Articles
<![CDATA[Macroeconomic Variables Effect on 10-Year Tenor Government Bonds Yield ]]>
<![CDATA[Sihombing, Pardomuan]]>;
<![CDATA[Edi Santoso]]>;
<![CDATA[Dini Hariyanti]]>
<![CDATA[ Research of Economics and Business Vol. 1 No. 2 (2023): SEPTEMBER 2023 ]]>
Publisher : <![CDATA[SAN Scientific ]]>
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DOI: 10.58777/reb.v1i2.83
<![CDATA[This study aims to analyze the effect of macroeconomic conditions on the yield of 10-year government bonds. The macroeconomic indicators studied were the consumer price index, BI 7 days reverse repo rate, foreign exchange reserves, Indo CDS 5 years, and the Government Budget Deficit from January 2009 to December 2019. This research uses the Vector Error Correction Model (VECM) method because there is cointegration between variables, indicated by Trace Statistics and Max-Eigenvalue statistics, which are greater than Critical Value. The analysis results show that the Consumer Price Index (CPI) and the Government Budget Deficit positively influence the 10-year tenor government bond yield. In contrast, the 5-year Indo CDS, BI 7 days reverse repo rate, and Foreign Exchange Reserves negatively affect the 10-tenor government bond yield year. The policy implications for the yield of 10-year government bonds can be beneficial and useful for the government as the economic authority in issuing bonds, the regulator (Bank Indonesia), and helping investors to develop investment strategies in government bonds by continuously monitoring and predicting the direction of movement of these variables so that they can creating an optimal portfolio of government bonds.]]>
<![CDATA[The Effect of Coal Production, Profitability, Leverage, Newcastle Price on Firm Value with Renewable Energy Moderation ]]>
<![CDATA[Sihombing, Pardomuan]]>;
<![CDATA[Priambhodo, Yohanes Dimas]]>
<![CDATA[ Research of Economics and Business Vol. 2 No. 1 (2024): MARCH 2024 ]]>
Publisher : <![CDATA[SAN Scientific ]]>
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DOI: 10.58777/reb.v2i1.203
<![CDATA[The flow of investment funds from global fund managers to energy sector stocks is increasing and is focused on renewable energy. Regarding this, several energy sector companies in Indonesia have started to diversify their business into renewable energy. This research uses panel data analysis, which aims to see the influence of various variables, including coal production, profitability, leverage, and Newcastle coal price with renewable energy as a moderator on the value of energy sector companies. The companies in the sample are the coal sub-sector energy sector listed on the Indonesia Stock Exchange in 2018-2022. The results of this research show that profitability has a positive influence on firm value. For coal production, leverage and Newcastle coal prices do not affect firm value. Apart from that, renewable energy is also unable to moderate the influence of coal production, leverage, and Newcastle coal price on Firm value. The managerial implication of this research is that companies in the energy sector need to pay attention not only to traditional factors such as coal production, profitability, and leverage but also to new factors such as Newcastle coal prices and renewable energy as moderators.]]>
<![CDATA[Determinants of the Developed Country Index and Indonesian Macroeconomic on the IDX Growth 30 and IDX Value 30 ]]>
<![CDATA[Sihombing, Pardomuan]]>;
<![CDATA[Samsudin, Idris]]>
<![CDATA[ Research of Economics and Business Vol. 2 No. 2 (2024): SEPTEMBER 2024 ]]>
Publisher : <![CDATA[SAN Scientific ]]>
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DOI: 10.58777/reb.v2i2.209
<![CDATA[This study analyzes the determinants of the Developed Country Index (Hang Seng Index, Dow Jones Index) and Indonesian macroeconomic variables (10-Year Government Bond Yield, Foreign Ownership in Government Bonds, and the BI-7 Day Reverse Repo Rate, BI7DRR) on the movement of the IDX Growth 30 Index (IDXG30) and IDX Value 30 Index (IDXV30) from 2018–2022. Monthly time series data is used with a saturated sampling technique, processed via Eviews 12 using VECM analysis. The study conducts Stationarity, Optimal Lag, VAR Stability, and Cointegration Tests, along with Impulse Response Function (IRF) and Forecast Error Variance Decomposition (FEVD) analyses Results show that the Hang Seng Index and Foreign Ownership in Government Bonds negatively affect IDXG30 and IDXV30, while BI7DRR positively influences both. The Dow Jones Index positively affects IDXG30 but negatively impacts IDXV30. Meanwhile, the 10-Year Government Bond Yield negatively affects IDXG30 and positively influences IDXV30. Additionally, the performance of IDXG30 and IDXV30 themselves and BI7DRR significantly contribute to both indices' movements.]]>
<![CDATA[Stock Selection and Market Timing Ability to Increase Indonesia's Equity Mutual Fund Performance ]]>
<![CDATA[Sihombing, Pardomuan]]>;
<![CDATA[Manurung, Arifin Hasudungan]]>;
<![CDATA[Zakchona, Elia]]>
<![CDATA[ Jurnal Keuangan dan Perbankan Vol 27, No 2 (2023): April 2023 ]]>
Publisher : <![CDATA[University of Merdeka Malang ]]>
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DOI: 10.26905/jkdp.v27i2.11047
