The impact of demonetization on Indian firms’ performance: does company’s age make a difference?

The main aim of this paper is to evaluate the impact of demonetization on Indian firm’s quarterly financial performance before and after demonetization period (March-December, 2017), and to find out if companies’ age helps to face financial disruption. Four variables, which are net sales, total income, net profit after tax, and earnings per share, were taken as proxies for analyzing the quarterly financial performance of 2,892 companies listed on Bombay Stock Exchange (BSE), National Stock Exchange (NSE), and Calcutta Stock Exchange (CSE). Nonparametric test, particularly Wilcoxon Matched-Pairs Signed Rank Test and Kruskal-Wallis one-way analysis of variance, were applied in analyzing the data. Results reveal that there is a statistically significant difference between the financial performance before and after demonetization at 5% level of significance. It was also found that the decrease/increase in the financial performance of all the firms was affected by the demonetization process, irrespective of their ages. The findings could be useful for financial managers and financial consultants, as they would be able to focus on the issues that matter most at the time of financial disruption.

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PERBEDAAN FINANCIAL PERFORMANCE PASCA SECONDARY OFFERINGS

Wahana ◽

10.35591/whn.v22i1.148 ◽

2019 ◽

Vol 22 (1) ◽

pp. 41-49

Author(s):

Djaja Perdana ◽

Herbowo Herbowo

Keyword(s):

Financial Performance ◽

Stock Exchange ◽

Hypothesis Test ◽

Poor Performance ◽

Rank Test ◽

Growth Ratio ◽

Significant Difference ◽

Before And After ◽

Signed Rank Test ◽

Asset Turnover

This study aims to examine the differences in corporate financial performance before and after secondary offerings. The financial performance is proxied by WCR, DER, Solvency, ROA, ROE, Asset Turnover (ATO) and Growth ratio which representing the value of liquidity, financing, activity, performance and growth of the firm. The study involved 67 samples of the companies listed on the Indonesia Stock Exchange conducting secondary offerings during 2008-2013 period and selected through purposive random sampling method and using Financial Statement data from 2005-2016 period. Hypothesis test is performed using Wilcoxon Signed Rank test. The results of this study indicate that there is no significant difference in the ratio of Solvency, ROA and ROE between before and after secondary offerings, but there are significant differences in the ratio of WCR, DER, Asset Turnover and Growth. WCR ratio after secondary offerings increased, while DER ratio after secondary offerings decreased, the condition of both ratios showed better performance. While the indication of poor performance seen in decreasing asset turnover ratio and growth ratio.Keywords : agency theory, financial performance, secondary offerings

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PERBEDAAN FINANCIAL PERFORMANCE PASCA SECONDARY OFFERINGS

Wahana ◽

10.35591/wahana.v22i1.148 ◽

2019 ◽

Vol 22 (1) ◽

pp. 41-49

Author(s):

Djaja Perdana ◽

Herbowo Herbowo

Keyword(s):

Financial Performance ◽

Stock Exchange ◽

Hypothesis Test ◽

Poor Performance ◽

Rank Test ◽

Growth Ratio ◽

Significant Difference ◽

Before And After ◽

Signed Rank Test ◽

Asset Turnover

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Analisis Perbandingan Kinerja Keuangan Bank Umum BUMN Dan Bank Umum Swasta Yang Terdaftar Di Bursa Efek Indonesia Tahun 2011 - 2015

JRB-Jurnal Riset Bisnis ◽

10.35592/jrb.v1i1.7 ◽

2019 ◽

Vol 1 (1) ◽

pp. 27-40

Author(s):

Hotman Fredy ◽

Yetty Murni ◽

Muhidin

Keyword(s):

