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All Journal Dinasti International Journal of Management Science Emerging Markets : Business and Management Studies Journal International Journal of Applied Finance and Business Studies
Hamid, Agustini
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Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Social Sciences Other

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FAKTOR-FAKTOR YANG MEMPENGARUHI PAY OUT POLICY PADA PERUSAHAAN PUBLIK THAILAND Savira, Ditha Hena; Hamid, Agustini
Emerging Markets : Business and Management Studies Journal Vol 5 No 2 (2018)
Publisher : Academic Research Centre Services

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (740.353 KB) | DOI: 10.33555/ijembm.v5i2.95

Abstract

We investigate the relationship between Free Cash Flow, Life Cycle and Dividend pay out policy in the Thailand Capital Market. Using panel data regression, we find life cycle and profitability negatively affect the pay out policy. While free cash flow, leverage, firm size, GDP and inflation do not have any impact on pay out policy. In line with DeAngelo, dividends tend to follow the pattern of the company?s life cycle. Companies that are in the mature stage are more likely to pay dividends because at this stage the company has a large amount of profits and low investment opportunities. While companies that are still in the growth stage (growth) are more likely to not pay dividends because at this stage the company has a high investment opportunities, nevertheless they have limited funding. As found in many emerging countries, the Public Companies in Thailand are mostly in growth stage, thus no wonder that profits are used to finance the company?s internal needs
Investor sentiment, market timing and financial performance of Indonesian IPO firm Tyasanto, Simforianus Arzak; Hapsari, Yudith Dyah; Hamid, Agustini
International Journal of Applied Finance and Business Studies Vol. 12 No. 2 (2024): September: Applied Finance and Business Studies
Publisher : Trigin Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35335/ijafibs.v12i2.292

Abstract

We investigated the impact of investor sentiment and market timing on firm financial performance on Initial Public Offering (IPO) stocks. We used cross-sectional regression of 106 IPO firms in Indonesia to analyze the factors that influenced initial public offerings (IPO) after the implementation of the acceleration board by Indonesian Stock Exchange in 2020. We used IPO data in 2019 as period before acceleration board implementation and 2020 for the first time implementation. Share turnover was proxy of investor sentiment while initial return was proxy of market timing. We also included size, asset growth, tangibility and profitability as independent variable. The finding offered that investor sentiment was found to have a influence towards firm performance but negative both in 2019 and 2020. Whereas market timing only influenced before accelaration board implemented, while other factors such as size, growth, tangibility of asset and profitability show mix results. After Indonesia Stock Exchange (IDX) implemented the acceleration board to open funding access through the capital market as a solution to the challenges faced by SMEs, It still did not have any track record of companies that are known to the public and the ease of recording requirements results in asymmetric information. The IPO funding only used to pay both short term and long term debt. The phenomenon influenced by investor sentiment because stock turnover could lead to increase stock performance and prove that high stock transaction in market did not guaranted that te stock would perfomed well.
ANALYZING TIME EFFECT IN THE PUSH AND PULL FACTORS AFFECTING FOREIGN PORTFOLIO INVESTMENT IN INDONESIA STOCK MARKET (CASE STUDY OF FOREIGN BUYING DURING THE PERIOD 2003-2018) Mustafa, Matrodji; Hamid, Agustini
Dinasti International Journal of Management Science Vol. 2 No. 5 (2021): Dinasti International Journal of Management Science (May - June 2021)
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31933/dijms.v2i5.876

Abstract

This study examined the influence of pull and push factors on foreign portfolio investment in Indonesia Stock Market. Two measures of foreign portfolio investment are foreign investor total buying and foreign investor net buying. The pull factors are represented by Return on Jakarta Composite Index, Jakarta Stock Marker liquidity, IDR Exchange Rate, and Infation Rate. The push factors included are return on Dow Jones Industrial Average, Yield on US Treasury Bill, and return on Gold. This study takes Foreign Investor Total Buying and Foreign Investor Net Buying as dependent variables. To accomodate time or year effect, a panel data regression is employed as analytical tool. Processing monthly data from January 2003 to December 2018, and using Foreign Investor Total Buying as dependent variable, this study finds that exchange rate and stock market liquidity affect the foreign investor total buying significantly. The negative coefficients of exchange rate and the positive coefficient of stock market liquidity support the hypotheses. The regression on Net Buying shows that exchange rate, stock market return, and stock market liquidity affect foreign investor net buying significantly. The negative coefficient of exchange rate and positive coefficient of stock market return support the hypotheses while the negative coefficient of stock market liquidity does not. The individual year fixed effect and individual year random are present in the first and second regressions repectively. In both regressions, no variables in push factors affect foreign portfolio investment significantly. hence, the foreign portfolio investment in Indonesia is affected only by pull factors
Co-Authors Mustafa, Matrodji Savira, Ditha Hena Tyasanto, Simforianus Arzak Yudith Dyah Hapsari