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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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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. 15, No. 1" : 5 Documents clear
Are Social Media Users Blindly Following Influencers’ Recommendations on Investing? Dalimunthe, Zuliani; Chairunnisa, Ananda; Triono, Rachmadi Agus
Indonesian Capital Market Review Vol. 15, No. 1
Publisher : UI Scholars Hub

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Abstract

Previous studies show that general information shared by an influencer through social media has been received without sufficient validity testing. However, hardly any study has evaluated whether a stock recommendation by a social media influencer will also be followed blindly. This study evaluates the impact of the credibility of stock influencers on investors’ intention to invest in recommended stocks and whether the relationship can be explained by the perception that the influencer has inside infor- mation or is solely due to fear of missing out (FoMO). This study uses primary data from investors in the Indonesian model market. We collected 135 valid data points and found that a social media influencer’s credibility can explain why an investor intends to invest based on those recommenda- tions. Furthermore, we found that FoMO is a more significant explanation than the perception that the influencer holds a piece of inside information.
The Impact of Covid-19 Pandemic on Islamic Health Insurance Market Returns: Empirical Evidence from Saudi Arabia Fodol, Mohamed Zakaria; Aslan, Hakan
Indonesian Capital Market Review Vol. 15, No. 1
Publisher : UI Scholars Hub

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Abstract

This study aims to identify the impact of COVID-19 on the Cooperative Health Insurance (CHI) Market in Saudi Arabia by applying the Event Study Methodology. The announcement of the first positive case of COVID-19 in Saudi Arabia, which the Ministry of Health announced on March 2, 2020, is the health event identified in this study. The daily price of 24 cooperative health insurance companies listed on the Saudi Stock Market (Tadawul) with the market index (TASI) for the same period (June 05, 2018 - March 30, 2020) was collected. The abnormal returns are calculated by using Capital Asset Pricing Model (CAPM). The study found a negative effect of COVID-19 on the health insurance companies in Saudi Arabia during the first week of the anticipation period and continued until the event day. Negative abnormal returns persisted until the end of the total study period but were not statistically significant except for only three days in the post-event window (March 05, 08, and 09 2020). This means the Saudi cooperative insurance market was experiencing a period of anticipation and anxiety before the announcement of the first case of Covid-19; however, the information was insufficient and unconfirmed. During the adjustment window, the market tried to adjust itself and react to the event efficiently, but it could not do so. According to the efficient market hypothesis, the Saudi cooperative insurance market is not fully efficient. This study only sheds light on the Corona pandemic's effects in a short period. Indeed, the need for extensive future research remains. The results of this study are useful to Islamic insurance investors, Takaful operators, regulators in the Islamic insurance markets (Takaful and Cooperative), and researchers and academicians alike.
The Intention to Use Mobile Banking as a Financial Technology Service among Islamic Bank Users Juwita, Ratna; Kusumah, Adam Darma; Aqila, Tiara Syahrani; Tsabitah, Hanan; Syauqi, Muhammad Farhan
Indonesian Capital Market Review Vol. 15, No. 1
Publisher : UI Scholars Hub

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Abstract

The development of Financial Technology (FinTech) in Islamic banks has not brought increasing us- ers. Therefore, it is necessary to determine which factors influence intention to use FinTech from the demand side or the customers’ side. For this study, we chose mobile banking as our research object, considering that the largest digital transactions in Islamic banks come from mobile banking. Mobile banking also provides banks various benefits to banks such as increased long-term profitability, cus- tomer loyalty, and financial inclusion. The objective of this study is to observe the determinant factor by using the theory of planned behavior (TPB) and its extensions, specifically attitude awareness, knowledge, and subjective norms that influence the intention to use mobile banking. This study gath- ers data regarding respondents from various generations, especially generations X, Z, and millenni- als. The results suggest that attitude and knowledge statistically have a positive effect, while aware- ness and subjective norms do not have a significant effect on intention to use mobile banking services among Islamic bank users. Islamic banks should better educate their consumers and focus on which factors inspire a positive attitude toward their customers to boost the adoption of mobile banking.
Financial Innovation and Restriction Hypothesis in the Banking Industry: Evidence from ASEAN- 5 Bustaman, Yosman; Viverita, Viverita; Lingga, Margaretha TP; Siahaan, Antonius P.
Indonesian Capital Market Review Vol. 15, No. 1
Publisher : UI Scholars Hub

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Abstract

This study investigates the financial innovation impact on bank market power in ASEAN banking from 2008 to 2018. It uses income diversification as a representative of financial innovation. The im- pact of countries’ development of financial innovation on market power is measured by the number of ATM, internet, and cellular phone users. The data panel regression model reveals that diversified banks may enjoy higher market power. This result rejects the banking restriction activity hypothesis, which states that a bank that diversifies its income stream results in increased competition. A higher number of available ATMs and more internet users lowers the percentage disparity of price and marginal cost and consequently increases the market competitiveness. Nevertheless, an increasing number of cellular users in the country increases market power. Conjecturally, more people use the online bank platform on their cellular phones, which creates a greater flow of fees to the bank.
Assessing the impact of Financial Obstacles on Manufacturing Firm's capacity utilization: Bayesian Approach Hassan, Arab Dahir; Ozcan, Razim
Indonesian Capital Market Review Vol. 15, No. 1
Publisher : UI Scholars Hub

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Abstract

This study aims to investigate the relationship between financial obstacles and the capacity utilization of manufacturing firms. This study departs from previous studies in the literature by employing Bayesian linear regression analysis. The results demonstrate that financial constraints have a considerable negative effect on the capacity utilization of manufacturing enterprises, but access to credit lines has a positive effect. The sample consists of 1,494 private manufacturing firms in 31 Europe & Central Asian countries. Financial obstacles were perceived as the major impediment to business operations by 65% of the enterprises in the survey. Furthermore, 52% of enterprises in the sample have access to loans from financial institutions, while 47% have no access to credit lines. This suggests that the manufacturing sector's ability to access financial market resources and overcome financial obstacles serves as both the sector's lifeblood and a major hurdle.

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