akhmad Jazuli Afand
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almuhasib@iainkediri.ac.id
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Al-Muhasib: Journal of Islamic Accounting and Finance
Published by Institut Agama Islam Negeri Kediri
ISSN : -     EISSN : 27981649     DOI : 10.30762/almuhasib
Core Subject : Economy, Social,
Economics, Econometrics & Finance Social Sciences
Focus Al-Muhasib: Journal of Islamic Accounting and Finance covers in detail a large number of topics related to Islamic Accounting, Islamic Finance, and Tax. Comprising the latest empirical studies, country-specific studies, policy evaluations of Islamic economics, and comparative international Islamic accounting, tax, and finance. This journal provides a forum for scientific exchange for academicians, practitioners, keen observers, and independent researchers, by publishing high-quality theoretical, empirical, and policy contributions. Scope Al-Muhasib: Journal of Islamic Accounting and Finance is intended to communicate original research and current issues on the subject below: Islamic Accounting Engineering Islamic Banking System Islamic Capital and Commodity Market Islamic Corporate Finance Islamic Corporate Social Responsibility Islamic Financial Market Islamic Financial Planning Islamic Financial Strategi Islamic Financial Technology Islamic Insurance and re-Insurance Islamic Investment Strategy Islamic Micro and Rural Finance Islamic Social Fund and Crowdfunding Accounting in the Islamic Capital Market, and Investment Accounting in the Islamic Financial Institution Auditing Corporate Governance Financial Technology Public Sector Accounting Sustainability Reporting Taxation Zakah and Waqf Accounting
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 14 Documents
 1   2 
Search results for , issue "Vol. 3 No. 1 (2023)" : 14 Documents clear
Influence of Cash Flow and Net Profit on Stock Price Fatmawatie, Naning
Al-Muhasib: Journal of Islamic Accounting and Finance Vol. 3 No. 1 (2023)
Publisher : Department of Islamic Accounting, The Faculty of Islamic Economics and Business, State Islamic Institute of Kediri [IAIN Kediri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30762/almuhasib.v3i1.197

Abstract

The value of the company will be reflected in its share price, so the stock price can be said to be a measure of the company's success. In addition, it can also be seen through the condition of profits and cash flow turnover. The better the company's performance, the share price will increase, so it is natural for issuers to maintain their share prices because they reflect the actual condition of the company. This study aims to analyze the effect of operating cash flow, investment cash flow, funding cash flow, and net income on stock prices. This type of research is quantitative associative. The population in this study is the financial statements of the company Kalbe Farma Tbk. the 2013-2020 period, while the samples taken are all financial reports at the company Kalbe Farma Tbk. period 2013-2020 and the sampling was taken through a saturated sample (non-purposive sampling). The results of this study indicate that partially and simultaneously the variables of operating cash flow, investment cash flow, funding cash flow, and net income do not affect stock prices. This study does not support the theory put forward by Wetson and Bridgham, that the higher the earnings per share provided by the company, the higher the return. Harga saham adalah salah satu ukuran keberhasilan perusahaan karena merupakan cerminan dari nilai perusahaan. Selain harga saham, keberhasilan juga dapat dilihat melalui kondisi laba dan perputaran arus kas. Semakin baik kinerja perusahaan, maka harga saham akan meningkat. Penelitian ini bertujuan untuk menganalisis pengaruh arus kas operasi, arus kas investasi, arus kas pendanaan, dan laba bersih terhadap harga saham. Jenis penelitian ini adalah kuantitatif-asosiatif. Populasi dalam penelitian ini adalah laporan keuangan perusahaan Kalbe Farma Tbk. periode 2013-2020, sedangkan sampel yang diambil adalah seluruh laporan keuangan perusahaan Kalbe Farma Tbk. periode 2013-2020 dan pengambilan sampel diambil melalui sampel jenuh (non-purposive sampling). Hasil penelitian ini menunjukkan bahwa secara parsial dan simultan variabel arus kas operasi, arus kas investasi, arus kas pendanaan, dan laba bersih tidak mempengaruhi harga saham. Penelitian ini tidak mendukung teori yang dikemukakan oleh Wetson dan Bridgham, bahwa semakin tinggi laba per saham yang diberikan oleh perusahaan, semakin tinggi pengembaliannya.
Cryptocurrency: An Islamic Finance Perspective Nabeel. K, Mohammed; Sumathy, M.
Al-Muhasib: Journal of Islamic Accounting and Finance Vol. 3 No. 1 (2023)
Publisher : Department of Islamic Accounting, The Faculty of Islamic Economics and Business, State Islamic Institute of Kediri [IAIN Kediri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30762/almuhasib.v3i1.237

