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All Journal Jurnal Keuangan dan Perbankan Jurnal Manajemen Indonesia Jurnal Ekonomi dan Bisnis
Zakchona, Elia
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Arts Humanities Economics, Econometrics & Finance Social Sciences

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Stock Selection and Market Timing Ability to Increase Indonesia's Equity Mutual Fund Performance Sihombing, Pardomuan; Manurung, Arifin Hasudungan; Zakchona, Elia
Jurnal Keuangan dan Perbankan Vol 27, No 2 (2023): April 2023
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v27i2.11047

Abstract

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
Determinants of profitability, liquidity, solvency, and activity ratios on the stock price with dividend payout as moderating variable Sihombing, Pardomuan; Zakchona, Elia
Jurnal Ekonomi dan Bisnis Vol. 27 No. 2 (2024)
Publisher : Fakultas Ekonomika dan Bisnis Universitas Kristen Satya Wacana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24914/jeb.v27i2.10268

Abstract

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.
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

Abstract

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.
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

Abstract

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.
Co-Authors Bonowati, Yosephine Amanda Husni, Ricky Albert Manurung, Arifin Hasudungan Pardomuan Sihombing, Pardomuan