Stock Research Articles

The Influence of Environmental, Social, and Governance Performance Disclosure on Stock Performance

This research aims to evaluate the effect of environmental, social, and governance (ESG) performance disclosure on the stock performance of companies listed on the Indonesia Stock Exchange (BEI) during the 2018-2022 period, using the price earning ratio (PER) as an indicator of stock performance. The research population includes companies listed on the IDX with ESG scores from the Thomson Reuters Eikon Database during the period studied. The research sample of 190 companies was selected using a purposive sampling technique. The data analysis method used is Panel Data Regression Analysis with the help of STATA 14 for Windows software. The research results show that environmental performance partially has a positive and significant influence on stock performance, while social and governance performance has no significant influence. Simultaneously, environmental, social, and governance performance variables influence the company's stock performance. This research implies that companies on the IDX can improve their stock performance by paying attention to environmental performance aspects. Even though social and governance performance does not partially show a significant influence, attention to these three aspects can improve overall stock performance. These findings provide insight to practitioners, regulators, and investors regarding the importance of ESG disclosure in the context of the Indonesian capital market.

Impact of Automobile Companies Stock Returns on Indian Stock Market Indices with Special Reference to Nifty Fifty Index

The Nifty Fifty Index has a free-float market capitalization-weighted index.it represents the weighted average of the top 50 Indian companies listed on the National Stock Exchange ,and it is one of the main stock indices being used in India, besides the BSE Sensex of the Bombay Stock Exchange. The Nifty 50 index represents 62% of the free float market capitalization of the stocks listed in the NSE (NATIONAL STOCK EXCHANGE) as on September 30,2022.sectors ‘s stocks are performing more consistently and provide high return with high risk in (NSE)NATIONAL STOCK EXCHANGE ,these stocks are emerging as most reliable stock in capital market. Nifty Fifty Index also influenced by the variation in Automobile Industry which happened due to market fluctuation .The Automobile Sector has influenced by micro and macro indicators So in this, researcher found a relationship between Nifty Fifty Index and different selected Automobile companies by the application of some statistical tools like as regression to examine the impact of different companies stock return on Nifty fifty Index and correlation to check the relationship between Nifty Fifty and Automobile Sector Companies. And for this study data of 18 years from 1 January 2003 December 2022 has been taken. After the application of test this can be concluded that nifty fifty Index have impact of Automobile companies’ stock return variation on it and Nifty fifty index and Automobile companies are highly positively correlated with each other. At last it can be recommended that one variable can be used for forecasting another variable. So it can be concluded that development of economy and capital market has a relationship with performance of Automobile Industry in stock market and its return providing capacity. This study is going to be helpful for those investors who prefer to invest in Automobile Sector.

EXAMINING THE IMPACT OF MARKET RISK PREMIUM, COMPANY SCALE, AND BOOK-TO-MARKET RATIO ON STOCK RETURNS: A COMPREHENSIVE STUDY OF IDX LISTED SOE COMPANIES IN 2021

This research explores Fama and French's Three Factor Model (1992), which identified key determinants of corporate returns. Using factors such as rate of return of risky investment, company size, and a comparison between book and market value, the research tested the model in the Indonesian context, using companies listed on the Indonesia Stock Exchange in the year 2021. The investigation focuses specifically on state-owned enterprises (SOE) which have a strategic role in economic recovery. Employing a panel data regression analysis, the study utilizes daily closing stock prices from six portfolios, each comprising stocks from 31 state-owned enterprises. The empirical findings indicate that, individually and collectively, all three factors—market risk premium, firm size, and book-to-market ratio—exert a statistically significant positive influence on the excess returns of state-owned company stocks in the year 2021

How does Shanghai crude oil futures affect top global oil companies: The role of multi-uncertainties

The international influence of Shanghai crude oil futures (INE) has been increasing year by year. This study adopts the connectedness network method to construct a risk spillover network between INE and the top 20 global oil companies and measures the static characteristics and dynamic trends of return and risk spillovers. wMoreover, the core factors affecting the systemic risk are identified from the dimensions of crude oil implied volatility, geopolitical risk, US economic policy uncertainty, and climate concern. The results reveal that the overall connectedness between INE returns and global oil company stock price returns is high, with oil companies located in the Americas and at the upstream end of the chain experiencing greater spillovers in the system. Furthermore, INE is a net recipient of risk spillovers in the system, being subject to spillovers from most oil companies. In a dynamic scenario, the total system spillover index is susceptible to unexpected events, and there is asymmetry in the system risk spillover between INE and oil company returns. Meanwhile, crude oil implied volatility and geopolitical risk are the main influences on the systematic risk of INE and oil company returns.

