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RISS 인기검색어
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- 저자 : Said Musnadi (검색결과 2 건)
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Investigating the Cash Holding Factors of Mining Industries in Indonesia Stock Exchange
Said Musnadi,Ghazali Syamni,Nasir,Faisal,Jumadil Saputra 대한산업공학회 2020 Industrial Engineeering & Management Systems Vol.19 No.3
The purpose of this study is to explore determinant factors that enable mining companies for cash holding in Indonesia. The panel data gathered from 40 financial statements of mining companies in Indonesia for the period 2013-2017 with a total of 200 observations. The panel data regression analysis used to examine and select the best model by utilizing the common effect model, fixed effect model and random effect model. The results of the study found that a cash holding company was determined by the return on assets, return on equity, net capital working, firm size, leverage and cash conversion cycle. All research variables mentioned above support trade-off theory except return on assets. The limitation of this study emerged since it made no separate discussion between the largest and the smallest cash holding companies. The results of this study have implications for management and companies to investigate other indicators enabling companies to conduct cash holding. Some suggested variables are macroeconomic factors, payment of dividends and investment opportunities and separation of large and small companies. The management of mining companies in managing cash holding was required to observe closely to the independent variables that match the trade-off or pecking order theory even the free cash flow theory.
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The Momentum Strategy of Small Foreign Investors in the Indonesia Stock Exchange
SYAMNI, Ghazali,AZIS, Nasir,MUSNADI, Said,FAISAL, Faisal Korea Distribution Science Association 2021 The Journal of Asian Finance, Economics and Busine Vol.8 No.3
This research aimed to analyze the momentum strategy of foreign investors with the smallest trading transactions in the Indonesian stock market. This study applied a quantitative method approach using intraday transaction data of companies listed on the LQ-45 Index for March, April, and May 2017, obtained from the Indonesia Capital Market Institute (TICMI) which is a subsidiary of the Indonesia Stock Exchange (IDX). The number of companies with available data is 35 companies, consisting of 23 non-government stocks and 12 government stocks. The number of observations from the 35 companies was 8,686,030 observations where the government companies recorded 2,751, 545 and the non-government companies 1,387,016 observations. All data was then squeezed and grouped into small, medium, and large trade transaction orders. The data analysis method used was paired t-test with SPSS to analyze cumulative abnormal returns in the formulation and test periods. This study found that small foreign investors carried out momentum strategies on stocks listed on the LQ-45 Index. However, re-testing was done by separating government and non-government shares. It turned out that small foreign investors performed a momentum strategy on non-government and a contrarian strategy on government.
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