The research intended to analyze the overreaction phenomenon in Islamic stocks due to COVID-19 as... more The research intended to analyze the overreaction phenomenon in Islamic stocks due to COVID-19 as well as the influencing factors by utilizing different test methods and cross-sectional regression. The research employed data on the daily stock prices from August 9th, 2019 to October 26th, 2020 on the Jakarta Islamic Index (JII) and the stocks utilized during the period of events. The sample of this research utilized seven events related to COVID-19. The findings of this research reveals that the announcement of COVID-19 transmission and lockdown (Event 2) causes overreaction in winner stocks. Meanwhile, the overreaction phenomenon of loser stock is due to the announcement of the United States fiscal stimulus (Event 5) and the announcement of the PSBB (Event 6). Furthermore, the new normal announcement event (Event 7) triggers overreaction in the winner and loser stocks. The results indicate that Islamic stocks continue to have several transactions which are prohibited by the Fatwa D...
IHSG and ISSI in the last three periods show that standard deviations have increased and the yiel... more IHSG and ISSI in the last three periods show that standard deviations have increased and the yield rate has declined. Preliminary observations found that during this period there was a weakening of the Rupiah against the US dollar which was reported to weaken from February to October 2018 and regained strength afterwards. The focus of this research is to analyze the performance of Islamic stock portfolios and general stock portfolios compiled with the Markowitz method under conditions of a weakening exchange rate and when the exchange rate conditions strengthen. The results of the portfolio formation reveal that, more Islamic stocks are needed when the condition of the rupiah exchange rate weakens and fewer Islamic stocks are needed when the exchange rate conditions strengthen. Islamic stock portfolios have returns and risks that are greater than the general portfolio in each condition. However, the performance of the Islamic stock portfolio is inversely proportional to the general ...
Hambatan seseorang bergabung dalam pasar modal adalah hambatan psikologis, yaitu perilaku risk av... more Hambatan seseorang bergabung dalam pasar modal adalah hambatan psikologis, yaitu perilaku risk averse. Perilaku risk averse akan membatasi pelaku pasar modal untuk mengambil keputusan, sehingga perlu diantisipasi melalui peningkatan literasi keuangan. Literasi keuangan yang rendah akan meningkatkan frekuensi evaluasi, sehingga akan meningkatkan perilaku risk averse dan menurunkan return. Permasalahan ini dapat dicegah dengan meningkatkan literasi keuangan sehingga pelaku pasar modal akan berperilaku risk seeker dan meningkatkan return. Maka penelitian ini bertujuan untuk menguji faktor-faktor yang berpengaruh terhadap return investor. Analisis regresi linear berganda menggunakan SPSS 20 untuk melihat pengaruh literasi keuangan, frekuensi evaluasi, maxhold, durasi investasi, penggunaan analisis teknikal, dan penggunaan analisis fundamental terhadap peningkatan return. Hasil yang diperoleh menunjukkan bahwa literasi keuangan dan durasi investasi berpengaruh signifikan positif terhadap...
The financial industry with the principle of shari'ah compliance has grown rapidly in almost ... more The financial industry with the principle of shari'ah compliance has grown rapidly in almost all countries in recent years. Sharia Capital Market is an important segment of sharia financial development. The Islamic capital market must adhere to the moral principles of Islam, which are free from interest (riba), masyir (gambling) which automatically avoids things that lead to gharar (uncertainty). Islamic rules clearly forbid such conditions, so that the allocation of assets to Sharia stocks in the Islamic capital market tends to be bounded based on sharia moral principles. This study intends to evaluate the level of compliance of shariaa labeled stocks against bounded moral sharia. The method used is a measure of financial ratios based on POJK No. 35 /POJK.04/2017, linkage distance sharia compliance to default (DSCD) and the rate of compliance value for all shari'ah shares incorporated in the Indonesian Syari'ah Stock Index (ISSI). The fact is that not all shares with ...
