Performance of SMEs Stocks Portfolios at Bucharest Stock Exchange

Tudor, Cristiana; Tudor, Maria; Anghel, Andrei

doi:10.1016/j.sbspro.2014.09.056

Cited by 2 publications

(6 citation statements)

References 13 publications

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“…The performance of SME stock portfolios in Indian capital market in one, three and six months of ownership periods were (0.61), (0.83) and (1.16), respectively (Figure 7). This result, especially SME stocks in Chinese and Indian capital markets, supported the study of Tudor et al (2014) which finds that Romanian capital market (Bucharest Stock Exchange) which invests in SME stocks get the best market performance based on calculation by risk-adjusted performance.…”

Section: Indonesia China Indiasupporting

confidence: 72%

“…Investment in small and medium enterprises (SME) or small and medium issuers is an investment alternative for investors which is expected to yield more competitive returns than investing in large issuers only. Banz (1981) finds that stock performance of companies with small capitalization consistently exceeds the stock performance of companies with large capitalization (Tudor et al, 2014).…”

Section: Introductionmentioning

confidence: 98%

“…Most of the previous research on stock portfolios and the performance of stock portfolios uses liquid stock, blue-chip or stocks with large capital to form a stock portfolio. The study of the performance of SME stock portfolios was conducted by Tudor et al (2014) who studied the performance of SME stock portfolios in the Romanian capital market (Bucharest Stock Exchange). The results showed that investments in SME stocks will get the best market performance based on calculations with risk-adjusted performance methods.…”

Section: Introductionmentioning

confidence: 99%

“…While the study of the performance of the stock portfolio of manufacturing companies has been discussed by Yanawati and dan Abundanti (2014) who studied the performance of the stock portfolio of manufacturing companies listed on the Indonesia Stock Exchange. Next to Tudor et al (2014), a study of stock portfolios was carried out by Naveen (2014), Sulistyorini (2009), Paskawati (2012). The authenticity of this study is in measuring the performance of SME and manufacturing company stock portfolios with risk-adjusted returns whose returns per unit of risk are measured by the Sharpe Index as a more favorable measure in measuring the performance of stock portfolios rather than average returns.…”

Section: Introductionmentioning

confidence: 99%

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Comparison of SME stock portfolio and manufacturing company performance in the Indonesian, Indian and Chinese stock markets

Artini

Sandhi

2020

JEAS

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PurposeThe purpose of this study is to determine and compare the performance of small and medium enterprises (SME) and manufacturing company stock portfolios in the Indonesian, Chinese and Indian capital markets by the Sharpe Index and the significance of differences in average performance in the capital market.Design/methodology/approachThis is comparative research that compared the performances of SME and manufacturing company stock portfolios in Indonesian, Chinese and Indian capital markets. The hypothesis examination of comparative test used one-way ANOVA technique on the performance of SME and manufacturing company stock portfolios in Indonesian, Chinese and Indian capital markets. One-way ANOVA test was used in the analysis to test the average difference of performance indices of SME and manufacturing company stock portfolios is in Indonesian, Chinese and Indian capital markets.FindingsThe performance of SME and manufacturing company stock portfolios in Indonesian capital market was not better than the performances of IHSG and LQ45 Index, the performance of SME and manufacturing company stock portfolios in Chinese capital market (SZSE) was better than the performance of Shenzhen Composite Index and the performance of Shenzhen A-Share Stock Price Index. The comparison of the performances of SME and manufacturing company stock portfolios in Indonesian, Chinese and Indian capital markets showed that the performance of SME and manufacturing company stock portfolios in Chinese capital market was the best and the performance of SME and manufacturing company stock portfolios in Indonesian capital market was the lowest.Practical implicationsThe implication of this study was that SME and manufacturing company stock portfolios had relatively better performances in China and India, so investors should consider investing in SME and manufacturing company stocks. The performance of SME and manufacturing company stock portfolios in Indonesia was not able to exceed market and LQ45 portfolios, so the authority in Indonesia financial market should consider developing a special market for SME and manufacturing company to support the development of SME and manufacturing company in Indonesia and solve the problem of lack of funding source for SME and manufacturing company.Originality/valueThe originality of the present study is in the measurement of the performance of SME and manufacturing company stock portfolio by risk-adjusted return which returns per risk unit measured by Sharpe Index as a more beneficial measurement in measuring stock portfolio performance than average return. Comparative study of the stock portfolio performances of small medium enterprises and manufacturing company In Indonesian, Chinese and Indian stock markets, and object studies conducted in Indonesia, China and India.

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Section: Indonesia China Indiasupporting

confidence: 72%

Section: Introductionmentioning

confidence: 98%

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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Comparison of SME stock portfolio and manufacturing company performance in the Indonesian, Indian and Chinese stock markets

Artini

Sandhi

2020

JEAS

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“…Investasi pada Small and Medium Enterprises (SME) atau emiten kecil dan menengah merupakan alternatif investasi bagi investor yang diharapkan memberikan return yang lebih kompetitif daripada hanya berinvestasi pada emiten besar. Banz (1981) dan Ziemba (1991) di Jepang, Levis (1985) di Inggris dan Brown, et al (1983) di Australia menemukan bahwa kinerja saham dari perusahaan dengan kapitalisasi kecil secara konsisten melampaui kinerja saham dari perusahaan dengan kapitalisasi besar (Tudor, et al, 2014).…”

Section: Pendahuluanunclassified

Studi Komparatif Kinerja Portofolio Saham Small Medium Enterprise (Sme) Di Pasar Modal Indonesia, China, Dan India

Sandhi

Sedana

Artini

2017

EEB

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The purpose of this study is to compare the share portfolio performance of SMEs in the Indonesian, Chinese and Indian capital markets based on the Sharpe Index and to learn the significance difference of the average of portfolio performance between the three capital markets. This study used historical data of stock prices of SMEs and the interest rate of the central bank of Indonesia (BI Rate), China (PBC base interest rate) and India (RBI repo rate) in the period of January 2014 through January 2015. Purposive sampling method is the sampling technique used to obtain a total sample of 15 stocks of SMEs. The findings show that the share portfolio performance of SMEs based on the Sharpe index in Capital Market of Indonesia and China is better than the performance of composite index and the performance of A-list share index in respective capital market, while in Indian Capital Markets the share portfolio performance of SMEs is better than the performance of the A-list share index but still below the performance of the composites index. Statistically based on one-way ANOVA, the difference of the average of SMEs portfolio performance between the Indonesian, Chinese, and Indian capital market, is not significant.

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Performance of SMEs Stocks Portfolios at Bucharest Stock Exchange

Cited by 2 publications

References 13 publications

Comparison of SME stock portfolio and manufacturing company performance in the Indonesian, Indian and Chinese stock markets

Comparison of SME stock portfolio and manufacturing company performance in the Indonesian, Indian and Chinese stock markets

Studi Komparatif Kinerja Portofolio Saham Small Medium Enterprise (Sme) Di Pasar Modal Indonesia, China, Dan India

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