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Muflihul Khair
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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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Studi Komparatif Pembentukan Portofolio Optimal Dengan Stochastic Dominance dan Single Index Model Yuni Utami
Jurnal Pasar Modal dan Bisnis Vol 1 No 1 (2019)
Publisher : The Indonesia Capital Market Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (402.455 KB) | DOI: 10.37194/jpmb.v1i1.3

Abstract

Purpose- The study aims to see whether there is a difference between the stochastic dominance method and the single index method in forming an optimal portfolio. and seeing which method is more optimal. Methods- The sample used in the study was a real estate and property company listed on jakarta stock exchange for five years period (2013 - 2017). sampling technique in research using purposive sampling and analysis sampling techniques using average difference test (t-test). after being tested with each method both the stochastic model and the single index model, Finding- The results show that there is a difference in return from the formation of an optimal portfolio with the results of the test which results in 0.048 below the significant level of 0.05. and the results of the calculation of portfolio return formed by the stochastic method is 0.0079 smaller than the portfolio return formed by the single index method of 0.0173 which means that the single index method is more optimal than the stochastic model.
Corrigendum / Erratum / Retraction RETRACTED RETRACTED
Jurnal Pasar Modal dan Bisnis Vol 1 No 1 (2019)
Publisher : The Indonesia Capital Market Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37194/jpmb.v1i1.6

Abstract

Retraction to: Michael Alexander Santoso, Apriani Dorkas Rambu Atahau, Robiyanto Robiyanto. (2019). IHSG dan Dinamikanya: Sebuah Analisis atas Pengaruh Variable Makroekonomi. Jurnal Pasar Modal dan Bisnis, Vol 1(1), 21-40 This article has been retracted by the publisher based on the following reason This is based on the author's recognition to the editor that the author admits that he forgot to have submitted the same article to another conference journal. This article has followed the procedures that apply to journal management. The author has received the review results and has improved the article according to the review result.
Short Horizon Return Predictability di Pasar Modal Indonesia Erman Denny Arfianto; Ivan Irawan
Jurnal Pasar Modal dan Bisnis Vol 1 No 1 (2019)
Publisher : The Indonesia Capital Market Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (397.675 KB) | DOI: 10.37194/jpmb.v1i1.7

Abstract

Purpose- This study aims to examine the effect of effective spread, price impact, trading volume, stock prices, and volatility of returns on the predictability of short-term returns (short horizon return predictability). Methods- This research offers a new approach perspective which is a market microstructure with intraday data to measure short horizon return predictability as an efficient market inversion. The sample in this study was 64 non-financial companies listed on the KOMPAS100 Index during October 2017-March 2018. Intraday data used using the 5-minute frequency obtained from Bloomberg. This study uses multiple linear regression analysis. Finding- This study found that price impact, trading volume, stock prices, and volatility have a positive impact on the predictability of long-term returns. This study also found that effective spread does not have a significant impact on the predictability of short-term returns.
Analisis Komparatif Tingkat Pengembalian Value Stocks dan Growth Stocks di Bursa Efek Indonesia Andre Prasetya Willim
Jurnal Pasar Modal dan Bisnis Vol 1 No 1 (2019)
Publisher : The Indonesia Capital Market Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (310.555 KB) | DOI: 10.37194/jpmb.v1i1.8

Abstract

Purpose- This study aims to examine the difference in returns between portfolio value stocks and growth stocks with comparative analysis. Methods- The population of this research is all companies in the Indonesia Stock Exchange. Based on the results of the purposive sampling method, there were 396 companies that were sampled in this study with IPO criteria before 2011. There were four portfolios formed, namely small growth, small value, big growth and big value portfolios, each consisting of 59 companies. Portfolio performance in this study was measured by the Sharpe, Treynor and Jensen indices. Finding- The results showed a difference in portfolio return value stocks and growth stocks. Return portfolio value stocks are lower than growth stocks portfolios and portfolio performance value stocks are also lower than growth stocks portfolios.
Struktur Pendanaan dan Profitabilitas: Studi pada Perusahaan Non-Keuangan yang Listing di Bursa Efek Indonesia Irene Rini Demi Pangestuti; Dinar Nur Septiyanto
Jurnal Pasar Modal dan Bisnis Vol 1 No 1 (2019)
Publisher : The Indonesia Capital Market Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (371.861 KB) | DOI: 10.37194/jpmb.v1i1.9

Abstract

Purpose- The study was conducted to examine the effect of capital structure on profitability. Variables of the capital structure are Long-term Debt to total assets (LTD), Short-term Debt to total assets (STD) and Debt to Equity Ratio (DER) while profitability is proxied by Return on Assets (ROA. Research is conducted on all Non-Financial companies listed on the Indonesia Stock Exchange (IDX) in the period 2014-2016. Methods- Use the Purposive Random Sampling technique to take samples. Samples taken from Bloomberg. The sample used amounted to 175 companies using multiple regression analysis SPSS program assistance. Finding- The results of the study note that LTD and STD have a significant negative effect on ROA. DER has not a significant positive effect on ROA.
Pola Strategi Investasi Investor Individu Saham Menurut Generasi X, Y, Dan Z Elizabeth Lucky Maretha Sitinjak
Jurnal Pasar Modal dan Bisnis Vol 1 No 1 (2019)
Publisher : The Indonesia Capital Market Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (341 KB) | DOI: 10.37194/jpmb.v1i1.10