ABSTRACTEfficiency for the banking industry as a whole is the most important aspect considered to... more ABSTRACTEfficiency for the banking industry as a whole is the most important aspect considered to realize healthy and sustainable financial performance. Therefore, to realize a healthy and sustainable financial performance, the government intervenes in the banking business to divide or categorize banks based on core capital. This study will measure the efficiency level of conventional commercial banks with input variables that are thought to affect the output variable using non-parametric methods with the Data Envelopment Analysis (DEA) model. Bank size (SIZE), Capital Adequacy Ratio (CAR), and Loan to Deposit Ratio (LDR) proved to have a significant positive effect on the efficiency of banks listed on the Indonesia Stock Exchange for the period 2013-2017. Meanwhile, non-performing loan (NPL) proved to have a significant negative effect on the efficiency of banks listed on the Indonesia Stock Exchange for the period 2013-2017. External factors such as the rupiah exchange rate (KURS)...
ABSTRACTThe Principle of profit-sharing operation in Sharia bank is often utilized for financing.... more ABSTRACTThe Principle of profit-sharing operation in Sharia bank is often utilized for financing. However, in its practice, the distribution of Sharia Bank funds be done at the equivalent cost. This might occur due to the agency predicament in which Sharia Commercial Bank become a liaison between the depositor and the debtor who bring money. By conducting panel analysis of regression data at 11 sharia commercial banks in Indonesia during period 2012.Q1-2016.Q4, it was found that financial problems happen chiefly because of adverse Sharia Banks and moral hazard which intentionally increase financing.Keywords: agency problem, asymmetric information, non-performing financing, profit loss sharing, sharia banking. ABSTRAKPrinsip bagi hasil menjadi dasar operasional Bank Umum Syariah dalam memenuhi kebutuhan pembiayaan. Namun, dalam praktiknya penyaluran pembiayaan Bank Umum Syariah didominasi oleh pembiayaan berbasis jual-beli yang bukan merupakan pembiayaan bagi hasil. Hal ini diduga ka...
Optimization of resources can be achieved by using technology to improve operating performance in... more Optimization of resources can be achieved by using technology to improve operating performance in order to support the company's business activities. This study was conducted in the implementation of Enterprise Resource Planning (ERP) system in plantation company conducted by PT Kencana Group in 16 subsidiaries, five subsidiaries have implemented ERP as an effort of transformation in using information system. Information and Technology can provide a competitive advantage for the company by adding value to various aspects such as increased operational performance and cost reduction. The research aims to identify the utilization of the company's ERP, ERP implementation measure performance, identify factors that affect the performance of the company, as well as measuring the impact of ERP on business performance. Methods of data analysis used in this research is descriptive and qualitative analyzes to provide a general overview of the study. Inter-variable relationship analysis...
PT X has a regional office in Bangka Belitung Island Province which has been decrease in sales, i... more PT X has a regional office in Bangka Belitung Island Province which has been decrease in sales, increase in credit and inventory which may lead to insolvency. The purposes of this research was (1) to analyze the financial performance of PT X to learn factors affecting insolvency possibilities; (2) to analyze company condition that indicate insolvency possibilities; (3) to analyze the added values which could be given by the company in an insolvency possibility; (4) to analyze the relation of added values that had been given by the company with insolvent condition possibility. The primary data were gathered by interview. Secondary data consisted of financial reports, journal literatures, thesis, and related books. The data were processed through descriptive analysis, financial ratio, Z-score Altman model, and EVA method. Based on the descriptive analysis result, PT X was suffering a possibility of bankruptcy that may affect firm value which was also decrease. The financial ratio show...
