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                  <text>Vol. 26 No. 3 (2022) July 2022</text>
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                <text>Jurnal Keuangan dan Perbankan Universitas Merdeka Malang&#13;
Integration of Indonesian Capital Market and ASEAN Capital Market: A Study during the Covid-19 Pandemic  </text>
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                <text> Financial Crisis, Cointegration, Stock market index, International financial markets</text>
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                <text>This research was conducted to examine the integration of the Indonesian capital market with the capital markets of other countries in ASEAN before and during the COVID-19 pandemic, so the results of this study are expected to provide an overview for investors in making investment decisions. Investment decision-making, especially in international diversification. The sample used in this study is the capital market index of Indonesia, &#13;
Malaysia, Singapore, the Philippines, Thailand, and Vietnam. The analysis technique uses the Vector Error Correction Model (VECM). The analytical tool used is Eviews 11 software. The results show that there is proven integration between the Indonesian capital market and the capital markets of Malaysia, Singapore, the Philippines, Thailand, and Vietnam. In addition, this research also states that there is an increase in the integration of the Indonesian capital market with the capital markets that are members of the ASEAN Exchange, especially during the Covid-19 period. </text>
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                <text>Ursula Brigitta, Linda Ariany Mahastanti</text>
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                <text>DOI : 10.26905/jkdp.v26i3.7813 &#13;
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                <text>Universitas Merdeka Malang</text>
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                <text>Sri Wahyuni</text>
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                <text>ISSN: 2443-2687 (Online) ISSN: 1410-8089 (Print)</text>
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                <text>Jurnal Keuangan dan Perbankan Universitas Merdeka Malang</text>
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                  <text>Vol. 26 No. 3 (2022) July 2022</text>
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                <text>Jurnal Keuangan dan Perbankan Universitas Merdeka Malang&#13;
Digital Banking Balanced Scorecard</text>
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                <text>Technological developments change the characteristics of customers and banking business processes. This is a challenge for banks to continue to serve customers with excellence. This phenomenon certainly has an impact on banking performance. In order for bank operations to continue running, leaders need to analyze performance for strategic decision making. Therefore, proper measurement or indicators of banking performance are needed. The purpose of this study is to find the right banking performance indicators by developing the concept of a balanced scorecard. The research method used is literature review and measurement quality testing through validity and reliability tests using SmartPLS 3.0. This study resulted in 21 indicators called Digital Banking Balanced Scorecard. The contribution of this research are (1) the development of the balanced scorecard concept which has four perspective and 21 indicators, (2) banks can use the Digital Banking Balanced Scorecard measurement to measure their performance, especially banks that have implemented banking digitalization, (3) further researchers can use this as a reference indicator of banking performance variables.  </text>
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                <text>Diana Frederica, Yvonne Augustine&#13;
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                <text>DOI : 10.26905/jdkp.v26i3.7940 &#13;
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                <text>Universitas Merdeka Malang</text>
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                <text>Sri Wahyuni</text>
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                <text>ISSN: 2443-2687 (Online) ISSN: 1410-8089 (Print)</text>
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                <text>Jurnal Keuangan dan Perbankan Universitas Merdeka Malang&#13;
Corporate Governance Internal Mechanisms, Directors' Remuneration, and Financial Performance: Evidence from Indonesia Banking Industries </text>
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                <text>performance of the company, corporate governance internal mechanism, director’s remuneration</text>
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                <text>This study was conducted to analyze the effect of the corporate corporate governance mechanism and director remuneration on the company's performance. This study examines the internal mechanism comprising the size of the board of directors, internal and external directors, the Audit Committee, the Nomination and Remuneration Committee, the frequency of board meetings, and the ownership structure. Return on Assets (ROA) is &#13;
used to measure a company's financial performance, while Price to Book Value (PBV) is &#13;
used to measure its market performance. This study information is taken from secondary data and the company's official annual report. This study's sample was drawn from a financial institution listed on the Indonesia Stock Exchange (IDX) between 2016 and 2020. This study sampled 38 companies using a technique purposive sampling. Using the EViews software, this research employs a panel data regression model for its analysis. The data &#13;
demonstrated that the Audit Committee positively affected ROA but had no effect on PBV. The frequency of board meetings had no effect on ROA, but a negative effect on PBV. ROA and PBV were unaffected by the size of the board of directors, internal directors, external directors, Nomination and Remuneration Committee, ownership structure, and compensation of directors. The most relevant finding of this research indicates that the &#13;
influence of independent variables on ROA and PBV differs between large and small banks. In addition, board size had a negative effect on ROA during the Covid-19 pandemic in 2020, but a good effect on PBV. In the meantime, director's compensation had a beneficial effect on PBV, but no effect on ROA. </text>
