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All Journal Assets: Jurnal Akuntansi dan Pendidikan JURAKUNMAN (JURNAL AKUNTANSI DAN MANAJEMEN) International Journal of Financial, Accounting, and Management JASF (Journal of Accounting and Strategic Finance) Reviu Akuntansi, Manajemen, dan Bisnis Studi Akuntansi, Keuangan, dan Manajemen Jurnal Theologia Forum STFT Surya Nusantara Riset Akuntansi dan Keuangan Indonesia
Nainggolan, Rexon
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Religion Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Social Sciences Other

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PREDICTIVE ABILITY OF INTERIM ANNOUNCEMENTS BY USING MEAN DEVIATION TESTING Rexon Nainggolan
Jurakunman (Jurnal Akuntansi dan Manajemen) Vol 2, No 2 (2018): JURAKUNMAN VOL.II NO.2, JULI 2018
Publisher : Sekolah Tinggi Ilmu Ekonomi Surya Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.48042/jurakunman.v2i2.8

Abstract

The study examines the predictive ability of interim announcement on projecting year-end financial statements. The investigation tests the accuracy of projected income statements by using proportional method of Q1, Q2, and Q3 interim announcements against actual year-end.The study investigates 280 announcements from 70 of 415 firms listed in Indonesia Stock Exchange. The indicators being measured are the income statements components which include revenue, expense, other income/loss, net income, and earning per share (EPS) of the interim announcements. The study uses mean deviation as tools on measurements.The finding indicates that income statements reported in the interim announcements, if projected proporsionally, deviate signifantly against the actual year-end (Q4), in most type of industries, which reflected by the significant mean deviation. The conclusion is consistent in all main components of income statements tested, including sales, expenses, other income/loss, net income, and earning per share (EPS). However, the study indicates that eventhough the deviation is still signicant, it is reduced in Q2 and Q3 as the periods are longer.Keywords: interim announcement, mean deviation, Indonesian Stock Exchange
COMPARATIVE ACHIEVEMENTS OF SEVENTH-DAY ADVENTIST LEADERSHIP IN INDONESIA PRE AND POST 1970 Rexon Nainggolan
Jurnal Theologia Forum STFT Surya Nusantara Vol. 7 No. 1 (2019): January
Publisher : Jurnal Theologia Forum STFT Surya Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (246.48 KB)

Abstract

The year 1970 is an important milestone in Seventh-day Adventist organization in Indonesia. First, as the Union of Indonesia was organized in 1929, 1970 is relatively the middle of the Indonesia movement up to now. Second, started in 1970 the leadership in the two Indonesia unions were transferred from non-Indonesian leaders to the native Indonesian. In that relation, this study compares the achievements of the Seventh-day Adventist church leadership in Indonesia pre and post 1970, the year when the leaderships were transferred from non-Indonesian to the native Indonesian, from the view of membership, numbers of churches, as well as the institutional and landmarks establishments.The finding indicates that the achievements of Seventh-day Adventist church in Indonesia under leadership of native Indonesia post 1970 is significantly decrease when compared to the non-Indonesian leadership in previous period from the view of membership growth(83.55%) and number of churches (102.94%). This conclusion is indicated by average annual membership growth which decreases from 7.81% in Period 1 of to 3.56% in Period 2 and the average annual number of churches growth which decreases from 5.30% in Period 1 of to 2.69%. The statistical data also reported that most of current major institutions and landmarks were established during the leadership of non-Indonesian. Nevertheles, the leadership in Period 2 had maintained the institutions and developed them into more sophisticated institutions. Keywords: Seventh-day Adventist Church , leadership, membership growth, number of churches
Market reaction on earnings announcement information contents: Analysis from book-to-market Nainggolan, Rexon
International Journal of Financial, Accounting, and Management Vol. 6 No. 2 (2024): September
Publisher : Goodwood Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/ijfam.v6i2.1965

Abstract

Purpose: This study examines the market’s reaction to information content during earnings announcements from the viewpoint of changes in the book-to-market ratio. Research methodology: This study used a quantitative approach and an event study methodology as the primary measurement. It applies a market model based on Indonesia’s equity market daily stock returns to analyze the cumulative average abnormal returns in firms with upward/downward book-to-market value changes. Results: The findings reveal that stock prices in Indonesia's stock equity grew significantly above the firms' book values, indicating that investors pay more attention to expected future returns than the accounting value. This study also reveals that changes in book value may cause more significant changes in market value, following the direction of information content. The study found that the market is more sensitive to bad news than to good news and noted a significant relationship between book-to-market and post-earnings announcement abnormal returns. Limitations: This  study did not cover the long-term impact of the long-horizon test. A long-horizon test may provide evidence of market efficiency from the long-term perspective. Accordingly, this study suggests an issue for future research.   Contribution:  This study contributes to the literature by suggesting that testing market efficiency from the view of changes in book-to-market provides robust grounds to explain the market reaction to good or bad news information content. Novelty: Our findings show that Rp. One adjustment in book value in the Indonesian stock market corresponds to an average value of Rp. 16.43 adjustment in market value. This result implies that book value changes can lead to more significant changes in the market value.
MEASUREMENT OF INTEREST RATE AND PERIOD USING LOGARITHM EQUATIONS: A STUDY OF TIME VALUE OF MONEY Nainggolan, Rexon
Assets: Jurnal Akuntansi dan Pendidikan Vol. 13 No. 3 (2024)
Publisher : Universitas PGRI Madiun