<![CDATA[This study investigates the effect of stock selection, market timing, and fund size on the mutual fund’s performance with Covid-19 as a moderating variable. The sample data is limited to the listed conventional mutual funds supervised by the financial service authorization from 2014 to 2021, denominated in Rupiah currency, have a complete report, and have more than Rp 350 billion in fund equities. The sample data implements twenty-eight of the listed conventional mutual funds and is examined by a random method of Panel data multi-regression with moderated regression analysis (MRA). The result shows that market timing positively affects, and Covid-19 can enhance the effect of stock selection on the mutual fund’s performance. Meanwhile, stock selection, fund size, and Covid-19 do not affect the mutual fund’s performance. Covid-19 cannot moderate the effect of market timing and fund size on the mutual fund’s performance. Fund managers highlight market timing as a crucial indicator of obtaining more returns, and Covid-19 is the best moment to select and collect potential stock at affordable prices and trade them to get more returns after the crisis. DOI: 10.26905/jkdp.v27i4.11047]]>
<![CDATA[Financial Performance and Capital Structure on Firm Value with Commodity Prices as a Moderating Variable ]]>
<![CDATA[Sihombing, Pardomuan]]>;
<![CDATA[Hutajalu, Clinton Banua Betlehem]]>;
<![CDATA[Suparyati, Agustina]]>
<![CDATA[ Research of Business and Management Vol. 1 No. 2 (2023): AUGUST 2023 ]]>
Publisher : <![CDATA[SAN Scientific ]]>
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DOI: 10.58777/rbm.v1i2.80
<![CDATA[The objective of this study is to examine the impact of liquidity, profitability, and capital structure on firm value, with commodity prices as a moderating variable. Causal research was employed, and 23 companies were selected as samples using purposive sampling at the IDX. Secondary data from these companies were used for analysis, and panel data analysis with e-views was applied. The findings reveal that liquidity and profitability do not significantly influence firm value, while capital structure has a significant effect on firm value. Commodity prices moderate the relationship between profitability and firm value, but not for liquidity and capital structure. The study's implications suggest that coal mining companiesˑneed to carefullyˑconsider decisions that affect theirˑvalue, particularly regarding investment funding through the management of capital structure, profitability, and liquidity. For investors, it is crucial to make informed decisions based on firm value and performance, considering financial reports and stock price developments at IDX]]>
<![CDATA[Determinants of profitability, liquidity, solvency, and activity ratios on the stock price with dividend payout as moderating variable ]]>
<![CDATA[Sihombing, Pardomuan]]>;
<![CDATA[Zakchona, Elia]]>
<![CDATA[ Jurnal Ekonomi dan Bisnis Vol. 27 No. 2 (2024) ]]>
Publisher : <![CDATA[Fakultas Ekonomika dan Bisnis Universitas Kristen Satya Wacana ]]>
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DOI: 10.24914/jeb.v27i2.10268
<![CDATA[This study aimed to examine the impact of financial performance proxied to profitability, liquidity, solvency, and activity ratio, as well as the moderating influence of dividend policy on stock price of Sharia-compliant companies in the Indonesia Stock (IDX) market. Panel data multi-linear regression with the random effect estimator was used to investigate the factors influencing the Jakarta Islamic Index (JII) stock price. The sample data was confined to complete audited financial reports and consistent dividend distribution to ensure the robustness of the findings. The cross-section data included 15 listed companies in JII indices, while the time series information spans financial reports published from 2016 to 2021 in the IDX market. The results showed that Profitability, represented by Return-On-Equity (ROE), positively impacted the company’s stock price listed in the JII index. Meanwhile, Solvency proxied by Debt-to-Equity Ratio (DER) and Activity Ratio measured through Total Assets Turnover (TATO) negatively affected the company’s stock price in the JII index. The liquidity represented by the Current Ratio (CR) and the Dividend Policy gauged by the Dividend Payout Ratio (DPR) also does not affect the company’s stock listed in the JII index. Furthermore, DPR did not moderate the effect of ROE on the company’s stock price listed in JII indices.]]>
<![CDATA[ANALYSIS OF MACROECONOMIC EFFECTS ON THE YIELD OF CORPORATE BONDS IN INDONESIA ]]>
<![CDATA[Sianturi, Anastasia]]>;
<![CDATA[Sihombing, Pardomuan]]>
<![CDATA[ Dinasti International Journal of Management Science Vol. 1 No. 3 (2020): Dinasti International Journal of Management Science (January - February 2020) ]]>
Publisher : <![CDATA[Dinasti Publisher ]]>
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DOI: 10.31933/dijms.v1i3.110
