Firm Performance and Stock Returns: The Moderating Role of Google Search Volume Index: Evidence from Companies Listed in Indonesian Sharia Stock Index
Keywords:
Company performance, Google search volume, Stock yield, COVID-19
Abstract
This study examines the effect of company performance on stock returns moderated by Google search volume on companies listed on the Indonesia Sharia Stock Index (ISSI). The research sample consists of companies registered with ISSI from January 1, 2020, to December 31, 2021. The results showed that the company's performance indicators, ROE and EPS, significantly positively affected stock returns. In addition, Google search volume directly impacts the increase in stock returns and positively moderates the relationship between EPS and stock returns. This research contributes to the accounting and capital market literature by looking at synergies between companies and investors' attention to Islamic stock returns, especially in times of crisis.
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References
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Ahmed, E. R., Alabdullah, T. T. Y., Thottoli, M. M., & Maryanti, E. (2020). Does Corporate Governance Predict Firm Profitability? An Empirical Study in Oman. The International Journal of Accounting and Business Society, 28(1), 127-143.
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Aloui, M., & Jarboui, A. (2018). The effects of corporate governance on the stock return volatility: During the financial crisis. International Journal of Law and Management.
Aloui, M., & Jarboui, A. (2018). The effects of corporate governance on the stock return volatility: During the financial crisis. International Journal of Law and Management.
Baig, A. S., Butt, H. A., Haroon, O., & Rizvi, S. A. R. (2021). Deaths, panic, lockdowns and US equity markets: The case of COVID-19 pandemic. Finance research letters, 38, 101701.
Bali, T. et al. (2014), ‘Liquidity Shocks and Stock Market Reactions’, Review of Financial Studies, 27, 1434–85.
Banerjee, Arindam. (2019). Predicting stock return of UAE listed companies using financial ratios. Accounting and Finance Research, 8(2), 214-225.
Barber, M., and T. Odean (2008), ‘All that Glitters: The Effect of Attention and News on the Buying Behaviour of Individual and Institutional Investors’, Review of Financial Studies, 21, 785–818.
Beaver, W. (1968) “The information content of annual earnings announcements”, Journal of Accounting Research, Vol. 6: 67-92
Beirne, J, Renzhi, N, Sugandi, E, Volz, U, (2020). Financial Market and Capital Flow Dynamics During the COVID-19 Pandemic. Asian Development Institute Working Paper No. 1158.
Bhatt, P. R., & Bhatt, R. R. (2017). Corporate governance and firm performance in Malaysia. Corporate Governance: The international journal of business in society.
Bijl, L, Kringhaug, G, Molnar, P, & Sandvik, E. (2016). Google Searches and Stock Returns. International Review of Financial Analysis, 45, 150-156.
Bijl, L., Kringhaug, G., Molnar, P., & Sandvik, E. (2016). Google Searches and Stock Returns. International Review of Financial Analysis, 45, 150-156.
Bouteska, A., & Regaieg, B. (2017). The Association between Accounting Earnings, Dividends, Stock Prices and Stock Returns: Value Relevance of Accounting Standards in the Tunisian Stock Market. International Journal of Accounting and Financial Reporting, 7(1), 171-189.
Burns, W. J., E. Peters, and P. Slovic. (2012) Risk perception and the economic crisis: a longitudinal study of the trajectory of perceived risk, Risk Analysis 32, 659–677.
Chai, D., Dai, M., Gharghori, P., & Hong, B. (2021). Internet search intensity and its relation with trading activity and stock returns. International Review of Finance, 21(1), 282-311.
Chai, D., Dai, M., Gharghori, P., & Hong, B. (2021). Internet search intensity and its relation with trading activity and stock returns. International Review of Finance, 21(1), 282-311.
Chauhan, Y., Lakshmi, R. and Dey, K. (2016), “Corporate governance practices, self-dealings, and firm performance: evidence from India”, Journal of Contemporary Accounting and Economics, Vol. 12, pp. 274-289.
