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All Journal JAM : Jurnal Aplikasi Manajemen Jurnal Ekonomi & Studi Pembangunan Jurnal Ekonomi Pembangunan: Kajian Masalah Ekonomi dan Pembangunan DeReMa (Development Research of Management) Jurnal Manajemen AKRUAL: Jurnal Akuntansi DIJB (Diponegoro International Journal of Business) Jurnal Entrepreneur dan Entrepreneurship Procuratio : Jurnal Ilmiah Manajemen Jurnal Leverage, Engagement, Empowerment of Community (LeECOM) Jurnal Performa : Jurnal Manajemen dan Start-up Bisnis Inobis: Jurnal Inovasi Bisnis dan Manajemen Indonesia Journal of Economics Research and Social Sciences Parsimonia: Jurnal Akuntansi, Manajemen dan Bisnis Journal Community Service Consortium AMMA : Jurnal Pengabdian Masyarakat E-Jurnal Ekonomi Pembangunan
Maichal Maichal
Universitas Ciputra
Humanities Chemistry Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Law, Crime, Criminology & Criminal Justice Materials Science & Nanotechnology Nursing Social Sciences Other

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ANALISIS KINERJA SAHAM ANTM DAN INCO SERTA HARGA KOMODITAS EMAS SEBELUM DAN SESUDAH PERANG RUSIA-UKRAINA Buntuborrong, Yunovisri Valenrio; Tumewa, Steven; Kandiawan, Emeline Aime; Maichal, Maichal
Parsimonia - Jurnal Ekonomi dan Bisnis Vol 12 No 1 (2025): Parsimonia: Jurnal Akuntansi, Manajemen dan Bisnis
Publisher : Ma Chung Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33479/parsimonia.v12i1.1198

Abstract

The Russia-Ukraine war has created uncertainty in the world economic situation, including Indonesia. This economic uncertainty has encouraged people to tend to make safe economic decisions that do not have high risks. Gold commodities are one of the main choices for people to secure their assets because the value of gold is stable even in the midst of economic uncertainty. The increase in demand for gold commodities when economic certainty occurs will affect the selling price of gold commodities and the stock performance of metal and mineral mining companies. Therefore, this study aims to determine the effect of the impact of the Russia-Ukraine war on the stock performance of metal and mineral mining companies and the price of gold commodities in Indonesia. The study was conducted quantitatively using PT Aneka Tambang Tbk (ANTM) and PT Vale Indonesia Tbk (INCO) as samples to determine the impact of the Russia-Ukraine war on the stock performance of metal and mineral mining companies in Indonesia. Gold commodities were selected as samples from the mining commodity population. The data used in this study were obtained by collecting secondary data sourced from the TradingView website and using SPSS software as an analysis tool. This study uses a different test method to determine the comparison of the performance of mining and mineral sector companies' stocks and gold commodity prices 3 months before and during the Russo-Ukrainian war. The results of the study indicate that there are significant and insignificant price differences before and during the Russo-Ukrainian war. The price difference between before and during the Russo-Ukrainian war indicates that there was an increase in prices after the peak of the Russo-Ukrainian war. This price difference indicates that the mining commodity sector was strongly affected by the war.
FINANCIAL RATIOS AND SPECULATIVE DYNAMICS IN THIRD-LINER STOCKS: EVIDENCE FROM THE INDONESIA STOCK EXCHANGE Franse franse; Ferryanto Pietoyo; Steven Yoel Purnama; Gabriel Goardy; Alexander Tyrone Liong; Maichal, Maichal
DeReMa (Development Research of Management): Jurnal Manajemen Vol. 20 No. 1 (2025): May
Publisher : Universitas Pelita Harapan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.19166/derema.v20i1.9625

