Future Prospect Versus Past Performance Menjelang Pemilihan Umum tahun 2024
Abstract:
Purpose: This study aims to determine whether what investors actually expect between future prospects or past performance is related to the certainty and policy of market rules and the upcoming government to provide an overview of decision-making for management and investors.
Research methodology: The research variables in this study were operational decisions, strategic decisions, financial performance, and company value as proxies for future prospects and past performance. Factor analysis and multiple linear regression were used for analysis. The population in this study includes companies listed on the Indonesia Stock Exchange. The sample was obtained using the purposive sampling method with the criteria of companies in the industry that were directly affected by the election on a quarterly basis, namely the 3rd and 4th quarters of 2023, and as many as 49 companies with 69 analysis units were obtained.
Results: The results show that the three variables–operational decisions (DSO), strategic decisions (growth), and financial performance (ROA)–have a significant effect on the company's value (P/E) ahead of the 2024 elections. Research implications: Investors look more at future prospects by examining operational decisions, strategic decisions, and the company's financial performance.
Limitations: The lack of data and the analysis techniques used were very simple.
Contributions: This study reveals how operational, strategic, and financial performance decisions affect the value of companies in Indonesia ahead of the 2024 elections. Using regression analysis, this study identifies key factors such as Days Sales Outstanding (DSO), growth (growth), and Return on Assets (ROA) as determinants of company value. These findings provide practical insights for managers and investors, as well as theoretical contributions, by adding the political economy context to the analysis of company values.
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- Brigham, E. F., & Daves, P. R. (2019). Intermediate financial management. Cengage Learning.
- Gitman, L. J., Juchau, R., & Flanagan, J. (2015). Principles of managerial finance. Pearson Higher Education AU.
- Hasan, D., & Mondal, M. S. A. (2008). Determinants Of Stock Price: A Case Study On Dhaka Stock Exchange. The Chittagong University Journal of Business Administration, 23(1), 281–294.
- Lestari, E. V. (2023). 10 Saham yang Biasanya Naik Waktu Pemilu. Investasiku. https://www.investasiku.id/eduvest/saham/saham-yang-naik-waktu-pemilu
- Lorenza, R. S., Octavia, R., Shafitranata, S., & Madyoningrum, A. W. (2022). Dampak Covid 19 Terhadap Perubahan Harga Saham Perbankan di Indonesia Sebelum dan Saat Pandemi. Jurnal Akuntansi, Keuangan, Dan Manajemen, 4(1), 43–56.
- Meckling, W. H., & Jensen, M. C. (1976). Theory of the Firm. Managerial Behavior, Agency Costs and Ownership Structure.
- Modigliani, F., & Miller, M. H. (1963). Corporate income taxes and the cost of capital: a correction. The American Economic Review, 53(3), 433–443.
- Nurmutia, E. (2023). Sederet Alasan Investor Pasar Modal Cemas dan Antusias Jelang Pemilu. Liputan 6. https://www.liputan6.com/saham/read/5378811/sederet-alasan-investor-pasar-modal-cemas-dan-antusias-jelang-pemilu
- Oktarina, D. (2015). Pengaruh beberapa indeks saham global dan indikator makroekonomi terhadap pergerakan IHSG. Journal of Business & Banking, 5(2), 163–182.
- Putri, A. M. H. (2023). Sejarah Bicara! 5 kali Pemilu IHSG Pesta Pora, cek Datanya. CNBC Indonesia. https://www.cnbcindonesia.com/market/20230811103421-17-462159/sejarah-bicara-5-kali-pemilu-ihsg-pesta-pora-cek-datanya
- Render, B., Heizer, J., & Munson, C. (2017). Principles of operations management: Sustainability and supply chain management. Pearson.
- Ross, S. A., Westerfield, R. W., & Jordan, B. D. (2018). Corporate Finane.
- Santoso, H., & Willim, A. P. (2022). The influence of asset structure and capital structure on firm value with asset productivity and operating activities as mediating variables. International Journal Papier Public Review, 3(1), 40–53.
- Saputra, A. M., & Mesra, R. (2024). Implikasi Pemilihan Umum Tahun 2024 Terhadap Aktivitas Masyarakat di Indonesia. Jurnal Pendidikan Ilmu Pengetahuan Sosial (JELAS), 1(2), 65–77.
- Thamrin, K. M. H., Syamsurijal, S., Sulastri, S., & Isnurhadi, I. (2018). Dynamic model of firm value: Evidence from Indonesian manufacturing companies. Sriwijaya International Journal of Dynamic Economics and Business, 2(2), 151–164.