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                <text>Narita Pravitasari, Erna Setiany</text>
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                <text>DOI: 10.26905/JKDP.V26i3.7726DO</text>
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                <text>Universitas Merdeka Malang</text>
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                <text>Sri Wahyuni</text>
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                <text>ISSN: 2443-2687 (Online) ISSN: 1410-8089 (Print)</text>
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                  <text>Vol. 26 No. 3 (2022) July 2022</text>
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                <text>Jurnal Keuangan dan Perbankan Universitas Merdeka Malang&#13;
Analysis of Capital Market Reactions to the Merger of Indonesian Sharia Banks: BRIS Stocks Evidence </text>
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            <name>Subject</name>
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                <text>Abnormal Return; Trading Volume Activity; Granger Causality</text>
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                <text>This study aims to obtain evidence of the stock market’s reaction to the merger of Indonesian Islamic banks and its prediction power to JCI. The variables used in this study are abnormal returns and trading volume activity with an observation period of 60 days before the event and 60 days after the event. We use 2 types of time series data, which are daily data to analyze AR and trading volume activity, and weekly data to analyze the &#13;
causality relationship. The results showed that there were no differences in abnormal returns before and after the merger, but there were differences in trading volume activity before and after the merger. In addition, this study also aims to determine the reciprocal relationship using Granger causality between the JCI and BRIS stocks prices before and after the merger of Indonesian Islamic banks. The results of the study show that there is no reciprocal relationship between the Composite Stocks Price Index and the stock’s price of BRIS and vice versa.</text>
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                <text>Grisvia Agustin, Andik Pratama, Achmad Fakhruddin Arrozy, Muhammad Nur Arifin, Nur Muhammad Agung, Qorry Anggita Rishaq, Riqa Aniqa Helma Alam </text>
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The Effect of Company Financial Performance on Bond Ratings with GCG as Moderating Variable </text>
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The Effect of Thin Capitalization and Foreign Ownership Structure on Tax Aggressiveness Moderated By the Independence of The Commissioner</text>
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                <text>The paper aims to examine the effect of thin capitalization and foreign ownership structure on tax aggressiveness and the extent to which the independence of commissioners can moderate the effect of thin capitalization and foreign ownership structure on tax aggressiveness. This study uses a purposive sampling method which produces 810 &#13;
observations from 240 manufacturing companies listed on the IDX from 2016 to 2020. The study was conducted using multiple regression analysis with a moderating effect (moderated regression analysis). The result of this research is thin capitalization does not have a significant effect on tax aggressiveness. but the structure of foreign ownership affects tax aggressiveness on the measurement of earnings in the form of cash. Independent commissioners significantly moderate the effect of thin capitalization and foreign ownership structure on tax aggressiveness. The influence of independent commissioners on the relationship of foreign ownership structure to tax aggressiveness is negative. indicating that the supervisory role of independent commissioners is weakened when dealing with foreign ownership.</text>
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                <text>Sri Wahyuni</text>
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                <text>ISSN: 2443-2687 (Online) ISSN: 1410-8089 (Print)</text>
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Financial Integration, Technology Transfer, Labor Productivity Growth and Economic Growth on Pre�and-During COVID-19 Crisis: Evidence from G20 Countries </text>
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                <text>This study investigates the role of financial integration, technology transfer, and labor productivity growth in economic growth pre-and-during the COVID-19 pandemic crisis. The data collected is panel data from 20 countries of the G20 in the period 2018Q4–2021Q1. By using fixed-effects regression, the results showed that foreign direct investment had a significant effect on economic growth during the COVID-19 crisis, while foreign portfolio investment did not. Furthermore, labor productivity growth has been proven to play a role in moderating foreign portfolio investment, foreign direct investment, and technology transfer in pre-crisis economic growth. However, entering into the COVID-19 crisis stage, labor productivity growth is no longer proven to be moderating, due to a major lockdown policy that led to a decline in labor productivity. This study contributes to helping &#13;
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                <text>ISSN: 2443-2687 (Online) ISSN: 1410-8089 (Print)</text>
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            <name>Title</name>
            <description>A name given to the resource</description>
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              <elementText elementTextId="51966">
                <text>Jurnal Keuangan dan Perbankan Universitas Merdeka Malang&#13;
Credit access and happiness: Evidence from Indonesia </text>
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                <text>Credit Access, Households, IFLS, Happiness, Indonesia</text>
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              <elementText elementTextId="51968">
                <text>The objective of this study is to investigate household credit access and its impact on happiness. We use data from the Indonesia Family Life Survey (IFLS) and employ Ordinary Least Square (OLS) as well as an Ordered Probit approach to test our empirical framework. Our results reveal that per capita expenditure has positively affects the probability of being granted credit, and people in urban communities benefit more from &#13;
