Indonesian Exchange Research Articles

Efficient Market Hypothesis and Forecasting in the Industrial Sector on the Indonesia Stock Exchange

The presence of the stock market has helped to increase economic growth in a country. However, high levels of volatility plus economic uncertainty make investors have to rethink investing in the capital market. This study aims to examine the share of each industrial sector on the stock exchange in Indonesia by testing the Efficient Market Hypothesis (EMH) and forecasting the growth of returns for each industry. The method that will be used in this study includes variance ratio, data stationarity test, Autoregressive Integrated Moving Average (ARIMA), and Autoregressive Conditional Heteroskedasticity (ARCH). The results show that the industrial sectors on the Indonesia Stock Exchange are inefficient in the weak form. In forecasting, almost all indices experience a contraction of growth at the beginning of the forecasting period. The stakeholders are expected to be more active in the market by frequently buying and selling securities because the market is proven inefficient, and the market can be defeated.

Analisis Daya Saing Ekspor Komoditas Tekstil Indonesia di Negara ASEAN

This research aims to analyze the competitiveness of export of textile commodities in ASEAN countries in 2010-2018. This research is a type of quantitative study. The analysis is conducted using the data panel which is the combined data of data cross section and time series published by the Central Statistic Agency (BPS), Worldbank, WITS. The method used in this study was Revealed Comparative Advantage (RCA), a data-panel regression. Based on the results of the analysis of RCA showed that the export of Indonesian textile commodities in ASEAN countries has a strong competitiveness in the country Malaysia, Singapore, Thailand, Vietnam because of the RCA value more than 1. In the results of a regression analysis of variable panel data on Indonesian exchange rate against the American dollar has a negative and insignificant influence on RCA, Gross Domestic Product (GDP) variable has a positive and significant influence on RCA, variable tenga work has a positive and insignificant influence on RCA, for Foreign Direct Investment (FDI) variables have a positive and significant influence on RCA.

The Effects of Financial Performance on Stock Returns: Evidence of Machine and Heavy Equipment Companies in Indonesia

This study was made to determine the effect of Current Ratio (CR), Total Assets Turnover (TAT), Return on Assers (ROA), Debt to Equity Ratio (DER) on stock returns in the machinery and heavy equipment sub-sector companies listed on the Stock Exchange Indonesia (IDX) in the period 2014 - 2018. Stock returns are calculated based on changes in closing stock prices and estimated influence of financial performance factors using the panel data regression method. Based on empirical findings show that financial performance that has been proxy using; CR, TAT, ROA, and DER do not affect stock returns. The results of the study have implications that the company's financial performance is not an important consideration for investors in the decision to buy shares in the Machinery and Heavy Equipment sub-sector company. In many studies, stock prices are much influenced by macroeconomic variables, such as; exchange rates, inflation, interest rates, and oil prices.

The Impact of Dividend Policy, Ownership Structure and Capital Structure on Company Valuation of Indonesian Manufacture

This research aims to examine how dividend policy considerations, ownership structure and capital structure theoretically and empirically affect firm value. Manufacturing sector companies listed as research samples on the Stock Exchange in Indonesia for 2014-2018. In general, the results of the study indicate that there is a significant and positive influence of dividend policy on firm value, which means that the higher dividend policy will level up firm value. There is no significant effect of Ownership Structure on Firm value. There is no significant effect of Capital Structure on Firm value. Keywords: Dividend Policy, Ownership Structure, Capital Structure, Firm value DOI: 10.7176/RJFA/11-17-18 Publication date: October 31 st 2020

Value Relevance of Earnings and Book Value in Indonesian Exchange Listed Firms

This study investigates the value relevance of accounting information on manufacturing companies listed on the IDX for 2012-2017. This study uses the accounting-based Ohlson's (1995) model, which includes earnings (EPS) and book value (BVS) as variables. This study shows a direct relationship between financial statements and firm value. The value relevance does not increase, yet both the value relevance for EPS and BVS, although in specific years, does. The results show that individual BVS decreases with a better amount than EPS from 2012 to 2015. Meanwhile, in 2016-2017 BVS value decreased below EPS value. Abstrak Penelitian ini menginvestigasi relevansi nilai informasi akuntansi pada perusahaan manufaktur yang terdaftar di BEI tahun 2012-2017. Model Ohlson (1995) berbasis akuntansi yang mencakup laba (EPS) dan nilai buku (BVS) sebagai variabel digunakan dalam penelitian ini. Studi ini menunjukkan adanya hubungan langsung antara laporan keuangan dan nilai perusahaan. Relevansi nilai pada perusahaan yang diteliti tidak meningkat, baik relevansi nilai EPS maupun BVS, walaupun pada tahun tertentu naik. Hasil analisis menunjukkan bahwa nilai BVS menurun secara individual dengan besaran yang lebih baik dibanding EPS tahun 2012-2015, namun tahun 2016 dan 2017 besaran nilai BVS menurun di bawah besaran nilai EPS.