Chen, J., H. Hong, and J. C. Stein (2001), ‘Forecasting Crashes: Trading Volume, Past Returns, and Conditional Skewness in Stock Prices’, Journal of Financial Economics, 61, 345–81.
Cox, J., Greenwald, D. L., & Ludvigson, S. C. (2020). What Explains the COVID-19 Stock Market? (No. w27784). National Bureau of Economic Research.
Da, Z., Engelberg, J., & Gao, P. (2011). In search of attention. The Journal of Finance, 66(5), 1461–1499.
Dash, S. R., & Raithatha, M. (2019). Corporate governance and firm performance relationship: Implications for risk‐adjusted return behavior. Managerial and Decision Economics, 40(8), 923–940.
Dewri, L. V. (2021). A Critical Assessment of Interrelationship Among Corporate Governance, Financial Performance, Refined Economic Value Added to Measure Firm Value and Return on Stock. Journal of the Knowledge Economy, 1-42.
Ding, D., Guan, C., Chan, C. M., & Liu, W. (2020). Building stock market resilience through digital transformation: using Google trends to analyze the impact of COVID-19 pandemic. Frontiers of Business Research in China, 14(1), 1-21.
Dumitrescu, A., & Zakriya, M. (2022). Governance, information flow, and stock returns. Journal of Corporate Finance, 72, 102168.
Elzahaby, M. A. (2021). How firms' performance mediates the relationship between kualitas tata kelola and earnings quality? Journal of Accounting in Emerging Economies.
Fama, E. F. (1970). Efficient capital markets: A review of theory and empirical work. The Journal of Finance, 25(2), 383–417.
Farooq, M., Noor, A., & Ali, S. (2021). Corporate governance and firm performance: empirical evidence from Pakistan. Corporate Governance: The International Journal of Business in Society.
Florio, C. and Leoni, G. (2017), “Enterprise risk management and firm performance: the Italian case”, The British Accounting Review, Vol. 49, pp. 56-74.
Hsu, Y. L., & Liao, L. K. C. (2021). Corporate governance and stock performance: The case of COVID-19 crisis. Journal of Accounting and Public Policy, 106920.
Hsu, Y. L., & Liao, L. K. C. (2021). Corporate governance and stock performance: The case of COVID-19 crisis. Journal of Accounting and Public Policy, 106920.
Iyke, B. N., & Ho, S. Y. (2021). Investor attention on COVID-19 and African stock returns. MethodsX, 8, 101195.
Jermias, J., & Gani, L. (2014). The impact of board capital and board characteristics on firm performance. The british accounting review, 46(2), 135-153.
Jun, P. (2019). The Impact of Financial Performance on Stock Return in China’s High-Tech Industry (Doctoral dissertation, University of the Thai Chamber of Commerce).
Kemenkeu.,, (2021). "Pemerintah Berkomitmen Perkuat Pasar Keuangan Syariah".https://www.kemenkeu.go.id/publikasi/berita/pemerintah-berkomitmen-perkuat-pasar-keuangan-syariah/. Diakses pada 15 Juli 2022.
Khatib, S. F., & Nour, A. N. I. (2021). The impact of corporate governance on firm performance during the COVID-19 pandemic: evidence from Malaysia. Journal of Asian Finance, Economics and Business, 8(2), 0943-0952.
Kristoufek, L. (2013). BitCoin meets Google Trends and Wikipedia: Quantifying the relationship between phenomena of the Internet era. Scientific reports, 3(1), 1-7.
Kumari, P. and Pattanayak, J. (2017), “Linking earnings management practices and corporate governance sistem with the firms’ financial performance: a study of Indian commercial banks”, Journal of Financial Crime, Vol. 24 No. 2, pp. 223-241.
Kwag, S. W. (2014) “A behavioral shift in earnings response after regulation FD”, Journal of Behavioral Finance, Vol. 15, no. 3: 184-194
Lee, W. Y., C. X. Jiang, and D. C. Indro, 2002, Stock market volatility, excess returns, and the role of investor sentiment, Journal of Banking and Finance 26, 2277–2299.
