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INDONESIA
Jurnal Pasar Modal dan Bisnis
Published by The Indonesia Capital Market Institute
ISSN : -     EISSN : 27155595     DOI : https://doi.org/10.37194/
Core Subject : Economy, Science, Social,
Computer Science & IT Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice
The journal is designed to provide a platform for researchers, academicians, and practitioners who are interested in new knowledge and discussing ideas, issues, and challenges in the field of capital markets. JPMB is published by The Indonesia Capital Market Institute (TICMI).  It covers the following topics: - Capital Markets and Financial Institutions - Financial Instruments and Financial Innovation - Investment and Financial Decision Making - Valuation of Financial Assets - Financial and Non-Financial Information - Corporate Reporting & Investment Decision - Capital Market Governance & Sustainability - Investor Protection - Capital Markets Literacy and Inclusion - Financial Standards and Regulations - Crime in Capital Markets - Risk Management in Capital Markets - Financial Engineering & Derivatives - Islamic Capital Markets - Emerging Markets Studies - International Capital Markets - International/Regional Financial Center - Capital Markets Technology & Cybersecurity and related topics
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 74 Documents
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Analisis Komparasi Penggunaan Metode MACD, Moving Average, dan Stochastic dalam Optimalisasi Profit Abdul Chotib Nasih; Siti Ridloah
Jurnal Pasar Modal dan Bisnis Vol 3 No 1 (2021)
Publisher : The Indonesia Capital Market Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37194/jpmb.v3i1.61

Abstract

The purpose of this study is to make decisions on the right time to buy and sell shares on IDX 30 by using technical analysis including MACD, moving average, and stochastic oscillator. This research is a descriptive qualitative research. The population of this study is companies listed on IDX30 for the 2017-2019 period. Sampling was done by using purposive sampling technique. Research locations on stocks listed on IDX30 using the AmiBroket Chart software. Data analysis uses technical analysis using three indicators, namely MACD, moving average, and stochastic oscillator. Based on the research results of the three indicators, MACD generates the greatest profit. The right moment (giving a buy signal) in using MACD is when the MACD line crosses the signal line from the bottom up or Golden Cross as a bullish trend. A condition that gives a sell signal if the MACD line crosses the signal line from up to down or Death Cross is a bearish trend.
Simple Moving Average: Lebih baik dibanding Buy and Hold Strategy? Jefarel Jefarel; Josephine Sudiman
Jurnal Pasar Modal dan Bisnis Vol 3 No 1 (2021)
Publisher : The Indonesia Capital Market Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37194/jpmb.v3i1.63

Abstract

The purpose of this study is to identify the optimal period of the Moving Average technique used to generate a better return towards 38 stocks included in the LQ 45 Index in Indonesia. The author uses 2 approaches, namely momentum and contrarian and applies the Simple Moving Average technique with various period modifications to daily trading data of 2018 and 2019. The optimal period is retested using data of 2020. The results suggest that the momentum strategy is superior to that of contrarian strategy, but overall these two strategies produce better returns than the Buy and Hold strategies. Specifically, the average loss of investors who adopt the Buy and Hold strategy is 26.43% in 2020, much higher than those who apply the contrarian strategy (the second approach) which will only experience a decrease in wealth value of 9.91% and 2.61% for those who implement momentum strategy (first approach).
Leverage Determinants Analysis Of Manufacturing Companies Registered in Indonesia Stock Exchange 2014-2018 Mangasi Sinurat; Willy Cahyadi
Jurnal Pasar Modal dan Bisnis Vol 3 No 1 (2021)
Publisher : The Indonesia Capital Market Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37194/jpmb.v3i1.64

Abstract

This study aims to determine the effect of liquidity, growth opportunities, profitability and company size on the leverage of manufacturing companies listed on the Indonesia Stock Exchange. The period used in this research is 5 years, starting from 2014 to 2018. The population in this study is 126 manufacturing companies that have been and are still listed on the Indonesia Stock Exchange for the period 2014-2018. The sample selection technique was purposive sampling method and obtained 40 manufacturing companies that were used as samples. The data analysis technique used is multiple linear regression. Based on the results of data analysis, liquidity and profitability partially have a negative and significant effect on Leverage, Growth Opportunity has no effect on Leverage, Firm Size has no effect on Leverage. Based on the Anova test, it is known that the F statistical value is (107.502) with a significance of (0.000). The adjusted R Square value is (0.682 or 68.2%), this is, if the independent variable is statistically significant in influencing the dependent variable, there is an indication of heteroscedasticity. We recommend that if the independent variable is not statistically significant in affecting the dependent variable, there is no indication of heteroscedasticity. This is observed from the significance of the profitability above the 5% confidence level. Keywords: Leverage, Liquidity, Growth Opportunity, Profitability, Company Size
Studi Analisis Fenomena January Effect Saham Bank Umum Pemerintah Periode 2016-2019 Prihatiningsih Prihatiningsih; Mohammad Rois
Jurnal Pasar Modal dan Bisnis Vol 3 No 1 (2021)
Publisher : The Indonesia Capital Market Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37194/jpmb.v3i1.65