FAKTOR-FAKTOR YANG MEMPENGARUHI CASH HOLDING

This research aims to prove empirically the influence of firm size, cash holding, networking capital, and leverage towards cash holding in the manufacturing company listed in Indonesian Exchange Stock (IDX) in 2016-2018. This research uses 67 samples of manufacturing companies selected using purposive sampling method with a three-year period. Data used in this research is a secondary data. The data processing in this study uses the program EViews ver. 10.0. The test results of F-Anova shows that the firm size, cash flow, net working capital, and leverage have significant effect towards cash holding together. T test result shows that firm size, cash flow, and leverage do not have a significant effect on cash holding while the networking capital have negative significant effect towards cash holding.

The Effect of Company’s Performance on Tax Avoidance

Researchers want to examine tax avoidance that occurs in companies listed in LQ45. As is well known, the LQ45 index represents 45 companies that have gone through a selection process with high liquidity (Liquid) and considerations of large market capitalization. Companies that are listed in LQ45 are very interesting to research, which companies that go public and liquid are doing Tax Avoidance or tax avoidance.
 Tax avoidance variables use CETR or ( Cash Effective Tax Rate) and company performance variables use ROA (Return on Asset).
 Analyzed by quantitative, secondary data obtained from the financial statements of companies that consistently included in the LQ45 index in the year 2014 to 2018 on the website Stock Exchange Indonesia, namely www.idx.co.id .
 The number of samples obtained were 21 companies. The data analysis technique used simple regression with the SPSS application.
 The results showed that company performance did not affect tax avoidance attitudes. companies listed on LQ45 are still compliant with tax payments in accordance with the portion

PENGARUH KONEKSI POLITIK TERHADAP KINERJA PERUSAHAAN (Studi Empiris pada Perusahaan Sektor Pertambangan yang terdaftar di BEI tahun 2014-2018)

The company's financial condition can be described by the company's performance which is analyzed by various financial analysis measurement tools. The financial analysis is used to evaluate the company's financial condition as reflected by the company's performance in a period. The purpose of this study is to analyze the effect of political connections on company performance, especially in mining companies. Tobin's q is used as an indicator to measure company performance. This research use data from annual report of mining sector companies listed on the Stock Exchange Indonesia in 2014-2018, which total 75 companies. Data collection method by purposive sampling method in order to get representative sample criteria Hypothesis testing uses multiple linear regression analysis. The results of the study that political connections do not affect the company's performance, as measured by the proportion of independent directors who have political connections.

The Impact of Internationalization of Sarbanes-Oxley Act to the U.S. Listed Indonesian Companies

In every country the existence of capital markets is fundamental in the development of the economy. Capital market, in addition to its function as a means to gather and allocate the public funds. Numerous companies attempted to fix up in order to get into a stock market and do the Initial Public Offering (IPO). But it is not an easy job, various preparations should be carried out and of course it takes some time and effort and considerable cost. In addition to stock market laws, the market is also governed by various regulations issued by the market authorities and stock exchanges as the SRO. In the U.S., the authority is the SEC and in Indonesia the capital market authority is the OJK. Stock exchanges such as the NYSE in the U.S. and Indonesian Stock Exchange (BEI) in Indonesia also issued various rules regulate all companies listed the shares in the stock exchanges. Internationalization means to bring something local to the international level. The Sarbanes-Oxley Act is supposed to applicable only in the U.S, it is not applicable in Indonesia. But the law is brought from the U.S brought to Indonesia to be applied to Indonesian companies that have the stocks listed with the U.S stock market. The application of the Act brought some problems to Indonesian companies that have to comply with all requirements stipulated in the Act.

PENGARUH DER, PDB DAN EPS TERHADAP HARGA SAHAM PERUSAHAAN ASURANSI YANG TERDAFTAR DI BEI

This research purpose is to discover the influence of Debt Equity Ratio (DER), Gross Domestic Product (GDP), and Earning Per Share (EPS) to The Price of stocks of insurance company which are listed in Indonesia Exchange Stock. The research method used in this study is quantitative research methods. The sample is 5 insurance companies listed in Indonesia Exchange Stock which were previously determined by the purposive sampling method. Data collected in the form of annually financial reports for each Insurance companies listed in Indonesia Exchange Stock from 2014 -2018 The analysis technique used is panel data regression. Based on the analysis conducted stated that DER has a negative effect on the stock prices of insurance companies and GDP, EPS has a positive influence on the stock prices of insurance companies listed on the Indonesian Exchange Sctock. However, on the other hand the growth of gross domestic product has a direct and significant effect on the value of shares of insurance companies listed on the Indonesian Exchange Stock.

