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ANALISIS HUBUNGAN PASAR SAHAM INDONESIA DENGAN PASAR SAHAM BLOK BRICS SAAT TERJADI KRISIS Muhammad Rummy Alfadjri; Buddi Wibowo
Jurnal Maneksi (Management Ekonomi Dan Akuntansi) Vol. 14 No. 2 (2025): Jurnal Maneksi (Management Ekonomi Dan Akuntansi)
Publisher : Politeknik Negeri Ambon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31959/jm.v14i2.3039

Abstract

Introduction: This study aims to identify the causal relationship between the Indonesian stock market and the stock markets of BRICS countries (Brazil, Russia, India, China, and South Africa) during the early period of the COVID-19 pandemic in 2020. The pandemic triggered global uncertainty and led to increased volatility in international financial markets, including Indonesia. Method: This quantitative research utilized secondary data comprising daily closing prices of stock indices: IHSG (Indonesia), BOVESPA (Brazil), RTS (Russia), BSE (India), SSE (China), and FTSE (South Africa), spanning from January to December 2020. These data were transformed into logarithmic daily returns. The analysis was conducted using the Granger causality test. Results: The results revealed a one-way causal relationship from the Brazilian and South African stock markets to the Indonesian market, a two-way relationship between the Russian and Indonesian markets, and no significant causality with the Indian and Chinese markets. These findings indicate that the Indonesian stock market is vulnerable to global market dynamics, especially those of the BRICS countries during crises. This research offers valuable insights for investors and policymakers in formulating risk management strategies.
The Effect of Cash Conversion Cycle on Corporate Profitability: A Non-Linear Approach in Indonesian Food and Beverage Companies Cindy Anggika; Buddi Wibowo
Jurnal Ilmiah Manajemen Kesatuan Vol. 14 No. 4 (2026): JIMKES Edisi Juli 2026
Publisher : LPPM Institut Bisnis dan Informatika Kesatuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37641/jimkes.v14i4.5607

Abstract

Working capital management is crucial for maintaining operational efficiency and profitability, particularly in the food and beverage industry, which is characterized by intensive inventory turnover and continuous cash flow requirements. This study aims to examine the effect of the cash conversion cycle on corporate profitability and determine whether the relationship follows an inverted U-shaped non-linear pattern among food and beverage companies. A quantitative approach with a confirmatory research design was employed using balanced panel data from 13 companies over the 2015–2025 period, resulting in 143 firm-year observations. The data were analyzed using panel data regression, with the fixed effects model selected based on model specification tests and robust standard errors. Corporate profitability was measured using EBIT to total assets, while cash conversion cycle and its squared term were the main explanatory variables, with current ratio, sales growth, debt ratio, firm size, and a COVID-19 dummy included as control variables. The findings indicate that cash conversion cycle has a negative and significant effect on profitability at the 10% level, whereas CCC² is statistically insignificant. Firm size has a positive and significant effect, while the COVID-19 dummy has a negative and significant effect. Therefore, the hypothesized inverted U-shaped relationship is not supported.