Abstract

This study aimed to analyze whether there are seasonal anomalies (January Effect) on Stock Company Banking is included in LQ-45 and listed in Indonesia Stock Exchange Period of 2016 - 2019, by seeing of differences in stock returns and trading volume activity in January with other months. The population of this study are Stock of Companies is included in the LQ-45 listed in the Indonesia Stock Exchange, which 3 companies have been selected as the sample using purposive sampling techniques. Data analysist techniques are performed by One Way ANOVA and Non Parametric Kruskall Wallis test. The result of analysist showed that there were significant differences in stock return in January with other months, and there were significant differences too in trading volume activity in January with other months, but the stock return and trading volume activity in January isn’t the highest among other months, so that the January Effect was not shown to occur in the Banking Companies is included in the LQ-45 and listed in Indonesia Stock Exchange Periods of 2016-2019
Analisa Teknikal MACD, RSI, SO, dan Buy and Hold untuk Mencapai Return Optimal Saham JII30 di Bursa Efek Indonesia Norma Rosyidah; Resandi Umami Hafi
Jurnal Pasar Modal dan Bisnis Vol 3 No 1 (2021)
Publisher : The Indonesia Capital Market Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37194/jpmb.v3i1.66

Abstract

The purpose of this research is to realize the movement of JII 30 shares during the pandemic. The method used is a descriptive analysis by analyzing this research to find that JII 30 stocks, particularly in the banking sector, take a fairly high level of fluctuation. indecision from the pandemic situation caused the banking sector to increase, thus affecting stock trading. The results of this study to indicate the novelty of this study are the movement of stocks through the pandemic, which is different from earlier studies that still studied when trading was normal / before the pandemic. MACD, RSI, SO and Buy and Hold analysis tools can generate optimal returns on BTPS shares. The limitations of this research are still limited to the Islamic banking sector.
Indikator Simple Moving Average dan Relative Strenght Index untuk Menentukan sinyal Beli dan Jual Saham pada Sektor Infrastruktur Dina Yeni Martia; Nur Indriana Yasmine
Jurnal Pasar Modal dan Bisnis Vol 3 No 1 (2021)
Publisher : The Indonesia Capital Market Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37194/jpmb.v3i1.67

Abstract

Technical analysis is a methodology of forecasting stock price fluctuations whose data is taken from stock trading data that occur on the stock market (stock exchange). The indicator is used to support technical analysis, the indicator also serves as a tool to determine trends and buy and sell signals in a stock. This study aims to determine the difference between sell and buy signals suggested by the Simple Moving Average and Relative Strength Index indicators. The research method used is descriptive qualitative. The population in this study are publicly traded companies in the infrastructure sector on the Indonesia Stock Exchange. The results showed that in the analysis of the five stocks of ASSA, SAFE, TKLM, KOPI and TOWR using Simple Moving Averange (SMA) and Relative Strength Index (RSI) indicators showed quite accurate signals. Where the Simple Moving Average (SMA) Indicator is used to determine the direction of a stock's trend movement and the Relative Strength Index (RSI) indicator supports confirming the position and price level of a stock.
Empat Plus Satu untuk Swing Trader Ronny Thomas; Nurlia Nurlia
Jurnal Pasar Modal dan Bisnis Vol 3 No 1 (2021)
Publisher : The Indonesia Capital Market Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37194/jpmb.v3i1.68

