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Pardomuan Sihombing, Pardomuan

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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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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.

Fair Value Valuation Analysis of Stock Prices Using The Discounted Cash Flow (DCF) Approach In Telecommunication Companies In Indonesia Mukhlis; Pardomuan Sihombing; Tri Kunawangsih
International Journal of Economics and Management Research Vol. 4 No. 3 (2025): December : International Journal of Economics and Management Research
Publisher : Pusat Riset dan Inovasi Nasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55606/ijemr.v4i3.577

PT Telkom Indonesia (Persero), Tbk (TLKM), PT XL Axiata, Tbk (EXCL), and PT Indosat, Tbk (ISAT) are three Indonesian telecommunications firms whose stocks will be valued using the Discounted Cash Flow technique from 2019 until 2023. According to the analysis, TLKM and EXCL stocks are undervalued, with market prices lower than their intrinsic values. This condition presents attractive investment opportunities for long-term investors, where potential gains may be realized if the companies' performance continues to improve and the market eventually appreciates the intrinsic value of the stocks. Conversely, ISAT stocks are identified as overvalued, with market prices exceeding their intrinsic values. This situation indicates excessive market expectations or the influence of certain external factors, making the decision to sell ISAT stocks a strategic move to realize capital gains before potential market corrections occur. These results emphasise how crucial it is to fully comprehend the internal and external aspects affecting company value before making any investing decisions. Investors are advised not to rely solely on valuation results but to also consider industry prospects, macroeconomic conditions, and company-specific issues to ensure more informed and strategic investment decisions. This study provides valuable insights for investors and market participants in identifying opportunities and risks in stock investments within the telecommunications sector.

Financial ratios and institutional ownership impact on healthcare firm’s value: A moderation role of leverage Sihombing, Pardomuan; Husni, Ricky Albert; Zakchona, Elia
Jurnal Ekonomi dan Bisnis Vol. 26 No. 2 (2023)
Publisher : Fakultas Ekonomika dan Bisnis Universitas Kristen Satya Wacana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24914/jeb.v26i2.9372

Pandemi telah menyebabkan kontraksi ekonomi global. Di tengah perlambatan ekonomi, ada satu sektor yang masih mampu tumbuh, yaitu sektor kesehatan. Hal ini ditunjukkan dengan pertumbuhan PDB sektor kesehatan selama pandemi. Namun, data PBV pada perusahaan tersebut tidak menunjukkan hasil yang memuaskan. Penelitian ini dilakukan untuk menilai faktor-faktor yang dapat meningkatkan nilai perusahaan perusahaan kesehatan, seperti profitabilitas, modal kerja, aset berwujud, dan kepemilikan institusional yang dimoderasi oleh leverage pada nilai perusahaan. Penelitian ini akan menggunakan teknik analisis data panel, laporan keuangan triwulanan tahun 2020-2021 terhadap sembilan perusahaan subsektor jasa dan perlengkapan kesehatan dari sektor kesehatan yang terdaftar di tahun 2022. Hasil penelitian ini menunjukkan bahwa aset berwujud memberikan dampak negatif dan leverage memberikan dampak positif terhadap nilai perusahaan, sedangkan faktor lainnya tidak mempengaruhi nilai perusahaan. Leverage hanya dapat memoderasi aset berwujud untuk melemahkan efek negatif dari aset berwujud, sedangkan faktor lain tidak dapat dimoderasi oleh leverage. Hasil ini menunjukkan bahwa untuk memaksimalkan nilai perusahaan, leverage harus dioptimalkan untuk mengurangi efek negatif dari investasi pada aset berwujud.

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) Diamanta Putri, Rimada 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.

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

DETERMINANT ANALYSIS OF FINANCIAL RATIO ON STOCK RETURNS IN CONSTRUCTION COMPANIES REGISTERED AT INDONESIA STOCK EXCHANGE 2015-2019 Muhammad Reza Alfianto Siregar; Pardomuan Sihombing
Dinasti International Journal of Education Management And Social Science Vol. 2 No. 1 (2020): Dinasti International Journal of Education Management and Social Science (Octob
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31933/dijemss.v2i1.598

The growth of the construction sector in Indonesia has indirectly contributed to the growth in the performance of construction companies. This construction performance growth has an impact on stock price movements, apart from the influence of demand and supply of shares. The condition of fluctuating stock price movements requires investors to analyze financial statements before making investment decisions. To find out how the stock price performance can be done by measuring stock returns. In connection with these conditions, the purpose of this study is to analyze the effect of ROE, DER, CR, PBV and TATO on stock returns in construction companies listed on the IDX in 2015 - 2019. This research is included in the category of comparative causal research. The number of samples used in this study were 13 sample companies, with the sampling technique using purposive sampling. The type of data in this study is secondary data taken by the documentation method at Yahoo Finance. The data analysis method uses panel data regression analysis assisted by the Eviews 9.0 software. The results of the study partially show that ROE; DER, CR, PBV, and TATO have a positive and significant effect on stock returns. In addition, ROE, DER, CR, PBV, and TATO simultaneously have a significant effect on stock returns.