Abstract

This study investigates whether traditional financial ratios remain valid predictors of stock prices in speculative market environments, focusing on third-liner stocks listed on the Indonesia Stock Exchange (IDX) from 2012 to 2019. Using panel data regression with a Random Effect Model on 72 companies, the research evaluates the influence of liquidity (Current Ratio), solvency (Debt-to-Equity Ratio), activity (Total Asset Turnover), and profitability (Return on Equity) on stock prices. The results show that only profitability (ROE) and solvency (DER) significantly affect stock prices, while liquidity and activity do not. However, the explanatory power of these ratios is minimal (adjusted R² = 0.02), indicating that stock prices in this segment are largely shaped by speculative dynamics rather than fundamentals. These findings highlight the limitations of conventional financial analysis in high-risk, manipulation-prone markets. The study suggests the need for improved investor education, stricter regulatory oversight, and future research integrating behavioral and sentiment-based indicators to better capture price movements in speculative stocks. ABSTRAK DALAM BAHASA INDONESIA Penelitian ini mengkaji apakah rasio keuangan tradisional masih menjadi prediktor yang relevan terhadap harga saham dalam lingkungan pasar yang spekulatif, dengan fokus pada saham third-liner di Bursa Efek Indonesia (BEI) selama periode 2012 hingga 2019. Menggunakan regresi data panel dengan Random Effect Model pada 72 perusahaan, penelitian ini menganalisis pengaruh likuiditas (Current Ratio), solvabilitas (Debt-to-Equity Ratio), aktivitas (Total Asset Turnover), dan profitabilitas (Return on Equity) terhadap harga saham. Hasil penelitian menunjukkan bahwa hanya profitabilitas (ROE) dan solvabilitas (DER) yang berpengaruh signifikan terhadap harga saham, sedangkan likuiditas dan aktivitas tidak berpengaruh. Namun, daya prediksi (adjusted R²) hanya sebesar 0,02, menunjukkan bahwa harga saham pada segmen ini lebih banyak dipengaruhi oleh dinamika spekulatif daripada faktor fundamental. Temuan ini menyoroti keterbatasan analisis keuangan konvensional di pasar yang berisiko tinggi dan rawan manipulasi. Studi ini merekomendasikan peningkatan literasi investor, pengawasan regulasi yang lebih ketat, serta penelitian lanjutan yang mengintegrasikan indikator perilaku dan sentimen pasar untuk menangkap pergerakan harga secara lebih komprehensif.
ROLE MODEL AND ENTREPRENEURIAL PERFORMANCE: THE ROLE OF ENTREPRENEURIAL IDENTITY AND SELF-EFFICACY AS INTERVENING VARIABLE Efrata, Tommy Christian; Maichal, Maichal
Jurnal Aplikasi Manajemen Vol. 16 No. 1 (2018)
Publisher : Universitas Brawijaya, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (114.089 KB) | DOI: 10.21776/ub.jam.2018.016.01.04

Abstract

This study aims to assess how the role of entrepreneurial identity and selfefficacy in mediating the relationship between the role model and entrepreneurial performance. The population selected in this study is students of UniversitasCiputra who have been running start-up business for 2 to 3 years, with the turnover of fewer than 4.8 billion per year. The results of this research indicate a pattern that connects the existence of a role model and entrepreneurial performance, where the influence is mediated by entrepreneurial identity and self-efficacy. The existence of a role model is proven to influence the formation of entrepreneurial identity. The more individuals perceive themselves as an entrepreneur, the higher their confidence in their ability in setting up and running a business. The high level of confidence in their ability that they will be successful will have a direct impact on the improvement in entrepreneurial performance.
Analysis of Banking Stock Performance Before, During, and After the COVID-19 Pandemic on the Indonesia Stock Exchange (IDX) Tompo, Cherilyn Cristine; Sidjaja, Derrick Nelson; Thenikusuma, Arnold; Maichal, Maichal
Journal of Economics Research and Social Sciences Vol. 9 No. 2: August 2025
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jerss.v9i2.24972

Abstract

This study analyzes the performance differences of Indonesia’s banking sector stocks, represented by the Infobank15 index, before, during, and after the COVID-19 pandemic. Using ANOVA and Post Hoc Testing, the study finds no significant differences in stock returns across these three periods despite the substantial economic disruption caused by the pandemic. Like other industries, the banking sector faced a downturn at the start of the pandemic but managed to recover. This finding underscores that the banking sector maintained stability across different periods due to the strong financial fundamentals, including consistent Non-Performing Loan (NPL) and Return on Assets (ROA) ratios throughout the pandemic. The government’s support, such as credit restructuring policies and digitalization of banking services, facilitated the sector’s adaptation to economic challenges, allowing for continued operations despite social restrictions. The study highlights that the banking sector’s ability to expand its digital services mitigated the crisis's immediate impacts and positioned it as an attractive option for investors seeking stability. This study offers insights for policymakers and adds to the literature on the banking sector’s resilience during global crises.
Does globalization affect human development index? Evidence from high-corruption and low-corruption countries Maichal, Maichal; Sugiyanto, Fransiscus Xaverius
Jurnal Ekonomi & Studi Pembangunan Vol. 26 No. 2: October 2025
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v26i2.26439

