A data envelopment analysis of Sharia stock listed companies on the Jakarta Islamic Index

This study aims to partially and simultaneously examine the effect of Return on Assets (ROA), Earning Per Share (EPS), and Debt Equity Ratio (DER) partially and simultaneously on stock returns in consumer goods companies listed on the Jakarta Islamic Index (JII) 2019- 2021. The method used is associative quantitative. Data analysis techniques using multiple regression and Moderated Regression Analysis (MRA). The tool used to test the data under study was the SPSS version 25 program. As for testing the influence of the moderating variable using the Macro Process 3.1 developed by Andrew F. Hayes, which has been integrated with SPSS version 25. The population in this study were all registered companies. On the Jakarta Islamic Index (JII), the sample is only companies engaged in the consumer goods sector. The company, namely PT. Unilever Indonesia, Tbk., PT. Kalbe Farma, Tbk., PT. Indofood Sukses Makmur, Tbk., and PT. Indofood CBP, Tbk. The study results show that ROA and EPS have no partial effect on stock returns. DER has a partial effect on stock returns. ROA, EPS, and DER affect stock returns. Inflation as a moderating variable cannot strengthen or weaken the effect of ROA and EPS on stock returns. The existence of inflation can strengthen the effect of DER on stock returns.

The stock market can enhance the economic condition of a country. Therefore, the more developed and developing capital markets of a country, the more developed and developing country economy as well, or vice versa. In addition, fluctuations in stock prices that occurred in the capital market can provide the clues of the fervour or sluggishness in capital markets activities and the investor in buying or selling shares. In 2005 until 2008, the company's stock price fluctuations are listed at the Jakarta Islamic Index. This study aims to determine the influence of the Net Profit Margin (NPM), Quick Ratio (QR), Return on Equity (ROE), Earning Per Share (EPS) and the Department to Equity Ratio (DER) to share price on the company listed on the Jakarta Islamic Index (JII). The techniques used to determine the sample was purposive sampling because the researcher has the purpose or target to select a sample based on the considerations and on certain criteria. Based on these criteria, then there are 15 companies that can serve as the research. It uses multiple regression analysis. The results of analysis show that the variable Net Profit Margin, Return On Equity, Earning Per Share and Dept. to Equity Ratio partially have no significant effect on stock price, while the Quick Ratio variables have positive and significant impact on stock price.

The development of the capital market is currently followed by the development of the stock
 market is increasingly in demand by investors as well, seen from data on Indonesia Stock
 Exchange (IDX) which shows that the stocks included in the sharia has increased. An investor
 will do the analysis to make an investment decision. The analysis is technical and fundamental.
 One of the fundamental analysis is profitability ratio analysis issued by the company. Good
 financial performance will be the information used as a positive signal by investors, because
 companies that have good financial performance will provide more benefits for investors. The
 purpose of this research is to examine and analyze profitability variables on stock returns in
 Jakarta Islamic Index (JII) period 2012-2016. Population of this research is a company included
 in the Jakarta Islamic Index (JII). This research using sample criteria, we obtained a sample of 21
 companies included in the Jakarta Islamic Index (JII) for the period of 2012-2016 and published
 annual financial report data on Indonesia Stock Exchange (IDX) required during the study. The
 variables used in this research are earning per share (EPS), return on equity (ROE), return on
 asset (ROA), return on sales (ROS), return on investment (ROI), size as control variable, and
 stock return as the dependent variable. Result of this research show that investor on Jakarta
 Islamic Index (JII) see simultaneously the profitability ratio as a signal for investment decision
 making. Variable size can be used as control variable in that used in this research. Profitability
 ratios that are taken by investors are return on assets (ROA), earnings per share (EPS), and
 return on investment (ROI). So that should be a special attention for companies incorporated in
 the Jakarta Islamic Index (JII) to increase investor interest to invest in the company.
 
 Keywords : stock return, profitability ratio, size.

PurposeThe purpose of this paper is to use data envelopment analysis (DEA) to evaluate the efficiency of the wafer fabrication industry in Taiwan.Design/methodology/approachThe input variables are total assets, operation costs, and operation expenditures, and the output variable is net sales. This study uses the Pearson correlation to indicate positively correlation between input and output variables, applies DEA to analyze the efficiency scores, and utilizes Mann‐Whitney U‐test to compare the efficiency score of stock exchange market group (SEM group) with that of over‐the‐counter market group (OTC group). Moreover, this paper explores the efficiency performance over different periods by use of the Malmquist productive Index (MPI).FindingsThis study indicates that Taiwan Semiconductor Manufacturing Corporation (TSMC) has the most relative efficiency in the wafer fabrication industry of Taiwan. In addition, this study finds out the average constant returns to scale (CRS) efficiency of the Taiwanese wafer fabrication industry from 1999 to 2003 is 84.98 per cent, and the average CRS efficiencies of all nine wafer fabrication companies are over 70 per cent. This study finds out that net sales and scale efficiency of SEM group are higher than those of OTC group. Moreover, this study shows that the main inefficient causes of four companies of SEM group except TSMC and Nanya are from the inefficiency of variable returns to scale efficiency, while the main inefficient causes of all companies of OTC group are from the inefficiency of scale efficiency. Finally, according the results of the MPI in this study, the wafer fabrication industry should introduce the new technology to improve its technology change effect.Originality/valueThis study provides a valuable reference for wafer fabrication companies not only in reviewing their efficiency, but also in enhancing their operational performance.

