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Pardomuan Sihombing, Pardomuan

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Author-ID : 6169354

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

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THE EFFECT OF STOCK SPLIT ANNOUNCEMENT ON THE TRADING VOLUME ACTIVITY, ABNORMAL RETURN, AND BID ASK SPREAD (STUDY ON COMPANIES LISTED ON THE IDX FOR THE PERIOD OF 2015 - 2019) Rimada Diamanta Putri Diamanta Putri; Pardomuan Sihombing
Dinasti International Journal of Economics, Finance & Accounting Vol. 1 No. 4 (2020): Dinasti International Journal of Economics, Finance & Accounting (September - O
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijefa.v1i4.546

This research is motivated by companies that carry out corporate actions in the form of stock splits. The corporate action aims to increase the liquidity of the outstanding shares and to give a positive signal to the company's performance in the future. To find out whether this signal is true or not, it is necessary to test market efficiency which proves that the stock split has an effect on changes in stock trading volume, abnormal returns and the bid ask spread. This type of research is the event study research with a quantitative approach. A sample of 66 companies using purposive sampling technique. The company under study is a company that carried out a stock split and is listed on the Indonesia Stock Exchange for the period 2015 - 2019. The type of data used in this study is secondary data in the form of daily data on sales of shares, number of shares outstanding, stock price (close price), price index. joint stock, stock offer and bid during the period 2015 - 2019. The results of the research through the Wilcoxon Signed Ranks Test with the results (1) There is no significant difference between stock trading volume before and after the stock split; (2) There is a significant difference between abnormal returns before and after the stock split; (3) There is no significant difference between the bid ask spread before and after the stock split.

Best Value Investing Strategy: Analysis of Graham, Greenblatt, and Piotroski Methods for Smart Investment Decisions Sihombing, Pardomuan; Putra, Wahyu Sastra
Research of Finance and Banking Vol. 2 No. 2 (2024): October 2024
Publisher : SAN Scientific

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58777/rfb.v2i2.311

This study aims to analyze the value investment portfolio strategy based on prominent investors Benjamin Graham, Joel Greenblatt and Joseph Piotroski. The three portfolio models are built according to the methodology developed by each author, using the last five years of financial accounting data and through stocks listed on the Kompas 100 Index listed on the Indonesia Stock Exchange for the 2022 period. This study uses a three-factor model from the Fama and French method which is an extension of the Capital Asset Pricing Model methodology by adding Small Minus Big and High Minus Low. The regression results show that all three strategies produce positive and statistically significant coefficients in the three-factor model setting. After backtesting the three portfolios, Graham's portfolio has a higher return compared to the other two portfolios. The managerial implications of this study include the implementation of strategies based on strengthening financial fundamentals and operational efficiency to increase the company's attractiveness in the eyes of value-investing investors.

Alternative solution to achieve abnormal returns on the Indonesian Stock Exchange Triadji, Iwan; Busnetty, Ida; Sihombing, Pardomuan
International Journal of Financial, Accounting, and Management Vol. 6 No. 3 (2024): December
Publisher : Goodwood Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/ijfam.v6i3.2000

Purpose: Investors continuously achieve abnormal returns (ARs) by adopting advanced strategies. Therefore, this study aimed to compare the performance of the IDX Value30 and IDX Growth30 indices, which represent value and growth investment strategies in Indonesia. Method: The comparison in this study was conducted using return- and risk-adjusted variables represented by Information Ratios and Jensen’s alpha. Based on this approach, Mann-Whitney and independent sample t-tests were performed using the SPSS program. Results: Both the IDX Value30 and IDX Growth30 indices show positive abnormal returns. However, a comparison of returns, Information Ratios, and Jensen's alpha showed no significant differences between the IDX Value30 and IDX Growth30. Limitations: The secondary data of IDX Value30 and IDX Growth30 indices were limited to the period from January 30, 2014, to September 30, 2022. Contribution: IDX Value30 and IDX Growth30 could serve as references for investors and Investment Managers in executing value- and growth-investing strategies to outperform IHSG. Furthermore, Investment Managers could use these indices as benchmarks for issuing index funds or ETFs. Novelty: This study uniquely compares the performance of value and growth investing using the IDX Value30 and IDX Growth30 indices, a comparison that has not been previously conducted.

Stock Portfolio Analysis Using the Capital Asset Pricing Model (CAPM) on Companies in the IDX30 Index Suhandi, Suhandi; Sihombing, Pardomuan
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 7 No 3 (2024): Sharia Economics
Publisher : Sharia Economics Department Universitas KH. Abdul Chalim, Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v7i3.5842

This study aims to provide guidance to investors in identifying efficient and inefficient stocks, as well as evaluating stocks that have an optimal balance between return and risk using the Capital Asset Pricing Model (CAPM). The CAPM method is used to predict the return of risky securities and as a benchmark in assessing the level of investment returns. By implementing CAPM, investors can make more informed and strategic investment decisions in portfolio management. This study uses a purposive sampling technique to select samples, where the specific criteria are companies listed on the Indonesia Stock Exchange and consistently included in the IDX30 stock index in the 2020-2023 period. Selection is made based on stock efficiency, where individual returns are greater than expected returns (Ri>ERi). There is a linear relationship between systematic risk and expected returns, where stocks that have a high beta value, the expected return will also be high, and vice versa. Of the 16 stocks analyzed, 7 company stocks are included in the efficient stock category, namely ADRO, ANTM, BBCA, BBNI, BBRI, BMRI, and UNTR, while the other 9 stocks are included in the inefficient category. The results of this study are expected to provide insight to investors in selecting efficient stocks for optimal investment decision-making.