Abstract

Purpose- The purpose of this study, showing the pattern of stock investment strategy in accordance with the type of generation in order to manage the portfolio optimally. Methods- This research method using Anova with data obtained from Meta Data Analysis subjects of previous research experiments. Finding- The results show, each generation has a pattern of different stock investment strategies. This can be seen from the level of investor risk, and stock portfolio. The combination of stock portfolios tends to consist of private companies located in 10 sectors, private companies-BUMN, or private companies-BUMD. Generation X's investment strategy pattern tends to use the Momentum Strategy, Generation Y tends to use Top-Down Strategy, while Generation Z tends to use Buy-Hold and Momentum Strategies.
Analisis Eksploratori Tweet Saham Studi Eksploratori Twitter IDX (@IDX_BEI) Dewi Anggraini; Yuli Harwani
Jurnal Pasar Modal dan Bisnis Vol 1 No 1 (2019)
Publisher : The Indonesia Capital Market Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (341.686 KB) | DOI: 10.37194/jpmb.v1i1.12

Abstract

Purpose- The purpose of this research is 2, that is, exploration in utilizing microblogging twitter data to obtain stock market sentiment attribute, secondly, finds the attribute of Indonesian stock market sentiment from twitter Indonesia Stock Exchange @IDX_BEI. Methods- This research is an exploratory study with longitudinal data. In exploratory research, the data used are primary data obtained by collecting Twitter social network account tweets, tweet samples are determined based on the period span July to December 2016. Finding- This research has obtained the stock market sentiment attribute obtained from @idx_bei, but the results are still minimal because the tweets delivered in @idx_bei are still general regarding IHSG and IPO only.
Antecedents of Information Technology-Based Risky Investment Rika Permata Sari; Willy Abdillah; Erni Hendrawaty
Jurnal Pasar Modal dan Bisnis Vol 1 No 1 (2019)
Publisher : The Indonesia Capital Market Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (406.601 KB) | DOI: 10.37194/jpmb.v1i1.13

Abstract

Purpose- This study examines the effect of emotional intelligence, the locus of control, and risk aversion on intention to risky investment with financial literacy as moderating effect. Methods- This study uses 98 investors distributed by online questionnaire. Data examined using Partial Least Square (PLS) technique. Finding- The results show that the emotional intelligence, the locus of control have a positive effect and risk aversion and financial literacy have a negative effect on intention to a risky investment. However, there is no moderating effect of financial literacy on those direct effects. Implication- The implication for stakeholder and further research are discussed
Dampak Perkebunan Terhadap Pertumbuhan Ekonomi dan Kemiskinan Di Sumatera Utara Mangasi Sinurat; Cia Cai Cen
Jurnal Pasar Modal dan Bisnis Vol 1 No 2 (2019)
Publisher : The Indonesia Capital Market Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (655.574 KB) | DOI: 10.37194/jpmb.v1i2.24

Abstract

This aim of this study is to prove the impact of plantation industries on economic growth and poverty in North Sumatra. Using path analysis and 66 pooled data, the results are obtained: Oil Palm, Rubber and Coconut Plantation partially positive and significant impact the Economy growth in North Sumatra, whereas Oil Palm Plantation, Rubber, Coconut and Economy growth are not partially significant negative towards Poverty in Sumatra North, then the economy growth is not able to mediate the relationship between Palm Oil, Rubber and Coconut against Poverty in North Sumatra. The government needs to implement the new policies such as downstream processing of plantation products so that it will not be only accepted by few people.
Pengaruh Return on Assets, Return on Sales, Earning per Share, Current Ratio, Debt to Equity Ratio, Total Assets Turnover, Price Earning Ratio, dan Kebijakan Dividen terhadap Harga Saham pada Perusahaan Indeks LQ45 periode 2009-2017 Beny Beny; Klemens Wedanaji P.
Jurnal Pasar Modal dan Bisnis Vol 1 No 2 (2019)
Publisher : The Indonesia Capital Market Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (233.137 KB) | DOI: 10.37194/jpmb.v1i2.25

Abstract

Tujuan penelitian ini adalah untuk menguji dan menganalisis secara empiris pengaruh Return On Assets, Return On Sales, Earning Per Share, Current Ratio, Debt to Equity Ratio, Total Assets Turnover, Price Earning Ratio, dan kebijakan dividen terhadap harga saham. Objek dalam penelitian ini adalah perusahaan LQ-45 yang konsisten terdaftar di Bursa Efek Indonesia periode 2009-2017. Sampel penelitian sebanyak 10 perusahaan yang diperoleh dengan teknik purposive sampling. Data penelitian merupakan data sekunder yang diperoleh dari Bursa Efek Indonesia (BEI) yang diuji dengan menggunakan analisis regresi berganda. Hasil penelitian ini menunjukkan bahwa Return On Sales, Earning Per Share, Debt to Equity Ratio, dan Price Earning Ratio berpengaruh terhadap harga saham. Sedangkan Return On Assets, Current Ratio, Total Assets Turnover, dan kebijakan dividen tidak berpengaruh terhadap nilai perusahaan.

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