Penelitian ini dilakukan atas dasar pasar saham pada tahun 2015 mengalami kondisi bearish, sehing... more Penelitian ini dilakukan atas dasar pasar saham pada tahun 2015 mengalami kondisi bearish, sehingga terjadi perubahan asumsi risiko dan return pada penelitian-penelitian portofolio saham optimal terdahulu. Tujuan dari penelitian ini adalah untuk mengetahui saham-saham yang masih berpotensi memberikan return positif pada kondisi pasar bearish dengan menggunakan Model Indeks Tunggal. Penelitian ini menggunakan data sekunder dari saham-saham yang yang terdaftar di BEI tahun 2015. Hasil penelitian menunjukkan bahwa dari populasi 528 emiten, terseleksi sampel sebanyak 38 emiten. Kemudian, terdapat 13 saham yang memenuhi kriteria, yaitu saham TOTO, EMTK, HMSP, AMAG, PLIN, BISI, INAI, MYOR, AKRA, AHAP, BNBA, DPNS, dan BFIN. Berdasarkan perhitungan, investor akan mendapatkan return portofolio sebesar 0,010047 dengan risiko portofolio sebesar 0,022006. Untuk berinvestasi, investor dapat membagi pada beberapa saham dengan proporsi pada saham sebesar 34,89% TOTO, 4,03% EMTK, 13,62% HMSP, 6,92%...
Bank Perkreditan Rakyat (BPR) is a financial institution that is growing currently as having a ro... more Bank Perkreditan Rakyat (BPR) is a financial institution that is growing currently as having a role in the funding of small and medium businesses. In Bogor district, there are 25 BPRs who each has different strengths and weaknesses. Based on the cluster analysis, it is obtained three clusters of BPR which are grouped based on their ability to manage assets, its non-performing loan risks, likuidity, profitability and the operating expenses of BPR. Based on the clustering of BPRs and analysis of internal and external factors of each BPR group, it has found operational strategy to increase credit disbursement and lowering non-performing loan risks. The strategy for group “A” BPRs is to develop the market, to increase in BPRs facilities, to implement a system of shared-responsibility credit, and to increase precautionary in the credit disbursement. Strategy for group “B” BPRs is to increase the credit interest, to improve customer service and facilities, market penetration and running ...
The research intended to analyze the overreaction phenomenon in Islamic stocks due to COVID-19 as... more The research intended to analyze the overreaction phenomenon in Islamic stocks due to COVID-19 as well as the influencing factors by utilizing different test methods and cross-sectional regression. The research employed data on the daily stock prices from August 9th, 2019 to October 26th, 2020 on the Jakarta Islamic Index (JII) and the stocks utilized during the period of events. The sample of this research utilized seven events related to COVID-19. The findings of this research reveals that the announcement of COVID-19 transmission and lockdown (Event 2) causes overreaction in winner stocks. Meanwhile, the overreaction phenomenon of loser stock is due to the announcement of the United States fiscal stimulus (Event 5) and the announcement of the PSBB (Event 6). Furthermore, the new normal announcement event (Event 7) triggers overreaction in the winner and loser stocks. The results indicate that Islamic stocks continue to have several transactions which are prohibited by the Fatwa D...
IHSG and ISSI in the last three periods show that standard deviations have increased and the yiel... more IHSG and ISSI in the last three periods show that standard deviations have increased and the yield rate has declined. Preliminary observations found that during this period there was a weakening of the Rupiah against the US dollar which was reported to weaken from February to October 2018 and regained strength afterwards. The focus of this research is to analyze the performance of Islamic stock portfolios and general stock portfolios compiled with the Markowitz method under conditions of a weakening exchange rate and when the exchange rate conditions strengthen. The results of the portfolio formation reveal that, more Islamic stocks are needed when the condition of the rupiah exchange rate weakens and fewer Islamic stocks are needed when the exchange rate conditions strengthen. Islamic stock portfolios have returns and risks that are greater than the general portfolio in each condition. However, the performance of the Islamic stock portfolio is inversely proportional to the general ...
