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All Journal Journal of Indonesian Economy and Business Journal on Education Nusantara Hasana Journal Innovative: Journal Of Social Science Research Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Mahatma Kufepaksi
Universitas Lampung
Agriculture, Biological Sciences & Forestry Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Industrial & Manufacturing Engineering Law, Crime, Criminology & Criminal Justice Nursing Public Health Social Sciences Other

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OVERCONFIDENT BEHAVIOR IN A SECURITY MARKET, THE IMPLICATION OF SELF DECEPTIVE BEHAVIOR IN PRICE DISCOVERY PROCESSES – A MARKET EXPERIMENT Mahatma Kufepaksi
Journal of Indonesian Economy and Business (JIEB) Vol 23, No 1 (2008): January
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (170.283 KB) | DOI: 10.22146/jieb.6354

Abstract

People may suffer from overconfidence in their daily activities. According to psychological research, less informed individuals may suffer from overconfidence. Empirical research shows that investors suffer from transaction losses due to overconfidence. This current research is an experimental research project that addresses these issues. According to the research design, all investors are classified into three groups based on their scores of overconfidence, namely the less informed investors, the rational (average) investors, and the more informed investors. In order to observe the responses of the groups of investors when they receive valuable information, the research employs four different types of treatments consisting of the condition of no market information, the provision of guidance of security prediction, the good news and the bad news. The research demonstrates that the less informed investors are inclined to assess the precision of their knowledge and information excessively so that they produce a higher mean of prediction and price errors than those of the more informed investors in all experimental market sessions, except in the market session of good news. The phenomenon indicates that less informed investors conduct a self deceptive behavior. The result of the research also shows that although the less informed investors have higher mean of prediction or price errors, they have a chance to gain profit as long as they are able to deliver the predicted value of the security accurately which is closer to the market price that reflects the expected price of the majority of the market players.
Pengaruh Profitabilitas, Kebijakan Dividen Dan Investment Opportunity Set Terhadap Nilai Perusahaan (Studi Pada Perusahaan Sektor Industri Barang Konsumsi Yang Terdaftar Di Bursa Efek Indonesia (Bei) Tahun 2005-2021) Zahra Chairunnisa A. Indra; Mahatma Kufepaksi; Muslimin Muslimin
Innovative: Journal Of Social Science Research Vol. 3 No. 4 (2023): Innovative: Journal Of Social Science Research
Publisher : Universitas Pahlawan Tuanku Tambusai

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31004/innovative.v3i4.4220

Abstract

Nilai perusahaan menjadi perspektif investor untuk mempertimbangkan keberhasilan perusahaan yang berkaitan dengan harga sahamnya. Industri barang konsumsi merupakan salah satu sektor investasi yang paling aman selama masa resesi karena kinerja emiten di industri ini cenderung ditopang oleh permintaan dalam negeri. Penelitian ini bertujuan untuk menguji pengaruh profitabilitas, kebijakan dividen dan investment opportunity set terhadap nilai perusahaan di sektor industri barang konsumsi yang terdaftar di BEI periode 2005-2021. Pengujian dilakukan dengan menggunakan analisis statistik deskriptif, uji normalitas data, dan uji hipotesis. Hasil penelitian menunjukkan bahwa profitabilitas (ROE), kebijakan dividen (DPR) dan investment opportunity set (MBVE) berpengaruh positif namun tidak signifikan terhadap nilai perusahaan di sektor industri barang konsumsi yang terdaftar di BEI periode 2005-2021.
Pengaruh Manajemen Keluarga, Struktur Kepemilikan Keluarga, Struktur Modal dan Invesment Opportunity Set (IOS) Terhadap Kinerja Perusahaan (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2017-2022) Muhammad Abdul Jabar; Mahatma Kufepaksi; Nindytia Puspitasari Dalimunthe
Journal on Education Vol 6 No 4 (2024): Journal on Education: Volume 6 Nomor 4 Mei-Agustus 2024
Publisher : Departement of Mathematics Education

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31004/joe.v6i4.5740

Abstract

A family company or family business is a business in which two or more family members are directly involved to have ownership and become the main control of the business. The study examined the effect of family management, family ownership structure, capital structure and investment opportunity set on company performance. The population of this study is manufacturing companies listed on the Indonesia Stock Exchange from 2017 to 2022 and a sample of 22 companies using purposive sampling techniques. By using multiple linear regression for panel data and using data processing software in the form of Eviews, this study found that family management and family ownership structure did not affect company performance, capital structure had a negative and significant effect on company performance and investment opportunity set had a positive and significant effect on company performance.
Testing Market Efficiency in Response to Management Board Announcements by Daya Anagata Nusantara Risnawati Risnawati; Mahatma Kufepaksi
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 7 No. 10 (2025): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v7i10.9913