THE MODERATING ROLE OF LEVERAGE ON CORPORATE BONDS YIELD Pardomuan Sihombing; Amanda Yosephine Bonowati; Elia Zakchona
Jurnal Ekonomi Kuantitatif Terapan Vol. 17 No. 1 (2024): Vol. 17, No. 1, Februari 2024 (pp.1-154)
Publisher : Universitas Udayana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/JEKT.2024.v17.i01.p03

This study aims to identify the effect of bond credit rating, firm size, profitability, andliquidity on the yield to maturity (YTM) of listed Indonesian corporate bonds, withleverage ratio as a moderating variable. A panel data multi-linear regression with the fixedeffect estimator was used to investigate the YTM of 25 listed corporate bonds from 2019 to2021. The sample data comprise complete financial reports published in the Indonesia StockExchange (IDX) market and operations in the non-financial sector to increase the accuracyof information obtained. The results show that profitability proxied to return-on-asset(ROA) and firm size positively affect the YTM, while the liquidity ratio proxied to thecurrent ratio (CR) had a negative influence. As a moderating variable, leverage proxied tothe debt-to-equity ratio (DER) positively moderates the effect of CR, DER negativelymoderates the effect of ROA and DER cannot moderate the bond’s credit rating to influencethe YTM. However, the bond’s credit rating does not affect the YTM. The analysis ofcorporate bonds is a relatively uncommon study in Indonesia, and significant implicatingfor policymakers, underscoring the importance of meticulous management of CR and DER,which can decrease the YTM.

Pengaruh Kepemilikan Publik, Valuasi Perusahaan, dan Suku Bunga Terhadap Initial Return IPO melalui Corporate Governance sebagai Variabel Mediasi (Studi Pada IPO di Bursa Efek Indonesia Periode 2021-2024) Saputra, Hestikel; Sihombing, Pardomuan
Community Engagement and Emergence Journal (CEEJ) Vol. 7 No. 4 (2026): Community Engagement & Emergence Journal (CEEJ)
Publisher : Yayasan Riset dan Pengembangan Intelektual

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37385/ceej.v7i4.10565

Penelitian ini bertujuan untuk menganalisis pengaruh kepemilikan publik, valuasi perusahaan, dan suku bunga terhadap Initial Return pada perusahaan yang melakukan Initial Public Offering (IPO) di Bursa Efek Indonesia periode 2021–2024 dengan Corporate Governance sebagai variabel mediasi. Penelitian ini menggunakan pendekatan kuantitatif dengan data sekunder yang diperoleh dari prospektus IPO, laporan keuangan perusahaan, dan publikasi resmi Bursa Efek Indonesia. Sampel penelitian ditentukan menggunakan metode purposive sampling, sedangkan teknik analisis data menggunakan analisis regresi dan uji mediasi. Hasil penelitian menunjukkan bahwa kepemilikan publik dan valuasi perusahaan berpengaruh terhadap Initial Return IPO, sementara suku bunga berpengaruh negatif terhadap Initial Return. Selain itu, Corporate Governance terbukti berpengaruh terhadap Initial Return dan berperan sebagai variabel mediasi dalam hubungan antara kepemilikan publik serta valuasi perusahaan terhadap Initial Return. Temuan ini menunjukkan bahwa mekanisme tata kelola perusahaan yang baik mampu meningkatkan kepercayaan investor dan memengaruhi respons pasar pada saat penawaran saham perdana. Implikasi dari penelitian ini diharapkan dapat menjadi bahan pertimbangan bagi perusahaan dalam menetapkan strategi IPO, bagi investor dalam pengambilan keputusan investasi, serta bagi regulator dalam memperkuat kebijakan terkait pasar modal di Indonesia.

Determinants of Firm Value in Indonesia’s Coal Industry: ESG, Capital Structure, Commodity Prices Elman Junizar Rusdi; Pardomuan Sihombing
Journal of Sustainable Economic and Business Vol. 3 No. 1 (2026): Journal of Sustainable Economic and Business (JOSEB)
Publisher : ARE Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70550/joseb.v3i1.350

Objectives: This study aims to examine the effect of Environmental, Social, and Governance (ESG) disclosure, capital structure, and coal commodity prices on firm value in coal mining companies listed on the Indonesia Stock Exchange during the 2022–2024 period. Methodology: The research employs a quantitative approach with a causal design using panel data from 19 companies and 57 observations. The data are analyzed through panel data regression using the Random Effect Model. Findings: The results indicate that ESG disclosure and coal commodity prices do not have a significant effect on firm value, whereas capital structure shows a positive and significant influence. These findings suggest that the market responds more strongly to internal financing policies than to sustainability information or external commodity price fluctuations. Conclusion: The study concludes that optimizing capital structure is a primary factor in enhancing firm value, while ESG implementation needs to be aligned with financial performance to gain stronger market recognition.

Risk Management, Green Finance, CSR, and Digital Transformation Effects on Financial Sustainability in KBMI Banks Michael Jims; Pardomuan Sihombing
Journal of Sustainable Economic and Business Vol. 3 No. 1 (2026): Journal of Sustainable Economic and Business (JOSEB)
Publisher : ARE Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70550/joseb.v3i1.369

Objectives: This study investigates whether risk management, green finance, corporate social responsibility, and digital transformation explain financial sustainability among Indonesian commercial banks in core-capital bank groups 3–4 (KBMI 3–4). Methodology: Using a balanced panel of 13 listed banks over 2022–2024 (39 bank-year observations), we estimate a panel regression under a random-effects specification selected via Chow, Hausman, and Lagrange Multiplier tests. Financial sustainability is proxied by the net interest margin ratio, while the explanatory variables are proxied by the non-performing loan ratio, green investment ratio, corporate social responsibility expenditure ratio, and a digital transformation index. Finding: The findings demonstrate that green finance significantly enhances financial sustainability among KBMI 3 and 4 banks during 2022-2024. Meanwhile, risk management, corporate social responsibility, and digital transformation do not exhibit significant short-term effects on net interest margins. Therefore, banks should prioritize credible green financing portfolios while maintaining strict credit quality, and investors must evaluate sustainability signals beyond short-term margin impacts. Conclusion: Research on SMEs in Indonesia increasingly emphasizes external shocks and digital transformation strategies. The evidence suggests that digital technology adoption combined with innovation, supported by training and enabling policies is essential to strengthen SMEs’ competitiveness and long-term sustainability in Indonesia.

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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