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All Journal Management Analysis Journal MBIA Jurnal Ilmu Manajemen dan akuntansi Terapan (JIMAT) Journal Economics Technology and Entrepreneur
Muhammad Sofian Maksar
Universitas Muhammadiyah Kendari
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Environmental Science Industrial & Manufacturing Engineering Social Sciences Other

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INTEGRATION OF SOUTHEAST ASIAN STOCK MARKETS WITH THE WORLD STOCK MARKET: APPLICATION OF INTERNATIONAL ASSET PRICING MODEL Muhammad Sofian Maksar; Kusdhianto Setiawan; Al Asy Ari Adnan Hakim
Jurnal Ilmu Manajemen dan Akuntansi Terapan (JIMAT) Vol 13 No 1 (2022): Jurnal Ilmu Manajemen dan Akuntansi Terapan (JIMAT)
Publisher : Sekolah Tinggi Ilmu Ekonomi Totalwin

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (473.337 KB) | DOI: 10.36694/jimat.v13i1.381

Abstract

This study aims to determine the integration level of Southeast Asian stock market with the world stock market using an international capital asset pricing model. The countries that were sampled in this study were Indonesia, Malaysia, Philippines, Singapore and Thailand. The sample period starts from January 2000 until August 2016. This study uses an partially-segmented international capital asset pricing model by including the assumption of residual that were correlated between asset pricing equations. Because of this assumption, the seemingly unrelated regression (SUR) estimation method is more appropriately compared to the ordinary least square (OLS) method. The results of this study indicate that the integration level of Southeast Asian stock market varies. The Singapore and Thailand stock markets are fully integrated with the world stock market, the Indonesian and Malaysian stock markets are partially integrated with the world stock market, while the Philippine stock market is segmented with the world stock market. This finding shows the difference in the effectiveness of the stock market liberalization process in Southeast Asia
PENGARUH RELIGIUSITAS DAN PERSEPSI RISIKO TERHADAP PENGAMBILAN KEPUTUSAN INVESTASI SYARIAH YANG DIMODERASI OLEH GENDER (STUDI PADA INVESTOR MAHASISWA GALERI INVESTASI SYARIAH BEI PADA IAIN KENDARI) Muhammad Sofian Maksar; Sitti Zakiah Ma’mum; Murini; Winda Sari Firdani
Journal Economics Technology And Entrepreneur Vol 1 No 01 Maret (2022): JOURNAL ECONOMICS TECHNOLOGY AND ENTREPRENEUR
Publisher : Pusat Studi Ekonomi, Publikasi Ilmiah dan Pengembangan SDM

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

Investasi sangat beragam tergantung dari kebutuhan dan karakter invetor masing-masing, salah satu investasi yang menjanjikan adalah berinvestasi dipasar modal syariah. Pasar modal syariah adalah pasar modal yang didalamnya ditransaksikan instrumen keuangan atau modal yang sesuai dengan syariat islam. Pasar modal syariah saat ini memiliki perkebangan yang cukup pesat, berkembangannya pasar modal syariah tidak lepas dari peran BEI Salahsatu bentuk nyata BEI dalam investasi yaitu menjalin kerjasama dengan perguruan tinggi untuk mendirikan Galeri Investasi salah satunya adalah Galeri Investasi Syariah yang bertempat di Fakultas Ekonomi dan Bisnis Islam IAIN Kendari. Penelitian ini bertujuan untuk mengetahui dan menjelaskan pengaruh religiusitas dan persepsi risiko terhadap pengambilan keputusan investasi yang dimoderasi oleh gender pada investor mahasiswa di Galeri Investasi Syariah BEI Institut Agama Islam Negri Kendari. Populasi dalam penelitian inii adalah seluruh investor mahasiswa aktif di GIS IAIN Kendari. Adapun jumlah sampel dalam penelitian ini adalah 53 orang. Pengumpulan data dengan menggunakan kuisioner offline. Analisis data menggunkan analisis regresi linear berganda dengan menggunaan bantuan program aplikasi SmartPLS versi 3.2.9. Hasil penelitian ini menunjukan bahwa, religiusitas dan persepsi risiko memiliki pengaruh yang signifikan terhadap keputusan investasi yang dilakukan oleh investor mahasiswa di GIS IAIN Kendari, sedangkan Gender memiliki pengaruh yang tidak signifikan terhadap pengambilan keputusan investasi selain itu Gender juga tidak terbukti sebagai variabel moderator. Hal ini menunjukan bahwa laki-laki dan perempuan memiliki tingkat religiusitas dan persepsi risiko yang sama dalam pengambilan keputusan investasi.
Does Innovation Matter? Evidence from Enterprise Survey of ASEAN Countries Muhammad Fuad; Shresta Purnamasari; Muhammad Sofian Maksar
Management Analysis Journal Vol 12 No 3 (2023): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v12i3.74684