Pengaruh Pertumbuhan Laba, Leverage, Profitabiilitas, Likuiditas Terhadap Kebijakan Dividen

Dividend policy is a measure of the stability of a company's stock management by determining the proportion of dividends that balances the growth of the company and the welfare of investors. The purpose of this study is to determine the impact of earnings growth, leverage,profitability,liquidity on dividend policy. This study uses data on the financial reports of manufacturing.companies in the food and beverage subsector from 2019-2022. In this study, the sample was selected using purposive sampling techniques and criteria to obtain 48 data from 14 companies. The.method used in this study consists of several linear regression techniques to analyze the relationship between independent and dependent variables. The results of this study show that the variable earnings growth has a significant negative impact on the dividend policy, the variable leverage (DER) has no effect on the dividend policy, and the variable profitability (NPM) has a significant negative impact on the dividend policy has been shown to have a significant positive impact on Impact on dividend policy and liquidity variable (CR) has no effect on dividend.policy The level of a company's ability to pay dividends is an investment signal for investors. Therefore, companies need to maintain their ability to generate profits and manage leverage. Failure to manage this will have a negative impact on the company itself, reducing its ability to pay dividends. Investors also need to be more careful, such as observing company signals, before investing in a company.

ANALYSIS OF DIFFERENCES IN PSAK NO. 23 ON SALES ON CV “CANTIK”


 This research aims to determine the accounting treatment of income at CV Cantik supplies. The method used in this research uses the descriptive method, namely describing how to recognize, record, measure and present the profit and loss report at CV Cantik Supplies. The conclusion of this research is CV Cantik Supplies recognizes income using the Accrual Basis and Cash Basis methods with a periodic recording method, measuring income based on rupiah units from sales transactions received in the form of cash or cash equivalents, which will then be reported in the financial report, namely the profit and loss report. CV. Cantik Supplies has implemented revenue recognition in accordance with PSAK No.23.

The New Tax Treatment of Capital Gains Arising from the Indirect Sale of Italian Real Estate Held by Non-Residents

This note analyses the provisions introduced by article 1(96) to (99) of Italian Law No. 197 of 29 December 2022 (Budget Law 2023) relating to the tax treatment of capital gains realized by non-residents from an indirect sale of immovable property located in Italy. The note takes into consideration initial interpretations provided by the Italian doctrine since the provisions were enacted, as well as by Assonime (the Italian Association of Joint Stock Companies) in Circular No. 23 of 1 August 2023. Moreover, the article provides some critical observations on the most controversial aspects of the provisions.

Evolution of Equity Information in the Balance Sheet

The purpose of the study is to single out the main changes in the presentation of equity capital in the balance sheet made since the end of the 20th century to present day. Analysis, synthesis, deduction, etc. were chosen as the methodological basis, and scientific articles on this topic and regulatory documents formed the information base of the research. The article considers the main legal and economic prerequisites associated with changing the section on the organization’s own capital, as well as the history of the development of joint-stock companies during this period. The role of IFRS in the process of reforming the domestic accounting system in Russia is determined. The main changes in the presentation of existing items for equity are singled out. The change in the role of the “authorized capital” indicator is shown. The contradictions of the law “On Joint Stock Companies” regarding the formation and use of the reserve fund are identified. The stages of revaluation of fixed assets in Russia and its reflection in the accounting system are presented. The problem of regulation of share premium is analyzed, the content of articles removed from the section on the organization’s equity capital is described. We hope that the results of the study will be useful to researchers and specialists of the Ministry of Finance of the Russian Federation, and will also find practical reflection in new regulatory documents.

ARIMA Model, Discounted Cash Flow Analysis, and Dividend Discount Model for Five Technology Stocks' Pricing and Trading Strategy

This study examines the ability of three widely used financial and econometric models-the Autoregressive Integrated Moving Average (ARIMA), the Discounted Cash Flow (DCF), and the Dividend Discount Model (DDM), to accurately forecast the stock prices of five well-known technological companies. Every theoretical framework offers a unique point of view. DDM places an emphasis on the value of expected future dividends. Collecting historical information on each stock and then applying that information to the relevant models in order to make projections about future stock values was an integral part of the process. In order to evaluate the accuracy, dependability, and applicability of each model in regard to the technology equity, a head-to-head comparison was carried out. Based on the preliminary findings, it appears that while ARIMA can provide valuable insights for price changes in the short term, DCF and DDM can provide a more comprehensive view of the long-term intrinsic worth of a company's stock. However, the effectiveness of each model differed among the several technological stocks that were considered, underscoring the relevance of selecting a model that is adapted to the particular qualities and dynamics of a specific stock as well as the industry in which it operates.