<![CDATA[This study aims to examine and obtain empirical evidence of the effects of inflation, BI rate, exchange rate, foreign exchange reserves and the oil price to yield corporate bonds in Indonesia. An increase in the number of issuers and corporate bond issuance value in Indonesia means that many companies are using and seek financing through the issuance of bonds. Several studies have been conducted, inconsistencies results of research on factors affecting yield corporate bonds in Indonesia. This study uses a quantitative approach to the type of associative causal research. Measurement of variables in this study using a time series analysis were processed using Eviews program 10. This research was conducted using monthly data within the period of 2015 to 2018. The results of this research that inflation positively affects yield corporate bonds. BI rate has a positive effect on the yield of corporate bonds. Exchange rate positive effect on the yield of corporate bonds. Foreign exchange reserves negatively affect yield corporate bonds. Oil price positive effect on the yield of corporate bonds.]]>
<![CDATA[DETERMINANT ANALYSIS IN PROPERTY STOCKS INDEX AT INDONESIA STOCK EXCHANGE ]]>
<![CDATA[Samsuar, Alfan]]>;
<![CDATA[Sihombing, Pardomuan]]>
<![CDATA[ Dinasti International Journal of Management Science Vol. 2 No. 2 (2020): Dinasti International Journal of Management Science (November - December 2020) ]]>
Publisher : <![CDATA[Dinasti Publisher ]]>
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DOI: 10.31933/dijms.v2i2.453
<![CDATA[This research aims to determine those influence of inflation, interest rates, exchange rates, world oil prices and world gold prices against the property sector stock index which registered In Indonesia Stock Exchange. These population of research were all activities from monthly movement of property sector stock index, inflation, exchange rates, BI interest rates, world oil prices and world gold prices. The sample chosen method by purposive sampling where the researcher gathered its data based on proficiency strategies or personal considerations, selecting data based on these following criteria: 1) Availability of macro economic data that affects shares from property sector during January 2016 to December 2019; and 2) Availability of property stock index data from January 2016 till December 2019. The model used in this research was the Vector Error Correction Model (VECM). With The results showed that: 1) ISP responsiveness to inflation movements where stumbled or shocks that occur on inflation had positive influence towards ISP movements; 2) Responsiveness of ISP to instability or shocks that occur in exchange rates will negatively affect ISP movements; 3) Those responsiveness of ISP to the BI rate movement was responded positively; 4) Based on these results from research conducted, the ISP responded negatively on stumbled or shocks towards oil price movements; and 5) ISP responsiveness to movements or shocks to gold price had been responded positively by the ISP.]]>
<![CDATA[DETERMINANT OF GOVERNMENT BOND YIELDS ]]>
<![CDATA[Priyo Adiwibowo]]>;
<![CDATA[Sihombing, Pardomuan]]>
<![CDATA[ Dinasti International Journal of Digital Business Management Vol. 1 No. 1 (2019): Dinasti International Journal of Digital Business Management (December 2019 - J ]]>
Publisher : <![CDATA[Dinasti Publisher ]]>
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DOI: 10.31933/dijdbm.v1i1.85
<![CDATA[This study aims to analyze the influence of determinant factors: (i) exchange rates, (ii) inflation, (iii) CDS spreads, (iv) bid-ask spreads, (v) overnight rate, (vi) CB’s rate (Central Bank Rate), and (vii) oil prices on Government bond yields. The data used are monthly data in the period 2012 - 2018. The research method used is the Vector Auto Regression (VAR) approach. Our analysis indicated that the determinant factors have impact on government bond yields. Based on the analysis of the impulse response function (IRF), the yield is to respond to any shocks given by the long term. While through forecast error variance decomposition (FEVD) analysis, found that CDS spreads and oil prices contributed significantly to the movement of Government bond yields.]]>
<![CDATA[OPTIMAL PORTFOLIO ANALYSIS OF IDX-30 AND LQ-45 PORTFOLIO WITH THE CAPM METHOD OF THE INDONESIA STOCK EXCHANGE ]]>
<![CDATA[Sarva Jayana, Nur]]>;
<![CDATA[Pardomuan Sihombing]]>
<![CDATA[ Dinasti International Journal of Digital Business Management Vol. 1 No. 2 (2020): Dinasti International Journal of Digital Business Management (February - March ]]>
Publisher : <![CDATA[Dinasti Publisher ]]>
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DOI: 10.31933/dijdbm.v1i2.128
<![CDATA[The research objective of this portfolio is to analyze the optimal portfolio IDX-30 and its portfolio of LQ-45 with CAPM method in IDX. This research uses descriptive quantitative method. IDX-30 and LQ-45 in the Stock Exchange of the period January 2013 - December 2018 the population in the study. A Purposive sampling technique used in determining the sample. Data analysis using Microsoft Excel, from this research are, a). Based on the results of the expected return and risk of IDX-30 and LQ-45, which can be seen from an analysis of individual stocks with a CAPM portfolio. Then the chosen CAPM portfolio, because it produces a good return and minimal risk. And the highest shares of IDX-30 and LQ-45 are TLKM. with the IDX-P13 return result of 6.5809 and a risk of 7.14%. and LQ-45 P20 return of 6.5764 with a risk of 7.89%.b). Optimal portfolios formed using CAPM provide better investment returns than individual shares, because CAPM offers a higher expected return and minimum risk than individual shares. While the optimal portfolio performance of IDX-30 shares evaluated using CAPM is better than the optimal portfolio performance of LQ-45 shares.]]>