Abstract

This study embarks on an investigation to unearth evidence that innovation may, in certain contexts, fail to foster enterprise development. Innovation has been identified as a key driver of firms’ growth. However, to have successful innovation requires some minimum capabilities and resources. Based on this notion, we tried to find evidence that innovation may fail to help enterprises develop. The study use the World Bank's enterprise survey. The survey collected samples from ASEAN firms. Respondents were chosen by using stratified random sampling technique based on the type of business for all small, medium and large non-agricultural companies in all geographical areas. We used instrumental variable regression to avoid simultaneous causality. The findings show that while innovation has a considerable impact on the growth of non-SMEs, it has little or no impact on SMEs. This confirms our prediction that innovation dampen firms’ development, particularly those with limited abilities to innovate successfully. The research emphasizing the importance of tailored approaches to accommodate the diverse landscape of businesses, particularly in the dynamic ASEAN market.
Prediktabilitas Sample Skewness Terhadap Return Pasar Saham Indonesia Muhammad Sofian Maksar
MBIA Vol 22 No 1 (2023): Management, Business, and Accounting (MBIA)
Publisher : Direktorat Riset dan Pengabdian kepada Masyarakat Universitas Bina Darma

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33557/mbia.v22i1.2152

Abstract

This study investigates the predictability of sample skewness on Indonesian stock market returns as represented by the JCI, LQ45, and JCI. The sample period starts from January 2001 to December 2022, with a prediction period from July 2009 to December 2022 that accommodates the COVID-19 pandemic crisis. The results showed that sample skewness was able to predict market excess returns one month in advance. This ability emerged, especially when the COVID-19 pandemic crisis hit. This finding indicates that investors tend to look for securities that have lottery-like characteristics, which causes the price of these securities to experience mispricing. However, this mispricing can be adjusted in the next period so that this strategy is not profitable to implement. Keywords: Market return predictability, Sample skewness, Sample variance Abstrak Penelitian ini bertujuan untuk menginvestigasi kemampuan prediksi (prediktabilitas) sample skewness terhadap return pasar saham indonesia yang diwakili oleh IHSG, LQ45, dan JCI. Periode sampel dimulai dari Januari 2001 sampai Desember 2022 dengan periode prediksi dari Juli 2009 sampai Desember 2022 yang mengakomodir krisis pandemi Covid-19. Hasil penelitian menunjukkan bahwa sample skewness mampu memprediksi excess return pasar satu bulan ke depan. Kemampuan ini muncul khususnya saat krisis pandemi Covid-19 melanda. Temuan ini mengindikasikan bahwa investor cenderung mencari sekuritas yang memiliki karakteristik seperti lotere yang menyebabkan harga sekuritas ini mengalami mispricing. Akan tetapi, mispricing ini dapat disesuaikan di periode selanjutnya sehingga strategi ini tidak menguntungkan untuk diterapkan. Keywords: Prediktabilitas return pasar, Sample skewness, Sample variance
Co-Authors Al Asy Ari Adnan Hakim Kusdhianto Setiawan Muhammad Fuad Murini Shresta Purnamasari Sitti Zakiah Ma’mum Winda Sari Firdani