The Influence of Investment, Debt, and Dividend Policies on the Stock Return of Shariah Compliant Companies in Indonesia (ISSI)

Haron, Razali; Siraj, Mukhtar Arif

doi:10.14421/grieb.2021.092-06

Cited by 3 publications

(2 citation statements)

References 17 publications

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“…Teori yang dikemukakan oleh Harrod dan Domar menyatakan bahwa tingkat pertumbuhan ekonomi sangat bergantung kepada tingkat investasi. Semakin tinggi tingkat investasi, semakin tinggi pula tingkat pertumbuhan ekonomi yang akan dicapai (Razali Haron, 2021). Investasi yang mampu mendorong pertumbuhan tidak hanya berasal dari tabungan domestik.…”

Section: Teori Investasiunclassified

Analisis Kontribusi Pendapatan Sektor Pariwisata terhadap Produk Domestik Regional Bruto (PDRB) di Kabupaten Simalungun

Batubara¹,

Nasution²

2023

reslaj

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This study aims to determine and analyze the contribution of tourism sector revenue to regional gross domestic product in Simalungun Regency. The type of research used is this research, namely qualitative research. Types and sources of data using a qualitative approach with secondary data obtained from the Central Statistics Agency of Simalungun Regency. The results showed that the occupancy rate of star hotel rooms and other inns in Simalungun Regency increased to 27.93 percent in 2018. Thereafter it has decreased every year from 2019 to 2021 to 18.02 percent. The number of hotels and other lodgings in Simalungun Regency in 2021 is 74. The number of hotel rooms and other lodgings in Simalungun Regency in 2021 is 1,891 rooms. The number of beds in hotels and other inns in Simalungun Regency in 2021 is 2,859 beds. The average length of stay for foreign guests in 2021 is 1.59 days while domestic guests are 1.14 days. Keywords: Simalungun Regency, Accommodation and Hotels

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Section: Teori Investasiunclassified

Analisis Kontribusi Pendapatan Sektor Pariwisata terhadap Produk Domestik Regional Bruto (PDRB) di Kabupaten Simalungun

Batubara¹,

Nasution²

2023

reslaj

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“…Indonesia is the country with the largest Muslim population in the world (Haron & Mukhtar, 2021) . This can be seen from Global Religious Futures data which shows that in 2020 Muslims in Indonesia will reach 229.6 million people or 87.2% of the total population of Indonesia (Kholisdinuka, 2021).…”

Section: Introductionmentioning

confidence: 99%

What Drives the Islamic Stock Market Price in Indonesia?

Munir,

Akbar,

Yuningsih

et al. 2023

Ekonomika Syariah

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<p>Saat ini, pasar modal syariah berkembang semakin pesat. Hal ini ditandai dengan munculnya berbagai indeks saham syariah termasuk Jakarta Islamic Index (JII). Pasar modal adalah lembaga keuangan yang berkontribusi dalam pengelolaan dana investasi, serta menjadi penggerak utama dalam sistem ekonomi. Namun, pasar modal syariah dalam beberapa dekade terakhir menunjukkan pergerakan yang fluktuatif, diduga ada faktor-faktor yang mempengaruhi pergerakannya. Tujuan dari penelitian ini adalah untuk mengkaji faktor-faktor yang mempengaruhi pergerakan Jakarta Islamic Index. Metode yang digunakan dalam penelitian ini adalah deskriptif kuantitatif dengan data time series tahun 2009-2021. Variabel independen dalam penelitian ini adalah ekonomi makro yang terdiri dari inflasi (INF), Indeks Produksi Industri (IPI), BI Rate, nilai tukar, dan Indeks Harga Saham Gabungan Indonesia (IHSG) sedangkan variabel dependennya adalah Jakarta Islamic Index (JII). Alat analisis yang digunakan dalam penelitian ini adalah Vector Error Correction Model (VECM). Hasil penelitian ini menunjukkan bahwa secara umum, dalam jangka pendek, pergerakan Indeks Saham Syariah yaitu Jakarta Islamic Index (JII) tidak banyak dipengaruhi oleh variabel makroekonomi. Sementara itu, dalam jangka panjang, pergerakan indeks saham syariah di Indonesia dipengaruhi oleh variabel makroekonomi.</p><em>Currently, the Islamic capital market is growing rapidly. This is marked by the emergence of various Islamic stock indices, including the Jakarta Islamic Index (JII). The capital market is a financial institution that contributes to the management of investment funds as well as being the main driving force in the economic system. However, the Islamic capital market in recent decades has shown fluctuating movements; allegedly, some factors affect its movement. The purpose of this study is to examine the factors that influence the movement of the Jakarta Islamic Index. The method used in this study is quantitative-descriptive with time series data from 2009 to 2021. The independent variable in this study is macroeconomics, consisting of inflation (INF), industrial production index (IPI), BI rate, exchange rate, and Indonesia Composite Stock Price Index (ICI), while the dependent variable is the Jakarta Islamic Index (JII). The analysis tool used in this study is the Vector Error Correction Model (VECM). The results of this study show that, in general, in the short term, the movement of the Sharia Stock Index, namely the Jakarta Islamic Index (JII), is not much influenced by macroeconomic variables. Meanwhile, in the long run, the movement of Islamic stock indices in Indonesia is influenced by macroeconomic variables.</em>

