The Impact of Investor Sentiment, Credit Rating, Profitability, and Leverage on Stock Return LQ45 Period From 2017 to 2021
Keywords:
stock return, investor sentiment, credit rating, profitability, leverage
Abstract
The purpose of this research is to identify the effect of investor sentiment, credit ratings, profitability, and leverage on stock returns. This study uses panel data analysis using the Panel Least Square method which is carried out on financial data on 30 companies that are members of the LQ45 composite index during the period 2017 to 2021. In this study, stock returns are the dependent variable, investor sentiment, credit ratings, profitability, and leverage become independent variables, and firm size, book to market ratio, also COVID19 become control variables. The study's findings indicate that the profitability variable has a significant effect on stock returns and other independent variables have no significant effect on stock returns. This study aims to assist investors in identifying and analyzing the variables that influence the company so that investors gain stock returns in the future.
Downloads
Download data is not yet available.
References
(BI, 2022) https://www.bi.go.id/id/bi-institute/BI-Epsilon/Pages/Covid-19-dan-Efeknya-ke-Performa-Pasar-Modal-Indonesia.aspx
(Kemenkeu 2020) https://pen.kemenkeu.go.id/in/page/sosialekonomiglobal
Agustya dan Faisal. 2018. ―Sentimen Investor Dan Ekspektasi Pertumbuhan Laba Jangka Panjang Pada Industri Non Keuangan di Indonesia‖. Jurnal Ilmiah Mahasiswa Ekonomi Manajemen Universitas Syiah Kuala, Vol 3(1)
Altman, Edward I. (1968). Financial Ratios, Discriminant Analysis and The Prediction of Corporate Bankcrupty. Journal Of Financial, 23 (4) : 189-209. November 20, 2021. https://doi.org/10.1111/j.1540-6261.1968.tb00843.x
Andi Supangat. (2010). Statistik. Jakarta: Kencana.
Ang, Robbert, Buku Pintar: Pasar Modal Indonesia, Jakarta: Media Soft Indonesia, 1997
Ang, Robert. (1997). Buku Pintar Pasar Modal Indonesia. Jakarta: Mediasoft.
Azizah, Siti, Sugito, dan Alan Prahutama. (2014). Pengukuran Kinerja Portofolio Saham Menggunakan Model Black-Litterman berdasarkan Indeks Treynor, Indeks Sharpe, dan Indeks Jensen. Jurnal Gaussian, 3(4), 859-868.
Badan Pusat Pengembangan dan Pembinaan Bahasa (n.d). Pandemi. Kamus Besar Bahasa Indonesia (KBBI) Online. November 20, 2021. https://kbbi.web.id/pandemi
Baker, Malcolm, dan Jeffrey Wurgler. 2006. ―Investor Sentiment and The CrossSection of Stock Returns‖. The Journal of Finance, Vol. 61(4): 1645 – 1680.
Black, F. (1986). Noise. The Journal of Finance, 41(3), 529–543. https://doi.org/10.2307/2328481
Bodie, et al. (2007). Investment (7th Ed). New York: McGraw-Hill.
Campbell, J. Y., Hilscher, J., & Szilagyi, J. (2008). In search of distress risk. The Journal of Finance, 63(6), 2899-2939.
Campbell, J., Hilscher, J., & Szilagyi, J. (2005). In Search of distress risk. Retrieved from https://EconPapers.repec.org/RePEc:zbw:bubdp1:4221.
Campbell, John Y., and Albert S. Kyle. 1993. Smart Money, Noise Trading and Stock Price Behaviour. The Review of Economic Studies. Vol. 60 No. 1. Pp: 1-34.
Chundakkadan, R, Nedumparambil, E (2021) In search of COVID-19 and stock market behavior. Glob Financ J 100639
Cui, R. dan Y. Wu. (2007). Disentangling Liquidity and Size Effects in Stock Returns: Evidence from China. University of Vienna. November 22, 2021. https://doi.org/10.2139/ssrn.910248
Da, Z., & Gao, P. (2010). Clientele change, liquidity shock, and the return on financially distressed stocks. Journal of Financial and Quantitative Analysis, 45(1), 27–48.
Darusman, D. (2012). Analisis Pengaruh Firm Size, Book to Market Ratio, Price Earnings Ratio, dan Momentum Terhadap Return Portofolio Saham.
