Indonesia Sharia Stock Index Research Articles

Perbandingan Financial Distress Sebelum dan Selama Covid-19 pada Perusahaan Sektor Property dan Real Estate Terdaftar Indeks Saham Syariah Indonesia (ISSI)

This study aimed to compare the financial distress of property and real estate sector companies that were listed on the Indonesian Sharia Stock Index before and during Covid-19. The study was comparative quantitative by comparing the data used to determine differences in variables from two groups or the same variable in different time periods. The number of samples used in this study were 31 companies, with the sample collection method in the form of purposive sampling. The data analysis method used is the Altman Z-Score method using four financial ratios taken from the Indonesia Stock Exchange website and the sites of each sample company. The data analysis were the normality test and the Wilcoxon test. This study found that there were significant differences in the level of financial distress in property and real estate sector companies listed on the Indonesian Sharia Stock Index before and during Covid-19.

Technical Analysis: Penny Stock Manipulation Company Share Listed on the Indonesian Sharia Stock Index in 2022

Penny stock manipulation refers to unethical and illegal practices in the stock market which involve the manipulation of share prices and trading volumes with the aim of generating undue profits for the manipulators. The purpose of this study is to detect manipulation of penny stocks in Islamic stocks registered on ISSI in 2022. This type of research is qualitative research using technical analysis of candlestick indicators, moving averages, and volume. The results showed that there was manipulation of penny stocks in Islamic stocks including shares of PT Winner Nusantara Tbk (WINR), PT Wahana Pronatural Tbk (WAPO), PT Damai Sejahtera Abadi Tbk (UFOE), and PT Sunter Lakeside Hotel Tbk (SNLK) companies. This stock has a low market cap and liquidity, candlestick patterns and volume detects movements that tend to fluctuate, and is included in the UMA (Unusual Market Activity) list which has unusual transactions. In the context of Sharia, penny stock manipulation can lead to doubts and distrust in the Islamic capital market as a source of investment that is in accordance with Islamic values. This underscores the importance of upholding the integrity of Sharia-compliant capital markets and implementing strong supervisory mechanisms to protect investors from manipulative practices while adhering to Shariah principles.

Contagion and spillover effects of global financial markets on the Indonesian Sharia Stock Index post-COVID-19

This study aims to examine the spillover and contagion effects of global financial markets on the Indonesian Sharia Stock Index (ISSI) post-COVID-19. The study uses the Vector Error Correction Model method to explore the short-term and long-term relationships between ISSI and global financial markets. The data used in this study are time series data, namely the ISSI and several other countries that have a significant influence on the global economy, which were observed from May to July 2022. The results of the study show that the USD has a positive influence on ISSI in the short and long term. At the same time, the JPY and HKD have a negative influence on ISSI. The GBP and SGD do not have a significant influence on ISSI developments. The economic, business and financial sectors began to adjust after the COVID-19 pandemic ended, including the Indonesian Sharia Stock Index. Contagion occurs from one country’s financial system to another, which is influenced by aspects of volatility, exchange rates, the global crisis, the stock market, and stock indices. It is considered that this study can help the government to adjust better conditions of Islamic stocks in Indonesia. Acknowledgment The authors would like to thank the Research and Innovation Institute (LRI), Universitas Muhammadiyah Surakarta, for the enormous financial support in writing this study through the HIT funding scheme with number 02/A.6-II/FAI/1/2022.

PENGARUH HUTANG JANGKA PANJANG DAN HUTANG JANGKA PENDEK TERHADAP PROFITABILITAS PADA PERUSAHAAN SUB SEKTOR MAKANAN DAN MINUMAN YANG TERDAFTAR DI INDEKS SAHAM SYARIAH INDONESIA (ISSI)

This study aims to determine the effect of long-term debt and short –term bedt on profitability in food and beverage sub-sector companies listed on the Indonesian Sharia Stock Index (ISSI). Quantitative research methods using secondary data. The analysis technique uses panel data regression analysis. The population in this study included all companies in the food and beverage sub-sector eith a purposive sampling technique and 13 companies were obtained as research samples. The research period is 2016-2021. The results show that partially, long termdebt has a significant negative effect on profitability with a tvalue 2.256 > ttables 1.665 with a significance level of 0,02 < 0,05. Short term debt has no effect on probability with a tvalue 1.324 < ttables 1.665 with a signifikan level of 0.08. meanwhile, simultaneously long term debt and short term debt have an effect on probability with a Fvalue 2.587 > Ftables 2.370.

