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All Journal Jurnal Ekonomi, Bisnis dan Kewirausahaan (JEBIK) IQTISHADIA Indonesian Journal of Business and Entrepreneurship (IJBE) Jurnal Aplikasi Bisnis dan Manajemen (JABM) E-Journal IQTISHADIA: Jurnal Ekonomi & Perbankan Syariah Ziswaf : Jurnal Zakat dan Wakaf Jurnal Al-Qardh KOLEGIAL : Jurnal Manajemen, Bisnis, dan Akuntansi Jurnal Pajak Indonesia (Indonesian Tax Review) TAZKIR: Jurnal Penelitian Ilmu-ilmu Sosial dan Keislaman At-tijaroh: Jurnal Ilmu Manajemen dan Bisnis Islam Al-Masharif: Jurnal Ilmu Ekonomi dan Keislaman El-Barka: Journal of Islamic Economics and Business Iqtishadia: Jurnal Kajian Ekonomi dan Bisnis Islam AL-ARBAH: Journal of Islamic Finance and Banking Ar Rehla: Journal of Islamic Tourism, Halal Food, Islamic Traveling, and Creative Economy Relevance: Journal of Management and Business Journal Of Islamic Social Finance Management Ar Rehla: Journal of Islamic Tourism, Halal Food, Islamic Traveling, and Creative Economy
Utari Evy Cahyani
Universitas Islam Negeri Syeh Ali Hasan Ahmad Addary Padangsidimpuan
Religion Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Languange, Linguistic, Communication & Media Social Sciences Other

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Journal : IQTISHADIA

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Islamic Social Reporting and Financial Distress In List of Sharia Securities Cahyani, Utari Evy; Ardiansyah, Misnen; Sunaryati, Sunaryati
IQTISHADIA Vol 13, No 2 (2020): IQTISHADIA
Publisher : Ekonomi Syariah IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/iqtishadia.v13i2.7756

Abstract

The number of sharia-approved companies in the Indonesia Stock Exchange is growing rapidly. It is important to see how the social performance of these companies, using Islamic Social Reporting Index (ISR Index). Financial Distress as an early sign of a company’s failure is also important to study. This study examines the relation between ISR Index and financial distress in list of sharia securities. The control variables apply in this research are SIZE, ROA, CR, WCTR, DER, and RETA. By using a sample of 129 companies from financial statements and annual reports (2014-2018), three models were built with the Modified Altmans Z-Score, Ohlson O-Score and Zmijewski Zm-Score as a proxy of financial distress. Based on ISR index calculation, the theme of products and services has the highest disclosure score. The lowest disclosure score is corporate governance theme. Panel data regression results show that ISR Index affects financial distress in the Modified Altman’s model. It means the higher the ISR index value, the greater the likelihood of companies run into financial distress. Whereas in Ohlson’s and Zmijewski’s model, ISR Index has no effect on financial distress.
Islamic Social Reporting and Financial Distress In List of Sharia Securities Utari Evy Cahyani; Misnen Ardiansyah; Sunaryati Sunaryati
IQTISHADIA Vol 13, No 2 (2020): IQTISHADIA
Publisher : Ekonomi Syariah IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/iqtishadia.v13i2.7756

Abstract

The number of sharia-approved companies in the Indonesia Stock Exchange is growing rapidly. It is important to see how the social performance of these companies, using Islamic Social Reporting Index (ISR Index). Financial Distress as an early sign of a company’s failure is also important to study. This study examines the relation between ISR Index and financial distress in list of sharia securities. The control variables apply in this research are SIZE, ROA, CR, WCTR, DER, and RETA. By using a sample of 129 companies from financial statements and annual reports (2014-2018), three models were built with the Modified Altmans Z-Score, Ohlson O-Score and Zmijewski Zm-Score as a proxy of financial distress. Based on ISR index calculation, the theme of products and services has the highest disclosure score. The lowest disclosure score is corporate governance theme. Panel data regression results show that ISR Index affects financial distress in the Modified Altman’s model. It means the higher the ISR index value, the greater the likelihood of companies run into financial distress. Whereas in Ohlson’s and Zmijewski’s model, ISR Index has no effect on financial distress.
Co-Authors Ahmad Afandi Ahmad Afandi Ahmad Afandi Aisa Manilet Darwis Harahap Dia Purnama Sari Dia Purnama Sari Dia Purnama Sari Dia Purnama Sari Fitri Yani Lusi Yanti Itsla Yunisva Aviva Itsla Yunisva Aviva Itsla Yunisva Aviva Misnen Ardiansyah Misnen Ardiansyah, Misnen Rizal Ma'ruf Amidy Siregar Rodame Monitorir Napitupulu Rukiah Lubis Siregar, Fatahuddin Aziz Siswanto Masruri Siswanto Masruri Sunaryati Sunaryati Sunaryati Sunaryati Syafiq Mahmadah Hanafi Syafiq Mahmadah Hanafi Try Mahendra Siregar Zulaika Matondang