Net Assets Research Articles

METODE MEAN-SEMIVARIANCE DALAM PEMBENTUKAN PORTOFOLIO REKSA DANA SAHAM TERBAIK BAROMETER BAREKSA

The most popular investment product today is mutual funds. One of the factors in selecting mutual funds is the low investment risk. This risk can be minimized again by combining several assets and then compiling them into a portfolio. The portfolio formation method used in this study is the Mean-Semivariance method and the Sharpe Index to calculate portfolio performance. The data used is the daily net asset value per unit of Mandiri Investa Atraktif Syariah, Rencana Cerdas, Manulife Saham SMC Plus and BNP Paribas Solaris for the period January 3 2022 to March 9 2023, Jakarta Composite Index (IHSG) data as a benchmark and BI-7 Day Reverse Repo Rate as a riskfree interest rate. The minimum risk of the portfolio will be achieved by compiling a portfolio of two mutual funds, namely Mandiri Investa Atraktif Syariah with a weight of 92,50% and the Smart Plan with a weight of 7,50% with an expected return rate of 0,00019 and a risk of 0,000000663. The Sharpe Index is 0.08971 indicating that the portfolio formed has good performance and can be used as a choice of investment assets by investors.

Analisis kinerja keuangan pada sektor consumer cyclicals yang terdaftar di BEI periode 2020 - 2023

Financial performance analysis is really needed in a company in order to see the extent of the company's financial performance over a certain period of time. This financial performance analysis can help the company in making decisions in the future. Analysis of financial performance in a company can be seen using financial ratio analysis. This research aims to determine differences in the financial performance of the Consumer Cyclicals sector, especially the media and entertainment sub-sector for the 2020-2023 period. This type of research is a descriptive statistical approach. The analysis method used is trend analysis. The research results show that there is an increase or decrease in the media and entertainment sub-sector listed on the Indonesian stock exchange for the 2020-2023 period using the debt to asset ratio, net profit margin, current ratio and total asset turnover.

The Hedging Channel of Exchange Rate Determination

Abstract We propose the currency hedging channel that connects countries’ external imbalances to their exchange rate behavior. We present a model in which investors increase their currency hedging during periods of financial distress in proportion to their net foreign asset exposure. This behavior coupled with constrained financial intermediation explains observed relationships between gradually adjusting external imbalances and volatile spot and forward exchange rates. We find empirical support for the hedging channel in both the conditional and unconditional moments of exchange rates, option prices, and countries’ uses of Federal Reserve swap lines. (JEL E44, F31, F32, F41, G11, G15)

Designing Net Asset-Based Income-Splitting Rules under Dual Income Tax

Abstract This article revisits the income-splitting regulations within the Nordic dual income tax framework. These regulations were introduced to counteract the inclination to transfer income between labor and capital income tax bases. They involve imputing a return on equity, considered as capital income, and taxing the residual portion at rates similar to those imposed on labor income. There are primarily two methods for computing imputed capital income. One method involves imputing a return based on the shares’ acquisition price (implemented in Sweden and Norway), while the other calculates a return using the net book assets of the company (utilized in Finland). This study examines the economic implications of the net asset-based splitting approach, an area not extensively explored in earlier literature. Our findings suggest that with appropriate selection of tax-parameter values, the net asset-based splitting system embodies the fundamental characteristics of a neutral corporate tax system akin to the ACE corporation tax. Consequently, our analysis indicates that the issues regarding incentive concerns in the Finnish taxation of closely held companies, highlighted in previous studies, stem more from erroneous parameter values rather than flawed underlying principles.

Penyajian laporan keuangan entitas berorientasi nonlaba berdasarkan ISAK Nomor 35 pada Yayasan Panti Asuhan “Pononiungan” Bolaang Mongondow

A non-profit entity is one that is engaged in community service and has no intention of seeking profit. Non-profit entities obtain their funds from donors or contributors who do not expect a return on their investment. It is crucial that non-profit entities be held accountable, particularly in light of the growing number of foundations and community organisations. Funders and the community must be provided with clear financial reports that explain the entity's performance and resources. This study will determine the presentation of financial statements of non-profit entities based on ISAK 35 at the Pononiungan Orphanage Foundation in Bolaang Mongondow. This thesis employs a descriptive qualitative analysis method. The results are clear: the Pononiungan Orphanage Foundation in Bolaang Mongondow has adjusted its financial statements to align with the ISAK Number 35 standard. This comprises comprehensive income statements, cash flow statements, net asset change statements, and notes to the financial statements.

