Elok Sri Utami

Usually, financial crisis affects the firm’s operations with different resistance level, such as financial difficulties and even negative profits or equity. The crisis may affect heavily certain industry, but not in the other industry. This study examines the financial performance of property and real estate firms listed on the Indonesian Stock Exchange which was argued to have been affected by 2008 global financial crisis. Five ratios were examined, namely liquidity ratio, debt to equity ratio, total assets turnover, net profit margin, and return on equity. The sample consists of 27 firms. Results showed that two ratios, debt to equity ratio and return on equity ratio, were significantly lower after the crisis. The other three ratios were not significantly different between before and after the crisis.

Dividend policy has been puzzling for researchers for decades. The level of dividend varies not only across industries, but also across countries. This research analyzes the dividend policy of Indonesian public companies, in particular it examines the partial effect of cash ratio, debt ratio, company size, profitability, and asset growth on cash dividend policy in Indonesia Stock Exchange from 2008 to 2015. A total of 102 companies was used as a sample. The samples are divided into four groups: (1) a group of companies paying changeable dividends (Change group), (2) a group of companies paying continuous dividends, but then stop paying dividend (Omission group), (3) a group of companies that initially do not pay the dividends, but then continuously paying dividend (Initiation group); and (4) a group of companies paying constant dividends (Constant group). Results of hypotheses testing using multiple regression analysis show that profitability and asset growth affect dividend policy in all company groups. Company size affects dividend policy in the Change, Initiation, and Constant groups. Debt ratio influences dividend policy only in the Change group.

Halal tourist destinations meet the needs of Muslim travelers while also being accessible to non-Muslim visitors. This study investigates the relationship between non-Muslim visitors’ loyalty to halal products and services and the growth of halal tourism, with a focus on the role of religion as a mediating factor. Using a quantitative approach, the data were collected from 308 non-Muslim tourists in East Java Province, Indonesia, through a questionnaire. The findings reveal that perceptions of halal products and services significantly influence tourist loyalty (t-statistic = 2.789, p-value = 0.005), although the effect size is low (0.158). In contrast, perceptions of halal tourism development have a strong impact on loyalty (t-statistic = 9.225, p-value = 0.000). The study also finds that non-Muslim religiosity has a negligible effect on the relationship between halal services and loyalty, with an interaction effect value of 0.008. Overall, while higher religiosity increases the impact of halal services and tourism development on loyalty, the effects are statistically insignificant. These findings suggest that promoting halal products and services can enhance loyalty among non-Muslim tourists, which is crucial for the growth of halal tourism. Destination marketers should focus on highlighting the benefits and inclusivity of halal offerings to attract a broader audience. Furthermore, understanding the limited influence of religiosity on loyalty can help tourism providers tailor their strategies to better engage non-Muslim visitors.