Abstract

The impact of globalization on human development is widely debated, with corruption shaping whether its benefits are realized or undermined. While previous studies have typically examined globalization’s effects by classifying countries according to income level, development status, or regional grouping, little is known about how these effects differ across countries with varying degrees of corruption severity. This study examines how economic and social globalization influence the Human Development Index (HDI) in countries classified as low, moderate, and high corruption. Using panel data from 68 countries between 2005 and 2022, the analysis applies Fixed Effects, Random Effects, and Feasible Generalized Least Squares (FGLS). The most striking finding is that FDI has a negative and significant effect on HDI in low-corruption countries—many of which are advanced economies—contradicting conventional expectations that FDI fosters development under good governance. This result may reflect structural challenges such as aging populations, the refugee crisis, and geopolitical shocks that limit the developmental gains from foreign capital. By contrast, FDI shows no significant impact in moderate and high corruption countries, where weak institutions prevent investment benefits from being widely shared. Other results show that exports consistently enhance HDI across all corruption levels, imports matter only in moderately corrupt countries, internet access drives improvements in all groups, and tourism contributes positively only in high-corruption countries. The practical implication is that low-corruption countries must align FDI with demographic and labor-market strategies to ensure inclusive outcomes, while high and moderate corruption countries should strengthen institutions to unlock FDI’s potential.
EFFECTS OF GDP PER CAPITA, FDI, AND EXPORTS ON LIFE EXPECTANCY: A PANEL REGRESSION ANALYSIS Maichal, Maichal; Juan Witera, Yale; Putra Chananta, Joshua; Chendry, Efan James William
E-Jurnal Ekonomi Pembangunan Vol. 14 No. 3 (2025): Vol. 14, No. 3, MARET 2025 (pp.187-255)
Publisher : Universitas Udayana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/EEP.2025.v14.i03.p05

Abstract

Angka harapan hidup adalah indikator fundamental kesehatan masyarakat dan kesejahteraan ekonomi yang mencerminkan kualitas hidup suatu negara secara keseluruhan. Seiring dengan perkembangan suatu negara, pertumbuhan ekonomi biasanya meningkatkan layanan kesehatan, gizi, pendidikan, dan standar hidup, sehingga meningkatkan angka harapan hidup. Penelitian ini menguji pengaruh PDB per kapita, Penanaman Modal Asing (PMA), dan Ekspor terhadap angka harapan hidup dengan menggunakan regresi data panel di beberapa negara. Analisis ini menggunakan Random Effects Model (REM) dengan kesalahan standar yang kuat untuk memperhitungkan heterogenitas dan memastikan kesimpulan yang dapat diandalkan. Temuan kami menunjukkan bahwa PDB per kapita yang lebih tinggi dan peningkatan aktivitas ekspor sangat terkait dengan peningkatan angka harapan hidup, yang menunjukkan bahwa sumber daya ekonomi yang lebih besar dan integrasi pasar meningkatkan akses terhadap layanan kesehatan yang berkualitas. Sebaliknya, FDI menunjukkan efek yang beragam terhadap angka harapan hidup, menyiratkan bahwa manfaat modal asing bergantung pada faktor-faktor spesifik negara. Secara keseluruhan, hasil-hasil ini menyoroti pentingnya kebijakan ekonomi dalam meningkatkan kesehatan masyarakat dan pembangunan.
The Effect of Governance, Education, and Economic Conditions on GDP in ASEAN Phandy, Angel; Yosal, Calista; Wilar, Felicia Brilianti; Putri, Telysia Tony; Adha, Wirdah Nur; Maichal, Maichal
Journal of Economics Research and Social Sciences Vol. 10 No. 1: February 2026
Publisher : Universitas Muhammadiyah Yogyakarta

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

Abstract

This study investigates the effect of governance, education, and economic conditions on GDP in eight ASEAN countries—Indonesia, Malaysia, Thailand, Singapore, the Philippines, Vietnam, Laos, and Cambodia—during the period 2006–2020. Governance is represented by the Corruption Perceptions Index and Ease of Doing Business indicators, while education and inflation are¬¬ used to reflect human capital and economic stability, respectively. Data were obtained from the World Bank and Transparency International. Using panel data regression, the study combined cross-sectional and time-series data. Based on the Chow test, the Common Effect Model (CEM) was identified as the most appropriate. Due to classical assumption violations, robust standard errors were employed to ensure reliable estimates. The results show that Ease of Doing Business, education, and inflation significantly influence GDP. An improved business environment and higher educational attainment contribute to economic growth, while controlled inflation ensures macroeconomic stability. Meanwhile, corruption showed no significant impact on GDP. The findings highlight the importance of improving governance quality, expanding access to quality education, and maintaining stable inflation to support sustained economic growth in ASEAN.
MACROECONOMIC FACTORS AND REGULATORY QUALITY EFFECTS ON ASEAN-6 STOCK MARKET RETURNS Mattualy, Stephany; Franse, Franse; Maichal, Maichal
Procuratio : Jurnal Ilmiah Manajemen Vol. 13 No. 4 (2025): Procuratio : Jurnal Ilmiah Manajemen
Publisher : Institut Bisnis dan Teknologi Pelita Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35145/procuratio.v13i4.5272

