VOLATILITAS PASAR MODAL SYARIAH DAN INDIKATOR MAKRO EKONOMI: Studi Banding Malaysia dan Indonesia

Muhammad Syafii Antonio

Hafidhoh

Hilman Fauzi

Department of Islamic Economics

TAZKIA University College of Islamic Economics

Abstract

This study attempts to examine the short-term and long-term relationship among selected global and domestic macroeconomic variables from each country (Fed rate, crude oil price, Dow Jones Index, interest rate, exchange rate and inflation). Two main indexes will be analyzed namely Jakarta Islamic Index (JII,) FTSE Bursa Malaysia Hijrah Shariah Index (FHSI). The methodology used in this study is vector error correction model (VECM) for the monthly data starting from January 2006 to December 2010. The result shows, all selected macroeconomic variable have significantly affect both Islamic stock market FHSI and JII, Analysis of FEVD (Forecast Error Variance Decomposition).The result also shows that the amount of influence of global and domestic macroeconomic variables on Islamic capital market volatility in Indonesia and Malaysia have different sequences. Volatility of JII is influenced by variables sequentially OIL, BIR, ERI, DOW, CPI and FED. While volatility of FHSI sequentially influenced by variables of FED, OIL, MYR, CPIM, DOW and ERM. Different result is due to two main factors: the difference macroeconomic stability and the amount of global intervention on the economy.

Kata Kunci: Islamic Stock Market, Islamic Index, VAR/VECM FTSE Bursa Malaysia Hijrah Shariah Index

Naskah lengkap Muhammad Syafii Antonio-Jurnal Liquidity STIEAD

PERFORMANCE OF FINANCIAL RATIO OF ISLAMIC AND CONVENTIONAL BANKING: COMPARATIVE STUDY

By Amrizal Mohammad Sumun
Cad PhD Faculty Economic and Muamalat, Universiti Sains Islam Malaysia,
As Lecturer Faculty Economic of Ahmad Dahlan College

Abstract

The article focuses to analyze finance ratio consist of: Return on assets (ROA), Return on Equity (ROE) Net Interest Margin (NIM) and Capital Adequacy Ratio (CAR) except Earnings before Interest Tax (EBIT). The research is conducted  to three conventional banking (BNI, Mandiri and BRI) and three Syariah banking ( Bank Muamalat Indonesia, Bank Mega Syariah and Bank Syariah Mandiri) for annual report periods 2007 to 2011. The result shows, the average increase Earnings before Interest Tax (EBIT) to conventional banking groups during period 2007 to 2011 are 1,91% while the average  Earnings before Interest Tax (EBIT) to syariah banking groups are 1.53%. The average of Return on assets (ROA) to conventional banking groups are 3.01% while the average Return on assets (ROA) to syariah banking groups are 1.99 %. The average of Return on Equity (ROE) to conventional groups is 24.19% while the average of Return on Equity (ROE) to syariah banking groups is 33.31%. The average of Net Interest Margin (NIM) to conventional banking groups during period 2007 t0 2011 are 7.08% while of Net Interest Margin (NIM) to syariah banking groups during period 2007 to 2011 are 8.14%. The average of Capital Adequacy Ratio (CAR) to conventional banking groups is 15.63% while the average of Capital Adequacy Ratio (CAR) to syariah banking groups during the period are 12.19%.

Key word:   Return on assets, Return on equity, Net interest margin, Capital adequacy ratio, Earnings before interest tax

Naskah lengkap Amrizal Jurnal Liquidity-STIEAD

PENGUJIAN EMPIRIS EFFICIENT MARKET HYPOTHESIS (EMH) DAN CAPITAL ASSET PRICING MODEL (CAPM)

Rafrini Amyulianthy

Fakultas Ekonomi Universitas Pancasila

 Asriyal

STIE Ahmad Dahlan Jakarta

 Abstract

As indicated, Efficient Market Hypothesis theory played an important role in evolution of accounting research. The conflict between the Efficient Market Hypothesis and hypotheses underlying many accounting prescriptions led to the introduction and popularization of positive theory and methodology in the accounting literature. This paper is to provide a clearer understanding of the factors anomalies encountered by experts during a test of the reliability Efficient Market Hypothesis and Capital Asset Pricing Model (CAPM) theories which proposed by Fama in 1970.

Kata Kunci: abnormal return, anomali pasar

Naskah lengkap Rafrini Amyulianthy Jurnal-Liquidity-STIEAD

PROFESIONALISME INTERNAL AUDITOR DAN INTENSI MELAKUKAN WHISTLEBLOWING

 Yusar Sagara
STIE Ahmad Dahlan Jakarta
Abstract

The purpose of this study was to determine the influence of the internal auditor’s professionalism to make whistle-blowing intentions. The values in the study are examined by multiple-regression. The results of these study indicate: (1) professionalism-dimensional internal auditor of community affiliation negatively influence whistle-blowing intentions; (2) professionalism internal auditors dimensions of social obligations negatively influence whistle-blowing intentions; (3) professionalism dimension of internal auditor dedication towards work negatively influence the conduct of whistle-blowing intentions; (4) professionalism internal auditors confidence in the rule itself or the community negatively influence whistle-blowing intentions; and (5) professionalism demands dimension of internal auditors to be independent positive influence on the intention of whistle-blowing.

Kata kunci: profesi, akuntan, internal auditor, regresi

Naskah lengkap Yusar Sagara Jurnal Liquidity-STIEAD

ANGGARAN PENJUALAN DAN PENGENDALIAN TINGKAT PRODUKSI: SIMULASI TEORITIK

Husnayetti

STIE Ahmad Dahlan Jakarta

Abstract

Budget is one of the tools for management in carrying out its functions, especially in the planning and controlling. With the formulation of the budget of a company, it can be used as a basis for assessing the performance of the company by the budgets prepared by the realization.

Kata kunci: estimasi, pengendalian

Naskah lengkap Jamaluddin Jurnal Liquidity-STIEAD

STANDARISASI BIAYA PRODUKSI TERHADAP TOTAL QUALITY CONTROL PADA PTP. PABRIK GULA TAKALAR

Jamaluddin

Fakultas Ekonomi

Universitas Muhammadiyah Makassar

Abstract

In planning the profit, understanding the relationship between the cost of profit, volume and profit are fundamental in its analysis. This study examines the standardization of the production costs of the company to increase quality control of PTP. Pabrik Gula Takalar. The results concluded that the cost of production on PTP. Sugar Factory Takalar can improve the expected of quality control. In addition, production quality control system implemented in the sugar processing is not been applied to the Statistical Quality Control.

Kata Kunci: mutu produk, produk cacat, Statistical Quality Control

Naskah lengkap Jamaluddin Jurnal Liquidity-STIEAD