Financial Performance ◽

Stock Exchange ◽

Sample Selection ◽

Rank Test ◽

Private Bank ◽

Signed Rank ◽

Significant Difference ◽

Private Banks ◽

Signed Rank Test ◽

The Government

The purpose of this research is to determine whether there are significant differences in the CAR, NPL, ROA, ROE, NIM, BOPO, and LDR between government bank compared to private banks in Indonesia Stock Exchange (IDX) the periode of 2011-2015. Method of sample selection was done by purposive sampling, the samples obtained from government banks such as BNI, BRI, BTN, and Mandiri bank, while from private banks such as BCA, CIMB Niaga, Danamon, and Permata bank. Data analysis methods is hypothesis testing using two different test mean (paired sample t-test) and wilcoxon signed rank test. The results showed that the financial performance of the ratio for CAR, NPL, ROA, NIM, BOPO, and LDR there is no significant difference between the government banks and private bank. While the financial performance of the ROE ratio there are significant differences between the government banks and private banks

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Dampak Pandemi Covid-19 terhadap Kinerja Keuangan Perusahaan Sektor Jasa di BEI

JKBM (JURNAL KONSEP BISNIS DAN MANAJEMEN) ◽

10.31289/jkbm.v7i2.5266 ◽

2021 ◽

Vol 7 (2) ◽

pp. 227-233

Author(s):

Maria J F Esomar ◽

Restia Christianty

Keyword(s):

Financial Performance ◽

Hypothesis Testing ◽

Sampling Method ◽

Stock Exchange ◽

Paired Sample ◽

Empirical Results ◽

Significant Difference ◽

Before And After ◽

The Impact ◽

Profitability Ratios

The Covid-19 pandemic has caused many hotels, restaurants and tourism activities to be temporarily closed. It has an impact on the financial performance towards the companies engaged in this sub-sector. The objective of this study is to analyze the impact of Covid 19 towards the financial performance of companies engaged in the sub-sector of hotel, restaurant and tourism. Financial performance is measured using several ratios, namely liquidity ratios, solvability ratios, profitability ratios and market ratio. The ype of research is descriptive quantitave. The population in this study is 35 all companies in the sub-sector of hotel, restaurant and tourism listed on the Indonesia Stock Exchange in 2019-2020 period. Samples are collected from 30 companies using purposive sampling method. Hypothesis testing is conducted using the Paired Sample t-Test. The empirical results show that, in the liquidity ratio, and market ratio there is no significant difference between the periods of before and after the first recorded Covid-19 case in Indonesia. Meanwhile, in the solvability ratio and profitability ratio, there are significant differences between the two periods.

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ANALISIS KOMPARATIF KINERJA KEUANGAN PERUSAHAAN SEBELUM DAN SESUDAH INITIAL PUBLIC OFFERING (IPO) DI BURSA EFEK INDONESIA (BEI) TAHUN 2016

Media Mahardhika ◽

10.29062/mahardika.v19i1.198 ◽

2020 ◽

Vol 19 (1) ◽

pp. 71-81

Author(s):

Unun Khoirun Nisak ◽

Budiono Budiono

Keyword(s):

Financial Performance ◽

Initial Public Offering ◽

Stock Exchange ◽

Sampling Technique ◽

Rank Test ◽

Return On Equity ◽

Before And After ◽

Signed Rank Test ◽

Public Offering ◽

Turn Over

This study aims to analyze differences in the company's financial performance before and after the Initial Public Offering (IPO) on the Indonesia Stock Exchange in 2016. The observation period was conducted for 2 years before and 2 years after the IPO. The sampling technique was purposive sampling in order to get 12 companies. Variables used to measure financial performance are Current Ratio (CR), Debt to Asset Ratio (DAR), Debt to Equity Ratio (DER), Return On Asset (ROA), Return On Equity (ROE), Total Asset Turn Over (TATO) ), and Fixed Asset Turn Over (FATO). This research uses a quantitative approach with statistical methods. The data analysis technique used is one sample Kolmogorof Smirnof to test the normality of the data and paired sample t-test and Wilcoxon signed rank test to test the hypothesis. The results of this study indicate that there are differences in the company's financial performance measured by CR, DAR, DER, and TATO before and after the Initial Public Offering (IPO) and there is no difference in the company's financial performance measured by ROA, ROE, and FATO before and after the Initial Public Offering (IPO). ). The results of overall financial performance after the IPO action have not been fully realized so that the company's expectations for creating better financial performance have not been realized.

