Sharia Stock Research Articles

The effect of Sharia governance on financial performance mediated by leverage: Study on primary consumer goods sector in Indonesian Sharia Stock Index

This study aims to examine the effects of sharia governance on financial performance mediated by leverage. This study employs a quantitative methodology. The participants in this study obtained from Indonesia Exchange using 81 companies in the Primary Goods Consumer Sector. Purposive sampling was used, and there were 26 companies as the sample. The data analysis used SPSS and path analysis, with 78 observations from 2020-2022. The findings of this study indicate that Sharia governance does not have a significant effect on financial performance. However, sharia governance has a significant effect on leverage. Leverage also has a significant effect on financial performance. Leverage can mediate the link between Sharia governance and financial performance.

The Impact of Price-earning Ratio (PER) and Dividend on Sharia Stock Prices

The Impact of Price-earning Ratio (PER) and Dividend on Sharia Stock Prices

Strategi Berinvestasi terhadap Keberhasilan Investasi Saham Syariah di Pasar Modal Syariah

Stocks and the Indonesian capital market coexisted in Indonesia in 1912, when the Indonesian capital market was first established. An Islamic regulation master named Abdurrahman Isa contends that stock trading exchanges are permitted in religion, including shares gave by banking organizations, where a portion of the exercises are revenue based credit. This is based on the circumstances of Muslims, who, in his opinion, are in a dhorurat state. This study made use of literature research, which uses information from books and other sources to investigate the method for putting into practice investment in sharia stocks as a tool for economic improvement. The English word investment, which means to plant, was adopted from the British language. According to the Dictionary of Capital Market and Financial Terms, "investment" refers to putting money or capital into a business with the intention of earning a profit. The Capital Market Law regulates the sharia capital market, which is a capital market that does not violate sharia law. In this instance, the Capital Market and Financial Institutions Supervisory Agency (Bapepam-LK) continues to oversee the sharia capital market. The fundamental difference between the sharia capital market and the conventional capital market is that the sharia capital market must adhere to sharia law in all transaction mechanisms and issuers traded in it. In other words, there is no significant difference between the two markets.

Mutual fund investment performance: Indonesia Sharia stock index as characteristics moderating model

Purpose – This study investigates how the Sharia stock price index influences the relationship between various factors, such as the expense ratio, portfolio turnover ratio, cash ratio, age, size, and characteristics of Sharia mutual funds, and their overall performance. Methodology – This study employed a quantitative descriptive research method to analyze 316 populations. Purposive sampling was used to obtain a total of 51 samples. We used research tools for data collection and SMART PLS 4 statistical software to analyze the collected data. Findings – The characteristics of ISSI-moderated mutual funds have a significant positive effect on the performance of Sharia mutual funds. To achieve better performance, investment managers must incur high costs in implementing active strategies. The more active the investment manager is in trading by looking at existing opportunities, the better the performance of the Sharia Mutual Funds. Implications – The implications of this research indicate that the movement of the Sharia stock price index can strengthen the positive causal relationship between several characteristics of Sharia mutual funds. The effects of Sharia mutual fund portfolio instruments, including shares, bonds, and deposits from the Sharia banking industry, also contribute to improving the performance of Sharia mutual funds in Indonesia.Originality – This study investigates the moderating role of the Sharia stock price index on several characteristics of Sharia mutual funds, including the expense ratio, portfolio turnover ratio, cash ratio, age of the mutual funds, and size of the mutual funds, in relation to their performance.

The Influence of Debt to Asset Ratio (DAR), Earning Per Share (EPS), Current Ratio (CR) on Sector Sharia Stock Prices Industry Goods Consumption (in Companies Listed on the Sharia Stock Index (ISSI)

This research aims to provide empirical evidence regarding the influence of financial performance on stock prices. The ratios used are Debt To Asset Ratio (DAR), Earning Per Share (EPS), and Current Ratio (CR) in consumer goods industry companies listed on the Indonesian Sharia Stock Index (ISSI) for 2020-2022. The population in this study was 57 companies. The sampling technique used purposive sampling to obtain 45 company samples with 135 observations. This research is quantitative research using secondary data collected using documentation and literature study techniques obtained via www.idx.co.id or the respective company's official website which is analyzed using panel data analysis. The results of this research show that the Debt To Asset Ratio (DAR) variable has no significant effect on Sharia stock prices, the Earning Per Share (EPS) variable has no significant effect on Sharia stock prices, and the Current Ratio (CR) variable has a significant effect on Sharia stock prices.