The Effect of Profitability, Liquidity and Leverage on Disclosure of Islamic Social Reporting with Company Size as a Moderating Variable in Pharmaceutical Sub-Sector Companies Registered at ISSI

This study aims to examine the effect of profitability, liquidity, and leverage on the disclosure of Islamic social reporting, with firm size as a moderating variable, in the pharmaceutical sub-sector companies listed on the Indonesian Sharia Stock Index (ISSI) for the 2017–2020 period. The analytical method used in this research is data regression analysis, which is then measured using the Eviews 12 test tool. Through the model feasibility test, this study uses the random effect model as the best model in the study. The results showed that before using the moderating variable, profitability had a negative influence on Islamic social reporting disclosure, and after using the moderating variable, profitability had a positive influence. Meanwhile, the liquidity variable had no effect on the disclosure of Islamic social reporting, either before or after using the moderating variable. Then the leverage variable, before using the moderating variable, had a positive effect on the disclosure of Islamic social reporting, and after using the moderating variable, it had a negative effect on the disclosure of Islamic social reporting.

Pengaruh ROE, EPS, dan Reputasi Underwriter terhadap Tingkat Underpricing Stock pada Perusahaan IPO di ISSI


 
 
 
 Companies need additional capital, one of which is from external companies by conducting initial public offerings on the capital market, but companies often experience underpricing in the secondary market. This study aims to develop findings regarding the phenomenon of underpricing in IPO companies and to determine the effect of return on equity (ROE), earnings per share (EPS), and underwriter's reputation on the level of underpricing. The population in this study are companies that have conducted an Initial Public Offering (IPO) that are registered on the Indonesian Sharia Stock Index (ISSI) and are not delisted on the Sharia Securities List (DES) in the period 2019 to 2022. The research sample was taken using a purposive sampling method to obtain a sample of 104 companies. Data analysis used multiple linear regression analysis with the SPSS 22 program. The results found that the average level of underpricing was 31,19%. Simultaneously the variables ROE, EPS, and underwriter's reputation have a significant effect on the level of underpricing. While partially, it shows that ROE has a negative and significant effect on the level of underpricing, the reputation of underwriters has a positive and significant effect on the level of underpricing, and earnings per share does not affect the level of underpricing.
 Keywords: Underpricing, Initial Public Offering, Return on Equity (ROE), Earning per Share (EPS), Reputasi Underwriter
 
 
 

Profitability and Market on Stock Returns in Mining Companies on The Indonesia Sharia Stock Index for the 2016 - 2020 Periods

Returns on stocks are the benefits businesses, individuals, and organizations receive directly from their investment decisions. Every short or long-term investment has one primary goal: to generate a profit, also known as a return. This can happen in either a direct or indirect manner. This study aimed to test and collect empirical data on the impact of ROA, ROE, EPS, and PER on stock returns. Panel data regression was used, and the research data came from each mining firm's annual reports and financial statements included in the Indonesian sharia stock index from 2016 to 2020. So, according to the findings of this study, ROA, ROE, and PER have a significant beneficial impact. Quite large on stock returns because the company's management can manage ROA, ROE, and PER effectively to create high profits, encouraging investors to invest. Meanwhile, EPS does not significantly affect stock returns because companies with low earnings per share do not accurately reflect the profits that investors will get, thus making investors less interested in investing their capital. Simultaneously ROA, ROE, EPS, and PER affect stock returns.