De Long, Bradford, J, Shleifer, A, Summers, L.H., and Waldmann, R.J. 1990. Noise Trader Risk in Financial Markets. Journal of Political Economy. Vol. 98 No. 4. Pp: 703–738.
Dichev, I. D. (1998). Is the risk of bankruptcy a systematic risk? The Journal of Finance, 53(3), 1131–1147.
Dichev, Ilia D.. (1998). Is the Risk of Bankruptcy a Systematic Risk. Journal of Finance, 53(3), 1131-1147. November 22, 2021. https://doi.org/10.1111/0022-1082.00046
Fama, E.F dan K.R. French. (1996). Multifactor Explanation of Asset Pricing Anomalies. Journal of Finance, 51(1), 55-84. November 22, 2021. https://doi.org/10.1111/j.1540-6261.1996.tb05202.x
Fama, E.F. dan K.R. French. (1992). The Cross-Section of Expected Stock Returns. Journal of Finance, 47(2). November 22, 2021. https://doi.org/10.1111/j.1540-6261.1992.tb04398.x
Fama, E.F. dan K.R. French. (1993). Common Risk Factors in the Returns on Stocks and Bonds. Journal of Financial Economics, 33, 3-56. November 22, 2021. https://doi.org/10.1016/0304-405X(93)90023-5
Fitriati, I.R. (2010). Analisis Hubungan Distress Risk, Firm Size, dan Book to Market Ratio. Skripsi S1 Universitas Dipenogoro.
Garlappi, L., Shu, T., & Yan, H. (2008). Default risk, shareholder advantage, and stock returns. Review of Financial Studies, 21, 2743–2778
Getut Pramesti. (2014) Kupas Tuntas Data Penelitian Dengan SPSS 22. Jakarta: PT Elex Media Komputindo.
Ghozali, Imam. (2013). Aplikasi Analisis Multivariate dengan Program IBM SPSS 21 Update PLS Regresi. Semarang: Badan Penerbit Universitas Diponegoro.
Ghozali, Imam. (2018). Aplikasi Analisis Multivariate dengan Program IBM SPSS 25. Semarang: Badan Penerbit Universitas Diponegoro.
Griffin, J.M. dan M.L. Lemmon. (2002). Book to Market Ratio Equity, Distress Risk, and Stock Returns. Journal of Finance, 57(5). November 21, 2021. https://doi.org/10.1111/1540-6261.00497
Griffin, W, Ricky dan Ronald J Ebert. (2002). Management. Jakarta: Erlangga.
Groves, R.M. 1989. Survey Errors and Survey Costs. New York: Wiley
https://www.ojk.go.id/id/kanal/pasar-modal/data-dan-statistik/statistik-pasar-modal/Pages/Statistik-Semesteran-Pasar-Modal.aspx
Husnan, S. (2003). Dasar-Dasar Teori Portofolio dan Analisis Sekuritas. Yogyakarta: BPEE.
Imam Ghozali. (2011). Aplikasi Analisis Multivariate Dengan Program IBM SPSS 19. Semarang: UNDIP.
Juliansyah. (2014). Analisis Data Penelitian Ekonomi dan Manajemen. Jakarta: Gramedia.
Justina, Dormauli. (2017). Pengaruh Firm Size dan Market to Book Ratio terhadap Return Portofolio. Jurnal Manajemen dan Bisnis Sriwijaya, 15(2). January 20, 2022. http://dx.doi.org/10.29259/jmbs.v15i2.5701
Kamstra, M. J., Kramer, L. A., & Levi, M. D. (2003). Winter blues: A SAD stock market cycle. American Economic Review, 93(1), 324–343. Kaplanski, G., & Levy, H. (2010). Sentiment and stock prices: The case of aviation disasters. Journal of Financial Economics, 95(2), 174–201.
