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All Journal Jurnal Akuntansi dan Keuangan IJEMA
Meinanda Kurniawan
Universitas Padjadjaran
Economics, Econometrics & Finance

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Reaksi Pasar Terhadap Pengumuman Buyback Pada Perusahaan Publik di Indonesia Brigita Yellofina Pescana Wadu; Meinanda Kurniawan
Indonesian Journal of Economics Management and Accounting Vol. 2 No. 9 (2025): IJEMA - September 2025
Publisher : PT. INOVASI TEKNOLOGI KOMPUTER

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Abstract

Penelitian ini difokuskan pada analisis respons pasar terkait pengumuman buyback saham pada perusahaan publik di Bursa Efek Indonesia kurun waktu 2019–2024. Penelitian ini menerapkan metode event study dengan pendekatan kuantitatif. Sampel penelitian terdiri dari 136 pengumuman buyback yang memenuhi kriteria penelitian. Perhitungan dilakukan menggunakan market model dengan estimasi beta OLS untuk memperoleh variabel yang dianalisis meliputi abnormal return (AR), average abnormal return (AAR), serta cumulative abnormal return (CAR). Temuan penelitian mengindikasikan bahwa pasar memberikan respons positif hanya dalam jangka sangat pendek. Uji One Sample t-Test menunjukkan adanya CAR positif signifikan sebesar 2,3% dalam jendela H–1 sampai H+1, sedangkan pada jendela yang lebih panjang efeknya tidak signifikan. Hasil pengujian Paired Sample t-Test memperlihatkan adanya perbedaan yang signifikan AAR sebelum dan sesudah pengumuman, namun nilainya tetap negatif, yang mengindikasikan respons pasar bersifat moderat. Lebih lanjut, hasil analisis dengan independent sample t-test mengindikasikan bahwa perusahaan kecil menghasilkan CAR yang lebih tinggi dibandingkan perusahaan besar, mendukung teori sinyal dan asimetri informasi. Secara menyeluruh, hasil studi ini menyimpulkan pengumuman buyback di Indonesia memiliki efek jangka pendek yang positif, namun tidak berlanjut dalam jangka menengah, serta dipengaruhi oleh ukuran perusahaan.
Pengaruh Foreign Ownership Terhadap Return on Asset Pada Perusahaan yang Terdaftar di Indeks LQ45 Faza Muhammad Perkasa; Meinanda Kurniawan
AKUA: Jurnal Akuntansi dan Keuangan Vol. 4 No. 3 (2025): Juli 2025
Publisher : Yayasan Pendidikan Penelitian Pengabdian Algero

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54259/akua.v4i3.5261

Abstract

This study aims to empirically examine and analyze the effect of foreign ownership on Return on Assets (ROA) in companies listed on the LQ45 Index for the 2020–2024 period. The research employs a quantitative approach using panel data regression analysis, supported by classical assumption tests and robust standard error to address potential heteroskedasticity. The sample was selected through purposive sampling, consisting of 39 companies that conducted IPOs before 2020 and have complete financial statement data. The results show that foreign ownership has a positive and significant effect on ROA, supporting the hypothesis that the presence of foreign shareholders can enhance company profitability through better corporate governance practices, greater transparency, and stricter managerial monitoring. Meanwhile, control variables such as Debt-to-Asset Ratio (DAR) and Market Capitalization have a significant negative effect on ROA, indicating that higher leverage and larger firm size may reduce asset utilization efficiency. In contrast, Net Profit Margin (NPM) does not have a significant effect on ROA. The findings of this study reinforce the understanding that foreign ownership plays an important role in improving the financial performance of companies in Indonesia, particularly those with high liquidity and large market capitalization, such as those included in the LQ45 Index.
Perilaku Return Saham Berbasis ESG Sebelum dan Saat Krisis: Pendekatan Model Fama-French Tiga Faktor Bilqis Hermawan; Meinanda Kurniawan
AKUA: Jurnal Akuntansi dan Keuangan Vol. 5 No. 1 (2026): Januari 2026
Publisher : Yayasan Pendidikan Penelitian Pengabdian Algero

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54259/akua.v5i1.6603

Abstract

This study aims to analyze the return behavior of Environmental, Social, and Governance (ESG)-based stocks in the Indonesian capital market using the Fama-French three-factor model during the pre-crisis period and during the COVID-19 pandemic crisis. The research sample includes individual stocks that were constituents of the SRI-KEHATI Index during the period from May 2017 to May 2023, with data processed on a weekly basis. The analysis method used is pooled ordinary least squares (OLS) regression with the application of robust standard errors to overcome potential violations of classical assumptions. The results show that market factors have a positive and significant effect on ESG-based stock excess returns in both periods, although their sensitivity decreases during the crisis. Company size factors were significant before the crisis but lost their significance during the crisis period, reflecting changes in investor risk preferences. Conversely, the company value factor shows a consistent and increasingly strong role during the crisis period. In addition, abnormal returns on ESG-based stocks are only found in the pre-crisis period. These findings indicate that the mechanism of ESG-based stock return formation is influenced by market conditions and emphasize the importance of adjusting ESG investment strategies in line with the economic cycle.
Co-Authors Bilqis Hermawan Brigita Yellofina Pescana Wadu Faza Muhammad Perkasa