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p-Index From 2021 - 2026
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All Journal International Journal of Economics, Management and Accounting
Sahroni Sahroni
Universitas Pamulang, Indonesia
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Analysis of the Difference in Stock Prices Before and After the Cum-Ex Right Issue in 2024 Suci Febrina Almurdi; Zulfitra Zulfitra; Sahroni Sahroni
International Journal of Economics, Management and Accounting (IJEMA) Vol. 3 No. 6 (2025)
Publisher : Lafadz Jaya Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47353/ijema.v3i6.337

Abstract

This study examines whether stock prices differ before and after the cum-rights and ex-rights dates of rights issues conducted in 2024. Using a quantitative event-study design, we compile daily closing-price data for all issuers that executed rights issues in 2024. From 16 issuers, five banking firms are selected through purposive sampling. Differences in prices across the pre- and post-event windows are tested with the Wilcoxon signed-rank test, followed by a dummy-variable regression to estimate the magnitude and direction of change. The results indicate statistically significant price differences around the cum-ex rights issue period, implying that the market reacts to publicly available rights issue information. Overall, prices adjust after the event, consistent with semi-strong market efficiency and the dilution/price-adjustment mechanism often associated with rights issues. These findings inform investors and managers about expected price behavior around rights issue announcements and execution. The evidence supports monitoring cum-ex dates when planning trading strategies.
Analysis of Quality Costs in Efforts to Improve the Financial Performance of the Company: An Empirical Study at CV Central Fragrance Utama Regina Sakeletuk; Sahroni Sahroni; Masno Marjohan
International Journal of Economics, Management and Accounting (IJEMA) Vol. 3 No. 5 (2025)
Publisher : Lafadz Jaya Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47353/ijema.v3i5.339

Abstract

This study aims to analyze quality costs in relation to improving the financial performance of CV Central Fragrance Utama during the 2022-2024 period. Specifically, the research focuses on three aspects: (1) classification and measurement of quality costs, which include prevention, appraisal, internal failure, and external failure costs; (2) evaluation of financial performance based on profitability, liquidity, solvency, and activity ratios; and (3) analysis of the efficiency of quality cost management in supporting financial performance improvement. The research method uses a descriptive-qualitative approach with data collection techniques through observation, interviews, and document analysis. The results show that the allocation of quality costs is not yet optimal. Prevention costs decreased significantly from 78.12% to 48.82%, while internal and external failure costs increased. Financial performance shows sales growth that improves NPM and ROA, but ROE remains negative with critical liquidity and solvency conditions. The efficiency of quality costs has not been consistently achieved due to a decrease in investment in prevention and appraisal areas. The company needs to increase the proportion of prevention costs, strengthen its quality control system, and restructure capital to achieve healthy financial performance and sustainable growth.
Co-Authors Masno Marjohan Regina Sakeletuk Suci Febrina Almurdi Zulfitra Zulfitra