Abstract:This study aims to analyze stock market reactions to Cum-Ex Dividend announcements for companies listed on the Indonesia Stock Exchange (IDX) in 2024. Market reactions were measured through abnormal returns and stock trading…
ding volume before and after Cum-Ex Dividend announcements. This study was motivated by differences in investor behavior in responding to dividend distribution information, which is regarded as a positive signal for the market. The research employed a comparative quantitative method with an event study approach. The sampling technique used was purposive sampling. Secondary data were obtained from the Indonesia Stock Exchange, comprising a sample of 88 issuers that distributed cash dividends. Research variables consisted of stock prices and stock trading volume. Data analysis was performed using dummy regression and the Wilcoxon Signed Rank Test with EViews 12 software. The results showed that the majority of issuers (81.82%) experienced significant market reactions to the Cum-Ex Dividend announcement. A total of 56.82% of issuers showed significant negative reactions consistent with the dividend drop theory, while 25% showed significant positive reactions, indicating that investors viewed dividends as a positive signal for company prospects. Meanwhile, 18.18% of issuers showed no significant reaction to dividend announcements. This study demonstrates that Cum-Ex Dividend announcements affect abnormal returns and stock trading volume, thus providing a basis for investor consideration in making investment decisions in the capital market.
Abstract:Pasar modal merupakan industri berbasis kepercayaan (trust-based industry) yang idealnya mengedepankan prinsip transparansi dan keadilan publik. Namun, realitas di Bursa Efek Indonesia (BEI) di awal tahun 2026 diwarnai oleh…
leh sanksi berat Otoritas Jasa Keuangan (OJK) terhadap emiten PT Multi Makmur Lemindo Tbk (PIPA) dan PT Repower Asia Indonesia Tbk (REAL) akibat kesalahan material laporan keuangan dan transaksi abnormal. Berbeda dengan riset terdahulu yang mengkaji kecurangan pasar secara parsial, penelitian ini bertujuan untuk mengintegrasikan praktik manajemen laba (earnings management), transaksi orang dalam (insider trading), dan manipulasi pasar (saham gorengan) sebagai satu kesatuan mata rantai kejahatan kerah putih (white-collar crime), sekaligus membedahnya melalui tinjauan etika bisnis normatif. Dengan menggunakan pendekatan kualitatif deskriptif-analitis, penelitian ini menerapkan teknik analisis konten (content analysis) dan studi literatur komparatif terhadap data sekunder rilis resmi regulator serta laporan keuangan emiten. Pisau analisis yang digunakan mencakup Fraud Diamond Theory, Teori Keagenan (Agency Theory), Asimetri Informasi, serta Paradigma Integritas Manusia Utuh. Hasil penelitian menunjukkan adanya sinkronisasi kecurangan yang terstruktur dari hulu ke hilir. Tahap hulu (the setup) diawali dengan rekayasa akuntansi melalui penyalahgunaan kapabilitas manajemen. Ketimpangan informasi di hulu kemudian dimanfaatkan di tengah jalan (the leak) untuk membocorkan informasi material kepada jaringan afiliasi, yang bermuara pada transaksi semu di hilir (the execution) guna menjebak psikologi investor ritel demi keuntungan egoistik sepihak. Dari tinjauan etika utilitarianisme dan deontologi Immanuel Kant, mata rantai kejahatan finansial ini dinilai cacat moral secara mutlak karena mencederai kewajiban moral kejujuran (duty of honesty) dan mengeksploitasi investor publik semata-mata sebagai alat komersial (means to an end). Penelitian ini merekomendasikan perlunya penguatan sistem deteksi dini terintegrasi oleh regulator untuk memutus rantai kecurangan finansial di bursa nasional, Indonesia terutama ketika penerapannya masih bersifat formalitas dan belum didukung oleh budaya organisasi yang berintegritas. Perbedaan hasil juga dipengaruhi oleh sektor industri dan tingkat kematangan tata kelola masing-masing organisasi. Kebaruan penelitian ini terletak pada perbandingan lintas sektor dan metode yang memperlihatkan bahwa efektivitas GCG dan audit internal sangat bergantung pada komitmen nyata dari manajemen serta internalisasi nilai-nilai etis dalam organisasi. Untuk penelitian selanjutnya, disarankan agar mengkaji variabel moderasi seperti budaya organisasi dan komitmen manajemen, serta memperluas cakupan sektor penelitian agar hasilnya lebih representatif.
