Share Price Changes Research Articles

Profitabilitas pada Harga Saham Perusahaan yang Terdaftar di Bursa Efek Indonesia Tahun 2018- 2022

This study aims to examine the effect of profitability on Stock Prices in companies listed on the Indonesia Stock Exchange. The research population of companies on the Indonesia Stock Exchange in 2018-2022. The sample was selected using a purposive sampling method and a total of 45 companies were obtained. The type of data used is quantitative data and the data source is secondary data obtained from the official website of the Indonesia Stock Exchange, namely www.idx.co.id. The research data was analyzed using the panel data regression method, namely a combination of data from the time series and cross sections through Eviews 12 data processing. The cause of changes in share prices is wrong the other is influenced by internal factors, namely the profitability ratio. In the profitability ratio there are variables Return On Asset, Return On Equity, Return On Investment, Net Profit Margin, and Gross Profit Margin. The research result Return On Asset had a negative and significant effect on stock prices, Return On Equity, Return On Investment, and Gross Profit Margin had a positive and significant effect on stock prices, Net Profit Margin had a negatif and not significant effect on stock prices.

UKURAN PERUSAHAAN MEMODERASI PROFITABILITAS, LIKUIDITAS, DAN LEVERAGE TERHADAP HARGA SAHAM

Changes in share prices show positive sentiment towards the global economy, improvement in the domestic economy, and continued improvement in company performance. Therefore, stock price changes should be taken into consideration. This research aimed to examine the effect of profitability ratio, liquidity, and leverage on the stock price with the firm size as a moderating variable at the Food and Beverages companies listed on the Indonesia Stock Exchange (IDX). The profitability used return on asset, return on equity, net profit margin, earning per share, quick ratio, and cash ratio. Moreover, the liquidity had a current ratio. Then, leverage used debt to asset ratio, debt to equity ratio, long term debt to equity ratio, and time interest earned. Furthermore, the research was quantitative. There were 160 data samples of Food and Beverage companies listed on the Indonesia Stock Exchange (IDX). Additionally, the data analysis technique used Partial Least Square (PLS). The result showed that profitability affected the stock price. However, both liquidity and leverage did not affect the stock price. In addition, firm size was able to moderate the effect of profitability on stock price. In contrast, firm size was not able to moderate the effect of liquidity on stock price. On the other hand, firm size was able to moderate the effect of leverage on stock price.

Investor demand for stocks in Initial Public Offerings and their price behaviour after debut. Evidence from Poland

This article investigates the relationship between investor demand during an IPO and the long-term behaviour of share prices following a company’s stock market debut. Specifically, the study examines the impact of the demand observed during the public offering and the size of the offering on abnormal return rates for a sample of 116 IPOs on the Warsaw Stock Exchange between 2012 and mid-2022. The primary research hypothesis tests whether the medians of abnormal return rates, influenced by these factors, are statistically significant over several time intervals ranging from 3 to 12 months after the debut. The findings confirm that certain information from the completed public offering, particularly the relatively low number of new shares offered, plays a significant role in predicting abnormal changes in share prices during these periods. This research offers valuable insights for investors, emphasising the key factors within the IPO process that can influence the trajectory of share prices following a company’s market debut.

An Empirical Study on Announcement Effect of Right Issue Ex-Date

This research aims to examine how the market reacts regarding the announcement of the rights issue and how the market reacts at the ex date. The sampling technique is purposive sampling, namely companies that carry out rights issues and are active banking on the Indonesian Stock Exchange. Testing period 2015 to 2021. The technique used is multiple linear regression test and paired sample T test. The total number of companies is 27 issuers with research results showing that the announcement of a rights issue has an effect on changes in share prices where the p-value of the pair sample t-test is less than 0.05. Meanwhile, testing the market reaction regarding the ex date shows that there was a significant decline in stock prices so that the market reacted negatively with a p-value of less than 0.05 and there was a significant change in stock trading volume during the ex date condition with a p-value of less than 0.05.