The factors affecting the rupiah exchange rate in Indonesia

This study to determine the money supply, interest rates, inflation, and imports toward rupiah exchange rates. The analysis method in this study used a quantitative approach that applies multiple regression models. Data used secondary data in the form of time series during the period of August 2016 until June 2019. The finding's results show that jointly money supply, interest rates, inflation, and imports have a significant effect on the rupiah exchange rate. While partially, the variable of money supply, interest rates, and imports has a positive and significant effect on the rupiah exchange rate. But the inflation rate has an insignificant effect on the Rupiah exchange rate. From the results of this study the government is expected to control the money supply and maintain the balance of payments by minimizing the amount of imports.

MODEL ALTMAN SCORE DAN GROVER SCORE : MENDETEKSI FINANCIAL DISTRESS PADA PERUSAHAAN RITEL DI INDONESIA

This study aims to detect financial distress of listed retail companies at Indonesian Exchange using Altman Score and Grover Score Model. The samples are go public companies in Indonesia, which consist of 20 retail companies. Structural Equation Model (SEM) was employed as the analysis method using PLS software. The result shows that Altman Score Model has positive impact toward financial distress. High score on Altman Score indicates poor performance of a company. Further, Grover Score model has positive impact toward financial distress on retail companies which are go public circa 2015-2018. Higher score of grover score indicates a company has been suffering financial distress. Lastly, we inference that Altman Score Model is more accurate in detecting financial distress compared to Grover Score Model

EVENT STUDY OF IPO IN INDONESIA: PUMP-AND-DUMP & FLIPPING STRATEGY ANALYSIS

There were three important IPO anomalies: the positive average initial return (improperly called short-term 'underpricing'), the long-term underperformance, and hot/cold IPO. The EVENT STUDY model explained the 'underpricing' based on the assumption that the underwriter sets the initial price equal to the market-perceived true value and investors were rational. IPO prices are affected by demand and supply. The idea of the model was to explore pump-and-dump and flipping patterns exhibited upon IPO anomalies event in Indonesia. Pump-and-dump is the strategy to manipulate stock prices, while flipping was stocks bought at the IPO and sold at early days ta listing date. This strategy oftentimes exhibits anomalous behavior. Some implications of this model for the IPO market were positive 1st-day initial return (IR) and a negative relation cumulative average abnormal 5-days abnormal return (CAAR-5days) for flipping strategy. The other was a relationship between underperformance cumulative average 30-days abnormal returns (CAAR-30days) and cumulative average 5-days (CAAR-5days) abnormal returns in terms of pump-and-dump strategy. Using the relation between the Characteristics (Size of issue, Board and Floating rate) and Macroeconomics Condition (Central Bank Rate, Inflation rate, USD/IDR exchange, and GDP growth), and the IR, a CAAR-5days and a CAAR-30days, this EVENT STUDY explained the existence of the pump-and-dump and flipping pattern in the Indonesian stock exchanges. The Authors implemented a multivariate analysis of variance (MANOVA) to test hypotheses regarding the effect of a three-variables dependent (the initial return, a 5-days abnormal return, and a 30-days abnormal return) into several dependent variables. Using the IPO data taken from 2015-2019, the paper found that this EVENT STUDY explained the existence of pump-and-dump and flipping patterns at the early trading of IPO stocks in the Indonesia Exchange Market.

Digital Marketing Tools or e-WOM? Tourists Motivation to Enjoy the Charm of Blue Fire on Ijen Crater Ecotourism

The most significant contributor to foreign exchange in Indonesia besides oil and gas is tourism. One of the regencies in Indonesia that has tourism potential is the Banyuwangi Regency. Almost all regions in Banyuwangi have beautiful natural charm in the form of mountains, beaches and forests. The existence of cultural diversity and traditional customs also makes Banyuwangi as a potential district in terms of tourism. This research was conducted in the Ijen Crater tour because it is a natural tourist destination that is most sought after and attractive to potential tourists. In 2016, 30% of foreign tourists visiting Banyuwangi visited Ijen Crater. At this time, most of the world community can not be separated from the use of social media. Therefore, the application of digital marketing and the selection of the right digital marketing tools can increase the number of tourist visits. Management of digital marketing and selection of useful digital marketing tools will form a positive Word of mouth (WOM). When WOM is positive, it is possible to increase the motivation of tourists to visit.

