scholarly journals Anomali Pada Bursa Efek Indonesia

2021 ◽  
Vol 11 (2) ◽  
pp. 222-232
Author(s):  
Eka Nuraini Rachmawati ◽  
Restu Hayati ◽  
Linda Hetri Suriyanti
Keyword(s):  
Capital Market ◽  
Stock Exchange ◽  
January Effect ◽  
Manufacturing Companies ◽  
Short Term ◽  
Long Run ◽  
Analysis Technique ◽  
Day Of The Week ◽  
Difference Test

Anomaly occurs when the return earned is not in accordance with the value it should be and makes the capital market inefficient. The anomalies tested were the day of The Week Effect, Week Four Effect, January Effect and Sell In May And Go Away. The population used is 144 Manufacturing stocks listed on the Indonesia Stock Exchange. The data analysis technique used to prove the occurrence of anomalies is the Z-value large sample difference test. This study examines anomalies not only in the short term, but also in the long term. The research results prove that there are no anomalies in manufacturing companies in Indonesia in the long run. In the short term, anomalies can occur, namely the sell in May effect in 2015 and the January Effect in 2017 on manufacturing companies on the Indonesia Stock Exchange.

Analysis of Debt Effect on Profitability of Manufacturing Companies in Indonesia

2021 ◽  
Vol 6 (1) ◽  
pp. 97-107
Author(s):  
Diana Fitria Ningsih ◽  
Doni Putra Utama
Keyword(s):  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Secondary Data ◽  
Multiple Linear Regression Analysis ◽  
Manufacturing Companies ◽  
Short Term ◽  
Analysis Technique ◽  
Negative Effect ◽  
A Company

This study aims to examine whether short term debt has a negative effect on company profitability and to test whether long term debt has a negative effect on the profitability of manufacturing companies in Indonesia which are listed on the Indonesia Stock Exchange during the 2014-2018 period. This study has 1 dependent variable namely profitability and uses 2 independent variables namely short term debt and long term debt, and uses 2 control variables namely liquidity and firm size. This study uses secondary data with database collection techniques. The sample of this study was 432 companies in 5 years of research. The data analysis technique used is multiple linear regression analysis through the application of SPSS 22. The results found that short term debt has a negative effect on company profitability and long term debt has a negative effect on company profitability. This shows that the lower the company's debt, the higher the profitability a company will get and otherwise.

scholarly journals To Define Window Dressing in the State Owned Enterprises and Private Companies (Case Study in Indonesia Stock Exchange LQ45)

2020 ◽  
Vol 17 ◽  
Keyword(s):  
Private Sector ◽  
Capital Market ◽  
Stock Price ◽  
Stock Exchange ◽  
Short Term ◽  
Private Companies ◽  
Window Dressing ◽  
Agriculture Industry

Window dressing in capital market can be defined as the activities of company to increase the stock price. This study was conducted to observe all the activities of window dressing in some companies listed in stock market. The detection of window dressing in this study was focused based on the samples from state owned companies (Telekomunikasi Indonesia Tbk, and Adhi Karya Tbk) and private sector from Astra Agro Lestari (Agriculture Industry). GARCH model was used while window dressing was analyzed by using the method given by Owens and Wu (2011). Results indicate that the best model to explain the behavior of volatility is AR(1)-GARCH(1,1). However, window dressing for three companies mentioned was occurred in 2014-2016; 2014 and 2016, respectively. In additional to that the t-test, was found to be significant for the three companies while the short-term average was above than the long-term average of the year.