Abstract

The popularity of virtual currencies has increased markedly in recent years. Seminars and conferences have explored the properties and sustainability of cryptocurrencies. Some argue that an alternative to the current fiat currency system would be beneficial, as it would not mandate the use of a bank account, tax payments, or audits as do the said cryptocurrencies. Alternative methods of payment, aside from those commonly accepted like cash, checks, and DD, have been claimed to enable tax and auditing avoidance. However, this view has been contested, given the potential negative impact on the economy and the government budget. The present study addresses the challenges and limitations involved in considering bitcoins to be halal. It has been determined that cryptocurrencies are not considered Halal in Islam because they lack intrinsic value and are subject to significant regulatory oversight. Popularitas mata uang virtual telah meningkat pesat dalam beberapa tahun terakhir. Seminar dan konferensi telah mengeksplorasi properti dan keberlanjutan mata uang kripto. Beberapa orang berpendapat bahwa alternatif dari sistem mata uang fiat saat ini akan bermanfaat, karena tidak mengharuskan penggunaan rekening bank, pembayaran pajak, atau audit seperti halnya mata uang kripto. Metode pembayaran alternatif, selain dari yang umum diterima seperti uang tunai, cek, dan DD, telah diklaim memungkinkan penghindaran pajak dan audit. Namun, pandangan ini telah diperdebatkan, mengingat potensi dampak negatifnya terhadap ekonomi dan anggaran pemerintah. Penelitian ini membahas tantangan dan keterbatasan yang terlibat dalam mempertimbangkan bitcoin sebagai sesuatu yang halal. Telah ditetapkan bahwa mata uang kripto tidak dianggap halal dalam Islam karena tidak memiliki nilai intrinsik dan tunduk pada pengawasan regulasi yang signifikan.
Technical Efficiency of Indonesian Sharia Banks: A Data Envelopment Analysis Approach Ulkhaq, M. Mujiya
Al-Muhasib: Journal of Islamic Accounting and Finance Vol. 3 No. 1 (2023)
Publisher : Department of Islamic Accounting, The Faculty of Islamic Economics and Business, State Islamic Institute of Kediri [IAIN Kediri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30762/almuhasib.v3i1.242

Abstract

The existence of competition among sharia banks is one of the effects that occur with the development of sharia banks. The purpose of this study is to analyze the efficiency of Sharia banks in Indonesia. Understanding efficiency is important because if banks are always operating at full efficiency, the fewer inputs they use, the greater the output they achieve. Output is measured by total earning assets, while the inputs used are total deposits and total operating expenses. A data envelopment analysis with input-oriented and variable returns to scale is used to achieve the objective. The result shows that of the twelve Sharia banks studied, four are considered to be the most efficient.   Adanya persaingan antar bank syariah merupakan salah satu dampak yang terjadi dengan berkembangnya bank syariah. Tujuan dari penelitian ini adalah untuk menganalisis efisiensi bank syariah di Indonesia. Memahami efisiensi menjadi penting karena jika bank selalu beroperasi pada tingkat efisiensi penuh, maka semakin sedikit input yang mereka gunakan, semakin besar output yang mereka capai. Output diukur dengan total aktiva produktif, sedangkan input yang digunakan adalah total simpanan dan total biaya operasional. Untuk mencapai tujuan tersebut, digunakan analisis data envelopment dengan pendekatan input-oriented dan variable returns to scale. Hasilnya menunjukkan bahwa dari dua belas bank syariah yang diteliti, empat bank dianggap paling efisien.
Potensi Cash Waqf Linked Sukuk sebagai Instrumen Pemulihan Ekonomi Nasional Pasca Pandemi Faiza, Nurlaili Adkhi Rizfa
Al-Muhasib: Journal of Islamic Accounting and Finance Vol. 3 No. 1 (2023)
Publisher : Department of Islamic Accounting, The Faculty of Islamic Economics and Business, State Islamic Institute of Kediri [IAIN Kediri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30762/almuhasib.v3i1.280

