OPTIMIZING PORTFOLIO RETURN WITH NAÏVE DIVERSIFICATION-BASED MODELLING

This study aims at applying naïve diversification-based modeling in formation of optimal portfolios and to test the superiority of these portfolios against its sectoral indexes. The population of this study are all companies listed on the Indonesia Stock Exchange which are grouped into 10 sectors, namely: Agriculture; Basic Industry; Consumer; Finance; Infrastructure; Manufacture; Mining; Miscelanous Industry; Property; and Trade. The sample of this company is Top 10 Constituents in each company sector listed in the fact sheet per sector, published by the Indonesia Stock Exchange. The analytical tools used were paired sample statistics, paired sample correlations and significance tests. The results shows that portfolio formed with naïve diversification modeling shows its superiority compared to its sectoral portfolio. The correlation test shows moderate significance relationship between returns and standard deviation of sectoral portfolios with naïve diversification-based portfolios, while beta shows no meaningful relationship between sectoral portfolios and portfolios with naïve diversification modeling. Discrimination tests show the significance of returns and standard deviations between sectoral and naïve diversification modeling-based portfolios. While in line with the correlation test, there is no significant difference between the beta of the two portfolios, so it appears that the volatility of the two portfolios cannot be separated from overall market movement. For bearish market conditions, the level of portfolio loss using naïve diversification modeling is lower than sector-based portfolios in the Indonesia Stock Exchange.Keywords:investment, sector indexes, simplified, portfolio modelling

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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 ABNORMAL RETURN PORTOFOLIO WINNER - LOSER PADA PERUSAHAAN YANG TERDAFTAR DI INDEKS KOMPAS 100

Manajemen : Jurnal Ekonomi ◽

10.36985/manajemen.v3i1.525 ◽

2021 ◽

Vol 3 (1) ◽

pp. 88-97

Author(s):

Jessica Willa Wiranata ◽

Anastasia Sri Mendari

Keyword(s):

Abnormal Return ◽

Stock Exchange ◽

Sampling Technique ◽

T Test ◽

Paired Sample ◽

Purposive Sampling ◽

Testing Period ◽

Stock Portfolios ◽

Significant Difference ◽

Stock Portfolio

This study aims to analyze whether there is a difference in abnormal return average of stock portfolios in winner and loser categories during two different periods namely formation and testing periods to test winner-loser anomaly occurrence. The population of this study was the companies listed in the Kompas 100 Index of Indonesia Stock Exchange from February 2015 to July 2019. A number of 44 companiesused as the samples of this study which selected by using the purposive sampling technique. Parametric paired sample t-test and nonparametric Wilcoxon signed ranks test were used to analyze the data that processed by using SPSS program. The results show that the abnormal return average of the winner stock portfolio and loser stock portfolio in the formation period has a significant difference with the abnormal return average of the winner stock portfolio and loser stock portfolio in the testing period.

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OTHER COMPREHENSIVE INCOME PADA INDUSTRI DASAR DAN KIMIA

Jurnal Riset Manajemen dan Bisnis (JRMB) Fakultas Ekonomi UNIAT ◽

10.36226/jrmb.v2i1.31 ◽

1970 ◽

Vol 2 (1) ◽

pp. 71-80

Author(s):

Asy’ari Asy’ari ◽

Nurmala Amhar ◽

JMV Mulyadi

Keyword(s):

Stock Exchange ◽

Empirical Studies ◽

Population Data ◽

Comprehensive Income ◽

Basic Industry ◽

Income Statement ◽

Significant Difference ◽

Processing Program ◽

Other Comprehensive Income ◽

Industry Sectors

This study is done to present how the implementation other comprehensive income after the implementation of IFRS (Empirical Studies in Basic Industry and Chemicals listed in Indonesia Stock Exchange in 2012-2015). Data collection techniques in this study is the population data that all companies engaged in chemical and basic industry sectors listed on the Stock Exchange resulting in 64 corporate data. Data required in this study were obtained from the Indonesian Capital Market Directory (ICMD) and the Indonesia Stock Exchange (BEI). Data analysis method used is the Cross Tabulation (Crosstab) and Cramer V with the help of the SPSS statistical data processing program. The study concluded that among the companies presenting and not presenting OCI component in the Income Statement Other Kompehensif, terdepat no significant difference. This may be explained in Prob Significance of 0.10% less than 0.05% Keywords: other comprehensive income, IFRS

