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All Journal Cakrawala Pendidikan Jurnal Manajemen Terapan dan Keuangan JURNAL EMBA : JURNAL RISET EKONOMI, MANAJEMEN, BISNIS DAN AKUNTANSI Jurnal Bisnis dan Manajemen Kinerja Syntax Literate: Jurnal Ilmiah Indonesia JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi) J-MAS (Jurnal Manajemen dan Sains) Jurnal ULTIMA InfoSys Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan NUSANTARA : Jurnal Ilmu Pengetahuan Sosial Jurnal Maksipreneur: Manajemen, Koperasi, dan Entrepreneurship Journal of Education, Humaniora and Social Sciences (JEHSS) Sukma: Jurnal Pendidikan Jurnal Sistem Informasi, Manajemen, dan Akuntansi (SIMAK) Perspektif Komunikasi; Jurnal Ilmu Komunikasi dan Komunikasi Bisnis Jurnal Muara Ilmu Ekonomi dan Bisnis International Journal of Economics, Business and Accounting Research (IJEBAR) Jurnal Ekonomi Manajemen Sistem Informasi Progress: Jurnal Pendidikan, Akuntansi dan Keuangan Enrichment : Journal of Management Budapest International Research and Critics Institute-Journal (BIRCI-Journal): Humanities and Social Sciences Kontigensi: Jurnal Ilmiah Manajemen Indonesian Capital Market Review Proceeding National Conference Business, Management, and Accounting (NCBMA) IIJSE Proceeding of International Conference on Entrepreneurship (IConEnt) Sukma: Jurnal Pendidikan
Gracia S Ugut
Pelita Harapan University, Indonesia
Religion Arts Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Mathematics Public Health Social Sciences Other

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Indonesian Exchange Traded Fund Performance Arianto, Radityo Fajar; Supratikno, Hendrawan; Ugut, Gracia Shinta S.; Hulu, Edison
Budapest International Research and Critics Institute (BIRCI-Journal): Humanities and Social Sciences Vol 4, No 3 (2021): Budapest International Research and Critics Institute August
Publisher : Budapest International Research and Critics University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33258/birci.v4i3.2282

Abstract

This study aims to examine the effect of index volatility, changes in market capitalization, volume, momentum and liquidity on the difference between net asset value (NAV) return with the benchmark indexreturn of ETFs in Indonesia individually. The sample from this study amounted to 19 ETFs with purposive sampling method for the period 1 January – 30 June 2020. The analytical tool used was multiple regression with time series data. The results of this study include that the volatility of the benchmark index is a significant factor for the six sample ETFs. Meanwhile, changes in market capitalization are not a significant factor affecting tracking error.
Do Digital Literacy and Digital Entrepreneurship among University Students Contribute to Digital Economy? Riza Primahendra; John Tampil Purba; Gracia Shinta S Ugut; Sidik Budiono
Budapest International Research and Critics Institute (BIRCI-Journal): Humanities and Social Sciences Vol 4, No 3 (2021): Budapest International Research and Critics Institute August
Publisher : Budapest International Research and Critics University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33258/birci.v4i3.2617

Abstract

Covid-19 pandemic accelerated the digital transformation that affected people, including university student. The research intention is to know the contribution of digital literacy and digital entrepreneurship to digital economy among university student. The study used PLS-SEM and the data was collected through online questionnaire. The questionnaire was distributed among university students in Jakarta in which 103 respond and filled it. The result of the research that digital literacy influenced both digital entrepreneurship and digital economy, digital entrepreneurship influenced digital economy.
The Effect of ROA, ROE, CR, DER and EVA on Stock Return of Non-Banking Companies Listed on the Lq-45 Index and Sri-Kehati Index on the Indonesia Stock Exchange 2015-2019 Herry Santoso; Gracia Shinta S. Ugut
Budapest International Research and Critics Institute (BIRCI-Journal): Humanities and Social Sciences Vol 4, No 3 (2021): Budapest International Research and Critics Institute August
Publisher : Budapest International Research and Critics University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33258/birci.v4i3.2284