Lewis, C. M., & Tan, Y. (2016). Debt-equity choices, R&D investment and market timing. Journal of financial economics, 119(3), 599-610.
Li, J., Ma, Y., Shi, B., & Yang, Y. (2021). Can the Market Recognize the Value of the Corporate Governance Mechanism of Chinese Listed Companies? Empirical Evidence From COVID-19. Frontiers in Public Health, 9.
Lin, H. W., Huang, J. B., Lin, K. B., & Chen, S. H. (2019, July). Manipulated Information Dissemination and Risk-Adjusted Momentum Return in the Chinese Stock Market. In International Conference on Applied Human Factors and Ergonomics (pp. 37-45).
Martani, D., Khairurizka, R., & Khairurizka, R. J. C. B. R. (2009). The effect of financial ratios, firm size, and cash flow from operating activities in the interim report to the stock return. Chinese Business Review, 8(6), 44-55.
Nazir, M. S., & Afza, T. (2018). Does managerial behavior of managing earnings mitigate the relationship between corporate governance and firm value? Evidence from an emerging market. Future Business Journal, 4(1), 139-156.
Nguyen, C. P., Schinckus, C., & Nguyen, T. V. H. (2019). Google search and stock returns in emerging markets. Borsa Istanbul Review, 19(4), 288-296.
Öztürk, H., & Karabulut, T. A. (2018). The relationship between earnings-to-price, current ratio, profit margin and return: an empirical analysis on Istanbul stock exchange. Accounting and Finance Research, 7(1), 109-115.
Pai, P. F., Hong, L. C., & Lin, K. P. (2018). Using Internet Search Trends and Historical Trading Data for Predicting Stock Markets by the Least Squares Support Vector Regression Model. Computational intelligence and neuroscience, 2018.
Perlin, M. S., Caldeira, J. F., Santos, A. A., & Pontuschka, M. (2017). Can we predict the financial markets based on Google's search queries?. Journal of Forecasting, 36(4), 454-467.
Petcharabul P., &Romprasert S. (2014). Technology Industry on Financial Ratios and Pham, L., & Huynh, T. L. D. (2020). How does investor attention influence the green bond market?. Finance Research Letters, 35, 101533.
Pham, L., & Huynh, T. L. D. (2020). How does investor attention influence the green bond market?. Finance Research Letters, 35, 101533.
Pham, Q., T. Ho, D. Pham, and H. Nguyen. 2020. Effects of corporate governance on high growth rate: Evidence from Vietnamese listed companies. Management Science Letters 10, no. 7: 1553–66.
Preis, T, Moat, H. S, & Stanley, H. E. (2013). Quantifying trading behavior in financial markets using Google Trends. Scientific Reports, 3, 1684.
Rahman, J. M., & Liu, R. (2021). Value relevance of accounting information and stock price reaction: Empirical evidence from China. Available at SSRN 3851582.
Rahmawati Wahyu.,, (2021). "Indeks syariah melesat di tengah pandemi Covid-19, ini sebabnya". https://investasi.kontan.co.id/news/indeks-syariah-melesat-di-tengah-pandemi-covid-19-ini-sebabnya. Diakses pada 15 Juli 2022.
Raithatha, M., & Haldar, A. (2021). Are internal governance mechanisms efficient? The case of a developing economy. IIMB Management Review, 33(3), 191-204.
Senyigit, Y. B., & Ag, Y. (2014). Explaining the cross section of stock returns: A comparative study of the United States and Turkey. Procedia-Social and Behavioral Sciences, 109, 327-332.
Shamsudin, S. M., Abdullah, W. R. W., & Osman, A. H. (2018). Corporate governance practices and firm performance after revised code of corporate governance: Evidence from Malaysia. In State-of-the-art theories and empirical evidence (pp. 49-63). Springer, Singapore.
Smales, L. A. (2021). Investor attention and global market returns during the COVID-19 crisis. International Review of Financial Analysis, 73, 101616.
Srivastava, G., Kathuria, V. (2020). Impact of corporate governance norms on the performance of Indian utilities,Energy Policy,Volume 140,2020.