TRANSAKSI AFILIASI DAN CAPITAL INTENSITY MEMPENGARUHI EMITEN DALAM MENGHINDARI PAJAK

Abstract- Target of tax for several last year show increase positive as need of fund on State Budget. But on the other hand of emiten which listing in stock exchange Indonesia always comply to efisiensy of tax as tax planning. That is way by this research expected to find solution about what was variable effect to emiten comply tax efisiensy. Target of population were emiten which stock exchange for 3 year periode 2015 until 2017. Purposive sampling was choose to find out research data. The research selected 54 emiten as sample for representative of emitens. Tax avoidance was measured by proxy effective tax rates; affiliated transaction was measured by liabilities transaction affiliated. Hyphotesis was examined by multiple regression dan decision that: 1) Transaction affiliated affect emiten Industry manufacturing sector listed in Indonesia Stock Exchange during period in 2015-2017 for comply tax avoidance. Emitens have indication often make transaction with group (affiliated) for tax avoidance; 2) Capital intensity not affect emiten manufacturing sector listed in Indonesia Stock Exchange during period in 2015-2017 for comply tax avoidance. Emitens listed in Bursa Efek Indonesia higest invested on fixed asset not objective for tax avoidance but to support operating activity inclined rise.
 
 Keywords: Affiliated Transaction, Capital Intensity, Tax Avoidance,

A culture of collaboration: Forms and factors affecting collaboration between NESTs and NNESTs in extracurricular English activities

Fulbright English Teaching Assistants (ETAs) assist local English teachers to further the English language development of students around the globe, while simultaneously acting as cultural ambassadors for the United States. ETAs in Indonesia are required to spend between twenty and twenty-five hours each week in the classroom with their teaching counterpart(s) but are also encouraged to engage with their school and community outside of class, and as such many ETAs also spend considerable time developing extracurricular English programming. While some of these extracurriculars are facilitated independently by the ETAs, many are collaborative projects with counterparts from the host institution. As part of a larger five-year research plan initiated by the American Indonesian Exchange Foundation (AMINEF) that seeks to explore the impact of ETAs, this research explores the collaboration within these extracurriculars. It seeks to identify the forms that this collaboration takes, as well as the factors that affect the collaboration. The findings suggest that collaboration within these extracurriculars usually takes the form of either one teach – one assist model, or team teaching, and that logistical and interpersonal factors are of the greatest concern within the collaboration.

RANCANG BANGUN SISTEM INFORMASI PARIWISATA SULAWESI SELATAN BERBASIS ANDROID DENGAN MENGGUNAKAN METODE PROTOTYPING

Abstract
 Tourism is one of the sectors that has the opportunity to become the largest contributor to foreign exchange in Indonesia. Indonesia's tourism growth was recorded at 7.2 percent per year, higher than the average world tourism growth of 4.7 percent. The availability of information that is easy and fast to access can make people know about tourism in the Province of South Sulawesi so that it is expected to have an impact on increasing tourist arrivals. In this study, a tourism information system for mobile Sulawesi Province has been developed. The information system was developed by utilizing the prototyping model. The result of this research is a mobile-based tourism information system that is able to present tourism information such as tourist destinations, culinary tours, events, and photos of tourism objects. Tourism information system can be run on Android devices. The developed system can present tourism information which includes 110 destinations, 39 events, 45 culinaries, and photos of tourist attractions from 12 regions. The result of system testing was the features of the system can function properly and successfully show tourism information.

Pengaruh Capital Adequacy Ratio, Return on Asset, Loan to Deposit Ratio dan Non Performing Loan Terhadap Laba Bersih pada Bank BUMN yang Terdaftar di Bursa Efek Indonesia Periode 2014 – 2018

