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All Journal Jurnal Ekonomi, Bisnis dan Kewirausahaan (JEBIK) Kinerja Media Ekonomi dan Manajemen Journal of Economics, Business, & Accountancy Ventura Jurnal Minds: Manajemen Ide dan Inspirasi Journal of Indonesian Economy and Business Benefit: Jurnal Manajemen dan Bisnis MODUS-Jurnal Ekonomi dan Bisnis Jurnal Manajemen Jurnal Akuntansi dan Keuangan Indonesian Capital Market Review
Sukmawati Sukamulja
Universitas Atma Jaya Yogyakarta
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Industrial & Manufacturing Engineering Social Sciences

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Market Overreaction pada Bursa Efek Indonesia dengan Size Effect Sebagai Variabel Pemoderasi Tanady, Melisa; Sukamulja, Sukmawati
Jurnal Ekonomi Bisnis dan Kewirausahaan Vol. 9 No. 3 (2020): Jurnal Ekonomi Bisnis dan Kewirausahaan (JEBIK)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Tanjungpura

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26418/jebik.v9i3.40833

Abstract

The purpose of this study is to examine market overreaction phenomenon and market overreaction impact on abnormal return that moderated by size effect of LQ45 index between five years period (2015-2019). Secondary data on Indonesian Stock Exchange website are taken as samples. Wilcoxon test and interaction effects regression test are used to prove the evidences. The Wilcoxon test is developed in order to confirm that market overreaction occurs on winner and loser portfolio. The result shows that market overreaction occurs in the short and long term. Interaction effects regression test shows the size effect as moderating variable does not strengthen or weaken the relationship of market overreaction to abnormal returns. The findings show that company size has an independent effect, which means abnormal returns are more common in large companies. Size effect concept does not occur in the Indonesia Stock Exchange, especially the firms that always in the LQ45 index during the period of research.
Could Investors’ Attention in News Hunting Affect the International Capital Market? Sukamulja, Sukmawati; Thedora, Stefanny
The Indonesian Capital Market Review Vol. 15, No. 2
Publisher : UI Scholars Hub

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

Abstract

The study of investors’ attention while making decisions in the capital market focuses on some spe- cific keyword searches in the leading search engine platform, namely Google Search Volume Index. This is because investors need to gather related information for the efficiency and effectiveness of their decision-making process. This study aims to provide empirical evidence regarding the effect of investors’ attention on the rate of return, trading activity, and volatility. It offers a new broad perspec- tive on the international capital market, which is projected as the key player in the global economy in the upcoming years, representing both developing and developed countries. The GARCH model was applied to examine how volatile and residual variants are affected by previous residual variants of the variables. This study conducts robustness tests by expanding the scope time of data to enhance these research findings into weekly and monthly periods. The final robust, but not uniform, result was seen in one uncategorized country.
The Ramification of Prestigious Underwriters, IPO Pricing Method, and Institutional Allocation on Indonesia IPO Underpricing during 2010-2021 Sembiring, Jossmelkr; Sukamulja, Sukmawati
Jurnal Minds: Manajemen Ide dan Inspirasi Vol 10 No 1 (2023): June
Publisher : Management Department, Universitas Islam Negeri Alauddin Makassar, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24252/minds.v10i1.35256

Abstract

This research analyses how prestigious underwriters, IPO pricing, and share allocations shape IPO underpricing in Indonesia. 359 out of 406 Indonesian companies in the period 2010-2021 were underpriced on the first day of trading, noting the importance of investigating the rationale behind the underpricing phenomenon, which proliferates in the finance literature. This study examines the degree of IPO underpricing after the period post-Global Financial Crisis and the outbreak of COVID-19. This research found that the mean of underpricing amounted to 36,77% in 2010-2021. Prestigious underwriters have been proven significantly squeeze the level of underpricing vis-à-vis non-prestigious underwriters. Moreover, the research found that most institutional investors get disproportionately higher shares of the issuing companies. The finding signifies the lucrative capital gain for investors to pursue on the first day of trading.
COVID-19’s Damages on International Stock Markets Sylvia Susilo; Sukmawati Sukamulja
Journal of Economics, Business, and Accountancy Ventura Vol. 25 No. 1 (2022): April - July 2022
Publisher : Universitas Hayam Wuruk Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/jebav.v25i1.2999

