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p-Index From 2021 - 2026
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All Journal ETIKONOMI Indonesian Capital Market Review
Ghumro, Niaz Hussain
Unknown Affiliation
Economics, Econometrics & Finance

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Capital Structure and Adjustment Speed: Evidence From Listed Manufacturing Firms in Indonesia and Malaysia Memon, Pervaiz Ahmed; Shah Syed, Mir Muhammad; Ghumro, Niaz Hussain; Rus, Rohani Md
The Indonesian Capital Market Review Vol. 11, No. 2
Publisher : UI Scholars Hub

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Abstract

This paper identifies factors determining capital structure and estimates the speed at which firmsadjust to optimal debt in Malaysian and Indonesian manufacturing firms. It uses the difference Generalized Method of Moments (GMM) estimator and the partial adjustment model in a sample of 141 Malaysian and 96 Indonesian firms, which include many of the major manufacture companies in these economies. The results suggest the existence of dynamic capital structure in both countries, but differences in adjustment speed towards optimal debt and factors affecting the optimal debt levels are evident between these countries. Firm-specific factors such as tangibility of assets, non-debt tax shield, and profitability significantly affect optimal debt in both countries. However, most countryspecific factors are insignificant determinants, GDP in Malaysia being the sole exception. The findings of this study are helpful for corporate managers, policymakers, and regulatory authorities in monitoring the amount of debt used by the firms and their adjustment speed towards target debt to avoid the bankruptcies. Financial reforms can be worked out in these economies to better support the firms in use of optimal debt.
When Markets Talk: Volatility Spillovers Between the UK and China Sadhwani, Ranjeeta; Ali, Rajib; Ghumro, Niaz Hussain; Khan, Shabeer
ETIKONOMI Vol. 25 No. 1 (2026)
Publisher : Faculty of Economic and Business, Universitas Islam Negeri Syarif Hidayatullah Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v25i1.42643

Abstract

Research Originality: This study uniquely examines spillover effects among stock returns, gold prices, and exchange rates within the UK and China, as well as between them. Research Objectives: This study aims to examine volatility spillover effects among stock, gold, and exchange rate returns within and across the UK and China. Research Method: This study exploits monthly data from January 2000 to December 2024 and employs a bivariate GARCH model to analyze cross-market and cross-border volatility spillovers. Empirical Results:  The results demonstrate significant ARCH and GARCH effects, necessitating persistent volatility in markets to be studied. No evidence of mean spillover is observed in UK markets. However, volatility spillover persists from the exchange rate to gold within the UK and China. Cross-country analysis reveals one-way mean spillover from the UK to the Chinese equity market and bidirectional volatility spillovers in exchange rates and gold. Implications: For investors and portfolio managers, deciphering volatility spillover improves diversification strategies and helps to mitigate systemic risk. JEL Classification: C32, G11, G15
Co-Authors Ali, Rajib Khan, Shabeer Memon, Pervaiz Ahmed Rus, Rohani Md Sadhwani, Ranjeeta Shah Syed, Mir Muhammad