The efficient market hypothesis assumes that the stock prices fully reflect all relevant information. Under the weak form, the future prices are independent of current prices or in the other words, ...they follow the random walk hypothesis. Global issues tend to have an impact on capital markets around the world. Therefore, the objective of this study is to assess the effect of global issues on the movements of expected returns in the Indonesian capital market from January 1, 2022, to June 30, 2022. The sample of 755 listed firms is used to test whether the expected returns have a random pattern during the observation period. The results of runs tests and variance ratio test show that the expected return movements are not random. On those results, the weak form of the efficient market hypothesis is rejected, and it can be concluded that the capital market in Indonesia for this period is inefficient. The findings of this study imply that the information about global issues does not affect the market. The success of the Indonesian government’s strategy in dealing with global issues (including the Covid-19 pandemic) in the form of a vaccination program and also followed by excellent fiscal and monetary policies has led to more predictable returns in the capital market. Moreover, investors can set their portfolios to get extraordinary returns as the market is more predictable.
Abstract
Creative thinking is one of the high-level thinking skill as a form of finding the best solution to solve a problem that emphasizes aspects of fluency, flexibility, originality, and ...elaboration. The purpose of this study was to determine the effect of using STMCpE based Chemo-entrepreneurship textbooks on students’ creative thinking skill on Acid – Base Material. This is a quasi-experimental research with nonequivalent control group design. Data obtained from the results of creative thinking tests conducted in the experimental class and the control class before and after learning. Pretests are used as student’s premier knowledge data and the data after learning are used as data for different tests using ANCOVA. The results showed that the creative thinking skill of students who studied with STMCpE Based Chemo-entrepreneurship Textbook higher than students who studied with conventional learning with a significance value of 0.000<0.050. A large percentage of the effect of the application of STMCpE Based Chemo-entrepreneurship Textbook 87.7%. This shows that the creative thinking skill of students who learn with STMCpE Based Chemo-entrepreneurship Textbook is better than classes that use school textbooks.
This study provides evidence about how stockholders control insiders using dividend policy to prevent overinvestment. This study observes the dividend yield, market risk, profitability, and growth ...opportunities of 155 public firms listed on the Indonesia Stock Exchange from 2010 to 2017. The dividend yield data were split into quartiles and categorized into the following areas: 1) firms with the lowest dividend yields, 2) firms with lower dividend yields, 3) firms with higher dividend yields, and 4) firms with the highest dividend yields. This study conducts multinomial regression for testing the hypotheses. The results confirm that systematic risk has an insignificant relationship with dividend policy, and profitability has a significant relationship with dividend policy. Consistent with agency theory in supporting free cash flow theory, this study finds that the agency problem exists for firms with high dividend yields relative to firms with low dividend yields in the context of Indonesian public firms. The systematic risk has an insignificant relationship with dividend policy, of which the study sample is limited. The findings also imply that stockholders tend to control insiders in case of overinvestment. Besides, this study also finds that market risk as a systematic risk is insignificant both for firms with high and low dividend yields.