The Effect of Political Contestation on Investor Reaction: Evidence from Indonesia Sharia Stock

Political events can cause uncertainty in the business environment and affect stock returns. This study aims to examine the reaction of sharia stock investor to political events in 2019. Some previous studies found that the influence of political events in Indonesia on investors' reactions is not yet conclusive. Therefore, this research utilized five political events during the general election they are: candidates inauguration, candidates’ final debate, quick count announcement, Election Commission (KPU) announcement, Constitutional Court (MK) announcement. This research used cumulative average abnormal return (CAAR) and average abnormal return (AAR) values as indicators in detecting investor reactions and used actively traded stocks listed on the Indonesian Sharia Stock Index (ISSI) from 2017 to 2019. The results of this study indicate that there is a negative reaction on t-1 before the debate of candidates. Furthermore, the opposite results occurred during the announcement of the presidential election results conducted by the Election Commission (KPU). This result indicates that investors quickly get information about political uncertainty. The implication is that political events are one of the relevant event studies to determine sharia stock prices to investors.

PENGARUH NPM, ROA, DER DAN EPS TERHADAP HARGA SAHAM PADA PERUSAHAAN SUB SEKTOR MAKANAN DAN MINUMAN YANG TERDAFTAR PADA INDEKS SAHAM SYARIAH INDONESIA (ISSI) PERIODE 2018 – 2021

This research is aimed to find out how the effect of net profit margin (npm), return on assets (roa), debt to equity ratio (der), and earning per share (eps) has on stock prices in food and beverage sub-sector companies listed on the index. indonesian sharia shares (issi). this research uses a quantitative approach, with the type of associative research. using secondary data in the form of quarterly financial reports of food and beverage sub-sector companies listed on the indonesian sharia stock index. the population used is all food and beverage sub-sector companies registered at issi during the 2018-2021 period, namely 29 companies. the sampling method used is purposive sampling. the results showed that partially the npm, roa, and eps variable had a significant effect on stock prices in food and beverage subsector companies. the der variables has no significant effect on stock prices in food and beverage subsector companies. simultaneously the variables npm, roa, der, and eps together have a significant effect on stock prices

The Effect of Inflation, Exchange Rate, and BI Rate on the Indonesian Sharia Stock Index

Islam strongly advises against investment, as mentioned in lines 46–49 of the Surah Yusuf. The Islamic stock market, which offers Islamic stocks as one of its components, is one place where somebody can invest. Several macroeconomic and microeconomic factors, as well as equity investment, have an impact on Islamic stocks. This study examined the impact of inflation, exchange rates, and the BI Rate on the Indonesian Sharia Stock Index (ISSI) throughout the years 2017–2021. Statistical data on the market capitalization of the Indonesian Sharia Stock Index (ISSI) given at the Financial Services Authority (OJK), as well as other variables like inflation, currency rates, and the BI, were used in the quantitative research technique. Analysis of the research data was carried out through multiple linear regression modeling. The results showed that the Inflation variable (X1) had no effect on the Indonesian Sharia Stock Index (ISSI), the Exchange Rate variable (X2) had a significant negative effect on the Indonesian Sharia Stock Index (ISSI) and the BI Rate variable (X3) had an effect significantly positive to the Indonesian Sharia Stock Index (ISSI). The macroeconomic variables used in this study have an impact on the movement of the Islamic stock index, which causes the movement of the ISSI to vary quite a bit.

Domestic and International Macroeconomic Variables on Indonesian Sharia Stock Index with Vector Error Correction Model Approach

Domestic and International Macroeconomic Variables on Indonesian Sharia Stock Index with Vector Error Correction Model Approach

The US-China Trade War in Macroeconomic Studies of the Indonesian Sharia Stock Index

A number of studies have been the witness of pros and cons about whether the US-China trade war affected the world’s macroeconomics. This study aims to analyze the effect of macroeconomic variables on the Indonesian Sharia Stock Index (ISSI) during the trade war period between the United States and China. The research’s assumption is delved from the occurrence of a trade war between two countries with the largest economic valuations in the world can disrupt the world economy including investment. The urgency of this research is to measure the impact of the trade war on the Indonesian sharia stock index which is one of the factors of economic growth. The analytical method used in this study is the Vector Error Correction Model (VECM) to examine the long-term and short-term impacts. The results of this study indicate that in the short term the BI Rate, FED Rate, USD Exchange Rate, CNY Exchange Rate, World Gold Price, World Oil Price, Exports, and Imports have no effect on the Indonesian Sharia Stock Index (ISSI). The long-term results show that the BI Rate, CNY Rate, World Gold Price, World Oil Price, and Imports have a negative effect on the Indonesian Sharia Stock Index (ISSI), while the FED Rate, USD Rate, and Exports have a positive effect on the Indonesian Sharia Stock Index (ISSI). Based on these results the government is expected to tighten fiscal and monetary policies so that in the future if something similar happens, the Indonesian Sharia Stock Index (ISSI) remains on the right track.