This study aims to determine the effect of fundamental factors on the stock prices of companies that are consistently listed on the Jakarta Islamic Index (JII) during the 2014-2018 period, either partially or simultaneously. Fundamental factors consist of financial ratios, namely Current Ratio (CR), Debt to Equity Ratio (DER), Earning Per Share (EPS), and Return On Equity (ROE), as well as macroeconomic variables represented by Inflation and Bank Indonesia Interest Rates ( BI Rate). The results showed that partially the ROE variable had a significant effect on JII's stock price, while CR, DER, EPS, Inflation, and BI Rate had a negative and insignificant effect on JII's stock price. Simultaneously the variables CR, DER, EPS, ROE, Inflation, and BI Rate have a significant effect on JII's stock price.

This study aims to determine the effect of the current ratio (CR), debt-to-equity ratio (DER), return on equity (ROE), and earnings per share (EPS) on the stock prices of companies listed on the Jakarta Islamic Index (JII) for the 2016-2016 period. 2020. By employing a descriptive quantitative approach, and secondary data collected, a multiple linear regression analysis was conducted. The results of the study found that: the current ratio (CR) has a positive and significant effect on the stock prices of companies listed in JII, the debt-to-equity ratio (DER) has no effect on the stock prices of companies listed on JII. Meanwhile, ROE has a positive and significant effect on the stock price of companies listed on JII and EPS has a positive and significant effect on the stock prices of companies listed on JII.

Information plays a vital role in stock trading in the capital market, especially for investors who plan to engage in investment activities in the capital market. The purpose of this study is to analyze the effect of return on equity (ROE), earning per share (EPS), and price to book value (PBV) on stock prices. The study population was 30 companies listed on the Jakarta Islamic Index on the IDX. A purposive sampling technique obtained 7 samples with 34 observation data. The data analysis technique used multiple linear regressions. The study results showed that ROE and EPS did not affect stock prices, but PBV positively affected stock prices. This study can increase knowledge and complement existing theories, especially regarding PBV and stock prices, and can be a reference for further research. This study can be a reference for investors and potential investors who are investing their capital in the company so as not to experience losses and for company managers to make decisions to maintain stock price stability.

One of the methods used by companies to obtain company capital is by selling shares to the public through the capital market. Stock prices can change and this is changed by various factors. This study aims to determine the effect of Debt to Equity Ratio (DER), Earning per Share (EPS), and Return on Equity (ROE) on sharia stock prices listed in the Jakarta Islamic Index (JII) in 2014-2017, both partially and simultaneously. The data used in this study is secondary data taken from the Indonesia Stock Exchange website (www.idx.co.id), which is in the form of a company's annual financial report. The analysis technique used in this study uses Linear Regression Analysis. Based on the research results, it is known that partially DER has no significant effect on stock prices, while EPS and ROE have a significant effect on stock prices. Simultaneously, DER, EPS, and ROE significantly influence stock prices.

This research is motivated by the assumption that Net Sales and Current Ratio affect Earning Per Share (EPS). It was stated by theory, namely when Net Sales rises and Current Ratio increases, Earning Per Share (EPS) increases, and vice versa if Net Sales decreases and Current Ratio decreases, Earning Per Share (EPS) decreases. The purpose of this study is to determine: (1) how much the influence of Net Sales have on Earning Per Share (EPS), (2) how much the influence of Current Ratio has on Earning Per Share (EPS), (3) how much the influence of Net Sales and Current Ratio to Earning Per Share (EPS) at PT. Bumi Resources Tbk. registered in the Jakarta Islamic Index (JII) for the period 2007 – 2016. The research method used is the descriptive analysis method with a quantitative approach which is analyzed partially, namely by simple regression analysis test, coefficient of determination, and t-test, and analyzed simultaneously with multiple regression analysis and F test. The data used in this study is data that is processed from the financial statements of PT. Bumi Resources Tbk.The results of this study show: (1) Net Sales has no significant effect on the Earning Per Share (EPS) of PT. Bumi Resources Tbk. accepted and the alternative hypothesis is rejected, (2) the alternative hypothesis which states that the Current Ratio has no significant effect on the Earning Per Share (EPS) of PT. Bumi Resources Tbk. accepted, (3) alternative hypothesis which states that Net Sales and Current Ratio have no significant effect on Earning Per Share (EPS) of PT. Bumi Resources Tbk. accepted. The result of the coefficient of determination is 17%. This shows that Earning Per Share (EPS) is influenced by the Net Sales and Current Ratio variables only by 17% and the remaining 83% is influenced by other factors outside of this study.