This research aims to analyze the effect of simultaneous capital adequacy ratio, return on asset, loan to deposit ratio and non performing loan on the net profit of government public banks in Indonesia Stock Exchange. The effect of partial capital adequacy ratio, return on asset, loan to deposit ratio and non performing loan on the net profit of government public banks in Indonesia Stock Exchange. The research methodology is descriptive and quantitative analysis methods. Data used is secondary data. The population become object in this research is government public bank period of year of 2014-2018. Amount sample the used is the fourth (4) government public bank and still stand up during period of perception and also publicized of year of 2014-2018 by Indonesian Stock Exchange the analysis multiple regression, hypotesis test so determinant coefficient F test and t test. The object of this research is foreign exchange bank listed on the Stock Exchange Indonesia 2014-2018. The sampel in the receach is PT Bank Negara Indonesia,Tbk (BBNI), PT Bank Rakyat Indonesia,Tbk (BBRI), PT Bank Tabungan Negara,Tbk (BBTN), PT Bank Mandiri,Tbk (BMRI), Results of multiple regression equation is Y = 11,469 + 1,30X1 + 1,599X2 - 5,069X3 + 0,481X4 + e, F test result, it is known that capital adequacy ratio, return on asset, loan to deposit ratio and non performing loan simultaneously on the net profit. F count larger than F table (52,763 > 3,06) or comparing the significant level of 0.05 then (0.000 < 0.05) then Ho is rejected and Ha accepted. Based on the results of the t test capital adequacy ratio, return on asset and loan to deposit ratio have significant effect between the net profit (tcount> ttable).Conclusion is the capital adequacy ratio, return on asset, loan to deposit ratio and non performing loan simultaneously on the net profit.. While partially have variable capital adequacy ratio, return on asset and loan to deposit ratio have significant to net profit

Toxicity of Bacillus thuringiensis Berl. KJ3P1 and DLM isolates towards pest of oil palm Oryctes rhinoceros [Coleoptera: Scarabaeidae

Oil palm plants are industrial plants that generate foreign exchange for Indonesia. Some obstacles are leading to production decrease. One of the important pests is Oryctes rhinoceros [Coleoptera: Scarabaeidae]. Both larval and imago stadia attack oil-palm in immature plants [IP] and mature plants [MP]. The method of controlling Oryctes often use chemical insecticides, in which continuously applications will cause residues in the environment and mortality of non-target insects. Therefore it is necessary to find an environmentally friendly control method that is easy, inexpensive and safe for the environment. The use of entomopathogenic bacteria Bacillus thuringiensis is an alternative. The study was aimed to study the toxicity of two B. thuringiensis isolates from the collection of Plant Protection Department, Faculty of Agriculture, Sriwijaya University [KJ3P1 and DLM isolate codes] on mortality of 3rd instar Oryctes larvae. Experiments were conducted at the Entomological Laboratory, Department of Plant Protection, Faculty of Agriculture, Sriwijaya University from March until May 2019. Bioinsecticide-based B. thuringiensis was made with 2 types of growth media, namely: 1] cow’s bio-urine enriched with 5% molasses, and 2]. Rice washing water enriched with 5% molasses. Treatments were included: 1] DLM5 isolate, 2] KJ3P1 isolate, 3] commercial B. thuringiensis and 4]. without treatment [as control]. The test insects used were 25 individuals of 1st instar Oryctes larvae in each treatment. The results showed KJ3PI isolate that propagated in bio-urine media showed the highest production of B. thuringiensis [5.69 x 106 spores/ml], the highest mortality [76% ] and the lowest LT50 value [5.28 days] as well. The use of agricultural and livestock waste as a medium to multiply B. thuringiensis bacteria may produce high cell and spore production and can be used as bioinsecticides to control O. rhinoceros.

PENGARUH FAKTOR FUNDAMENTAL TERHADAP HARGA SAHAM PADA PERUSAHAAN FARMASI YANG TERCATAT DI BURSA EFEK INDONESIA

This goal is to know : (I) To know Fundamental Factor That is Return On Total Assets (ROA), Earning Per Share (EPS), Book Value (BV) and Debt to Equity Ratio (DER) effect simultioneously to the Share Price at the Pharmacentical Company Listed on the Indonesia Stock exchange ; (2) to know Return On Assets (ROA), Earning Per Share (EPS), Book Value (BV) and Debt to Equity Ratio (DER), dominant Influence on stock prices in the Pharmacentical Industry Companies Listed in Indonesia Stock Exchange. Population were observed in this Study is the Pharmacentical Companies Listed in Stock Exchange Indonesian of 2008-2012. The coice of the manufacturing industry is defined as a Sample for the industry at most listing on the stock Exchange Indonesia. Sample selection is done by using purposive sampling method. The result showed that Return On Total Assets (ROA), Earning Per Share (EPS), Book Value (BV) and Debt to Equity Ratio (DER) effect simultioneously to the stock price on the company is Pharmacentical industry Listed in Indonesia Stock Exchange. From the Result showed Return on Total Assets (ROA) the most dominant influences on the stock Prices in the Pharmacentical industry Company listed in Indonesia Stock Exchange.