PENGARUH UKURAN PERUSAHAAN, AUDITOR SWITCHING DAN AUDIT FEE TERHADAP AUDIT DELAY PADA PERUSAHAAN PROPERTI YANG TERDAFTAR DI ISSI PERIODE 2016-2020

Audit Delay is the time span for the completion of the annual financial statement audit. Completion of financial statement audits may experience delays caused by several factors such as company size, auditor switching, and audit fees. This study aims to analyze the effect of Company Size, Auditor Switching and Audit Fee on Audit Delay in property companies listed on the Indonesian Sharia Stock Index (ISSI) for the 2016-2020 period. The data used is secondary data with the panel data regression analysis method with the help of the e-view 12 program to see a comprehensive picture of the independent variables on the dependent variable. The sample in this study consisted of 9 companies for 5 years. The results of this study indicate that firm size has a negative and insignificant effect on audit delay with a significance level of 0.372 > 0.05. Auditor switching has a positive and significant effect on audit delay with a significance level of 0.032 <0.05. Audit Fee has a significant effect on audit delay with a significance level of 0.045 < 0.05. While the company, auditor switching and audit fees together affect the audit delay variable with a significance value of 0.018 <0.05. The magnitude of the influence of company size, auditor switching and audit fees on audit delay as a whole is 24%

Impacts and Implications of Macro Determinants Toward the Indonesian Sharia Stock Index

This study aims to analyze the effect of inflation, interest rates, exchange rates, and the Indonesian Composite Stock Price Index (IHSG) on the Indonesian Sharia Stock Index (ISSI), which is based on the inconsistencies of previous studies regarding inflation results, interest rate results, exchange rate results, as well as the results of the ISHG against the ISSI. This study uses a quantitative approach. The research data source uses secondary data in the first quarter of 2012 – fourth quarter of 2022 in the form of the closing price of the ISSI from https://www.ojk.go.id/ then the closing price for inflation, interest rates, exchange rates from https://www. ojk.go.id/ www.bi.go.id/, and the closing price of the Indonesian composite index from https://finance.yahoo.com/, which were processed using SPSS 26 software with multiple linear analysis. The results showed that inflation, interest rates, and exchange rates partially had no significant effect on the ISSI. Meanwhile, the IHSG had a significant effect on the ISSI. The variables of inflation, interest rates, exchange rates, and the IHSG simultaneously affect the ISSI. These results have implications for policymakers regarding the Islamic capital market.

Analysis of Company Size and Profitability on Islamic Social Responsibility Disclosure

The aim of this research is to analyze the determinants of Islamic Social Responsibility disclosure, namely company size and profitability. The research sample is 19 mining sub-sector companies listed on the Indonesian Sharia Stock Index (ISSI). Data were observed during 2019-2020 using the panel data technique, so that as many as 38 data were observed for analysis. Methods of data analysis with multiple regression analysis techniques. The results of the study show that company size has a significant positive effect on Islamic Social Responsibility, while profitability has no significant effect on Islamic Social Responsibility. Original research regarding CSR disclosure based on Islamic concepts in mining companies which are companies that carry out activities that are very sensitive to environmental pollution. Theoretical research implications regarding the development of CSR disclosure within the framework of the Islamic concept. Then practically it becomes a material consideration for company management to reveal Islamic Social Responsibility information

Pengaruh Mekanisme Corporate Governance terhadap Manajemen Laba dengan Asimetri informasi sebagai Variabel Interveing

