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Indarto Indarto
Department Of Management, Faculty Of Economics, Universitas Semarang, Semarang, Indonesia
Religion Arts Humanities Biochemistry, Genetics & Molecular Biology Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Industrial & Manufacturing Engineering Nursing Physics Public Health Social Sciences Other

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Journal : Journal of Management and Business Environment (JMBE)

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Mediation Effects of Internal Financial Decisions and Company Performance on the Relationship of Macroeconomic Factors and Market Reactions Indarto Indarto; Djoko Santoso
Journal of Management and Business Environment (JMBE) Vol 3, No 1: July 2021
Publisher : Soegijapranata Catholic University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24167/jmbe.v3i1.3425

Abstract

This study examines the effect of macroeconomic factors on investor reactions in the capital market with internal financial decisions and company performance as the intervening variables. Previous studies examined only the effect of macroeconomic factors on direct market reactions. The sample of this research are manufacturing companies listed on the Indonesia Stock Exchange. Structural Equation Modeling (SEM) was tested using SmartPLS. This study concludes that financial decisions and company performance are not the intervening variables between macroeconomic factors and market reactions. Macroeconomic factors do not affect the company's internal financial decisions and company performance but the market reaction. Meanwhile, the company's internal financial decisions have no effect on the company's performance and market reaction. The company's performance affects the market reaction. The results of this study prove that investors are very concerned about macroeconomic factors in making investment decisions. The dynamics of macroeconomic factors directly influence investment decisions in the capital market.
Co-Authors Ahmad Sirin Aprih Santoso Ardiana Nur Maulida H Ardiani Ika Sulistyawati Ari Widiarto Djoko Santoso Djoko Santoso Herlambang Triwijayanto Muhammad Ridwan Nunik Kusnilawati Pahlawansyah Harahap Puji Ambarukmi Ratih Hapsari Handayani Sujito Wisnu Agung Prasetyo Wyati Saddewisasi Yuli Budiati