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Analisis Capital Asset Pricing Model (CAPM) serta Model Multifaktor Fama dan French di Bursa Efek Indonesia Ferikawita Magdalena Sembiring; Esi Fitriani Komara
Jurnal Kajian Akuntansi Vol 4, No 2 (2020): DESEMBER 2020
Publisher : Universitas Swadaya Gunung Jati

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33603/jka.v4i2.3538

AbstractThe purposes of this study are to test and prove the ability of explaining Fama and French multifactor models and compare their performance with Capital Asset Pricing Model (CAPM) as the first of asset pricing model proposed by Sharpe. Data of non-financial stock prices and other relevant financial statement data for the period January 2009 - December 2016 are used in this study which has been formed into 40 portfolios, based on the previous researches. The research method used is the explanatory research method. The results are: (1) Both models, three factors and five factors, can explain the portfolio well, but the firm's size factor becomes redundant in the three-factor model while the investment factor becomes redundant in the five-factor model, (2) The five factor model become more good model compared to three-factor, where market risk, firm value, and company profitability consistently influence returns, and the effect is getting stronger in the five-factor model, (3) Market risk is not the only determinant, but is dominant in influencing returns fluctuation..Keywords: Beta; CAPM; Five factor model; Three factor model.Abstrak Tujuan penelitian ini adalah menguji dan membuktikan kemampuan menjelaskan model multifaktor Fama dan French serta membandingkan kinerjanya dengan Capital Asset Pricing Model (CAPM), sebagai model penilaian aset (asset pricing model) yang pertama kali diusulkan oleh Sharpe. Data-data berupa data harga saham non keuangan dan data laporan keuangan lain yang relevan selama periode Januari 2009 Desember 2016 digunakan, termasuk untuk membentuk 40 portofolio, berdasarkan hasil penelitian sebelumnya. Metode penelitian yang digunakan adalah metode explanatory research. Hasilnya adalah bahwa: (1) Kedua model, baik tiga faktor maupun lima faktor, dapat menjelaskan portofolio dengan baik, namun faktor ukuran perusahaan menjadi redundant dalam model tiga faktor sedangkan faktor investasi menjadi redundant dalam model lima faktor, (2) Lima faktor relatif menjadi model yang lebih baik dibandingkan dengan tiga faktor, di mana faktor risiko pasar, nilai perusahaan, dan profitabilitas perusahaan secara konsisten berpengaruh terhadap return, dan pengaruh tersebut ditemukan semakin kuat pada model lima faktor, (3) Faktor risiko pasar bukan satu-satunya faktor penentu return namun bersifat dominan dalam mempengaruhi fluktuasi return.Kata Kunci: Beta; CAPM; Model lima factor; Model tiga Faktor.

PENGUJIAN EFISIENSI PASAR BENTUK LEMAH PADA PERIODE BULLISH DAN BEARISH DI BURSA EFEK INDONESIA Eka Yulianti; Esi Fitriani Komara
Jurnal Administrasi Bisnis Vol. 16 No. 2 (2020)
Publisher : Business Administration Department - Universitas Katolik Parahyangan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26593/jab.v16i2.4318.163-173

Tujuan dari dilakukannya penelitian ini adalah untuk menguji efisiensi pasar bentuk lemah dalam dua kondisi yakni kondisi bullish dan kondisi bearish dimana kondisi tersebut dapat mempengaruhi pertimbangan investor dalam berinvestasi. Selain itu, penelitian ini juga bertujuan untuk membuktikan apakah pola-pola pergerakan saham pada indeks Kompas 100 dapat dijadikan dasar oleh investor untuk memprediksi pergerakan saham di periode berikutnya. Jenis Pendekatan penelitian yang digunakan adalah pendeketan penelitian kuantitatif dengan menggunakan uji statistik parametrikPopulasi yang digunakan adalah seluruh saham yang tergabung dalam kelompok indeks Kompas 100 di Bursa Efek Indonesia selama periode 2018-2019. Berdasarkan hasil pengujian menggunakan dua alat statistik yaitu run test dan korelasi seri dapat disimpulkan bahwa baik pada periode bullish maupun bearish pasar modal Indonesia tidak efisien dalam bentuk lemah. Pada hasil pengujian run pergerakan return adalah tidak berpola random dan hal ini didukung oleh hasil pengujian korelasi seri bahwa terdapat keterkaitan yang erat antara pergerakan saham periode yang satu dengan yang lainnya. Hal ini mengindikasikan bahwa pergerakan saham di masa yang lalu dapat digunakan untuk memprediksi atau meramalkan pergerakan saham di masa yang akan datang.

