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All Journal Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan Jurnal Abdi Insani Sustainable : Jurnal Akuntansi Jurnal Ekonomi Lembaga Layanan Pendidikan Tinggi Wilayah I Governors
Santoso, Fahrul Imam
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Agriculture, Biological Sciences & Forestry Civil Engineering, Building, Construction & Architecture Computer Science & IT Economics, Econometrics & Finance Education Engineering Environmental Science Health Professions Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Mathematics Social Sciences

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Journal : Governors

 1 
Indonesian Capital Market Reaction to Fed Interest Rate Cut in 2024 Saputri, Risma Andreliani; Santoso, Fahrul Imam
GOVERNORS Vol. 4 No. 1 (2025): April-July 2025 Issue
Publisher : Yayasan Cita Cendekiawan Al Khwarizmi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47709/governors.v4i1.6013

Abstract

Capital markets are often influenced by global monetary policy, including changes in the Fed's interest rates. This decline in interest rates can affect investors' expectations of risk and return. This research aims to analyze the capital market reaction to the Fed's interest rate reduction by looking at differences in abnormal returns, trading volume activity, and bid-ask spread. The research objects in this study are energy sector companies listed on the Indonesia Stock Exchange with an estimation period of 100 days before the event and a research period of 11 days, consisting of 5 days before, during and 5 days after the event. This research uses the event study method with a sample of 29 companies selected through purposive sampling. Data analysis techniques include descriptive statistical analysis, Shapiro-Wilk normality test, and Wilcoxon Signed Rank Test hypothesis testing. The research results show that abnormal returns do not experience significant differences before and after the Fed’s interest rate cuts on September 18 and December 18, 2024, indicating that the market had possibly anticipated these monetary policy changes. However, a significant difference on November 7, 2024, suggests that the announcement on this date may have contained unexpected information, triggering a market reaction. Trading volume activity shows no significant differences for all three dates, implying that investor trading behavior remained relatively stable regardless of the policy changes. Similarly, the bid-ask spread shows no significant differences on September 18 and December 18, but a significant change on November 7 may indicate temporary changes in market liquidity or investor uncertainty.
Earnings Per Share, Return on Equity, and Debt to Asset Ratio Related to Stock Prices Pratama, Anggara Bangun; Kurnianingsih, Widiyanti; Santoso, Fahrul Imam
GOVERNORS Vol. 4 No. 1 (2025): April-July 2025 Issue
Publisher : Yayasan Cita Cendekiawan Al Khwarizmi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47709/governors.v4i1.6303

Abstract

This study aims to empirically analyze the influence of Earnings Per Share (EPS), Return on Equity (ROE), and Debt to Asset Ratio (DAR) on the stock prices of companies in the financial sector listed on the Indonesia Stock Exchange (IDX). The research uses a quantitative approach with an explanatory design, applying multiple linear regression analysis to simulated panel data for the period 2021–2025. Data were obtained from secondary sources by simulating financial reports and stock prices that realistically reflect historical trends for 10 selected financial companies, resulting in 50 observations. The study employs standard data analysis techniques, including classical assumption tests (normality, multicollinearity, heteroscedasticity, and autocorrelation) to ensure that the model fulfills the BLUE (Best Linear Unbiased Estimator) criteria. The results indicate that EPS and ROE have a significant positive effect on stock prices, whereas DAR has a significant negative effect. The high coefficient of determination (R²) confirms that the model explains most of the variability in stock prices. These findings reaffirm that company profitability and equity management efficiency drive stock price appreciation, while an excessive capital structure relying on high debt can lower investor confidence. This study contributes to the existing literature by providing systematic empirical evidence and serves as a practical reference for investors and financial managers in making informed strategic decisions.
The Value Of Property Companies: Role Of Profitability, Leverage, And Liquidity Agistia, Irine; Santoso, Fahrul Imam
GOVERNORS Vol. 4 No. 1 (2025): April-July 2025 Issue
Publisher : Yayasan Cita Cendekiawan Al Khwarizmi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47709/governors.v4i1.6327

Abstract

This study aims to analyze the effect of profitability, leverage and liquidity on the value of property companies listed on the Indonesia Stock Exchange during the 2020-2024 period. The population was 84 property and real estate companies listed on the Indonesia Stock Exchange. The sample obtained using purposive sampling was 12 companies with 5 years of data, resulting in a total of 60 sample data. All data analyses are conducted using statistical software such as SPSS. The results of the study show that each variable of profitability, leverage, and liquidity has a positive effect on company value. Profitability as measured by the net profit ratio, is proven to be the main factor that increases company value, reflecting the company's ability to generate sustainable profits. Leverage measured by the debt to equity ratio also shows a positive effect, indicating that wise use of debt can increase company value. Meanwhile, liquidity, measured by the current ratio, shows that companies with good liquidity are better able to meet short-term obligations, thereby increasing investor confidence. This study provides important insights for property company management in formulating effective financial strategies to increase company value. These findings also suggest the need for more attention to the management of these three variables to achieve sustainable growth in the property market.
Co-Authors Agistia, Irine Khaerunnisa, Winda Kurnianingsih, Widiyanti Pratama, Anggara Bangun Putri, Intan Yulia Saputri, Risma Andreliani Valenty, Yola Andesta Wicaksono, Ferri