UIN (Universitas Islam Negeri) Sunan Kalijaga, Yogyakarta: E-Journal Fakultas Ekonomi dan Bisnis Islam
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The Relationship between Innovation Capital, Firm Value, and Firm Risk
Get PDFThe purpose of this study is to examine two relationships: (1) innovation capital and firm value; and (2) innovation capital and firm risk. The population of this study was all companies listed on the Indonesia Stock Exchange from 2016-2020, and the required research sample was drawn using a purposive sampling technique. Data analysis technique used multiple linear regression. The result revealed that innovation capital had a positive and statistically significant effect on firm value, but innovation capital had a negative and insignificant relationship on firm risk. Based on the analysis, it can be concluded that innovation capital has a potential factor to increase company\u27s value, only if companies have a competitive advantage by disclosing the R&D costs and investments in their financial statements. Because of each company is unique, innovation capital is not always related to a systematic risk measurement
Improvement of Community Economic Independence Through Sharia Micro Financial Institution in Padamulya Village, Pasirkuda Cianjur District
Get PDFLack of public understanding of Islamic economic principles is one of the reasons people use conventional financial services institutions. And the existence of official financial institutions and based on sharia is very far from the residence of the Padamulya Village community. The solution to the problem is firstly by providing understanding to the public about the principles and values of Islamic economics, so that the community is able to economically in accordance with the provisions of religion and aware of the dangers of usury. Secondly, by presenting financial institutions that are official and in accordance with Islamic economic principles, so that people will be easier when they will save money from their agricultural products and help people who have Micro and Small Business. The output target that the author made was in the form of making an article entitled "Increasing Community Economic Independence through the Initiation of Sharia Microfinance Institutions in Padamulya Village, Pasirkuda District, Cianjur Regency". The result of the LKMS Initiation program was the establishment of Padamulya BMT located in Padamulya Village, Pasirkuda District, Cianjur Regency. The BMT can be utilized by the people of Padamulya Village to use Islamic financial services such as savings, financing and ZISWAF management that can help the economy of the middle and lower classes.Keywords: Economic independence, LKMS initiation
Islamic Social Finance: A Bibliometric Analysis
Get PDFIslamic social finance was discussed in 2013 by IRTI-IDB as a new spirit in solving the economic problem by allocating funds for humanitarian social works by using zakah, infaq, sadaqah, waqf, qardh al-hasan, and Islamic micro-insurance and Islamic microfinance. Islamic social finance has many imperatives to solve socio-economic problems. Therefore, it is needed to study the current state of Islamic social finance research to date. Thus, the study attempts to explore the status of Islamic social finance literature using bibliometric analysis by identifying statistics number of publications year by year, influential aspects, visualization of co-occurrence of keywords, and data texts related to the topic of Islamic social finance by using VOSviewer software. The finding of the study indicated that few articles discussed Islamic social finance. The most discussion of Islamic social finance was in 2019, which tried to handle the issues of the Covid-19 pandemic. Consequently, the journals that contributed the most to the study of Islamic social finance were al-Shajarah and the International Journal of Islamic and Middle Eastern Finance and Management. IIUM and INCEIF have contributed the most in the literature related to Islamic social finance from the author\u27s affiliation. Malaysia is the most contributing country in writing Islamic social finance literature. Furthermore, the most selected keywords of Islamic finance research are Islamic social finance, maqasid syariah, value-based intermediation, sustainable development goals, and waqf. For the most co-occurrence text data, six clusters discussed the role of Islamic social finance in Covid-19, culture and country case on Islamic social finance, sustainable development goals, ecosystem, and maqashid syari’ah
The Influence of Investment, Debt, and Dividend Policies on the Stock Return of Shariah Compliant Companies in Indonesia (ISSI)
Get PDFThis study aims to analyze the impact of investment, debt, and dividend policies on the stock return of the companies listed in the Indonesia Sharia Stock Index (ISSI) from 2016 up to 2020. The sample stocks used in this study covers all the shariah compliant companies that were consistently listed during the study period, involving 158 companies with 790 observations. The proxies of stock return are annualized stock return, Sharpe ratio, and Treynor ratio. Investment policy is represented by price earnings ratio (PER), debt policy by debt to asset ratio (DAR), and dividend policy by dividend yield (DY). The generalized method of moment (GMM) is a regression technique that is employed in this study. The regression model should pass the AR(2) and Hansen tests to avoid autocorrelation and validity issues. This study provides important evidence that investment policy positively affects stock return (annualized stock return and Treynor ratio). In contrast, investment policy negatively affects the Sharpe ratio. Furthermore, there is a significant negative relationship between debt policy and the Sharpe ratio. Lastly, dividend policy is reported to significantly influence stock return, positive with Treynor ratio, while negative with stock return (annualized). The study relates its findings to the relevant theories involving the trade-off, signalling, and the bird in the hand theories
Does Hijrah Trends Create a Different Decision on Behavior Consumption of Indonesian Muslims?