ABSTRAKHarga saham adalah harga yang tercantum di pasar modal dan merupakan bentuk kepemilikan perusahaan di pasar modal. Preferensi saham dapat dipertimbangkan dengan menggunakan fundamental perusahaan. Penelitian ini bertujuan untuk mengetahui pengaruh Current Ratio, Debt To Equity Ratio, Total Asset Turnover, dan Earning Per Share terhadap harga saham perusahaan Industri wadah dan kemasan yang terdaftar di Bursa Efek Indonesia periode 2018-2022. Subyek penelitian adalah perusahaan industri wadah dan kemasan berdasarkan klasifikasi IDX-IC dengan jumlah 12 perusahaan. Menggunakan purposive sampling untuk pengambilan sampel. Teknik analisis data yang digunakan adalah uji asumsi klasik, analisis regresi linier berganda, dan pengujian hipotesis yang dilakukan dengan SPSS versi 26. Hasil penelitian menunjukkan bahwa Current Ratio (CR) berpengaruh negatif dan Earning Per Share (EPS) berpengaruh positif dan signifikan terhadap harga saham. Sedangkan Debt To Equity Ratio (DER) dan Total Asset Turnover (TATO) tidak berpengaruh terhadap harga saham.Kata Kunci: Current Ratio, Debt To Equity Ratio, Total Asset Turnover, Earning Per Share, Harga Saham. ABSTRAKStock prices are the prices listed in the capital market and are a form of corporate ownership in the capital market. Stock preferences can be considered using corporate fundamentals. This study aims to determine the influence of Current Ratio, Debt To Equity Ratio, Total Asset Turnover, and Earning Per Share on the stock prices of Container and Packaging Industry companies listed on the Indonesian Stock Exchange for the 2018-2022 period. The research subjects are container and packaging industry companies based on the IDX-IC classification with 12 companies. Using purposive sampling for sampling.The data analysis techniques used are classical assumption tests, multiple linear regression analysis and hypothesis testing performed with SPSS version 26. The results showed that Current Ratio (CR) had a negative effect and Earning Per Share (EPS) had a positive and significant effect on stock prices. However, Debt To Equity Ratio (DER) and Total Asset Turnover (TATO) had no effect on stock prices.Keywords: Current Ratio, Debt To Equity Ratio, Total Asset Turnover, Earning Per Share, Stock Prices.

Indonesia, the largest Muslim population in the world, has seen an increase in businesses offering Sharia-based products to attract consumers. In a Sharia economy, financial and business transactions must comply with Sharia law, which prohibits usury (interest), gharar (uncertainty), and maysir (gambling). The Jakarta Islamic Index (JII) was created as a stock index for investors looking to invest in companies that adhere to Sharia principles in the Indonesian capital market. The JII comprises 30 Sharia-compliant companies selected based on liquidity and adherence to Sharia principles. Unfortunately, the JII index value has been declining over the years compared to other indexes. Exploring this phenomenon, this study aims to examine the influence of liquidity ratio, solvency ratio, profitability ratio, market value ratio, and total asset on stock returns in companies listed in the JII (Jakarta Islamic Index) Index from 2016-2021 utilising secondary data variables simultaneously and partially to the company’s Stock Return and which variables gave the dominant influence on Stock Return. It provided valuable insights into helping investors and companies make informed decisions in the capital market. The sample in this study is 28 companies listed in the JII Index. The results of this study indicate that the variable profitability ratios and market value ratios have a significant influence on increasing the company’s stock return variables, while the variables of liquidity ratios, solvency ratios, and total assets do not have a significant effect on companies listed on the Indonesia Stock Exchange JII Index in 2016-2021.

