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All Journal KONTAN: Jurnal Ekonomi, Manajemen dan Bisnis Ekopedia: Jurnal Ilmiah Ekonomi Indonesia Economic Journal
Anggraeni, Sintia
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Economics, Econometrics & Finance

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Analisis Diversifikasi Portofoli Investasi Internasional Terhadap Risiko Dan Return Hayandani, Mutiara; Maharani, Pina Aulia; Anggraeni, Sintia; Perwito, Perwito
Ekopedia: Jurnal Ilmiah Ekonomi Vol. 2 No. 1 (2026): JANUARI-MARET
Publisher : Indo Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63822/6x0yh977

Abstract

This study was conducted to find out the benefits of diversifying global investment portfolios in terms of risk and return by utilizing the IHSG, S&P 500, Nikkei, and FTSE 100 stock indices. The methodology applied includes descriptive statistical analysis of returns and risks, as well as a study of the correlation between indices illustrated through correlation mapping. The findings of this study indicate that the Nikkei offers the highest average returns and has the highest risk, while the S&P 500 shows the lowest average returns with the lowest level of risk. The IHSG and FTSE 100 are in the moderate returns and risk category. Correlation analysis shows that the relationship between indices tends to be weak, indicating that integration in the global stock market has not yet been fully realized. These results confirm that portfolio diversification at the international level can provide benefits in reducing investment risk without significantly sacrificing potential returns.
PENGARUH STRUKTUR MODAL DAN PROFITABILITAS TERHADAP NILAI PERUSAHAAN SUB SEKTOR FOOD AND BEVERAGE YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2020-2024 Anggraeni, Sintia; Fikriyyah, Syahla Nur; Astri, Astri; Istighfari, Nafsa Qolbina; Alfiana, Alfiana
KONTAN: Jurnal Ekonomi, Manajemen dan Bisnis Vol 4, No 4 (2025): KONTAN: Jurnal Ekonomi, Manajemen dan Bisnis
Publisher : CV Widina Media Utama

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59818/kontan.v4i4.2484

Abstract

The food and beverage industry plays a crucial role in supporting national economic stability but faces substantial challenges due to raw material price volatility and heightened financial risk, particularly in the post COVID 19 period. Under these conditions, capital structure and profitability become key determinants of firm value. However, prior empirical studies report inconsistent findings, creating a research gap within the food and beverage subsector listed on the Indonesia Stock Exchange. This study aims to examine the effect of capital structure, measured by the Debt to Equity Ratio (DER), and profitability, proxied by Return on Assets (ROA), on firm value, represented by Price to Book Value (PBV), during the 2020–2024 period. A quantitative approach was employed using panel data regression with a Fixed Effect Model on nine firms selected through purposive sampling, based on secondary data from annual financial statements. The results indicate that DER has no significant effect on firm value, while ROA exerts a positive and significant influence. Simultaneously, both variables significantly affect firm value, with a coefficient of determination of 48.63%, supporting signaling theory by highlighting profitability as a primary signal for investors amid economic uncertainty.ABSTRAKIndustri food and beverage memiliki kontribusi penting terhadap perekonomian nasional, tetapi menghadapi tekanan akibat fluktuasi harga bahan baku dan peningkatan risiko keuangan, khususnya setelah pandemi COVID-19. Dalam kondisi tersebut, struktur modal dan profitabilitas menjadi faktor penentu nilai perusahaan. Namun, temuan empiris sebelumnya masih menunjukkan hasil yang beragam, sehingga menyisakan celah penelitian pada subsektor food and beverage di Bursa Efek Indonesia. Penelitian ini bertujuan menganalisis pengaruh struktur modal yang diukur dengan Debt to Equity Ratio (DER) dan profitabilitas yang diukur dengan Return on Assets (ROA) terhadap nilai perusahaan yang diukur menggunakan Price to Book Value (PBV) pada periode 2020–2024. Penelitian ini menggunakan pendekatan kuantitatif dengan analisis regresi data panel Fixed Effect Model terhadap sembilan perusahaan terpilih berdasarkan purposive sampling dan data laporan keuangan tahunan. Hasil penelitian menunjukkan bahwa DER tidak berpengaruh signifikan terhadap PBV, sedangkan ROA berpengaruh positif dan signifikan. Secara simultan, kedua variabel berpengaruh signifikan terhadap nilai perusahaan dengan koefisien determinasi sebesar 48,63%, yang mendukung teori sinyal dalam pengambilan keputusan investor di tengah ketidakpastian ekonomi.
Pengaruh Kurs dan Inflasi Terhadap Harga Saham Perusahaan IDX-MES BUMN 17 Istigfari, Nafsa Qolbina; Astri, Astri; Fikriyyah, Syahla Nur; Anggraeni, Sintia; Alfiana, Alfiana
Indonesia Economic Journal Vol. 2 No. 1 (2026): JANUARI-JUNI
Publisher : Indo Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63822/bd0b7h44