Determinan Struktur Modal Perusahaan yang Terdaftar di JII70

Capital structure policy is a core financing decision for a company that affects company value. Companies need to be careful in determining where the source of financing comes from, whether from debt or equity sourced from their own funds or from the issuance of shares. Wrong capital structure policies can lead a company into financial distress and bankruptcy. Over the last five years, more and more companies have obtained financing through the issuance of shares on the sharia stock market. The number of investors investing their funds in this market has also increased. Based on this, the aim of this research is to find out and understand what the factors of company characteristic that effect the capital structure in companies listed on the Jakarta Islamic Index 70 (JII70) during the 2018-2022 period. This study uses a quantitative approach. The model used is dynamic panel data regression with the System-GMM as the analysis method. The data used is secondary data for the 2018-2022 period which comes from company financial reports collected through IDX (Indonesia Stock Exchange). The population in this study were 70 companies registered on JII70. The sampling method was purposive sampling. The number of samples selected was 29 companies. The results of hypothesis testing show that the factors of company characteristic that effect the capital structure are return on equity, profit margin, current ratio, and total asset turnover.

Analysis of the Influence of Profitability, Leverage and ESG Disclosure on the Value of Sharia Stock Companies Registered on the ESGL Index

Analysis of the Influence of Profitability, Leverage and ESG Disclosure on the Value of Sharia Stock Companies Registered on the ESGL Index

Analysis of The Interaction of Monetary Policy and Islamic Investment Towards Indonesia's Economic Growth

Economic growth is the main measure of development success, and the results of economic growth will be enjoyed by the community either by itself or with government intervention. Economic growth is an important indicator in the real sector. The interaction between monetary policy and sharia investment in influencing Indonesia's economic growth is the main focus of this study. This study aims to analyze the effect of the interaction of monetary policy (interest rates, exchange rates and money supply) and the interaction of sharia investment (sukuk, sharia stocks, sharia mutual funds) on Indonesia's economic growth for the period 2000-2022. This type of research is quantitative research using time series data from secondary data with the Vector Error Correction Model (VECM) analysis method with the help of Eviews software. The results of this study indicate that the variables of short-term interest rates, SUKUK, sharia stocks, sharia mutual funds have a positive and significant effect on economic growth, while the rupiah exchange rate (KURS), the amount of money in circulation on economic growth show a negative and insignificant effect. The variables of long-term interest rates, rupiah exchange rates or KURS, the amount of money in circulation SUKUK, sharia stocks, mutual funds have a positive and significant effect on economic growth

Fostering the Ummah's Economy Through the Stockinvestment System: The Views of the Mui for Sustainabledevelopment Goals (SDGS)

Purpose: This study aims to investigate the role of the stock investment system in fostering the people's economy, focusing on the views of the Indonesian Ulema Council/ Majelis Ulama Indonesia (MUI) on its contribution to the Sustainable Development Goals (SDGs). This study also aims to identify factors that support or hinder the implementation of the stock investment system in the economic context of the people in PT Suryamu. Theoretical Framework: This study uses the Islamic economic framework and principles advocated by the Indonesian Ulema Council (MUI). The stock investment system is seen as a potential instrument to promote people's economic participation and support sustainable economic development, in accordance with Islamic values that prioritize justice, transparency, and common prosperity. Methods: The data in this study was collected through the analysis of fatwa documents or guidelines issued by the MUI related to stock investment, as well as related literature studies. The collected data were analyzed thematically to identify key patterns and significant findings. This research is a type of field research using a qualitative approach, where the data will be analyzed with the fatwa of the National Sharia Council of the Indonesian Ulema Council NO: 135 / DSN-MUI / V / 2020 concerning stocks. Results and Conclusion: The results of this study show that: 1) There is clarity of the contract at the beginning of the transaction, investors use the shirkah contract, some investors are chosen to be representatives of several investors using the wakalah bil istitsmar contract and the employees who work according to the work contract set by the company use the ijarah contract. 2) The parties who are associated are Muhammadiyah investors who already have a Muhammadiyah membership card as a condition to invest their funds in PT Suryamu. 3) The object of the contract is in the form of shares in the form of letters whose initial value of shares per share is Rp 100.000,-. From the point of view of the fatwa of the National Sharia Council of the Indonesian Ulema Council NO: 135/DSN-MUI/V/2020 regarding shares is by the criteria set by the fatwa. Research implications: The Company's stock investment meets sharia criteria with well-managed potential risks. So the implications and recommendations are to continue taking investment. Originality/value: Research on sharia stock investment with the fatwa approach of the Indonesian ulema council is very unique, specially studied in companies that carry out the concept of sharia.

