Contabilidad y marketing

The purpose of the study is to test how far the risk, size, and firm value variables of the Fama and French three factor model could explain the excess return of small and large stock portfolios in the Indonesian Capital Market (ICM). The study was conducted during 2016-2019 on the official 45 liquid shares namely LQ45. In this study, six portfolios were formed, which were produced from small and large portfolio groups. Each portfolio consists of small high, medium, low and large portfolio consists of large, medium and low. The results showed that market risk for all small and large portfolios have a positive and significant effect. In contrast to company size, size has a significant effect on small, medium, low and large high portfolios. While large low and medium portfolios are not significant. Testing the effect of company value on small and large portfolio excess returns is significant except for the small low portfolio. In general, the three-factor research model is a pretty good model to explain portfolio excess returns in Indonesia.

Economic development is the goal and objective of every man because it is only way humanity can enjoy the life. In the early age man started the trade for the earning. Economic development is a natural process which attracts the man to stream line all the function of commerce. When the trade was started between the cities the humanity was very ambitious about the development. Man fulfilled their need through trade which is called the barter system after that the enhance of economic system man started the metallic money. When we study the Chinese civilization and sanseis we can found all these evidence from the history of civilization the barter system and metallic money was used. After the enhancement of population of various part of world they started the trade on economic lines. In very early centuries the various tribe move to such areas which suitable for economic activities. For examples many tribe in Europe move to Baltic Sea and the some area which are suitable for trade. We can say this was base of economic system. With expansion of Roman Empire. Roman Empire made the conducts of trade. When Coloma’s discovered the American in 1492. Columbus want to reach the Asia started the new route between Asia and Europe. Some trade delegation visited the area which is called the USA for trade routes. When the colonization of USA was started by Spanish, French, English, Russian they established various way of trade between the continents Atlantic and Indian Ocean.