Short-Term Seasonalities on the Jakarta Stock Exchange

1999 ◽  
Vol 02 (03) ◽  
pp. 375-398 ◽  
Author(s):  
Kie Ann Wong ◽  
Kusnadi Yuanto
Keyword(s):  
Stock Market ◽  
Stock Exchange ◽  
The Other ◽  
January Effect ◽  
Seasonal Effects ◽  
Short Term ◽  
Day Of The Week ◽  
Twist Effect ◽  
Holiday Effects

This research attempts to uncover the presence of various stock market seasonalities on the Jakarta Stock Exchange (JSX). We find that most of the seasonal effects exist on the JSX, except for the January effect. There is a day-of-the-week effect with low Tuesday and high Friday returns. The "twist" effect is confirmed with a negative Tuesday return following a market decline in the previous week. The Tuesday "Rogalski" effect is present, with Tuesday return being positive in the month of January and negative for the other months. The monthly, turn-of-the-month, turn-of-the-year and pre-holiday effects are also confirmed in recent sub-periods after the reforms of the JSX in 1988.

Nexus Between Discount Rate and Industrial Performance

2021 ◽  
pp. 097215092110287
Author(s):  
Ajab Khan
Keyword(s):  
Discount Rate ◽  
Capital Market ◽  
Stock Exchange ◽  
Oil Industry ◽  
Long Run ◽  
Short Run ◽  
Industrial Performance ◽  
Long Term Performance ◽  
Term Performance

This study investigates the short-run responses and long-run performances of seven industries’ stock indices with discount rate changes in the firms listed in the Pakistan Stock Exchange (PSE) between 2009 and 2018. The results indicate that short-run returns react positively to discount rate reduction, excluding the oil industry and vice versa. Therefore, long-term performance responds favourably with a reduction in the discount rate. Discount rate changes affect the apparel industry the most, while the oil industry is the least on the list. This study serves potential investors for their returns against investment among these industries. Furthermore, it works as a guideline for regulators and policymakers to manage fluctuations for a stable capital market.

scholarly journals ANALISIS KINERJA PERUSAHAAN PERBANKAN YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI) PERIODE 2012-2016

2017 ◽  
Vol 13 (2) ◽  
pp. 180-191
Author(s):  
Fakhdian Pamungkas
Keyword(s):  
Capital Market ◽  
Stock Exchange ◽  
Listed Company ◽  
Ratio Analysis ◽  
Financial Report ◽  
Analytical Technique ◽  
Good Ability ◽  
Analysis Technique ◽  
Data Source

This article will analyze the performance of companies traded in Indonesia Stock Exchange (BEI) from 2012 until 2016. The data source used comes from the published financial report and Indonesian Capital Market Directory (ICMD), which is a performance summary of a listed company on BEI. Analytical technique used is ratio analysis technique with horizontal method, by comparing the financial statements of several period so that will be seen growth of each bank's performance. Based on the ratio analysis, liquidity ratio, profitability, and solvency, Bank Mandiri, BNI, BRI and BCA can have good capability in fulfilling their short-term and long-term liabilities and efficiency in utilizing their assets and capitalto generate company profits. Meanwhile, Bank Mega, BRI Agroniaga and BTN can be said to lack good ability in utilizing its assets to generate profits.   Artikel ini akan menganalisis perkembangan kinerja perusahaan perbankan yang terdaftar di Bursa Efek Indonesia (BEI) dari tahun 2012 sampai dengan tahun 2016. Sumber data yang digunakan berasal dari laporan keuangan yang dipublikasikan serta Indonesia Capital Market Directory (ICMD), yaitu ringkasan kinerja suatu perusahaan yang terdaftar di BEI. Teknik analisis yang digunakan adalah teknik analisa rasio dengan metode horisontal, yaitu dengan membandingkan laporan keuangan beberapa periode sehingga akan terlihat perkembangan kinerja masing-masing bank tersebut.Berdasarkan analisis rasio yang dilakukan, yaitu rasio likuiditas, rentabilitas, dan solvabilitas, menunjukkan bahwa Bank Mandiri, BNI, BRI, dan BCA dapat dikatakan memiliki kemampuan yang baik dalam memenuhikewajiban-kewajiban jangka pendek dan jangka panjangnya, serta efisien dalam memanfaatkan aset dan modalnya untuk menghasilkan laba perusahaan.Sementara itu Bank Mega, BRI Agroniagadan BTN dapat dikatakan kurang memiliki kemampuan yang baik dalam memanfaatkan asetnya untuk menghasilkan laba perusahaan.