This study aims to determine the effect of corporate governance mechanism (managerial ownership, institutional ownership, and audit committees) on earning management with information asymmetry as an intervening variable. The type of research is quantitative using secondary data in the form of data from the financial statements of company listed in Indonesia Sharia Stock Index (ISSI). The sampling method in this study uses purposive sampling with a sample of 78 companies listed in ISSI with 3 years period. Then the results obtained were processed with Eviews-12. The analysis used included descriptive statistical test, classical assumption test, path analysis regression test and hypothesis testing. Based on the test results obtained: managerial ownership does not have significant negative effect on earning management. Institutional ownership has a significant negative effect on earning management. Audit committees does not have negative effect significant on earning management. Information asymmetry has a positive significant effect on earning management. Managerial ownership does not have effect on information asymmetry. Institutional ownership has a negative significant on information asymmetry. Audit committees does not have effect on information asymmetry. Managerial ownership, institutional ownership and audit committees can mediate earning management with information asymmetry.

Integration Analysis of Sharia Stock Price Index in Indonesia, Malaysia, China and The United States Islamic Capital Markets

Purpose – This study aims to determine the effect of Dow Jones Islamic Word Malaysia Index (DJMY25D), Dow Jones Islamic Market China (DJICHKU) and Dow Jones Islamic Market Index (DJIMI) on Indonesian Sharia Stock Index (ISSI.JK) for the 2018-2022 period. Design/methodology/approach – The exogenous variables in this study include DJMY25D, DJICHKU and DJIMI. Meanwhile, the endogenous variable is ISSI.JK. In the DJMY25D, DJICHKU, DJIMI and ISSI.JK variables it is calculated by the percentage growth in closing prices at the beginning of the month. The population in this study is the Global Islamic Index which is part of the Dow Jones Global Index which consists of 34 countries using purposive sampling technique. In addition, Ordinary Least Square (OLS) Regression Analysis was used in the data analysis method. Findings – The results of this study indicate that simultaneously DJMY25D, DJICHKU and DJIMI have a significant effect on ISSI.JK. Partially, DJMY25D and DJICHKU have an effect on ISSI.JK but not significantly. while DJIMI has a significant effect on ISSI.JK. Research limitations/implications – his research is limited by the integration of Indonesian Islamic stocks with several Malaysian, Chinese and American Islamic stocks. There are several other countries where the Islamic stock market may be integrated with Indonesian Islamic stocks, but in this study only uses diversification of financing based on contracts and usage due to limited data and research time. Practical implications – The integration of ISSI.JK and DJIMI sharia stocks may be useful for market players and regulators to consider the DJIMI stock market in estimating market price movements and volatility of the Indonesian sharia stock market. Originality/value – This study provides new insights on the integration of Islamic stocks in Malaysia, China, America and Indonesia in 2018-2022.

DETERIMINAN AUDITOR SWITCHING PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI ISSI PERIODE 2016-2020

This study aimed to analyzed the factors that affect auditor switching on manufacturing company in ISSI. The population in this study are companies listed in Indonesia Sharia Stock Index (ISSI) the period 2016 to 2020. The number of manufacturing firm sampled in this study were 37 companies, obtained by purposive sampling method. The data analysis technique used is logistic regeression analysis with the application of SPSS program. Based on the analysis conducted, the result showed that the variables opinion going concern and management change does not affect on auditor switching, while auditor reputation having a significant influence on the company sample to perform the auditor switching.

ANALISIS ROA DAN ROE TERHADAP RETURN SAHAM DENGAN HARGA SAHAM SEBAGAI VARIABEL INTERVENING

This study aims to reveal the effect of the variable Return On Assets, Return On Equity on stock levels with stock prices as an intervening variable in cement sector companies listed on the Indonesian Sharia Stock Index. This study is a quantitative observational type. Researchers use secondary data sources, which are in the form of variables ROA, ROE, stock returns and stock prices in a collection of cement sector stocks registered at ISSI in 2019-2022. The purposive sampling technique was used in sampling, which obtained a number of four issuers as the object of study. Based on the analysis, the results show that ROA and ROE simultaneously do not have a direct and significant effect on stock returns with a significance ROA of 0.36 and ROE of 0.46. The results obtained have an indirect effect or through stock prices obtained ROA and ROE have a significant effect on stock returns with ROE (0.03<0.05) and ROA (0.001<0.05)

Hedging In Indonesian Sharia Stock Index Manufacturing Companies

Hedging In Indonesian Sharia Stock Index Manufacturing Companies