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Journal : JBMR: Journal of Business and Management Review

Cointegration of Macroeconomics Variables and Dow Jones Industrial Average Index on the Composite Stock Price Index In 2015-2019 Frisca Novia Sukmawati; Nadia Asandimitra Haryono
Journal of Business and Management Review Vol. 2 No. 3 (2021): (Issue-March)
Publisher : Profesional Muda Cendekia Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47153/jbmr23.1102021

Abstract

This research examines the cointegration of macroeconomic variables and the Dow Jones Industrial Average Index toward IHSG. The Sampling data used is non probability sampling techniques by using historical monthly data from January 2015 to December 2019. The method used in this study are Augmented Dickey-Fuller Test for stationarity test, Johansen Test for Cointegration, and Error Correction Model for short-term relationships with eviews 10. The findings showed that DJIA Index not cointegrated with IHSG because investors are more responsive to global market and domestic sentiment. Exchange rates not cointegrated with the IHSG because exchange rate and IHSG movements do not always had a negative relationship. Interest rates are not cointegrated with IHSG because most of the sectors in the IDX affected by external sentiment than interest rates. Meanwhile, inflation have a cointegration relationship but does not have a short-term relationship with IHSG because inflation is generally known as a continuous increase in the price of goods as a whole. Crude oil have a cointegration relationship but does not have a short-term relationship with IHDG, which implies that an increase or decrease in crude oil in the short term can not affect IHSG.
Financial Factors and Corporate Governance Affecting the Sukuk Rating Aditya Yoshua; Nadia Asandimitra
Journal of Business and Management Review Vol. 2 No. 4 (2021): (Issue-April)
Publisher : Profesional Muda Cendekia Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47153/jbmr24.1242021

Abstract

The development of corporate Sukuk in recent years has continued to show a significant increase in both the number of Sukuk issuers and investors of Sukuk instruments. This study aims to identify the determinants of financial factors and corporate governance factors on the Sukuk rating. The type of data used in this research is quantitative data from secondary sources. The purposive sampling method is used with criteria specifically non-financial companies issuing Sukuk circulating on the IDX and Sukuk ratings were issued by PT Pefindo. The data consist of 93 Sukuk issuances from 2010 to 2019. Ordinal logistic regression model with SPSS version 26 is then used to ascertain the significant determinants of Sukuk rating. This study found that financial factors such as liquidity, leverage, profitability, and firm size affect the Sukuk rating. However, company growth does not affect the Sukuk rating because the growth of company assets is not followed by the growth of intangible assets such as the quality of human resources. Corporate governance factors that affect the Sukuk rating are managerial ownership and independent commissioners. Meanwhile, the audit committee does not affect the Sukuk rating because the number of audit committee members does not increase the company's performance.
Manufacturing Companies :The Effect of Liquidity and Corporate Governance on Financial Performance with Firm Size as a Moderating Dyana Novita Taristy; Ulil Hartono; Nadia Asandimitra Haryono
Journal of Business and Management Review Vol. 3 No. 7 (2022): (Issue-July)
Publisher : Profesional Muda Cendekia Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47153/jbmr37.4232022

Abstract

Financial performance is important to see the level of achievement of predetermined targets, as material for evaluation, and policies that must be taken by management. The influence of liquidity and good corporate governance through the mechanism of ownership structure towards the financial performance of Manufacture Company listed on the IDX in 2020-2021 with firm size as moderating variable are the aim of this research. This type of research is quantitative research with secondary data. The purposive sampling method was used for research sampling and obtained 87 companies. Moderate regression analysis (MRA) is used to be analysis technique in this research. This research get results that liquidity has a significant positive effect on financial performance, but institutional and managerial ownership have not effect on financial performance because companies whose ownership structure is dominated by institutional investors actually get a poor response from the market and the company's managerial shareholding has not been able to align the interests of shareholders outside of management, and then firm size can’t moderate the relationship of liquidity, institutional and managerial ownership to financial performance because the size of the company is not so much noticed by interested parties in the company.
The Indonesia Stock Exchange Companies: The Existence of Institutional Ownership as a Moderating Variable of the Influence of Financial Ratio on Financial Distress Refiana Dwi Maghfiroh; Ulil Hartono; Nadia Asandimitra Haryono
Journal of Business and Management Review Vol. 3 No. 8 (2022): (Issue-August)
Publisher : Profesional Muda Cendekia Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47153/jbmr38.4242022

Abstract

Financial distress is a condition that occurs before a company goes bankrupt and can be experienced by companies that are under pressure due to the impact of the COVID-19 pandemic. The purpose of this research is to determine the existence of institutional ownership as a moderating of the influence of financial ratio on financial distress in infrastructure, trading, service, and investment companies listed on the Indonesia Stock Exchange for the period 2020-2021 through logistic regression and moderated regression analysis. This type of research is quantitative by using a sample of 125 companies determined through a purposive sampling technique. The results showed that the profitability and liquidity ratio had a significant and negative impact on financial distress. While institutional ownership is not able to moderate the effect of profitability and liquidity of the firms toward better financial distress, because institutional ownership is centralized and owned by foreigners. This causes management control to be not optimal so that the decisions taken by management are not always in line with the interests of shareholders. Implications in this study are considering the profitability and liquidity ratio in predicting financial distress that can be used by companies, potential investors, and future researchers.