accessing credit than those in rural areas also document that those who successfully obtain credit tend to increase their probability of being happy. We then recommend an improvement in access to credit, particularly for poor people and those who live in rural communities, as an important policy implication. In addition, a better financial capability &#13;
and financial literacy should be improved continuously to ensure the positive impact of &#13;
credit on happiness as the ultimate goal in life. </text>
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            <name>Creator</name>
            <description>An entity primarily responsible for making the resource</description>
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              <elementText elementTextId="51969">
                <text>Siti Aisyah Tri Rahayu, Mulyanto, Johadi, Muhammad Yusuf Indra Purnama</text>
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            <name>Source</name>
            <description>A related resource from which the described resource is derived</description>
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              <elementText elementTextId="51970">
                <text>DOI: 10.26905/jkdp.v26i3.7551 </text>
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            <name>Publisher</name>
            <description>An entity responsible for making the resource available</description>
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              <elementText elementTextId="51971">
                <text>Universitas Merdeka Malang</text>
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            <name>Date</name>
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              <elementText elementTextId="51972">
                <text>July 2022</text>
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          <element elementId="37">
            <name>Contributor</name>
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            <elementTextContainer>
              <elementText elementTextId="51973">
                <text>Sri Wahyuni</text>
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          <element elementId="47">
            <name>Rights</name>
            <description>Information about rights held in and over the resource</description>
            <elementTextContainer>
              <elementText elementTextId="51974">
                <text>ISSN: 2443-2687 (Online) ISSN: 1410-8089 (Print)</text>
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          <element elementId="42">
            <name>Format</name>
            <description>The file format, physical medium, or dimensions of the resource</description>
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                <text>PDF</text>
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            <name>Language</name>
            <description>A language of the resource</description>
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              <elementText elementTextId="51976">
                <text>English</text>
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            <name>Type</name>
            <description>The nature or genre of the resource</description>
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              <elementText elementTextId="51978">
                <text>Jurnal Keuangan dan Perbankan Universitas Merdeka Malang</text>
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        <name>Credit Access, Households</name>
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      <tag tagId="7780">
        <name>IFLS, Happiness, Indonesia</name>
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      <tag tagId="7147">
        <name>JURNAL NASIONAL AKUNTANSI</name>
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            <element elementId="50">
              <name>Title</name>
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              <elementTextContainer>
                <elementText elementTextId="51874">
                  <text>Vol. 26 No. 3 (2022) July 2022</text>
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          </elementContainer>
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      <description>A resource consisting primarily of words for reading. Examples include books, letters, dissertations, poems, newspapers, articles, archives of mailing lists. Note that facsimiles or images of texts are still of the genre Text.</description>
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    <elementSetContainer>
      <elementSet elementSetId="1">
        <name>Dublin Core</name>
        <description>The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/.</description>
        <elementContainer>
          <element elementId="50">
            <name>Title</name>
            <description>A name given to the resource</description>
            <elementTextContainer>
              <elementText elementTextId="51953">
                <text>Jurnal Keuangan dan Perbankan Universitas Merdeka Malang&#13;
The Testing Of Pecking Order Theory For Behavior Financing In The Company's Life Stage </text>
              </elementText>
            </elementTextContainer>
          </element>
          <element elementId="49">
            <name>Subject</name>
            <description>The topic of the resource</description>
            <elementTextContainer>
              <elementText elementTextId="51954">
                <text>POT, behavior financing, company life cycle</text>
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            </elementTextContainer>
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          <element elementId="41">
            <name>Description</name>
            <description>An account of the resource</description>
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              <elementText elementTextId="51955">
                <text>The diversity of behavior financing occurs in companies listed on the Indonesian capital market and still leaves debate on theoretical assumptions so that the researchers are motivated to do this research. This research aims to investigate the behavior financing of each stage of the company's life, specifically for young, mature and waning ages as the repressentations of Pecking Order Theory (POT) financing behavior. The object of this research is a manufacturing company that is listed Indonesian capital market at least 3 years after the IPO and has a complete financial performance report. The results of the regression analysis results behavior of sales growth, profitability behavior, dividend behavior, retained earnings behavior, free cash flow behavior, risk behavior, size behavior and financial leverage behavior, shows various behaviors in each stage of the company's life. Behavior financing at the young and waning stages tends to favor POT behavior rather than trade-off behavior financing. In the mature stage, the behavior of profitability, retained earnings, FCF, and size do not support POT behavior tends to lead to trade-off financing behavior.  </text>
