Perubahan Capital Aset Pricing Model, Risiko, dan Efisiensi: Triger Unit Asuransi Full-Pledge Syariah

Authors

  • Erny Arianty Polytechnic of State Finance STAN, Indonesia
  • Abdul Ghoni Universitas MUhammadiyah Jakarta, Indonesia

DOI:

https://doi.org/10.29040/jiei.v10i1.12235

Keywords:

Abid, A., & et.al. (2022). Is bank risk appetite relevant to bank default in times of Covid-19? Central Bank Review 22 (2022) 109e117. Al Alif, & Deviant. (2017). Metode Spin-Off dan Tingkat Profitabilitas_Studi paCAPM, risk, efisiensi, insurance, sharia

Abstract

Abstract This research aims to analyze changes in capital asset values, risk levels, and efficiency as triggers for sharia insurance units to immediately provide full sharia guarantees. The method used is a quantitative method using financial ratios, Capital Asset Price Model (CAPM), and Financial Ratios. CAPM is used to find stock returns, financial ratios for risk and level of return. The results show that there is a change in PT JMAS stock returns which shows a decline in value. Regarding risk mitigation, the third company demonstrated effective risk control. Jasindo is bolder in taking premium risks, but the company has a strategy to increase the percentage of claims that become liabilities to reinsurance companies. In contrast to the Askrida sharia which is more careful in choosing premiums with high risks, this results in claims values that are relatively low and continue to decline. Finally, only the Askrida Syariah company shows a stable value even though the size is not yet significant. ROA growth at Jasando Syariah is less stable in maintaining returns from the use of its assets. There were less stable changes in ROA during 5 periods, 2017, 2018, 2019, 2021 and 2022..

References

Abid, A., & et.al. (2022). Is bank risk appetite relevant to bank default in times of Covid-19? Central Bank Review 22 (2022) 109e117.

Al Alif, & Deviant. (2017). Metode Spin-Off dan Tingkat Profitabilitas_Studi pada Bank Umum Syariah Hasil Spin-Off. Iqtishadia, Vol 10(1).

Al Arif, & Dewanti. (2017). Metode Spin-off dan Tingkat Profitabilitas_Studi pada Bank Umum Syariah Hasil Spin-off. Iqtishadia, Vol 10(1).

AL Arif, M. (2015). Keterkaitan Kebijakan Pemisahan Terhadap Tingkat Efisiensi pada Industri Perbankan Syariah di Indonesia. Jurnal Keuangan dan Perbankan, Vol.19(2): 295–304.

Al Arif, M. (2018). Evaluation of the Spinoffs Criteria_A Lesson from The Indonesian Islamic Banking Industry. Iqtishadia, Vol. 11 (1).

Al Arif, M. (2018). Evaluation of the Spinoffs Criteria_A Lesson from The Indonesian Islamic Banking Industry. Iqtishadia, Vol. 11 (1).

Al Arif, M. R., & et.al. (2020). Market Structure, SPin-Off and Efficiency: Evidence From Indonesian Islamic Banking Industry. Emerging Markets FInance and Trade, 56 issue 2.

Al. Arif, M. (2020). Market Structure, Spin-Off, and Efficiency: Evidence from Indonesian Islamic Banking Industry. Emerging Markets, Finance, and Trade, 56 (2), 329-337.

Arianty, E., & Ghoni, A. (2022). The Spin-off Effectivity in Sharia Insurance Industry in Indonesia: Efficiency and Criteria SPin-off Analysis. Jurnal Ekonomi dan Bisnis Syariah

Arianty, E., & Ghoni, A. (2023). Pemilihan Model Implementasi Spin-Off Unit Usaha Asuransi Syariah Di Indonesia Dengan Model Ahp. Jurnal Ilmiah Ekonomi Islam, Vol. 9 (1).

Arianty, E., Nafis, C., & Ghoni, A. (2023). How to Increase the Accountability of Cash Waqf Linked Sukuk: Maqāṣid Asy-syarī‘ah Approach. Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics), 1-20.

Arianty, E., Utami, T., Yustiani, S., & Haniyah, R. (2023). The case study of the sharia insurance industry: how far is the spin-off policy being effectively implemented in Indonesia? Journal of Islamic Accounting and Business Research , Emerald Publishe.

Arja'i, M., & Qudratullah, M. (2013). Analisis Portofolio Optimal Saham Syariah Menggunakan Multi Index Models . JURNAL FOURIER Vol. 2, No. 2 105-111.

Baghdadabad, M. R. (2014). An extensile method on the. International Journal of Managerial Finance Vol. 10 No. 1 Emerald Group Publishing Limited 1743-9132, pp. 54-72.

Bagus, P. (2019). Kebijakan Spin-off dan Efisiensi Perbankan Syariah di Indonesia. Ihtifaz: Journal of Islamic Economics, Finance, and Banking, Vol. 2 (1).

Cristo, D., & R.W, F. (2006). Spinoffs and Carveouts: Some Factors Leading to Successful Divestiture. Competition Forum, Vol. 4, 2.

Febrianto, I., & Rachman, A. (2016). Islamic Capital Asset Pricing Model: A Comparative Analysis. Jurnal Ilmiah ESAI Volume 10 nomor 1.

Fitriyani, T. (2018). Optimalisasi Kinerja Unit Asuransi Syariah menghadapi kebijakan spin-off. Skripsi. Universitas Islam Negeri Jakarta.

Ghoni, A., & Arianty, E. (2021). The Impact of Spin-off Policy on the Efficiency of Sharia Insurance in Indonesia using DEA approach. Journals of Islamic Economics, LARIBA, Vol 7 (1).

