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Pardomuan Sihombing, Pardomuan

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Author-ID : 6169354

Religion Agriculture, Biological Sciences & Forestry Arts Humanities Chemical Engineering, Chemistry & Bioengineering Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Electrical & Electronics Engineering Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Mathematics Social Sciences Other

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Growth vs Value: A GARCH-APT Approach to Analyzing IDX Market Indices Sihombing, Pardomuan; Triadji, Iwan
Research of Finance and Banking Vol. 3 No. 1 (2025): April 2025
Publisher : SAN Scientific

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58777/rfb.v3i1.426

Value and growth investing strategies are often compared in the investment world. This study analyzes the differences in performance of the IDX Value30 and IDX Growth30 indices as a representation of these strategies in Indonesia during the period from January 30, 2014, to September 30, 2022. Measurements were made using the Treynor Ratio, Information Ratio, and stock selection and market timing evaluations through the GARCH (1,1) model. In addition, the APT model was also used to test the influence of macroeconomic factors, such as inflation, IDR/USD exchange rate, and 5-year Government Bond Yield. The comparison of Treynor and Information Ratio was tested using the Mann-Whitney and independent sample t-test. The results show that both indices have positive performance ratios but are not significantly different. Both do not show stock selection capabilities, but IDX Value30 has market timing capabilities. The IDR/USD exchange rate has a negative effect, and the 5-year Government Bond Yield has a positive effect on IDX Value30, while there are no significant macroeconomic factors on IDX Growth30. This research provides a new contribution through a comprehensive analysis of IDX Value30 and IDX Growth30, which can be used as a reference for investment strategies in the Indonesian capital market.

The Impact of Financial Ratios and Growth Opportunity on Capital Structure A Moderation Role of Firm Size Gusfriyanto, Harri; Sihombing, Pardomuan
International Journal of Digital Marketing Science Vol. 1 No. 1 (2024)
Publisher : Asosiasi Dosen Peneliti Ilmu Ekonomi dan Bisnis Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54099/ijdms.v1i1.865

This study aims to examine the impact of liquidity, profitability, tangibility, and growth opportunity with firm size as a moderating variable on capital structure in distributor companies listed on the IDX Consumer Non-Cyclical for the period 2018-2022. The sampling technique used in this study was purposive sampling. The sample in this study consisted of 7 companies. This study uses panel data analysis techniques with moderated regression analysis (MRA) on E-views 13. Empirical results show that liquidity and profitability have a negative effect, and growth opportunity has a positive effect on capital structure, while tangibility does not affect capital structure. Firm size can only moderate growth opportunity to weaken the negative effect on capital structure, while tangibility cannot be moderated by firm size

Determinants of Profitability, Firm Size, and Institutional Ownership Moderated by Capital Structure on Stock Returns Satria Fajar Maulana; Pardomuan Sihombing
International Journal of Applied Management and Business Vol. 2 No. 2 (2024)
Publisher : ADPEBI Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54099/ijamb.v2i2.1057

The study was conducted to examine the influence of several factors that are suspected to affect the health care sector's stock returns, moderated by the capital structure proxied by the debt to equity ratio (DER). The population used in this research were seventeen companies, and the samples that match the research criteria were seven health care companies listed on the Indonesian stock exchange between 2018-2022. The research used panel data analysis techniques, and utilizes financial reports. The results of this study y indicate that profitability proxied by the return on equity (ROE) and institutional ownership has a positive influence, and DER has a negative influence on the stock return, while the firm size do not has significant effect on the stock return. The ROE and firm size are moderated by capital structure in their influence on the stock return. The findings of this study suggest that in maximizing the stock return in the health care sector's, companies need to increase profits, have a high level of institutional ownership and maximize sources of funds for the operational activities, as well as optimizing the use of debt to invest in assets.

Determinants of Bond Rating, Profitability, Liquidity, and Company Size are Moderated Leverage on the Yield to Maturity Sihombing, Pardomuan; Bonowati, Yosephine Amanda; Zakchona, Elia
Jurnal Manajemen Indonesia Vol. 24 No. 3 (2024): Jurnal Manajemen Indonesia
Publisher : Fakultas Ekonomi dan Bisnis, Telkom University.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25124/jmi.v24i3.6573

This study aims to identify the determinants of yield to maturity of corporate bonds in Indonesia with leverage as a moderating variable. The data for this study is 25 corporate bonds as a sample from a total population of 59 corporate bonds. The research sample was tested using panel data analysis techniques, namely descriptive and inferential statistics. The test results show that profitability with the Yield of Assets indicator and company size has a positive effect, liquidity with the Current Ratio indicator has a negative effect and bond ratings do not affect the yield to maturity of corporate bonds in Indonesia. Furthermore, it was found that there is a role of leverage as a moderating variable, namely, leverage weakens the effect of ROA and bond ratings on the yield to maturity of corporate bonds and strengthens the effect of the Current Ratio on the yield to maturity of corporate bonds.