scholarly journals PENGARUH FAKTOR KEUANGAN TERHADAP KEPUTUSAN PELAPORAN KEUANGAN DAN PELAPORAN PAJAK

2017 ◽  
Vol 15 (2) ◽  
pp. 104
Author(s):  
Wahidatul Husnaini ◽  
Susi Retna Cahyaningtyas ◽  
Lukman Effendy
Keyword(s):  
Financial Reporting ◽  
Capital Markets ◽  
Stock Exchange ◽  
Management Strategies ◽  
Negative Influence ◽  
Debt Financing ◽  
Manufacturing Companies ◽  
Short Term ◽  
Tax Reporting

This study emphasizes on one of the management strategies, by accessing whether a company would have a propensity toward the financial reporting or tax reporting. In addition, the study also aims to examine the various factors of corporate finance activities as a source of differences in weighing the financial reporting or tax reporting. These variables are short-term debt, long-term debt, cash deficits and the ability to access capital markets. This study focused on manufacturing companies listed in Indonesia Stock Exchange during 2012 - 2014. Sample was determined based on the purposive sampling method and as a result, this study obtained 66 units of observations. Hypothesis testing based on logit regression showed that (1) 51.5% of companies choose financial reporting above tax reporting while 48.5% chose tax reporting above financial reporting. (2) Long-term debt has negative influence on decisions of financial reporting or tax reporting. Companies with high long-term ratio tend to make aggressive tax reporting for interest expense is deductible expense. (3) Three independent variables such as short-term debt, financing deficit and access to capital markets has no influence the decision of financial reporting or tax reporting. Keywords: short-term debt, long-term debt, financing deficit, access to capital markets, reporting decision.

scholarly journals PENGARUH REAL MANIPULATION DALAM MEMODERASI CORPORATE ENVIRONMENTAL DISCLOSURE DAN CORPORATE FINANCIAL PERFORMANCE

2018 ◽  
Author(s):  
Kenny Ardillah
Keyword(s):  
Financial Performance ◽  
Stock Exchange ◽  
Corporate Financial Performance ◽  
Short Term ◽  
Environmental Disclosure ◽  
Long Run ◽  
Sample Data ◽  
Short And Long Term ◽  
Positive Effect

<p><em>This study aims to prove empirically the influence of real manipulation in moderating the negative corporate environmental disclosure against corporate financial performance in the short and long term. This research theory focuses on stakeholder theory.</em></p><p><em>The research sample focuses on state-owned companies listed on the Indonesia Stock Exchange in the </em>2013-2016<em> period. The criteria for selecting research samples used purposive sampling method, so that it was obtained 11 companies that became the research sample. Data were analyzed using classic assumption test, descriptive statistic, and moderated regression analysis using </em>SPSS 19.0<em>.</em></p><p><em>The results of this study are corporate environmental disclosure has a positive effect on corporate financial performance in the short term, real manipulation moderates negatively corporate environmental disclosure towards corporate financial performance in the short term, corporate environmental disclosure has no effect towards corporate financial performance in the long run, and real manipulation can not moderate corporate environmental disclosure towards corporate financial performance in the long run.</em></p><p><em> </em></p><p><em>Keywords </em>:<em> Real Manipulation, Corporate Environmental Disclosure, Corporate Financial Performance</em></p>

scholarly journals Testing of January Effect, the Day of the Week Effect, and Size Effect: a Study of LQ45 Stocks in Indonesia Stock Exchange

