Abstract:The purpose of this paper is to investigate the financial factors that determine the growth of qardhul hasan financing in the sharia banks in Indonesia. We employ financial ratios such as Capital Adequacy Ratio (CAR), Non-Performing Financing (NPF), Net Interest Margin (NIM), Operational Cost to Operational Income (BOPO), Return on Asset (ROA) and Return on Equity (ROE) to explain the growth of qardhul hasan during 2011 to 2014. This paper utilizes the fixed effect model and the random effect model to provide empirical evidences. The empirical result demonstrates that Non-Performing Financing (NPF), Net Interest Margin (NIM), Return on Asset (ROA) and BOPO have significance relationship to the qardhul hasan financing. The finding shows that the growth of qardhul hasan financing in sharia banks is influenced by financial ratios of NIM, NPF, BOPO and ROA. This finding adds important evidence to the existing research on qardhul hasan financing in sharia banks.

This study aims to investigate the relationship between discipline and work environment on employee performance, as well as the mediating function that job satisfaction has in both relationships. Purposive sampling was used in the sampling technique, and provided 139 employees of the Purworejo Regency Food Security and Agriculture Agency as respondents. A questionnaire with multiple choice answers on a Likert scale is used to collect data. Using the Smart PLS for analyzing the data, the result shown that job satisfaction has been moderated the direct relationship between discipline and the workplace environment and employee performance. These findings suggest that if the work environment of the Purworejo Regency Food Security and Agriculture Service employees improves, such as through the provision of facilities that are sufficiently complete and adequate, the environment is clean, the atmosphere of the workspace is calm, the arrangement of rooms is in accordance with needs, and relationships with coworkers are amicable, then some will increase employee satisfaction at work, and job satisfaction will affect employee. Future research is suggested to include additional factors including organizational culture, employee motivation, leadership, loyalty, or commitment.

ABSTRAKPenelitian komparatif kinerja saham syariah dan saham konvensional ini dilakukan untuk menguji perbedaan kinerja saham syariah dan saham konvensional di Indonesia dalam periode keseluruhan, periode non krisis dan periode krisis. Penelitian ini menggunakan metode stochastic dominance (SD) model Davidson Duclos (2000). Uji parametrik dengan parameter Rasio Sharpe, Indeks Treynor dan Alpha Jensen dilakukan sebagai uji pembanding. Robustness check dilakukan dengan membentuk portofolio dengan firm size, rasio book to market (B/M) dan Beta yang berbeda. Sampel penelitian menggunakan saham murni syariah dan saham murni konvensional Indonesia. Screening saham syariah menggunakan Daftar Efek Syariah (DES). Periode penelitian dilakukan selama 10 tahun.Hasil penelitian menunjukan bahwa kinerja saham syariah mendominasi (outperform) kinerja saham konvensional pada periode keseluruhan dan periode non krisis. Pada periode krisis ekonomi global kinerja saham syariah menurun sehingga kinerja saham syariah sama dengan kinerja saham konvensional. Hasil penelitian ini bermanfaat bagi investor secara umum dan investor syariah secara khusus. Investor syariah dapat berinvestasi pada saham yang sesuai dengan prinsip syariah dan mendapatan return yang kompetitif. Adapun investor secara umum dapat melakukan diversifikasi portofolionya dengan lebih baik dan dapat meningkatkan expected wealth dan expected utilities-nyaKata Kunci:  Saham Syariah, Saham Konvensional, Stochastic Dominance