Stock Valuation and Risk Analysis Report: Real Estate Industry

The real estate industry plays a fundamental role in laying the foundation for China's national economic development. Its contribution to driving economic growth, promoting social employment, and optimizing residents' living environments cannot be underestimated. Therefore, objective evaluation of real estate company value is of utmost importance. Investors typically utilize stock valuation models to assess the value of a company's stock. However, the theoretical valuations derived from these models often differ from the market value. This research focuses on an empirical analysis of stock valuation and actual pricing in the real estate sector, using the stock (code: 02007) issued by Country Garden Holdings as the case study. The average price-to-book ratio method is applied to theoretically value the stock, and the resulting valuation is then compared with the actual pricing. The analysis aims to uncover the reasons behind the differences between the two and identify the risk factors involved. The risk factors contributing to a lower stock valuation than the actual pricing is primarily associated with the overall impact of the real estate industry and Country Garden Group's operational risks. This study provides valuable insights for real estate companies seeking to improve their business operations and enhance their value creation capabilities. It also serves as a significant reference for investors when conducting stock valuations.

The practice of applying the squeeze-out procedure and its impact on the introduction of escrow accounts as a new type of bank accounts in Ukraine

The article deals with the peculiarities of the squeeze-out procedure in Ukraine within the framework of European integration and implementation of European corporate governance standards. The author analyzes the positions of European courts on the legality and constitutionality of the squeeze-out procedure in the context of violation of minority shareholders’ property rights. The author ivestigates the grounds for declaring squeeze-out unconstitutional in Georgia, in particular, the procedure for determining the price of shares, that resulted in an imbalance of interests of the participants in the procedure. Taking into account the Court’s position, a new entity was involved in the process of share buyback – a court which, upon the application of the majority shareholder, appoints an independent expert or a brokerage company to price the shares and fixes the price of shares and the date of their compulsory buyback in its decision. It is found out that the main interests of a majority shareholder in the squeeze-out procedure are to reduce administrative costs of holding a general meeting, to get rid of passive shareholders and to minimise opposition from minority shareholders, and to avoid free-ridering. At the same time, the interests of minority shareholders in the implementation of this mechanism are to obtain favourable terms from the sale of the shareholding. It is found out that most of the lawsuits of minority shareholders in Ukraine were related to the underpricing of alienated shares. The method of determining the price of shares was to establish the market value of the company’s shares by a valuation entity. However, due to the lack of effective regulatory framework for this procedure, such a price often did not meet the fairness criterion. The author examines the position of the Commercial Court of Cassation as part of the Supreme Court of 2022 regarding the understanding of the fair price of shares, which means not a specific amount of money (value), but compliance by the issuer (supervisory board) with the procedure for determining the market value of shares provided for by law. The author analyzes the implementation of an escrow account contract into the legislation of Ukraine. The author clarifies the procedure for paying the price of shares to minority shareholders by transferring funds to the bank where the claimant has opened an escrow account in accordance with the Law of Ukraine “On Joint Stock Companies”.

Procedure of forced buyout of shares (squeeze-out) in corporate law of Ukraine

In the context of new changes in corporate legislation this article examines the specifics of the implementation and protection of the minority shareholders’ right to demand fair compensation for the mandatory sale of their shares in case of transfering control over the company to other shareholders (participants).
 It is stated that implementing the right to mandatory buyback of shares by the owners of a controlling stake (more than 95 percent of ordinary shares), the problems arise concerning the violation of the right of the remaining minority shareholders to receive fair compensation for the mandatory sale of their shares.
 It is highlighted that issues on implementing the right to buy back shares at a fair price by controlling shareholders are caused by the flaws of Article 95 of the Law of Ukraine «On Joint Stock Companies» concerning involving a professional appraiser, that violates the general rules established by the legislation on limit prices.
 Involvement of the evaluation activity subject to the independent determination of the company shares’ value at the request of minority shareholders who own at least 5% of the shares (or 1% in the case provided for by Article 95 of the Law on Joint Stock Companies), in order to overcome obstacles to exercise the right to a fair price through the mandatory sale of shares. The rule on the need to involve an appraisal activity subject conducting an independent appraisal of the value of the company’s shares at the request of minority shareholders who own more than 5% of the shares (or 1% or more, if it is provided for in Article 95 of the Law on Joint Stock Companies) should be removed from the Law .
 The method, developed by judicial practice, to protect the right to receive a fair price for shares in case of transfering control is contained in Article 95 of the Law of Ukraine «On Joint Stock Companies». In accordance with clause 21 of this article, any shareholder who believes that the price of the mandatory sale does not meet the requirements established by clauses 5-7 of this article, has the right to demand from the plaintiff compensation for the fair value of the shares purchased for such requirements due to the court procedure.