Abstract:Plastic waste is an environmental problem that continues to increase along with the development of community economic activities, especially in traditional market areas. Mardika Market, Ambon City, as a center of trade and…
nd community economic activities, produces a fairly high volume of plastic waste, requiring effective and sustainable management. This study aims to analyze plastic waste management and its implications for community economic activities in the Mardika Market area of Ambon City. The study used a qualitative descriptive method with a literature study and document analysis approach. Data were obtained from publications from the Central Statistics Agency (BPS), the National Waste Management Information System (SIPSN), scientific journals, government reports, and various relevant documents. Data analysis was carried out through the stages of data collection, data reduction, data presentation, and drawing conclusions. The results of the study indicate that plastic waste management in the Mardika Market area still faces various challenges, including the high use of single-use plastics, limited community participation, and the suboptimal implementation of the Reduce, Reuse, and Recycle (3R) principles. These conditions have implications for the cleanliness and comfort of the market environment, which can affect community economic activities, especially visitor comfort and trading activities. Therefore, synergy between the government, traders, and the community is needed to improve the effectiveness of plastic waste management to support the creation of a clean, comfortable, and productive market environment.
Abstract:This study examines the Indonesian capital market reaction to the announcement of the appointment of Purbaya Yudhi Sadewa as Minister of Finance on September 8, 2025. Using an event study approach, the analysis focuses on…
n companies included in the LQ45 index and observes market reaction within an eleven-day event window from five trading days before to five trading days after the announcement. Market reaction is measured using abnormal return, trading volume activity, and stock volatility. The data consist of daily stock prices, trading volume, outstanding shares, and market index data obtained from capital market data sources. Because the normality test indicates that the data are not normally distributed, the hypotheses are tested using the Wilcoxon Signed Rank Test. The findings show significant differences in abnormal return, trading volume activity, and stock volatility before and after the announcement. These results indicate that the appointment of the Minister of Finance contains information value for investors and is associated with changes in price reaction, trading intensity, and perceived market risk among LQ45 stocks. The study contributes to event study literature by documenting market responses to a strategic fiscal leadership event in an emerging capital market
Abstract:This study examines the reaction of the Indonesian capital market to the escalation of the Iran conflict in 2026 using an event study approach focusing on energy sector firms listed on the Indonesia Stock Exchange. Market…
t reactions are measured using Average Abnormal Return (AAR) and Trading Volume Activity (TVA). The observation period includes an 11-day event window (t−5 to t+5) and a 100-day estimation period. Statistical tests employed include the Shapiro–Wilk normality test, one-sample t-test, paired sample t-test, and Wilcoxon Signed Rank Test.
The findings indicate that abnormal returns are only significant around the event date but do not differ significantly between pre- and post-event periods. In contrast, trading volume activity shows consistent and significant changes. These results suggest that geopolitical conflict information is more strongly reflected in trading behavior than in price adjustments. This study contributes to the literature by providing sector-specific evidence from an emerging market and highlighting behavioral market responses.
Abstract:This study analyzes the influence of Quality of Work Life (QWL) and Personality (Big Five Personality Traits) on employee Organizational Commitment at UD Fatoni in Central Lombok, filling the empirical gap regarding the…
interaction of external and internal factors in the context of local SMEs prone to high turnover. The main objective is to prove the partial and simultaneous influence of both variables on employee commitment. An explanatory quantitative approach was applied with a population of 40 employees using census techniques, primary data through a valid and reliable 5-point Likert questionnaire (Cronbach's Alpha >0.60), and multiple linear regression analysis via IBM SPSS 25 after the classical assumption test was met. The results showed that QWL had no significant effect partially (sig=0.253>0.05; β=0.149), while Personality had a significant positive effect (sig=0.002<0.05; β=0.604), with a strong simultaneous effect (F=8.852; sig=0.001) explaining 32.4% of the commitment variance. In conclusion, internal factors dominate loyalty in trading SMEs, providing theoretical contributions to organizational behavior models and practical implications for management in personality assessment and optimization of basic QWL for sustainable retention.
Abstract:This study aims to analyze the interpretations, behaviors, and preferences of gold investment among civil servants (PNS) of the South Sulawesi Provincial Government in facing economic volatility and inflation. Using a descriptive…
scriptive qualitative method with a case study approach, this study collected data through in-depth interviews with 13 informants consisting of active civil servants, retirees, and financial practitioners, supported by secondary data analysis. The results show that PNS interpretations of gold are multidimensional, namely as an effective life buffer and hedge against inflation, as well as an instrument for fulfilling cultural obligations (uang panai' and siri'). This study found a transformation in investment behavior from gold jewelry to gold bars and digital savings, driven by mental accounting mechanisms through payroll deduction systems to discipline spending. In conclusion, the local culture of Bugis-Makassar interacts dynamically with modern financial literacy, creating a hybrid investment pattern supported by sharia compliance and the integration of regional banking technology.