Gusni, & Riantan, S. (2017). PENGGUNAAN ARBITRAGE PRICING THEORY UNTUK MENGANALISIS RETURN SAHAM SYARIAH. Ultima Management Vol. 9 No.1.

Hagedoorn, J., Lokshin , B., & Malo, S. (2019). Alliances and the innovation performance of corporate. Small Bus Econ, 50:763–781.

Halai, T. (2015). Parent company influence on spin-off performance. Thesis. University Fernando Pessoa.

Hamid, A. (2015). The Impact of SPin-Off Policy to The Profitability. Al-Iqtishad:, Vol. VII .

Hanif, M., & et.al. (2019). Risk and returns in Shari’ahcompliant cross-section stocks: evidence from an emerging market. Journal of Islamic Accounting and Business Research Vol. 10 No. 5,.

Haniyah, Rizqi, Arianty, E., & Yustiani, S. (2022). Profitabilitas dan Pertumbuhan Aset Perusahaan Asuransi Syariah di Indonesia yang Melaksanakan Spin-off. BALANCE VACATION ACCOUNTING JOURNAL .

Hollowell, B. (2009). The Long-Term Performance of Parent Firms and Their Spin-offs. The International Journal of Business and Finance Research, Vol 3(1). Susquehanna University.

Kiswanto, B. (2012). Spin Off Unit Usaha Syariah (UUS), Kendala dan Strategi Penyelesaiannya. (Makalah Tidak Dipublikasikan). Jakarta: Bank Indonesia.

Nasution, L. (2019). Strategi Spin Off Bagi Pengembangan Keuangan Syariah: Tinjauan Pada Kasus Asuransi Syariah. Jurnal Dinamika Ekonomi Pembangunan (JDEP), Vol 2 (2): 213-226.

Nguye, Q., & Dang, V. (2022). The impact of risk governance structure on bank risk management effectiveness: evidence from ASEAN countries. Heliyon 8 e11192 journal homepage: www.cell.com/heliyon.

Niswati, Z. (2014). Analisis perbandingan efisiensi bank syariah di Indonesia dengan metode data envelopment analysis (DEA). Jurnal Fakultas Ekonomi UNDIP, 80-116.

Nurfadilah, D., & Samidi, S. (2019 ). ANALISA DAMPAK SEBELUM DAN SESUDAH SPIN-OFF PADA PROFITABILITAS: STUDI KASUS PADA UNIT USAHA SYARIAH DI INDONESIA . Jurnal Ekonomi dan Industri , Volume 20 (2).

Nurhayat, T. (2021). Peramalan Bisnis Unit Usaha Syariah PT ABC dalam Tantangan Spin Off. Ad-deenar. Jurnal Ekonomi dan Bisnis Islam ., Vol 5 (2).

Rakhmawati, T. (2017). Pengukuran efisiensi di instansi pemerintah dengan metode data envelopment analysis (DEA) untuk mendukung reformasi birokrasi. LIPI Press.

Rizqulloh. (2013). Pemilihan Metode Spin-Off Unit Usaha Sayriah Bank Umum Konvensional Menjadi Bank Umum Syariah di Indonesia. (Disertasi Tidak, Jakarta: IEF Trisakti.

Sadaa, A. M., & et.al. (2023). Corporate governance as antecedents and financial distress as a consequence of credit risk. Evidence from Iraqi banks. Journal of Open Innovation: Technology, Market,and Complexity 9 100051.

Shaikh, S., & et.al. (2019). Cross section of stock returns on Shari’ah- compliant stocks: evidence from Pakistan. International Journal of Islamic and Middle Eastern Finance and Management Vol. 12 No. 2.

Sihombing, N., & Yahya, M.R. (2016). Pengaruh Kebijakan Spin-off BOPO DPK dan NPF Terhadap Profitabilitas Perbankan Syariah di Indonesia. Jurnal Ilmiah Mahasiswa Ekonomi Akuntansi (JIMEKA), Vol. 1(2): 127-137.

Suma, M. (2020). Asuransi syariah di Indonesia : telaah teologis, historis, sosiologis, yuridis, dan futurologis . Jakarta: Amzah.

Taga, A., Nawawi.K, & Kosim, A.M. (2010). Perkembangan Perbankan Syariah Sebelum dan Sesudah Spin-off. Tafaqquh, Jurnal Hukum Ekonomi Syariah dan Ahwal Syahsiah.

Udin. (2010). Corporate Spin-Offs and Shareholders' Value Evidence from Singapore. The International Journal of Business and Finance Research. University of Southampton.

Waskin et.al. (2021). Business Srategy Analysis for Spin-Off and Islamic Banking Growth: Canvas Business Model Approach. International Journal of Educational Research & Social Sciences.

Yustiani, S., & et.al. (2022). Evaluasi Kriteria Spin-off: Proyeksi Nilai Kecukupan Dana Tabarru Industri Asuransi Syariah Pendekatan ARIMA. Jurnal Ilmiah Manajemen Fakultas Ekonomi (JIMFE).

Downloads

Published

09-03-2024

How to Cite

Arianty, E., & Ghoni, A. (2024). Perubahan Capital Aset Pricing Model, Risiko, dan Efisiensi: Triger Unit Asuransi Full-Pledge Syariah. Jurnal Ilmiah Ekonomi Islam, 10(1), 498–510. https://doi.org/10.29040/jiei.v10i1.12235

Issue

Vol. 10 No. 1 (2024): JIEI : Vol.10, No.1, 2024

Section

Articles

Citation Check

License

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

Similar Articles

1 2 3 4 5 6 7 8 9 10 > >> 

You may also start an advanced similarity search for this article.