China's declining business dynamism

AbstractWe document five novel facts about the dynamism of Chinese manufacturing firms between 2003 and 2018. We show that: (i) the revenue and capital shares of young firms have declined, (ii) life‐cycle growth of firm revenues and assets has declined, (iii) life‐cycle growth of process efficiency / product quality and investment in intangibles has declined (iv) younger firms have higher capital productivity than older firms, with the gap increasing over time, and (v) the dispersion of capital growth and the responsiveness of capital growth to capital productivity have both declined. Using a simple model, we estimate that the lower life‐cycle productivity growth of young firms reduces manufacturing productivity growth by 0.8 percentage points annually, and worsening allocative efficiency of capital between young and old firms reduced manufacturing total factor productivity by 1.25% between the early 2000s and late 2010s. We find that business dynamism is weaker in provinces where state‐owned enterprises account for a larger share of the capital stock.

Impact of Sharia Stock Prices: A Study on Inflation, Exchange Rate, BI Rate, and Money Supply

This study aims to examine the effect of inflation, exchange rate, BI Rate, and the amount of money in circulation on Islamic stocks in companies listed on the Jakarta Islamic Index (JII). This study uses a sample of changes in the inflation rate, changes in the exchange rate, changes in the BI rate, changes in the money supply, and Islamic stock prices. This study uses secondary data, namely reports of changes in index obtained from the official website of the Indonesian Stock Exchange and the website of the Central Statistics Agency. With the results obtained in this study, inflation has a significant negative effect on Sharia Stock Prices, Exchange Rates have a significant negative effect on Sharia Stock Prices, amount of money in circulation has a significant positive effect on the price of Sharia shares. Inflation, Exchange Rate, BI Rate, and Money Supply have a simultaneous effect on Sharia Stock Prices in Companies Listed in the Jakarta Islamic Index. Managerial implications, especially for investment managers and fund managers in the Islamic capital market. Knowing the influence of inflation, exchange rates, BI interest rates, and money supply on Islamic stock prices allows managers to make better and more strategic investment decisions.

Implication of Different Data Split Ratios on the Performance of Models in Price Prediction of Used Vehicles Using Regression Analysis

Introduction; Artificial intelligence (AI) and Machine Learning have become buzzwords lately due to technological changes and data quality testing, especially in shape and finish analysis. Lots of research has been conducted for linear regression algorithms to predict the price in different sectors for share stock, rental properties, prices of used cars etc. This study provides suitable data split ratio for optimum cost estimation based on linear regression model. In present days there is an increasing demand for having own car for every middle class family therefore this have given opportunity to motor vehicle business to offer wide range of used vehicle for re-sale especially companies like Maruti Suzuki, Tata motors & Mahendra motors in Indian motor vehicle industries. Therefore, it is important to know the current value of your car before spending your hard-earned money on any item. Objective; The objective of this paper is finding appropriate value of cars in Metropolitans or even in state capitals. Features like model, mileage, AC, seating capacities, fuel type automatic will be taken into account when doing this. This estimate is designed to help customers find the right options to suit their needs. Methods; We have used a linear regression model to estimate the value of the respective car. Results; For doing this price prediction in this paper using liner regression we have tried to find the optimum accuracy of model by varying data split ratio for training and test data set and concluded with the result that 80/20 ratio is the best ratio with optimum model accuracy for business domain analysis with labelled data set. Conclusion; The findings underscore the importance of careful consideration when selecting a data split ratio for price prediction models in the used vehicle market. The insights gleaned from this study can inform future research and contribute to the development of more accurate and reliable regression models in similar domains.