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The Capital Market Reaction To The Corona Covid-19 Virus Outbreak Events

Academia Open ◽

10.21070/acopen.3.2020.1158 ◽

2021 ◽

Vol 3 ◽

Author(s):

Wardah Azizah ◽

Nurasik

Keyword(s):

Capital Market ◽

Abnormal Return ◽

Market Reaction ◽

Stock Exchange ◽

Abnormal Returns ◽

T Test ◽

Paired Sample ◽

Significant Difference ◽

Real Picture ◽

The Capital Market

This study aims to get a real picture of the Capital Market Reaction to the Corona Covid-19 Virus Outbreak (Study on LQ-45 Companies Listed on the Indonesia Stock Exchange). The analytical tool used is descriptive statistical analysis and classical assumption test. To test the hypothesis, it is done using data analysis in the form of Paired Sample T-Test using the statistical program "Product and Service Solution" (SPSS). The results of hypothesis testing using paired sample t-test obtained t-value with a significant value of 0.000 (0.000 <0.05). From these results, it can be stated that the hypothesis is accepted, which means that there is a significant difference in abnormal returns before and after the Corona / Covid-19 Virus Outbreak. The difference in Abnormal Return on the test results has a positive value, this shows that if the Corona / Covid-19 Virus Outbreak has increased, the Abnormal Return value will increase.

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ANALYSIS OF DIFFERENCES IN CORPORATE VALUES AND FINANCIAL PERFORMANCE THREE MANUFACTURING INDUSTRY SECTORS LISTED ON THE INDONESIA STOCK EXCHANGE

ProBank ◽

10.36587/probank.v4i2.506 ◽

2020 ◽

Vol 4 (2) ◽

pp. 137-146

Author(s):

Titi Purwantini ◽

Endang Brotojoya

Keyword(s):

Financial Performance ◽

Manufacturing Industry ◽

Animal Feed ◽

Stock Exchange ◽

Point Of View ◽

Manufacturing Companies ◽

Paired Sample ◽

Significant Difference ◽

Sample Test ◽

Equity Ratio

The purpose of this study was to obtain empirical evidence of differences in corporate value and financial performance of the three manufacturing companies listed on the Indonesia Stock Exchange. The sample in this study were 60 manufacturing companies listed on the Indonesia Stock Exchange from 2015 to 2017. Sampling techniques were purposive sampling. The division of sector 1 consists of cement companies, basic chemicals, porcelain and glass, metals, plastics and packaging, animal feed, wood and pulp, for sector 2 consists of machinery and heavy equipment companies, automotive and its components, textiles and garments, bedding feet and cable. Whereas for sector 3 consists of consumer goods, namely tobacco, cosmetics, pharmaceuticals and household appliances. Data analysis techniques consist of normality testing and different Paired Sample Test tests.Research results prove that based on Differential Test Paired Sample Test sectors 1 and 2. Manufacturing Companies listed on the Stock Exchange have significant differences in financial performance seen from the Current Ratio and Debt Equity Ratio while from Earning per Share, Net Profit Margin and Expencess On Sales there is no difference . Based on the Different Test Paired Sample Test is seen from the Earning Per Share ratio there is a significant difference in financial performance between Sector 1 and sector 3. Based on the Different Paired Sample Test seen from the Debt Equity Ratio, there are significant differences in financial performance between Sector 1 and sector 3 ... There are also significant differences in the financial performance of sectors 2 and 3 from the point of view of Earning Per Share. Based on the Different Paired Sample Test Test, there was no difference in company values in the three manufacturing companies listed on the Indonesia Stock Exchange.

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Hubungan status nutrisi penderita karsinoma nasofaring stadium lanjut dengan kejadian mukositis sesudah radioterapi

Oto Rhino Laryngologica Indonesiana ◽

10.32637/orli.v42i1.40 ◽

2012 ◽

Vol 42 (1) ◽

Author(s):

Fransiska Tricia ◽

Pudji Rahaju ◽

Rus Suheryanto

Keyword(s):