The Impact of Efficiency of Working Capital Management on Company Profitability Wahyuningsih, Mutia; Sihombing, Pardomuan; Indira Puspa Gustiah
International Journal of Entrepreneurship and Business Management Vol. 3 No. 1 (2024)
Publisher : Asosiasi Dosen Peneliti Ilmu Ekonomi dan Bisnis Indonesia (ADPEBI)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54099/ijebm.v3i1.972

This research aims to analyze the influence of working capital management efficiency (Working Capital Turnover) on Return On Total Assets and the role of Diversification Strategy as a moderating variable on the influence of Working Capital Turnover on Return On Total Assets. The research population is green industry award-winning companies listed on the Indonesia Stock Exchange for the 2019-2021 period. Data obtained from financial reports (Audited). The analysis was carried out using a panel data regression approach with moderating variables used to test the hypotheses in this research. Purpose – The research results show that Working Capital Turnover has a significant negative effect on Return On Total Assets and Diversification Strategy as a moderating variable in the relationship between Working Capital Turnover and Return On Total Assets has a significant positive effect.

Examining the Effect of Profitability, Corporate Governance, Firm Size, and Capital Structure on Firm Value: The Moderating Role of CSR Manik, Defriyanti Cicilia; Sihombing, Pardomuan
International Journal of Entrepreneurship and Business Management Vol. 4 No. 2 (2025)
Publisher : Asosiasi Dosen Peneliti Ilmu Ekonomi dan Bisnis Indonesia (ADPEBI)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54099/ijebm.v4i2.1521

This study analyzes the influence of determinants on company value with CSR as a moderator in Construction Companies Listed on the Indonesia Stock Exchange from 2018 to 2023. The sampling technique used in this study is purposive sampling. The sample in this study consists of 6 companies. This study uses panel data analysis with MRA in E-views 12. The results of the analysis indicate that ROE and KM do not influence company value. Firm size has a negative influence, while DER has a positive influence on company value. CSR does not have a significant influence on company value and is unable to moderate the relationship between independent variables and company value.

Macroeconomic Determinants of Stock Returns in the Indonesian Food and Beverage Industry Siagian, Fahri Gunawan; Sihombing, Pardomuan
Research of Economics and Business Vol. 3 No. 2 (2025): SEPTEMBER 2025
Publisher : SAN Scientific

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58777/reb.v3i2.499

The objective of this study is to examine the influence of macroeconomic variables specifically exchange rates, interest rates, and inflation on stock returns, both directly and indirectly through beta, within the food and beverage sector. Additionally, it explores the impact of the COVID-19 pandemic. This research adopts a quantitative approach, targeting companies listed on the Indonesia Stock Exchange within the food and beverage industry. Secondary data, sourced through library research, underpins the study, which employs panel data analysis as a primary method. The findings indicate that inflation does not negatively affect stock returns, similar to interest rates and exchange rates, which also show no adverse impact. Furthermore, the COVID-19 pandemic was found to have no positive influence on stock returns in this sector. Regarding systematic risk, beta appears to diminish the effect of inflation, interest rates, and exchange rates on stock returns, while it does not amplify the impact of the COVID-19 pandemic. These results carry significant implications for managers and investors, suggesting that external macroeconomic conditions and beta are not the key determinants of stock returns.

The Factors Influencing Sustainable Investment in Digital Investment Applications in Indonesia Hati, Elyana; Sihombing, Pardomuan
International Journal of Social and Management Studies Vol. 6 No. 5 (2025): International Journal of Social and Management Studies (IJOSMAS)
Publisher : IJOSMAS

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5555/ijosmas.v6i3.506

This study investigates the determinants of sustainable investment behavior among Indonesian investors who use digital investment applications. Specifically, the research examines the effects of risk preference and investment horizon on sustainable investment, with income, gender, and age as moderating variables. The study employed a quantitative research method with 85 respondents from the Master of Management program at Universitas Mercu Buana, Jakarta. Partial Least Squares Structural Equation Modeling (PLS-SEM) was utilized for data analysis. The findings reveal that both risk preference and investment horizon have a significant positive effect on sustainable investment decisions. However, income, gender, and age do not moderate these relationships. This research contributes to the literature by emphasizing the stronger role of behavioral factors compared to sociodemographic characteristics in shaping sustainable investment behavior in the Indonesian digital financial market.