Karim, M. R., Shetu, S. A., & Razia, S. (2021). COVID-19, liquidity and financial health: empirical evidence from South Asian economy. Asian Journal of Economics and Banking, 5(3), 307 -323.https://doi.org/10.1108/ajeb-03-2021-0033
Kementerian Ketenagakerjaan Republik Indonesia. Survei Kemnaker : 88 Persen Perusahaan Terdampak Pandemi Covid-19. November 20, 2021. Diakses dari https://kemnaker.go.id/news/detail/survei-kemnaker-88-persen-perusahaan-terdampak-pandemi-covid-19
Kementerian Keuangan Republik Indonesia. (2021, Maret 31). Aktivitas Pasar Modal Indonesia Di Era Pandemi. Diakses dari November 20, 2021. https://www.djkn.kemenkeu.go.id/artikel/baca/13817/Aktivitas-Pasar-Modal-Indonesia-Di-Era-Pandemi.html
Kencana, Anggia P.P. 2019. ―Analisis Hubungan Antara Sentimen Investor dan Imbal Hasil Pasar Saham dengan Pendekatan Aliran Dana Reksa dan Analisis Vector Autoregressive (VAR)‖. Jurnal Ilmiah Ekonomi Bisnis, Vol.24(3): 204 – 2014
Kompas. (2020, Maret 12). WHO Resmi Sebut Virus Corona Covid-19 sebagai Pandemi Global. November 20, 2021. https://www.kompas.com/sains/read/2020/03/12/083129823/who-resmi-sebut-virus-corona-covid-19-sebagai-pandemi-global?page=all
Kustodian Sentral Efek Indonesia. Statistik Pasar Modal Indonesia April 2021. Diakses dari November 20, 2021. https://www.ksei.co.id/files/Statistik_Publik_April_2021.pdf
Mehta, S., Saxena, T., Purohit, N. (2020). The New Consumer Behaviour Paradigm amid COVID-19: Permanent or Transient?. Journal of Health Management. Vol. 22. pp 291-301. doi: 10.1177/0972063420940834
Meythi, En, T. K., & Rusli, L. (2011). Pengaruh Likuiditas dan Profitabilitas Terhadap Harga Saham Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. Jurnal Bisnis Manajemen Dan Ekonomi, 10(2), 2671–2684. http://repository.maranatha.edu
Mudrajad Kuncoro, (2013). Metode Riset untuk Bisnis dan Ekonomi (Edisi 4). Jakarta: Erlangga.
Muhammad Firdaus. (2004). Ekonometrika Suatu Pendekatan Aplikasi. Jakarta: PT Bumi Aksara.
Nazaruddin, Ietje dan Agus Tri Basuki. (2015). Analisis Statistik Dengan SPSS. Yogyakarta: Danisa Media.
Priyatno, Dwi. (2011). Analisis Korelasi Regresi dan Multivariat dengan SPSS. Yogyakarta: Gava Media.
Republik Indonesia. UU RI Nomor 8 Tahun 1995 Tentang Pasar Modal. Diakses dari November 20, 2021. https://www.ojk.go.id/id/kanal/pasar-modal/regulasi/undang-undang/Documents/Pages/undang-undang-nomor-8-tahun-1995-tentang-pasar-modal/UU%20Nomor%208%20Tahun%201995%20(official).pdf
Rukmana (2020) Pengaruh kinerja keuangan terhadap harga saham pada perusahaan sub sektor farmasi yang terdaftar di Bursa Efek Indonesia tahun 2009-2018
Saraswati, Nany, & Lyna (2020). Dampak Pengumuman Bond Rating Terhadap Return Saham Dan Volume Perdagangan Saham Perusahaan Yang Terdaftar di Bursa Efek Indonesia
Silaena, Sofar dan Yayak Heriyanto. (2013). Pengantar Statistik Sosial. Jakarta: IN Media.
Smales LA (2021) Investor attention and global market returns during the COVID-19 crisis. Int Rev Financ Anal 73:101616
Sunariyah. (2003). Pengantar Pengetahuan Pasar Modal. Yogyakarta: UPP AMPN YKPN.
Vassalou, Maria, and Yuhang Xing, 2004, Default risk in equity returns, Journal of Finance 59, 831–868.
