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All Journal Jurnal Keuangan dan Perbankan JDM (Jurnal Dinamika Manajemen) Gadjah Mada International Journal of Business Journal of Indonesian Economy and Business Journal of Islamic Monetary Economics and Finance Indonesian Capital Market Review Journal of Indonesian Economy and Business
Mamduh M. Hanafi
Faculty Of Economics And Business, Universitas Gadjah Mada
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Journal : Jurnal Keuangan dan Perbankan

 1 
TRANSACTION COSTS IN INDONESIA STOCK MARKET: A STUDY IN THE AUTOMATION PERIOD Mamduh M. Hanafi
Jurnal Keuangan dan Perbankan Vol 19, No 1 (2015): January 2015
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (383.203 KB) | DOI: 10.26905/jkdp.v19i1.829

Abstract

We studied transaction costs in Indonesia market extended closely by Bonser-Neal et al. (1999). They investigatedtransaction costs in Jakarta Stock Exchange (JSX) using period before automation (May 1995). To matchclosely with Bonser-Neal et al. (1999), we used period right after JSX introduced trading automation (JATS orJakarta Automated Trading System). We used period from May 1995 to March 2003. We found that transactioncosts in the automation period were larger than those reported by Bonser-Neal et al. (1999). Automationdid not seem to automatically reduce transaction costs as expected. We found that domestic investors had largerprice impact than foreign investors. Similar to previous finding, we found that trade difficulty had a positiveeffect on price impacts. We also found transaction costs in crisis period were larger than those in normal period.We also found that size had a negative relationship with price impacts. Our paper provided evidence of thetransaction costs in Indonesia market after the automated trading was introduced in Indonesia market.
The optimal cash holdings speed of adjustment and firm value: An empirical study in Indonesia Heru Kristanto Hendro Cahyono; Mamduh M Hanafi; Bowo Setiyono
Jurnal Keuangan dan Perbankan Vol 23, No 2 (2019): April 2019
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v23i2.2604

Abstract

This study employs two models of the speed of cash holdings adjustment to measure the effect of cash management on firm value, they are the deviation standard cash holding model and partial speed of adjustment model. Using sampling companies from Indonesia during 2001-2017, the study employs some techniques of regression for dynamic panel data with fixed effects, the pooled ordinary least square with fixed effects, and regression moderated analysis. Research findings show that: first, the deviation standard cash holding and partial speed of adjustment affect firm value; second, by using the deviation standard cash holding model,  it shows that managerial ownership, institutional ownership, investment and debt moderate the effect of the deviation standard cash holding on firm value; third, by using the partial speed of adjustment model, it shows that investment moderates the effect of partial speed of adjustment on firm value. The implications of the study are to explain two speed of cash holding adjustment models and their impacts on the increasing trend of firm value.JEL Classification: C33, G31, G34DOI: https://doi.org/10.26905/jkdp.v23i2.2604 
Co-Authors Barsiano, Redik Eduardus Tandelilin Fitri Ismiyanti Fitri Ismiyanti, Fitri Jogiyanto Hartono Leo Indra Wardhana Lestari, Irna Puji Maulida Nurul Innayah Muhammad Munandar Muizzuddin Muizzuddin Pratama, Bima Cinintya R. Heru Kristanto HC Redik Brasiano Setiyono Setiyono Setiyono, Bowo Suad Husnan Taswan, Taswan Usman Arief Usman Arief, Usman