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          <element elementId="39">
            <name>Creator</name>
            <description>An entity primarily responsible for making the resource</description>
            <elementTextContainer>
              <elementText elementTextId="51956">
                <text>La Ode Sumail, Rezki Arianty Akob</text>
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            </elementTextContainer>
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          <element elementId="48">
            <name>Source</name>
            <description>A related resource from which the described resource is derived</description>
            <elementTextContainer>
              <elementText elementTextId="51957">
                <text>DOI: 10.26905/jkdp.v26i3.7607 </text>
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            </elementTextContainer>
          </element>
          <element elementId="45">
            <name>Publisher</name>
            <description>An entity responsible for making the resource available</description>
            <elementTextContainer>
              <elementText elementTextId="51958">
                <text>Universitas Merdeka Malang</text>
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          <element elementId="40">
            <name>Date</name>
            <description>A point or period of time associated with an event in the lifecycle of the resource</description>
            <elementTextContainer>
              <elementText elementTextId="51959">
                <text>July 2022</text>
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            </elementTextContainer>
          </element>
          <element elementId="37">
            <name>Contributor</name>
            <description>An entity responsible for making contributions to the resource</description>
            <elementTextContainer>
              <elementText elementTextId="51960">
                <text>Sri Wahyuni</text>
              </elementText>
            </elementTextContainer>
          </element>
          <element elementId="47">
            <name>Rights</name>
            <description>Information about rights held in and over the resource</description>
            <elementTextContainer>
              <elementText elementTextId="51961">
                <text>ISSN: 2443-2687 (Online) ISSN: 1410-8089 (Print)</text>
              </elementText>
            </elementTextContainer>
          </element>
          <element elementId="42">
            <name>Format</name>
            <description>The file format, physical medium, or dimensions of the resource</description>
            <elementTextContainer>
              <elementText elementTextId="51962">
                <text>PDF</text>
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            </elementTextContainer>
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          <element elementId="44">
            <name>Language</name>
            <description>A language of the resource</description>
            <elementTextContainer>
              <elementText elementTextId="51963">
                <text>English</text>
              </elementText>
            </elementTextContainer>
          </element>
          <element elementId="51">
            <name>Type</name>
            <description>The nature or genre of the resource</description>
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              <elementText elementTextId="51964">
                <text>Text</text>
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          <element elementId="38">
            <name>Coverage</name>
            <description>The spatial or temporal topic of the resource, the spatial applicability of the resource, or the jurisdiction under which the resource is relevant</description>
            <elementTextContainer>
              <elementText elementTextId="51965">
                <text>Jurnal Keuangan dan Perbankan Universitas Merdeka Malang</text>
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            </elementTextContainer>
          </element>
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    <tagContainer>
      <tag tagId="7147">
        <name>JURNAL NASIONAL AKUNTANSI</name>
      </tag>
      <tag tagId="7781">
        <name>POT, behavior financing, company life cycle</name>
      </tag>
    </tagContainer>
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    <fileContainer>
      <file fileId="4893">
        <src>https://repository.horizon.ac.id/files/original/755dda3390f799fb62c3f6b5f32d482e.pdf</src>
        <authentication>72d3b7bfebf16512cc0f9c9b1b86e5ef</authentication>
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        <elementSet elementSetId="1">
          <name>Dublin Core</name>
          <description>The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/.</description>
          <elementContainer>
            <element elementId="50">
              <name>Title</name>
              <description>A name given to the resource</description>
              <elementTextContainer>
                <elementText elementTextId="51874">
                  <text>Vol. 26 No. 3 (2022) July 2022</text>
                </elementText>
              </elementTextContainer>
            </element>
          </elementContainer>
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      </elementSetContainer>
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      <name>Text</name>
      <description>A resource consisting primarily of words for reading. Examples include books, letters, dissertations, poems, newspapers, articles, archives of mailing lists. Note that facsimiles or images of texts are still of the genre Text.</description>
    </itemType>
    <elementSetContainer>
      <elementSet elementSetId="1">
        <name>Dublin Core</name>
        <description>The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/.</description>
        <elementContainer>
          <element elementId="50">
            <name>Title</name>