World Health Organization. (n.d). COVID-19: Physical Distancing. November 20, 2021. https://www.who.int/westernpacific/emergencies/covid-19/information/physical-distancing
Yang, H.J, D. Ryu, D. Ryu.2017. ―Investor Sentiment, Asset Returns, and Firm Characteristic: Evdenve from Korean Stock Market‖. Investment Analysts Journal, Vol.46(2): 132 – 147. DOI: 10.1080/10293523.2016.1277850
Yolanda, Agnes. (2017). Pengaruh Profitabilitas dan Aktivitas Terhadap Pertumbuhan Perusahaan yang Terdaftar di Jakarta Islamic Index (JII) Tahun 2013-2015. Institut Agama Islam Negeri (IAIN) Bengkulu. January 20, 2022. http://dx.doi.org/10.29300/aij.v7i1.3985
Zaretzky, K. dan J.K. Zumwalt. (2007). Relation Between Distress Risk, Book to Market Ratio and Return Premium. Journal of Managerial Finance, 33(10). December 14, 2021. http://dx.doi.org/10.1108/03074350710779232
(Kemenkeu 2020) https://pen.kemenkeu.go.id/in/page/sosialekonomiglobal
Agustya dan Faisal. 2018. ―Sentimen Investor Dan Ekspektasi Pertumbuhan Laba Jangka Panjang Pada Industri Non Keuangan di Indonesia‖. Jurnal Ilmiah Mahasiswa Ekonomi Manajemen Universitas Syiah Kuala, Vol 3(1)
Altman, Edward I. (1968). Financial Ratios, Discriminant Analysis and The Prediction of Corporate Bankcrupty. Journal Of Financial, 23 (4) : 189-209. November 20, 2021. https://doi.org/10.1111/j.1540-6261.1968.tb00843.x
Andi Supangat. (2010). Statistik. Jakarta: Kencana.
Ang, Robbert, Buku Pintar: Pasar Modal Indonesia, Jakarta: Media Soft Indonesia, 1997
Ang, Robert. (1997). Buku Pintar Pasar Modal Indonesia. Jakarta: Mediasoft.
Azizah, Siti, Sugito, dan Alan Prahutama. (2014). Pengukuran Kinerja Portofolio Saham Menggunakan Model Black-Litterman berdasarkan Indeks Treynor, Indeks Sharpe, dan Indeks Jensen. Jurnal Gaussian, 3(4), 859-868.
Badan Pusat Pengembangan dan Pembinaan Bahasa (n.d). Pandemi. Kamus Besar Bahasa Indonesia (KBBI) Online. November 20, 2021. https://kbbi.web.id/pandemi
Baker, Malcolm, dan Jeffrey Wurgler. 2006. ―Investor Sentiment and The CrossSection of Stock Returns‖. The Journal of Finance, Vol. 61(4): 1645 – 1680.
Black, F. (1986). Noise. The Journal of Finance, 41(3), 529–543. https://doi.org/10.2307/2328481
Bodie, et al. (2007). Investment (7th Ed). New York: McGraw-Hill.
Campbell, J. Y., Hilscher, J., & Szilagyi, J. (2008). In search of distress risk. The Journal of Finance, 63(6), 2899-2939.
Campbell, J., Hilscher, J., & Szilagyi, J. (2005). In Search of distress risk. Retrieved from https://EconPapers.repec.org/RePEc:zbw:bubdp1:4221.
Campbell, John Y., and Albert S. Kyle. 1993. Smart Money, Noise Trading and Stock Price Behaviour. The Review of Economic Studies. Vol. 60 No. 1. Pp: 1-34.
Chundakkadan, R, Nedumparambil, E (2021) In search of COVID-19 and stock market behavior. Glob Financ J 100639
Cui, R. dan Y. Wu. (2007). Disentangling Liquidity and Size Effects in Stock Returns: Evidence from China. University of Vienna. November 22, 2021. https://doi.org/10.2139/ssrn.910248
Da, Z., & Gao, P. (2010). Clientele change, liquidity shock, and the return on financially distressed stocks. Journal of Financial and Quantitative Analysis, 45(1), 27–48.
Darusman, D. (2012). Analisis Pengaruh Firm Size, Book to Market Ratio, Price Earnings Ratio, dan Momentum Terhadap Return Portofolio Saham.
De Long, Bradford, J, Shleifer, A, Summers, L.H., and Waldmann, R.J. 1990. Noise Trader Risk in Financial Markets. Journal of Political Economy. Vol. 98 No. 4. Pp: 703–738.
Dichev, I. D. (1998). Is the risk of bankruptcy a systematic risk? The Journal of Finance, 53(3), 1131–1147.