Abstract

The need for large funds for National Economic Recovery after the Covid-19 pandemic requires various low-cost, high-efficiency, and sustainable instruments. This study aims to analyze the potential of Cash Waqf Linked Sukuk (CWLS) as an instrument for National Economic Recovery in Indonesia. Collaborating on Sukuk as an instrument that can mobilize funds and waqf with its unique nature can generate income and finance productive activities where returns or profits will be stored for future funding. This study uses an exploratory qualitative approach by reviewing and analyzing facts, expert opinions, theories, and previous research on CWLS and its development potential. This study found that the CWLS collaboration model can be an alternative to sustainable Islamic financial instruments in Indonesia and has the potential as an instrument to obtain cheap and easy funds to accelerate post-pandemic national economic recovery. This instrument is very suitable because it has high flexibility, appeals to the Muslim philanthropic middle class, and is sustainable alms from waqf to be distributed to beneficiaries.
Tinjauan Prinsip Akuntabilitas Syariah dan Permendagri No. 13 Tahun 2014 pada Pengelolaan Dana Desa: (Studi pada Desa Ringinpitu Kabupaten Tulungagung) Putri, Erika Indah Sastiya
Al-Muhasib: Journal of Islamic Accounting and Finance Vol. 3 No. 1 (2023)
Publisher : Department of Islamic Accounting, The Faculty of Islamic Economics and Business, State Islamic Institute of Kediri [IAIN Kediri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30762/almuhasib.v3i1.284

Abstract

This study aims to determine the role of the village government in managing village funds from the perspective of Sharia Accountability Principles and Minister of Home Affairs Regulations No. 13 of 2014 in Ringinpitu Village, Tulungagung Regency. The study focuses on planning, implementation, administration, accountability, and reporting while adhering to the relevant rules. Additionally, the research aims to determine how the government can fulfill the needs of the local community while following Islamic law. This research is classified as qualitative research that is based on interviews and observations. The informants in this study are the members of the village government who play a crucial role in managing village funds.  The results of this study indicated that the village government played a significant role in managing the funds according to Islamic Law, which benefited the community. The government conducted open deliberations and provided evidence of reporting activities, which were accompanied by the treasurer and approved by the village head.
Pengaruh Likuiditas, Profitabilitas, dan Kebijakan Hutang terhadap Nilai Perusahaan Perusahaan Tambang yang Terdaftar di Indeks Saham Syariah Indonesia Yudiantoro, Deny
Al-Muhasib: Journal of Islamic Accounting and Finance Vol. 3 No. 1 (2023)
Publisher : Department of Islamic Accounting, The Faculty of Islamic Economics and Business, State Islamic Institute of Kediri [IAIN Kediri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30762/almuhasib.v3i1.324

Abstract

This study aims to examine whether or not there is an effect of liquidity, profitability, and debt policy on firm value. In addition, this study also aims to examine the effect of liquidity, profitability, and debt policy on firm value with dividend policy as an intervening variable. The approach used in this study is quantitative and is a type of associative research. The data used in this study is secondary data which researchers obtained from the official website of mining companies and the official website of the Indonesian Stock Exchange (IDX). The sampling technique used is the purposive sampling technique. The samples used by the researchers in this study were 11 mining companies listed on the Indonesian Sharia Stock Index (ISSI) in the 2019-2021 period. The analysis technique used in this study is Partial Least Square (PLS). Based on the results of hypothesis testing, it shows that liquidity and debt policy have no influence on firm value, while profitability has an influence on firm value. liquidity and profitability have no influence on dividend policy, while debt policy has an influence on dividend policy. Dividend policy cannot be an intervening variable between liquidity, profitability, and debt policy on firm value.   Abstrak: Penelitian ini bertujuan untuk menguji ada atau tidaknya pengaruh likuiditas, profitabilitas, dan kebijakan utang terhadap nilai perusahaan. Selain itu, penelitian ini juga bertujuan untuk menguji pengaruh likuiditas, profitabilitas, dan kebijakan utang terhadap nilai perusahaan dengan kebijakan dividen sebagai variabel intervening. Pendekatan yang digunakan dalam penelitian ini adalah kuantitatif dan merupakan jenis penelitian asosiatif. Data yang digunakan dalam penelitian ini adalah data sekunder yang diperoleh peneliti dari situs resmi perusahaan tambang dan situs resmi Bursa Efek Indonesia (BEI). Teknik pengambilan sampel yang digunakan adalah teknik purposive sampling. Sampel yang digunakan peneliti dalam penelitian ini adalah 11 perusahaan tambang yang tercatat pada Indeks Saham Syariah Indonesia (ISSI) periode 2019-2021. Teknik analisis yang digunakan dalam penelitian ini adalah Partial Least Square (PLS). Berdasarkan hasil pengujian hipotesis, menunjukkan bahwa kebijakan likuiditas dan utang tidak berpengaruh terhadap nilai perusahaan, sedangkan profitabilitas memiliki pengaruh terhadap nilai perusahaan.
Pengaruh Kinerja Keuangan Terhadap Harga Saham Perusahaan Sektor Industri Barang Konsumsi yang Terdaftar di Bursa Efek Indonesia Shulthoni, Moch.; Alfan Ainul Yaqin Aulia Rohim; Bayu Aprillianto
Al-Muhasib: Journal of Islamic Accounting and Finance Vol. 3 No. 1 (2023)
Publisher : Department of Islamic Accounting, The Faculty of Islamic Economics and Business, State Islamic Institute of Kediri [IAIN Kediri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30762/almuhasib.v3i1.628

