COVID-19 MENGGUNCANG PERUSAHAAN BATUBARA DI BEI: EKSPLORASI PERAN LEADERSHIP CEO DAN IN/EX COMPANY ENVIRONMENT
Article Sidebar
Main Article Content
Abstract
The Indonesian government has taken numerous measures to respond the COVID19 pandemic. This policy was taken caused the stock market slowed down of coal
mining companies on IDX due to COVID-19 pandemic. This study aims to examine
the impact of the COVID-19 on stock return as measured by leaderships CEO (SIM
and SGM), company performance (DER, ROA and EPS), technical factors (IIA) and
dividend policy as moderation. This research use quantitative method and data
analysis was conducted by moderated regression analysis (MRA). Based on 17
samples, it shows that directly only the DER, ROA and IIA variables have significant
on stock return, while the SIM, SGM and EPS variables have no significant on stock
return. indirectly the DER variable which is moderated by dividend policy has
significant on stock return or means that the dividend policy strengthens the
relationship between DER and the stock return (quasi moderation).
Article Details
References
Agarwal, S., He, Z., & Yeung, B. (2020). Impact of COVID-19 on Asian Economies and Policy Responses. World Scientific.
Appelt, K. (2016). Keynes’ Theory of the Interest Rate: A Critical Approach. Theory Methodology Practice: Club of Economics in Miskolc, 12(1), 3–8.
Aryaningsih, Y. Y., Fathoni, A., & Harini, C. (2018). PENGARUH RETURN ON ASSET (ROA), RETURN ON EQUITY (ROE) DAN EARNING PER SHARE (EPS) TERHADAP RETURN SAHAM PADA PERUSAAHN CONSUMER GOOD (FOOD AND BEVERAGES) YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI) PERIODE 2013-2016. Journal of Management, 4(4).
Astuti, P. B., & Mahardhika, A. S. (2020). COVID-19: How does it impact to the Indonesian economy? Jurnal Inovasi Ekonomi, 5(02).
Bacidore, J. M., Boquist, J. A., Milbourn, T. T., & Thakor, A. v. (1997). The search for the best financial performance measure. Financial Analysts Journal, 53(3), 11–20.
Bergh, D. D., & Gibbons, P. (2011). The stock market reaction to the hiring of management consultants: A signalling theory approach. Journal of Management Studies, 48(3), 544–567.
Brigham, E. F., & Houston, J. F. (2010). Dasar-Dasar Manajemen Keuangan: Essensial of Financial Management Buku 1.
Brinson, G. P., Hood, L. R., & Beebower, G. L. (1986). Determinants of portfolio performance. Financial Analysts Journal, 42(4), 39–44.
Brunnermeier, M. K., & Koby, Y. (2018). The reversal interest rate. National Bureau of Economic Research.
Creswell, J. W. (2010). Mapping the developing landscape of mixed methods research. SAGE Handbook of Mixed Methods in Social & Behavioral Research, 2, 45–68.
Dewi, N. L. E. S., & Wiagustini, N. L. P. (n.d.). Overconfidence and Size of Companies as a Predictor of Capital Structure and Company Values in Pharmaceutical Companies in Indonesia Stock Exchange.
Frankfurter, G. M., & Wood Jr, B. G. (2002). Dividend policy theories and their empirical tests. International Review of Financial Analysis, 11(2), 111–138.
Ghozali, I. (2016). Aplikasi Analisis multivariete dengan program IBM SPSS 23 (Edisi 8). Cetakan Ke VIII. Semarang: Badan Penerbit Universitas Diponegoro, 96.
Gul, S., Mughal, S., Shabir, N., & Bukhari, S. A. (2012). The determinants of corporate dividend policy: An investigation of Pakistani Banking Industry. European Journal of Business and Management, 4(12), 1–5.
Hidajat, N. C. (2018). Pengaruh return on equity, earnings per share, economic value added, dan market value added terhadap return saham perusahaan sektor pertanian yang terdaftar di bursa efek indonesia periode 2010-2016. Jurnal Ekonomi, 23(1), 62–75.
Hoffmann, J., & Marriott, N. (2019). Do Dividend Yields Affect a Stock Price’s Volatility?: Does the Miller & Modigliani Theroem apply to the Euronext and London Stock Exchange?
Idrus, M. S., & Sudarma, M. (2011). Determinan Struktur Modal Inovasi dan Nilai Perusahaan (Studi pada Industri Manufaktur di Bursa Efek Indonesia). Jurnal Aplikasi Manajemen, 9(3), 826–839.
Iswahyudi, D. P. D. (2015). Efektivitas Pengendalian Intern Piutang Usaha dengan Menggunakan Pendekatan COSO. Sumber, 2–17.