2020 ◽  
Vol 10 (2) ◽  
pp. 173-184
Author(s):  
Ernie Hendrawaty ◽  
Raden Ayu Fiska Huzaimah
Keyword(s):  
Size Effect ◽  
Stock Returns ◽  
Capital Market ◽  
Stock Exchange ◽  
Seasonal Pattern ◽  
Extended Period ◽  
Behavioral Pattern ◽  
January Effect ◽  
Essential Information ◽  
Day Of The Week

The purpose of this study is to examined the anomalies on the efficient capital market. However, research that combines January Effect, the day of the week Effect, and size Effect of getting a complete and clear picture of the phenomenon on the market is still limited. The variables used are stock returns, trading days, company size. This study uses linear panel regression. The January Effect hypothesis in The Indonesian Capital Market does not support, whereas the combined test conducted to differentiate the behavioral pattern of the days of the week Effect and the size Effect in January and Non-January months.  The study proved the hypothesis which states that seasonal pattern dominated occurs in January trading months, while the size pattern occurs in Non-January trading months. In the future, the arguments about the emergence of the day of the week Effect phenomenon in the Indonesian capital market by revealing the role of investors and essential information as factors that cause the phenomenon to arise. Further studies should continue to use all listed stocks but use a more extended period.

A Study on Performance Evaluation of Initial Public Offerings (IPOs) in India during 2007-13

2015 ◽  
Vol 6 (1) ◽  
pp. 18-37
Author(s):  
Srinivasa Rao Dokku ◽  
Rajesh Choudary Jampala ◽  
P. Adi Lakshmi
Keyword(s):  
Performance Evaluation ◽  
Initial Public Offerings ◽  
Stock Exchange ◽  
Short Term ◽  
Public Offerings ◽  
Long Run ◽  
Short Run ◽  
Indian Stock Market ◽  
Jel Classifications

The authors analyze 146 Indian Initial Public Offerings (IPOs) that were listed in Bombay Stock Exchange (BSE) between January 2007 and December 2009. The units of the sample are selected on the basis of companies available in the Indian stock market for three years for calculating short-term and long-term returns. The evidence suggests that the IPOs are initial day underpriced by 4.25 per cent and underperformed by 29.06 per cent after 36 months of listing. The study also finds that issue variables are highly influencing the IPOs performance in short run and long run but age of the company doesn't have any influence on its performance during the study period. The JEL classifications are G12, G14, G24, and G32.

scholarly journals MANUFACTURING FIRMS’ CAPITAL STRUCTURE IN BANGLADESH: COMPARISON BETWEEN LISTED MNCS AND LOCAL COMPANIES

2021 ◽  
Vol 6 (1) ◽  
pp. 1-18
Author(s):  
Syed Mohammad Khaled Rahman ◽  
Tasmina Chowdhury Tania
Keyword(s):  
Capital Structure ◽  
Stock Exchange ◽  
Jel Classification ◽  
Financial Leverage ◽  
Short Term ◽  
Long Run ◽  
Local Companies ◽  
Domestic Companies ◽  
The Capital Structure

The capital structure of a firm has immense significance as it has implications on corporate value and financial performance. The basic aim of the research was to analyze and compare the capital structure of Dhaka Stock Exchange (DSE)-listed multi-national companies (MNCs) and local companies of Bangladesh over 24 years (1996-2019). Stratified sampling techniques were applied to the selection of firms. Six financial leverage ratios were used to analyze and compare capital structures. There were significant differences in capital structure between local companies and MNCs as the null hypothesis was rejected. It was also found that the mean equity-financing proportion of domestic companies and MNCs were 65% and 92.5% respectively. The proportion of long term debt in total capital employed was very low for both types of companies. MNCs can raise the proportion of both short and long-term debt to take the advantage of financial leverage. Domestic companies can redeem some short term loan and replace some short term debt with long term debt. This research would be useful for corporate financial managers, creditors, and investors to take appropriate financing as well as investment decisions which would affect shareholders' wealth and value of the firm in the long run to a significant extent. JEL Classification Codes: G30, G32, G39

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