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All Journal Jurnal Reviu Akuntansi dan Keuangan Jurnal Presipitasi : Media Komunikasi dan Pengembangan Teknik Lingkungan EL-MUHASABA Jurnal Keuangan dan Perbankan Jurnal Ilmiah Mahasiswa FEB Jurnal Akuntansi Multiparadigma Journal of Indonesian Economy and Business TEMA (Jurnal Tera Ilmu Akuntansi) The International Journal of Accounting and Business Society Journal of Accounting and Investment JEMA: Jurnal Ilmiah Bidang Akuntansi dan Manajemen Neraca Keuangan : Jurnal Ilmiah Akuntansi dan Keuangan Buletin Ilmiah Nagari Membangun Kumawula: Jurnal Pengabdian Kepada Masyarakat International Journal of Economics, Business and Accounting Research (IJEBAR) Jurnal Riset Akuntansi Kontemporer Journal of Community Service and Empowerment Jurnal Pengabdian kepada Masyarakat Nusantara Unri Conference Series: Community Engagement International Journal of Environmental, Sustainability, and Social Science Journal Of World Science Journal of International Conference Proceedings Eduvest - Journal of Universal Studies Jurnal Akuntansi Manado (JAIM) Indonesian Journal of Sustainability Accounting and Management Reviu Akuntansi, Keuangan, dan Sistem Informasi Telaah Ilmiah Akuntansi dan Perpajakan (TIARA) Jurnal Sipakatau Jurnal Ekonomi, Manajemen, Bisnis dan Akuntansi Review
Arum Prastiwi
Universitas Brawijaya
Religion Aerospace Engineering Agriculture, Biological Sciences & Forestry Arts Humanities Computer Science & IT Decision Sciences, Operations Research & Management Earth & Planetary Sciences Economics, Econometrics & Finance Education Electrical & Electronics Engineering Engineering Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Mathematics Neuroscience Nursing Physics Public Health Social Sciences Veterinary Other

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Comparison of Average Abnormal Return and Average Trading Volume Activity Among LQ45 Companies Before and After the 2024 Indonesia Presidential Election Ari Kurnianto; Prastiwi, Arum
Reviu Akuntansi, Keuangan, dan Sistem Informasi Vol. 4 No. 2 (2025): REAKSI
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/reaksi.2025.4.2.529

Abstract

This study examines the impact of the 2024 Indonesian Presidential Election on the Indonesian capital market through an analysis of Average Abnormal Return (AAR) and Average Trading Volume Activity (ATVA) on LQ45 index stocks. Using the event study method, this study compares the periods before and after the presidential election to identify changes in market behavior. Statistical testing results indicate no significant differences in AAR and ATVA during the observation period, suggesting that investors do not view the presidential election as an event influencing investment decisions. This finding confirms the efficient market theory, where political information is fully reflected in stock prices. However, sectoral analysis reveals heterogeneous responses, with the healthcare and basic materials sectors showing distinct patterns. The contribution of this research is to provide empirical evidence of the efficiency of the Indonesian capital market and to identify variations in sectoral responses to political events.
The Effect Of Profitability, Environmental, Social & Gov-ernance (Esg), And Political Connection On Firm Value Santosa, Kezia Virginia Elok; Prastiwi, Arum
Reviu Akuntansi, Keuangan, dan Sistem Informasi Vol. 4 No. 3 (2025): REAKSI
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/reaksi.2025.4.3.530

Abstract

In an unstable global economy, companies must adopt various strategies to sustain their businesses while competing to enhance their value in the eyes of potential investors. A high firm value attracts investors and increases investment opportunities. This study aims to empirically examine the effect of profitability, Environmental, Social, & Governance (ESG), and political connections on firm value. From a population of manufacturing companies listed on the IDX from 2021 to 2023, 90 companies were selected as samples using a purposive sampling technique. The results of multiple regression analysis indicate that profitability significantly affects firm value, while ESG and political connections have no significant effect on firm value. These findings align with the Signaling Theory, which posits that profitability serves as a positive signal to investors, reinforcing the importance of improving profitability to enhance firm value. Thus, potential investors should consider profitability as a key factor in making investment decisions.
The Effect Of Non-Debt Tax Shield, Asset Structure And Growth Opportunities On Capital Structure With Compa-ny Size As Moderating Variable Maria Gratia; Arum Prastiwi
Reviu Akuntansi, Keuangan, dan Sistem Informasi Vol. 4 No. 4 (2025): REAKSI
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