This study aims to identify the mediating role of the management accounting information system (MAIS) in the relationship between innovation strategy and the financial performance of industrial ...companies in Jordan. To achieve the objectives of the study, the prepared a questionnaire, where the number of questionnaires was distributed (374) randomly. Where (358) questionnaires were retrieved by (95.7%) of the total questionnaires sent electronically, and they were distributed to (the general manager, financial manager, chief accountant, internal auditors, and accountants. The study reached several results, most notably: There is no significant mediating role of MAIS on the relationship between management's value orientation towards innovation and financial performance in Jordanian industrial companies. Moreover, there is a significant mediating role of MAIS in the relationship between riskiness and financial performance in Jordanian industrial companies. In view of these results, the study recommends to the Jordanian industrial companies' management the importance of applying the modern MAIS because it has become a critical component, and it is difficult to achieve a competitive advantage and stay in the market without relying on systems.Various researchers have been conducted, and the results are mixed, inconsistent, and conducted before era of pandemic. The purpose of this study is to examine the impact of corporate social responsibility disclosure on financial performance in the era of pandemic base on Indonesian context. We use quantitative method using regression analysis. Secondary data have been collected for 36 companies in consumption industry listed in Indonesian Stock Exchange for the period of 2019-2021 which are the challenging years. We measure the disclosure of social responsibility using the global reporting index in the company's annual report. For financial performance variables, we use return on asset, return on equity and Tobin's Q, to see the consistency of the result. For the control variables, we use leverage and total asset. We found that corporate social responsibility disclosure consistently has a significant positive effect on return on asset, return on equity and for the value of Tobin's Q. The corporate social responsibility in this study is assessed using personal judgment based on the Global Reporting Initiative social responsibility disclosure indicators. This proves that especially in the era of pandemic, non-financial information like corporate social responsibility disclosure is very powerful for the succeed of the company in the case of Indonesian context. This research was conducted using period when the company faced crisis that was different from previous economic crisis. Another consideration is about global pressure related to the issue of the impact of climate change. The result of this study will contribute to whether there is consistency in the findings when tested during pandemic crisis compared to the economic situation before pandemic.
The purpose of this study is to examine dividend policy on both the controlling and non-controlling shareholders based on assumptions according to theories of life cycle, and free cash flow.The ...sample for this study is 241 listed firm in Indonesia Stock Exchange during the period from 2010 to 2015. This study divides the sample based on quartiles and analyzes it by conducting logistic regression with significant rate at 0.05. This study provides the evidences that: (1) firms as dividend payers tend not distribute their dividend for controlling shareholders and non-controlling shareholders while the composition for both shareholders are almost equal; (2) firms as dividend payers also have tendency not to distribute dividend on controlling shareholders when this shareholders have largest percentage of ownership; and (3) firms as dividend payers tend not distribute dividend on non-controlling shareholders while they have lowest retained earnings.The findings imply that life cycle theory and free cash flow theory can explain the behavior of dividending policy on controlling shareholders and non-controlling shareholders depend on their circumstances.The study uses alternative measurement for non-controlling shareholders as this variable together with controlling shareholders are moderating the other independent variables for testing the model of dividend policy.
Conservatism in the CAPM and L-CAPM standards often emphasizes systematic risk to explain the phenomenon of the risk-return relationship and ignores idiosyncratic risk with the assumption that the ...risk can be diversified. The effect of the Covid-19 outbreak raises the question of whether the idiosyncratic risk can still be ignored considering that the risk has a close relationship to firm-specific risk. This study sets a portfolio consisting of 177 active public firms in the Indonesia Stock Exchange before and after the Covid-19 pandemic. On portfolio set, idiosyncratic risk is estimated by the standard CAPM and L-CAPM in the observation range from January 2, 2019, to June 30, 2021. The results of the analysis show that L-CAPM and CAPM produce significantly different idiosyncratic risks. Empirical evidence shows that the highest firm-specific risk is in the third period and has a stable condition since the fourth period. This condition is confirmed by regression results that idiosyncratic risk together with systematic risk positively affects stock returns in the fourth period as suggested by the efficient market hypothesis. Uniquely, both systematic risk and idiosyncratic risk based on L-CAPM do not show a significant effect on stock returns in the fifth period, so it is a strong indication that liquidity is an important factor that must be considered in making investments.
