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All Journal INTERNATIONAL JOURNAL OF ECONOMIC LITERATURE (INJOLE)
Dewa Gede Wirama
Faculty of Economics and Business, Udayana University

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THE EFFECT OF STOCK RETURNS, TRADING VOLUME, AND STOCK PRICE VOLATILITY ON THE BID-ASK SPREAD Marcelitha Riskyla; Dewa Gede Wirama
INTERNATIONAL JOURNAL OF ECONOMIC LITERATURE Vol. 2 No. 12 (2025): SEPTEMBER
Publisher : Adisam Publisher

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Abstract

Stocks are the most popular investment instruments in the capital market. Investors use various types of information in their investment activities to gain maximum profit. One such piece of information is the bid-ask spread. Trading activities on the Indonesia Stock Exchange are inseparable from the movement of the distance between the bid and ask (offer), yet in general, investors tend to pay little attention to the stock bid-ask spread. Therefore, this study aims to analyze the effect of stock returns, stock trading volume, and stock price volatility on the bid-ask spread. This research was conducted on companies listed on the Indonesia Stock Exchange for the 2018–2022 period by accessing data through the official website of the Indonesia Stock Exchange (IDX). This is a quantitative study with a sample of 274 companies using probability sampling with the proportionated stratified random sampling technique. The analysis method used is multiple linear regression. The results of this study show that stock returns have a significant positive effect on the bid-ask spread, stock trading volume has a significant positive effect on the bid-ask spread, and stock price volatility also has a significant positive effect on the bid-ask spread in companies listed on the Indonesia Stock Exchange during the 2018–2022 period. This study can serve as a benchmark for determining which company stocks to invest in by analyzing variables supported by signaling theory and capital market theory, in which a liquid or efficient capital market encourages investors to participate in investment activities.
THE EFFECT OF FIRM SIZE ON INCOME SMOOTHING WITH FINANCIAL LEVERAGE AND GOOD CORPORATE GOVERNANCE AS MODERATORS Odilio Agung Meta Putra; Dewa Gede Wirama
INTERNATIONAL JOURNAL OF ECONOMIC LITERATURE Vol. 3 No. 2 (2025): INTERNATIONAL JOURNAL OF ECONOMIC LITERATURE (INJOLE)
Publisher : Adisam Publisher

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Abstract

Income smoothing is a managerial practice aimed at stabilizing reported earnings across periods. This study analyzes the effect of firm size on income smoothing with financial leverage and good corporate governance (GCG) as moderating variables in non‑financial companies listed on the Indonesia Stock Exchange (IDX) for the 2021–2023 period. Secondary data were obtained from annual financial statements published on the official IDX website. Income smoothing is measured using the Eckel Index; firm size by the natural logarithm of total assets; financial leverage by the debt‑to‑asset ratio (DAR); and GCG by the proportion of independent commissioners. Samples were selected using Slovin’s formula and stratified random sampling, yielding 272 firms. Data were analyzed using logistic regression with moderation (Moderated Regression Analysis/MRA). The results show that firm size has a positive effect on income smoothing; financial leverage does not moderate the relationship between firm size and income smoothing; whereas GCG moderates (weakens) the effect of firm size on income smoothing.
Co-Authors Marcelitha Riskyla Odilio Agung Meta Putra