Nutritional Status ◽

T Test ◽

Nutritional State ◽

Wilcoxon Test ◽

Advanced Stage ◽

Paired Sample ◽

Correlation Test ◽

Significant Difference ◽

Before And After ◽

The Relationship

Background: Normal nutritional status is a balanced condition of nutritional intake and requirement in a person. Lack of nutrition in cancer patients promotes undesirable effects on various organs and systems of the body. Purpose: To determine the nutritional status differences in patients with advanced stage NPC type III WHO before and after radiotherapy, and the relationship between nutritional status with mucositis occurance after radiotherapy. Method: Observational analytic study. Sampling was conducted by non-random purposive sampling technique with 10 subjects with NPC. The statistical analysis used paired sample Wilcoxon test and Spearman correlation test. Result: The study found significant differences between nutritional state regarding BMI, LOLA and transferrin before and after radiotherapy with p<0.05. Paired sample t test of BMI, LOLA, transferrin before and after radiotherapy demonstrated BMI p=0.000, LOLA p=0.001 and transferrin p=0.005. The paired sample t test for albumin before and after radiotherapy showed that radiotherapy did not cause significant decrease in albumin. Correlation test to determine the relationship among BMI, LOLA, albumin, and transferrin before radiotherapy with mucositis occurance showed BMI p=0.062, LOLA p=0.209, p=0.904 albumin, transferrin p=0.631 which meant that nutritional state has no corelation with mucositis occurance. While after radiotherapy it showed BMI p=0.122, p=0.209 LOLA, albumin, p=0.902 and transferrin p=1.000 which meant that nutritional state after radiotherapy has no corelation to the occurance of mucositis. Conclusion: Radiotherapy in patients with advanced-stage of NPC caused a significant difference in nutritional state before and after radiotherapy, but had no significant association with mucositis occurance. Keywords: nasopharyngeal carcinoma, radiotherapy, nutritional state, malnutrition, mucositis Abstrak : Latar belakang: Status nutrisi normal menggambarkan keseimbangan yang baik antara asupan nutrisi dengan kebutuhan nutrisi. Kekurangan nutrisi pada penderita kanker memberikan efek yang tidak diinginkan terhadap struktur dan fungsi hampir semua organ dan sistem tubuh. Tujuan: Penelitian ini untuk mengetahui perbedaan status nutrisi penderita karsioma nasofaring (KNF) WHO tipe III stadium lanjut sebelum dan sesudah radioterapi, hubungan status nutrisinya dengan kejadian mukositis sesudah radioterapi. Metode: Penelitian ini adalah observasional analitik, dengan jumlah sampel 10 penderita KNF. Analisis statistik menggunakan paired sample t test dan uji korelasi Spearman. Hasil: Terdapat perbedaan yang bermakna antara status nutrisi dengan parameter Body Mass Index (BMI), lingkar otot lengan atas (LOLA) dan transferin sebelum dan sesudah radioterapi (BMI p=0,000, LOLA p=0,001 dan transferin p=0,005 dengan p<0,05). Pada paired sample t test albumin sebelum dan sesudah radioterapi menunjukkan nilai p=0,205 yang berarti bahwa radioterapi tidak menyebabkan penurunan albumin yang bermakna. Uji korelasi hubungan antara BMI, LOLA, albumin, dan transferin sebelum radioterapi dengan kejadian mukositis menunjukkan bahwa status nutrisi tidak berhubungan dengan kejadian mukositis (BMI p=0,062, LOLA p=0,209, albumin p=0,904, transferin p=0,631 dengan p>0,05). Uji korelasi hubungan antara BMI, LOLA, albumin, dan transferinsesudah radioterapi menunjukkan bahwa status nutrisi tidak berhubungan secara signifikan dengan kejadian mukositis sesudah radioterapi (BMI p=0,122, LOLA p=0,209, albumin p=0,902 dan transferin p=1,000 dengan p>0,05) Kesimpulan: Pemberian radioterapi pada penderita KNF stadium lanjut menyebabkan penurunan bermakna pada status nutrisi sebelum dan sesudah radioterapi, tetapi tidak berhubungan secara bermakna dengan kejadian mukositis sesudah radioterapi. Kata kunci: karsinoma nasofaring, radioterapi, status nutrisi, malnutrisi, mukositis.