Abstract

                This study aims to examine the efficiency of the Indonesian capital market regarding the management board announcement of Badan Pengelola Investasi Daya Anagata Nusantara (BPI Danantara) on March 24, 2025. Using an event study method with the integration of market model and Markov Switching Regression (MSR) to overcome estimation bias due to confounding events, the research analyzes 15 state-owned enterprises (SOEs) in the IDXBUMN20 index during a 6-day period (2 days before to 3 days after the announcement). The variables measured are abnormal return and trading volume activity. The research findings reveal that the BPI Danantara management board announcement contains valuable information, as evidenced by significant abnormal returns on the announcement day (t0), the first (t+1) and second (t+2) days after the announcement, supporting semi-strong form market efficiency. There is a significant difference in abnormal returns before and after the announcement, and the market perceives the announcement as good news, as evidenced by a change from negative value of average abnormal return (-0.021174) before the announcement to positive (0.063311) after the announcement. The BPI Danantara management board announcement statistically does not affect stock trading volume activity from before to after the announcement.
REAKSI PASAR DAN EFISIENSI PASAR ATAS KEBIJAKAN TARIF IMPOR AMERIKA SERIKAT: EVENT STUDY PADA SAHAM LQ45 Exsanda Cahya Pradita; Mahatma Kufepaksi
Nusantara Hasana Journal Vol. 5 No. 12 (2026): Nusantara Hasana Journal, May 2026
Publisher : Yayasan Nusantara Hasana Berdikari

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59003/nhj.v5i12.2128

Abstract

This study aims to analyze market reactions and test semi-strong market efficiency in response to the announcement of the US import tariff policy on stocks included in the LQ45 Index. This testing was conducted through abnormal return analysis and trading volume activity (TVA) during the event period. The research method used was a quantitative event study approach. The sample consisted of 37 companies that met the purposive sampling criteria from the LQ45 stock group. The observation period spanned eleven trading days: five days before the event (T-5), the day of the event (T0), and five days after the event (T+5). Data analysis was conducted using descriptive statistics, normality tests, and hypothesis testing using the One Sample Test and the Wilcoxon Signed Ranks Test, in accordance with the characteristics of the data distribution. The results indicate that the announcement of the US import tariff policy contained information that was responded to by the Indonesian capital market. This response was reflected in changes in abnormal returns and stock trading volume activity around the announcement date. The research findings indicate that investors reacted to the increasing global economic uncertainty triggered by US international trade policies. This condition suggests that the announced information can influence investment decisions and stock trading dynamics in the LQ45 stock group.
PENGARUH KEBIJAKAN HUTANG DAN KEBIJAKAN DIVIDEN TERHADAP NILAI PERUSAHAAN DENGAN KEPUTUSAN INVESTASI SEBAGAI VARIABEL MODERASI (Studi Pada Perusahaan Manufaktur Sub Sektor Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia (BEI) Tahun 2018-2024) Laura Januari; Mahatma Kufepaksi
Nusantara Hasana Journal Vol. 5 No. 12 (2026): Nusantara Hasana Journal, May 2026
Publisher : Yayasan Nusantara Hasana Berdikari

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59003/nhj.v5i12.2129

Abstract

This study aims to examine and analyze the effect of debt policy and dividend policy on firm value with investment decisions as a moderating variable in food and beverage sub-sector manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2018-2024 period. Using the purposive sampling method, a sample of 46 companies was obtained with a total of 322 observations, which were analyzed using Panel Data Regression Analysis with the Moderated Regression Analysis (MRA) approach using E-Views 13. The results showed that debt policy has a significant negative effect, while dividend policy has a significant positive effect on firm value. Furthermore, investment decisions are proven to moderate by strengthening the effect of debt policy on firm value, but weakening the effect of dividend policy on firm value. Meanwhile, the control variable firm size has a significant negative effect, whereas firm age has no significant effect on firm value.
PENGARUH KEPEMILIKAN MANAJERIAL, STRUKTUR MODAL, KEBIJAKAN DIVIDEN, DAN INVESTMENT OPPORTUNITY SET (IOS) TERHADAP NILAI PERUSAHAAN (Studi Pada Perusahaan Sub Sektor Farmasi Yang Terdaftar Di Bursa Efek Indonesia Tahun 2018-2023) Tiarma Yuliartika Hutauruk; Mahatma Kufepaksi
Nusantara Hasana Journal Vol. 6 No. 1 (2026): Nusantara Hasana Journal, June 2026
Publisher : Yayasan Nusantara Hasana Berdikari

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59003/nhj.v6i1.2209

Abstract

Managerial ownership is a condition when managers own company shares, so managers act as both managers and shareholders who actively participate in decision-making. Capital structure is the financial proportion of a company between capital sourced from long-term debt and equity, which serves as a source of financing for the company. Dividend Policy is the company's decision regarding whether the profits earned will be distributed to shareholders as dividends or retained as retained earnings to finance future investments. Investment opportunity set generally describes the extent of investment opportunities available to a company. This study aims to determine the effect of managerial ownership, capital structure, dividend policy, and investment opportunity set on firm value. The population of this study consists of pharmaceutical companies listed on the Indonesia Stock Exchange from 2018 to 2023, with a sample of 9 companies selected using purposive sampling technique. The analysis method used is panel data regression analysis using Eviews 13. The research results show that capital structure, dividend policy, and investment opportunity set significantly positive affect the value of the company, while managerial ownership does not significantly affect the value of the company.
Co-Authors Exsanda Cahya Pradita Laura Januari Muhammad Abdul Jabar Muslimin Muslimin Nindytia Puspitasari Dalimunthe Risnawati Risnawati Tiarma Yuliartika Hutauruk Zahra Chairunnisa A. Indra