Risk factors-adjusted performance and persistence during the post-subprime crisis period: evidence from Indian mutual fund industry

PurposeThe main objective of the paper is to find evidence of abnormal returns and performance persistence of actively managed equity funds in the Indian context on an annual basis during the post-subprime crisis period between 2009 and 10 and 2019 and 2020.Design/methodology/approachThe study is exploratory and empirical, used daily net asset value (NAV) of 180 equity funds for 10 years and applied the risk-adjusted, Jensen's (1968) single-factor, Fama and French's (1993) three-factor model and Carhart's (1997) four-factor model to evaluate the performance. The performance persistence has been tested using cross-section regression (Bollen and Busse, 2005), the non-parametric contingency approach, along with the robustness measure, i.e. Malkiel's (1995) Z-score, Brown and Goetzmann's (1995) cross-product ratio (CPR) and Kahn and Rudd's (1995) χ2 value.FindingsThe results show that the Indian equity funds are unable to generate abnormal returns, and the size, value and momentum strategies applied by the fund managers in generating abnormal returns do not work effectively. However, funds provide strong evidence of significant performance persistence on an annual basis in the short-term, mid-term and long-term periods. Both parametric as well as non-parametric tests provide identical evidence of persistence, and the performance persistence is independent of the choice of models, as all the models (i.e. two, three or four-factor models) provide significant evidence of persistence.Research limitations/implicationsThough the study is comprehensive and covered a longer period, there is a scope for future research by examining the influence of fund characteristics, fund rating and macroeconomic factors on performance and persistence. It can be extended over to a longer period covering the post-COVID-19 period, a larger sample size and a comparative study of Indian and foreign mutual funds (MFs).Practical implicationsThe outcomes of this research paper can help wealth-maximizing investors in the identification of persistent equity funds and can apply the previous period’s performance information as a useful investment strategy to generate higher returns in the future. We believe that these outcomes will have significant ramifications for all MF stakeholders and policymakers, especially for the Indian industry in ensuring and establishing the credibility of MF managers, in providing better returns as well as to make MF investment more attractive to Indian retail investors.Originality/valueDespite the exponential growth in the Indian MF industry, limited evidence is available on performance and persistence covering a large sample size during the post-sub-prime crisis period using different return models and parametric and non-parametric approaches. The study is based on the daily data set of a larger sample size representing all the Asset Management Company (AMC) and the longer period following the post-subprime crises, which affected capital flows significantly. Moreover, the application of all the measures enables us to understand performance persistence in a larger context.

Determinant state earnings qualities better than Private Pharmaceutical Companies

Purpose: Comparative Earning Quality of State and privately pharmaceutical companies listed on Indonesian Stock Exchange (BEI) between 2019-2023 period with liquidity, profitability, solvency and efficiency ratio. Methodology/approach: After collecting the necessary data, appropriate financial ratios and descriptive statistical techniques are used to analyze, interpret and provide a brief overview of the data collected. the comparison involves two state-owned and two privately-owned pharmaceutical discretionary accruals and earnings persistence for earnings quality, and net profit margin, current ratio, debt-to-equity ratio, and total asset turnover for financial performance measurements. Findings: net profit margin, current ratio, debt to equity ratio, dan total asset turnover have significant differences in the variables private are superior to those of state pharmaceutical companies. This recommends the importance of improving earnings quality of State pharmaceutical companies Practical implications: these companies should refrain from earnings manipulation to foster strong and high-quality financial performance, particularly within Indonesia's pharmaceutical sector. Originality/value: This comparison aims to contribute to financial management research by providing insights into the performance of different types of pharmaceutical companies based on earnings quality and financial statement ratios, thus offering academic contributions to the field.

