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All Journal IQTISHODUNA Management and Economics Journal (MEC-J) The Journal of Society and Media IQ (Ilmu Al-qur'an): Jurnal Pendidikan Islam
Muhammad Sulhan
Indraprasta PGRI University
Religion Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Languange, Linguistic, Communication & Media Social Sciences

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PENGARUH LEVERAGE, FINANCIAL DISTRESS DAN LIQUIDITY SEBAGAI PENGAMBILAN KEPUTUSAN HEDGING (Studi Kasus pada Perusahaan yang Terdaftar pada Bursa Jakarta Islamic Index Periode 2011-2015) Fatimia, Al; Sulhan, Muhammad
IQTISHODUNA IQTISHODUNA (VOL 12, NO: 2.
Publisher : Fakultas Ekonomi, UIN Maliki Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (347.627 KB) | DOI: 10.18860/iq.v12i2.3948

Abstract

Hedging is one alternative risk management to protect the assets of the company resulting from theforeign exchange risk. Hedging by using derivative instrumentis common ways that is used by the company.This study aimed to determine the effect of leverage, and liquidity of financial distress, both simultaneouslyand partially to the company’s decision to do hedging. The population in this study was a company in JakartaIslamic Index on the observation period of 2011-2015. The sampling technique used in this research waspurposive sampling method in order to obtain a sample of seven companies. The techniques in this studyused multiple regression analysis software of SPSS version 16. The results of this study that of the fourvariables used, there was one variable that affected the company to be used as a hedging decision making.Variable that affected the hedging activities was the current ratio, because if the value of the current ratio washigh then indicated that the liquid assets that was managed by the company was also high, so it needed toimplement a policy of hedging, quick ratio was getting the negative and significant, which meant that if thevalue of the variable quick ratio was low, then the company pushed for hedging, debt to equity ratio had nosignificant effect on hedging, this was because the company was using the rupiah currency to do debt,financial distress had no significant because the company was not experiencing the financial difficulties.
PENGARUH KINERJA KEUANGAN PERBANKAN BERDASARKAN ANALISIS CAMELS TERHADAP HARGA SAHAM DENGAN CSR SEBAGAI VARIABEL INTERVENING Sulhan, Muhammad; Halimah, Dewi Nur
IQTISHODUNA IQTISHODUNA (VOL 9, NO 2.
Publisher : Fakultas Ekonomi, UIN Maliki Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (279.531 KB) | DOI: 10.18860/iq.v9i2.3569

Abstract

" CAMELS method, as a standart of Bank of Indonesia to asses bank health, is employed to ratebanking health. Moreover, companies is eager to implement CSR program as a hidden way to attract publicattention. This study aims to identify and analyze the direct influence of financial ratios such as CAR, KAP,NPM, ROA, ROA and LDR on CSR and the direct influence of CAR ratio; KAP, NPM, ROA, BOPO, LDR andCSR on stock prices; and indirect influence of CAR, KAP, NPM, ROA, ROA and LDR ratios to the stock pricewith CSR as an intervening variable. The population in this study are 29 banks which has go public in theIndonesia Stock Exchange and the sample in this study are 10 banking companies. The results of the studywith 5% level of significance shows that 76.4% information contained in the data can be explained by themodel. While the diversity of the remaining 23.6% is explained by other variables. The result of partial assayshows that only ROA and LDR which have significant influence on CSR. In contrast, CAR, KAP, NPM, ROAand LDR have no significant influence on CSR. The partial influence of CAMELS on stock prices only CARand KAP which have no significant influence on the go public company’s stock price. While NPM, ROA,ROA, LDR and CSR have significant influence on the stock prices. And for the indirect influence, only ROAand LDR which have indirect influence on stock prices through CSR.
ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI PENGUNGKAPAN CSR DAN DAMPAKNYA TERHADAP NILAI PERUSAHAAN Sulhan, Muhammad
IQTISHODUNA IQTISHODUNA (VOL 10, NO 2.
Publisher : Fakultas Ekonomi, UIN Maliki Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (217.742 KB) | DOI: 10.18860/iq.v10i2.3219

Abstract

This research aims to analyze factors that affect the company’s CSR disclosure and to see theimpact of CSR on firm value. The population in this study are all companies listed on the Indonesia StockExchange (IDX) and samples are15 companies manufacturing. Analysis of the data used to test the firsthypothesis is linear multiple regression analysis is to look at the effect of profitability, leverage, institutionalownership, size, and slack resources on the disclosure of CSR, while to test the hypothesis that both areseeing the effect of CSR on firm value, then used a simple linear regression. The results of this study indicatethat the variable profitability, size, and slack resources have a significant impact on CSR. As for the variableleverage and institutional ownership has no significant effect on CSR. The last, variable CSR has a significantinfluenceon the firm value
RELASI SOSIAL DALAM PRAKTIK KEBIJAKAN CSR Widhagdha, Miftah Faridl; Wahyuni, Hermin Indah; Sulhan, Muhammad
The Journal of Society and Media Vol 3, No 1 (2019): Election & Politic in Society & Media
Publisher : Department of Social Science, Faculty of Social Science &Law, Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26740/jsm.v3n1.p105-125

