Equity Issue and a Long-Term Effect of Equity Market Timing on Capital Structure

Miswanto, Miswanto; ., .

doi:10.14419/ijet.v7i3.21.17100

Cited by 3 publications

(3 citation statements)

References 10 publications

(19 reference statements)

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“…Tabel 6 memuat hasil uji normalitas pada data yang telah melewati proses tranformasi. (Miswanto, 2018). Besar kecil laba setelah pajak dipengaruhi metode akuntansi yang dipergunakan pada periode itu.…”

Section: Moderate Positive Skewness Gambar 2 Bentuk Grafik Histogram unclassified

Analisis Kinerja Keuangan: Sesudah Dan Sebelum Krisis Ekonomi Global 2008 Pada Perusahaan Manufaktur Di Indonesia

Miswanto¹,

Aslan²

2020

balance

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This study aims to analyze the financial performance of Indonesian manufacturing companies after and before the global economic crisis of 2008. In this study, financial performance is measured by Return on Assets (ROA), Return on Equity (ROE) and Net Profit Margin (NPM). By comparing the average ROA, ROE and NPM before after and before the crisis, the results of testing with descriptive analysis can be stated that ROA, ROE and NPM after the crisis are higher than before the crisis. Thus financial performance after crisis has increased compared to before the crisis. Based on descriptive analysis, it can be found that the performance of financial manufacturing companies after the the crisis is better than before crisis. Based on the t test, the results of testing on ROA, ROE and NPM are as follows. First, the ROA after the crisis showed greater than before the 2008 global economic crisis and the increase was said to be significant. Second, the ROE after the crisis showed greater than before the global economic crisis, but was not statistically significant. Third, the NPM after the crisis also showed greater than before the crisis, but it was not statistically significant.Thus, the finding with the t test shows that financial performance as measured by ROA, its performance after the crisis increases compared to before the crisis.

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Section: Moderate Positive Skewness Gambar 2 Bentuk Grafik Histogram unclassified

Analisis Kinerja Keuangan: Sesudah Dan Sebelum Krisis Ekonomi Global 2008 Pada Perusahaan Manufaktur Di Indonesia

Miswanto¹,

Aslan²

2020

balance

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“…Market anomalies occur because investment decisions made by investors refer to behavior. Research conducted by Miswanto (2017); Miswanto (2018); Miswanto (2021) and Ratih (2021) found a corporate funding decision with a behavioral approach. The approach is to mark the company with market timing theory.…”

Section: Introductionmentioning

confidence: 99%

Investigation of winner-loser portfolio anomalies and size effect anomalies in LQ45 index, Indonesia stock exchange

Miswanto,

Putri

2023

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This study investigates the anomalies of winner-loser portfolios and anomalies of size effect on LQ45 stocks in the Indonesia Stock Exchange (IDX), period 2015-2020. The paired sample t-test (parametric) and Wilcoxon test (non-parametric) are used to test samples. Sample selection is carried out using the non-probability and purposive sampling methods. The shares of companies that met the sample criteria were 26. The primary data used cumulative abnormal returns and market capitalization as proxies for a company's stock size. The anomaly of the winner-loser effect phenomenon is observed by dividing the data into two periods: the formation period and the testing period. The periods are both short-term and long-term. The short-term period is six months, and the long-term is 12 months. The first finding shows reversals in average cumulative abnormal returns (CARs) on the winner-loser stock portfolio. In the testing period, the average CARs were turned down, and many average CARs became negative. Portfolio loser in the testing period, the average CARs reversed to positive. The second is a reversal in average CARs in winner-loser stock portfolios caused by the size effect. The performance of small winner-loser portfolios is proven to outperform big winners' portfolios. The reversal occurs in both the short-term and long-term. This finding suggests that behavioral finance can explain this market anomaly, and it is helpful for investors in coming up with strategies to get abnormal returns.

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“…Every year, the business in Indonesia continues to grow. Firms continue competing to get positions in the market in order to keep the survival of the company and ultimately can improve the shareholders wealth by maximizing the firm value (Miswanto, 2018). For the wealth of shareholders, firms must increase the efficiency of using assets.…”

Section: Introductionmentioning

confidence: 99%

Efficiency of Using Asset and Financial Performance: The Case of Indonesia Manufakcturing Companies

Miswanto

Oematan

2020

MIX

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This study analyzes the impact of asset use efficiency on financial performance and the impact of financial performance on shareholders' wealth. By using a research sample of manufacturing firms listed on the Indonesia Stock Exchange (IDX), the purpose of this study is to test whether: 1) the efficiency of using asset has a positive impact on financial performance and 2) financial performance has a positive impact on the welfare of shareholders. The analytical method uses SEM (Structural Equation Model) –(PLS (Partial Least Square) using WarpPLS 5.0. The asset efficiency variable is measured by activity ratios and the shareholder wealth variable is measured by stock return and firm value. The analytical techniques that used are outer model and inner model analysis. The variables of asset efficiency and shareholder wealth are measured variables and the financial performance variable is latent variable. The proceeds of his study state that the activity ratio: 1) working capital turnover (WCT), receivable turnover RCT), inventory turnover (INT), total asset turnover (TAT) have a positive impact on financial performance, and 2) cycle of cash conversion (CCC) has a negative impact on financial performance. The results of this study also states that financial performance positive impact on stock return and firm value. Thus, this study finds that the efficiency of using asset has a positive impact on financial performance, and performance of financial has a positive impact on stockholder wealth

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Equity Issue and a Long-Term Effect of Equity Market Timing on Capital Structure

Cited by 3 publications

References 10 publications

Analisis Kinerja Keuangan: Sesudah Dan Sebelum Krisis Ekonomi Global 2008 Pada Perusahaan Manufaktur Di Indonesia

Analisis Kinerja Keuangan: Sesudah Dan Sebelum Krisis Ekonomi Global 2008 Pada Perusahaan Manufaktur Di Indonesia

Investigation of winner-loser portfolio anomalies and size effect anomalies in LQ45 index, Indonesia stock exchange

Efficiency of Using Asset and Financial Performance: The Case of Indonesia Manufakcturing Companies

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