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All Journal Owner : Riset dan Jurnal Akuntansi Journal Of World Science International Journal of Multidisciplinary Research and Literature (IJOMRAL) Utsaha: Journal of Entrepreneurship Journal of Social Studies, Arts and Humanities (JSSAH) Return : Study of Management, Economic and Bussines International Journal of Science and Environment The Es Economics and Entrepreneurship The Es Accounting and Finance IIJSE
Indrayono, Yohanes
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Empirical Study of Environmental, Social & Governance (ESG) on the Stock Returns of Mining Companies With Profitability as an Intervening Variable Listed on the Indonesia Stock Exchange for the Period 2018-2023? Octaviani, Ardhiati; Gursida, Hari; Indrayono, Yohanes
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 1: Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v9i1.8295

Abstract

This study aims to examine the influence of ESG on the stock returns of mining companies listed on the Indonesia Stock Exchange, as well as to assess whether profitability (ROA) plays a mediating role in that relationship. This study was conducted using a quantitative approach and employed panel data regression analysis on 16 companies over six years of observation (2018–2023), with a total of 96 observation data points. The model used is the Random Effect Model with heteroscedasticity correction through the EGLS method. The findings indicate that ESG disclosures, whether environmental, social, or governance, do not affect profitability and stock returns. Profitability (ROA) has a positive effect on stock returns, but it does not mediate the impact of ESG on those returns. This indicates that investors in the mining industry still prioritize conventional financial indicators over sustainability information in the investment decision-making process. Therefore, it is important for companies to enhance the relevance and integration of ESG into their business strategies in order to make a tangible contribution to market value. This research also opens up space for the exploration of other moderating factors that may strengthen the relationship between ESG and financial performance.
Capital Market Reactions to The Covid 19 Pandemic Umayi Ananda, Woro; Gursida, Hari; Indrayono, Yohanes
Journal of World Science Vol. 2 No. 3 (2023): Journal of World Science
Publisher : Riviera Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58344/jws.v2i3.252

Abstract

This study aims to determine and analyze the capital market's reaction to the Covid 19 Pandemic in biotechnology companies listed on the Nasdaq. The method used in this study uses a type of quantitative method. This study uses an event study. The sampling method in this study was carried out using a non-probability random sampling approach. The announcement of the COVID-19 pandemic by the WHO and the commitment to produce a COVID-19 vaccine have had a significant impact on abnormal stock returns and trading volume activities of biotech companies listed on the NASDAQ stock market. However, there is no significant effect on the liquidity of biotech company stocks. In addition, the announcement of the COVID-19 pandemic also affected the volatility of biotech company stocks. In contrast, the announcement of a commitment to producing a COVID-19 vaccine did not significantly impact the volatility of biotech company stocks. So, it shows that the NASDAQ stock market reacts sensitively to announcements about the COVID-19 pandemic and efforts to produce COVID-19 vaccines by biotech companies. This shows that the COVID-19 pandemic has significantly impacted the stock market, especially in the biotechnology sector. The event study approach is used to test the market with a semi-strong form of market efficiency by demonstrating that the stock price reflects all published information (all publicly available information).
Empirical Study on Event Study Model on Biotech Stock Market Umayi Ananda, Woro; Gursida, Hari; Indrayono, Yohanes
Journal of World Science Vol. 2 No. 4 (2023): Journal of World Science
Publisher : Riviera Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58344/jws.v2i4.270

Abstract

Biotechnology today is used to develop and play an important role both in terms of the discovery of drug development that is a breath for the continuity of the pharmaceutical industry. The purpose of this research is to find out and analyze empirical studies on the event study model in the biotech stock market. This study uses a type of quantitative method, sampling using purposive sampling. Based on the results of the study, there is an influence of financial literacy, personal interest, and environment on interest in investing in the biotechnology stock market, there is an influence of financial literacy on interest in investing in the biotechnology capital market, there is an influence of personal interest on interest in investing in the biotechnology capital market, there is an influence of environment on interest in investing in the biotechnology capital market. Biotechnology plays an important role in the development of medicines and has a positive impact on the stock market and economy. Investing in biotech stocks requires adequate knowledge and a wise approach to avoid irrational investment practices and risks. It is expected that the younger generation will consider investing in the biotech sector, particularly in the pharmaceutical industry, to achieve sustainable profits.
Financial Literacy Model for MSMEs as a Financial Performance Measurement Tool (Case Study of MSMEs in Bogor, Depok, and Kuningan) Setiawati, Sri; Gursida, Hari; Indrayono, Yohanes
Journal of World Science Vol. 4 No. 2 (2025): Journal of World Science
Publisher : Riviera Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58344/jws.v4i2.1303

Abstract

Micro, Small, and Medium Enterprises (MSMEs) play a crucial role in the Indonesian economy; however, they encounter various challenges in effectively managing their finances. Financial literacy serves as a pivotal factor influencing the financial performance of MSMEs. This study seeks to analyze the correlation between financial literacy and the financial performance of MSMEs across three regions: Bogor, Depok, and Kuningan. A quantitative study methodology was employed, utilizing a survey of MSME owners as respondents. Data were gathered through a questionnaire to assess financial literacy and financial performance, measured by profitability, operational efficiency, and business sustainability indicators. The findings indicate a significant relationship between the financial literacy level and MSMEs' financial performance. MSMEs exhibiting higher levels of financial literacy tend to demonstrate superior financial performance compared to those with lower levels of financial literacy. The implications of this study emphasize the necessity of enhancing financial education programs for MSME stakeholders to improve their capabilities in efficiently managing business finances.
Co-Authors Agung Fajar Ilmiyono Aminudin, Aminudin Hamzah, Zeze Zakaria Hari Gursida Hendro Sasongko Herdiyana, Herdiyana Hurriyaturrohman Hurriyaturrohman ibram pinondang dalimunthe, ibram pinondang Maulana, Dede Hikmat Muhammad Iqbal Octaviani, Ardhiati Salsabila, Sharah Sianipar, Makmur Sri Setiawati, Sri Umayi Ananda, Woro