Hambatan seseorang bergabung dalam pasar modal adalah hambatan psikologis, yaitu perilaku risk av... more Hambatan seseorang bergabung dalam pasar modal adalah hambatan psikologis, yaitu perilaku risk averse. Perilaku risk averse akan membatasi pelaku pasar modal untuk mengambil keputusan, sehingga perlu diantisipasi melalui peningkatan literasi keuangan. Literasi keuangan yang rendah akan meningkatkan frekuensi evaluasi, sehingga akan meningkatkan perilaku risk averse dan menurunkan return. Permasalahan ini dapat dicegah dengan meningkatkan literasi keuangan sehingga pelaku pasar modal akan berperilaku risk seeker dan meningkatkan return. Maka penelitian ini bertujuan untuk menguji faktor-faktor yang berpengaruh terhadap return investor. Analisis regresi linear berganda menggunakan SPSS 20 untuk melihat pengaruh literasi keuangan, frekuensi evaluasi, maxhold, durasi investasi, penggunaan analisis teknikal, dan penggunaan analisis fundamental terhadap peningkatan return. Hasil yang diperoleh menunjukkan bahwa literasi keuangan dan durasi investasi berpengaruh signifikan positif terhadap...
The financial industry with the principle of shari'ah compliance has grown rapidly in almost ... more The financial industry with the principle of shari'ah compliance has grown rapidly in almost all countries in recent years. Sharia Capital Market is an important segment of sharia financial development. The Islamic capital market must adhere to the moral principles of Islam, which are free from interest (riba), masyir (gambling) which automatically avoids things that lead to gharar (uncertainty). Islamic rules clearly forbid such conditions, so that the allocation of assets to Sharia stocks in the Islamic capital market tends to be bounded based on sharia moral principles. This study intends to evaluate the level of compliance of shariaa labeled stocks against bounded moral sharia. The method used is a measure of financial ratios based on POJK No. 35 /POJK.04/2017, linkage distance sharia compliance to default (DSCD) and the rate of compliance value for all shari'ah shares incorporated in the Indonesian Syari'ah Stock Index (ISSI). The fact is that not all shares with ...
ABSTRACTEfficiency for the banking industry as a whole is the most important aspect considered to... more ABSTRACTEfficiency for the banking industry as a whole is the most important aspect considered to realize healthy and sustainable financial performance. Therefore, to realize a healthy and sustainable financial performance, the government intervenes in the banking business to divide or categorize banks based on core capital. This study will measure the efficiency level of conventional commercial banks with input variables that are thought to affect the output variable using non-parametric methods with the Data Envelopment Analysis (DEA) model. Bank size (SIZE), Capital Adequacy Ratio (CAR), and Loan to Deposit Ratio (LDR) proved to have a significant positive effect on the efficiency of banks listed on the Indonesia Stock Exchange for the period 2013-2017. Meanwhile, non-performing loan (NPL) proved to have a significant negative effect on the efficiency of banks listed on the Indonesia Stock Exchange for the period 2013-2017. External factors such as the rupiah exchange rate (KURS)...
ABSTRACTThe Principle of profit-sharing operation in Sharia bank is often utilized for financing.... more ABSTRACTThe Principle of profit-sharing operation in Sharia bank is often utilized for financing. However, in its practice, the distribution of Sharia Bank funds be done at the equivalent cost. This might occur due to the agency predicament in which Sharia Commercial Bank become a liaison between the depositor and the debtor who bring money. By conducting panel analysis of regression data at 11 sharia commercial banks in Indonesia during period 2012.Q1-2016.Q4, it was found that financial problems happen chiefly because of adverse Sharia Banks and moral hazard which intentionally increase financing.Keywords: agency problem, asymmetric information, non-performing financing, profit loss sharing, sharia banking. ABSTRAKPrinsip bagi hasil menjadi dasar operasional Bank Umum Syariah dalam memenuhi kebutuhan pembiayaan. Namun, dalam praktiknya penyaluran pembiayaan Bank Umum Syariah didominasi oleh pembiayaan berbasis jual-beli yang bukan merupakan pembiayaan bagi hasil. Hal ini diduga ka...
