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All Journal Jurnal Keuangan dan Perbankan DeReMa (Development Research of Management) Jurnal Manajemen Binus Business Review JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi) Owner : Riset dan Jurnal Akuntansi Jurnal ULTIMA Accounting EKUITAS (Jurnal Ekonomi dan Keuangan) Journal of Business and Applied Management Jurnal Akuntansi Enrichment : Journal of Management Budapest International Research and Critics Institute-Journal (BIRCI-Journal): Humanities and Social Sciences Journal of Sustainable Community Development (JSCD) The South East Asian Journal of Management Proceeding National Conference Business, Management, and Accounting (NCBMA) Proceeding of International Conference on Entrepreneurship (IConEnt)
Sung Suk Kim
Department Of Management, Business School, Universitas Pelita Harapan Jl. M.H. Thamrin Boulevard 1100, Tangerang, 15811
Religion Arts Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Environmental Science Social Sciences

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 1 
Technical Analysis and Value Investment in the Indonesia Stock Market Maria Stevani Sianturi; Sung Suk Kim
Budapest International Research and Critics Institute (BIRCI-Journal): Humanities and Social Sciences Vol 5, No 2 (2022): Budapest International Research and Critics Institute May
Publisher : Budapest International Research and Critics University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33258/birci.v5i2.5631

Abstract

This study will aim to investigate whether value investment (using buy and hold strategy by sorting portfolio based on the BM ratio) can generate excess returns in Indonesia and explore whether this value investment when combined with technical analysis (moving average indicator), can further increase the investment value in Indonesia Stock Exchange. The sample in this study includes all companies listed on the Indonesia Stock Exchange, except financial companies, for 2016 to 2021. The data obtained are analyzed using descriptive statistics, and the comparison results will see the effect of risk analyzed using regression. The analysis results show that there is no value investing effect based on the BM ratio on the Indonesian stock market. However, when the BM decile portfolio is traded with the MA (20) timing, the return of each portfolio increases compared to the trading of the BM decile strategy and shows the MA (20) strategy outperforms the buy-and-hold strategy. It was also found that this result was influenced by risk factors for each portfolio using the Fama French three-factor model.
A Technical Analysis of Indonesia Stock Market (IDX) Composite Index Derry Irahadi; Sung Suk Kim
Budapest International Research and Critics Institute-Journal (BIRCI-Journal) Vol 5, No 2 (2022): Budapest International Research and Critics Institute May
Publisher : Budapest International Research and Critics University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33258/birci.v5i2.4986

Abstract

Does technical analysis outperform a buy-and-hold strategy? This study compares the returns of technical analysis based on four indicators (moving average, relative strength index, and moving average convergence divergence) to the returns of a buy-and-hold from January 2008 to September 2021 for the Indonesian Stock Exchange Composite Index (IDX). This study collects daily closing price data, then generates buy and sell signals for each indicator. Daily returns are sorted into buy-day returns and sell-day returns, then compared to overall buy-and-hold returns. For each indicator, four t-tests are applied to see if there is a statistically significant difference between (1) buy-day returns and buy-and-hold returns, (2) sell-day returns and buy-and-hold returns, (3) buy-day returns and sell-day returns, and (4) technical analysis returns and buy-and-hold returns. This study finds that for all the t-tests, technical analysis does not statistically significantly outperform a buy and hold strategy. This finding is consistent with the IDX being weak-form market efficient.
The Effect of Cultural Heterogeneity and Economic Uncertainty on Cash Holdings Felicia Julianti; Sung Suk Kim
Budapest International Research and Critics Institute-Journal (BIRCI-Journal) Vol 5, No 2 (2022): Budapest International Research and Critics Institute May
Publisher : Budapest International Research and Critics University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33258/birci.v5i2.5630

Abstract

The objective of this study is to decide the effect of social variety and monetary vulnerability on cash property in 22 developing business sector nations. We check three significant discoveries out. First off, corporate money property are unfavorably connected with individualism and decidedly connected with uncertainty avoidance. Second, corporate money property are connected with economic uncertainty. We likewise investigate the aggregation and scattering of money property by analyzing the connection between business size, productivity, research and development, net working capital, and market to book, which are all well related while influence is unfavorably related.
The Impact of COVID-19 Social and Public Activity Restrictions and Vaccination on Stock Returns in Indonesia Willyandi Tairas; Sung Suk Kim
Budapest International Research and Critics Institute-Journal (BIRCI-Journal) Vol 5, No 3 (2022): Budapest International Research and Critics Institute August
Publisher : Budapest International Research and Critics University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33258/birci.v5i3.6065

Abstract

This study investigates both coronavirus disease (COVID-19) social and public activity restrictions as well as vaccination impact on stock returns of 351 listed companies in Indonesia. This study utilizes panel-data regression models, with the period of 2 March 2020 to 31 October 2021. Through this study, it is confirmed that lockdown did not significantly impact stock returns of listed firms. However, those listed firms’ stock returns were positively and significantly affected by vaccination.
Co-Authors Agus Diemas Prayoga Andre Suryadinata Anthony Lukmawijaya Bang Jessica Santiyano Budhidharma, Valentino Carissa Carissa Clara Constantine Clara, Nathania Cynthia Wijayanti Darmia, Darmia Derry Irahadi Derry Rijken Irahadi Dewi, Shinta Kurnia Dimu, Darmia Edwin Hendra Edwin Hendra, Edwin Edwin Wijaya Eko Cristian felicia julianti Felicia Julianti Ferdinand, Ferry Vincenttius Freshtriana, Freshtriana Golrida Karyawati Grace Turangan Gracia S Ugut Herlina Lusmeida Irwan Adi Ekaputra Iyvon Herliawan Jasen, Lie Jeanice Jeanice Jonathan Gunalan Joseph, Widyatama Juli Hendri Juliana, Rita Juniarty Kasiha, Nathalia W N Kasiha, Nathalia Wanda Nova Katherine, Hartati Kie Van Ivanky Saputra Kurniawan Kurniawan Liza Handoko, Liza Maria Stevani Sianturi Maria Stevani Sianturi Melvien Deisie Christin Welang Metta Dewi Monica Shendiana Sugianto Muhamad Farhan Muljono, Danella Rachel Nugroho, Vina Parengkuan, Samuel Ray Aditya Purba, Golrida Karyawati R. Rinda Rachmawati Brata Rahmawanti, Tamara Sandra Sandra Sembel, Jacquelinda Sandra Sidharta, Kevin Stanley Mulja Stefanus Hugo Lusida Suryadinata, Andre Sylvia Samuel Tri Mulyana Turangan, Grace Vivi Liu Waluyo, Herlina Wennars, Lesely Willyandi Tairas Wirdy Leonarsan Yoga Rima Hadi