Abstract

This study examines the role of macroeconomic factors and regulatory quality on equity market performance in ASEAN-6 countries, namely Indonesia, Malaysia, Singapore, Thailand, Vietnam, and the Philippines, during 2006–2023. The objective is to identify the extent to which GDP growth, real interest rates, exchange rates, and regulatory quality affects stock market index growth. Secondary data from the World Bank, Investing.com, and official government institutions was used to conduct a quantitative analysis for this research. The analysis employs panel data regression with model specification tests, including the Chow and Hausman tests, to determine the appropriate estimation method. The results confirm that the Fixed Effect Model is the most suitable model. The findings show that GDP growth has a positive and statistically significant effect on stock market performance, while exchange rate depreciation has a significant negative impact. In contrast, real interest rates and regulatory quality are found to have no significant influence. The study concludes that macroeconomic fundamentals, particularly economic growth and exchange rate stability, are more decisive in driving stock market outcomes in ASEAN-6 compared to institutional quality. These results contribute valuable insights for policymakers and investors in managing risks and supporting sustainable capital market development. Penelitian ini mengkaji pengaruh faktor makroekonomi dan kualitas regulasi terhadap kinerja pasar saham pada negara ASEAN-6, diantaranya Indonesia, Malaysia, Singapura, Thailand, Vietnam, dan Filipina, selama periode 2006–2023. Penelitian ini dilakukan guna menganalisis sejauh mana pertumbuhan PDB, suku bunga riil, nilai tukar, dan kualitas regulasi mempengaruhi perkembangan indeks pasar saham. Melalui data sekunder dari World Bank, Investing.com, dan lembaga pemerintah resmi, pendekatan kuantitatif digunakan untuk melakukan penelitian ini. Analisis dilakukan dengan pendekatan regresi data panel serta uji spesifikasi model, termasuk uji Chow dan Hausman, untuk menentukan pendekatan estimasi yang sesuai. Hasil penelitian menunjukkan bahwa Fixed Effect Model adalah model yang paling sesuai. Temuan memperlihatkan bahwa pertumbuhan PDB berpengaruh positif dan signifikan terhadap kinerja pasar saham, sementara depresiasi nilai tukar berpengaruh negatif signifikan. Sebaliknya, suku bunga riil dan kualitas regulasi tidak berpengaruh signifikan. Penelitian ini menyimpulkan bahwa faktor fundamental makroekonomi, khususnya pertumbuhan ekonomi dan stabilitas nilai tukar, lebih berperan dalam mendorong kinerja pasar saham di ASEAN-6 dibandingkan kualitas institusional. Hasil ini memberikan masukan penting bagi pembuat kebijakan dan investor dalam mengelola risiko serta mendukung pengembangan pasar modal yang berkelanjutan.
Co-Authors Adha, Wirdah Nur Alexander Tyrone Liong Buntuborrong, Yunovisri Valenrio Chendry, Efan James William Christian Budiman Urbanus Cindy Yoel Tanesia Cindy Yoel Tanesia Denny Bernardus Elia Ardyan Erwin Erwin Erwin Ferdianty Rosalynda Rante Tasak Ferryanto Pietoyo Firman, Afrizal Franse franse Franse, Franse Gabriel Goardy Gregorius Romaryo Tanubun Juan Witera, Yale Kandiawan, Emeline Aime Lavenia Horas Leony Jaslin Irawan Limputra, Samuel Elmer Maria Asumpta Evi Marlina Maria Bella Mattualy, Stephany Monalisa Monalisa Murry Harmawan Saputra Mustikarini, Carolina Novi Natali Ika Widjaya Phandy, Angel Pietoyo, Ferryanto Powell Gian Hartono Prayogo, Lionel Ricardo Putra Chananta, Joshua Putri, Telysia Tony Sanapang, Gracela Marisa Sidjaja, Derrick Nelson St Salmah Sharon Steven Yoel Purnama Sugiyanto, Fransiscus Xaverius Sulaowady, Patricia Syam, Asriah Syulhasbiullah, Muhammad Tanesia, Cindy Yoel Thenikusuma, Arnold Tommy Christian Efrata Tompo, Cherilyn Cristine Tony Antonio Tumewa, Steven Vicky Yaphyaputra Wilar, Felicia Brilianti Yosal, Calista Yudha, I Made Endra Kartika Yuyun Karystin Meilisa Suade Yuyun Karystin Meilisa Suade