Abstract

This study aims to analyze the impact of financial performance on the stock prices of consumer goods industry companies listed on the Indonesian Stock Exchange (IDX) from 2018 to 2022. The study uses quantitative analysis and secondary data from annual reports of companies listed on the IDX from 2018 to 2022 and data on company stock prices. The independent variables in this study are profitability, financial leverage, and earnings per share (EPS). Profitability is measured by the Return on Assets (ROA), the Debt measures financial leverage to Equity Ratio (DER), and the company's earnings per share is measured by EPS. The dependent variable in this study is the stock prices of the companies. The research sample consists of 55 companies selected through purposive sampling. The data analysis was conducted using the SPSS 24 application program, and various tests were performed. The study results show that profitability and market value positively and significantly affect stock prices. Financial leverage has a positive but insignificant effect on stock prices.
Influence of Cash Flow and Net Profit on Stock Price Fatmawatie, Naning
Al-Muhasib: Journal of Islamic Accounting and Finance Vol. 3 No. 1 (2023)
Publisher : Department of Islamic Accounting, The Faculty of Islamic Economics and Business, State Islamic Institute of Kediri [IAIN Kediri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30762/almuhasib.v3i1.197

Abstract

The value of the company will be reflected in its share price, so the stock price can be said to be a measure of the company's success. In addition, it can also be seen through the condition of profits and cash flow turnover. The better the company's performance, the share price will increase, so it is natural for issuers to maintain their share prices because they reflect the actual condition of the company. This study aims to analyze the effect of operating cash flow, investment cash flow, funding cash flow, and net income on stock prices. This type of research is quantitative associative. The population in this study is the financial statements of the company Kalbe Farma Tbk. the 2013-2020 period, while the samples taken are all financial reports at the company Kalbe Farma Tbk. period 2013-2020 and the sampling was taken through a saturated sample (non-purposive sampling). The results of this study indicate that partially and simultaneously the variables of operating cash flow, investment cash flow, funding cash flow, and net income do not affect stock prices. This study does not support the theory put forward by Wetson and Bridgham, that the higher the earnings per share provided by the company, the higher the return. Harga saham adalah salah satu ukuran keberhasilan perusahaan karena merupakan cerminan dari nilai perusahaan. Selain harga saham, keberhasilan juga dapat dilihat melalui kondisi laba dan perputaran arus kas. Semakin baik kinerja perusahaan, maka harga saham akan meningkat. Penelitian ini bertujuan untuk menganalisis pengaruh arus kas operasi, arus kas investasi, arus kas pendanaan, dan laba bersih terhadap harga saham. Jenis penelitian ini adalah kuantitatif-asosiatif. Populasi dalam penelitian ini adalah laporan keuangan perusahaan Kalbe Farma Tbk. periode 2013-2020, sedangkan sampel yang diambil adalah seluruh laporan keuangan perusahaan Kalbe Farma Tbk. periode 2013-2020 dan pengambilan sampel diambil melalui sampel jenuh (non-purposive sampling). Hasil penelitian ini menunjukkan bahwa secara parsial dan simultan variabel arus kas operasi, arus kas investasi, arus kas pendanaan, dan laba bersih tidak mempengaruhi harga saham. Penelitian ini tidak mendukung teori yang dikemukakan oleh Wetson dan Bridgham, bahwa semakin tinggi laba per saham yang diberikan oleh perusahaan, semakin tinggi pengembaliannya.
Cryptocurrency: An Islamic Finance Perspective Nabeel. K, Mohammed; Sumathy, M.
Al-Muhasib: Journal of Islamic Accounting and Finance Vol. 3 No. 1 (2023)
Publisher : Department of Islamic Accounting, The Faculty of Islamic Economics and Business, State Islamic Institute of Kediri [IAIN Kediri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30762/almuhasib.v3i1.237