Abstract:Measuring portfolio performance cannot only be seen from the returns, but also must pay attention to the risks that investors will bear. Measuring the performance of a stock portfolio can be facilitated by using a proxy,…
namely LQ 45 shares, which are liquid stocks with high market capitalization, have high trading frequency, have good growth prospects and financial conditions, are not volatile and have been objectively selected by the IDX and are stocks. which is safe to own because the fundamental performance of these stocks is good, so that from a risk perspective the LQ 45 stock group has the lowest risk compared to other stocks. The research objective was to determine portfolio performance assessment using the Jensen method, a case study of the LQ45 index on the Indonesian stock exchange for the 2019-2022 period. The population in this study is LQ45 index shares on the Indonesian stock exchange for the 2019-2022 period based on a purposive sampling technique. Data collection is documentation and literature study. The data analysis that will be used in this study is by using the Microsoft Excel 2010 application program to form an optimal portfolio using the Single index model and to assess the performance of a stock portfolio using the Jensen index method. the results of portfolio performance analysis of Jensen's Alpha LQ45 index optimal stocks and obtaining an average RVOR value of 0.0207 or 2.07%.
Abstract:Abstract:Being a permanent employee are people who are still employees, that is a clear and guaranteed future, which gets more bonuses than contract employees. One of the national trading companies in Indonesia, namely PT…
T Pinus Merah Abadi, also recruits employees both at the head office and at each branch of the company, but in the process decisions made for employees cannot be made by employees. branch of the company, even in the number of many who are disadvantaged because the manual is still carried out by the manager, which is then filtered by the head office. To use these things, in this study a system that supports decisions in branch offices will be made using the fuzzy tsukamoto method which is expected to work from employees. And after the support system takes this decision, employees have made successful decisions, because employees can immediately see the calculation process through the application that has been made.
Keywords: fuzzy tsukamoto; permanent employee; decision support system
Abstrak:Menjadi seorang karyawan tetap di sebuah perusahaan adalah keinginna banyak orang yang masih menjadi seorang karyawan kontrak, selain masa depan yang jelas dan terjamin, seorang karyawan tetap mendapatkan bonus yang lebih banyak dibandingkan dengan karyawan kontrak. Salah satu perusahaan dagang nasional di Indonesia yaitu PT Pinus Merah Abadi juga melakukan perekrutan untuk karyawan tetap setiap tahunnya baik di kantor pusat maupun di setiap cabang perusahaan, namun dalam prosesnya terkadang keputusan yang dibuat mengenai pengangkatan karyawan tetap oleh perusahaan tidak memuaskan para karyawan yang ada di cabang perusahaan, bahkan terkadang para karyawan merasa dirugikan karena perhitungan nya masih dilakukan manual oleh manajer, yang kemudian diproses oleh kantor pusat. Untuk menangani hal tersebut, dalam penelitian ini akan dibuat sebuah sistem pendukung keputusan di kantor cabang perusahaan khususnya kantor cabang kisaran menggunakan metode fuzzy tsukamoto yang diharapkan bisa menangani keluhan dari para karyawan. Dan setelah sistem pendukung keputusan ini digunakan, para karyawan cabang sudah bisa menerima keputusan yang telah dibuat manajer, karena karyawan bisa langsung melihat proses perhitungannya melalui apikasi yang sudah dibuat.
Kata kunci: fuzzy tsukamoto; karyawan tetap; sistem pengambilan keputusan
Abstract:Abstract: Toko Mandiri Sukses Jaya distributes and becomes a trading company that supplies various daily necessities such as body care products (shampoo, soap), home care, food, drinks, so that data collection which is still…
till being carried out without supply management has an impact on the reporting process which is takes a long time and errors often occur in data collection, there is often an imbalance in the stock of goods and the packaging is quite long for that. Supply Chain Management (SCM) is a set of methods that are implemented and integrated for suppliers, companies, warehouses and other storage areas effectively and efficiently. This study aims to simplify inventory management, starting from the process of ordering goods from suppliers, procurement of goods to managing goods to customers at Toko Mandiri Sukses Jaya. With the application, Toko Mandiri Sukses Jaya can evaluate stock and product flow easily
Keywords: supply chain management; mandiri sukses jaya shop; website
Abstrak: Toko Mandiri Sukses Jaya menyalurkan dan menjadi salah satu perusahaan dagang yang menyuplai berbagai bahan kebutuhan sehari-hari seperti produk perawatan tubuh (sampo, sabun), perawatan rumah, makanan, minuman, sehingga pendataan yang masih dilakukan tanpa adanya supply management berdampak pada proses pelaporan yang memakan waktu lama dan sering terjadi kesalahan dalam pendataan, sering juga terjadi ketidak seimbangan stok barang dan pengemasan nya tergolong cukup lama untuk itu. Supply Chain Management (SCM) adalah seperangkat metode yang diterapkan dan terintegrasi untuk pemasok, perusahaan, gudang dan area penyimpanan lainnya secara efektif dan efisien Penelitian ini bertujuan untuk mempermudah manajemen persediaan barang, mulai dari proses pemesanan barang baik dari pemasok, pengadaan barang hingga pengelolaan barang kepada pelanggan pada Toko Mandiri Sukses Jaya. Dengan adanya aplikasi, maka Toko Mandiri Sukses Jaya dapat mengevaluasi stok dan aliran produk dengan mudah
Kata Kunci : supply chain management; toko mandiri sukses jaya; website