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All Journal Jurnal Ilmiah Mahasiswa FEB Al-Ihkam: Jurnal Hukum dan Pranata Sosial Riset Akuntansi dan Keuangan Indonesia Jurnal Akuntansi dan Pajak IJBE (Integrated Journal of Business and Economics) Jurnal Bina Praja JURNAL AKUNTANSI, EKONOMI dan MANAJEMEN BISNIS Unes Law Review Abdimas Universal Jurnal Abdi Insani Jurnal Kewarganegaraan Indo-Fintech Intellectuals: Journal of Economics and Business Riset Akuntansi dan Keuangan Indonesia
Muhammad Qomaruddin Ridwan
Universitas Bangka Belitung
Religion Agriculture, Biological Sciences & Forestry Humanities Civil Engineering, Building, Construction & Architecture Computer Science & IT Economics, Econometrics & Finance Education Engineering Environmental Science Health Professions Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Mathematics Physics Public Health Social Sciences Other

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Journal : Riset Akuntansi dan Keuangan Indonesia

 1 
Herding Behavior in The Asean Stock Market During The Covid-19 Pandemic Rahmayanti, Dewi; Santi, Fitri; Altin, Darus; Ridwan, Muhammad Qomaruddin; Wan Mohd Nazdrol
Riset Akuntansi dan Keuangan Indonesia Vol. 8 No. 3 (2023): Riset Akuntansi dan Keuangan Indonesia
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/reaksi.v8i3.2691

Abstract

This study aims to detect indications of herding behavior that occurred in the ASEAN capital market throughout the COVID-19 pandemic. The research spanned from December 31, 2019, to June 30, 2021, encompassing the duration of the COVID-19 pandemic. This research used panel regression and rolling window regression methods on the dependent variable of Cross-Sectional Absolute Deviation (CSAD) to detect indications of herding behavior. This research also employed daily stock return data for all companies on several stock exchanges in five ASEAN countries. The panel regression model was then utilized in the analysis. The panel regression results demonstrated the absence of herding behavior on the stock exchanges in ASEAN. This was evident as the Rm2 coefficient consistently revealed a significant positive sign throughout the entire observation period. However, upon rechecking through rolling window regression, it was uncovered that, at some times, herding did occur on the ASEAN stock exchange during the COVID-19 pandemic. Furthermore, the government’s policy response by limiting short selling could reduce herding on the stock market. Simultaneously, the government’s policy response to the COVID-19 epidemic, proxied by the Stringency Index, apparently heightened investor anxiety and promoted herding behavior. Lastly, the heightened levels of anxiety and volatility experienced during the pandemic (variable IVI) led to a rise in herd behavior among the stock markets of ASEAN countries.
IS THE INDONESIAN MARKET REACT TO THE SUKUK ISSUANCE ANNOUNCEMENT ? Ridwan, Muhammad Qomaruddin; Barokah, Zuni
Riset Akuntansi dan Keuangan Indonesia Vol 7, No 2 (2022) Riset Akuntansi dan Keuangan Indonesia
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/reaksi.v7i2.17322

Abstract

This study aims to examine the market reaction following the announcement of sukuk issuance by companies listed on the Indonesia Stock Exchange between 2013 and 2017. During this period, there were 23 sukuk publishing announcements as samples for this study. Although two events led to the issuance of sukuk, there have been no unusual returns overall. There was no change in trading volume on the day before and after the announcement of the sukuk issuance, both as a whole and for each event. To that end, we cannot find any significant association between the type of sukuk (i.e., ijarah) and the not related to cumulative abnormal returns.
Co-Authors Achmad Zaky Ahmad Afnan Anshori Alfan Shidqon Anggraeni Yunita Aprilian, Rahil Imainul Barokah, Zuni Christianingrum Darus Altin Dewi Rahmayanti Dina Septiani Fitri Ramdhani Harahap Fitri Santi Ibrahim Ikhlash, Muhammad Karmawan Karmawan Khairiansyah Khairiansyah Khairiyansyah Khairiyansyah Khairiyansyah, Khairiyansyah Kisma, Lara Lara Kisma Rahmadoni, Firman Reniati Reniati Rini Luciani Rahayu, Rini Luciani Rusydi Sulaiman, Rusydi Safitri, Marlina Septiani, Dina Suhaidar Suhaidar Suhaidar Suhaidar Sumar Sumar, Sumar SUMIYATI SUMIYATI Sumiyati Sumiyati Suparlan . Toni Toni Toni, Toni Vebtasvili Vebtasvili Wan Mohd Nazdrol Wenni Anggita Wenni Anggita, Wenni YANTO YANTO Yanuar, Dony