Abstract

The popularity of virtual currencies has increased markedly in recent years. Seminars and conferences have explored the properties and sustainability of cryptocurrencies. Some argue that an alternative to the current fiat currency system would be beneficial, as it would not mandate the use of a bank account, tax payments, or audits as do the said cryptocurrencies. Alternative methods of payment, aside from those commonly accepted like cash, checks, and DD, have been claimed to enable tax and auditing avoidance. However, this view has been contested, given the potential negative impact on the economy and the government budget. The present study addresses the challenges and limitations involved in considering bitcoins to be halal. It has been determined that cryptocurrencies are not considered Halal in Islam because they lack intrinsic value and are subject to significant regulatory oversight. Popularitas mata uang virtual telah meningkat pesat dalam beberapa tahun terakhir. Seminar dan konferensi telah mengeksplorasi properti dan keberlanjutan mata uang kripto. Beberapa orang berpendapat bahwa alternatif dari sistem mata uang fiat saat ini akan bermanfaat, karena tidak mengharuskan penggunaan rekening bank, pembayaran pajak, atau audit seperti halnya mata uang kripto. Metode pembayaran alternatif, selain dari yang umum diterima seperti uang tunai, cek, dan DD, telah diklaim memungkinkan penghindaran pajak dan audit. Namun, pandangan ini telah diperdebatkan, mengingat potensi dampak negatifnya terhadap ekonomi dan anggaran pemerintah. Penelitian ini membahas tantangan dan keterbatasan yang terlibat dalam mempertimbangkan bitcoin sebagai sesuatu yang halal. Telah ditetapkan bahwa mata uang kripto tidak dianggap halal dalam Islam karena tidak memiliki nilai intrinsik dan tunduk pada pengawasan regulasi yang signifikan.
Technical Efficiency of Indonesian Sharia Banks: A Data Envelopment Analysis Approach Ulkhaq, M. Mujiya
Al-Muhasib: Journal of Islamic Accounting and Finance Vol. 3 No. 1 (2023)
Publisher : Department of Islamic Accounting, The Faculty of Islamic Economics and Business, State Islamic Institute of Kediri [IAIN Kediri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30762/almuhasib.v3i1.242

Abstract

The existence of competition among sharia banks is one of the effects that occur with the development of sharia banks. The purpose of this study is to analyze the efficiency of Sharia banks in Indonesia. Understanding efficiency is important because if banks are always operating at full efficiency, the fewer inputs they use, the greater the output they achieve. Output is measured by total earning assets, while the inputs used are total deposits and total operating expenses. A data envelopment analysis with input-oriented and variable returns to scale is used to achieve the objective. The result shows that of the twelve Sharia banks studied, four are considered to be the most efficient.   Adanya persaingan antar bank syariah merupakan salah satu dampak yang terjadi dengan berkembangnya bank syariah. Tujuan dari penelitian ini adalah untuk menganalisis efisiensi bank syariah di Indonesia. Memahami efisiensi menjadi penting karena jika bank selalu beroperasi pada tingkat efisiensi penuh, maka semakin sedikit input yang mereka gunakan, semakin besar output yang mereka capai. Output diukur dengan total aktiva produktif, sedangkan input yang digunakan adalah total simpanan dan total biaya operasional. Untuk mencapai tujuan tersebut, digunakan analisis data envelopment dengan pendekatan input-oriented dan variable returns to scale. Hasilnya menunjukkan bahwa dari dua belas bank syariah yang diteliti, empat bank dianggap paling efisien.

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