Implementasi Akuntansi Pura: Studi Kasus di Pura Khayangan Tiga Desa, Kamiwangi, Kecamatan Toili Barat, Kabupaten Banggai, Provinsi Sulawesi Tengah

The aim of this research is to implement accounting in the preparation of financial reports at Khayangan Tiga Temple, Kamiwangi Village in accordance with Accounting Standards, especially ISAK 35. This research uses a qualitative approach with descriptive methods. The informants in this study were 5 people. In this research, data was collected using observation, interview and documentation techniques. The data analysis techniques in this research are data collection, data reduction, data presentation, and drawing conclusions. The results of this research show that Pura Khayangan Tiga, Kamiwangi Village, has carried out financial records, but it is still done in a simple manner where it is only limited to cash income and expenditure. The financial reports presented are only daily cash reports which are still not in accordance with the Financial Accounting Standards Interpretation (ISAK) No. 35. After presenting the financial report for Khayangan Temple Three Kamiwangi Villages based on ISAK No. 35 produces five financial reports, namely Comprehensive Income Report, Change in Net Assets Report, Financial Position Report, Cash Flow Report, and Notes to Financial Reports.

High-Deductible Health Insurance May Exacerbate Racial And Ethnic Wealth Disparities.

This study examined the equity implications of high-deductible health plans within the context of racial and ethnic wealth disparities. Using restricted data from the Medical Expenditure Panel Survey, we evaluated the net worth (in 2011-18) and financial assets (in 2011-16) of families with private insurance and those in high-deductible health plans with and without an associated health savings account. Our results represent, to our knowledge, the first estimates of racial and ethnic wealth disparities within these populations. Results show that White households consistently held significantly more wealth than did Black and Hispanic households across income levels. In the lowest income quartile, White privately insured families had more than 350percent more in financial assets than their Black counterparts. Low-income Black and Hispanic families with high-deductible health plans but no savings accounts had median financial assets ($2,200 and $2,000, respectively) that were well below the average family coverage deductible. Study findings highlight the role of systemic racial wealth disparities, beyond that of income, to establish a unique pathway whereby high deductibles can exacerbate health care inequities.

The Impact of Competitive Relations on the Issuers’ Dividend Policy

Purpose: The aim of the research is to analyse the impact of indicators of market position and financial stability of companies as determinants of competitiveness on dividend policy. Methodology: The research employed the methods of correlation analysis, multivariate regression, and statistical analysis. Findings: As a result of the study, two indicators characterizing dividend policy and eleven indicators were identified as determinants of companies’ competitiveness. It was established which determinants of competitiveness have a close connection and significant impact on the dividend policy. It was found that for Lenovo, P/B ratio (–0.69) has the greatest impact, Dividend Yield, variables not included in the model (0.62), Annual revenue (1.18), Net assets by year (0.93) — on Annual dividend payments. For ASUS, Total debt by year (0.88) has the greatest impact on Dividend Yield, Total liabilities (0.36) and Total debt (0.63) - on Annual dividend payments. Originality: The results indicate that ASUS actively uses debt policies in the competition for investors, while Lenovo follows a more conservative approach. The results may be useful for investors when choosing companies to invest in. Research prospects may be aimed at investigating the relationship between dividend policy and global macroeconomic phenomena.

The Effect of Net Profit Margin (NPM) and Total Assets Turnover (TATO) Return on Assets (ROA) at PT Telekomunikasi Indonesia (Persero) Tbk for the Period of 2019-2023

Finding a correlation between ROA and the independent Factors nett profit margin and total asset turnover is the main objective of this study. The research population consists of twenty quarterly financial reports that span the years 2019–2023, sourced from PT Telekomunikasi Indonesia (Persero) Tbk. The study employs quantitative approaches using data extracted from the company's financial records and a sample strategy based on purposeful sampling. To analyse the data, statisticians employ tools like coefficient of determination, hypothesis testing, multiple linear regression, and correlation. Net Profit Margin (NPM) and Total Assets Turnover (TATO) have a partial and simultaneous effect on Return on Assets (ROA) at the 0.05 level of significance

How the Neoclassical Market Ideology Destroys the Market: Shareholder Value Maximization as a Self-Defeating Prophecy

Abstract According to the widespread, neoclassical market ideology, market prices are not simply helpful, yet imperfect, reference points for consumers and profit-seeking enterprises. Rather, they are interpreted as reflecting the true value of goods. The hypothetical end result of the market process – the market equilibrium – is thereby assumed to be an ever-satisfied condition of the market economy. Based on this unrealistic presupposition, this market ideology maintains that the performance of managers can be evaluated from the prices of the (net) assets they control and, in the case of publicly traded companies, share prices. The share prices supposedly reflect the value that managers create for shareholders and, thus, the economy as a whole. If this were actually the case, the maximization of so-called shareholder value would be a socially beneficial goal for managers. The present paper demonstrates, however, that the ongoing re-orientation of corporate governance towards the maximization of values (as revealed by share prices) instead of profits (as determined by the accounting system) destroys the very market processes that coordinate business activity and allocate resources in the market economy.