Determinants of Firm Value with Environmental Performance as a Moderating Kuncoro, Ignatius Bayu; Sihombing, Pardomuan
Research of Business and Management Vol. 3 No. 1 (2025): FEBRUARY 2025
Publisher : SAN Scientific

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58777/rbm.v3i1.374

This research examines the influence of Leverage, Liquidity, Profitability, and Institutional Ownership on Firm Value, with Environmental Performance as a moderating variable. The study focuses on coal sub-sector companies listed on the Indonesia Stock Exchange (IDX) from 2019 to 2023. Using purposive sampling, 14 companies were selected as research samples. Panel data regression analysis was employed. The findings reveal that Leverage and Institutional Ownership do not affect Firm Value. Liquidity negatively affects Firm Value, while Profitability has a positive impact. Environmental Performance does not directly influence Firm Value but moderates certain relationships. Specifically, Environmental Performance strengthens the effect of Liquidity and Profitability on Firm Value but does not moderate the impact of Leverage. The study’s managerial implications highlight the importance of fundamental factors such as profitability, leverage, and dividend policy in enhancing Firm Value. Additionally, companies should recognize Environmental Performance as a moderating factor that can reinforce certain financial influences. Management is encouraged to adopt sustainable business practices to improve both financial performance and environmental responsibility.

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 Dividend Policy with Good Corporate Governance as a Moderator: Evidence from LQ45 Companies on the Indonesia Stock Exchange Suhandi; Tri Kunawangsih Purnamaningrum; Pardomuan Sihombing
International Journal of Economics, Accounting and Management Vol. 2 No. 1 (2025): IJEAM - May 2025
Publisher : PT. INOVASI TEKNOLOGI KOMPUTER

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60076/ijeam.v2i1.1206

The goal of this study was to examine LQ45 businesses' dividend policies on the Indonesia Stock Exchange by dissecting their dividend policy drivers and controlling variables using excellent corporate governance as a moderator. Participants in the research were companies that were included in the LQ45 index for the years 2019 and 2023. As part of a causal research strategy, hypothesis testing was used. The sample was determined using a purposeful sampling technique, which resulted in 25 sample businesses. In order to analyze the data, panel data regression was used. This statistical program was constructed using Eviews version 13.0. Results showed that dividend policy is affected by profitability, interest rates, and excellent corporate governance in a favorable way, and by leverage and free cash flow in a negative one. There was also no correlation between company size and dividend policy. One interesting finding is that effective corporate governance acts as a moderator, enhancing the influence of free cash flow on dividend policy while reducing the impacts of profitability, debt, and firm size. Good corporate governance did nothing to reduce the correlation between dividend policy and interest rates.

Analysis of Investment Decisions on LQ45 Stock by Using Moving Average Convergence Divergence (MACD) and Bollinger Bands Indicators Period January 2023 – February 2025 Cynthia Java Al Maduri; Tri Kunawangsih Purnamaningrum; Pardomuan Sihombing
International Journal of Economics, Accounting and Management Vol. 2 No. 1 (2025): IJEAM - May 2025
Publisher : PT. INOVASI TEKNOLOGI KOMPUTER

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60076/ijeam.v2i1.1211

The Indonesian capital market plays a crucial role in economic growth, with the LQ45 index representing large-cap stocks with high liquidity. This study aims to evaluate the effectiveness of the Moving Average Convergence Divergence (MACD) and Bollinger Bands technical indicators in making investment decisions on stocks during the period from January 2023 to February 2025. The research method used is descriptive qualitative, with visual analysis of price movements from 11 LQ45 stocks. The findings indicate that the combination of MACD and Bollinger Bands produces fairly accurate buy and sell signals, especially when used simultaneously. These findings provide a solid foundation for investors to formulate practical and applicable strategies based on technical analysis. Furthermore, this study contributes to the literature on the reliability of technical signals in the Indonesian stock market.

Co-Authors ,, Rizal Abitur Asianto 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 Cynthia Java Al Maduri Dadan Nurhidayat Desmita Desmita Difoasih, Garys Dini Hariyanti Ecryna Cyntia Hutapea Elia Zakchona Elia Zakchona Erlangga Tri Adhiguna Fitri Apriyana Gultom, Hesekiel Maranatha Gusfriyanto, Harri Hati, Elyana Hutajalu, Clinton Banua Betlehem Ida Busnetty Indira Puspa Gustiah Irwan Daud Irwan Daud Jayawarsa, A.A. Ketut Kasman Pandiangan Kuncoro, Ignatius Bayu Kwee, Yohanes Leni Hartati Levy Perwiro Garnoko Manik, Defriyanti Cicilia Manurung, Arifin Hasudungan Melitana, Cyndi Loisa Muhammad Sahirul Alim Muhammad Zilal Hamzah 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 Rachma Kartikasari Reza Alfianto Siregar, Muhammad Richo Dany Wijaya Richo Dany Wijaya, Richo Dany Ricky Albert Husni Rimada Diamanta Putri Diamanta Putri Rizal , Samsuar, Alfan Samsudin, Idris Sarva Jayana, Nur Satria Fajar Maulana Siagian, Fahri Gunawan Sri Dewi Nur Pasha Sri Marti Pramudena Sri Yani Kusumastuti Suhandi Suhandi Suhandi, Suhandi Sundoro, Hary Saputra Tri Kunawangsih Purnamaningrum Triadji, Iwan Tumpal Samosir Tyara Pratiwi Poernomoputri VICTOR SIAGIAN Wahyuningsih, Mutia Yosephine Amanda Bonowati Zakchona, Elia Zakchona, Elia

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