Opportunities and Challenges of Retail Sovereign Sukuk Issuance: Lessons from Twelve Years’ Experience

Muchtar, Masruri

doi:10.15408/sjie.v10i2.20093

Cited by 4 publications

(4 citation statements)

References 19 publications

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“…A high stock price proves that the company's value is also high. With a high company value, it can increase market confidence and company prospects in the future (Muchtar, 2021). The stock price that reflects the company's value is influenced by factors such as the stock price index, interest rates, and fundamental conditions.…”

Section: The Value Of the Companymentioning

confidence: 99%

COVID-19: really weakening the effect of financial performance on corporate value of consumer cyclicals?

Reschiwati,

Sayekti,

Resmi

2024

R. G. Secr.

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Covid-19 is a disease outbreak that affects company performance and value. This study aims to test whether Covid-19 can strengthen the effect of financial performance on firm value. Financial performance is proxied by financial ratios consisting of the Current Ratio (CR), Debt to Asset Ratio (DAR), and Return on Assets (ROA). Meanwhile, the Company Value is proxied by Tobin” Q. The Cyclical Consumer Sector is the population of this study. Purposive Sampling is the sample selection method used. Twenty-eight companies meet the criteria. The data processed is quarterly from 2017 to 2021, so the number of observations is four hundred and twenty. The study results show that only DAR and ROA affect firm value and that Covid-19 is a quasi-moderating and strengthening effect of ROA on firm value. The novelty of this study is that Covid-19 is treated not as an independent variable but as a moderating variable, and the data is quarterly. The results of this study have implications for companies to be able to anticipate the arrival of disease outbreaks because it dramatically affects the performance and value of the company. The influence of this plague can be debilitating or strengthening.

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Section: The Value Of the Companymentioning

confidence: 99%

COVID-19: really weakening the effect of financial performance on corporate value of consumer cyclicals?

Reschiwati,

Sayekti,

Resmi

2024

R. G. Secr.

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“…According to CBI data, Indonesia first issued Green bonds in 2007 for a total of USD 809 million. The Indonesian government's first Green Sukuk issue in 2018 was greater, reaching USD 1.25 billion [38].…”

Section: A Historical Analogy Of Green Sukuk Potential Based On World...mentioning

confidence: 99%

The Role of Green Sukuk (Islamic Bonds/ Shariah-Compliant Bonds) in Enhancing Indonesia Economic Development Strategy in The New Normal Era

Sisdianto,

Robiansyah

et al. 2024

KSS

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This study aims to determine the significance of Green Sukuk in enhancing Indonesia’s economic development strategy in the new normal era. - The method employed was quantitative with forecasting. Furthermore, the researchers employed the least squares quantitative and historical analogy qualitative techniques. The study’s findings indicate Green Sukuk’s role in boosting Indonesia’s economic development plan in the new normal era. The implications of the study are likely to add to the body of knowledge linked to the function of Green Sukuk in enhancing Indonesia’s economic growth strategy in the new normal era. Increasing the number of issuances and contributions of State Sukuk (Islamic bonds/ shariah-compliant bonds) to APBN funding, with an annual average of roughly 30% of total Government Securities (SBN) financing. To the best of the researchers’ knowledge, this is one of the first attempts to empirically study the function of Sukuk in boosting Indonesia’s economic development strategy in the new normal era. Keywords: Green Sukuk, Development Strategy, Indonesian Economy, and the New Normal Era

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“…Furthermore, investors have recognized the strength of SSS, particularly retail Sharia securities that are easily accessible through online platforms, offering attractive and competitive coupon rates. Retail Sharia securities provide a safe, liquid, and affordable investment option (Muchtar, 2021).…”

Section: Introductionmentioning

confidence: 99%

The Effect of Macroeconomics and the State Budget on State Sharia Securities in Indonesia

Gumansari

Huda

2023

SJEKI

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This study aims to investigate the impact of various macroeconomic indicators and the State Budget on State Sharia Securities (SSS) in Indonesia. It employed secondary data from the first to the fourth quarter of 2022 and analyzed using the PLS-SEM (Partial Least Squares - Structural Equation Modeling) method, which allowed for estimating the multiple relationships between dependent and independent constructs. The findings reveal significant direct or indirect effects of macroeconomic indicators, represented by inflation rates, real GDP, benchmark interest rates, and oil commodity prices, had a significant direct or indirect effect on SSS. Furthermore, the State Budget, as reflected by tax revenue and government foreign debt with a remaining time of ≤ 1 year, exhibited a significant positive impact on the volume of SSS issuance and outstanding. It is important to note that macroeconomic indicators were found to have a significant negative effect on the State Budget, highlighting the interplay between these variables. The predictive value of the model employed in this study demonstrates its relevance in elucidating the underlying patterns in the data. These findings have valuable implications for policymakers, providing them with essential insights for the effective management of SSS as a prominent Islamic public financing instrument in Indonesia. They are advised to maintain continuous monitoring of both macroeconomic indicators and the State Budget to identify necessary changes related to the volume of SSS issuance.========================================================================================================ABSTRAK – Pengaruh Indikator Makroekonomi Dan APBN Terhadap SBSN. Penelitian ini bertujuan untuk menganalisis pengaruh indikator makroekonomi dan Anggaran Pendapatan dan Belanja Negara (APBN) terhadap Surat Berharga Syariah Negara (SBSN) di Indonesia. Penelitian menggunakan data sekunder periode triwulan I/2012 sampai dengan triwulan IV/2022. Analisis data dilakukan dengan menggunakan metode PLS-SEM (Partial Leased Square - Structural Equation Modeling) untuk mengestimasi hubungan antar variabel yang bersifat multiple relationship antara konstruk dependen dengan indipenden. Hasil kajian menunjukkan bahwa indikator makroekonomi yang diwakili oleh tingkat inflasi, PDB riil, suku bunga acuan dan harga komoditas minyak memiliki pengaruh signifikan baik langsung maupun tidak langsung terhadap SBSN. Kemudian APBN yang diwakili dengan penerimaan pajak dan utang luar negeri pemerintah yang memiliki jangka waktu sisa £ 1 tahun memiliki pengaruh positif yang signifikan terhadap volume penerbitan/outstanding SBSN. Selanjutnya, indikator makroekonomi diketahui memiliki pengaruh signifikan negatif terhadap APBN. Model yang digunakan dalam penelitian ini memiliki nilai prediktif yang relevan untuk menjelaskan informasi yang ada dalam data penelitian. Implikasi hasil penelitian memberikan masukan bagi pembuat kebijakan dalam mengelola SBSN sebagai salah satu intrumen pembiayaan keuangan publik Islami di Indonesia untuk melakukan pemantauan berkelanjutan atas indikator makroekonomi dan APBN sehingga dapat mengidentifikasi perubahan yang perlu dilakukan terkait dengan volume penerbitan SBSN.

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Opportunities and Challenges of Retail Sovereign Sukuk Issuance: Lessons from Twelve Years’ Experience

Cited by 4 publications

References 19 publications

COVID-19: really weakening the effect of financial performance on corporate value of consumer cyclicals?

COVID-19: really weakening the effect of financial performance on corporate value of consumer cyclicals?

The Role of Green Sukuk (Islamic Bonds/ Shariah-Compliant Bonds) in Enhancing Indonesia Economic Development Strategy in The New Normal Era

The Effect of Macroeconomics and the State Budget on State Sharia Securities in Indonesia

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