Prospects for Increasing the Economic Independence of the Community Through the Red and White Cooperative  Based on Maqashid Sharia

Muslim Marpaung; Faisal; Muflihul Fadhil; Tedi Hermansyah

doi:10.60076/ijeam.v2i5.1769

Authors

Muslim Marpaung Politeknik Negeri Medan
Faisal Politeknik Negeri Lhokseumawe
Muflihul Fadhil Universitas Islam Negeri Sumatera Utara
Tedi Hermansyah Universitas Islam Negeri Sumatera Utara

DOI:

https://doi.org/10.60076/ijeam.v2i5.1769

Keywords:

Capital Structure, Profitability, Liquidity, Company Size, Stock Returns

Abstract

The purpose of this research is to examine the impact of capital structure, profitability, and liquidity on stock returns, taking into account company size as a moderating factor, in food and beverage firms listed on the Indonesia Stock Exchange (BEI) between 2019 and 2023. Data from the Indonesia Stock Exchange served as the foundation for this research. The sampling technique employed was purposive sampling. This research included a sample of 11 companies from the food and beverage sub-sector listed on the Indonesia Stock Exchange between 2019 and 2023, with a total of 55 companies. Moderated Regression Analysis (MRA), secondary data, and panel data regression analysis were the methods used. According to the findings of this study, capital structure has a positive and considerable impact on share returns, liquidity has a positive and significant impact on share returns, and profitability has no effect on share returns. The impact of profitability on stock returns is not greatly moderated (strengthened) by firm size

References

S. Nugroho and D. S. Wibowo, “Constitutional foundation of people-based economy in Indonesia,” Constitutional Review, vol. 6, no. 1, pp. 1–18, Jun. 2020, doi: 10.31078/consrev611.

M. A. Rahman, “Economic democracy and cooperative development in Indonesia,” Journal of Indonesian Economic Studies, vol. 55, no. 2, pp. 193–210, 2019, doi: 10.1080/00223344.2019.1596591.

R. H. Pratama, “Village cooperative as an instrument for rural economic empowerment,” Journal of Rural Development Policy, vol. 12, no. 3, pp. 245–260, 2021, doi: 10.22146/jrdp.2021.12345.

A. Nur, “Koperasi sebagai soko guru perekonomian nasional,” Jurnal Ekonomi Kerakyatan, vol. 4, no. 1, pp. 15–28, 2009, doi: 10.31227/osf.io/ekr123.

H. Rafsanjani, “Koperasi syariah dan keuangan inklusif,” Jurnal Masharif Al-Syariah, vol. 4, no. 2, pp. 145–158, 2022, doi: 10.30651/jms.v4i2.14501.

A. S. Rusydiana and A. Devi, “Developing sharia cooperative in Indonesia: ISM approach,” Economica: Jurnal Ekonomi Islam, vol. 9, no. 1, pp. 1–22, 2018, doi: 10.21580/economica.2018.9.1.2181.

M. Sharif, “Falah and human well-being in Islamic economics,” Journal of Islamic Economics, vol. 5, no. 1, pp. 45–60, 2012, doi: 10.52240/jie.v5i1.2012.

R. Bhinekawati and S. Suryono, “Maslahah performance based on maqasid shariah in cooperatives,” Jesya (Jurnal Ekonomi dan Ekonomi Syariah), vol. 5, no. 2, pp. 731–742, 2022, doi: 10.36778/jesya.v5i2.731.

A. H. Kamali, “Cooperation and justice in the Qur’anic worldview,” Journal of Islamic Thought, vol. 14, no. 2, pp. 219–235, 2019, doi: 10.54045/jit.v14i2.219.

S. Suryanto and R. Widodo, “Challenges of savings and loan cooperatives in Indonesia,” Asian Journal of Cooperative Studies, vol. 7, no. 1, pp. 112–125, 2021, doi: 10.22595/ajcs.v7i1.112.

R. N. Lailia, M. M. Syua’ibi, and M. Dayat, “Economic empowerment through maqashid-based cooperative,” Kartika: Jurnal Studi Keislaman, vol. 5, no. 3, pp. 229–244, 2025, doi: 10.59240/kjsk.v5i3.229.

S. Mariko and A. Asrinaldi, “Embedding Islamic economic principles in cooperative law,” JISRAH (Jurnal Integrasi Ilmu Syariah), vol. 6, no. 3, pp. 301–318, 2025, doi: 10.31958/jisrah.v6i03.15988.

E. E. Barus et al., “Role of sharia cooperatives in supporting SDGs,” Jurnal Ilmu Akuntansi dan Bisnis Syariah, vol. 7, no. 2, pp. 189–204, 2025, doi: 10.15575/aksy.v7i2.46230.

W. Mukholid et al., “Sejarah perkembangan koperasi syariah di Indonesia: Transformasi koperasi dari masa ke masa,” Maslahah: Jurnal Manajemen dan Ekonomi Syariah, vol. 3, no. 3, pp. 63–71, Jul. 2025, doi: 10.59059/maslahah.v3i3.2411.

J. Miko, “Pengenalan koperasi syariah dalam mensejahterakan perekonomian umat,” Dinamis: Jurnal Pengabdian Kepada Masyarakat, vol. 3, no. 1, pp. 45–49, Jun. 2023, doi: 10.33752/dinamis.v3i1.5786.

Fidiana, “Tinjauan kritis kesyariahan koperasi syariah,” Iqtishadia: Jurnal Ekonomi dan Perbankan Syariah, vol. 4, no. 2, pp. 201–218, Dec. 2017, P-ISSN: 2354-7057, E-ISSN: 2442-3076.

R. R. Kurniawan, “Koperasi dalam perspektif syariah Islam,” Cakrawala Ekonomi dan Keuangan, LPPM-SWINS, pp. 1–15, 2024.

N. Azzahra and H. H. Br. Silalahi, “Analisis koperasi syariah di Indonesia,” Jurnal Ilmiah Wahana Pendidikan, vol. 10, no. 11, pp. 487–491, Jun. 2024.

S. Khaerunnisa, A. Amiruddin, and M. Lutfi, “Koperasi syariah: Solusi ekonomi berbasis syariah untuk kesejahteraan umat,” SANTRI: Jurnal Ekonomi dan Keuangan Islam, vol. 3, no. 1, pp. 1–14, 2025