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Dividend policy and shareholders’ wealth. A comparative analysis of Shariah-compliant and noncompliant nonfinancial firms in Pakistan

Akbar,

Khan,

Haq

et al. 2023

JIABR

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Purpose The purpose of this study is to comparatively analyze the effect of dividend policy on shareholders’ wealth in Shariah-compliant (SC) and noncompliant (NC) nonfinancial firms in Pakistan. Design/methodology/approach All the nonfinancial firms listed on the Pakistan stock exchange have been taken as a sample for 2016–2021. The Karachi Meezan index screening criteria were applied to screen SC firms. Based on the BPLM and Hausman test results, the authors used the fixed-effect and pooled OLS model for SC and NC firms, respectively. The F-test was used to compare the effect of each dividend policy variable on shareholders’ wealth for both firm types. Findings The findings reveal that the dividend policy does affect the shareholders’ wealth in both firm types. Dividend per share (DPS), dividend yield (DY) and earnings per share significantly affect the shareholders’ wealth in SC firms. For NC firms, the dividend payout, DPS and DY are critical. Moreover, the F-test results show that the DPS, DY and leverage effect on the shareholders’ wealth significantly differ for both firm types. Research limitations/implications This study fills the research gap in the Pakistani context specifically as well as globally by providing important insights into the relationship between a firm’s dividend policy and shareholders’ wealth for SC and NC firms. In addition, this study comprehensively compares the results for both firm types, which is also lacking in the existing literature. Because this study is based in Pakistan, the generalizability of the results would be limited. Practical implications The findings of this study are helpful for the management of SC and NC firms in devising their dividend policies that can maximize their shareholders’ wealth. This study also provides guidance and knowledge to investors in choosing companies for their investments that can maximize their wealth. Originality/value To the best of the authors’ knowledge, this is the first study that analyzes the relationship between dividend policy and shareholders’ wealth for SC firms in Pakistan. It is also the first study that comprehensively compares the dividend policy relationship with shareholders’ wealth for SC and NC firms. In addition, using the F-test for joint hypotheses to compare the specific effect of each dividend policy variable is a methodological contribution of the study.

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The Influence of Investment, Debt, and Dividend Policies on the Stock Return of Shariah Compliant Companies in Indonesia (ISSI)

Cited by 3 publications

References 17 publications

Analisis Kontribusi Pendapatan Sektor Pariwisata terhadap Produk Domestik Regional Bruto (PDRB) di Kabupaten Simalungun

Analisis Kontribusi Pendapatan Sektor Pariwisata terhadap Produk Domestik Regional Bruto (PDRB) di Kabupaten Simalungun

What Drives the Islamic Stock Market Price in Indonesia?

Dividend policy and shareholders’ wealth. A comparative analysis of Shariah-compliant and noncompliant nonfinancial firms in Pakistan

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