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Analisis Perbandingan Abnormal Return Dan Likuiditas Saham Sebelum Dan Sesudah Stock Split Pada Perusahaan Yang Terdaftar Di Bursa Efek Indonesia Periode 2010-2015

Jurnal Manajemen Bisnis dan Kewirausahaan ◽

10.24912/jmbk.v2i1.4801 ◽

2019 ◽

Vol 2 (1) ◽

Author(s):

Cindy Hadiwijaya Dan Indra Widjaja

Keyword(s):

Abnormal Return ◽

Sampling Method ◽

Stock Exchange ◽

Rank Test ◽

Signed Rank ◽

Significant Difference ◽

Stock Split ◽

Before And After ◽

Signed Rank Test ◽

Observation Period

This research aims to find out whether there is a significant difference in abnormal return and liquidity of shares before and after stock split for companies listed in Indonesian Stock Exchange during 2010-2015. 46 samples were obtained using purposive sampling method. The observation period is 10 days before and after stock split announcement. Hypothesis was tested by using Wilcoxon Signed Rank Test with significant level of 0.05. The result of this research shows that there is a significant difference in abnormal return before and after stock split, while there is no significant difference of share’s liquidity before and after stock split.

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The Impact of COVID-19 Pandemic on the Financial Performance of Firms on the Indonesia Stock Exchange

Journal of Economics Business and Accountancy Ventura ◽

10.14414/jebav.v23i2.2313 ◽

2020 ◽

Vol 23 (2) ◽

Author(s):

Sunitha Devi ◽

Ni Made Sindy Warasniasih ◽

Putu Riesty Masdiantini

Keyword(s):

Financial Performance ◽

Activity Ratio ◽

Stock Exchange ◽

Rank Test ◽

Short Term ◽

Public Companies ◽

Leverage Ratio ◽

The Public ◽

Significant Difference ◽

The Impact

The COVID-19 pandemic has harmed the national economy and caused a decline in various businesses' financial performance. This study aims to examine the impact of the COVID-19 pandemic on firms' financial performance listed on the Indonesia Stock Exchange. The research samples included 214 companies, which were divided proportionally into nine sectors or 49 sub-sectors. Data analysis used was the Wilcoxon Signed Rank Test. The results show an increase in the leverage ratio and short-term activity ratio but a decrease in the public companies' liquidity ratio and profitability ratio during the COVID-19 pandemic. There was no significant difference in the liquidity ratio and leverage ratio. However, the public companies' profitability ratio and short-term activity ratio differed significantly between before and during the COVID-19 pandemic. The sector that experienced an increase in liquidity ratio, profitability ratio, and short-term activity ratio but a decrease in the leverage ratio was the consumer goods sector. In contrast, the sectors experiencing a decrease in the liquidity and profitability ratios were property, real estate and building construction, finance, trade, services, and investment sectors.

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The Return Difference between Before and After Issuance of Sharia Bonds (Sukuk)

International Journal of Business, Management & Economics Research ◽

10.47747/ijbmer.v1i1.41 ◽

2020 ◽

Vol 1 (1) ◽

pp. 1-7

Author(s):

Sindi Wiranda

Keyword(s):

Stock Exchange ◽

Abnormal Returns ◽

Rank Test ◽

Study Program ◽

Significance Level ◽

Signed Rank ◽

Significant Difference ◽

Before And After ◽

Signed Rank Test ◽

Return Difference

This study aims to analyze sharia downloading which returns shares on the Indonesian Stock Exchange. This study uses a study program to see the average abnormal returns around the sharia promulgation date (sukuk) and the average difference in abnormal returns before and after sharia withdrawal (sukuk). The population in this study were all sharia negotiations published in the 2014-2019 period. and still published in February 2020. The window period is 60 days (t - 30 and t + 30) with a sample of 15 publication events. The method used in this study was the t test and Wilcoxon signed rank test. The results showed that there was an average significant abnormal return around the date of promulgation of sharia (sukuk), namely on the 29th and 1st days before the promulgation of sharia (sukuk). And the results of the Wilcoxon sign rank test show that the significance level is 0.003, which means that H0 is accepted so that there is a significant difference in average returns between before and after the announcement of the sharia withdrawal (sukuk) announcement.