Stejskalova, J. (2019). Behavioural Attention to Financial Indikators: Evidence from Google Trends Data. Finance a Uver, 69(5), 440-462.
Sternberg, R. 1998. A balance theory of wisdom. Review of General Psychology 2, no. 4: 347–65
Topcu, M., & Gulal, O. S. (2020). The impact of COVID-19 on emerging stock markets. Finance Research Letters, 36, 101691.
Vlastakis, N., & Markellos, R. N. (2012). Information demand and stock market volatility. Journal of Banking & Finance, 36(6), 1808-1821.
Wanniarachchige, M. (2021). Do Firms With Better Corporate Governance Yield Higher Stock Returns? Evidence From Firms Listed in the Colombo Stock Exchange. In Proceedings of the Annual Emerging Financial Markets and Policy Conference-EFMP (Vol. 35, p. 42).
Worasatepongsa, P., & Prakthayanon, S. (2020). Influence of Corporate Governance on Company Value with Stock Return and Financial Performance as a Mediator Variable. PalArch's Journal of Archaeology of Egypt/Egyptology, 17(3), 2504-2525.
Yang, D., Ma, T., Wang, Y., & Wang, G. (2021). Does investor attention affect stock trading and returns? Evidence from publicly listed firms in China. Journal of Behavioral Finance, 22(4), 368-381.
Yoshinaga, C., & Rocco, F. (2020). Investor attention: can google search volumes predict stock returns?. BBR. Brazilian Business Review, 17, 523-539.
Yoshinaga, C., & Rocco, F. (2020). Investor attention: can google search volumes predict stock returns?. BBR. Brazilian Business Review, 17, 523-539.
Zhang, W., & Wang, P. (2020). Investor attention and the pricing of cryptocurrency market. Evolutionary and Institute.
Aguilera, R.V., Filatotchev, I., Gospel, H. and Jackson, G. (2008), “An organizational approach to comparative corporate governance: costs, contingencies, and complementarities”, Organization Science, Vol. 19 No. 3, pp. 475-492.
Ahmed, E. R., Alabdullah, T. T. Y., Thottoli, M. M., & Maryanti, E. (2020). Does Corporate Governance Predict Firm Profitability? An Empirical Study in Oman. The International Journal of Accounting and Business Society, 28(1), 127-143.
Alabdullah, T. T. Y., Ahmed, E. R., & Nor, M. I. (2020). The world declining economy and coronavirus pandemic: Sistems should be continued. Russian Journal of Agricultural and Socio-Economic Sciences, 102(6), 89-96.
Al-Gamrh, B., Ku Ismail, K. N. I., & Al-Dhamari, R. (2018). The role of corporate governance strength in crisis and non-crisis times. Applied economics, 50(58), 6263-6284.
Aloui, M., & Jarboui, A. (2018). The effects of corporate governance on the stock return volatility: During the financial crisis. International Journal of Law and Management.
Aloui, M., & Jarboui, A. (2018). The effects of corporate governance on the stock return volatility: During the financial crisis. International Journal of Law and Management.
Baig, A. S., Butt, H. A., Haroon, O., & Rizvi, S. A. R. (2021). Deaths, panic, lockdowns and US equity markets: The case of COVID-19 pandemic. Finance research letters, 38, 101701.
Bali, T. et al. (2014), ‘Liquidity Shocks and Stock Market Reactions’, Review of Financial Studies, 27, 1434–85.
Banerjee, Arindam. (2019). Predicting stock return of UAE listed companies using financial ratios. Accounting and Finance Research, 8(2), 214-225.
Barber, M., and T. Odean (2008), ‘All that Glitters: The Effect of Attention and News on the Buying Behaviour of Individual and Institutional Investors’, Review of Financial Studies, 21, 785–818.
Beaver, W. (1968) “The information content of annual earnings announcements”, Journal of Accounting Research, Vol. 6: 67-92
Beirne, J, Renzhi, N, Sugandi, E, Volz, U, (2020). Financial Market and Capital Flow Dynamics During the COVID-19 Pandemic. Asian Development Institute Working Paper No. 1158.