Analisis Penerimaan Pendapatan Asli Daerah (PAD) Ditinjau Dari Kontribusi PAD, Elastisitas PAD dan Kinerja Pajak Daerah Pada Pemerintah Kota Sibolga

This study aims to analyze the contribution of local revenue, the elasticity of local revenue and the performance of local taxes in the Sibolga City government. Local Own Revenue is the right of the local government which is recognized as an increase in the value of net assets obtained from local taxes, local levies, the results of the management of separated local assets and other legitimate local revenue. This research was tested on the sibolga city local government in 2018-2022. The data analysis technique used in this research is descriptive and quantitative analysis. The results of the analysis show that the contribution of local revenue tends to be unfavorable, the elasticity of local revenue tends to be elastic to gross regional domestic product and the performance of local taxes tends to be very effective.

Portfolio Evaluation of Selected Large cap & Midcap Mutual Fund Schemes

"Wealth, place & power are no measure of sources. The only true measure is the ratio between what we might have been & what we have become". In this regard people should upgrade their knowledge & keep in pace with changing technology & market condition to reach their desired goal. As new opportunities are opening up in every field all over the world. The desired goal can achieve only when both theory and practical go together hand in hand. This article is such an attempt to understand or link the theoretical concept with that of practical applicability. It provides an in-depth analysis of Mutual Funds Schemes, encompassing their benefits, various facts crucial to understand and associated risks. Furthermore, the theoretical background of mutual funds, including the types of funds available, their advantages, and potential risks have been dealt with. The study majorly focuses on evaluating the performance of specific mutual fund schemes in the large-cap and mid- cap categories. By analyzing various portfolio evaluation models, including Sharpe, Treynor, and Jensen's alpha, as well as other metrics such as Standard Deviation, Beta, and Portfolio Return, the research aims to identify top- performing funds. The study utilizes correlation analysis and the ARIMA model to forecast the Net Asset Value (NAV) of the highest-ranked funds, providing insights into risk and return profiles, and assisting advisors in recommending suitable investment choices to investors. The study concludes by emphasizing the importance of professional management and diversification in investment, particularly within the dynamic and unpredictable stock market environment. Keywords: Risk, Return, Beta, Standard Deviation (SD), Net Asset Value (NAV) & Assets under Management (AUM), Autoregressive Integrated Moving Average (ARIMA)

Dupont System Analysis For Measure Financial Performance At Automotive Component Industry In Indonesia

The purpose of this study is to evaluate the financial performance of several automotive component industry companies in Indonesia. The research used of descriptive-quantitative research method, the research of attempted to collect and present data from companies for analysis so as to provide a fairly clear picture of the object under study. The type of data used in this research is quantitative data, namely data in the form of explanations or statements in the form of numbers, namely financial reports from several companies listed on the Indonesian Stock Exchange which are used as the population in the research, including; AUTO, ASII, DRMA, BOLT, SMSM, GJTL and INDS for the 2019-2023 period. By using the Dupont system method as an analysis method. Analysis of the Dupont system method also shows that factors such as net profit margin, asset efficiency and financial leverage influence the financial performance of companies in the automotive components industry. The results of this research explain how the dupon system determines between six similar companies providing company performance data in terms of Net Profit Margin (NPM), Total Asset Turn Over (TATO), Equity Multiplier (EM) and Return on Equity which can be used by potential investors in investing in automotive component industry companies in Indonesia.

COVID-19 and Household Wealth Heterogeneity: Evidence from South Korea

Although several studies highlighted the disproportionate effects of the pandemic on household income, its effect on household wealth has been largely disregarded. This study investigated household wealth heterogeneity in Korea using unconditional quantile regression in 2020-2021. These findings indicate that self-employed workers maintained their net assets through targeted fiscal support. However, low-educated workers, poor households, and old households suffered economic damage. Second,unemployed people experienced severe decreases in net wealth due to the pandemic. Lastly, home-owning households in the capital region earned more assets because of asset market booms. Therefore, it suggests inclusive fiscal support to alleviate wealth disparities.