Get PDFThe growth of digital activity in human life has an impact on hijrah activities among Indonesian Muslims. Digital activities have encouraged the spirit of Indonesian muslim through religious persuasion from figures who become their role models (their idols), including reciter of holy Qur’an (qari’), asatidz, da\u27i, Muslim celebrities, singer of nasyid and other figures. Not everyone sees the trend, although in religious perspective the hijrah activities still reap a lot of controversy, but in other hand these activities have a diffirent impact on the economic sector. This study aims to investigate the impact of hijah trend of Indonesian muslim on the consumer decision to consume halal product in Indonesia. The sample of this study collected from some populations in Indonesia. To observe the specific characteristics, this study will devide the socio economic and demographic character through three regional classifications, consisting of eastern Indonesia, central Indonesia, and western Indonesia. The variables that employed in this study are religiosity, socio economic and demographic, and also the product attribute to find the impact of hijrah trend on the consumer decision to consume halal product (food, islamic modest fashion, cosmetic) in Indonesia. The method that used in this study is quantitative using Theory Planned Behavior approaches that was analyzed with Structural Equation Modelling-Partial Least Square (SEM-PLS) approach. The results show, the consideration of religiosity of Indonesian muslim to consume halal product increasingly grow when driven by spirit of hijrah of Indonesian muslim. Beside that, variabel Religiosity, islamic branding, persuasive marketing, product quality, appetite, price also accepted empically
Pengaruh Financial Crunch pada Bank Syariah dan Pembiayaan UMKM Terhadap Perekonomian Di Indonesia
No full textPerekonomian indonesia telah mengalami berbagai tantangan maupun hambatan perekonomian yang cukup besar dalam sejarahnya, seperti adanya fenomena hyperinflation yang terjadi pada tahun 1960an, krisis moneter pada tahun 1997, krisis global pada tahun 2008, dan baru-baru ini bahkan sampai saat ini Indonesia mengalami krisis ekonomi akibat pandemi covid-19. Krisis keuangan global juga berdampak pada sektor perbankan, salah satunya dalam melakukan penyaluran kredit. Bank lebih selektif dalam melakukan kebijakannya untuk penyaluran kredit, sehingga hal ini memunculkan fenomena credit crunch. Pada sektor perbankan syariah, fenomena credit crunch lebih identik dengan penggunaan istilah financial crunch.. Fenomena ini memiliki hubungan dengan tingkat pembiayaan bank, karena saat terjadinya krisis keuangan bank lebih selektif dalam menyalurkan pembiayaannnya, disinilah terjadi perubahan dalam penawaran dan permintaan pembiayaan. Adapun variabel yang digunakan untuk menjelaskan pengaruh financial crunch pada bank syariah yaitu Non Performing Financing (NPF), Dana Pihak Ketiga (DPK), dan Financing To Deposit Ratio (FDR), serta adanya variabel pembiayaan UMKM untuk melihat pengaruh nya terhadap pertumbuhan ekonomi di Indonesia, yang diproyeksikan dengan data IPI. Dalam penelitian menggunakan model analisis Vector Error Correction Model (VECM) menggunakan data time series bulan Januari 2010 – Maret 2021. Hasil penelitian ini menunjukkan tidak adanya fenomena financial crunch pada saat terjadinya krisis keuangan, serta adanya perubahan pembiayaan UMKM juga tidak dapat menekan angka IPI. Kata Kunci : Financial Crunch, NPF, DPK, FDR, Pembiayaan UMKM, Pertumbuhan Ekonomi, IPI, VECM
The Effect of Intangible Asset Value, Sustainable Growth Rate, Return on Equity, and Dividend Payout Ratio on Company Market Value
Get PDFPurpose: This study aims to examine and analyze the effect of intangible asset value, sustainable growth rate, return on equity, and dividend payout ratio on the company\u27s market value with firm age, firm size, and industry classification as control variables.