Bhatt, P. R., & Bhatt, R. R. (2017). Corporate governance and firm performance in Malaysia. Corporate Governance: The international journal of business in society.
Bijl, L, Kringhaug, G, Molnar, P, & Sandvik, E. (2016). Google Searches and Stock Returns. International Review of Financial Analysis, 45, 150-156.
Bijl, L., Kringhaug, G., Molnar, P., & Sandvik, E. (2016). Google Searches and Stock Returns. International Review of Financial Analysis, 45, 150-156.
Bouteska, A., & Regaieg, B. (2017). The Association between Accounting Earnings, Dividends, Stock Prices and Stock Returns: Value Relevance of Accounting Standards in the Tunisian Stock Market. International Journal of Accounting and Financial Reporting, 7(1), 171-189.
Burns, W. J., E. Peters, and P. Slovic. (2012) Risk perception and the economic crisis: a longitudinal study of the trajectory of perceived risk, Risk Analysis 32, 659–677.
Chai, D., Dai, M., Gharghori, P., & Hong, B. (2021). Internet search intensity and its relation with trading activity and stock returns. International Review of Finance, 21(1), 282-311.
Chai, D., Dai, M., Gharghori, P., & Hong, B. (2021). Internet search intensity and its relation with trading activity and stock returns. International Review of Finance, 21(1), 282-311.
Chauhan, Y., Lakshmi, R. and Dey, K. (2016), “Corporate governance practices, self-dealings, and firm performance: evidence from India”, Journal of Contemporary Accounting and Economics, Vol. 12, pp. 274-289.
Chen, J., H. Hong, and J. C. Stein (2001), ‘Forecasting Crashes: Trading Volume, Past Returns, and Conditional Skewness in Stock Prices’, Journal of Financial Economics, 61, 345–81.
Cox, J., Greenwald, D. L., & Ludvigson, S. C. (2020). What Explains the COVID-19 Stock Market? (No. w27784). National Bureau of Economic Research.
Da, Z., Engelberg, J., & Gao, P. (2011). In search of attention. The Journal of Finance, 66(5), 1461–1499.
Dash, S. R., & Raithatha, M. (2019). Corporate governance and firm performance relationship: Implications for risk‐adjusted return behavior. Managerial and Decision Economics, 40(8), 923–940.
Dewri, L. V. (2021). A Critical Assessment of Interrelationship Among Corporate Governance, Financial Performance, Refined Economic Value Added to Measure Firm Value and Return on Stock. Journal of the Knowledge Economy, 1-42.
Ding, D., Guan, C., Chan, C. M., & Liu, W. (2020). Building stock market resilience through digital transformation: using Google trends to analyze the impact of COVID-19 pandemic. Frontiers of Business Research in China, 14(1), 1-21.
Dumitrescu, A., & Zakriya, M. (2022). Governance, information flow, and stock returns. Journal of Corporate Finance, 72, 102168.
Elzahaby, M. A. (2021). How firms' performance mediates the relationship between kualitas tata kelola and earnings quality? Journal of Accounting in Emerging Economies.
Fama, E. F. (1970). Efficient capital markets: A review of theory and empirical work. The Journal of Finance, 25(2), 383–417.
Farooq, M., Noor, A., & Ali, S. (2021). Corporate governance and firm performance: empirical evidence from Pakistan. Corporate Governance: The International Journal of Business in Society.
Florio, C. and Leoni, G. (2017), “Enterprise risk management and firm performance: the Italian case”, The British Accounting Review, Vol. 49, pp. 56-74.
Hsu, Y. L., & Liao, L. K. C. (2021). Corporate governance and stock performance: The case of COVID-19 crisis. Journal of Accounting and Public Policy, 106920.
Hsu, Y. L., & Liao, L. K. C. (2021). Corporate governance and stock performance: The case of COVID-19 crisis. Journal of Accounting and Public Policy, 106920.