The debt-to-equity ratio serves as a key indicator for assessing a company's financing policy. Rising interest rates increase the cost of debt, thereby influencing corporate financing decisions. This quantitative study aims to examine the effect of non-debt tax shield, asset structure, and growth opportunity on the debt-to-equity ratio of infrastructure companies listed on the Indonesia Stock Exchange (IDX) for the 2021–2024 period, with firm size acting as a moderating variable. The sample selection was conducted using the purposive sampling method, resulting in 104 observations. The data were analyzed using SPSS version 25. The results show that non-debt tax shield has a negative effect on the debt-to-equity ratio, while asset structure has a positive effect on the debt-to-equity ratio. Firm size weakens the negative effect of non-debt tax shield on the debt-to-equity ratio and strengthens the positive effect of asset structure on the debt-to-equity ratio. On the other hand, growth opportunity does not affect the debt-to-equity ratio, and firm size does not moderate the relationship between growth opportunity and the debt-to-equity ratio. These findings highlight the importance of carefully managing the debt-to-equity ratio to ensure that financing decisions support the company's financial stability.
Co-Authors Adinda Fakhra Shaliha Almi Hafiz Almira Raina, Andi Tendri Angela Valonika Ari Kurnianto Aristi Prita Isywara Aulia Fuad Rahman Auliya Urahman Aviyanti, Richo Diana Ayu Aryista Dewi Ayu Puspitaningrum Candra Bayu Pradana Putra Cecep Kusmana Christinawati Putri, Ferica Devy Pusposari Dewi, Jeihan Nur Kusuma Dirgantara, Deka Bayu Eko Ganis Sukoharsono Erlina Diamastuti Erwin Saraswati Fadhilah Dzikrulla Akbar Fadilatur Romadhan Febby Olvyana Susanto Firda Ainun Nabila Hanafia, Haffan Hisky Ryan Kawulur Imam Subekti Indra Wijaya Kusuma Istigfarin, Wilda Auwalina Isywara, Aristi Prita Jayawarsa, A.A. Ketut Kadek Weda Noveadjani Tista Kartika Sari Khoiru Rusydi, Mohamad Lamato, Alya Shafira Lubis, Destri Maulina Maria Gratia Maulana Fitri Agustin Nur Wahyuni Md-Shahbudin, Amirul Shah Mellani, Endy Dwi Mokhamad Nur Muhammad Rifqi Waliudin Muharini, Naila Salsabilla Musyahadah, Cheisa Wasila Nabella, Rihana Sofie Nanik Wahyuni ‎ Ni Luh Putri Setyastrini Nimas Tasia, Winda Rein Noval Adib Noval Adib Novianti Mukti Wibowo Nugraha, Ilham Ramadhan Nurlita Novianti Nurul Badriyah Putu Ambika Apsari Kesuma Putri R. Radeetha Rachmawati, Ayu Radeetha, Radeetha Ramadhan, Fadilatur Rihana Sofie Nabella Robasa, Ruben Roekhudin, Roekhudin Rohmi, Sania Khoridatur Salisa, Meilenia Rahma Santosa, Kezia Virginia Elok Sari Atmini Sari, Yetri Martika Setyo Tri Wahyudi Shahbudin, Amirul Shah Md Shinta Maharani Truly Wulandari Truly Wulandari Virginia Nur Rahmanti Wahyuni, Maulana Fitri Agustustin Nur Wibisono, Muhammad Ezra Wihelmina Dea Kosasih Wiwik Saraswati, Wiwik Wuryan Andayani Yeney Widya Prihatiningtias