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Journal of Studies in Academic, Humanities, Research, and Innovation
Published by Pondok pesantren As-salafiyah As-Safi'iyyah
ISSN : -     EISSN : 30897106     DOI : 10.71305
Core Subject : Religion, Economy, Science, Education, Social,
Religion Chemistry Economics, Econometrics & Finance Education Library & Information Science Mathematics Social Sciences Other
SAHRI: Journal of Studies in Academic, Humanities, Research, and Innovation aims to publish high-quality, original research and theoretical works that contribute to the development of knowledge in education, humanities, and multidisciplinary research. The journal seeks to bridge academic disciplines and encourage collaboration among scholars, researchers, and practitioners globally. The Focus and scope journal: Education Educational theories, practices, and innovations Curriculum development and instructional strategies Technology integration in teaching and learning Policies and management in educational institutions Humanities Literature, history, and cultural studies Social sciences and their impact on education Philosophical and ethical inquiries in education and society Research and Innovation Research methodologies and interdisciplinary approaches Technological advancements in educational tools and resources Innovation in learning environments and pedagogy Interdisciplinary Studies Exploration of intersections between education, humanities, and other fields Studies on diversity, equity, and inclusion in education and research Cultural and Social Development The role of education in cultural preservation and societal transformation Global perspectives on education and its impact on social policies
Arjuna Subject : Ilmu Sosial - Pendidikan
Articles 115 Documents
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Fintech and Operational Efficiency: Empirical Evidence from Indonesia’s Banking Sector Burhanuddin; Andi Mustika Amin; Hery Maulana Arif
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 2 No. 2 (2025): December 2025
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v2i2.904

Abstract

This study investigates the impact of financial technology (Fintech) adoption on the operational efficiency of commercial banks listed on the Indonesia Stock Exchange (IDX) from 2019 to 2023. Employing a quantitative causal-associative method and panel data regression analysis, the research explores how Fintech-driven digital transactions influence banks’ cost structures and efficiency ratios. Data were drawn from annual financial statements and digital transaction reports of four major banks: PT Bank Rakyat Indonesia, PT Bank Negara Indonesia, PT Bank Mandiri, and PT Bank Central Asia. The results reveal that Fintech adoption has a significant and negative effect on both Operating Cost to Operating Income (OCOI) and Cost-to-Income Ratio (CIR), indicating that increased digital transaction activity leads to lower operational costs and improved efficiency. These findings demonstrate that Fintech plays a pivotal role in enhancing banking performance by reducing transaction expenses, optimizing resource allocation, and promoting service accessibility. The study contributes to academic discourse and provides strategic insights for banking practitioners and regulators to strengthen digital transformation policies and foster inclusive Fintech adoption in Indonesia’s financial ecosystem.
Marketing Strategy for Beauty Products Based on Halal Values and Emotional Loyalty: A Phenomenological Study of the Wardah and Emina Brands Azlan Azhari
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 3 No. 1 (2026): Vol 3 No 1 June 2026
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v3i1.906

Abstract

This study explores the Phenomenology of Consumer Loyalty toward Local Halal Cosmetic Brands, focusing on two leading Indonesian brands: Wardah and Emina. Loyalty to halal brands is understood not merely as repetitive purchasing behavior, but as an emotional, spiritual, and social experience that reflects the identity of modern Muslim women. Within the increasingly competitive beauty industry, local halal brands function as symbols of moral values, national pride, and religious expressions harmonized with contemporary lifestyles. Employing a qualitative phenomenological approach, this research involved twelve Muslim female consumers aged 18–35 who have been active users of Wardah or Emina for at least two years. Data were collected through semi-structured interviews and analyzed using reflective thematic analysis. The analytic process included open coding, identification of essential meanings, and thematic clustering until data saturation was achieved.The findings reveal four key dimensions that form the phenomenological structure of loyalty: (1) spiritual loyalty as a reflection of faith, (2) emotional attachment and trust, (3) social loyalty through Muslim women's solidarity, and (4) pride in authenticity and local cultural values. These findings indicate that loyalty toward halal brands is shaped not only by rational satisfaction but also by internalized religious, affective, and cultural meanings. Theoretically, this study expands the concepts of emotional branding and halal marketing through a phenomenological perspective that positions loyalty as a meaningful lived experience. Practically, the research provides insights for marketers to develop brand communication that is authentic, spiritually grounded, and culturally honest.
The Influence Of Profitability And Capital Structure On Stock Returns In Food And Beverage Sub-Sector Companies Listed On The Indonesia Stock Exchange A. Wulandari; Anwar; Abdul Rahman; Nurman; Paramaswary Aslam, Annisa
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 2 No. 2 (2025): December 2025
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v2i2.1131

