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All Journal Journal of Economics, Business, & Accountancy Ventura Jurnal Pengabdian Masyarakat dan Riset Pendidikan
Enggar Sukma Kinanthi
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Humanities Economics, Econometrics & Finance Education Languange, Linguistic, Communication & Media Mathematics Other

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Investor Protection in Indonesia: Financial Ratios as Early Warning Indicators Enggar Sukma Kinanthi; Sukmawati Sukamulja
Journal of Economics, Business, and Accountancy Ventura Vol. 27 No. 3 (2025): December 2024 - March 2025
Publisher : Universitas Hayam Wuruk Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/jebav.v27i3.4851

Abstract

The Indonesian government aims to enhance public engagement in the capital market by strengthening investor protection and financial literacy through the establishment of a Watchlist Board. This study identifies the most effective financial ratios for distinguishing between the performance of LQ45 and Watchlist Board firms. Using discriminant analysis, the research examines a sample of 43 firms from the LQ45 index and 43 firms from the Watchlist Board between 2020 and 2022. The findings reveal four key financial ratios with strong differentiating power: Total Asset Growth, Return on Assets (ROA), Operating Cash Flow (OCF) to Current Liabilities, and OCF to Total Liabilities. Additionally, the study develops a predictive model that can forecast company performance and serve as an early warning system for investors. Building on prior research in this area, the results highlight the critical role of profitability, efficient resource allocation, and robust corporate governance in fostering financial stability and safeguarding investor interests. This study not only provides a practical predictive model but also offers valuable insights for interpreting these financial ratios, particularly in the context of investor protection within emerging markets, such as Indonesia.
Investor Protection in Indonesia: Financial Ratios as Early Warning Indicators Enggar Sukma Kinanthi; Sukmawati Sukamulja
Journal of Economics, Business, and Accountancy Ventura Vol. 27 No. 3 (2025): December 2024 - March 2025
Publisher : Universitas Hayam Wuruk Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/jebav.v27i3.4851

Abstract

The Indonesian government aims to enhance public engagement in the capital market by strengthening investor protection and financial literacy through the establishment of a Watchlist Board. This study identifies the most effective financial ratios for distinguishing between the performance of LQ45 and Watchlist Board firms. Using discriminant analysis, the research examines a sample of 43 firms from the LQ45 index and 43 firms from the Watchlist Board between 2020 and 2022. The findings reveal four key financial ratios with strong differentiating power: Total Asset Growth, Return on Assets (ROA), Operating Cash Flow (OCF) to Current Liabilities, and OCF to Total Liabilities. Additionally, the study develops a predictive model that can forecast company performance and serve as an early warning system for investors. Building on prior research in this area, the results highlight the critical role of profitability, efficient resource allocation, and robust corporate governance in fostering financial stability and safeguarding investor interests. This study not only provides a practical predictive model but also offers valuable insights for interpreting these financial ratios, particularly in the context of investor protection within emerging markets, such as Indonesia.
Saham, Emas, dan Bitcoin dalam Ketidakpastian Pasar Keuangan: Perspektif Teori dan Bukti Empiris Enggar Sukma Kinanthi; Rosa De Lima Dyah Retno Palupi
Jurnal Pengabdian Masyarakat dan Riset Pendidikan Vol. 4 No. 3 (2026): Jurnal Pengabdian Masyarakat dan Riset Pendidikan Volume 4 Nomor 3 (Januari 202
Publisher : Lembaga Penelitian dan Pengabdian Masyarakat

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31004/jerkin.v4i3.5260

Abstract

Ketidakpastian pasar keuangan yang ditandai oleh meningkatnya volatilitas, guncangan global, dan perubahan perilaku investor mendorong perlunya evaluasi kembali peran berbagai aset dalam manajemen portofolio. Penelitian ini bertujuan untuk menganalisis dan mensintesis temuan empiris terkait peran saham, emas, dan Bitcoin dalam menghadapi ketidakpastian pasar keuangan. Analisis dilakukan menggunakan metode kajian literatur melalui perbandingan lintas aset untuk mengevaluasi kesesuaian antara prediksi teori keuangan klasik dengan temuan empiris pasar modern. Hasil kajian menunjukkan bahwa saham secara konsisten diklasifikasikan sebagai aset berisiko dengan volatilitas yang dipengaruhi oleh sentimen dan dinamika pasar, sementara emas relatif mempertahankan perannya sebagai aset lindung nilai meskipun efektivitasnya bersifat kondisional. Bitcoin, yang secara teoritis dipandang sebagai aset spekulatif berisiko tinggi, menunjukkan peran yang lebih kompleks dan kontekstual, berfungsi sebagai instrumen diversifikasi atau lindung nilai dalam kondisi pasar tertentu. Temuan ini menegaskan bahwa fungsi aset dalam portofolio modern tidak bersifat statis, melainkan dinamis dan dipengaruhi oleh ketidakpastian pasar serta perubahan perilaku investor.
Co-Authors Rosa De Lima Dyah Retno Palupi Sukmawati Sukamulja