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Analisis Nilai Perusahaan pada Implementasi Program Kepemilikan Saham pada Karyawan/Manajemen

Jurnal Ekonomi dan Bisnis ◽

10.24914/jeb.v19i3.458 ◽

2016 ◽

Vol 19 (3) ◽

pp. 341

Author(s):

Dwitya Aribawa

Keyword(s):

Stock Exchange ◽

Economic Value ◽

Value Added ◽

Stock Ownership ◽

Economic Value Added ◽

Sampling Frame ◽

Paired Sample ◽

Employee Stock Ownership ◽

Significant Difference ◽

Before And After

This research aims to investigate whether there is a significant difference of Economic Value Added (EVA) before and after Employee Stock Ownership Plan (ESOP) or Management Stock Ownership Plan (MSOP) implementation years. It is widely considered that EVA is a complex indicator that also take firms’ risk factor (beta) into consideration. We used firms listed on Indonesian Stock Exchange (IDX) as the sampling frame with 17 firms as our final sample, representing various industries. After running data normality test, we performed paired sample t-test to test our hypothesis. The results show that the pre- and post- ESOP implementation years have significantly different EVA. Abstrak Penelitian ini bertujuan menganalisis economic value added (EVA) sebelum dan sesudah implementasi program kepemilikan saham pada karyawan/ manajemen dengan objek penelitian ini adalah perusahaan publik yang menggunakan kebijakan ESOP/MSOP sebagai sarana benefit/incentive berupa pembagian sebagian saham untuk karyawan/ manajemen. Variabel yang digunakan sebagai indikator nilai perusahaan adalah EVA. Nilai EVA dianggap sebagai indikator yang kompleks dan mempertimbangkan faktor resiko (beta) dari perusahaan. Perusahaan yang dianalisis adalah perusahaan yang listing di Bursa Efek Indonesia. Terdapat 17 perusahaan yang layak untuk dilakukan analisis berdasarkan kriteria yang ditentukan peneliti. Pengumpulan dan data dianalisis secara pooling, hal ini melihat dari tidak dibedakannya perusahaan berdasarkan industri (multi industri). Paired sample test digunakan untuk menguji hipotesis pada penelitian dan sebelumnya dilakukan uji normalitas data. Hasil analisis bahwa hasil perbandingan rata-rata EVA sebelum dan sesudah implementasi program kepemilikan saham pada karyawan/manajemen terdapat perbedaan yag signifikan.

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Analisis Kinerja Keuangan Digital Startups Sebelum dan Sesudah Initial Public Offering di Bursa Efek Indonesia pada Tahun 2017 dan 2018

Organum: Jurnal Saintifik Manajemen dan Akuntansi ◽

10.35138/organum.v4i1.115 ◽

2021 ◽

Vol 4 (1) ◽

pp. 1-13

Author(s):

Rafa Dwisono ◽

Nenden Kostini ◽

Mas Rasmini

Keyword(s):

Data Analysis ◽

Financial Performance ◽

Initial Public Offering ◽

Stock Exchange ◽

Sign Test ◽

Paired Sample ◽

Significant Difference ◽

Before And After ◽

Insignificant Difference ◽

Public Offering

The objective of this research is to analyze the differences of financial performance before and after Initial Public Offering digital startups which are listed in Indonesian Stock Exchange in 2017 and 2018. The sample of this research is all of digital startups which are listed in Indonesian Stock Exchange in 2017 and 2018. The sample is 5 digital startups. This research used Paired Sample t-test and Wilcoxon Sign test as the data analysis. The finding indicated financial performance which calculated by debt to asset ratio was significant difference on digital startups between before and after Initial Public Offering. The result of this research indicated that the financial performance of digital startups before and after Initial Public Offering had an insignificant difference. The financial performance of digital startups increased after Initial Public Offering.

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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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Financial Performance Analysis of SMEs Before and After Initial Public Offering (IPO) on the Indonesia Stock Exchange (IDX)

BISE Jurnal Pendidikan Bisnis dan Ekonomi ◽

10.20961/bise.v4i2.27016 ◽

2018 ◽

Vol 4 (2) ◽

pp. 87

Author(s):

Budi Wahyono

Keyword(s):

Performance Analysis ◽

Financial Performance ◽

Initial Public Offering ◽

Stock Exchange ◽

T Test ◽

Paired Sample ◽

Significant Difference ◽

Before And After ◽

And Performance ◽

Public Offering

SME funding needs have not been fully met. IPO is one of the efforts that can be done by SMEs to meet these funding needs. However, it is not yet known whether the financial performance of SMEs will increase after conducting an IPO. This study aims to analyze the financial performance of SMEs before and after the IPO. The sample of this study is SMEs that listed on the IDX in 2017, which is as many as five SMEs. SME financial performance is measured through three SME financial ratios, namely liquidity, solvency, and profitability. The paired sample t-test was used to compare the financial performance of SMEs before and after the IPO. The results showed that there is no significant difference in the financial performance of SMEs before and after the IPO. The results of this study provide recommendations for further research related to the valuation and performance of SME IPOs.

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