The research was conducted to examine the influence of fundamental factors and systematic risk to Islamic stocks Return. Fundamental factor in this study is proxied by: (1) Earnings per Share (EPS), (2) Return on Equity (ROE), and (3) Debt to Equity Ratio (DER), whereas systematic risk is proxied by Stocks of Beta.The population of this study is all companies listed on the Indonesia Stock Exchange (IDX) incorporated in the Jakarta Islamic Index (JII). Observation period in the study conducted from 2008 to 2011. Of this population, the selection of the sample using purposive sampling criteria: (1) The Company is always consistent on the Jakarta Islamic Index (JII) at least 4 times of the publication period December 2008 to December 2011, (2) The Company perform Initial Public Offering (IPO) in 2007, (3) Issuing an audited financial statements in the period 2008 to 2011, and (4) Getting a profit during the period of 2008to 2011. With these criteria, the sample obtained by 20 companies. Performed during the study period of 4 (four) years and analytical methods using linear regression analysis.The results of this study indicate that the Earning per Share (EPS), Return on Equity (ROE), and Stocks of Beta positive, but not significant to Islamic stocks Return, while the Debt to Equity Ratio (DER) negative, but not significant effect on Islamic stocks Return. Simultaneously Earning per Share (EPS), Return on Equity (ROE), Debt to Equity Ratio (DER), and Stocks of Beta have no effect on Islamic stocks Return.Keywords: Fundamental Factors, Earning per Share, Return on Equity, Debt to EquityRatio, Systematic Risk, Stocks of Beta and Islamic stocks Return.

The purpose of this study was to determine the effect of Debt To Equity Ratio (DER), Price To Book Value (PBV), Earning Per Share (EPS) on the Jakarta Islamic Index Stock Return and LQ45 Stock Return Index, and to determine the difference in the Jakarta Islamic Index Stock Return with LQ45 Index.The population of this research is the company for the Jakarta Islamic Index shares which are 30 listed companies and the LQ45 Index which is 45 listed companies. The sampling technique uses the Purposive Sampling method.The analysis technique used is the classical assumption test, the Multiple Linear Regression Test, and the Independent Sample t test.Significant value (Sig.) For DER, PBV and EPS for the JII Stock Index greater than 0.05 concluded that the hypothesis was rejected meaning that DER, PBV and EPS had no significant effect on Stock Return. Significant value (Sig.) For DER, PBV and EPS for the LQ45 Stock Index greater than 0.05 for the LQ45 stock index concluded that the hypothesis was rejected meaning that DER, PBV and EPS had no significant effect on Stock Return. There was a significant difference between Stock Returns JII with LQ45 Stock Return means the results obtained from stock investments for each company both JII and LQ45 Index.

With a focus on the years 2019–20 to 2023–24, this study examines the factors that influence the market capitalisation of Non-Banking Financial Companies (NBFCs) in India. The study examines how the market capitalisation of five chosen NBFCs is affected by important financial variables, such as Non-Performing Assets (NPA), Enterprise Value, Earnings Per Share (EPS), Price-to-Earnings (P/E) Ratio, Net Profit, Total Assets, and Book Value, using a fixed-effects regression model. The results show that market capitalisation is highly influenced by Enterprise Value, EPS, Total Assets, and Book Value, with Enterprise Value exhibiting the largest positive association. Book value has a positive correlation with increased market valuation, however EPS and total assets show negative associations with market capitalisation, indicating complicated dynamics in the NBFC sector. Net profit and non-performing assets exhibit some degree of importance. highlighting the significance of profitability and credit quality. However, in this case, market capitalisation is not greatly impacted by the P/E ratio. The robustness of the model is highlighted by the fact that it accounts for about 98.56% of the variation in market capitalisation. These findings offer insightful information to investors and financial managers working in the NBFC industry, advancing knowledge of the elements influencing market value and emphasising the intricate relationships among asset management, investor confidence, and financial health in the Indian NBFC environment.

The purpose of this study is to analyze the effect of Earning per Share (EPS), Return on Equity (ROE), Price Earning Ratio (PER), Net Profit Margin (NPM), Debt to Equity Ratio (DER) towards share price. The population used in this study were 30 companies listed in the Jakarta Islamic Index (JII) during the 2014-2017 period. Sampling technique used was non-probability sampling with purposive sampling method and obtained samples of 17 companies per year which are most active in trading in the Jakarta Islamic Index (JII) group during 2014-2017 period. The analytical tool used to test the hypothesis in this study was multiple linear regression analysis using SPSS software. Hypothesis testing results indicate that EPS, ROE, PER, NPM, and DER variables simultaneously have positive and significant effect on share price. Partially, EPS and ROE variables have positive effect on share price. While, NPM have a negative effect on share price, PER and DER have no negative effect on share price, and. R Square testing result showed that the Adjusted R Square is 0.759. It means that 75.9% of the dependent variable which was stock price can be explained by independent variables namely EPS, ROE, PER, NPM, and DER, while the remaining 24.1% is affected by other variables that are not in the linear regression model.