Determinasi RAROC Bank menggunakan Faktor Internal dan Faktor Eksternal Bank serta Size sebagai Variabel Moderasi

This study aims to explore the influence of internal and external company factors on bank profitability with size as a moderating variable. The company's financial ratios and macroeconomic variables are used to determine bank profitability, specifically the Risk-Adjusted Return on Capital (RAROC). A panel data model is employed to determine the RAROC in Indonesia for the period 2014 to 2023. This study finds that Non-Performing Loans, Electricity Consumption, Oil Prices, Exchange Rate, and FED Rate do not affect RAROC. However, Net Interest Margin and Total Assets have a significantly negative effect on RAROC, while Market Power has a significantly positive effect on RAROC. Additionally, Total Assets strengthen the negative effect of Non-Performing Loans and Net Interest Margin on RAROC, while Total Assets strengthen the positive effect of Market Power, Electricity Consumption, Oil Prices, Exchange Rate, and FED Rate on RAROC.

A Study of the Impact of Private Equity Funds on the Value of SMEs

Private equity (PE), a type of equity investment in unlisted companies, has gradually become more popular in the domestic market as a result of China's economy's rapid development. According to certain experts, private equity significantly affects businesses. Less research has been done, though, on how private equity funds affect business value. The focus of this article is therefore the impact of PE on the valuation of SMEs. Based on the GEM data from 2019 to 2022, the empirical analysis of the results by means of multi-linear regression model indicates that the value of private equity firms is higher than that of non-private equity investors, and the lower the balance sheet ratio, the higher the return on net assets ratio, or the higher the research and development intensity of the enterprises participated by private equity institutions, the more conducive it is to increase the value of small and medium-sized enterprises.

Resilience to drought and climate change disasters and its determinants in the heterogeneous pastoral Ethiopia

Disastrous livestock losses have been documented over long periods in pastoral Ethiopia, and this challenge has remained unresolved. Nevertheless, this issue has received less attention than it deserves. This study estimated resilience of households to drought and climate change using survey data collected from 2756 households in the four pastoral regions of Ethiopia. A two-step approach, along with factor analysis, was followed to estimate resilience by household categories, intervention groups, and regions. Following this, tobit model was estimated to identify factors influencing resilience. The results indicated, (1) the average resilience estimated for treated and untreated groups range from 0.32 to 0.90 and from 0.32 to 0.55, respectively. (2) The components of income and food-access, public services, social safety net, and liquid and non-liquid assets boosted the estimated resilience. To those components, daily per-capita income and expenditure, food-insecurity, health-post, mobility, time-efficient food-aid, livestock-size and diversity, and irrigated land contributed most. (3) The estimated tobit model indicated months of drought, whether households produce or purchase grain for consumption, among others, significantly influenced resilience. To improve resilience, the study advises diversified income, school-feeding, market access, water points, and timely food-aid. Over time, transformative investments in road and irrigation, augmented by technology and training for forage and crop production require attention.

Corporate governance dynamics in financial institution performance: A panel data analysis

The study aims to identify the effect of corporate governance factors on financial institution performance in Bangladesh. This study employs annual data for 20 financial institutions, including banks, NBFIs, and insurance companies, data is collected from 2011 to 2022. Here, three corporate governance indicators are utilized – board size, board independence, and director’s ownership. The performance of the financial institutions is measured using return on assets (ROA), return on equity (ROE), and net asset value (NAV). Apart from the corporate governance variables, three company-specific factors, i.e., firm age, financial leverage, and firm size, are used as the control variables. Panel data analysis is conducted through the dynamic Feasible Generalize Least Square (FGLS) method, and the robustness is performed using the random effect model. The results show that corporate governance parameter such as board size has a significant positive influence on financial institution performance in Bangladesh, where board independence and director ownership do not have a significant influence on the performance of financial institutions. Thus, the performance of financial institutions increases when board size increases. This indicates that board members are actively engaged in strategic decision-making and ensure the rights of all stakeholders, which helps improve financial institutions’ overall performance. Therefore, financial institutions may increase their board size to the maximum level to ensure better corporate governance practices in the organizations, which ultimately increases performance.