Iyke, B. N., & Ho, S. Y. (2021). Investor attention on COVID-19 and African stock returns. MethodsX, 8, 101195.
Jermias, J., & Gani, L. (2014). The impact of board capital and board characteristics on firm performance. The british accounting review, 46(2), 135-153.
Jun, P. (2019). The Impact of Financial Performance on Stock Return in China’s High-Tech Industry (Doctoral dissertation, University of the Thai Chamber of Commerce).
Kemenkeu.,, (2021). "Pemerintah Berkomitmen Perkuat Pasar Keuangan Syariah".https://www.kemenkeu.go.id/publikasi/berita/pemerintah-berkomitmen-perkuat-pasar-keuangan-syariah/. Diakses pada 15 Juli 2022.
Khatib, S. F., & Nour, A. N. I. (2021). The impact of corporate governance on firm performance during the COVID-19 pandemic: evidence from Malaysia. Journal of Asian Finance, Economics and Business, 8(2), 0943-0952.
Kristoufek, L. (2013). BitCoin meets Google Trends and Wikipedia: Quantifying the relationship between phenomena of the Internet era. Scientific reports, 3(1), 1-7.
Kumari, P. and Pattanayak, J. (2017), “Linking earnings management practices and corporate governance sistem with the firms’ financial performance: a study of Indian commercial banks”, Journal of Financial Crime, Vol. 24 No. 2, pp. 223-241.
Kwag, S. W. (2014) “A behavioral shift in earnings response after regulation FD”, Journal of Behavioral Finance, Vol. 15, no. 3: 184-194
Lee, W. Y., C. X. Jiang, and D. C. Indro, 2002, Stock market volatility, excess returns, and the role of investor sentiment, Journal of Banking and Finance 26, 2277–2299.
Lewis, C. M., & Tan, Y. (2016). Debt-equity choices, R&D investment and market timing. Journal of financial economics, 119(3), 599-610.
Li, J., Ma, Y., Shi, B., & Yang, Y. (2021). Can the Market Recognize the Value of the Corporate Governance Mechanism of Chinese Listed Companies? Empirical Evidence From COVID-19. Frontiers in Public Health, 9.
Lin, H. W., Huang, J. B., Lin, K. B., & Chen, S. H. (2019, July). Manipulated Information Dissemination and Risk-Adjusted Momentum Return in the Chinese Stock Market. In International Conference on Applied Human Factors and Ergonomics (pp. 37-45).
Martani, D., Khairurizka, R., & Khairurizka, R. J. C. B. R. (2009). The effect of financial ratios, firm size, and cash flow from operating activities in the interim report to the stock return. Chinese Business Review, 8(6), 44-55.
Nazir, M. S., & Afza, T. (2018). Does managerial behavior of managing earnings mitigate the relationship between corporate governance and firm value? Evidence from an emerging market. Future Business Journal, 4(1), 139-156.
Nguyen, C. P., Schinckus, C., & Nguyen, T. V. H. (2019). Google search and stock returns in emerging markets. Borsa Istanbul Review, 19(4), 288-296.
Öztürk, H., & Karabulut, T. A. (2018). The relationship between earnings-to-price, current ratio, profit margin and return: an empirical analysis on Istanbul stock exchange. Accounting and Finance Research, 7(1), 109-115.
Pai, P. F., Hong, L. C., & Lin, K. P. (2018). Using Internet Search Trends and Historical Trading Data for Predicting Stock Markets by the Least Squares Support Vector Regression Model. Computational intelligence and neuroscience, 2018.
Perlin, M. S., Caldeira, J. F., Santos, A. A., & Pontuschka, M. (2017). Can we predict the financial markets based on Google's search queries?. Journal of Forecasting, 36(4), 454-467.
Petcharabul P., &Romprasert S. (2014). Technology Industry on Financial Ratios and Pham, L., & Huynh, T. L. D. (2020). How does investor attention influence the green bond market?. Finance Research Letters, 35, 101533.
Pham, L., & Huynh, T. L. D. (2020). How does investor attention influence the green bond market?. Finance Research Letters, 35, 101533.