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25273/jap.v13i3.21770

Abstract

ABSTRACT The primary aim of this study is to illustrate how logarithmic calculation and equation can effectively replace traditional table usage and interpolation techniques in time value of money calculations. It proposes the application of algorithmic computation to calculate the interest rate and period when the future value and present value are known. It developed and formulated two primary equations utilizing an algorithmic approach as an alternative to the conventional reliance on financial tables and linear interpolation prevalent in the existing literature. The two methods are validated and substantiated upon reevaluating the fundamental time value of money calculation, yielding far more precise results than the traditional method. The measurement can also be utilized in the statistical realm to compute the compounded average yearly growth or growth period when other parameters are available. ABSTRAK Tujuan utama dari studi ini adalah untuk memberikan ilustrasi bagaimana perhitungan dan persamaan logaritma dapat secara efektif menggantikan penggunaan tabel tradisional dan teknik interpolasi dalam perhitungan nilai waktu uang. Studi ini mengusulkan penerapan perhitungan algoritma untuk menghitung suku bunga dan periode waktu ketika nilai masa depan dan nilai kini diketahui. Studi ini mengembangkan dan merumuskan dua rumus utama yang memanfaatkan pendekatan algoritma sebagai alternatif dari ketergantungan konvensional pada tabel keuangan dan interpolasi linier yang lazim dalam literatur yang tersedia. Kedua metode tersebut tervalidasi dan setelah mengevaluasi ulang perhitungan nilai waktu uang ke rumus dasarnya, menghasilkan hasil perhitungan yang lebih akurat daripada metode tradisional. Pengukuran tersebut juga dapat digunakan pada bidang statistik untuk menghitung pertumbuhan tahunan rata-rata atau periode pertumbuhan ketika parameter lain tersedia.
Trading Volume Activity Surrounding Earnings Releases: Evidence from Indonesia Nainggolan, Rexon
JASF: Journal of Accounting and Strategic Finance Vol. 6 No. 2 (2023): JASF (Journal of Accounting and Strategic Finance) - December 2023
Publisher : Accounting Department, Faculty of Economics and Business, Universitas Pembangunan Nasional Veteran Jawa Timur

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33005/jasf.v6i2.402

Abstract

The study investigates trading volume activities post-earnings announcement and their impact on abnormal returns. The objectives are to examine the changes in trading volume activities in response to earnings release and to measure the impact of the changes in trading volume activities on the cumulative average abnormal returns post-earning announcement. The study analyzes the trading volume response around the earnings announcement by comparing the ratio of trading volume activity (TVA) post-earnings announcements with the TVA during the estimation window. It reports an apparent increase in trading volume activity on day +2, indicating a slightly delayed reaction to the event's information. However, the findings indicate a significant relationship between cumulative abnormal returns and trading volume during the post-earning announcement abnormal return in a short period, following the semi-strong form of market efficiency. The study focuses on year-end announcements and does not evaluate interim announcements. The market response to interim data may vary and requires validation through an additional investigation. This implies that market traders should implement an effective trading strategy before the entire market reacts to the earnings announcement. Furthermore, the research findings underscore opportunities for policymakers to improve market infrastructure, hence augmenting the market's efficacy in conveying information pertaining to earnings releases.
Market reaction on earnings announcement information contents: Analysis from book-to-market Nainggolan, Rexon
International Journal of Financial, Accounting, and Management Vol. 6 No. 2 (2024): September
Publisher : Goodwood Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/ijfam.v6i2.1965

Abstract

Purpose: This study examines the market’s reaction to information content during earnings announcements from the viewpoint of changes in the book-to-market ratio. Research methodology: This study used a quantitative approach and an event study methodology as the primary measurement. It applies a market model based on Indonesia’s equity market daily stock returns to analyze the cumulative average abnormal returns in firms with upward/downward book-to-market value changes. Results: The findings reveal that stock prices in Indonesia's stock equity grew significantly above the firms' book values, indicating that investors pay more attention to expected future returns than the accounting value. This study also reveals that changes in book value may cause more significant changes in market value, following the direction of information content. The study found that the market is more sensitive to bad news than to good news and noted a significant relationship between book-to-market and post-earnings announcement abnormal returns. Limitations: This  study did not cover the long-term impact of the long-horizon test. A long-horizon test may provide evidence of market efficiency from the long-term perspective. Accordingly, this study suggests an issue for future research.   Contribution:  This study contributes to the literature by suggesting that testing market efficiency from the view of changes in book-to-market provides robust grounds to explain the market reaction to good or bad news information content. Novelty: Our findings show that Rp. One adjustment in book value in the Indonesian stock market corresponds to an average value of Rp. 16.43 adjustment in market value. This result implies that book value changes can lead to more significant changes in the market value.
Ownership Concentration and Asset Risk-Return Profiles : A Quantitative Study of Systematic and Idiosyncratic Risks Nainggolan, Rexon; Montebon, Clarijun Quimada
Riset Akuntansi dan Keuangan Indonesia Vol. 11 No. 1 (2026): Riset Akuntansi dan Keuangan Indonesia
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/reaksi.v11i1.16722