Abstract

This study examines the influence of profitability and capital structure on stock returns in food and beverage sub-sector companies listed on the Indonesia Stock Exchange during the 2020–2024 period. The research is motivated by inconsistent empirical findings in previous studies and by the phenomenon in which improvements in company profitability are not consistently followed by increases in stock returns. This condition indicates a potential gap between firm-level financial performance and market valuation, particularly in emerging market contexts. The objective of this study is to analyze both the partial and simultaneous effects of profitability, measured by Return on Equity (ROE), and capital structure, measured by the Debt to Equity Ratio (DER), on stock returns. This research employs a quantitative approach using panel data regression analysis. The sample consists of 15 food and beverage companies observed over a five-year period, resulting in 75 observations. Secondary data were obtained from published financial statements and analyzed using EViews software. Model selection was conducted through the Chow test, indicating that the Common Effect Model was the most appropriate specification. Classical assumption tests were also performed to ensure the reliability of the regression results. The empirical findings demonstrate that ROE and DER do not have a statistically significant effect on stock returns, either individually or simultaneously. The probability values of both variables exceed the 0.05 significance level, leading to the rejection of the proposed hypotheses. Furthermore, the coefficient of determination indicates that profitability and capital structure explain only a very small proportion of stock return variation. These results suggest that stock returns in the food and beverage sub-sector are more strongly influenced by external factors, such as macroeconomic conditions, inflationary pressures, investor sentiment, and overall market dynamics. The study highlights the limited explanatory power of accounting-based indicators in periods of economic uncertainty and provides important implications for investors, managers, and future research in emerging capital markets.
The Influence Of EPS, ROE, And NPM On Stock Returns In Food And Beverage Sub-Sector Companies Listed On The Indonesia Stock Exchange Lintang Dwi Wulandari; Burhanuddin; Hety Budiyanti; Nurman; Annisa Paramaswary Aslam
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 2 No. 2 (2025): December 2025
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v2i2.1134

Abstract

The food and beverage sector is a strategic sector that has a significant contribution to driving Indonesia's economic growth. However, in the 2019–2024 period, this sector experienced pressure due to high food inflation, rising raw material costs, and weakening public purchasing power which affected stock return fluctuations. (2) This condition is the background to this study which aims to examine the effect of Earning Per Share (EPS), Return on Equity (ROE), and Net Profit Margin (NPM) on stock returns in food and beverage sub-sector companies listed on the Indonesia Stock Exchange (IDX). (3) This study uses a quantitative approach with a panel data regression analysis method processed using EViews 12 software, with a total sample of 18 companies during the 2019–2024 period. (4) The results of the analysis show that both partially and simultaneously, the EPS, ROE, and NPM variables do not have a significant effect on stock returns. This indicates that profitability performance has not been able to provide a positive signal for investors in assessing the potential for stock returns. (5) Thus, the results of this study do not support Signaling Theory and provide an indication that stock return movements in the food and beverage sub-sector are more influenced by external factors such as food inflation and macroeconomic conditions compared to the company's internal financial performance.
The Effect Of Capital Structure On Company Value With Profitability As An Intervening Variable Risna Kamisanti; Anwar Ramli; Nurul Fadilah Aswar
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 2 No. 2 (2025): December 2025
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v2i2.1136

Abstract

Indonesia’s palm oil plantation subsector plays a strategic role in supporting national economic growth, export performance, and foreign exchange earnings. However, during the 2020–2024 period, this sector faced significant challenges, including the COVID-19 pandemic, volatility in crude palm oil (CPO) prices, export restriction policies, rising production costs, and sustainability regulations imposed by the European Union. These conditions created uncertainty regarding firms’ financing decisions, profitability, and market valuation. This study aims to examine the effect of capital structure on firm value, both directly and indirectly through profitability as an intervening variable, in palm oil plantation companies listed on the Indonesia Stock Exchange (IDX). This research employs a quantitative explanatory approach with a causal-associative design using panel data. The sample consists of 13 palm oil plantation companies selected through purposive sampling based on data availability during the 2020–2024 period. Capital structure is measured using the Debt-to-Equity Ratio (DER) and Debt-to-Asset Ratio (DAR), profitability is proxied by Return on Assets (ROA) and Return on Equity (ROE), and firm value is measured using Price-to-Book Value (PBV) and Tobin’s Q. Data were analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM), which is suitable for small samples and complex mediation models. The results indicate that capital structure has a moderate positive effect on profitability but a weak and negative effect on firm value. Profitability does not significantly influence firm value and does not mediate the relationship between capital structure and firm value. These findings suggest that higher leverage does not necessarily enhance firm value in the Indonesian palm oil sector during periods of economic uncertainty. This study contributes to the post-pandemic empirical literature and provides insights for managers and investors in optimizing financial policies under volatile market conditions.
The Effect Of Capital Structure On Profitability (A Study On Infrastructure Sector Companies Listed On The Indonesia Stock Exchange For The Period 2020–2024) Desri Yanti Manalu; Andi Mustika Amin; Annisa Paramaswary Aslam
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 2 No. 2 (2025): December 2025
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v2i2.1137

