cover
Article Per Year (5 Year)
All
Home Page
OAI Link
Editorial Team
Contact
Reviewer
Google Scholar
Contact Name
Ruri Eka Fauziah Nasution
Contact Email
icmr.feui@gmail.com
Phone
-
Journal Mail Official
icmr@ui.ac.id
Editorial Address
Departemen Manajemen, FEB Universitas Indonesia, Jl. Prof. DR. Sumitro Djojohadikusumo, Kukusan, Kecamatan Beji, Kota Depok, Jawa Barat 16424
Location
Kota depok,
Jawa barat
INDONESIA
Indonesian Capital Market Review
Published by Universitas Indonesia
ISSN : 19798997     EISSN : 23563818     DOI : https://doi.org/10.7454/icmr
Core Subject : Economy,
Economics, Econometrics & Finance
The intent of the Editors of The Indonesian Capital Market Review is to discuss, to explore, and to disseminate the latest issues and developments in Empirical Financial Economics particularly those related to financial frictions in the Emerging Markets. The topics cover capital markets, financial institutions and services, corporate finance, risk modeling and management, market microstructure in financial markets, Islamic finance, behavioral finance, and financial crisis. By submitting your work to the Indonesian Capital Market Review (ICMR), the author(s) automatically agree to transfer the copyright to ICMR, if the submitted paper is accepted for publication.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Keuangan
Articles 5 Documents
 1 
Search results for , issue "Vol. 13, No. 1" : 5 Documents clear
Are Foreign Investors Afraid Of State Ownership? Thi, Quynh Nga Nguyen; Tran, Quoc Trung
Indonesian Capital Market Review Vol. 13, No. 1
Publisher : UI Scholars Hub

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

State ownership may help firms have better access to credit and lower financing costs but it also results in “double agency” problem. This paper investigates whether foreign investors are afraid of investing in firms with state ownership. Our research sample includes 4,079 firm-years from 567 firms listed in Vietnamese stock markets during the period 2008-2017. We employ probit and tobit models to examine how state ownership determines foreign investors’ likelihood to invest and investment magnitude respectively. Furthermore, we continue to examine how an increase in state ownership changes foreign ownership. We find that firms with higher state ownership have lower foreign ownership. Besides, an increase in state ownership reduces foreign ownership. These findings imply that foreign investors tend to avoid investing in firms with high state ownership due to their concern for “double agency” problem.
Impact of Earnings Management Practices on Stock Return Bhutto, Niaz Ahmed; Shaique, Muhammad; Kanwal, Sahar; Matlani, Anjlee
Indonesian Capital Market Review Vol. 13, No. 1
Publisher : UI Scholars Hub

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

This paper investigates the impact of earnings management (real and accrual) on stock returns ofPakistan stock exchange (PSX) listed companies. The study is done by testing a separate relationship of accrual and real earnings management and their collective relationship with the stock return. The study is conducted on 3900 firm-year observations from the non-financial PSX listed companies for the sample period 2005-17. The findings of the study show that a significant and negative relationship exists between stock returns and real and accrual earnings management. Moreover, the combined impact of real and accrual earnings management on stock return is also found to be significantly negative. This paper could prove a valuable addition to the knowledge of investors because investors can more or less price accrual earning management.
Gold Price, Inflation, and Dollar Exchange Rate: The Case of Gold Investment in Indonesia Rahmansyah, Ilyas Chaidir; Rani, Lina Nugraha
Indonesian Capital Market Review Vol. 13, No. 1
Publisher : UI Scholars Hub

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

This paper aims to investigate the relationship between gold price, inflation and the dollar exchange rate on gold stock price of PT Aneka Tambang Indonesia. The ARDL time series model is used in the study involving PT Aneka Tambang Indonesia from December 2016 to November 2019. The findings show the price of gold doesn’t have a significant effect on the gold stock price while dollar exchange rate and inflation have a negative effect on the short and long term of the gold stock price of PT Aneka Tambang Indonesia.
Optimal level, Partial Speed of Adjustment and Determinants of Corporate Cash Holding: Evidence from MENA Countries Raghibi, Abdessamad; Thanh, Cuong Nguyen; Oubdi, Lahsen
Indonesian Capital Market Review Vol. 13, No. 1
Publisher : UI Scholars Hub

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

This paper investigates the existence of an optimal cash level, speed of adjustment, and cash holding determinants. The threshold regression and dynamic model were used in this study on four MENA countries from 2007 to 2018. The findings show there is a nonlinear relationship between cash level and firm’s value which is consistent with the trade-off theory. Furthermore, our study confirms that firms holding cash above the optimal level of having a lower speed of adjustment than the firms with cash levels below the optimal level with size, growth, and net-working capital being key corporate cash determinants. Our results extend the theoretical implications of the trade-off theory to MENA countries and would help corporate policymakers to adjust their cash levels within the thresholds’ levels to maximize their firm value.
Determinant Factors of Liquidity Risk Premium on Indonesian Government Bonds Hartini, Eka Rathmanty Merry; Hanggraeni, Dewi
Indonesian Capital Market Review Vol. 13, No. 1
Publisher : UI Scholars Hub

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

This paper aims to find the determinant factors of the liquidity risk premium on the Indonesian government bonds. There are two liquidity risk premium proxies to be used, the difference of the yield to maturity and the theoretical-yield of the bonds, and the average bid-ask spread of the bonds. The research used the Random Effect panel-data to define the determinant factors of the liquidity risk premium. The result shows that the liquidity-risk premium of Indonesian government bonds is affected by the bond’s characteristics and the financial market condition. The determinant factors are the bond’s age, coupon rate, remaining life, issued amount, type (Sukuk or conventional), and market volatility. We expect this research will enrich the understanding of the liquidity risk on Indonesian government bonds; so that the authorities and the investors could use this in making their decisions.

Page 1 of 1 | Total Record : 5

 1 

Filter by Year

2021 2021


Reset
Filter By Issues
All Issue Vol. 17, No. 2 Vol. 17, No. 1 Vol. 16, No. 2 Vol. 16, No. 1 Vol. 15, No. 2 Vol. 15, No. 1 Vol. 14, No. 2 Vol. 14, No. 1 Vol. 13, No. 2 Vol. 13, No. 1 Vol. 12, No. 2 Vol. 12, No. 1 Vol. 11, No. 2 Vol. 11, No. 1 Vol. 10, No. 2 Vol. 10, No. 1 Vol. 9, No. 2 Vol. 9, No. 1 Vol. 8, No. 2 Vol. 8, No. 1 Vol. 7, No. 2 Vol. 7, No. 1 Vol. 6, No. 2 Vol. 6, No. 1 Vol. 5, No. 2 Vol. 5, No. 1 Vol. 4, No. 2 Vol. 4, No. 1 Vol. 3, No. 2 Vol. 3, No. 1 Vol. 2, No. 2 Vol. 2, No. 1 Vol. 1, No. 2 Vol. 1, No. 1 More Issue