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All Journal Keizai E-Jurnal Akuntansi
Kesuma, Wendy
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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Pengaruh Rasio Profitabilitas, Pertumbuhan Penjualan, dan Operating Cash Flow Terhadap Keputusan Investasi Saham: Studi Eksperimen Pada Calon Investor Pemula Apriliani, Lina; Kesuma, Wendy
Keizai Vol 6, No 1 (2025): Maret-Agustus
Publisher : Universitas Darwan Ali

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56589/keizai.v6i1.489

Abstract

This study aims to analyze how profitability ratios, sales growth, and operating cash flow affect investment decisions empirically. The research employs an experimental methodology with a logistic regression approach. The sample consists of 50 novice investors who have acquired basic investment knowledge. The results indicate that profitability ratios, sales growth, and operating cash flow positively and significantly impact investors' stock investment decisions. Sales growth exhibits the strongest influence on investment decisions. These findings confirm that investors tend to make more rational investment decisions when they understand the fundamental aspects of a company.
Dividends and Attention: Herding, Neglect, and Distraction Among Indonesian Retail Investors Kesuma, Wendy
Keizai Vol 6, No 1 (2025): Maret-Agustus
Publisher : Universitas Darwan Ali

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56589/keizai.v6i1.530

Abstract

This study explores retail investor behavior in the context of dividend events by testing three interrelated hypotheses: the dividend-herding hypothesis, the neglected firm hypothesis, and the divided attention hypothesis. Utilizing the Google Search Volume Index (SVI) as an innovative proxy for measuring retail investor attention, the study analyzes 642 dividend events in the Indonesian stock market. The empirical findings support all three hypotheses. First, retail investors demonstrate limited attention to dividend-paying stocks, despite extensive evidence of positive price reactions, suggesting a herding pattern driven by inattention. Second, dividend announcements serve as attention-grabbing events that increase visibility for previously overlooked or neglected firms. Third, when multiple companies announce dividends on the same trading day, retail investor attention becomes fragmented, resulting in reduced focus on individual stocks. These findings offer new insights into behavioral finance in emerging markets and highlight the importance of investor attention in understanding market reactions to corporate events.
Reaksi Investor Pasar Modal terhadap Event Pengumuman Paket-Paket Kebijakan Ekonomi Jokowi-Jusuf Kalla Handayani, Revita Dwi; Kesuma, Wendy
Keizai Vol 2, No 1 (2021): Maret
Publisher : Universitas Darwan Ali

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (396.808 KB) | DOI: 10.56589/keizai.v2i1.184

Abstract

The purpose of this study is to examine whether the Economic Policy Package issued by the Government of President Jokowi-Jusuf Kalla can be used to see the reaction of Capital Market Investor that can be seen from abnormal returns received by investors. The abnormal return calculation method used in this research is CAPM (Capital Asset Pricing Model). The results of this study obtained that the announcement of the Economic Policy Package issued by the Government Jokowi - Jusuf Kalla does not affect the reaction of investors in the capital market, and it also applies to other variables.
Dividend-Timing Strategy and Market Performance: Evidence From Indonesian Listed Companies Nurfitri Desliniati; Kesuma, Wendy; Saputri, Dwi Islamiati
E-Jurnal Akuntansi Vol. 35 No. 12 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Udayana

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Abstract

Stock price fluctuations around dividend distribution dates create opportunities for short-term trading strategies known as the dividend-timing strategy. This study analyzes the performance of the dividend-timing model among companies listed on the Indonesia Stock Exchange (IDX) during 2018–2025 by examining returns and risks across various time horizons and comparing them with the Indonesia Composite Index (IHSG). The results show that the dividend-timing model consistently generates positive returns across all horizons, with the highest return observed in Horizon 1—buying three days before the cum-dividend date and selling at the opening price on the ex-dividend date. Horizon 7 exhibits the lowest level of risk, indicated by the smallest Price Drop Ratio (PDR). Compared with the IHSG, this model provides higher returns and lower risk. These findings indicate that dividend-based strategies can serve as an effective short-term investment approach, offering attractive returns with controlled risk.
Co-Authors Apriliani, Lina Desliniati, Nurfitri Handayani, Revita Dwi Saputri, Dwi Islamiati