Abstract

The purpose of this study is to assess empirically on the influence of financial ratios consisting of Return on Assets (ROA), Return on Equity (ROE), Current Ratio (CR), Debt to Equity Ratio (DER) and Economic Value Added (EVA) ) on Stock Return. The data used in this study is secondary data. The sample for this study chosen is purposive sampling with the purpose of obtaining the sample based on criteria. Sample for this study is non-banking companies from 39 companies registered in LQ-45 Index and 20 registered in Sri-Kehati Index in Indonesian Stock Exchange from the year 2015 to 2019. Of 20 companies in Sri-Kehati Index, 13 companies are also part of LQ-45 Index, therefore the total overall samples taken are 46 non-banking companies. The analysis model used for this study is multiple linear regression. The result of study indicated that ROA and EVA have positive influences on stock returns, but ROE and CR have negative influences. While for DER, it has no influence on stock return. 
Convergence of Three Binomial Models into Black Scholes Model in Establishing Option Prices in Hongkong, India, and Indonesia Ikin Solihin; Sugiarto Sugiarto; Gracia Shinta S. Ugut; Edison Hulu
Budapest International Research and Critics Institute (BIRCI-Journal): Humanities and Social Sciences Vol 4, No 3 (2021): Budapest International Research and Critics Institute August
Publisher : Budapest International Research and Critics University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33258/birci.v4i3.2426

Abstract

The establishment of option prices is one of the crucial aspects in derivative trade. Black-Scholes model (BSM) is one of the most popular models of option price establishment. The option exchanges such as CBOE, HKEX, and NSE use this model to determine the price options. Black-Scholes Model is modelled with stock price movement as a stochastic process. Another popular model is binomial model (BSM), originated from stock exchange movement model which divides interval time [0, T] into n equal length step. It holds several models to determine the value of up-move, down-move, and probability. Binomial model is categorised as Cox-Ross-Rubinstein, Jarrow-Rudd, and Leisen-Reimer. There are numerous literatures which discuss the relation between BM and BSM, including the convergence of binomial model and BSM. The former’s model which is often put side-by-side with BSM is Cox-Ross-Rubinstein. Even though this model is quite simple, it requires a lot, even thousands of steps to render Cox-Ross-Rubinstein to converge with BSM. It certainly takes a lot of time to calculate. Therefore, in this study, with limited steps, Jarrow-Rudd and Leisen-Reimer models are compared to BSM with the Cox-Ross-Rubinstein model. It aims to check on which binomial model is more convergent to BSM with limited steps in the same period. The data collected were secondary data from finance.yahoo.com. Judgemental sampling was used for technique sampling and several shares, with large market capitalization in Hongkong, India, and Indonesia are chosen. By calculating the MAFE error value from option price of BSM and BM, it is discovered that Leisen-Reimer with 101 steps is more convergent to BSM. 
The Effect of Sustainability on Market/BV: A Study on Public Companies in Indonesia in 2013-2019 Gracia Shinta S. Ugut; Zabrina Raissa
Budapest International Research and Critics Institute (BIRCI-Journal): Humanities and Social Sciences Vol 4, No 3 (2021): Budapest International Research and Critics Institute August
Publisher : Budapest International Research and Critics University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33258/birci.v4i3.2415

Abstract

The objective of this study is to know is ESG score has an influence towards Market/BV. The dependent variable in this study is market/bv. The control variables in this study are: (1) return on equity (ROE), (2) debt to asset ratio (D/A), (3) earnings per share growth (EPS growth). This study used 55 populations of publicly listed companies in Indonesia that were listed on the Indonesia Stock Exchange from 2013 to 2019 with a purposive sampling method. The total sample in this study was 385 data which were processed using the multiple linear regression analysis methods with a fixed-effect model, which had been tested both the Chow test and the Hausman test. The results of this study indicate that the ESG score disclosure has a negative and significant effect on Market/BV.
Co-Authors Akuba, Stefy Falentino Alamsyah, Virza Utama Aloysius Van Rhein Tambunan Arianto, Radityo Fajar Budhidharma, Valentino Budiono, Sidik Carissa Faustina Cindy Claudia Pandoyo Ferdinand, Ferry Vincenttius Giavinny Giavinny Gilbert Sterling Octavius Harry Santoso Hendra Achmadi, Hendra Hendrawan Supratikno Herlina Lusmeida Hermansjah, Reynaldi Herry Santoso Hulu, Edison Ikin Solihin Ikin Solihin Irwan Suarly Jaunanda, Meiliana Khoiruddin Bashori Lestari Ayu Angraini Linda Megawaty Liza Handoko, Liza Megawaty, Linda Meng, Wang Jin Moerdijat, Lestari Muhammad Hadyan Rusin Nicolas Williem Novita Sari Hutasoit nugroho, vina christina Nur Tri Atmaji Oscar Jayanagara Poltak Sinaga Poltak Sinaga, Poltak Pramono, Rudy Purba, John Tampil Putra, Rama Permana Riza Primahendra, Riza Roy Sembel Roy Sembel Santoso, Priyono Budi Solihin, Ikin Sugiarto S Sugiarto Sugiarto Sugiarto Sugiarto Sung Suk Kim Sylvia Samuel Wijaya, Suwito William Tjong Wuisan, Dewi Zabrina Raissa