리픽싱 전환사채 발행기업의 회계선택에 관한 사례연구 : 전환권 분류를 중심으로

[Purpose] The purpose of this study is to analyze through actual cases how a company’s accounting choices related to the right to convert refixing convertible bonds subsequently affect its financial statements. [Methodology] Among companies that issued convertible bonds with similar conditions at the same time, the entity classifies convertible bonds into derivative liabilities, capital, and derivative liabilities, respectively, subsequently reclassifies them into capital to confirm from a practical point of view how the accounting treatment of convertible bonds affects financial statements. In particular, considering that the refixing clause is linked to the stock price of the issuing companies, we consider whether the stock price movement was similar when selecting the sample companies to show that it is not an unusual case that appears only in extreme samples. [Findings] If the conversion right is classified as equity, changes in the share price and subsequent accounting for the conversion right do not affect the financial statements, but if it is classified as a liability, it can have a material impact on the statement of comprehensive income, and the impact increases with the size of the convertible bond issued and the change in share price. We also found that the accounting choice for the conversion right can be changed at the discretion of the companies, but it is confirmed that related disclosures is very insufficient. [Implications] The case of this study confirm that accounting for items that are not clearly presented in K－IFRS can cause confusion in the capital market if the accounting treatment is not clearly defined by the relevant authorities. It also suggests that political efforts should be made to ensure that the IASB’s discussion process for revising IAS 32 takes into account the situation in Korea.

PENGARUH PROFITABILITAS, LEVERAGE DAN PRODUKTIVITAS TERHADAP PERINGKAT OBLIGASI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEI PERIODE TAHUN 2020-2022

The stock exchange is the market where trading in stocks, bonds and other financial instruments takes place. The stock exchange is a place where companies can issue shares to obtain funds from investors, and investors can buy shares as a form of company ownership and benefit from changes in share prices. This study aims to measure how significant the influence of Profitability, Leverage and productivity is in determining bond ratings in manufacturing companies in 2020-2022. The sample in this study is a manufacturing company that issues bonds and is rated by PEFINDO (Indonesian Rating Agency), uses the rupiah currency in presenting the company's financial statements, and publishes complete audited financial statements. The data source used comes from the official website of the Indonesia Stock Exchange (IDX), namely www.idx.co.id and the bond rating database accessed from PTPEFINDO (www.pefindo.com). The conclusion of this study is that profitability has a positive effect on bond ratings, leverage has a negative effect on bond ratings and productivity has no effect on bond ratings.
 
 Keywords: Profitabilitas, Obligasi, Leverage, Produktifitas

Determinants of cash dividend impact on the share price changes by using panel data analysis: An empirical study in Egypt

Determinants of cash dividend impact on the share price changes by using panel data analysis: An empirical study in Egypt

Unlocking Investment Opportunities: Role Of Economic Growth on the Relationship Between Accounting Fundaments and Share Price of Firms in North Eastern Nigeria

Accounting fundamentals has been described as one of the key factors considered by investors when taking investment decisions. Previous studies focused on the role of accounting information on share price and completely underestimated the influencing role of real Gross Domestic Product (RGDP) on the relationship. Scholars have suggested that RGDP is important in understanding and explaining the change in share prices. Therefore, this study extended on the Ohlson model to incorporate RGDP so as to examine the moderating role of RGDP on the relationship accounting fundamentals and share price of listed manufacturing firms in Nigeria Exchange Group. The study covers 65 firms listed on the NGX for the period 2012 to 2021. The data for the study was sourced from NGX fact book and the Central bank Bulletin. The methods used for testing the information content of various accounting information were Ordinary Least Squared (OLS), Random Effects Model (REM), Fixed Effects Model (FEM). The findings from the analysis indicate that RGDP has significant moderating role on the relationship between accounting fundamentals and share prices. The study also reveals that Earning per share and Net book value per share and Price Earnings ratio are positively and significantly related to share price of listed manufacturing companies in NGX. Also reveals that PE is positively and insignificantly related to share price of listed manufacturing companies in NGX. On the basis of these findings, it was concluded that RGDP is a determinant for unlocking investment opportunities through accounting fundamentals in NGX. By implication, the reliability of accounting Fundamentals of listed manufacturing companies for investment decision could be enhanced in the NGX when the changing prices of shares are identified, captured, presented and equally published in the financial information of such firms by the preparers of accounti

The market for Gree's share buyback should be analysed

With the continuous improvement of the capital market and related regulations, the number of companies implementing share buybacks has gradually increased. When faced with large fluctuations in the stock market, many companies choose share buybacks to stabilize their share prices. This paper selects the three phases of GREE's share buyback from 2020 to 2021 as the research object, and uses the event study method to analyse the changes in share price and excess return of GREE's share buyback process, and further analyses the market effects generated by the three phases of share buyback. The study found that the positive market effect of the three share buybacks implemented by Gree Electric was limited. By analysing the market effects of the share buybacks of Gree Electric, we suggest that companies implementing share buybacks should not overstate the positive effects of share buybacks.

