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All Journal Journal of Applied Digital Business Management
Faisal Akbar
Universitas Sultan Ageng Tirtayasa

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THE EFFECT OF STATE OWNERSHIP ON FIRM VALUE AND ITS IMPLICATIONS IN THE INDONESIAN CAPITAL MARKET Faisal Akbar; Taufik; Nyimas Dewi Murnila Saputri; Fida Muthia
Journal of Applied Digital Business Management Vol. 2 No. 2 (2025): Human Research and Marketing Management
Publisher : Politeknik Mardira Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71266/nt66dp25

Abstract

This research examines how government ownership (GOVi) affects firm value (PBV) among state-owned enterprises traded on the Indonesia Stock Exchange throughout the period from the first quarter of 2020 to the first quarter of 2021. To enhance the robustness of the model, firm size and firm growth are incorporated as control variables. The research employs secondary data obtained from publicly available financial reports published by the IDX. Using purposive sampling, twelve state-owned firms were selected as the final sample. The analysis was conducted using panel data linear regression through Eviews software. The findings indicate that government ownership (GOVi) exerts a positive and statistically significant influence on firm value (PBV). Conversely, firm size shows no measurable effect on firm value, and firm growth likewise demonstrates no significant association with PBV.
Do Marketing Events Matter to Capital Markets? Evidence from the Indonesian Telecommunications Industry Zulfikar Fauzi; Hylman Jatmiko Nur Wicaksana; Intan Tamara Febrinzky; Faisal Akbar
Journal of Applied Digital Business Management Vol. 3 No. 1 (2026): Human Research and Marketing Management
Publisher : Politeknik Mardira Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71266/ary5wn16

Abstract

This study aims to analyze capital market reactions to large-scale national event marketing in the telecommunications service industry in Indonesia. Event marketing is considered a form of non-financial information that may be reflected in stock price movements. This research employs a quantitative approach using an event study methodology, focusing on PT Telkom Indonesia Tbk (TLKM) and PT Indosat Ooredoo Hutchison Tbk (ISAT) over the period of 2022–2024. The data consist of daily stock prices (market price open) and event marketing dates obtained from official company sources and media reports. The analysis is conducted using a simple regression model with a dummy variable to distinguish between event days and non-event days within the observation window. The results indicate that event marketing does not have a significant effect on stock market price open. Furthermore, no significant differences are found between stock prices on event days and non-event days. These findings suggest that event marketing is not perceived as sufficiently strong information to influence capital market reactions in the short term. This study contributes to the literature by extending the understanding of the role of non-financial information in capital markets, particularly in the context of service industries in emerging economies.
Co-Authors Fida Muthia Hylman Jatmiko Nur Wicaksana Intan Tamara Febrinzky Nyimas Dewi Murnila Saputri Taufik Zulfikar Fauzi