Abstract

This research aims to analyze the effect of pandemic that hit the world: COVID-19 on return of the international stock market from March 11, 2020 until March 11, 2022. COVID-19 is measured by growth in cases and death. The novelty from this research is the use of 30 countries with the highest COVID-19’s cases. Methods of analysis used in this research are Error Correction Model (ECM) and Granger’s Causality Test using EViews 10. ECM’s result on X1 to Y show a significant effect on 22 countries in long-term and 22 countries in short-term. X2 and Y in ECM’s result show a significant effect on 23 countries in long-term and 26 countries in short-term. Two-way causality on X1 and Y occurred in 25 countries. Variables X2 and Y showed two-way causality on 28 countries. This research conducted to contribute for research and observation of the phenomenon that currently engulfing the world, COVID-19 pandemic.
Investor Protection in Indonesia: Financial Ratios as Early Warning Indicators Enggar Sukma Kinanthi; Sukmawati Sukamulja
Journal of Economics, Business, and Accountancy Ventura Vol. 27 No. 3 (2025): December 2024 - March 2025
Publisher : Universitas Hayam Wuruk Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/jebav.v27i3.4851

Abstract

The Indonesian government aims to enhance public engagement in the capital market by strengthening investor protection and financial literacy through the establishment of a Watchlist Board. This study identifies the most effective financial ratios for distinguishing between the performance of LQ45 and Watchlist Board firms. Using discriminant analysis, the research examines a sample of 43 firms from the LQ45 index and 43 firms from the Watchlist Board between 2020 and 2022. The findings reveal four key financial ratios with strong differentiating power: Total Asset Growth, Return on Assets (ROA), Operating Cash Flow (OCF) to Current Liabilities, and OCF to Total Liabilities. Additionally, the study develops a predictive model that can forecast company performance and serve as an early warning system for investors. Building on prior research in this area, the results highlight the critical role of profitability, efficient resource allocation, and robust corporate governance in fostering financial stability and safeguarding investor interests. This study not only provides a practical predictive model but also offers valuable insights for interpreting these financial ratios, particularly in the context of investor protection within emerging markets, such as Indonesia.
Digital Customer Protection: Mediator between Mobile Money Usage and Financial Inclusion Elizabeth Fiesta Clara Shinta Budiyono; Sukmawati Sukamulja
Media Ekonomi dan Manajemen Vol 38, No 1 (2023): January 2023
Publisher : Fakultas Ekonomika dan Bisnis UNTAG Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56444/mem.v38i1.3374

Abstract

The development of technology in the 5.0 era, marked by the increase in internet usage, currently impacts people's habits in accessing financial services, such as mobile money usage. Therefore, it aligns with the government's vision to increase financial inclusion through mobile money usage to reduce poverty. However, Yogyakarta Province is a province with a poverty rate that exceeds the national average, and it is the highest in the Java region. In this regard, digital customer protection needs to be considered because mobile money usage carries a high risk to the security and privacy of user data. Therefore, this study aims to determine the role of digital customer protection in mediating mobile money usage and financial inclusion in productive age communities in Yogyakarta. This study applies the Sobel test by Baron and Kenny and the process method by Hayes. The result of this study shows that digital customer protection significantly mediates mobile money usage towards financial inclusion partially in productive age communities in Yogyakarta Province. With these results, it is expected that all parties should work together to increase mobile money usage to reduce poverty and help the government to achieve the welfare of the community.
Co-Authors Budiyono, Elizabeth Fiesta Clara Shinta Cornelia Olivia Sikora Enggar Sukma Kinanthi Fidanti, Sony Galih Adinegara Megen Chivianti Santoso, Agustinus Adi Sembiring, Jossmelkr STEVANIUS, STEVANIUS Susilo, Sylvia Sylvia Susilo Tanady, Melisa Thedora, Stefanny