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All Journal Jurnal Tirtayasa Ekonomika (Tirtayasa Economica Journal) Jurnal Ilmu Manajemen & Ekonomika
Intan Purbasari
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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DETERMINASI KEPUASAN HEDGING DENGAN INSTRUMEN DERIVATIF KEUANGAN Hilda Utami; Sriyanto Sriyanto; Intan Purbasari
Tirtayasa Ekonomika Vol 13, No 1 (2018)
Publisher : FEB Universitas Sultan Ageng Tirtayasa

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (398.434 KB) | DOI: 10.35448/jte.v13i1.4182

Abstract

This study conducted to see the effect of the company’s firm size, leverage, growth opportunity and profitability on the decision of hedging with derivative instruments on manufacturing companies listed on the Indonesian Stock Exchange  period 2011-2016. Sample in this study uses 34 companies by using purposive sampling method. This study uses a quantitative approach and data used secondary data. The analytical method used is logistic regression. The results shower that the variable firm size and growth opportunity have a significant positive effect on hedging decision making. The variable leverage and profitability did not influence hedging decision in Indonesian manufacturing companies. This study show that the higher value of firm size will increase the probabilitiy of using hedging activity in manufacturing companies in Indonesia.
ANALISIS TRANSMISI VOLATILITAS DIANTARA PASAR SAHAM NEGARA ASEAN-5 DALAM KONTEKS MASYARAKAT EKONOMI ASEAN Intan Purbasari
Tirtayasa Ekonomika Vol 11, No 1 (2016)
Publisher : FEB Universitas Sultan Ageng Tirtayasa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35448/jte.v11i1.4237

Abstract

Transmisi volatilitas diantara pasar saham negara ASEAN-5 (Indonesia, Singapura, Malaysia, Filipina dan Thailand) diteliti dengan menggunakan pendekatan Bivariate GARCH (1,1) – full BEKK. Penelitian ini membahas mengenai transmisi volatilitas diantara pasar saham negara anggota ASEAN-5, dengan menggunakan data Indeks Harga Saham Gabungan dari bursa saham negara  Indonesia, Singapura, Malaysia, Filipina dan Thailand pada periode 1 Januari 2010 sampai dengan 31 Desember 2014. Hasil penelitian ini menyebutkan bahwa terdapat transmisi volatilitas diantara pasar saham ASEAN-5. Transmisi volatilitas terjadi dari pasar saham Malaysia menuju pasar saham Singapura, kemudian dari pasar saham Singapura menuju Indonesia dan terakhir spillover volatilitas dari pasar saham Thailand menuju Indonesia. Spillover yang terjadi pada bersifat satu arah (unidirectional). Dari hasil penelitian tersebut dapat dilihat bahwa pasar saham Indonesia  berada pada posisi yang rentan, mudah terpengaruh oleh gejolak pasar saham yang terjadi di negara-negara dalam satu kawasan ASEAN. Penelitian ini berguna untuk memperbaiki kebijakan pasar saham, kebijakan investasi, forcasting harga saham serta monitoring dan evaluasi pergerakan harga sahamKata Kunci :Transmisi volatilitas, Bivariate GARCH (1,1) – FULL BEKK, Pasar Saham
Testing Signalling Theory: The Mediating Role of Profitability in the Relationship between Liquidity, Solvency, and Stock Prices Intan Purbasari; Enok Nurhayati
Jurnal Ilmu Manajemen dan Ekonomika Vol. 18 No. 2 (2026): Jurnal Ilmu Manajemen dan Ekonomika, Vol. 18, No.2, June 2026
Publisher : Indonesia Banking School

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35384/jime.v18i2.1048

Abstract

This study is motivated by the inconsistent findings of previous research regarding the effects of liquidity and solvency on stock prices, as well as the need to re-examine these relationships from the perspective of Signaling Theory. The study aims to analyze the effects of liquidity and solvency on stock prices and to examine the role of profitability as a mediating variable in building construction sub-sector companies listed on the Indonesia Stock Exchange (IDX). A quantitative research approach was employed using secondary data obtained from the annual financial statements and stock summaries of 12 building construction companies listed on the IDX during the 2019–2025 period. The study applied a saturated sampling technique, resulting in 84 firm-year observations. Data were analyzed using the Structural Equation Modeling–Partial Least Squares (SEM-PLS) method with the assistance of SmartPLS 3 software. The results indicate that liquidity has no significant effect on stock prices, whereas solvency and profitability have positive and significant effects on stock prices. In addition, liquidity has a positive and significant effect on profitability, while solvency does not significantly affect profitability. The mediation analysis reveals that profitability significantly mediates the relationship between liquidity and stock prices but does not mediate the relationship between solvency and stock prices. These findings suggest that profitability serves as an important mechanism through which liquidity contributes to stock price enhancement, whereas the effect of solvency on stock prices occurs directly without being transmitted through profitability. This study contributes to the development of Signaling Theory by providing empirical evidence on the role of profitability in explaining the relationship between financial performance and stock prices. Furthermore, the study enriches the literature on the determinants of stock prices in Indonesia's building construction industry.
Co-Authors Abda Abda Enok Nurhayati Hilda Utami