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All Journal JURNAL ECONOMINA Danadyaksa: Post Modern Economy Journal
Muhammad Yunus Kasim
Universitas Tadulako, Palu, Indonesia
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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The Mediating Role of Financial Performance in Foreign Ownership on Stock Price Volatility of Technology Companies on the BEI Kariska Try Rahmatika Nggolon; Muhammad Yunus Kasim; Vitayanti Fattah; Erwan Sastrawan
JURNAL ECONOMINA Vol. 5 No. 7 (2026): JURNAL ECONOMINA, Juli 2026
Publisher : LPPM Sekolah Tinggi Ilmu Ekonomi 45 Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55681/economina.v5i7.3410

Abstract

This study aims to analyze the mediating role of financial performance in the relationship between foreign ownership and stock price volatility of technology companies listed on the Indonesia Stock Exchange for the period 2020–2024. Using a quantitative causal approach and secondary data, the study analyzed a sample of 17 companies via panel data regression using the Common Effect Model, path analysis, and the Sobel test. The results show that foreign ownership has a significant negative effect on stock price volatility and a significant positive effect on financial performance, as measured by both ROA and ROE. Financial performance does not have a significant effect on stock price volatility. Furthermore, financial performance does not mediate the relationship between foreign ownership and stock price volatility.
Market Reaction to the Announcement of the Government Fund Placement Policy in HIMBARA Banks: An Event Study Based on KMK Number 276 of 2025 Richaldito Koedio; Muhammad Yunus Kasim; Suryadi Samudra; Fatlina Zainuddin; Munawarah
Danadyaksa: Post Modern Economy Journal Vol. 4 No. 1 (2026): Post Modern Economy Journal
Publisher : Yayasan Pendidikan Islam Bustanul Ulum Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69965/danadyaksa.v4i1.627

Abstract

This study aims to analyze the reaction of the Indonesian capital market to the announcement of the government fund placement policy in HIMBARA banking based on the Ministry of Finance Decree (KMK) Number 276 of 2025. The methodology used is quantitative with an event study approach, utilizing an observation window of 11 trading days (t-5 to t+5). The sample of this study was selected using a saturated sampling method, encompassing five banks from the HIMBARA group (BMRI, BBRI, BBNI, BBTN, and BRIS). Data analysis was conducted through the One-Sample T-Test, Wilcoxon Signed Rank Test, and Paired Samples T-Test with the assistance of SPSS version 32. The results indicate a significant daily abnormal return around the announcement, alongside a significant difference in the Average Abnormal Return (AAR), where market sentiment shifted from positive before the announcement to negative after the announcement. However, there was no significant difference found in the Average Trading Volume Activity (ATVA) before and after the announcement. Academically, the implication of this research proves that a short observation window captures spontaneous market reactions more accurately than a long observation window; practically, investors are advised not to panic sell their shares in response to policies deemed risky, as the price decline in HIMBARA banks proved to be only temporary.
Co-Authors Erwan Sastrawan Fatlina Zainuddin Kariska Try Rahmatika Nggolon Munawarah Richaldito Koedio Suryadi Samudra Vitayanti Fattah