The Treynor-Mazuy Conditional Model: Overview of Market Timing and Stock Selection on Equity Mutual Funds Performance

This study explores market timing and stock selection by investment managers during the Covid-19 in Indonesia. By applying several sample criteria to the population of mutual funds registered at OJK, we found 55 stock mutual funds using the purposive sampling. We processed data using the STATA16 computer program. The Treynor-Mazuy conditional inflation and exchange rate model, according to the findings of this study, can show that market timing and stock selection for mutual fund managers have a positive and significant impact on improving the performance of equity fund portfolios during the pandemic in Indonesia. In Indonesia, there are 5 equities mutual funds having positive or market timing skills, accounting for 9.09 percent of all equity mutual funds, whereas the remaining 90.91 percent do not. The positive coefficient of the gamma variable shows that the investment manager’s ability to market time is expected to result in higher stock mutual fund returns. Positive or stock selectivity characteristics are available in 45 equity mutual funds, or 81.18 percent. The contribution of this study focuses on exchange rate and inflation. However, there needs to be a relevant follow-up comparison before the pandemic occurs. In addition, it is necessary to consider other elements in the macro-economy. © 2022, University of National and World Economy. All rights reserved.

Using Correlation Analysis to Examine the Impact of Covid-19 Pandemics on Various Socioeconomic Aspects: Case study of Indonesia

This paper diagnoses the determination of Covid-19 on economic and social aspects in Indonesia. Panel data collected from 34 provinces in Indonesia for the 2020-2023 period supports the quantitative method. Three analyzes (Spearman, Kendall, and Pearson) were used to measuring the relationship and its partial effect. Research findings indicate that Covid-19 cases have a negative impact on labor productivity, migration, domestic violence, and sexual harassment. From other results, per capita spending, well-being, unemployment, and poverty actually increased when there was a surge in Covid-19. For the Spearman rho correlation, with a degree of 1 percent (p < 0.01), there is a significant effect between capita spending on well-being, per capita spending and well-being on migration, and poverty on labor productivity. Tested by Kendall’s tau and Pearson, the Covid-19 tragedy positively affected per capita spending, well-being, unemployment, poverty, and mortality, but labor productivity, migration, domestic violence, and sexual harassment were negatively affected by Covid-19. The partial probability level (p < 0.05 and p < 0.01) reveals a significant effect of per capita spending on well-being, migration on per capita spending and well-being, and poverty on labor productivity. Although per capita spending has a significant impact on well-being (5 percent confidence level), there is a slight difference from the Pearson test, where with a tolerance limit of 1 percent, poverty affects sexual harassment significantly. Covid-19 has taught many things, so that humanity does not disappear with conditions that seek peace. Policy makers need to schedule a more inclusive national and regional resilience system. © 2022. Geographica Pannonica. All Rights Reserved.

ETHICAL WORK CLIMATE in MOTIVATION and MORAL AWARENESS PERSPECTIVE: The DILEMMA by the COVID-19 CRISIS?*

Covid-19 is a shocking tragedy in the 21st century. The transmission of this scary virus drains workers of energy, such as stress, conflict, and other problems. This study analyzes several factors that influence moral awareness, including team play, corporate interests, personal morality, rules and procedures, friendship, and motivation. The interview data capacity applied to 205 informants, of which they were public employees at the Department of Public Works and Public Housing–East Kutai Regency. The MRA method calculates two effects (direct effect and indirect effect). Our findings confirm that team play, corporate interests, personal morality, rules and procedures, and friendship significantly affect moral awareness. They have shown motivation to significantly strengthen the influence of team play, corporate interests, personal morality, rules and procedures, and friendship on moral awareness. Study outcomes enrich the academic climate through the expansion of theoretical and practical contributions. © 2021 Mykolas Riomeris University. All rights reserved.