Iswahyudi, I., Djaddang, S., Suyanto, S., & Darmansyah, D. (2021). PERAN CEO OVERCONFIDENCE DAN COMPANY PERFORMANCE TERHADAP RETURN SAHAM DIMODERASI DEVIDEND POLICY. JURNAL RISET AKUNTANSI TIRTAYASA, 6(1), 35–47.
Iwayan, J., & Anom, P. I. B. (2020). THE EFFECT OF FINANCIAL PERFORMANCE ON STOCK RETURN AT MANUFACTURING COMPANY OF INDONESIA STOCK EXCHANGE. Russian Journal of Agricultural and Socio-Economic Sciences, 97(1).
Jong, H. N. (2020). Profit geht vor Umweltschutz (Teil I). Südostasien–Zeitschrift Für Politik• Kultur• Dialog, 36(1).
Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2011). Intermediate Accounting, Problem Solving Survival Guide (Vol. 2). John Wiley & Sons.
Larasati, C., & Rivai, A. (2020). Effect of Debt to Equity Ratio and Return on Assets on Earnings per Share with Firm Value as a Moderating Variable in Various Industrial Sub-Sector Manufacturing Companies Indonesia. Asian Business Research Journal, 5, 39–47.
Lee, P. M. (2001). What’s in a name. com?: The effects of ‘. com’name changes on stock prices and trading activity. Strategic Management Journal, 22(8), 793–804.
Prihadi, T. (2019). Analisis Laporan Keuangan. Gramedia Pustaka Utama.
Mazloom, A., Azarberahman, A., & Azarberahman, J. (2013). The association between various earnings and cash flow measures of firm performance and stock returns: some Iranian evidence. International Journal of Accounting and Financial Reporting, 3(1), 24.
Miller, T., & del Carmen Triana, M. (2009). Demographic diversity in the boardroom: Mediators of the board diversity–firm performance relationship. Journal of Management Studies, 46(5), 755–786.
Moratis, L. (2018). Signalling responsibility? Applying signalling theory to the ISO 26000 standard for social responsibility. Sustainability, 10(11), 4172.
Mufidah, N., & Sucipto, A. (2020). The Moderating Role of Dividend Policy on The Influence of Liquidity, Profitability, Leverage, and Investment Opportunity Set Against Stock Return Registered in The Jakarta Islamic Index. Media Ekonomi Dan Manajemen, 35(2), 188–205.
Pollock, T. G., Chen, G., Jackson, E. M., & Hambrick, D. C. (2010). How much prestige is enough? Assessing the value of multiple types of high-status affiliates for young firms. Journal of Business Venturing, 25(1), 6–23.
Priya, P. V., & Mohanasundari, M. (2016). Dividend policy and its impact on firm value: A review of theories and empirical evidence. Journal of Management Sciences and Technology, 3(3), 59–69.
Riyanto, B. (2001). Dasar dasar pembelanjaan perusahaan.
Rizqiah, R. N., & Lubis, A. T. (2017). Penerapan Internet Financial Reporting (IFR) Pada Bank Umum Syariah Di Indonesia. Jurnal Akuntansi Dan Keuangan Islam, 5(1), 63–81.
Rizqullah, M. F., & Syakurah, R. A. (2021). Analysis of public search interest regarding government containment policy on COVID-19 new cases in Indonesia, Malaysia and Singapore. Health Promotion Perspectives, 11(3), 360.
Slothouber, E. (2010). The influence of CEO overconfidence on firm value. Tilburg: Tilburg School of Economics and Management.
Susanty, D., & Bastian, E. (2018). PENGARUH KINERJA KEUANGAN DAN UKURAN PERUSAHAAN TERHADAP RETURN SAHAM (Studi pada Perusahaan Sektor Pertambangan di BEI Periode 2010–2016). Jurnal Riset Akuntansi Tirtayasa, 3(1), 20–44.
Wipasobya, J. (2019). PENGARUH KEADILAN ORGANISASIONAL TERHADAP KINERJA PEGAWAI DI UPT PPD WILAYAH PROVINSI KALIMANTAN BARAT MELALUI KEPUASAN KERJA SEBAGAI VARIABEL MEDIATOR. Equator Journal of Management and Entrepreneurship (EJME), 7(4).
Yusfiarto, R. (2020). Micro Macro Economics Fundamental Factors and Indonesia Stock Exchange Return. EkBis: Jurnal Ekonomi Dan Bisnis, 3(1), 221–231.
Yuliani, Y. (2015). OVERCONFIDENCE DAN NILAI PERUSAHAAN: STRUKTUR MODAL DAN INVESTASI SEBAGAI PEMEDIASI. Journal of Management and Business Review, 12(2), 90–104.
Zhang, D., Hu, M., & Ji, Q. (2020). Financial markets under the global pandemic of COVID-19. Finance Research Letters, 36, 101528.
Zubaidah, A., Sudiyatno, B., & Puspitasari, E. (2018). Pengaruh kinerja perusahaan dan struktur modal terhadap return saham (Studi empirik pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode tahun 2013-2016).