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Departemen Manajemen, FEB Universitas Indonesia, Jl. Prof. DR. Sumitro Djojohadikusumo, Kukusan, Kecamatan Beji, Kota Depok, Jawa Barat 16424
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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
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Search results for , issue "Vol. 13, No. 2" : 5 Documents clear
Determinants in Investment Behaviour During The COVID-19 Pandemic Kiruba, Angelin S.; Vasantha, Vasantha
Indonesian Capital Market Review Vol. 13, No. 2
Publisher : UI Scholars Hub

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Abstract

This study investigated the psychological behaviour of investors in the stock market during the period of COVID-19. The survey was conducted between April and June 2020, following the lockdown announcement of the Indian Government on 25th March. There were 400 respondents. This paper has attempted to identify the impact on psychological behaviour during the initial stage of COVID-19 in India. The collected data has been used to determine the psychological factors which may have influenced investment decisions. The statistical tools of Cronbach Alpha, factor analysis, descriptive analysis, and multiple regression techniques were applied using the SPSS 21 package. The study has analysed the psychological dimensions of the behaviour when responding to fear, risk perception, risk propensity, investors’ anxiety to market volatility, herding and vaccination updates. The results show that the behavioural response to fear, risk perception, herding and vaccination updates have influenced investors’ decision-making during the COVID-19 pandemic.
Monetary Policy and Corporate Risk-Taking: Evidence From an Emerging Market Tran, Quoc Trung; Truong, Thi Thuy Trang
Indonesian Capital Market Review Vol. 13, No. 2
Publisher : UI Scholars Hub

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Abstract

This study examines how monetary loosening influences risk-taking of companies listed in Vietnamese stock exchanges in the period from 2009 to 2019. Our research sample consists of 4,358 observations from 566 listed firms. Using the Pooled OLS regression model, we find that expansionary policy increases corporate risk-taking. Our research findings also demonstrate that firms with high leverage engage more in risk-taking activities, while firm size, state ownership and foreign ownership negatively affects corporate risk-taking. The research results imply that corporate managers, shareholders and policymakers in emerging markets should consider the nexus between monetary policy and corporate risk-taking levels during their decision-making process.
What Information Needed to Present in a Fundraising Campaign through Equity Crowdfunding Fajarini, Chika; Dalimunthe, Zuliani; Haikal, Shalahuddin
Indonesian Capital Market Review Vol. 13, No. 2
Publisher : UI Scholars Hub

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Abstract

This study aims to determine success factors on equity-based crowdfunding project fundraising in several countries in Asia. We evaluated three categories of factors: campaign characteristics, human capital factors, and social capital factors. We evaluate models using 201 project samples on various platforms from Indonesia, Malaysia, United Arab Emirates, Israel, and South Korea from January 2018 until December 2019. We used Ordinary Least Square (OLS) as the method of hypothesis testing. We found that the most critical variable in the campaign characteristics is the financial information provided. Meanwhile, unless the number of team members, each human capital factor significantly positive to campaign success. Lastly, both social networks and business advisor's presence have a significant positive relationship to crowdfunding project fundraising success. However, we do not found a significantly different pattern between high-income and lower-income countries evaluated.
The Influence of Banking Risk on Share Price and the Moderating Role of Inflation Rate Melliza, Meliza
Indonesian Capital Market Review Vol. 13, No. 2
Publisher : UI Scholars Hub

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Abstract

This research examines the relationship between banking risk and the share price of governmentbanks in Indonesia. This research also discusses the moderating role of inflation towards banking risk and share price. This research employs the multiple regression analysis using the fixed-effect model to estimate the influence of banking risk on the share price and the role of inflation as a moderator variable. The findings reveal that both government and private banks’ liquidity risk positively and significantly influences the share price. Private banks’ credit risk has a positive and significant relationship with share price, while government banks’ credit risk has no significant effect on the share price. Inflation moderates the relationship between government banks’ liquidity risk and share price, but it fails to moderate the relationship between credit risk and share price. This research’s findings not only become guidance for government banks in maintaining their risks but also can be a reference for banking authority in setting banking policy.
Short-run Dynamics Between Foreign Currency and Jakarta Composite Index During Indonesian Presidential Election Ridwan, Muhamad Fahri; Lau, Wee-Yeap
Indonesian Capital Market Review Vol. 13, No. 2
Publisher : UI Scholars Hub

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Abstract

This study investigates the dynamics of information flow between foreign currencies and theJakarta Composite Index (JKSE) in the pre-, during and post-2014 Indonesian Presidential elections. Based on a systematic analytical framework, the study provides a clearer picture to link the foreign currencies of trade partners to Jakarta Stock Exchange. Using the VAR model with daily data from 2 January 2013 to 31 July 2015, our results show: First, JKSE appears to be endogenous during the pre-election period. The endogenous relationship implies that the EUR, HKD and CNY influence the benchmark index. Second, JKSE appears to be exogenous during the election year. The exogenous relationship implies information flow from JKSE to six foreign currencies. Third, during the postelection period, there is information flow from the Japanese Yen and Saudi Riyal to JKSE. In addition, there is information outflow from JKSE to three foreign currencies. This study concludes that the foreign currency market is subtly linked to JKSE. Our results imply a need to guard against capital flight during uncertainties as the foreign fund may exit the market. Deeper economic ties can be made with foreign trade partners willing to inject capital during economic recovery in the short run.

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