Sustainability, Profitability and Added Value Moderated by Company Value on Stock Returns Sri-Kehati Index Desmita, Desmita; Sihombing, Pardomuan
Asean International Journal of Business Vol. 3 No. 1 (2024)
Publisher : Asosiasi Dosen Peneliti Ilmu Ekonomi dan Bisnis Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54099/aijb.v3i1.832

This research aims to determine the effect of Sustainability, Profitability and Value Added which are moderated by Company Value on Stock Returns. In this research, sustainability is proxied by environmental, social & governance (ESG), profitability is proxied by return on assets (ROA) while added value is proxied by economic added value (EVA) and market added value (MVA). The population in this research is the Sri-Kehati Index which is listed on the Indonesia Stock Exchange (BEI) in 2018-2022. The sampling technique used in this research was purposive sampling. The sample in this research consisted of 19 companies. This research use a panel data analysis technique with moderated regression analysis (MRA) in E-views 12. The results of this research show that environmental, social & governance (ESG), market value added (MVA) have no influence on stock returns. Meanwhile, return on assets (ROA), economic value added (EVA) and company value have a positive effect on stock returns. Company value weakens the influence of ROA and EVA on stock returns, and company value strengthens the influence of MVA on stock returns.

Profitability, Sales Growth, Ownership Structure on Company Value with Moderation of Capital Structure in Fisihing Company Kartikasari, Rachma; Sihombing, Pardomuan
Asean International Journal of Business Vol. 3 No. 2 (2024)
Publisher : Asosiasi Dosen Peneliti Ilmu Ekonomi dan Bisnis Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54099/aijb.v3i2.1014

This research aims to test and analyze the influence of profitability, sales growth, managerial ownership and institutional ownership on company value with capital structure as a moderating variable in fishing companies. This research uses quarterly financial report data obtained from 8 fishing companies listed on the Indonesia Stock Exchange (BEI) for the period from Quarter I 2020 to Quarter III 2023. The sampling technique in this research uses Saturated Sampling Technique with 8 fishing companies selected as sample. This research uses panel data analysis techniques with moderated regression analysis (MRA) on E-views 13. The research results prove that profitability, managerial ownership and capital structure have a positive effect on company value, while sales growth and institutional ownership have no effect on company value. In addition, capital structure is able to moderate profitability on company value.

Co-Authors ,, Rizal Abitur Asianto Aditya Sabrian Amirullah Aditya Sabrian Amirullah Agustina Suparyati, Agustina Amanda Yosephine Bonowati Amrie Firmansyah Anastasia Sianturi Andy Kurniawan, Andy Ardhiani Fadila Ardy Fardiansyah Arifin Hasudungan Manurung Augustina Kurniasih Bonowati, Yosephine Amanda Christi, Eva Aprilia Dadan Nurhidayat Desmita Desmita Diamanta Putri, Rimada Diamanta Putri Difoasih, Garys Dini Hariyanti Ecryna Cyntia Hutapea Elia Zakchona Elman Junizar Rusdi Erlangga Tri Adhiguna Gultom, Hesekiel Maranatha Gusfriyanto, Harri Hati, Elyana Husni, Ricky Albert Hutajalu, Clinton Banua Betlehem Ida Busnetty Indira Puspa Gustiah Irwan Daud Irwan Daud Jayawarsa, A.A. Ketut Kartikasari, Rachma Kasman Pandiangan Kuncoro, Ignatius Bayu Kwee, Yohanes Leni Hartati Levy Perwiro Garnoko Manik, Defriyanti Cicilia Manurung, Arifin Hasudungan Melitana, Cyndi Loisa Michael Jims Muhamad Taufiq Muhammad Reza Alfianto Siregar Muhammad Sahirul Alim Muhammad Zilal Hamzah Mukhlis Novawiguna K, . . Nur Kamri Hardi Oktavia, Dinda Prabowo, Bumi Prabu Prakosa Andiantyo Pranata, Natanael Priambhodo, Yohanes Dimas Priyo Adiwibowo Putra, Rubby Prastya Putra, Wahyu Sastra Reza Alfianto Siregar, Muhammad Richo Dany Wijaya Richo Dany Wijaya, Richo Dany Rizal , Samsuar, Alfan Samsudin, Idris Saputra, Hestikel Sarva Jayana, Nur Satria Fajar Maulana Siagian, Fahri Gunawan Sri Dewi Nur Pasha Sri Marti Pramudena Sri Yani Kusumastuti Suhandi Suhandi Sumiyarti Sundoro, Hary Saputra Tri Kunawangsih Triadji, Iwan Tumpal Samosir Tyara Pratiwi Poernomoputri VICTOR SIAGIAN Wahyuningsih, Mutia Yosephine Amanda Bonowati Zakchona, Elia Zakchona, Elia

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