complete article: http://www.eurojournals.com/irjfe%2010%20totok.pdf
Abstract
This paper provides the results of a survey of investment practices and perceptions by major portfolio investors (fund managers) currently active at the Jakarta Stock exchange (JSX) in Indonesia. The paper also proffers some initial interpretation and analysis of their perceptions of the most important metrics used in valuation and their observation on social, political, economic, regulatory, technological, environmental and legal (SPERTEL) factors that influence the fundamental factors (EM metric) and values of equity shares (EV) of LQ45 firms quoted at JSX. The findings of the survey help to shed light on the adequacy of the information, which JSX provides investors to improve the quality of their hold, sell or buy decisions on their LQ45 portfolio. Besides clarifying investors’ perceptions, the findings of this survey also indicate favourable trading conditions in the JSX and the attraction to the stock market of foreign institutional investors after its revival following the success of democratic presidential election. Fund managers’ consequent positive perception of the economy induced them to invest in equity shares of LQ45 for their expected future values. These investors firmly believed in the SPERTEL factors’ significant positive influence on the future values of their investment. We found inter-relationships among SPERTEL, EM metric and value of equity shares of LQ45, as a basic analysis to support the needs of investors to predict the future value of their investment.
Sugiharto, T., Inanga, E., & Sembel, R. (2007). A Survey of Investors’ Current Perceptions and Valuation Approaches at JSX. International Research Journal of Finance and Economics, 10, 175-206. ISSN-1450-2887.
Publication
Emerging Market, Enterprise Multiple, Investors' perceptions, JSX, LQ45, SPERTEL, Valuation
This article is made in fulfilling the assignment of DBA program in MSM, Netherlands under the lecture of Behavioral Science of Prof McDonough III and Prof Steve Foster on October 9′ 2003
Title: Catering Technology and Innovation to More Hedonistic Customers in Indonesia: A Perspective on New Product Development and Innovation in Automotive Sector
ABSTRACT: The issue that need to elaborate in this article is that changing in the development of technology and innovation driven by factors such as strategies and competence based on their characteristic, integrated process in manufacturing, perspective to catch customer needs, speed of each manufacturers to deliver the products to market, design of product and quality, cost of productivity and competitive of selling price are becoming key variables affecting the Indonesian hedonistic customers to choose these products.
Read more…
Publication
innovation, technology
Title: The Use of Value Based Management to Achieve Maximum Corporate Performance (Case: ELNUSA)
ABSTRACT
Repositioning business is very important to some parts of companies in turbulence situation influenced by external factors and especially internal problems, because it contributes the biggest performance to the companies. Read more…
Publication
Value Based Management
List of publications in year 2007:
Inanga, E., Sugiharto, T., & Sembel, R. (2007). A Survey of Investors’ Current Perceptions and Valuation Approaches at Jakarta Stock Exchange. International Research Journal of Finance and Economics, 10, 175-206. ISSN-1450-2887.
Inanga E., Sugiharto T., & Sembel R. (2007). Modelling Equity Shares of LQ45 Companies Quoted at the Jakarta Stock Exchange. In E. Kaynak, & T. Harcar (Eds.), International Management Development Research Yearbook, Beyond Borders: New Global Management Development Challenges and Opportunities, XVI, 596-604.
download detail report: www.msm.nl/components/msm/root/files/pdf/annualreport/jaarverslag_webversie.pdf
majalah-investor-1
Publication
Inanga, Sembel, Sugiharto
call-for-papers
Extrinsic Value of Equity Shares: The Case of LQ45 Companies quoted on the Jakarta Stock Exchange
detail article: http://web2.msm.nl/news/articles/050707papers/0218_Totok.PDF
Publication
Equity Share Valuation
Title:
Equity Share Valuation in the Indonesian Emerging Capital Market: The Case of LQ45 Companies Quoted at the JSX (ISBN: 978-90-70995-27-0)
Abstract:
This dissertation provides the results of a survey of investment practices and perceptions of investors (fund managers) currently active at the Jakarta Stock Exchange (JSX) in Indonesia. The study also proffers some initial interpretation and analysis of their perceptions of the most important metrics used in valuation and their observation on social, political, economic, regulatory, technological, environmental and legal (SPERTEL) factors that influence the fundamental factors (EM metric) and value of equity shares (EV) of LQ45 companies quoted at JSX. The findings of the study help to shed light on the adequacy of the information, which JSX provides investors to improve the quality of their hold, sell or buy decisions on their LQ45 portfolio. Fund managers’ consequent positive perception of the economy induced them to invest in equity shares of LQ45 companies for their expected future values. These investors firmly believed in the SPERTEL factors’ significant positive influence on the future values of their investment. The model of inter-relationships among SPERTEL, EM metric and value of equity shares of LQ45 companies, as a basic analysis to support the needs of investors to predict the future value of their investment.
Read more…
Publication
Emerging Market, Enterprise Multiple, Equity Share Values, JSX, LQ45, SPERTEL, Valuation
Sugiharto T., Inanga, E., & Sembel R. (2007). Modeling Equity Shares of LQ45 Companies Quoted at the JSX. In E. Kaynak, & T. Harcar (Eds.), International Management Development Research Yearbook, Beyond Borders: New Global Management Development Challenges and Opportunities, XVI, 596-604.
Abstract
This paper analyses and interpretes model of equity shares quoted at the Jakarta Stock Exchange (JSX). It examines critically the impact of external risk factors on the Enterprise Multiple (EM) and the Equity Share Values (EV) of investments in LQ45 companies at JSX where investors are yet to optimize their investment opportunities in LQ45 company equity shares. The basic thesis of this paper is that an understanding of the inter-relationship among EV, EM, and external risk variables that affect the values of these equity shares can help investors to manage their portfolios more effectively. The paper shows that the movements of LQ45 company equity share prices as well as sectoral indices are significantly correlated with changes in external risk factors.
Keywords: Equity Share Values, JSX, LQ45, Enterprise Multiple.
download complete article:
www.imda.cc/IMDA%20Program%2020073.pdf
acceptance-full-paper-totok
Publication
Enterprise Multiple, Equity Share Values, Jakarta Stock Exchange