Article Per Year (5 Year)
p-Index From 2021 - 2026
0.408
P-Index
This Author published in this journals
All Journal Governors
Fahrul Imam Santoso
Universitas Amikom Yogyakarta, Indonesia
Economics, Econometrics & Finance

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

Found 2 Documents
Search

 1 
Working Capital Turnover, Sales Growth, Debt To Equity Ratio, and Current Ratio on Profitability Hana Kurnia Saraswati; Fahrul Imam Santoso
GOVERNORS Vol. 5 No. 1 (2026): April-July 2026 Issue
Publisher : Yayasan Cita Cendekiawan Al Khwarizmi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47709/governors.v5i1.8325

Abstract

This study aims to examine the effect of Working Capital Turnover, Sales Growth, Debt To Equity Ratio, and Current Ratio on Profitability. The population used was 58 infrastructure sector companies listed on the Indonesia Stock Exchange (IDX) for the 2021-2024 period. This study employed a quantitative research method with a purposive sampling technique, a sampling technique with specific criteria. Based on these criteria, 12 companies were selected as samples. In this study, the researchers used data analysis techniques including descriptive statistical analysis, classical assumption tests, multiple linear regression tests, and hypothesis testing using SPSS version 26. The results showed that Working Capital Turnover and Sales Growth had a positive and significant effect on Profitability, Debt To Equity Ratio (DER) had a negative and significant effect on profitability, while the Current Ratio (CR) had a negative and insignificant effect on profitability. Finally, collectively, Working Capital Turnover, Sales Growth, Debt To Equity Ratio (DER), and Current Ratio (CR) had an effect on Profitability.
The FOMO Phenomenon on IPO Stocks: Evidence from The Indonesia Stock Exchange Muhammad Ilham Sofyan; Fahrul Imam Santoso
GOVERNORS Vol. 5 No. 1 (2026): April-July 2026 Issue
Publisher : Yayasan Cita Cendekiawan Al Khwarizmi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47709/governors.v5i1.9318

Abstract

This study aims to empirically examine the effect of Underpricing and Trading Volume Activity (TVA)—acting as a proxy for the psychological bias of Fear of Missing Out (FOMO)—on the Cumulative Abnormal Return (CAR) of Initial Public Offering (IPO) stocks. Conducted on the Indonesia Stock Exchange with a six-month post-listing observation window, this quantitative research utilized a purposive sampling technique to select 42 IPO companies from 2024 to 2025. The secondary data were analyzed using Multiple Linear Regression, supported by classical assumption tests. Partial testing reveals that Underpricing has no significant effect on CAR, indicating that initial cheap price signals are merely short-term anomalies that fade as information asymmetry decreases. Conversely, TVA demonstrates a significant negative effect on CAR. This confirms that extreme trading volumes, driven by irrational FOMO and herding behaviors among retail investors, lead to severe overvaluation and subsequent medium-term underperformance. Furthermore, the simultaneous test proves that Underpricing and TVA collectively have a significant impact on CAR. These findings provide novel empirical evidence supporting Behavioral Finance theory, highlighting that early transaction euphoria strongly predicts medium-term performance declines as markets correct toward their fundamental values.
Co-Authors Hana Kurnia Saraswati Muhammad Ilham Sofyan