Dichev, Ilia D.. (1998). Is the Risk of Bankruptcy a Systematic Risk. Journal of Finance, 53(3), 1131-1147. November 22, 2021. https://doi.org/10.1111/0022-1082.00046
Fama, E.F dan K.R. French. (1996). Multifactor Explanation of Asset Pricing Anomalies. Journal of Finance, 51(1), 55-84. November 22, 2021. https://doi.org/10.1111/j.1540-6261.1996.tb05202.x
Fama, E.F. dan K.R. French. (1992). The Cross-Section of Expected Stock Returns. Journal of Finance, 47(2). November 22, 2021. https://doi.org/10.1111/j.1540-6261.1992.tb04398.x
Fama, E.F. dan K.R. French. (1993). Common Risk Factors in the Returns on Stocks and Bonds. Journal of Financial Economics, 33, 3-56. November 22, 2021. https://doi.org/10.1016/0304-405X(93)90023-5
Fitriati, I.R. (2010). Analisis Hubungan Distress Risk, Firm Size, dan Book to Market Ratio. Skripsi S1 Universitas Dipenogoro.
Garlappi, L., Shu, T., & Yan, H. (2008). Default risk, shareholder advantage, and stock returns. Review of Financial Studies, 21, 2743–2778
Getut Pramesti. (2014) Kupas Tuntas Data Penelitian Dengan SPSS 22. Jakarta: PT Elex Media Komputindo.
Ghozali, Imam. (2013). Aplikasi Analisis Multivariate dengan Program IBM SPSS 21 Update PLS Regresi. Semarang: Badan Penerbit Universitas Diponegoro.
Ghozali, Imam. (2018). Aplikasi Analisis Multivariate dengan Program IBM SPSS 25. Semarang: Badan Penerbit Universitas Diponegoro.
Griffin, J.M. dan M.L. Lemmon. (2002). Book to Market Ratio Equity, Distress Risk, and Stock Returns. Journal of Finance, 57(5). November 21, 2021. https://doi.org/10.1111/1540-6261.00497
Griffin, W, Ricky dan Ronald J Ebert. (2002). Management. Jakarta: Erlangga.
Groves, R.M. 1989. Survey Errors and Survey Costs. New York: Wiley
https://www.ojk.go.id/id/kanal/pasar-modal/data-dan-statistik/statistik-pasar-modal/Pages/Statistik-Semesteran-Pasar-Modal.aspx
Husnan, S. (2003). Dasar-Dasar Teori Portofolio dan Analisis Sekuritas. Yogyakarta: BPEE.
Imam Ghozali. (2011). Aplikasi Analisis Multivariate Dengan Program IBM SPSS 19. Semarang: UNDIP.
Juliansyah. (2014). Analisis Data Penelitian Ekonomi dan Manajemen. Jakarta: Gramedia.
Justina, Dormauli. (2017). Pengaruh Firm Size dan Market to Book Ratio terhadap Return Portofolio. Jurnal Manajemen dan Bisnis Sriwijaya, 15(2). January 20, 2022. http://dx.doi.org/10.29259/jmbs.v15i2.5701
Kamstra, M. J., Kramer, L. A., & Levi, M. D. (2003). Winter blues: A SAD stock market cycle. American Economic Review, 93(1), 324–343. Kaplanski, G., & Levy, H. (2010). Sentiment and stock prices: The case of aviation disasters. Journal of Financial Economics, 95(2), 174–201.
