Judul: Determinants of Firm Value in Shariah Financial Service Companies Listed on the Indonesia Stock Exchange (BEI) period 2018-2022
Abstrak: Aset keuangan syariah Indonesia mampu berkembang sangat pesat, dengan proporsi aset didominasi oleh sektor pasar modal syariah yakni pada produk saham syariah. Pasar kapitalisasi terbesar BEI adalah emiten saham sektor financials yang senilai 37,11% dari total kapitalisasi BEI. Tetapi, PT. Bank Syariah Indonesia Tbk, yang merupakan bank syariah dengan aset terbesar di Indonesia, hanya berada di urutan ke-29 dengan nilai 0,62%. Padahal secara kinerja keuangan bank umum syariah di Indonesia mampu bersaing, sehingga dapat menjadi alternatif investasi yang menarik bagi investor. Terdapat beberapa faktor yang dapat menjadi proyeksi nilai perusahaan yang dapat menjadi dasar justifikasi atas keputusan berinvestasi para investor. Oleh karena itu penelitian ini bertujuan untuk mengetahui determinan nilai perusahaan pada perusahaan sektor jasa keuangan syariah yang terdaftar di BEI periode tahun 2018-2022. Penelitian ini menggunakan variabel dependen Tobin’s Q dan variabel independen yakni, ROA, ROE, DAR, DER, firmsize, dan M-VAIC dan TATO sebagai instrumental variabel. Diolah menggunakan STATA dengan metode regresi data panel 2SLS. Hasil penelitian menunjukkan ROA, ROE, DAR, DER, firmsize secara simultan berpengaruh signifikan terhadap Tobin’s Q. Sedangkan secara parsial DER tidak berpengaruh signifikan dengan arah positif terhadap Tobin’s Q.
Keyword: instrumental variabel, leverage, profitabilitas, Tobin’s Q

Judul: Financial Ratio and Stock Price of JII70's Listed Companies for 2018-2020 period
Abstrak: Pasar modal syariah di Indonesia semakin berkembang selama 5 tahun terakhir. Salah satu instrumen dalam pasar modal syariah adalah saham syariah. Selama periode 2015-2020, jumlah emiten saham syariah terus bertambah. Indeks saham digunakan investor sebagai alat untuk memilih saham yang sesuai dengan kebutuhannya. BEI telah mengeluarkan tiga indeks saham syariah, dan yang terbaru adalah indeks JII70. Indeks saham adalah kumpulan statistik mengenai pergerakan harga dari sekumpulan saham yang dievaluasi secara berkala. Salah satu faktor yang mempengaruhi harga saham adalah rasio keuangan perusahaan. Tujuan penelitian ini adalah untuk menganalisis pengaruh faktor-faktor rasio keuangan seperti Current Ratio (CR), Debt to Equity Ratio (DER), Total Assets Turnover (TATO), Return on Equity (ROE) dan Earning per Share (EPS) terhadap harga saham perusahaan terindeks JII70. Penelitian ini menggunakan data sekunder berupa laporan keuangan perusahaan yang terindeks JII70 selama periode 2018-2020. Metode purposive sampling digunakan dalam menentukan sampel penelitian. Penelitian ini menggunakan metode analisis regresi data panel. Hasil dari penelitian ini menunjukkan bahwa variabel DER dan EPS berpengaruh secara signifikan terhadap harga saham, sedangkan variabel CR, TATO dan ROE tidak berpengaruh secara signifikan., Sharia capital market in Indonesia has been raising up tremendously for last 5 years. One of sharia capital market instrument is sharia stock. Around 2015-2020, the number of sharia stock issuer is increasing steadily. Stock index was used by investor to choose the right stock to fit their needs. BEI had already issued three sharia stock index, and the latest is JII70 index. Stock index is statistical data about many stock’s price change and evaluated periodically. One of many factors that influencing stock price’s change is financial ratio of the company. This study was conducted to analyze the influence of financial ratio factors such as Current Ratio (CR), Debt to Equity Ratio (DER), Total Assets Turnover (TATO), Return on Equity (ROE), and Earning per Share (EPS) to stock price in JII70’s listed companies. This study using secondary data such as financial report of JII70’s listed companies for 2018-2020 period. The purposive sampling method is used to determine research sample. This study used panel data regression analysis method. The result of this study showed that DER and EPS variables had significant effect on stock price, while CR, TATO and ROE variables had no significant effect.
Keyword: Financial Ratio, JII 70, Panel Data Regression, Sharia Stock, Stock Price

Judul: Growth, Concentration Chlorophyll-a, and Structure of Macroalgae Gracilaria edulis in the Culture Media Containing Copper
Abstrak: The physiological responses (specific growth rate, concentration of chlorophyll-a, morphological and anatomical structure of the vegetative cells) of the marine macroalga Gracilaria edulis at the different concentrations of copper (0.01 as control, 0.04, 0.06 and 0,5 ppm) delivered continuously for 28 days under controlled laboratory conditions were investigated. Result showed that the degree of copper toxicity depends on both factor the concentration and exposure time. Copper concentration and day of exposure decreased significantly the specific growth rate (SGR) of the Gracilaria edulis but only 0,5 ppm Cu decreased the chlorophyll-a content when compared to control. Of the various physiological end points measured, growth proved to be the most sensitive response than chlorophyll-a with reductions in specific growth rate (SGR). The reason for this could be related to a greater sensitivity of the enzymes involved in growth than those related to chlorophyll-a or a greater energy needs to maintain cellular integrity and metabolic processes under sublethal Cu stress. In all cases, the main effect on vegetative cells were structure changes in cortex and subcortex cells, compared to control, macroalgae exposed to copper showed depigmentation and blending in the lateral branches, heavy staining of the cell wall and severe damage of cell membrane, while the mucilage and the cell walls was densely fibrillar, thick and heavily stained, the cortex cell was clearly vacuolated, the presence of endophytic on the cell wall and endophytic spores in the mucilage. The presence vacuoles should be related to a metal immobilization mechanism, minimizing the Cu toxicity for cells. The epiphytic bacteria can act as a biofilter diminishing the availability of Cu for macroalgae accumulation.
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