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All Journal Jurnal Pendidikan Indonesia (Japendi) Eduvest - Journal of Universal Studies
Maria Christina Pasaribu
Universitas Indonesia
Aerospace Engineering Computer Science & IT Education Health Professions Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Neuroscience Social Sciences

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Unusual Market Activity Impact on Abnormal Liquidity Risk, Abnormal Volatility, and Abnormal Return in Indonesia Capital Market Famy Kurnia Putri; Maria Christina Pasaribu; Dewi Hanggraeni
Jurnal Pendidikan Indonesia Vol. 6 No. 7 (2025): Jurnal Pendidikan Indonesia
Publisher : Publikasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59141/japendi.v6i7.7711

Abstract

This study aims to analyze the influence of the management control system consisting of enabling control and constraining control on organizational performance and management innovation in heavy equipment and truck companies operating in North Kalimantan. Management control systems that involve enabling controls that encourage organizational creativity and development, as well as constraining controls that provide constraints to ensure efficient operations, are analyzed to see their impact on management innovation and organizational performance. This study uses a quantitative descriptive approach by collecting primary data through a survey of 57 supervisors in 10 relevant companies. The data was analyzed using the Structural Equation Modeling (SEM) method with PLS 4 software. The results of the study show that enabling control has a significant positive influence on organizational performance, while constraining control, both through a limitation system and diagnostic control, has a negative effect on organizational performance, although the diagnostic control system plays a positive role in encouraging management innovation. These findings indicate that to improve organizational performance, companies need to make more intensive use of enabling controls, while considering the implementation of diagnostic control systems that can support innovation
Impact of Full Periodic Call Auction on Stock Volatility and Liquidity in Watchlist Board of Indonesia Stock Exchange Maria Christina Pasaribu; Buddi Wibowo
Eduvest - Journal of Universal Studies Vol. 5 No. 8 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i8.51341

Abstract

Indonesia Stock Exchange (IDX) has implemented a Full Periodic Call Auction (FCA) mechanism for stocks listed under the Watchlist Board on March 25, 2024 to enhance market quality and investor protection. This study investigates the impact of FCA mechanism on stock volatility and liquidity in the Indonesian capital market, particularly for equities listed on the Watchlist Board of IDX. Using a time-series regression framework and robust event study design, this research analyzes 40 stocks over a 12-month period surrounding the implementation of FCA on March 25, 2024. Volatility is measured using the Parkinson Volatility model, while liquidity is assessed using the Amihud Illiquidity Ratio. The results reveal that 80% of the sample experienced statistically significant changes in volatility, with 81.4% showing increased volatility, especially among low-priced stocks (< IDR 51). This supports the Thin Market Hypothesis and Market Microstructure Theory, suggesting that auction mechanisms can amplify price reactions in illiquid environments. Meanwhile, 55% of stocks showed significant changes in illiquidity, with 95.5% experiencing increased illiquidity, indicating that FCA may have inadvertently reduced market efficiency by limiting order flexibility and increasing execution risk under a blind order book. Aggregate testing confirms that FCA significantly increased volatility and weakened liquidity across the sample. These findings indicate that while FCA reactivated previously dormant stocks and facilitated price discovery in certain contexts, its effects are not uniformly beneficial. The outcomes vary depending on stock classification, with distress-level (Criteria 5) stocks showing volatility suppression, and low-price, low-liquidity stocks (Criteria 1) facing heightened trading frictions.
Co-Authors Buddi Wibowo Famy Kurnia Putri Hanggraeni, Dewi