Optimization of resources can be achieved by using technology to improve operating performance in... more Optimization of resources can be achieved by using technology to improve operating performance in order to support the company's business activities. This study was conducted in the implementation of Enterprise Resource Planning (ERP) system in plantation company conducted by PT Kencana Group in 16 subsidiaries, five subsidiaries have implemented ERP as an effort of transformation in using information system. Information and Technology can provide a competitive advantage for the company by adding value to various aspects such as increased operational performance and cost reduction. The research aims to identify the utilization of the company's ERP, ERP implementation measure performance, identify factors that affect the performance of the company, as well as measuring the impact of ERP on business performance. Methods of data analysis used in this research is descriptive and qualitative analyzes to provide a general overview of the study. Inter-variable relationship analysis...
PT X has a regional office in Bangka Belitung Island Province which has been decrease in sales, i... more PT X has a regional office in Bangka Belitung Island Province which has been decrease in sales, increase in credit and inventory which may lead to insolvency. The purposes of this research was (1) to analyze the financial performance of PT X to learn factors affecting insolvency possibilities; (2) to analyze company condition that indicate insolvency possibilities; (3) to analyze the added values which could be given by the company in an insolvency possibility; (4) to analyze the relation of added values that had been given by the company with insolvent condition possibility. The primary data were gathered by interview. Secondary data consisted of financial reports, journal literatures, thesis, and related books. The data were processed through descriptive analysis, financial ratio, Z-score Altman model, and EVA method. Based on the descriptive analysis result, PT X was suffering a possibility of bankruptcy that may affect firm value which was also decrease. The financial ratio show...
Penelitian ini dilakukan atas dasar pasar saham pada tahun 2015 mengalami kondisi bearish, sehing... more Penelitian ini dilakukan atas dasar pasar saham pada tahun 2015 mengalami kondisi bearish, sehingga terjadi perubahan asumsi risiko dan return pada penelitian-penelitian portofolio saham optimal terdahulu. Tujuan dari penelitian ini adalah untuk mengetahui saham-saham yang masih berpotensi memberikan return positif pada kondisi pasar bearish dengan menggunakan Model Indeks Tunggal. Penelitian ini menggunakan data sekunder dari saham-saham yang yang terdaftar di BEI tahun 2015. Hasil penelitian menunjukkan bahwa dari populasi 528 emiten, terseleksi sampel sebanyak 38 emiten. Kemudian, terdapat 13 saham yang memenuhi kriteria, yaitu saham TOTO, EMTK, HMSP, AMAG, PLIN, BISI, INAI, MYOR, AKRA, AHAP, BNBA, DPNS, dan BFIN. Berdasarkan perhitungan, investor akan mendapatkan return portofolio sebesar 0,010047 dengan risiko portofolio sebesar 0,022006. Untuk berinvestasi, investor dapat membagi pada beberapa saham dengan proporsi pada saham sebesar 34,89% TOTO, 4,03% EMTK, 13,62% HMSP, 6,92%...
Bank Perkreditan Rakyat (BPR) is a financial institution that is growing currently as having a ro... more Bank Perkreditan Rakyat (BPR) is a financial institution that is growing currently as having a role in the funding of small and medium businesses. In Bogor district, there are 25 BPRs who each has different strengths and weaknesses. Based on the cluster analysis, it is obtained three clusters of BPR which are grouped based on their ability to manage assets, its non-performing loan risks, likuidity, profitability and the operating expenses of BPR. Based on the clustering of BPRs and analysis of internal and external factors of each BPR group, it has found operational strategy to increase credit disbursement and lowering non-performing loan risks. The strategy for group “A” BPRs is to develop the market, to increase in BPRs facilities, to implement a system of shared-responsibility credit, and to increase precautionary in the credit disbursement. Strategy for group “B” BPRs is to increase the credit interest, to improve customer service and facilities, market penetration and running ...
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