Accounting information and stock price changes in Nepalese hydropower companies

The study aimed to examine the relationship between accounting information (earnings per share, dividend per share and book value per share) on stock price changes (volatility) in Nepalese hydro power companies. It examined the impact of dividend per share, earnings per share and book value per share on stock price changes. Out of the 51 hydropower companies listed in Nepal Stock Exchange, Butwal Power Company Limited (BPC) and Chilime Hydro Power Company Limited (CHPC) were randomly selected for the study. The study period was covered 2073/2074 to 2078/2079 and data collected through the annual reports as well as data based on the Nepal Stock Exchange. Market value per share (MVPS) was taken as dependent variable and earnings per share (EPS), dividend per share (DPS) and book value per share (BVPS) as independent variables. Multiple regression analyses was used to identify the impact of accounting information on share price changes. A positive relation was found between EPS and MVPS in both companies. However DPS and BVPS showed mixed relationship (negative and positive) with MVPS of BPC and CHPC. The EPS of BPC found positive impact on MVPS. However DPS revealed negative impact on MVPS of both companies.

DAMPAK FLUKTUASI INFLASI TERHADAP PERUBAHAN HARGA SAHAM

The purpose of this study is to determine the impact of inflation fluctuations on stock price changes in the banking sector. Sample collection using purposive sampling technique with the condition that the sample is a company listed on the Indonesia Stock Exchange and publishes complete financial statements in the research period from 2019 - 2021, so that 24 companies were collected and a sample of 72 financial statement data was obtained. Data analysis techniques using the help of Eviews version 10, which shows the following results; based on LM test with probability results 0,14 > 0,05 which means that the right model estimation is the common effect model; from the heterokedastis test obtained probability value 0,76 > 0,05 means that heterokedastis does not occur, and normality test 0,94 > 0,05 this means that the residual is normally distributed; and the significance value of the hypothesis test is 0.9162 > 0,05 this means that fluctuations in inflation did not have a significant impact on changes in share prices of banking sector companies listed on the Indonesia Stock Exchange during the three study periods.
 
 Key word: fluctuations in inflation, changes in stock prices, banking sector

Generalized Methods on Access Bank Share Price Changes and Variations in Nigeria Stock Market

Purpose: Stock market performance and operation have been widely recognized as a viable investment field in financial markets. This paper studied the share price movement of Access Bank, PLC.Methodology:The share price data was subjected to a 3-step transition matrix for independent share prices, which enabled us to proffer precise conditions for obtaining future share price changes and placed criteria that enabled us to come up with a 2x2 matrix solution of Principal Component Analysis (PCA) on the share price of Access bank.Findings: The solution matrix of the stochastic analysis showed that Access Bank PLC has the best probability of price increasing shortly by 12%, the best probability of reducing in the future by 21%, and the best probability of no change shortly by 20%.Implication:More so, an increase in the trading days also increases the value of future share price changes, and other statistical variables were also found. Finally, the influences of the relevant parameters of stock market variables were effectively discussed in this paper.

THE INFLUENCE OF ECONOMIC FACTORS ON THE STOCK PRICE OF KIMIA FARMA COMPANIES ON THE INDONESIAN STOCK EXCHANGE

This scientific work aims to analyze the effect of economic factors on the stock price of the Farma chemical company on the Indonesia Stock Exchange. This research is based on the understanding that economic factors have an important role in determining the behavior of a company's stock price.This study uses a linear regression analysis method to examine the relationship between economic factors and the stock price of the Farma chemical company. The economic factors studied included macroeconomic variables such as economic growth, inflation and interest rates, as well as microeconomic variables such as company performance and industrial factors that influenced the Farma chemical sector.The data used in this study is historical data on the stock prices of Kimia Farma companies and data related to economic factors during a certain period. Data were analyzed quantitatively using the relevant statistical software.The results of this study are expected to provide a better understanding of the influence of economic factors on the stock price of the Farma chemical company on the Indonesia Stock Exchange. These findings can be a source of information for investors, decision makers and other related parties in anticipating changes in share prices and managing investment risk in the Farma chemical sector.The conclusion of this study is expected to provide new insights about the relationship between economic factors and the stock price of the Farma chemical company. This research can also provide input for the Farma chemical company in planning a more effective and sustainable investment strategy. In addition, the results of this study can form the basis for further research in the same or related fields in the future.