Methodology: The research sample this time is 20 manufacturing companies. The method used in this study is panel data regression with model feasibility testing, this study uses the Fixed Effect Model as the best model in the study.
Findings: The test results before and after using the control variables found that the variable value of intangible assets and dividend payout ratio had a significant positive effect on the market value of the company. Meanwhile, the variables of sustainable growth rate and return on equity do not affect the company\u27s market value both before and after using the control variable.
Novelty: This study continues previous research by using a different population, adding independent and control variables and using the manufacturing sector
The Influence of E-Servqual and E-Trust on E-Loyalty : The Role of E-Satisfaction as an Intervening on Islamic Mobile Banking Customer
Get PDFResearch Aims: This study aims to analyze the effect of e-trust and e-service quality on loyalty through e-satisfaction of Islamic mobile banking users. The purpose of this study is to investigate the impact of trust and service quality on consumer loyalty through consumer satisfaction in the context of mobile banking.
Design/methodology/approach: The sampling method used in this study was nonprobability sampling with a purposive sampling technique. The data was collected from 151 respondents who met the assessment criteria and were supposed to use mobile banking at least twice. This study used Structural Equation Model (SEM) analysis techniques, which were estimated by SmartPLS 3.0.
Research Findings: The results show that e-service quality and e-trust have a positive effect on e-satisfaction; e-trust and e-satisfaction have a positive effect on e-loyalty; e-service quality does not affect e-loyalty; e-satisfaction can mediate the relationship between e-service quality and e-trust to e-loyalty; age and gender cannot moderate the relationship between e-satisfaction and e-loyalty
Keywords: e-trust, e-service quality, e-satisfaction, e-loyalty, age, gender, Islamic mobile bankin
Analisis Minat Penggunaan pada Fitur Pembelian Mobile Banking BSI: Pendekatan TAM dan TPB
Get PDFResearch Aims: Today\u27s rapid technological development is a means for the banking industry to increase digital transactions. Bank Syariah Indonesia as one of the banking industries that was formed from the merger of three state-owned Islamic banks has also begun to develop a digital financial transaction system through its mobile banking services. In this study, the focus of the researcher refers to the purchase feature where the feature is already widely known and used by the wider community. The purpose of this study is to analyze the factors that influence the interest in using the purchase feature through the acceptance of the technology used in service mobile banking BSI\u27s.
Design/methodology/approach: The method used in this study is a quantitative method. Data collection was done by distributing questionnaires to respondents using purposive sampling technique. Respondents in this study were students and the general public who were both customers and users of mobile banking BSI\u27s. The data analysis technique was carried out using the technique Structural Equation Modeling (SEM)through the Warp PLS 5.0 analysis tool.
Reseach Findings: The results of the SEM analysis show that there is good interest in customers who use the purchase feature of mobile banking BSI\u27s. The existence of this feature also makes it easier for customers to carry out each financial transaction and increases effectiveness and productivity.
Research limitation and implication: The implications of this research are expected to be input for practitioners who take part in the Islamic banking industry to improve service quality to meet customer needs in terms of digital financial transactions
Comparison of Sukuk and Bonds in Capital Market Activities: Indonesia
No full textFormally, the capital market is a market for various tradable long-term financial instruments (or securities). The emergence of the Islamic stock market is very important to reduce financial scandals in international capital markets such as sukuk and bonds. The method applied in carrying out this online service is information on Islamic capital market activities. The result of this study is that the difference between interest rates and bonds lies in the use of compensation and profit sharing as a substitute for interest. Sukuk has the principle of shared ownership of the underlying (necessary) which gets returns in the form of profit sharing, fees, ujrah, and margins. Meanwhile, the principle of bonds has the principle of debt inquiries from accounts payable between debt issuers (bonds) and investors who get returns from interest for a certain period and a predetermined time.
Keywords: Capital Market, Sukuk, Bonds