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All Journal PROFIT : Jurnal Administrasi Bisnis Asia-Pacific Management and Business Application
Wen-Hsi Lydia Hsu
National Pingtung University of Science and Technology
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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THE INFLUENCE OF MACRO ECONOMY ON THE FIRM VALUE: INVESTMENT DECISION AS THE MEDIATING VARIABLE Lestari, Oktavia R.; Sukoharsono, Eko Ganis; Rahardjo, Kusdi; Hsu, Wen-Hsi Lydia
Profit: Jurnal Adminsitrasi Bisnis Vol. 8 No. 2 (2014): Profit : Jurnal Administrasi Bisnis
Publisher : FIA UB

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (85.681 KB)

Abstract

The purpose of this paper is to investigate the influence of macro economy on the firm value with investment decision as the mediating variable. This study is tested in Indonesia Stock Exchange as one of emerging market. The sample in this study is the manufacture companies listed on the Indonesia Stock Exchange in 4-years period from 2009-2012. Structural equation modelling with Partial Least Square (PLS) is used in this study. This paper found a significantly negative influence between macroeconomy and investment decision, and a significantly positive influence between investment decision and firm value. This paper also analyze whether investment decision can mediate the relationship between macroeconomy and firm value. The result showed that macroeconomy has a significant negative direct effect on the firm value. When investment decision appears on the relationship of macroeconomy and firm value, macroeconomy does not have significant negative influence on the firm value anymore. This result showed that when macroeconomy condition goes down, a firm can retain its value because that firm still earn the profit from its investment and that firm makes the best investment decision.   Keywords: Macroeconomy, Investment Decision, Firm Value, Partial Least Square
Analysıs of Market Rısk in Stock Investment Usıng Value at Rısk Method (Study on Manufacturıng Companıes in Lq-45 Lısted on Indonesıa Stock Exchange) Sumaji, Yoseva Maria Pujirahayu; Hsu, Wen-Hsi Lydia; Salim, Ubud
APMBA (Asia Pacific Management and Business Application) Vol. 6 No. 1 (2017)
Publisher : Department of Management, Faculty of Economics and Business, Brawijaya University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/ub.apmba.2017.006.01.1

Abstract

Capital flows as one part of this economic growth is sourced from the capital markets namely Indonesia stock exchange. The capital markets have a function of economics because capital markets provide a facility or vehicle which brings together two interests, namely those who have excess funds and those who need funds. Before investing, investors should set a goal of investing and the magnitude of the funds invested. Any investment decisions taken have the risks borne by the investor, either investment in bonds or stocks. Stocks with known characteristics of high risk-high return, which means the stock provides an opportunity to earn high profits but also potentially high loss risk. Value at Risk (VaR) models has been extensively used not only in the banking sector but also in calculating in many sectors. The aim of this paper is to outline Value at Risk methodology by giving more emphasis on variance covariance method, historical simulation, and Monte Carlo model. The model used to investigate the applicability and usefulness of VaR in stock investment in Indonesia Manufacturing companies. Using the methodologies as described, the maximum potential loss on each stock and its portfolio of nine stocks calculated at 95% confidence level. The models were validated using back testing and Kupiec test. The research found that there are different results of VaR calculated using variance covariance, historical simulation, and Monte Carlo models. However, variance covariance model is the valid one to measure the maximum potential loss of stocks.
Co-Authors Eko Ganis Sukoharsono Kusdi Rahardjo Oktavia R. Lestari Ubud Salim Yoseva Maria Pujirahayu Sumaji