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All Journal Jurnal Ekonomi, Teknologi dan Bisnis IIJSE
W.N, Mada Purwanto
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Astronomy Economics, Econometrics & Finance Engineering Industrial & Manufacturing Engineering Mechanical Engineering

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The Effect Of Good Corporate Governance On Stock Returns Moderated By Intellectual Capital Widyasi, Adhelia; Swarno, Novia Hadi; Lestari, Fuji Wahyu; W.N, Mada Purwanto
Jurnal Ekonomi Teknologi dan Bisnis (JETBIS) Vol. 3 No. 6 (2024): JETBIS : Journal Of Economics, Technology and Business
Publisher : Al-Makki Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.57185/jetbis.v3i6.119

Abstract

Good Corporate Governance is the management of a company that is transparent, accountable, responsible, fair, and considers all stakeholders. At the same time, intangible assets such as intellectual capital have a very important role in the shift to a knowledge-based economic orientation. Fund providers such as investors and creditors respond to the management of the company and the assets owned by the company in running the business. Changes in stock price, which is a component of stock return, will represent the response of fund providers. By analyzing the effect of intellectual capital on stock returns under the guidance of good corporate governance, this study seeks to generate empirical evidence. Companies in the financial sector listed between 2018 and 2022 on the Indonesia Stock Exchange serve as the study population. Purposive sampling was used to select 49 companies as research samples. Based on empirical evidence obtained from statistical analysis that has been carried out, all coefficients provide positive values, indicating that the movement of stock returns is in line with changes in Good Corporate Governance and intellectual capital. It can be concluded that the results of this study indicate that Good Corporate Governance affects stock returns. The effect of gcg on stock returns is strengthened by the role of intellectual capital, meaning that Good Corporate Governance will tend to have a greater influence on stock returns when the company has greater intellectual capital.
The Effect Of Good Corporate Governance On Stock Returns Moderated By Intellectual Capital Widyasi, Adhelia; Swarno, Novia Hadi; Lestari, Fuji Wahyu; W.N, Mada Purwanto
Jurnal Ekonomi Teknologi dan Bisnis (JETBIS) Vol. 3 No. 6 (2024): Jurnal Ekonomi, Teknologi dan Bisnis
Publisher : Al-Makki Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.57185/jetbis.v3i6.119

Abstract

Good Corporate Governance is the management of a company that is transparent, accountable, responsible, fair, and considers all stakeholders. At the same time, intangible assets such as intellectual capital have a very important role in the shift to a knowledge-based economic orientation. Fund providers such as investors and creditors respond to the management of the company and the assets owned by the company in running the business. Changes in stock price, which is a component of stock return, will represent the response of fund providers. By analyzing the effect of intellectual capital on stock returns under the guidance of good corporate governance, this study seeks to generate empirical evidence. Companies in the financial sector listed between 2018 and 2022 on the Indonesia Stock Exchange serve as the study population. Purposive sampling was used to select 49 companies as research samples. Based on empirical evidence obtained from statistical analysis that has been carried out, all coefficients provide positive values, indicating that the movement of stock returns is in line with changes in Good Corporate Governance and intellectual capital. It can be concluded that the results of this study indicate that Good Corporate Governance affects stock returns. The effect of gcg on stock returns is strengthened by the role of intellectual capital, meaning that Good Corporate Governance will tend to have a greater influence on stock returns when the company has greater intellectual capital.
Textual Analysis of Annual Reports and Company Performance in a Market Perspective Fauziah, Ana Putri; Mahadianto, Moh Yudi; W.N, Mada Purwanto
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 1: Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v9i1.7965

Abstract

This research looks at the connection between a company's financial success and the tone it uses in its annual reports, specifically how an optimistic tone in the MD&A affects the market reaction. Included in the sample are 25 non-financial firms that were listed on IDX30 between 2020-2024. Natural Language Processing (NLP) text mining methods and panel data regression with an event study methodology were used to perform the investigation. The findings provide credence to signalling theory and market efficiency by demonstrating that an optimistic tone significantly impacts Cumulative Abnormal Return (CAR). Companies that have done well financially (high ROE) also have a tendency to sound more hopeful, which is consistent with agency theory. These results prove that annual report narratives are more than just filler; they are powerful instruments of strategic communication that shape how the market perceives a company. Credible and informative narrative disclosures are needed in financial reports, according to this research, which adds to the literature on developing markets.
Co-Authors Fauziah, Ana Putri Lestari, Fuji Wahyu Moh Yudi Mahadianto Swarno, Novia Hadi Widyasi, Adhelia