Pham, Q., T. Ho, D. Pham, and H. Nguyen. 2020. Effects of corporate governance on high growth rate: Evidence from Vietnamese listed companies. Management Science Letters 10, no. 7: 1553–66.
Preis, T, Moat, H. S, & Stanley, H. E. (2013). Quantifying trading behavior in financial markets using Google Trends. Scientific Reports, 3, 1684.
Rahman, J. M., & Liu, R. (2021). Value relevance of accounting information and stock price reaction: Empirical evidence from China. Available at SSRN 3851582.
Rahmawati Wahyu.,, (2021). "Indeks syariah melesat di tengah pandemi Covid-19, ini sebabnya". https://investasi.kontan.co.id/news/indeks-syariah-melesat-di-tengah-pandemi-covid-19-ini-sebabnya. Diakses pada 15 Juli 2022.
Raithatha, M., & Haldar, A. (2021). Are internal governance mechanisms efficient? The case of a developing economy. IIMB Management Review, 33(3), 191-204.
Senyigit, Y. B., & Ag, Y. (2014). Explaining the cross section of stock returns: A comparative study of the United States and Turkey. Procedia-Social and Behavioral Sciences, 109, 327-332.
Shamsudin, S. M., Abdullah, W. R. W., & Osman, A. H. (2018). Corporate governance practices and firm performance after revised code of corporate governance: Evidence from Malaysia. In State-of-the-art theories and empirical evidence (pp. 49-63). Springer, Singapore.
Smales, L. A. (2021). Investor attention and global market returns during the COVID-19 crisis. International Review of Financial Analysis, 73, 101616.
Srivastava, G., Kathuria, V. (2020). Impact of corporate governance norms on the performance of Indian utilities,Energy Policy,Volume 140,2020.
Stejskalova, J. (2019). Behavioural Attention to Financial Indikators: Evidence from Google Trends Data. Finance a Uver, 69(5), 440-462.
Sternberg, R. 1998. A balance theory of wisdom. Review of General Psychology 2, no. 4: 347–65
Topcu, M., & Gulal, O. S. (2020). The impact of COVID-19 on emerging stock markets. Finance Research Letters, 36, 101691.
Vlastakis, N., & Markellos, R. N. (2012). Information demand and stock market volatility. Journal of Banking & Finance, 36(6), 1808-1821.
Wanniarachchige, M. (2021). Do Firms With Better Corporate Governance Yield Higher Stock Returns? Evidence From Firms Listed in the Colombo Stock Exchange. In Proceedings of the Annual Emerging Financial Markets and Policy Conference-EFMP (Vol. 35, p. 42).
Worasatepongsa, P., & Prakthayanon, S. (2020). Influence of Corporate Governance on Company Value with Stock Return and Financial Performance as a Mediator Variable. PalArch's Journal of Archaeology of Egypt/Egyptology, 17(3), 2504-2525.
Yang, D., Ma, T., Wang, Y., & Wang, G. (2021). Does investor attention affect stock trading and returns? Evidence from publicly listed firms in China. Journal of Behavioral Finance, 22(4), 368-381.
Yoshinaga, C., & Rocco, F. (2020). Investor attention: can google search volumes predict stock returns?. BBR. Brazilian Business Review, 17, 523-539.
Yoshinaga, C., & Rocco, F. (2020). Investor attention: can google search volumes predict stock returns?. BBR. Brazilian Business Review, 17, 523-539.
Zhang, W., & Wang, P. (2020). Investor attention and the pricing of cryptocurrency market. Evolutionary and Institute.
Published
2023-09-30
How to Cite
R, M., R, M., & Dewinda, M. C. (2023). Firm Performance and Stock Returns: The Moderating Role of Google Search Volume Index: Evidence from Companies Listed in Indonesian Sharia Stock Index. Journal of Applied Business Administration, 7(2), 255-264. https://doi.org/10.30871/jaba.v7i2.7056
Section
Articles
Copyright (c) 2023 Mandasari R, Mardiana R, Mutty Claudia Dewinda
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
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