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Existence of Notoriety Bias in FDA Adverse Event Reporting System Database and Its Impact on Signal Strength

Hospital Pharmacy ◽

10.1177/0018578719882323 ◽

2019 ◽

pp. 001857871988232

Author(s):

Reddy Neha ◽

Viswam Subeesh ◽

Elsa Beulah ◽

Nair Gouri ◽

Eswaran Maheswari

Keyword(s):

Adverse Event Reporting System ◽

Signal Strength ◽

Adverse Event Reporting ◽

Rank Test ◽

Label Change ◽

Safety Alert ◽

Significant Difference ◽

Before And After ◽

Signed Rank Test ◽

The Impact

Background: Notoriety bias is defined as “a selection bias in which a case has a greater chance of being reported if the subject is exposed to the studied factor known to cause, thought to cause, or likely to cause the event of interest.” This study aimed to determine the existence of notoriety bias in the FDA Adverse Event Reporting System (FAERS) database and estimate the impact of potential notoriety bias induced by safety alerts on signal estimation using disproportionality analysis. Methods: Publicly available FAERS data were downloaded and used for analysis. Thirty-one drugs which had label change/safety alert issued by FDA from 2009 to 2013 were considered. These drugs were reviewed 4 quarters before and after the safety alert notification for the existence of notoriety bias. The impact of notoriety bias induced by safety alerts was analyzed by comparing the signal strength using reporting odds ratio (ROR) and proportional reporting ratio (PRR), 2 years before and after the safety alert. Wilcoxon signed rank test was used to determine whether there were a statistically significant difference before and after the safety alert. Results: There was increased reporting for 11 drugs after the safety alert/label change by the FDA. The reporting of 20 drugs decreased or remained unchanged after the safety alert/label change by the FDA. Wilcoxon signed rank test showed that there is no statistically significant difference with respect to the number of reports before and after the safety alert ( P = .330, Z = −0.974). Fourteen (45.16%) drugs had an increase in ROR, while 17 (54.83%) drugs had a decrease in ROR after safety alert issued by FDA ( P = .953, Z = −0.059). Fourteen (45.16%) drugs had an increase in PRR, while 17 (54.83%) drugs had a decrease in PRR after safety alert issued by the FDA ( P = .914, Z = −0.108). Conclusion: Although few FDA safety alert/warnings had a strong and immediate impact, many had no impact on reporting of AE and signal strength. This study found that overreporting due to notoriety bias does not exist in the FAERS database and the overall disproportionality in signal estimates is not altered by the safety alert.

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Impact of Corona Virus On Total Share In All Company Sectors In Indonesia Stock Exchange

International Journal of Science, Technology & Management ◽

10.46729/ijstm.v2i6.386 ◽

2021 ◽

Vol 2 (6) ◽

pp. 1939-1945

Author(s):

An Suci Azzahra ◽

Ayu Wirdha Ningsih

Keyword(s):

Permutation Test ◽

Stock Exchange ◽

P Value ◽

Corona Virus ◽

First Case ◽

Significant Difference ◽

Before And After ◽

Level Of Significance ◽

Company Sector ◽

The Impact

The purpose of this study is to analyze the impact of the corona virus on total shares in all company sectors on the Indonesia Stock Exchange. This study examines whether there are differences in total shares before and after Covid-19 was announced in Indonesia. The data consists of total shares on January 31, 2020 (30 days before the announcement of COVID-19) and total shares on March 31, 2020 (30 days after the announcement of COVID-19) for all company sectors on the IDX. The method used is descriptive quantitative. The analysis technique in this study consists of descriptive statistics and hypothesis testing using the nonparametric MANOVA method on the STATCAL software. The results showed that there was a significant difference in the total shares before and after the announcement of the first case of covid-19 in Indonesia in sectors 1, 3, 4, 6, 7, 8 and 9, indicated by a significant value per company sector in all sectors < 0, 05, while for sectors 2 and 5 there is no significant difference. The value of the permutation test p-value is 0.01, i.e. < 0.05 level of significance, it can be concluded that overall, there is a significant difference in total shares 30 days before and after the announcement of COVID-19.

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