THE EFFECT OF CURRENT RATIO, DEBT TO EQUITY RATIO, RETURN ON ASSETS, AND COMPANY SIZE ON STOCK PRICE (EMPIRICAL STUDY ON PHARMACEUTICAL COMPANIES LISTED ON THE INDONESIAN STOCK EXCHANGE FOR THE PERIOD 2017 - 2021)

The average value of share prices in pharmaceutical companies listed on the Indonesia Stock Exchange for the period 2017-2021 shows a change in the average share price in 2017 of 2,082.20, then decreased in 2018 to 1,922.30. In 2019 it decreased again to 1,588.40, then in 2020 it increased to 4,705.90 and in 2021 it started to decline again to 3,402.20, so it can be interpreted that stock prices are always changing. Changes in the share price are influenced by investor considerations in purchasing shares based on the performance of the company's financial statements. This study aims to determine the effect of Current Ratio, Debt to Equity Ratio, Return on Assets, and Company Size on Share Price in pharmaceutical companies listed on the Indonesia Stock Exchange for the period 2017 - 2021. The samples of this study were 9 pharmaceutical companies listed on the Indonesia Stock Exchange for the period 2017-2021. This research was conducted using multiple linear regression methods with the help of the SPSS version 25 and Microsoft Excel 2016 programs. The results showed that Current Ratio, Debt to Equity Ratio, and Return on Assets had no significant effect on stock prices, while company size had a significant effect on stock prices.

Key Fundamental Factors and Long-run Price Changes in an Emerging Market—A Case Study of Karachi Stock Exchange (KSE)

Share prices are the most important indicator readily available to the investors for their decision to invest or not in a particular share. Theories suggest that share price changes are associated with changes in fundamental variables which are relevant for share valuation like payout ratio, dividend yield, capital structure, earnings size of the firm and its growth, [Wilcox (1984); Rappoport (1986); Downs (1991)]. Linter (1956) linked dividend changes to earnings while Shapiro valuation model (1962) showed dividend streams discounted by the difference in discount rate and growth in dividend should be equal to share price. This predicts direct relation between pay out ratio and the price-earning multiple. Conversely it means that there is an inverse relation between pay out ratio and share price changes. Several eventbased studies established direct relation between share price changes and either earnings or dividend changes [Ball and Brown (1968); Baskin (1989)]. Sharpe (1964) and Hamada (1972) suggested direct relation between share price changes and capital structure. Beaver, Kettler and Sholes (1970) showed that firms appear to pay less of their earnings if they have higher earning volatility. This suggests payout ratio as relevant factor for share price changes. Investigations of share price changes appear to yield evidence that changes in fundamental variable(s) should jointly bring about changes in share prices both in developed and emerging markets. However, the actual fundamental factors found to be relevant may vary from market to market. For example, changes in asset growth of firms are significant in the case of Japanese shares while earnings appear to be universally a relevant factor [Ariff, et al. (1994)]. However, it is widely agreed that a set of fundamental variables as suggested by individual theories is no doubt relevant as possible factors affecting share price changes in the short and the long-run [Ariff and Khan (2000)].