Abstract

This research focuses on technical analysis, which gives signals to trading stocks when to enter, and when to exit the market, in a transaction in the capital market. The indicators used are RSI, MACD histogram, stochastic, ADX, and + candlesticks. During the Covid 19 pandemic, where prices were moving SIDEWAYS. The concept of "Four Plus One for Swing Traders" has been quite successful with the application of shares in the LQ45 and IDXSMC-LIQ Index. The purpose of this study was to determine the technical indicators of analysis correctly and profitably. This research method uses qualitative analysis techniques by screening stocks with four criteria plus one technical analysis in the form of candlesticks. The results of this study indicate a tendency to generate a significant return on the Indonesian stock market. Stocks that generate positive returns (profit) such as shares of Astra International, Tbk, Bank BTN Tbk, Bank Mandiri Tbk, Excel Asia Tbk, Bank Bukopin Tbk, Indika Tbk, United Tractor Tbk. Meanwhile, shares that suffered losses were Unilever Tbk shares. The implication of this research is that the technical analysis of four plus one for swing traders can be used by investors and potential investors to make decisions whether to buy or sell portfolios.
Analisis Pengaruh Fundamental Makro Ekonomi Terhadap Pergerakan Indeks Harga Saham Gabungan di Bursa Efek Indonesia Muhammad Ashary Anshar; Muh. Jabir
Jurnal Pasar Modal dan Bisnis Vol 3 No 1 (2021)
Publisher : The Indonesia Capital Market Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37194/jpmb.v3i1.73

Abstract

This study aims to analyze and determine the effect of inflation, exchange rates, and the Dow Jones index on the movement of the composite stock price index on the Indonesian stock exchange. The analysis method used in this research is multiple linear regression analysis, partial test (t test), determination coefficient test, and classical assumption test which consists of normality test, heteroscedasticity test, autocorrelation test and multicolonierity test with the help of SPSS statistic 24 for windows. The sample in this study is monthly data on inflation, exchange rates and the Dow Jones index with the observation period being 4 (four) years from 2016 - 2019. The results of this study indicate that inflation has a negative and insignificant effect on the movement of the composite stock price index on the Indonesian stock exchange, the exchange rate has a negative and significant effect on the movement of the composite stock price index on the Indonesian stock exchange, and the Dow Jones index has a positive and significant effect on the movement. composite stock price index on the Indonesian stock exchange.
Bagaimana Situasi Politik mempengaruhi Abnormal Return Saham Besar di Indonesia Lufthia Sevriana; Erie Febrian
Jurnal Pasar Modal dan Bisnis Vol 3 No 1 (2021)
Publisher : The Indonesia Capital Market Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37194/jpmb.v3i1.74

Abstract

This study presents data on abnormal stock return movements with simple calculations. The result of deep analysis using event study method from major stocks in each sector, prove that There is negative response by the market to the student demonstration during the end of September 2019 that create abnormal return condition until it gets back to be normal in the middle of October. The sectors studied include the banking sector, construction, infrastructure, consumer needs, media, industrial materials, machinery, mining, and health care. Stock returns in Indonesia with inefficient market conditions are vulnerable to issues. Capital markets tend to be easily influenced by political and macroeconomic conditions, but even though the condition of return is abnormal, investors still have the potential to get favourable results. Keywords: Stock market, Market efficiency, Event study, Stock Price, Stock Returns
Studi Peristiwa Masa Awal Pandemi Covid-19 dan Prediksi Analisis Teknikal Saham Perbankan Indonesia Elizabeth Lucky Maretha; Franciscus Xaverius Hendra Prasetya
Jurnal Pasar Modal dan Bisnis Vol 3 No 1 (2021)
Publisher : The Indonesia Capital Market Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37194/jpmb.v3i1.81

Abstract

The aim of the study was to examine events that occurred at the start of the Covid-19 pandemic and estimate the banking sector shares with technical analysis. The method used is a different test for each event, at the time of the first announcement of the Covid-19 pandemic in Indonesia, until the enactment of Large-Scale Social Restrictions (PSBB) for the first time in effect in Jakarta as the capital of Indonesia. As a result, when the Covid-19 pandemic was announced on Friday afternoon, it had an impact on trade transactions on Monday and Tuesday. This incident also caused a decline in stock trading, so that halt trading was imposed due to a decline in the JCI by more than five percent. The halt trading event itself has an impact on trading the following day. Whereas the Jakarta PSBB incident took place for the first time, the results had an impact for the first day as well as several days after the PSBB was implemented. Prediction of technical analysis shows that there is investor confidence after the government carries out fiscal and monetary policies for all companies that have an impact due to the Covid-19 pandemic. The banking sector estimate for November 2020, in the short term, has increased.

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