            <description>A name given to the resource</description>
            <elementTextContainer>
              <elementText elementTextId="51940">
                <text>Jurnal Keuangan dan Perbankan Universitas Merdeka Malang&#13;
Comparison of Microeconomics and Stock Returns Relationships in Financial Sector in 2019 and 2020 </text>
              </elementText>
            </elementTextContainer>
          </element>
          <element elementId="49">
            <name>Subject</name>
            <description>The topic of the resource</description>
            <elementTextContainer>
              <elementText elementTextId="51941">
                <text>COVID-19 Pandemic, Financial Sector, icroeconomics Variables, Stock Return</text>
              </elementText>
            </elementTextContainer>
          </element>
          <element elementId="41">
            <name>Description</name>
            <description>An account of the resource</description>
            <elementTextContainer>
              <elementText elementTextId="51942">
                <text>Stock return is crucial to analyze before making investment since gaining return is the main objective. The analyzing can implement fundamental analysis which involves microeconomics variables of company. According to IDX, financial sector generates the highest return, unfortunately it is still volatile. Moreover, since COVID-19 pandemic, economic situation becomes unstable. This research aims to analyze and compare partial and simultaneous relationship of microeconomics variables (Book Value Per Share, &#13;
Price to Book Value, Price Earning Ratio, Debt to Equity Ratio, Net Profit Margin and Debt Ratio) with stock return in financial sector main board companies in 2019 (before COVID-19 pandemic) and 2020 (during COVID-19 pandemic). Multiple linear regression is implemented and resulting that in 2019, only Price to Book Value, Price Earning Ratio and Net Profit Margin have significant relationship with stock return. In 2020, only Price Earning Ratio and Debt to Equity Ratio have significant relationship with stock return. For both years, simultaneous relationship between all &#13;
microeconomics variables and stock return are found. The result can be used for investor and main board financial sector companies. </text>
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          </element>
          <element elementId="39">
            <name>Creator</name>
            <description>An entity primarily responsible for making the resource</description>
            <elementTextContainer>
              <elementText elementTextId="51943">
                <text>Mei Siang Jemima Aurelia, Edwin Setiawan Nugraha</text>
              </elementText>
            </elementTextContainer>
          </element>
          <element elementId="48">
            <name>Source</name>
            <description>A related resource from which the described resource is derived</description>
            <elementTextContainer>
              <elementText elementTextId="51944">
                <text>DOI: 10.26905/jkdp.v26i3.7887</text>
              </elementText>
            </elementTextContainer>
          </element>
          <element elementId="45">
            <name>Publisher</name>
            <description>An entity responsible for making the resource available</description>
            <elementTextContainer>
              <elementText elementTextId="51945">
                <text>Universitas Merdeka Malang</text>
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          <element elementId="40">
            <name>Date</name>
            <description>A point or period of time associated with an event in the lifecycle of the resource</description>
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              <elementText elementTextId="51946">
                <text>July 2022</text>
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          <element elementId="37">
            <name>Contributor</name>
            <description>An entity responsible for making contributions to the resource</description>
            <elementTextContainer>
              <elementText elementTextId="51947">
                <text>Sri Wahyuni</text>
              </elementText>
            </elementTextContainer>
          </element>
          <element elementId="47">
            <name>Rights</name>
            <description>Information about rights held in and over the resource</description>
            <elementTextContainer>
              <elementText elementTextId="51948">
                <text>ISSN: 2443-2687 (Online) ISSN: 1410-8089 (Print)</text>
              </elementText>
            </elementTextContainer>
          </element>
          <element elementId="42">
            <name>Format</name>
            <description>The file format, physical medium, or dimensions of the resource</description>
            <elementTextContainer>
              <elementText elementTextId="51949">
                <text>PDF</text>
              </elementText>
            </elementTextContainer>
          </element>
          <element elementId="44">
            <name>Language</name>
            <description>A language of the resource</description>
            <elementTextContainer>
              <elementText elementTextId="51950">
                <text>English</text>
              </elementText>
            </elementTextContainer>
          </element>
          <element elementId="51">
            <name>Type</name>
            <description>The nature or genre of the resource</description>
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              <elementText elementTextId="51951">
                <text>Text</text>
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            <name>Coverage</name>
            <description>The spatial or temporal topic of the resource, the spatial applicability of the resource, or the jurisdiction under which the resource is relevant</description>
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              <elementText elementTextId="51952">
                <text>Jurnal Keuangan dan Perbankan Universitas Merdeka Malang</text>
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      <tag tagId="255">
        <name>COVID-19 pandemic</name>
      </tag>
      <tag tagId="7782">
        <name>Financial Sector</name>
      </tag>
      <tag tagId="7783">
        <name>icroeconomics Variables</name>
      </tag>
      <tag tagId="7147">
        <name>JURNAL NASIONAL AKUNTANSI</name>
      </tag>
      <tag tagId="7784">
        <name>Stock Return</name>
      </tag>
    </tagContainer>
  </item>
</itemContainer>