Abstract

The infrastructure sector plays a strategic role in Indonesia’s economic development due to its capital-intensive nature and long-term investment characteristics. Sound financial management, particularly in determining an optimal capital structure, is essential for maintaining profitability and ensuring sustainable growth. However, empirical evidence regarding the relationship between capital structure and profitability remains inconclusive, especially in the post-pandemic period. This study aims to examine the effect of capital structure on profitability in infrastructure sector companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. Capital structure is measured using the Debt to Asset Ratio (DAR), Debt to Equity Ratio (DER), and Long-Term Debt to Total Assets (LTDtA), while profitability is proxied by Return on Assets (ROA). This research employs a quantitative approach using panel data from 39 infrastructure companies, resulting in 195 observations. Multiple linear regression analysis is applied to test both partial and simultaneous effects of the independent variables on profitability. Classical assumption tests, including normality, multicollinearity, and heteroskedasticity, are conducted to ensure the robustness of the regression model. The results of the F-test indicate that DAR, DER, and LTDtA simultaneously do not have a significant effect on ROA. However, the t-test reveals that LTDtA has a positive and significant effect on profitability, while DAR and DER show no significant influence. These findings suggest that overall leverage does not necessarily enhance profitability in infrastructure companies, but the appropriate use of long-term debt can improve performance through tax shield benefits and support long-term project financing. This study contributes to the literature by providing empirical evidence on capital structure decisions in Indonesia’s infrastructure sector during the post-pandemic period. The findings offer practical implications for corporate managers, investors, and policymakers in formulating effective financing strategies that balance financial risk and profitability.
The Effect Of Capital Adequacy Ratio And Loan To Deposit Ratio On Stock Prices Study Of Banking Companies Listed On The Indonesia Stock Exchange (IDX) In 2020–2024 A. Nur Azilah; Anwar Ramli; Nurul Fadilah Aswar; Nurman; Annisa Paramaswary
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 2 No. 2 (2025): December 2025
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v2i2.1138

Abstract

The capital market has an important role in supporting economic activities by providing long-term funding sources for companies as well as an investment vehicle for the public. The development of the banking sector in Indonesia shows that financial performance often influences stock price movements, although the results are not always consistent between companies. This problem encourages this study which aims to analyze the effect of the Capital Adequacy Ratio (CAR) and the Loan to Deposit Ratio (LDR) on stock prices in banking companies listed on the Indonesia Stock Exchange for the 2020–2024 period. This study uses a quantitative approach with a multiple linear regression method through the assistance of the SPSS application, while the sample is determined by a purposive sampling technique in 16 banking companies over 5 years of observation, resulting in 80 observations. The results of the study show that CAR has a significant negative effect on stock prices (t = -2.482 sig = 0.015), while LDR has a significant negative effect on stock prices (t = -2.846 sig = 0.006). The coefficient of determination (R²) value is 0.162, which means that 16.2% of the variation in stock prices can be explained by CAR and LDR, while the remaining 83.8% is explained by other factors outside the model. This study supports the Signaling Theory which states that financial performance information can provide signals to investors in making investment decisions. This finding confirms that the bank's ability to maintain capital adequacy provides a positive signal to investors, while liquidity management through LDR has not been fully considered as the main factor determining stock prices.
The Influence Of Current Ratio And Return On Assets On Stock Price In Coal Mining Sector Companies Listed On The Indonesian Stock Exchange Nur Suka Nengsih; Anwar; Nurman; Anwar Ramli; Annisa Paramaswary Aslam
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 2 No. 2 (2025): December 2025
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v2i2.1140

