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All Journal ATRABIS: Jurnal Administrasi Bisnis (e-Journal) Journal of Business and Management Inaba
Eunike Stefani Mendrofa
Universitas Katolik Musi Charitas
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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Analisis Turn Of Year Terhadap Return Saham Di Periode Pergantian Tahun Pada Perusahaan Yang Terdaftar Di Indeks IDX30 BEI Carin Mareta; Agatha Septiana Sri Ratnasari; Candra Astra Terenggana; Eunike Stefani Mendrofa
ATRABIS Jurnal Administrasi Bisnis (e-Journal) Vol. 12 No. 1 (2026): ATRABIS: Jurnal Administrasi Bisnis (e-Journal) - Juni 2026
Publisher : Program Studi Administrasi Bisnis

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38204/atrabis.v12i1.3013

Abstract

Seasonal anomalies in the capital market continue to show mixed empirical findings, making stock return patterns around the turn of the year an important topic for investigation. This study aims to analyze differences in stock actual returns around the year-end period among companies listed in the IDX30 Index during 2023–2025. A quantitative comparative approach was employed using weekly actual return data from 21 companies selected through purposive sampling. Data were analyzed using descriptive statistics, the Shapiro–Wilk normality test, the Kruskal–Wallis test, and the Mann–Whitney U post hoc test. The results indicate significant differences in actual returns across the observed periods, suggesting seasonal variations in stock return patterns around the turn of the year. However, these findings should not be interpreted as direct confirmation of the Turn of the Year Effect. This study contributes empirical evidence to the literature on seasonal anomalies in the Indonesian capital market and provides a basis for further research using more comprehensive analytical approaches.
Do Bank Size And Age Moderate The Effect Of Credit Risk On Financial Sustainability In Indonesian Banks? Fransiska Soejono; Carin Mareta; Eunike Stefani Mendrofa
Journal of Business and Management Inaba Vol. 5 No. 1 (2026): Volume 5 Number 1, June 2026
Publisher : Universitas Indonesia Membangun (Inaba)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56956/2dqgxa77

Abstract

This study examines the effects of credit risk, bank size, and bank age on financial sustainability and evaluates the moderating roles of bank size and age in Indonesian banks. The sample comprises 168 bank-year observations from 29 banks during 2017–2024. Credit risk is proxied by the gross Non-Performing Loan ratio, whereas financial sustainability is measured using the Financial Sustainability Ratio. The baseline analysis employs pooled moderated regression with bootstrapping, while panel-data analysis accounts for unobserved bank-specific heterogeneity. The bootstrap results show significant positive coefficients for credit risk and bank size and a significant negative interaction between credit risk and bank size. Bank age and the credit risk–age interaction are insignificant. Panel-model selection identifies fixed effects as the appropriate specification. Under fixed effects with bank-clustered robust standard errors, credit risk, bank size, and both interactions are insignificant, while bank age has a positive and marginally significant direct effect at the 10% level. The contrast indicates that the significant pooled relationships mainly reflect differences across banks rather than consistent within-bank changes. The findings demonstrate that conclusions about credit risk and financial sustainability are sensitive to the treatment of bank-specific heterogeneity.
Co-Authors Agatha Septiana Sri Ratnasari Carin Mareta Fransiska Soejono Heriyanto Heriyanto