Analisis Pengaruh Transformational Leadership Terhadap Produktivitas Kerja

Transformational leadership is a leadership style that has long been discussed in the context of management and organization. The purpose of this study was to analyze the effect of transformational leadership on work productivity. The research method used is a literature study or Library Research with a qualitative approach. The aim is to analyze the comparison of theories about the differentiation between current ratio and profitability ratio on the company's stock price with the help of related references in the literature review. Based on the literature review that has been carried out on the results and discussion from both national and international journals, the conclusions in this article are: Transformational Leadership affects Work Productivity. Good leadership in the form of Transformational Leadership is essentially able to improve the quality and productivity of employee performance in a work environment. Keywords: Transformational leadership, work productivity

К вопросу о цифровых финансовых активах

The article defines and considers a range of individual problems related to the functioning of digital financial assets. The features of the issue, accounting and circulation of digital financial assets are noted. It is concluded that the legal facts underlying the emergence of monetary claims for digital financial assets may be different depending on which equity securities are to be issued in the form of a digital financial asset. The measures of protection of the rights and legitimate interests of purchasers of digital financial assets provided for by the law and regulations of the Bank of Russia are considered. The problem of protection of copyright holders of digital financial assets is touched upon. It is concluded that since digital financial assets are not actually a new object of civil rights, but represent a digital way of fixing binding, corporate rights, their protection should be carried out taking into account legal features and the type of relevant subjective right.

Analisis kinerja keuangan pada PT. XT

The company's strong financial performance is an attractive feature for investors. This research analyzes the financial performance of the company using ratio analysis and common size analysis. The financial ratios are used to evaluate the company's financial performance, while the common size approach is used to identify the reasons for changes in the profit and loss statement and financial position statement. The language used is clear, objective, and value-neutral, with a formal register and precise word choice. The text adheres to conventional structure and formatting features, with consistent citation and footnote style. The structure is logical and well-organized, with causal connections between statements. The text is free from grammatical errors, spelling mistakes, and punctuation errors. No changes in content have been made. Descriptive qualitative research that uses both quantitative and qualitative data. The research findings indicate good financial performance in terms of liquidity ratios and Gross Profit Margin (GPM), but not for Net Profit Margin (NPM). The solvency ratio is very good. The analysis utilizing the common size approach indicates an increase in the percentage of cash and cash equivalents, inventory, operational expenses, additional capital, and current debt, as well as a decrease in receivables and net profit from 2020-2022.

Dividend Announcement and Stock Prices: An Analysis of Selected IT Companies in India

The stock price movement attracts all stakeholders of the company. There are many factors as well as events that affect stock prices of the company and dividend announcement is one of them. So, the present study focuses on the impact of dividend announcements on share prices of selected IT companies listed in NSE in India. A dividend announcement gives a signal to investors about the company's strength and urges them to invest in the company's stock. The event study methodology is used in this study. Abnormal Return, Cumulative Return, Average Abnormal Return, Cumulative Average Abnormal Return, and t-statics of AR, CAR and CAAR are calculated. A paired t-test is calculated to measure the impact of a divided announcement on the share price before and after the announcement period. For that 21-day event window, 120 days of estimation window and 9 observations from the years 2016-17 to 2018-19 of selected.3 IT companies that are included in nifty50 as well as in nifty IT index and who are paying dividend have been selected. The paired t-test indicates a significant difference between pre and post-announcement periods in the year 2017-18 and shows insignificant differences in the years 2016-17 and 2018-19.

The Features and Problems of Management and Oversight of State-owned Enterprises and Sover-eign Funds in the RA

The article discusses the role of state-owned joint stock companies in the country's economy and financial system. Analyzing the viewpoints of a number of famous economists, a number of problems typical for effective SOE management were raised. The role of SOEs has been considered by three separate viewpoint. In one case as they considered as bodies that pay dividends to the state budget and provide state budget revenues and in the other case as bodies active within the framework of state policy in areas where private participation is not possible to achieve the stated goals of the state. In addition, in terms of state funds, SOEs were considered as entities providing financial flows in the form of investments in the economy. In the article, the problems and possible risks of the SOE management process in RA were identified and classified in the mentioned cases, as well as innovative proposals for their solution were presented. Compilations of statistical data on state-owned companies in foreign countries have been carried out. Management challenges, financial processes, operational efficiency and productivity, transparency and accountability, legislative, political, social economic and other issues discussed in the system approach were highlighted in the process of managing the state share of SOEs.