Changes in Share Prices of Macrosector Companies on the Warsaw Stock Exchange as a Reaction to the COVID-19 Pandemic

The crisis caused by the emergence of the COVID-19 pandemic had an impact on the economic situation worldwide, including the stock exchange quotations. The aim of the research is to assess the reaction to crisis situations of share prices of companies listed on the Warsaw Stock Exchange (Poland) belonging to three main macrosectors: Industry, Finance and Services. The main part of the analysis concerns the market reaction to the COVID-19 pandemic during its first wave. The study utilises the survival analysis methods, which allowed for an assessment and comparison of the situation of the three macrosectors. The duration of the decline in share prices and the recovery time were analysed. The intensity and probability of the decline and subsequent increase in share prices were also examined. The Kaplan–Meier estimator, Cox regression model and logit model were used in the study. The pandemic shocks differed significantly from shocks caused by economic crises in the past. We showed that the differences for macro-sector share price declines were statistically insignificant. For price increases, the Finance macrosector differed from the other macrosectors. The probability, intensity and odds of an increase in share prices of companies belonging to this macrosector were lower than for the other macrosectors. In addition, we compared the obtained results with the results of previous studies conducted for the period of the financial crisis in 2008–2009 and the bear market in 2011. We pointed out the differences between the crisis caused by the pandemic and the other crises.

Investigating the Impact of Bank-specific Determinants on Stock Price of Listed Commercial Banks: Evidence from Emerging Economy

This paper attempts to investigate the impact of bank-specific determinants on the stock price of Dhaka Stock Exchange (DSE) listed commercial banks in Bangladesh. Several bank-specific factors such as Book to Market Ratio, Return on Equity, Price/Earnings to Growth Ratio, Cash Flow per Share, Debt to Equity Ratio, Earnings per Share, Dividend per Share, Bank Size and Institutional Ownership Percentage have been analyzed for this study and tried to see the impact of each variable on the change in market price of share of 10 listed commercial banks spanning from 2011 to 2020. In empirical discussion four estimation models such as Fixed effects, Random effects, GLS, and Pooled OLS approach have been used to ensure the robustness of the models. To examine the validity of the models chosen for this study, the model specification test and many diagnostic checks were used, including the test of heteroskedasticity, the cross-sectional dependence test, the test of autocorrelation and the unit root test, etc. Our investiagtion reveals that only Bank Size and Book to Market Value explanatory variables are found significantly responsible for fluctuation in the change in share price of banks, contributing to the current literature by revealing the importance of bank-specific factors that include all metrics in their calculation. As a result, Bangladesh's DSE-listed banks should take appropriate measures to boost their stock values, such as attempting to improve the ratio that has a positive impact on the share price while decreasing the ratio that has a negative impact.

Market reactions to dividends announcements: evidence from the Warsaw Stock Exchange

The main goal of article is to investigate the Warsaw Stock Exchange market reaction to announcements in connection with planned dividend payouts. The research sample comprises 45 entities listed on the Warsaw Stock Exchange between 2017–2021. The analysis uses the simple rate of return and the buy-and-hold excess return. Regression analysis shows that change in DPR does not fully explain the share price changes. Nonetheless, the weak market reaction to dividend payment announcements may lead to the conclusion that Polish stocks already take into account information about dividend payouts.

Deep Q network framework on stock price prediction

Stock price forecasting seeks to forecast future changes in a trading exchange's share price. More profit can be made by investors with the help of correct stock price prediction. Artificial Intelligence methods such as Deep reinforcement learning has become more important for sound decision-making across a range of areas. Deep reinforcement learning has been utilized in a range of fields, including education, healthcare, transportation, finance, video games, robotics, computer vision and natural language processing. This model has proven efficient in handling a variety of challenging decision-making tasks that were previously beyond of the machine's capabilities. As a consequence, it is a model that can be used in creating smart frameworks that assists us in predicting when to buy or sell a specific stock. With limited historic information, reinforcement learning performs quite well. Within this work, we present a Deep Q-Network architecture that makes use of Q-Learning, off-policy reinforcement learning algorithm to determine which action an agent should perform in response to an action-value function. Using an action-value function, Q learning determines the value of being in a certain state and taking a particular action at that state.

Faktor-Faktor yang Mempengaruhi Harga Saham Pada Perusahaan Sub Sektor Infrastruktur, Utilitas dan Transportasi

The purpose of this research is to analyze the impact of key components of the firm, including return on equity, debt to equity ratio interest on the the value of the book shares of construction firms. The research model covers 8 companies in the manufacturing, utilities and transport sectors listed in IDX for the period 2019-2020 using the target selection method. The panel data were analyzed using SPSS 25 and this method was integrated to obtain the best regression results. According to the study, the main factor influencing the difference in the price of a group of animals. Significant positive correlations can be found in the return on equity, the ratio of debt to equity and the book value of changes in share prices.