Efisiensi Emiten Properti dan Real estate yang Terdaftar di Indeks Saham Syariah Indonesia Tahun 2016-2020
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Keywords:
Data Envelopment Analysis, efficiency, property and real estate issuers, tobit regression model
Abstract
This study aims to analyze the efficiency of property and real estate issuers listed in the Indonesia Sharia Stock Index (ISSI) during 2016-2020 period and the factors that influence it. In the first stage, the researcher analyzes the efficiency value of property and real estate issuers using Data Envelopment Analysis (DEA) method. In the second stage, the researcher analyzes the factors that influence the efficiency value of property and real estate issuers by using tobit regression. There are 16 issuers used in this study. The results showed that none of the issuers consistently achieved the perfect technical efficiency score (the efficiency score is equal to 1) during the study period. The same thing happened to the pure technical efficiency analysis and the efficiency scale results. The results of the tobit model regression showed that the Return on Assets (ROA) has significant positive effect and the exchange rate (LNKURS) has significant negative effect on the efficiency value of property and real estate issuers. Meanwhile, the Debt to Asset Ratio (DAR), company size (LNSIZE), and interest rate (BIRATE) do not have significant effect on the efficiency of property and real estate issuers.
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Widhiatmoko, Sidharta Wisnu, and Vaya Juliana Dillak. “Pengaruh Inflasi, Kurs Valuta Asing, Dan Tingkat Suku Bunga SBI Terhadap Return Saham (Studi Pada Perusahaan Sektor Properti Yang Terdaftar Di Bursa Efek Indonesia Tahun 2013-2016).” In EProceedings of Management. Telkom University, 2018.
Xu, Zhi, and Ping Shi. “Evaluation of Relative Efficiency of Science and Technology Input in China Based on DEA.” Studies in Science of Science 23, no. 4 (2005): 481–84.
Ambrose, Brent W., Michael J. Highfield, and Peter D. Linneman. “Real Estate and Economies of Scale: The Case of REITs.” Real Estate Economics 33, no. 2 (2005): 323–50. doi:10.1111/j.1540-6229.2005.00121.x.
Assaf, A. George, Carlos Barros, and Ricardo Sellers-Rubio. “Efficiency Determinants in Retail Stores: A Bayesian Framework.” Omega 39, no. 3 (2011): 283–92. doi:10.1016/j.omega.2010.07.005.
Atta Mills, Ebenezer Fiifi Emire, Mavis Agyapomah Baafi, Fangbiao Liu, and Kailin Zeng. “Dynamic Operating Efficiency and Its Determining Factors of Listed Real-Estate Companies in China.” International Journal of Finance and Economics, no. June (2020): 1–25. doi:10.1002/ijfe.1965.
BEI. “Klasifikasi Industri Baru BEI (IDX Industrial Classification),” 2021. https://www.idx.co.id/.
———. “Panduan IDX Industrial Classification,” 2021. https://www.idx.co.id/.
BI. “Asesmen Transmisi Suku Bunga Kebijakan Kepada Suku Bunga Dasar Kredit Perbankan,” 2021. https://www.bi.go.id/.
———. “Survei Harga Properti Residensial Triwulan III-2020,” 2020. https://www.bi.go.id/.
BPS. “Produk Domestik Bruto Indonesia Triwulanan 2016-2020,” 2020. https://www.bps.go.id.
Bursa Efek Indonesia. “Laporan Informasi Atau Fakta Material Dampak Pandemi COVID-19 LPCK,” 2020. https://www.idx.co.id/.
———. “Laporan Informasi Atau Fakta Material Dampak Pandemi COVID-19 PWON,” 2020. https://www.idx.co.id/.
Chen, Qiting, and Fengdan Li. “Empirical Analysis on Efficiency of Listed Real Estate Companies in China by DEA.” IBusiness 09, no. 03 (2017): 49–59. doi:10.4236/ib.2017.93004.
Cooper, William W, Lawrence M Seiford, and Kaoru Tone. Introduction to Data Envelopment Analysis and Its Uses: With DEA-Solver Software and References. 1st ed. New York: Springer, 2006. doi:10.1007/0-387-29122-9.
Kasmir. Analisis Laporan Keuangan. Jakarta: RajaGrafindo Persada, 2012.
Kusumo, Wilyanto Kartiko, and Abdul Karim. “Analisis Efisiensi Perbankan Syariah Dengan Metode Stochastik Frontier Approach (SFA) : Studi Kasus Pada Bank Umum Syariah, Unit Usaha Syariah Dan Layanan Syariah (Offece Chanelling) Di Indonesia.” SOLUSI 13, no. 2 (2014): 123–51.