Abstract

This research moved from the limited study of CSR (Corporate Social Responsibility) to beneficiary communities in Indonesia. The theory adapted in this study is the theory of social capital by Woolcock & Narayan. The research method in this study was qualitative with the interpretive descriptive approach of the Neuman model. This study examines forms of social capital in various forms of social relations. The results of this study indicate that there are various forms of social relations that exist in society, namely bonding, bridging and linking.relations Bonding show that intra-group bonds are important to consider in order to maintain group cohesiveness.relations Bridging show that ties between groups need to be built in order to establish cooperation between the target groups and other target groups. Whereasrelations linking indicate that there is a good impact for groups that have a closer relationship with higher power institutions. These results indicate that the three forms of social relations have an impact on the implementation of CSR in a company. This relationship is important to be maintained through communication activities aimed at development carried out through more intensive, open and participatory ways to create healthy and sustainable social relations.
TRANSAKSI VALUTA ASING (AL-SHARF) DALAM PERSPEKTIF ISLAM Sulhan, Muhammad
IQTISHODUNA IQTISHODUNA (Vol 4, No 2
Publisher : Fakultas Ekonomi, UIN Maliki Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (219.068 KB) | DOI: 10.18860/iq.v3i2.257

Abstract

The written text attempts to explain transactional problem (trade) foreign exchange of Islamic law trade. It is caused by the international trade phenomena that won’t be free from state currency one another as a payment tool in which accelerate the traffic of international trade activity.  The necessity of currency conversion in the international trade will bring up out of foreign exchange demand and supply in the foreign exchange market; it will cause foreign exchange trade transaction at last. Based on the variety of Islamic laws analysis, it is known that the foreign currency  trade practice (al-sharf) is allowed if done based on each other agreement and cash, not to have a speculation (undertake something hoping for the best), there is transactional needed or aware of (saving), and if the transaction done toward the same type of currency so, it must have the same value and if it’s different, it must be done using prevailed rate of exchange (kurs)  in the moment of transaction. The following types of foreign exchange transaction in the foreign exchange market, it is only spot transactional type allowed, meanwhile forward, swap, and option are forbidden because they aren’t cash and contain of maisir (speculation). Besides, the participants should pay more attention toward constrains of foreign exchange trade transaction and they should be able to avoid divergences that are forbidden in Islamic of syariah trade like extortionate, forcing and many others. In this case, these cause the transaction of foreign exchange trade is prohibited.
Analysis of The Impact of Financial Performance on Company Value with Corporate Social Responsibility and Good Corporate Governance as Moderating Variables Sulhan, Muhammad; Pratomo, Ahmad Sidi
MEC-J (Management and Economics Journal) Vol 4, No 2 (2020)
Publisher : Faculty of Economics, State Islamic University of Maulana Malik Ibrahim Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18860/mec-j.v4i2.8196

Abstract

Today every company is trying to maximize the value of its company. Disclosure of company information is expected to be able to maximize the value of the company, including Good Corporate Governance (GCG), Corporate Social Responsibility (CSR), Financial Performance of the Company. The purpose of this study is to find out that CSR and GCG as moderating variables can strengthen or weaken the significance of the effect of financial performance (profitability, size, leverage, slack resources, and institutional ownership) on company value. This type of research is explanatory research; the population in this study are all Pharmaceutical companies listed on the Indonesia Stock Exchange (IDX). Determination of the sample is done using the purposive sampling method. Data analysis uses Moderated Regression Analysis (MRA) with the help of SPSS software. The results of this study indicate. First, Financial Performance profitability, size, leverage, and slack resources have a significant effect on company value in pharmaceutical companies. Second, CSR and GCG variables can strengthen the influence of Financial Performance that is proxied by profitability, size, leverage, slack resources, and institutional ownership of company value in pharmaceutical companies listed on the IDX.
Konsep Kesetaraan Gender Perspektif Fatima Mernissi dan Implikasinya dalam Pendidikan Islam Afif, Nur; Ubaidillah, Asep; Sulhan, Muhammad
IQ (Ilmu Al-qur'an): Jurnal Pendidikan Islam Vol. 3 No. 02 (2020): IQ (Ilmu Al-qur'an): Jurnal Pendidikan Islam
Publisher : Fakultas Tarbiyah, Institut PTIQ Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37542/iq.v3i02.131

Abstract

Penulisan karya tulis ini bertujuan untuk setiap manusia memperoleh perlakuan yang sama, adil, dan merata dalam kehidupan kesehariannya didalam segi aspek apapun terlebih dalam dunia pendidikan. Dan juga menghapus ideologi patriarki yang mengaharuskan kedudukan laki-laki di atas perempuan. Dalam penelitian ini penulis mengunakan metode kualitatif deskriptif, di dalamnya penulis mencoba menjabarkan apa saja yang berkaitan dengan judul skripsi ini. Hasil dari penelitian ini dapat disimpulkan bahwa Fatima Mernissi memandang bahwa pendidikan adalah suatu tahap awal dalam pendidikan Islam. Dimana orang tua berperan sebagai guru pertama di rumah. Materi bahan pembelajaran maupun pengetahuan agama, kebudayaan dan adat istiadat sosial. Dalam hal ini Fatima menjelaskan bahwa antara kaum perempuan dan laki-laki, keduanya adalah seorang pendidik dan peserta didik, mereka semua mempunyai kesempatan belajar yang sama karena mereka memilki tanggung jawab yang sama. Hal tersebut sudah terjadi pada zaman Rasul, beliau tidak memecah belah umatnya hanya karena persoalan keagamaan dan keduniaan, seperti perkara sosial dan individual. Fatima memandang bahwa masalah perbedaan antara laki-laki dan perempuan itu akan terus ada tetapi dalam batas-batas kewajaran dan tanpa menghilangkan aspek kebebasan hak asasi yang melekat pada dirinya, serta tanggung jawab hak asasi individu aupun sosial.
Co-Authors AFIF, NUR Dewi Nur Halimah, Dewi Nur Fatimia, Al Hermin Indah Wahyuni Pratomo, Ahmad Sidi Ubaidillah, Asep Widhagdha, Miftah Faridl