Article Per Year (5 Year)
p-Index From 2021 - 2026
0.408
P-Index
This Author published in this journals
All Journal Diponegoro Journal of Management
Erman Denny Arfinto
Fakultas Ekonomika dan Bisnis, Universitas Diponegoro
Decision Sciences, Operations Research & Management

Published : 2 Documents Claim Missing Document
Claim Missing Document
Check
Articles

Found 2 Documents
Search

 1 
Pengaruh Corporate Governance Terhadap Firm Value Dengan Firm Age, Sales Growth, dan Leverage sebagai Variabel Kontrol: Studi Empiris pada Perusahaan LQ45 yang Terdaftar di Bursa Efek Indonesia Tahun 2019 – 2023 Amalia Santika Putri; Erman Denny Arfinto
Diponegoro Journal of Management Volume 15, Nomor 1, Tahun 2026
Publisher : Faculty of Economics and Business Diponegoro University

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

Firm value plays a central role in shaping investor perceptions and long-term corporate sustainability, making corporate governance an essential mechanism for ensuring managerial accountability and reducing agency conflicts. In emerging markets such as Indonesia, where transparency and governance quality remain uneven, the effectiveness of governance practices becomes even more crucial in strengthening market confidence. This study investigates how corporate governance, measured using Bloomberg’s Governance Pillar Score (Board Composition, Executive Compensation, Shareholder Rights, and Audit), influences firm value among companies listed in the LQ45 Index during 2019–2023. A total of 31 companies and 140 firm-year observations were selected using purposive sampling based on data obtained from the Bloomberg Database. The study uses unbalanced panel data, and the analysis was carried out using EViews 13 software. The findings show that Executive Compensation is the only governance indicator that has a positive and significant impact on firm value, highlighting the importance of aligning managerial incentives with shareholder interests. Meanwhile, Board Composition, Shareholder Rights, and Audit do not exhibit significant effects, suggesting that these governance dimensions may not yet contribute meaningfully to value creation in LQ45 companies. Overall, the results emphasize that performance-based compensation remains the most influential governance mechanism in shaping market valuation.
Pengaruh Investor Sentiment, Relative Strength Index, Analyst Recommendation, dan Net Foreign Flow terhadap Return Saham: Studi Pada Perusahaan Yang Masuk Dalam Indeks LQ45 Periode 2020-2024 Haliza Yolanda Yustanti; Erman Denny Arfinto
Diponegoro Journal of Management Volume 15, Nomor 2, Tahun 2026
Publisher : Faculty of Economics and Business Diponegoro University

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

The Indonesian capital market is increasingly characterized by the dominance of retail investors and the growing influence of investor behavior in stock price formation. However, prior studies have largely emphasized fundamental factors, while behavioral and market-dynamic factors remain less comprehensively examined. This study analyzes stock return formation of companies included in the Indeks LQ45 during 2020–2024 from a behavioral finance perspective.This study employs a quantitative approach using secondary panel data of companies listed in the LQ45 Index with quarterly observations from 2020 to 2024. The research sample consists of 37 companies that meet the data completeness criteria. Panel data regression with a fixed effect model is applied as the main analytical method using STATA software to obtain statistically consistent and robust estimation results.The results indicate that investor sentiment, the Relative Strength Index, and analyst recommendations have a positive and significant effect on stock returns. In contrast, Net Foreign Flow does not have a significant effect on stock returns, suggesting that foreign investor capital flows tend to be passive and do not play a major role in driving stock price movements. Overall, the findings confirm that stock return formation in the Indonesian capital market is more strongly influenced by internal market factors and investor behavior than by foreign capital flows.
Co-Authors Amalia Santika Putri Haliza Yolanda Yustanti