Pengukuran Tingkat Kepuasan Masyarakat Terhadap Pelayanan Pemerintahan Kecamatan Katapang Kabupaten Bandung Andri Irawan; Esi Fitriani Komara
Jurnal Inspirasi Bisnis dan Manajemen Vol 1, No 2 (2017): DESEMBER 2017
Publisher : Lembaga Penelitian Universitas Swadaya Gunung Jati

Abstract. The district government in today's globalization era must have effective competence and management. Service is one of choice of marketing strategy to create consumer satisfaction. Katapang is one of the bonded industrial areas in South Bandung. The number of residents in Kecamatan Katapang is 117,113 people consisting of the male population as many as 60,430 people and female population as much 56,683 people (BPS of Bandung Regency, 2013). The research approach used is quantitative with data collection technique is done by interviewing and distributing questionnaires. Discussion of data using a Cartesian diagram. The results of the discussion show that the overall importance level of 3.795 while the overall performance given of 2.73, means that service performance is still below the standard of basic services and not basic services to the population. Keywords: Service; Satisfaction Abstrak. Pemerintah Kecamatan dalam era globalisasi saat ini harus memiliki kompetensi dan manajemen yang efektif. Pelayanan merupakan salah satu pilihan dari strategi pemasaran untuk menciptakan kepuasan konsumen. Katapang merupakan salah satu kawasan berikat industri di Bandung Selatan. Jumlah penduduk di Kecamatan Katapang adalah 117.113 orang yang terdiri dari penduduk laki-laki sebanyak 60.430 orang dan penduduk perempuan sebanyak 56.683 orang (BPS Kab. Bandung, 2013) Pendekatan penelitian yang digunakan adalah kuantitatif dengan teknik pengumpulan data dilakukan dengan wawancara dan penyebaran kuesioner. Pembahasan data menggunakan Diagram Kartesius. Hasil pembahasan menunjukan bahwa tingkat kepentingan secara keseluruhan sebesar 3,795 sedangkan kinerja secara keseluruhan yang diberikan sebesar 2,73, artinya bahwa kinerja layanan masih dibawah standar pelayanan dasar dan bukan pelayanan dasar kepada penduduk. Katakunci: Pelayanan; Kepuasan

Analisis Reaksi Pasar Modal Asia Tenggara pada Situasi Pandemi Covid-19 Gelombang Dua (Varian Delta) Eka Yulianti; Ifan Wicaksana Siregar; Esi Fitriani Komara
Jurnal Bisnis dan Manajemen Vol 9, No 2 (2022): Jurnal Bisnis dan Manajemen Volume 9 Nomor 2 Tahun 2022
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jbm.v9i2.8939

The objective of this study is to analyze the reaction of Southeast Asian capital markets to the second wave of the Covid-19 pandemic, in this case the Delta Variant. This study uses a quantitative research approach with descriptive analysis and comparative methods. The population in this study is the capital markets of Southeast Asian countries. Furthermore, the sampling technique is non-probability sampling, samples that meet the criteria are the capital markets of Indonesia, Malaysia, Singapore and Thailand. The results showed that based on the one sample T-test, there were abnormal returns in all Southeast Asian countries sampled for the second wave of Covid-19. However, the results show a different response from each country. The countries of Indonesia, Malaysia and Singapore show that investors in the capital markets of these countries can still benefit from positive abnormal returns on investments made as long as they make careful and mature decisions. The positive response at the start of the Delta variant's appearance could be due to investor confidence regarding the government's Covid-19 disaster mitigation. Meanwhile in Thailand, after the event date showed a negative response to the second wave of Covid-19. In addition, the presence of abnormal returns indicates that the market is efficient in the semi-strong form in terms of information in all the countries studied.

Analisis Penggunaan Metode Capital Asset Pricing Model Dalam Pengambilan Keputusan Investasi Saham: Analisis Penggunaan Metode Capital Asset Pricing Model Dalam Pengambilan Keputusan Investasi Saham zahra fakhirah; Esi Fitriani Komara
Advantage: Journal of Management and Business Vol. 2 No. 1 (2024): Juni 2024
Publisher : Apik Cahaya Ilmu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61971/advantage.v2i1.23