Komparasi Return dan Risiko Saham Syariah dan Konvensional Pada JII dan IDX30 Periode 2019-2023

The purpose of this study is to compare the average return and risk of Islamic stocks and conventional stocks on the JII and IDX30. Data was taken from the IDX website which provides data on companies listed on the JII and IDX for the 2019-2023 period and Yahoo Finance which provides monthly stock closing price data on the JII and IDX during the 2019-2023 period. The sampling technique used purposive sampling method so that 3 sharia stocks and 5 conventional stocks were obtained. Data analysis uses descriptive and inferential statistics using a t-test to draw conclusions. The results of the Independent Sample T Test showed that the return variable obtained a significance value of 0.777>0.05 and the risk variable obtained a significance value of 0.209>0.05. So it is concluded that Islamic stocks and conventional stocks do not show significantly different levels of return and risk.

Analysis of Assalam Family Product Elements in the Implementation of Tabarru' Fund Management: A Case Study on PT. AJS Bumiputera, Medan Branch

Insurance is a form of financial protection that provides a guarantee of payment or benefit in the face of certain risks or losses. If the unexpected risk befalls one of the participants, the loss will be borne together. The purpose of this study is to analyze and describe the elements of Assalam Family products in the context of the implementation of tabarru' fund management at PT. Bumiputera Sharia Life Insurance Medan Branch. This study uses a type of field research, with qualitative research methods, exploring data through interviews, observations, and document analysis. The results of the research obtained are that the Assalam Family Product Element uses the tabarru' contract as the basis for its implementation. The process involves two procedures, namely requesting an Assalam Family sharia life insurance policy and submitting a claim. Tabarru' funds are managed by separating participants' contributions into two separate accounts, participant savings accounts (saving system) and tabarru' accounts (non-saving system). The investment proceeds are divided 70% for participants and 30% for the company, with a risk management commitment of 50% of the contribution. The allocation of funds is invested in sharia stocks and bonds according to sharia principles. If the tabarru' funds run out, the qardh funds are used to overcome the inadequacy, which is taken from the central Bumiputera which is realized to the branches that lack funds to pay compensation or claims submitted by participants.

Efek Risiko Bisnis, Risiko Keuangan Dan Growth Opportunity Pada Struktur Modal Perusahaan Manufaktur Food And Beverage

This research is research that aims to analyze the influence of business risk, financial risk, and growth opportunity on the capital structure of food and beverage manufacturing companies listed on the Indonesian Sharia Stock Index (ISSI) for the 2020-2022 period. The background to this research is the occurrence of fluctuations which tend to decrease the company's capital structure. This type of research is associative research. The kind of approach used is a quantitative approach. Sampling in this research used the purposive sampling method. Purposive sampling is a technique for determining samples based on special considerations so that they are worthy of being used as samples. The sample in this study consisted of 14 food and beverage manufacturing companies listed on the Indonesian Sharia Stock Index. The data used in the research is secondary data obtained from the official website of each relevant company. The research results show that partial financial risk has a positive effect on capital structure. Meanwhile, business risk and growth opportunity do not affect capital structure.

Gold characteristics as safe haven and assets diversification for Sharia stocks in Indonesia

Purpose This study aims to determine the role of gold as a safe haven, hedge and asset diversification for Shariah stock in conditions of extreme stock market declines. Design/methodology/approach Quantitative approach is used by applying the threshold generalized autoregressive conditional heteroskedasticity (TGARCH) model to capture bad or good news in the market condition and quantile regression method to obtain the extreme values of stock returns in several market conditions. The data used were the daily closing price of gold and the Jakarta Islamic Index from January 2011 to October 2022. Findings The average conditions show gold does not have a hedge property and only acts as an asset diversification. Second, gold has a substantial, safe haven property in every economic condition. However, the safe-haven property of gold seemed to weaken during the most extreme stock market decline. Thus, although gold appears as a safe haven and asset diversification, it remains a risky investment and only provides a minor role in the face of the extreme stock market period. Practical implications This research provides a discourse and literature for Islamic investors and investor managers to choose the right investment instrument in various economic conditions where gold has a function as diversification and safe haven in their asset portfolio under any other asset portfolio conditions which is also in line with modern portfolio theory. For policymakers, the study can be used as material for consideration in making policies related to the accessibility of gold as an investment instrument. Originality/value This study presents the originality by using the price of Antam gold as a proxy for gold investment during the latest research year data and focusing on case studies in Islamic capital market in Indonesia. Moreover, this research provides quantile regression that sharply discussion in various economics condition.