Karim, M. R., Shetu, S. A., & Razia, S. (2021). COVID-19, liquidity and financial health: empirical evidence from South Asian economy. Asian Journal of Economics and Banking, 5(3), 307 -323.https://doi.org/10.1108/ajeb-03-2021-0033
Kementerian Ketenagakerjaan Republik Indonesia. Survei Kemnaker : 88 Persen Perusahaan Terdampak Pandemi Covid-19. November 20, 2021. Diakses dari https://kemnaker.go.id/news/detail/survei-kemnaker-88-persen-perusahaan-terdampak-pandemi-covid-19
Kementerian Keuangan Republik Indonesia. (2021, Maret 31). Aktivitas Pasar Modal Indonesia Di Era Pandemi. Diakses dari November 20, 2021. https://www.djkn.kemenkeu.go.id/artikel/baca/13817/Aktivitas-Pasar-Modal-Indonesia-Di-Era-Pandemi.html
Kencana, Anggia P.P. 2019. ―Analisis Hubungan Antara Sentimen Investor dan Imbal Hasil Pasar Saham dengan Pendekatan Aliran Dana Reksa dan Analisis Vector Autoregressive (VAR)‖. Jurnal Ilmiah Ekonomi Bisnis, Vol.24(3): 204 – 2014
Kompas. (2020, Maret 12). WHO Resmi Sebut Virus Corona Covid-19 sebagai Pandemi Global. November 20, 2021. https://www.kompas.com/sains/read/2020/03/12/083129823/who-resmi-sebut-virus-corona-covid-19-sebagai-pandemi-global?page=all
Kustodian Sentral Efek Indonesia. Statistik Pasar Modal Indonesia April 2021. Diakses dari November 20, 2021. https://www.ksei.co.id/files/Statistik_Publik_April_2021.pdf
Mehta, S., Saxena, T., Purohit, N. (2020). The New Consumer Behaviour Paradigm amid COVID-19: Permanent or Transient?. Journal of Health Management. Vol. 22. pp 291-301. doi: 10.1177/0972063420940834
Meythi, En, T. K., & Rusli, L. (2011). Pengaruh Likuiditas dan Profitabilitas Terhadap Harga Saham Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. Jurnal Bisnis Manajemen Dan Ekonomi, 10(2), 2671–2684. http://repository.maranatha.edu
Mudrajad Kuncoro, (2013). Metode Riset untuk Bisnis dan Ekonomi (Edisi 4). Jakarta: Erlangga.
Muhammad Firdaus. (2004). Ekonometrika Suatu Pendekatan Aplikasi. Jakarta: PT Bumi Aksara.
Nazaruddin, Ietje dan Agus Tri Basuki. (2015). Analisis Statistik Dengan SPSS. Yogyakarta: Danisa Media.
Priyatno, Dwi. (2011). Analisis Korelasi Regresi dan Multivariat dengan SPSS. Yogyakarta: Gava Media.
Republik Indonesia. UU RI Nomor 8 Tahun 1995 Tentang Pasar Modal. Diakses dari November 20, 2021. https://www.ojk.go.id/id/kanal/pasar-modal/regulasi/undang-undang/Documents/Pages/undang-undang-nomor-8-tahun-1995-tentang-pasar-modal/UU%20Nomor%208%20Tahun%201995%20(official).pdf
Rukmana (2020) Pengaruh kinerja keuangan terhadap harga saham pada perusahaan sub sektor farmasi yang terdaftar di Bursa Efek Indonesia tahun 2009-2018
Saraswati, Nany, & Lyna (2020). Dampak Pengumuman Bond Rating Terhadap Return Saham Dan Volume Perdagangan Saham Perusahaan Yang Terdaftar di Bursa Efek Indonesia
Silaena, Sofar dan Yayak Heriyanto. (2013). Pengantar Statistik Sosial. Jakarta: IN Media.
Smales LA (2021) Investor attention and global market returns during the COVID-19 crisis. Int Rev Financ Anal 73:101616
Sunariyah. (2003). Pengantar Pengetahuan Pasar Modal. Yogyakarta: UPP AMPN YKPN.
Vassalou, Maria, and Yuhang Xing, 2004, Default risk in equity returns, Journal of Finance 59, 831–868.
World Health Organization. (n.d). COVID-19: Physical Distancing. November 20, 2021. https://www.who.int/westernpacific/emergencies/covid-19/information/physical-distancing
Yang, H.J, D. Ryu, D. Ryu.2017. ―Investor Sentiment, Asset Returns, and Firm Characteristic: Evdenve from Korean Stock Market‖. Investment Analysts Journal, Vol.46(2): 132 – 147. DOI: 10.1080/10293523.2016.1277850
Yolanda, Agnes. (2017). Pengaruh Profitabilitas dan Aktivitas Terhadap Pertumbuhan Perusahaan yang Terdaftar di Jakarta Islamic Index (JII) Tahun 2013-2015. Institut Agama Islam Negeri (IAIN) Bengkulu. January 20, 2022. http://dx.doi.org/10.29300/aij.v7i1.3985
Zaretzky, K. dan J.K. Zumwalt. (2007). Relation Between Distress Risk, Book to Market Ratio and Return Premium. Journal of Managerial Finance, 33(10). December 14, 2021. http://dx.doi.org/10.1108/03074350710779232
Published
2022-09-20
Section
Original Articles
Copyright (c) 2022 Dewi Hanggraeni, Dewi Hanggraeni
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
