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All Journal Global Review of Islamic Economics and Business AKUNSIKA: Jurnal Akuntansi dan Keuangan
Syamsul Arifin
IAIN Pekalongan
Economics, Econometrics & Finance

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Quantitative Sharia-Screening Effect on Portfolio Performance and Volatility: Evidence from Indonesia Syamsul Arifin; Ibnu Qizam
Global Review of Islamic Economics and Business Vol 9, No 1 (2021)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/grieb.2021.091-04

Abstract

The aim of this study is to examine the comparative performance and volatility between Sharia and conventional portfolios listed on the Indonesia Stock Exchange (IDX) and to investigate the effect of quantitative (debt-ratio) screening on the Sharia-and-conventional-portfolios returns specifically applied in the selected public firms with the inter-industrial low-correlations. Applying a non-parametric test, the autoregressive integrated moving average (ARIMA) model, and the regression analysis, the results suggest that there is no difference in performance between Sharia and conventional portfolios; Sharia portfolios show the lower risks than conventional portfolios. Using quantitative Sharia-screening, the debt-to-equity ratio (DER) affects Sharia-portfolio returns, but not conventional-portfolio returns. This study contributes to providing country-specific evidence on applying quantitative Sharia-screening. Taking notice of the existing high-profile debt-ratio and applying the relatively loose standard of quantitative Sharia-screening for the public firms in Indonesia, this suggests that a country-specific quantitative Sharia-screening standard should be supported.
Analisis Dana Kampanye Calon Terpilih Anggota Dewan Perwakilan Daerah (DPD) pada Pemilu Serentak 2019 Novendi Arkham Mubtadi; Syamsul Arifin
AKUNSIKA: Jurnal Akuntansi dan Keuangan Vol 1, No 2, Juli 2020
Publisher : Jurusan Akuntansi Politeknik Negeri Ujung Pandang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (42.754 KB) | DOI: 10.31963/akunsika.v1i2.2100

Abstract

This article wants to answer about how the amount and nominal budget of elected DPD candidates can be utilized for the effort to win seats for each elected candidate. This study takes a sample of all members of the DPD elected from the existing participation of 34 provinces in Indonesia. The type of data taken in the form of secondary data downloaded from the official KPU website consists of a Report on the Revenue and Expenditure of Campaign Funds. Based on the results of this study, there are two interesting things related to the funding of the DPD in the 2019 Concurrent Elections ago. First, there is no strong relationship when the campaign budget is large. The pair of elected DPD candidates can win seats at a relatively small campaign cost. Second, the amount and amount of campaign costs incurred by prospective DPD members varies. The campaign expenses spent by Adilla Azis from East Java amounted to IDR 75,000. Meanwhile, Jimly As-Shiddiqie from DKI Jakarta spent the largest cost of IDR 1,908,605,402. The average selected candidate issues an average price range of IDR 400 million with an average cost/vote of IDR 3,500. 
Co-Authors Ibnu Qizam Novendi Arkham Mubtadi