A better understanding of the flow field of the cross-flow turbine (CFT) will be useful in its design and operation. As far as is known, no comprehensive study carried out relating to the effect of ...Reynolds number to turbulent shear stress, shear wall, energy kinetic turbulent, dissipation rate and Reynolds stress, and the occurrence of vortices around the runners of the CFTs. This study was designed to investigate the flow field in the nozzle and runner of the CFT using computational fluid dynamics (CFD) method. CFD methods were chosen because they can visualize detailed flow patterns that other methods cannot. The setups used in the CFD method such as two-dimensional unsteady simulations, six degrees of freedom features, shear stress transport k-ω turbulent model, and pressure-based solver. Based on results, for the nozzle, the shape of the velocity profile shows that the highest momentum flux occurs at the end of the nozzle, near the runner. Distribution of shear wall was highest at the base and tip of the nozzle; it was lowest at the centre. The turbulent kinetic energy profile at the nozzle was proportional to the turbulent boundary layer profile, Reynolds stress and eddy viscosity. This indicated that nozzle shape affects the momentum flux; therefore, good nozzle geometry can transfer the maximum water energy into the blade. The nozzle's optimum geometry can be achieved by discharge and direction, optimizing velocity magnitude. This minimizes energy loss due to friction between the stream, vortex and mass of wasted fluid. For the runner, the highest turbulent kinetic energy, dissipations rate and Reynolds stress were located at the runner. Not all the water's energy converted into mechanic energy because the part of that energy was used in mixing between water and air. The establishment of lift force on the active blades was not caused by the flow field that crosses the upper part of the blade, but by the momentum of water that hit the lower part of the blade. A vortex formed due to separation of the flow from the blade significantly affected the runner's performance rather than rotational flow (air phase) in the CFT.
The objective of this study is to give an empirical evidence of relationship between features of ownership structures and dividend disbursement in context of bird in the hand and catering theories. ...The study uses 241 listed firms as the sample, which were drawn from Indonesia Stock Exchange during the period from 2010 to 2015. Under condition that dividend policy is not moderated by ownership features, dividend policy for firms with multi-institutional, single institutional, and state are fit in context of bird in the hand theory and catering theory. Under condition that dividend policy is moderated by ownership features, this study finds that dividend policy for firms with state ownership is not fit both in context of bird in the hand theory and catering theory. Specifically, the study finds that firms with features of: (1) multi-institutional, single individual, and public; (2) multi-institutional, multi-individual, and public; and (3) single institutional, and public are fit with bird in the hand theory. Furthermore, this study finds that catering theory is not fit for firms with basic features of multi-institutional and state ownership, but it is fit for firms with features of single institutional, single individual, and public ownership.
The adjustment for the firm capital structure is unclear from perspectives of trade-off theory, pecking order theory, life cycle theory, market timing theory, and free cash flow theory, since many ...research findings contradict each other. Adjustments for the capital structure are complex, since the conditions for each firm are different. The objective of this study is to provide empirical evidence of how firms adjust capital structure in relationship with maturity in context of trade-off, pecking order, free cash flow, and market timing theory. In terms of hypotheses testing, this study conducts logistic regression analysis with 138 Indonesian public firms as the sample in the observed period from 2010 to 2015. To distinguish the results, this study controls the sample by size and age based on the median. The study reports that preferences for the source of funds based on the cost of capital, internal conflict, and firm maturity indicate adjustments for the firm capital structure. Based on Indonesian firms, the form of capital structure in developing countries can refer to a single model or a combination of the trade-off model and pecking order model, as well as market timing.
The optical matter is divided into three different points of view; there are physical optics, geometric optics, and optical tools. Three different points of view make optical matter difficult to ...integrate. Besides, the learning of optical matter in school mostly focuses on formulas, not the concept, so students find it difficult to apply optical matter in their daily lives. Also, critical thinking skills are needed to apply a concept to solve problems in daily life. One of the solutions to these problems is to apply optical teaching materials that discuss concepts and mathematics in a balanced, integrated, equipped by a contextual problem to increase student's critical thinking skills and make it easier to apply optical concepts in daily life. One of the suitable teaching materials is optical teaching materials based on STEM-CP (Science, Technology, Engineering, Mathematics-Contextual Problem). This study aims to measure student's critical thinking skills after implied optical teaching materials based on STEM-CP. This research used Quasi-Pretest-Posttest Experiment without control class. Data analysis using the mixed-method, and were analyzed quantitatively. The sample used was 33 students of class XI science. The result obtained from pretest and posttest with open questions following indicators of critical thinking skills. The application of optical instrument teaching materials and function based on STEM-CP showed that student critical thinking skills increase from weak and unacceptable to strong and acceptable.
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