DETERMINANTS OF HOLDING PERIOD BEHAVIOR IN INDONESIA AND MALAYSIA PUBLIC COMPANIES

Abdul Manan; Rahmad Sembiring

Abdul Manan Universiti Sultan Zainal Abidin
Rahmad Sembiring Universitas Pembangunan Panca Budi

Abstract

This study aims to test the effect of Bid Ask Spread, Market value, and Variance Return, Dividend payout ratio, and Interest Rate on the Holding Period with Interest Rate as a moderating variable. The type of data used is secondary data in the form of financial statements of companies listed on the Indonesia Stock Exchange and Bursa Malaysia. The data analysis technique used is Moderating Regression Analysis (MRA). The population in this study is all manufacturing companies listed on the Indonesia Stock Exchange and Bursa Malaysia with a population of 488 companies using the purposive sampling method. The independent variables of this study are Bid Ask Spread, Market Value, Variance Return, and Dividend Payout Ratio. The dependent variable of the company's value is measured by the Holding Period. Meanwhile, Interest Rate is a moderation variable. The results of the study show that Bid Ask Spread, Market Value, Variance Return, Dividend Payout Ratio, and Interest Rate simultaneously have a significant positive effect on the Holding Period. Meanwhile, partially, the Bid Ask Spread, Variance Return and Dividend Payout Ratio have a positive and significant effect on the Holding Period. Market Value has a positive but not significant effect on the Holding Period. Interest Rate has a negative and insignificant effect on the Holding Period. Then with the addition of Interest Rate as a moderating variable between independent variables and dependent variables, the result obtained is a positive and significant Bid Ask Spread to the Holding Period through Interest Rate. Variance Return has a positive and insignificant effect on the Holding Period through the Interest Rate. Meanwhile, Market Value and Dividend Payout Ratio have a negative and insignificant effect on the Holding Period through Interest.

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