Abstract

This study investigates the complex relationships between ownership concentration and asset risk-return profiles. Using a quantitative methodology, the research employs a market model framework and Ordinary Least Squares (OLS) regression to analyze data from publicly listed companies. The analysis quantifies how shareholding distribution influences key financial metrics, including expected excess returns (alpha), systematic risk sensitivity (beta), and stock volatility. The novelty of this research lies in its distinction from previous econometric studies by integrating ownership structure analysis directly into foundational market model metrics, providing a new lens through which to view the interplay between governance and firms’ risk-returns profiles. The study findings demonstrates that ownership concentration significantly shapes asset risk-return profiles. The result reveals a positive correlation between con-centrated ownership and superior risk-adjusted performance (Alpha), driven by reduced agency costs and strategic oversight. While the impact on systematic risk (Beta) is often secondary to macroeconomic factors, the data indicates a stabilizing effect where higher concentration reduces idiosyncratic volatility. Furthermore, the study identifies a low-beta anomaly, suggesting that firms generating higher alpha do not necessarily carry increased market risk. These insights contribute to the discourse on modern financial markets by highlighting internal governance as a critical mediator of asset behavior, offering valuable guidance for investment strategies and corporate governance decisions.
Deconstructing the Risk and Return Profile of Penny Stocks: Evidence from the Market Model Sembiring, Hendri; Nainggolan, Rexon
Reviu Akuntansi, Manajemen, dan Bisnis Vol 5 No 3 (2026): Maret
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/rambis.v5i3.6544

Abstract

Purpose: This study investigates the risk and return profile of penny stocks on the Indonesia Stock Exchange (IDX), focusing on abnormal returns, systematic risk, and idiosyncratic volatility (STEY X). Research Methodology: Using a sample of 600 listed firms in 2024, the study applies the Market Model and several robust statistical analyses include Welch’s t-tests, Mann–Whitney U tests, Levene’s test, and variance decomposition to assess differences across groups. Results: The findings show that penny stocks on the IDX have a paradoxical risk-return profile. They significantly underperform non-penny stocks with a negative abnormal return 6.13 times larger, but carry 22.15% less systematic risk (beta). This low market sensitivity suggests these stocks are decoupled from broader market movements. Instead, they are driven by intense idiosyncratic risk, which is 54.7% higher than that of non-penny stocks. Consequently, while penny stocks are less sensitive to the general market, they are much more volatile due to firm-specific factors. Conclusions: The results confirm a breakdown of the traditional risk–return paradigm in the IDX penny stock segment, characterized by a beta paradox and dominance of idiosyncratic risk. High volatility is not compensated by higher returns, reflecting speculative trading and structural inefficiencies. Limitations: The study is limited to a single year of data and focuses solely on the Indonesian market, which may restrict generalizability. Contributions: This research contributes to emerging market finance by highlighting market segmentation effects, questioning the universal applicability of CAPM, and providing empirical evidence on the dominance of idiosyncratic risk in low-priced equities.
Inter-Industry Risk-Returns Heterogeneity: A Market Model Approach Nainggolan, Rexon; Morada, Rhody Laynn K.
Studi Akuntansi, Keuangan, dan Manajemen Vol 5 No 4 (2026): April
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/sakman.v5i4.6471

Abstract

Purpose: This study challenges the assumption in financial theory that industry grouping is a robust descriptor of firms’ risk-return profile by providing evidence of their heterogeneity. Research Methodology: The study uses the market model and several robust statistical tests to assess the heterogeneity of the sector and firm-level risk-return profiles, including the Coefficient of Variance, the Shapiro-Wilk Test for Data Normality, the Kruskal-Wallis H test, and Levene's Test. Results: The study finds significant heterogeneity in Alpha across sectors and industries. On the other hand, systematic risk exposure, as measured by Beta, exhibits substantial sectoral commonality. However, while firm performance varies across sectors, market sensitivities remain similar across sectors, suggesting that systematic risk primarily reflects individual firms. Conclusions: The results contradict the traditional view of the high-risk-high-return paradigm, suggesting that firms with higher returns do not necessarily inherit higher risk. Thus, the results strongly support the resource-based view over the structure-conduct-performance framework, as intra-industry differences exceed inter-industry differences. Limitations: The study focuses on alpha and beta parameters as measures of risk-return profiles and does not cover other external factors, such as macroeconomic or geopolitical factors. Contributions: By decomposing this spread into its components, the study provides heterogeneity indices that can be used to measure firms’ risk-returns profiles from the perspective of alpha and beta coefficients.
Co-Authors Montebon, Clarijun Quimada Morada, Rhody Laynn K. Sembiring, Hendri