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Cyrillius Martono
Universitas Katolik Widya Mandala Surabaya
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Social Sciences Other

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Abnormal Return Saham Sektor Teknologi dan Keuangan: Studi Komparatif BEI dan SET Thailand saat Pandemi COVID-19 Martono, Cyrillius
Jurnal EMT KITA Vol 10 No 2 (2026): APRIL 2026
Publisher : Lembaga Otonom Lembaga Informasi dan Riset Indonesia (KITA INFO dan RISET) - Lembaga KITA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35870/emt.v10i2.5996

Abstract

This study examines the presence of significant positive abnormal returns in the technology and financial sectors on the Indonesia Stock Exchange (IDX) and the Stock Exchange of Thailand (SET) during the COVID-19 pandemic. Using an event study methodology with a 360 trading days, namely March 2, 2020 (the date of the announcement of the first case of COVID-19 in Indonesia, t=0), with a sample size of 35 shares on the IDX (15 technology, 20 finance) and 30 shares on the SET (12 technology, 18 finance), this study measures the market's response to the pandemic shock. A one-sample t-test reveals significant positive abnormal returns in both sectors and markets, with the Indonesian technology sector recording the highest abnormal return. Paired t-tests confirm significant differences between the technology and financial sectors within the same market; in contrast, independent t-tests show no significant differences in abnormal returns across markets for the same sector. These findings indicate that the technology sector demonstrates greater resilience and growth potential than the financial sector, with relatively comparable performance across these major ASEAN markets. This study contributes to the literature on semi-strong-form market efficiency and signaling theory by addressing gaps in the literature on emerging ASEAN markets during a prolonged crisis and by providing strategic implications for investors and regulators in managing risks and making post-pandemic investment decisions. Additionally, the study highlights the need for enhanced regional policy collaboration to strengthen capital market stability in the ASEAN region.
SPEED OF ADJUSTMENT PADA STRUKTUR MODAL: ANALISIS BERDASARKAN SIKLUS HIDUP PERUSAHAAN DI INDONESIA CICILIA SUSILAWATI; ROSALINA WIJAYANTI; CYRILLIUS MARTONO
Jurnal Bisnis dan Akuntansi Vol. 22 No. 1 (2020): Jurnal Bisnis dan Akuntansi
Publisher : Pusat Penelitian dan Pengabdian Masyarakat Sekolah Tinggi Ilmu Ekonomi Trisakti

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34208/jba.v22i1.652

Abstract

At each stage of the life cycle, companies use different considerations to determine capital structure decisions. This study analyzes differences in company speed of adjustment towards optimal capital structure, based on the company's life cycle in Indonesia. The sample used 74 manufacturing companies from 2013 to 2017. The result is that the maturity company has a greater speed of adjustment than the introduction stage company. While the speed of adjustment at the growth stage there is no difference with the speed of adjustment at the introduction stage. Other findings in this study, the distance between the optimal capital structure and the realized capital structure reduces the difference in speed of adjustment at the maturity and introduction stages. So the conclusion is the company's life cycle becomes a determinant of capital structure decisions
Co-Authors Agustini, Ni Ketut Yulia Bernadetta Diana Nugraheni Cahyadi, Cahyadi Agung Darsono, Caroline Illene Hari Gesti Memarista Herlina Yoka Roida Nekhasius Agus Sunarjanto Prabowo, F.X. Agus Joko Waluyo ROSALINA WIJAYANTI Sina, Siprianus Salvatore Susilawati Cicilia Laurentia Tananjaya, Tania Oktavianes Tania, Ivon Natasia