This research aims to determine the conditions of returns, risks, and the categorization of efficient and inefficient stocks in the property & real estate sector companies listed on the Indonesia Stock Exchange for the period 2018-2022. The population of this study consists of 45 property & real estate sector companies listed on the Indonesia Stock Exchange from 2018 to 2022. The sampling technique used is purposive sampling based on predefined criteria, resulting in a sample of 41 companies. The method employed in this research is a quantitative and associative approach. The data analysis technique involves using the CAPM method, which includes calculating the actual return rate (Ri), market return rate (Rm), risk-free rate (Rf), beta value of stocks (β) or risk, expected return rate [E(Ri)], conducting correlation tests, plotting the security market line graph, and categorizing stocks as efficient and inefficient based on comparisons between the actual return rate (Ri) and expected return rate [E(Ri)], beta values (β), and comparisons between the risk-free rate (Rf) and expected return rate [E(Ri)]. Based on the analysis results, it is found that 21 company stocks have an average positive actual return rate (Ri), 20 stocks have a beta value (β) greater than 1, 14 stocks have a beta value (β) less than 1, and 7 stocks have a negative beta value (β). There are 26 company stocks with a positive expected return rate [E(Ri)], indicating a strong positive correlation between the expected return rate [E(Ri)] and beta values (β) or risk. Regarding stock categorization, out of the 41 sample companies, 11 stocks are categorized as efficient because their actual return rate (Ri) is greater than the expected return rate [E(Ri)], while 30 stocks are categorized as inefficient due to their actual return rate (Ri) being less than the expected return rate [E(Ri)]. Furthermore, 20 stocks are efficient as they have a beta value (β) greater than 1, 14 stocks are inefficient with a beta value (β) less than 1, and 7 stocks show an inverse relationship with market conditions due to their negative beta value (β). Additionally, 7 stocks are efficient as their expected return rate [E(Ri)] is greater than the risk-free rate (Rf), whereas 34 stocks are inefficient since their expected return rate [E(Ri)] is less than the risk-free rate (Rf).

Pengaruh Kualitas Produk, Persepsi Harga, Dan Citra Merek Terhadap Minat Beli Ulang Laptop Acer Di Kota Bandung Muhammad Hanif Muhsinin; Esi Fitriani Komara
Journal of Economic, Bussines and Accounting (COSTING) Vol 7 No 5 (2024): Journal of Economic, Bussines and Accounting (COSTING)
Publisher : Institut Penelitian Matematika, Komputer, Keperawatan, Pendidikan dan Ekonomi (IPM2KPE)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31539/costing.v7i5.11422

This research is motivated by the results of the Kurious survey from the Katadata Insight Center (KIC), Acer is the second most popular laptop in Indonesia, which is 79.2% of the total respondents. Based on the top brand award in 2022, Acer laptops are ranked first in the notebook or laptop category with a score of 27.1%. However, in 2023 there was a significant decrease in the Acer brand laptop, which was 5.90% compared to 2022. This indicates a decrease in repurchase interest in Acer brand laptops. This study aims to analyze the effect of product quality, price perception, and brand image on repurchase interest in Acer laptops in Bandung City. The data collection technique used is nonprobability sampling with convenience sampling research with a total of 120 respondents of Acer laptop users who live in Bandung City with an age range of 17 years and over. The data analysis technique used is multiple regression test using SPSS version 26. The results showed that product quality has a positive and significant effect on repurchase interest. Price perception has a positive and significant effect on repurchase intention. Brand image has a positive and significant effect on repurchase intention. Then, product quality, price perception, and brand image simultaneously affect repurchase intention.

Pengaruh Kualitas Produk, Persepsi Harga, Dan Citra Merek Terhadap Minat Beli Ulang Laptop Acer Di Kota Bandung Muhammad Hanif Muhsinin; Esi Fitriani Komara
Journal of Economic, Bussines and Accounting (COSTING) Vol 7 No 5 (2024): Journal of Economic, Bussines and Accounting (COSTING)
Publisher : Institut Penelitian Matematika, Komputer, Keperawatan, Pendidikan dan Ekonomi (IPM2KPE)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31539/costing.v7i5.11482

Penerapan Digital Marketing pada Komunitas Cimahi Kreatif Ekonomi Produktif di Cimahi Rosmini Ramli; Esi Fitriani Komara; Rahardianto Rahardianto; Hariyadi Triwahyu Putra
Jurnal Inovasi Masyarakat Vol. 4 No. 3 (2024): Jurnal Inovasi Masyarakat
Publisher : LP2M Universitas Widyatama

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33197/jim.v4i3.2251

The purpose of this service is to help business actors, especially MSMEs in the Cimahi Creative Productive Economy community, utilize digital technology in order to increase the volume and promotion of their sales so that the public as potential customers/consumers can access and find out the details of the products or services offered. The problem of these MSMEs is that they still have limited ability and understanding in the use of digital technology to market the products or services created so that they experience obstacles in increasing sales and it is even difficult to introduce their products due to shifts in consumer behavior in purchasing consumer goods due to increasingly rapid technological developments. The method that will be used in solving the problem is to conduct a process of training and mentoring in the application of digital marketing so that it can have a direct impact on MSME actors. The results show that after the training process and continued with mentoring, the average business actor has been able to use digital marketing in his business, but there are still some who have not due to other obstacles such as devices and other technicalities.

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