DIVIDEND POLICIES OF COMPANIES

The study on "Dividend Policies of Companies" delves into the intricate decisions and strategies that companies employ in distributing profits to their shareholders. Dividend policy is a crucial aspect of corporate finance that has significant implications for both investors and the overall financial health of a company. This research aims to provide a comprehensive understanding of the various factors influencing dividend policies, the diverse approaches adopted by companies across different industries, and the implications of these decisions on shareholder value. The research methodology encompasses a systematic review of existing literature, financial reports, and case studies to analyze the historical trends and current practices in dividend distribution. Key factors influencing dividend policies, such as profitability, cash flow, growth prospects, and industry dynamics, will be examined to uncover the underlying rationale guiding companies in formulating their dividend strategies. Furthermore, the study explores the impact of macroeconomic variables, regulatory frameworks, and market conditions on shaping dividend policies. Additionally, it investigates the relationship between dividend policies and a company's stock performance, investor perceptions, and overall market dynamics. The findings of this research aim to contribute valuable insights for investors, financial analysts, and corporate decision-makers, aiding them in making informed decisions regarding investment strategies, risk management, and capital allocation. Ultimately, a deeper understanding of dividend policies can enhance the efficiency of financial markets and contribute to the overall stability and sustainability of corporate entities. KEYWORDS Dividend Policies ,Corporate Finance,Shareholder Value ,Profit Distribution,Financial Health,Investment Strategies,Cash Flow Management,Growth Prospects

Pengaruh Right Issue dan Kurs Rupiah Terhadap Harga Saham Syariah Pada Perusahaan Yang Terdaftar Di Bursa Efek Indonesia

This study explores the impact of Right Issue and the exchange rate (kurs Rupiah) on the stock prices of Sharia-compliant companies listed on the Indonesia Stock Exchange from January 2017 to May 2022. Utilizing purposive sampling, 41 companies were selected for analysis using the multiple linear regression model and Eviews 10 software. The results reveal that Right Issue significantly negatively affects Sharia stock prices (t-value < t-table, -2.217714 < 2.02809, p = 0.0336 < 0.05). Conversely, the exchange rate (kurs Rupiah) does not significantly impact Sharia stock prices (t-value < t-table, -1.140584 < 2.02809, p = 0.2623 > 0.05). Simultaneously, both variables significantly influence Sharia Stock Prices (F-value = 4.13, p = 0.044863 < 0.05), indicating their combined positive and negative effects. Right Issue and Kurs Rupiah can be used as indicators of a company's value or stock price. The R-squared value is 0.171493 or 17%, implying that 17% of the variability in Sharia Stock Prices is explained by these variables. In conclusion, Right Issue and Kurs Rupiah contribute to a 17% influence on Sharia Stock Prices, while the remaining 83% is influenced by unexplored variables.

Pengaruh Rasio Solvabilitas, Likuiditas, Profitabilitas Terhadap Nilai Saham Perusahaan (Kebijakan Dividen Sebagai Variabel Moderating) Pada Perusahaan Manufaktur Di BEI Tahun 2017- 2021

The purpose of this study was to determine the effect of liquidity solvency and profitability on the value of company shares with dividend policy as a moderating variable in manufacturing companies listed on the Indonesian stock exchange for the 2017- 2021 period. The population selected was the food and beverage sub-sector of 30 companies, the sample was selected using the purposive sampling method, as many as 17 companies were the sample in the study. The variables used in this study are solvency, liquidity and profitability as independent variables, the company's stock value as the dependent variable, dividend policy as a moderating variable. Testing the research hypothesis using multiple linear analysis techniques with SPSS (statistical product and service solutions) application tools. The results of this study prove that: (1) Solvability has a positive and significant effect on the company's share value, (2) The dividend policy is able to moderate the effect of solvency on the company's share value, (3) Liquidity has a negative and insignificant effect on the company's share value, (4) Dividend policy is able to moderate the influence of liquidity on the company's stock value, (5) Profitability has a positive and significant effect on company value, (6) Dividend policy is able to moderate the effect of profitability on company stock value