Lieu, Pang Tien, Tsai Lien Yeh, and Yung Ho Chiu. “Off-Balane Sheet Activities and Cost Inefficiency in Taiwan’s Banks.” Service Industries Journal 25, no. 7 (2005): 925–44. doi:10.1080/02642060500134196.
Mirghaderi, S A H, A Sheikh Aboumasoudi, Najafabad Branch, Received January, and Accepted June. “The Ranking of Financial Efficiency of Companies Accepted in Stock Exchange of Tehran between 2013 to 2016 through Financial Ratio Approach and Using DEA” 5, no. 3 (2017).
Ni, Soh Wei, Annuar Md Nassir, and Cheng Fan FAH. “Cash and Profit Efficient in Malaysia and South Korea Listed Company Using Non-Parametric DEA Method and Parametric Regression Method.” International Journal of Economics and Management 12, no. Special Issue 2 (2018): 711–29.
OJK. “Peraturan Otoritas Jasa Keuangan Nomor 35/POJK.04/2017 Tentang Kriteria Dan Penerbitan Daftar Efek Syariah,” 2017.
———. “Peraturan Otoritas Jasa Keuangan Nomor 17/POJK.04/2015 Tentang Penerbitan Persyaratan Efek Syariah Berupa Saham Emiten Syariah,” 2015.
Purohit, Brijesh C. “Sustainability and Efficiency of Microfinance Institutions in South Asia.” Theoretical and Applied Economics XXV, no. 4 (2018): 97–120.
Rakhmat, Adrianna Syariefur. “Variabel Makroekonomi Sebagai Determinan Saham Properti.” JSMA (Jurnal Sains Manajemen & Akuntansi) 12, no. 1 (2020): 37–53.
Sabiti, Mustica Bintang, Jaenal Effendi, and Tanti Novianti. “Efisiensi Asuransi Syariah Di Indonesia Dengan Pendekatan Data Envelopment Analysis.” Al-Muzara’ah 5, no. 1 (2018): 69–87. doi:10.29244/jam.5.1.69-87.
Soetanto, Tessa V., and Liem Pei Fun. “Performance Evaluation of Property and Real Estate Companies Listed on Indonesia Stock Exchange Using Data Envelopment Analysis.” Jurnal Manajemen Dan Kewirausahaan 16, no. 2 (2014): 121–29. doi:10.9744/jmk.16.2.121-130.
Sufian, Fadzlan, and Muzafar Shah Habibullah. “Developments in The Efficiency of The Thailand Banking Sector: A DEA Approach.” International Journal of Development Issues 9, no. 3 (2010): 226–45. doi:10.1108/14468951011073316.
Suyati, Sri. “Pengaruh Inflasi,Tingkat Suku Bunga Dan Nilai Tukar Rupiah/US Dollar Terhadap Return Saham Properti Yang Terdaftar Di Bursa Efek Indonesia.” Serat Acitya-Jurnal Ilmiah UNTAG Semarang 4, no. 3 (2015): 70-86 ISSN: 2302-2752.
Triyono. “Pengembangan Perusahaan Pada Era Krisis Ekonomi Berkepanjangan.” Jurnal Ekonomi Dan Bisnis 2, no. 1 (2005): 1–10.
Warjiyo, Perry. Bank Indonesia Bank Sentral Republik Indonesia : Sebuah Pengantar. Edited by J.D. Parera. Bank Indonesia. 1st ed. Jakarta: Pusat Pendidikan dan Studi Kebanksentralan (PPSK) BI, 2004.
———. Mekanisme Transmisi Kebijakan Moneter di Indonesia. Jakarta: Pusat Pendidikan dan Studi Kebanksentralan (PPSK) BI, 2004.
Wibowo, Edi. “Analisis Penentuan Saham Yang Akan Dibeli Suatu Tinjauan Umum.” Jurnal Ekonomi Dan Kewirausahaan 11, no. 1 (2011): 151–58.
Widhiatmoko, Sidharta Wisnu, and Vaya Juliana Dillak. “Pengaruh Inflasi, Kurs Valuta Asing, Dan Tingkat Suku Bunga SBI Terhadap Return Saham (Studi Pada Perusahaan Sektor Properti Yang Terdaftar Di Bursa Efek Indonesia Tahun 2013-2016).” In EProceedings of Management. Telkom University, 2018.
Xu, Zhi, and Ping Shi. “Evaluation of Relative Efficiency of Science and Technology Input in China Based on DEA.” Studies in Science of Science 23, no. 4 (2005): 481–84.
Published
2021-09-14
How to Cite
Fresma Sari, Indah, and Jaenal Effendi. 2021. “Efisiensi Emiten Properti Dan Real Estate Yang Terdaftar Di Indeks Saham Syariah Indonesia Tahun 2016-2020”. Shafin: Sharia Finance and Accounting Journal 1 (2), 77-97. https://doi.org/10.19105/sfj.v1i2.4747.
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