Do Muslim Investors Consider Sharia literacy in Their Behavior When Trading Stocks? Experiences of Indonesian Stock Investors

The purpose of this study is to explain how the economic behavior of the Indonesian Muslim community in stock transactions influenced by their understanding of sharia. This research uses the Theory of Planned Behavior with exogenous variables being attitude, subjective norm, and perceived behavior control as predictors of intention as the endogenous variable. The ethical domain in this study is indicated by the presence of sharia literacy as a consideration in economic behavior. This research uses a quantitative approach with primary data obtained by distributing questionnaires to respondents who are sharia stock investors in Indonesia. The number of valid questionnaires amounted to 499. The data were processed using Partial Least Squares (PLS) with SmartPLS software. The results of this study show that each of the variables of attitude, subjective norm, and perceived behavior control has a significant positive effect on the intention to invest in sharia stocks. Sharia literacy is proven to moderate the influence of attitude on behavioral intention, but this does not occur in the variables of subjective norm and perceived behavior control.

Environmental, Social, Governance Disclosure, Leverage and Firm Value of Manufacturing Companies Listed on the Indonesian Sharia Stock Index

Purpose: This research aims to analyze the influence of environmental, social, governance disclosure and leverage on firm value in manufacturing companies listed on the Indonesian Sharia Stock Index (ISSI) for 2016-2021. Methodology: The sample in this research is manufacturing companies that meet specific criteria which were selected using a purposive sampling technique with a total research sample of 129 observation data. The data analysis technique used is multiple regression analysis which is processed using e-views12. Findings: The research results show that environmental disclosure has a negative effect on company value, social disclosure has a positive effect on company value, governance disclosure and leverage have no effect on company value. These results support signal theory and legitimacy theory, where a company's disclosure of certain information can provide a signal to show that the company has good value. Companies influence public perception by carrying out their business in accordance with applicable regulations in order to gain public trust which has implications for increasing company value. Novelty: This research uses manufacturing companies listed on the indonesian sharia stock index from 2016 – 2021 and add leverage variable.

Implementasi Tata Kelola dan Tanggung Jawab Sosial dalam Menunjang Kinerja Keuangan Saham Syariah Indonesia

The objective of this study is to examine the correlation between Islamic Corporate Governance (ICG) and Islamic Corporate Social Responsibility (ICSR) and the financial performance of companies that are listed on the Indonesian Sharia Stock Index (ISSI). The research data were collected from the annual financial reports of 250 companies that satisfied the requirement of being listed in the ISSI for five consecutive years and filing annual reports during that same period. An assessment was carried out on the financial statements to determine the utilization of eight ICG and six ICSR indicators and to gauge economic performance by calculating Return on Assets (RoA) and Return on Equity (RoE). The results suggest that the adoption of ICG positively affects organizations' financial performance, whereas the adoption of ICSR does not substantially impact. These findings indicate that these companies' adoption of ICG and ICSR is limited despite their inclusion in the ISSI. These companies have not utilized many ICG and ICSR indicators. This study offers significant insights demonstrating that augmenting the use of ICG can improve firms' financial performance. However, there is a need to enhance awareness and implementation of ICSR. Furthermore, it emphasizes the significance of corporations prioritizing ICG and ICSR features as integral components of their comprehensive approach to enhancing their financial performance and social responsibility.

The Effect of Return on Asset, Earning per Share, Price Earnings Ratio, BI-Rate on Sharia Stock Prices Listed on Jakarta Islamic Index 70

The Effect of Return on Asset, Earning per Share, Price Earnings Ratio, BI-Rate on Sharia Stock Prices Listed on Jakarta Islamic Index 70