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All Journal IJHCM (International Journal of Human Capital Management) Jurnal Masharif al-Syariah: Jurnal Ekonomi dan Perbankan Syariah Jurnal Pengabdian Masyarakat Bestari (JPMB)
Titis Fatarina Mahfirah
Universitas Negeri Jakarta
Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Industrial & Manufacturing Engineering Social Sciences

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Merton Model of Default Risk and Stock Return: Evidence from Indonesian Stock Market Titis Fatarina Mahfirah; Buddi Wibowo
IJHCM (International Journal of Human Capital Management) Vol 6 No 2 (2022): (IJHCM) International Journal of Human Capital Management
Publisher : Program Studi S3 Ilmu Manajemen

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21009/IJHCM.06.02.2

Abstract

The study of the characteristics of risk and return has received great attention. Several studies in finance literature have tested whether default risk influences firms’ stock returns, but the results are often conflicting. Previous research derives varying empirical results because they refer to default risk indicators and samples from different equity markets. The main objective of this study is to evaluate the effect of default risk on stock return using data taken from non-financial companies on the Indonesia Composite Index (IDX Composite) in Indonesia for the 2008-2017 research period. This study uses Merton’s (1974) model as done by Vassalou & Xing (2004) to build a proxy for the risk of default. The advantage of this model is that it considers the volatility of firms’ assets in estimating default risk. Companies can have similar equity and debt levels but possibly have very different default probabilities. The results of the study show that default risk has a positive and significant effect on equity returns.
Training and Tutorial on the Use of Buku Kas Application for Business Financial Management Titis Fatarina Mahfirah; Umi Widyastuti; Dewi Agustin Pratama Sari; Siti Nurjanah; I Ketut R. Sudiarditha; Rini Nurmala Sari; Haneul
Jurnal Pengabdian Masyarakat Bestari Vol. 2 No. 9 (2023): September 2023
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/jpmb.v2i9.5513

Abstract

MSMEs' crucial role in Indonesia's economy is garnering more attention. However, the rising number of MSMEs without a corresponding improvement in human resource quality poses concerns. The lack of financial literacy hampers their growth. To foster business development, MSMEs require coaching and training in financial management. A joint effort between the Faculty of Economics at Universitas Negeri Jakarta and Cibitung Tengah Village in Bogor resulted in a financial management training and an accounting application tutorial for MSMEs. The program encompassed preparation, implementation, evaluation, reporting, and publication. Following the training, MSME owners in Cibitung Tengah understood the significance of financial management and learned to utilize accounting applications for streamlined financial recording.
Pengaruh Likuiditas, Aktivitas, Solvabilitas, dan Ukuran Perusahaan terhadap Nilai Perusahaan Sektor Consumer Cyclicals di Indonesia Anisya Rizanika; Gatot Nazir Ahmad; Titis Fatarina Mahfirah
Jurnal Masharif al-Syariah: Jurnal Ekonomi dan Perbankan Syariah Vol 9 No 1 (2024)
Publisher : Universitas Muhammadiyah Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30651/jms.v9i1.21915

Abstract

Penelitian ini bertujuan untuk menguji faktor-faktor yang mempengaruhi nilai perusahaan sektor consumer cyclicals di Indonesia. Terdapat empat variabel utama yang terdiri dari rasio-rasio keuangan seperti likuiditas, aktivitas, solvabilitas, dan ukuran perusahaan dengan dua variabel kontrol yaitu profitabilitas dan umur perusahaan. Sampel yang digunakan yaitu perusahaan-perusahaan pada sektor consumer cyclicals yang terdaftar di Bursa Efek Indonesia periode 2018-2022. Pengumpulan data dilakukan menggunakan teknik purposive sampling methode sehingga didapatkan 40 perusahaan yang akan dijadikan sampel. Adapun data penelitian ini diolah dengan menggunakan metode analisis regresi data panel. Hasil penelitian menyatakan bahwa likuiditas tidak memiliki pengaruh pada periode sebelum pandemi, saat pandemi, dan keseluruhan. Sedangkan aktivitas memiliki pengaruh yang negatif dan signifikan pada periode sebelum pandemi. Solvabilitas memiliki pengaruh yang positif dan signifikan pada periode sebelum pandemi, selama pandemi, maupun secara keseluruhan. Selama masa pandemi, ukuran perusahaan memiliki pengaruh yang negatif dan signifikan terhadap nilai perusahaan.
Co-Authors Anisya Rizanika Buddi Wibowo Dewi Agustin Pratama Sari Gatot Nazir Ahmad Haneul I Ketut R. Sudiarditha Rini Nurmala Sari Siti Nurjanah Umi Widyastuti