Abstract

This study aims to analyze the effect of exchange rates and inflation on the stock prices of companies listed in the IDX-MES BUMN 17 index during the 2020–2024 period. Exchange rate fluctuations and inflation rates are macroeconomic indicators that frequently influence capital market movements, making it important to examine how these variables impact the stock prices of companies that play a strategic role in the national economy. This study uses secondary data in the form of the rupiah exchange rate set by Bank Indonesia. The exchange rate indicator is the rupiah exchange rate against the US dollar (US$). The annual inflation rate was obtained from the Central Statistics Agency (BPS) and the year-end stock prices of each company (closing price) included in the study sample. This research is quantitative. The analytical method used is multiple linear regression using the e-Views software program. The results show that the exchange rate has a significant effect on stock prices. Meanwhile, inflation has no effect on stock prices.
Pengaruh Nilai Tukar dan Debt to Equity Ratio terhadap Harga Saham pada Industri Makanan dan Minuman di Indonesia Astri, Astri; Istigfari, Nafsa Qolbina; Nur Fikriyyah, Syahla; Anggraeni, Sintia; Alfiana, Alfiana
Indonesia Economic Journal Vol. 2 No. 1 (2026): JANUARI-JUNI
Publisher : Indo Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63822/vhr1f133

Abstract

This study aims to analyze the effect of the exchange rate (KURS) and the Debt to Equity Ratio (DER) on stock prices in food and beverage subsector companies in Indonesia. Using panel data for the 2021-2024 period using the Random Effects Model (REM) method, this study aims to demonstrate the partial and simultaneous effects of these two independent variables. The results show that the KURS has a positive and significant effect on stock prices, while the DER has no significant effect partially. However, the results indicate that simultaneously, the KURS and DER have a significant effect on stock prices, with an R-squared value of 16,56%, indicating that most of the stock price variation is explained by factors other than the model. This finding emphasizes the importance of exchange rate stability for capital market performance and suggests that leverage structure is not a primary determinant in investor assessments in the food and beverage subsector.
Pengaruh Return on Equity (ROE) Dan Kurs Terhadap Harga Saham Pada Industri Batubara Sub Industri Produksi Batu Bara Yang Terdaftar Di Bursa Efek Indonesia (BEI) Tahun 2020-2024 Nur Fikriyyah, Syahla; Anggraeni, Sintia; Astri, Astri; Istighfari, Nafsa Qolbina; Alfiana, Alfiana
Indonesia Economic Journal Vol. 2 No. 1 (2026): JANUARI-JUNI
Publisher : Indo Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63822/qv8t1r70

Abstract

When making an investment, an investor will consider various factors, both internal and external. This study aims to determine the effect of return on equity (ROE) as an internal factor and exchange rates as an external factor on stock prices in the coal industry and coal production sub-industry listed on the Indonesia Stock Exchange for the period 2020-2024. This study uses a quantitative method with a panel data approach processed through the e-views 13 application through descriptive statistical testing, panel data regression model selection, and classical assumption testing. The test results indicate that the best model that can be used is the fixed effects model (FEM). Partially, ROE has no significant effect on stock prices, while exchange rates have a significant effect on stock prices. The independent variables influence the dependent variable with an influence of 88.66%. These findings indicate that exchange rate fluctuations play a role in influencing stock prices in the coal production sub-industry, while profitability performance as measured by ROE is not always a primary consideration for investors in determining investment decisions in the coal production sub-industry.
Co-Authors Alfiana Alfiana Astri Astri, Astri Fikriyyah, Syahla Nur Hayandani, Mutiara Istigfari, Nafsa Qolbina Istighfari, Nafsa Qolbina Maharani, Pina Aulia Nur Fikriyyah, Syahla Perwito, Perwito