Abstract

This study aims to analyze the effect of Current Ratio (CR) and Return on Assets (ROA) on stock prices in coal mining companies listed on the Indonesia Stock Exchange (IDX) for the 2020–2024 period. The background of this study is driven by fluctuations in current ratio, return on assets, and stock prices in the coal industry that indicate a mismatch between financial performance and market valuation. This study uses a quantitative approach with a multiple linear regression method through the assistence of the SPSS application, while the sample is determined by a purposive sampling technique in 18 (eighteen) companies over 5(five) years of observation, resulting in 90 (ninety) observations. The results of the partial test (t-test) show that Current Ratio (CR) has a positive and significant effect on stock prices, indicating that a high level of liquidity provides a positive signal to investors regarding the company's short-term financial stability. Conversely, Return on Assets (ROA) has a negative but insignificant effect on stock prices, indicating that profitability has not been a major factor in influencing investor perceptions in this sector, possibly due to fluctuations in commodity prices and unstable profits. The results of the simultaneous test (F-test) show that CR and ROA together have a significant effect on stock prices, with a coefficient of determination (R²) of 18.8%, meaning that these two variables explain some of the variation in stock prices, while the rest is influenced by external factors such as macroeconomic conditions and global coal prices. This finding supports Signaling Theory (Spence, 1973), which states that financial ratios act as signals for investors in assessing company performance. This study provides an empirical contribution to understanding the determinants of stock prices in the Indonesian mining sector and provides practical implications for management and investors to strengthen liquidity management and increase market confidence.
The Effect Of Asset Growth And Debt To Equity Ratio (DER) On Price To Book Value (PBV) Putri; Muhammad Ilham Wardhana; Andi Mustika Amin; Abdul Rahman; Annisa Paramaswary Aslam
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 2 No. 2 (2025): December 2025
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v2i2.1141

Abstract

Manufacturing companies play an important role in Indonesia’s economy, and this sector comprises several subsectors, one of which is the miscellaneous industry sector. The miscellaneous industry sector is important because it is considered a national priority industry with development potential and also attracts investors. However, during the 2020–2024 period, the sector experienced a decline in asset growth alongside a decrease in market valuation. These conditions motivated this study, which aims to examine the effect of company growth and capital structure on company value, both partially and simultaneously, in manufacturing companies in the miscellaneous industry sector listed on the Indonesia Stock Exchange during the 2020-2024 period. This study uses a causal associative quantitative approach with the Statistical Package for Social Sciences (SPSS) method, and samples are determined using the Purposive Sampling technique on companies that meet the research criteria. The research results indicate that asset growth (TAG) and capital structure (DER) do not have a significant effect on firm value (PBV), both partially and simultaneously. The coefficient of determination (R2) value of 0,009 shows that only 0,9% of the variation in firm value can be explained by these two variables, while 90,1% is influenced by other factors outside the study, such as profitability, company size, and capital market conditions. Thus, the findings indicate that asset growth and capital structure are not dominant determinants of firm value within the diversified industrial sector on the IDX during the 2020–2024 period. These results reinforce the view that other fundamental factors, such as operational efficiency, profitability, and investor confidence, play a greater role in shaping a company's market value.
The Effect Of Perceived Usefulness, Perceived Ease Of Use, And Perceived Security On E-Wallet Usage Interest With Trust As An Intervening Variable (Case Study Of Makassar State University) Nabila Lutfiah Amiruddin; Muhammad Ichwan Musa; Hety Budiyanti
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 2 No. 2 (2025): December 2025
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v2i2.1142

Abstract

This study examines the effect of perceived usefulness, perceived ease of use, and perceived security on students’ interest in using e-wallets, with trust functioning as an intervening variable. The research was conducted at Makassar State University using a quantitative causal approach. A total of 50 respondents were selected through purposive sampling, limited to students actively using e-wallets for at least the last six months. Data were analyzed using multiple linear regression with SPSS 30. Descriptive statistics show consistent perceptions among respondents, with perceived usefulness (Min = 25; Max = 40; SD = 3.608), perceived ease of use (Min = 23; Max = 40; SD = 3.678), and perceived security (Min = 24; Max = 40; SD = 3.645). Meanwhile, intention to use e-wallets shows higher variation (Min = 29; Max = 51; SD = 4.688). Regression results demonstrate that perceived usefulness (t = 4.244; B = 0.634; Sig. = 0.003), perceived ease of use (t = 5.421; B = 0.674; Sig. = 0.000), and perceived security (t = 5.954; B = 0.676; Sig. = 0.000) significantly influence usage interest. Perceived ease of use provides the strongest influence. The F-test (F = 80.533; Sig. = 0.000) further confirms that the overall model significantly predicts e-wallet usage intention. Additionally, trust acts as an intervening variable that strengthens the influence of perceived security on usage interest, indicating that higher trust enhances adoption behavior. The study concludes that improving usefulness, ease of use, and security along with building user trust is essential for increasing students’ e-wallet adoption.

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