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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
 1 
Search results for , issue "Vol. 16, No. 1" : 5 Documents clear
Heterogeneity of capital structure adjustment speed across Industry sector: Evidence from non-financial firms in Malaysia. Chua, Mei-Shan; Wahab, Noor Maimun Abdul; Roslen, Siti Nurhidayah Mohd; Chuah, Soo-Cheng; Nizar, Nurhuda; Chin, Hon-Choong
Indonesian Capital Market Review Vol. 16, No. 1
Publisher : UI Scholars Hub

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Abstract

This study investigates the speed of adjustment (SOA) to target leverage for different industry sec- tors in Malaysia. Using the two-step system generalized method of moments for 415 non-financial firms from 2010 to 2021, we found that the SOA for the overall sample is 38.6% and 22.0% for total debt and long-term debt, respectively. Our paper reveals the heterogeneity of SOA based on industry sectors. The industrial sector has the slowest adjustment speed (14.1%), whereas the healthcare in- dustry has the quickest adjustment speed (80.4%) to target leverage. Our results are consistent with the dynamic capital structure theory regarding the deviation between target and actual leverage. Fur- thermore, our study demonstrates the significance of an industry-based perspective when researching SOA, which suggests that the capital structure strategy depends on the industry's business climate.
Determinants of Islamic Banks’ Stability in Malaysia and Indonesia Saddam, Siti Zaitun; Jaafar, Mohamad Nizam; Muhamat, Amirul Afif; Nizam, Nurien Syahirah Mohd; Halim, Nurin Aqilah
Indonesian Capital Market Review Vol. 16, No. 1
Publisher : UI Scholars Hub

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Abstract

The economic prosperity of any nation relies on its banking sector, which serves as the linchpin of the economy. This paper investigates key bank-specific factors influencing the stability of Islamic banks in Malaysia and Indonesia from 2012 to 2021. Using panel data analysis, the study identifies the fixed effect model as the optimal approach. The subsequent fixed effect regression analysis highlights the significance of the cost-to-income ratio in determining financial stability for both Malaysian and In- donesian Islamic banks. Notably the study reveals that the non-performing loan ratio is the primary stability indicator in Malaysia, while Indonesian counterparts prioritize maintaining a robust capital adequacy ratio. The study recommends vigilant regulatory oversight of capital adequacy and prudent expense management to safeguard banks against instability, fostering sustained financial health and success.
Impact of the Relationship among Financial Development, ICT and English Proficiency on Income Inequality: Evidence from Malaysia Shaharuddin, Norhasimah; Azam, Abdul Hafiz Mohd; Wahab, Mohd Hafiz Abdul; Karim, Norzitah Abdul; Hilmiyah, Nurul; Shakrein, Sharul Shahida; Osman, Adibah Alawiah
Indonesian Capital Market Review Vol. 16, No. 1
Publisher : UI Scholars Hub

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Abstract

Income inequality is a persistent phenomenon and fundamental issue of concern, especially in this new digital era, because unequal access to finance has long been recognized as a critical mechanism for generating persistent income inequality. ICT tools and approaches are being used widely today due to their convenience, omnipresence and economy. This study examines the influence of financial development, ICT, and English proficiency on income inequality in Malaysia during the period of 1979-2019. The empirical results based on the ARDL bounds test indicated that financial develop- ment and English proficiency support the hypothesis that both factors can reduce the income gap in the long run. While ICT has shown different results, its improvement has only reduced the income gap in the short term. Hence the need for strengthening ICT policy is crucial as it can lead to develop- ment. Mastery of English is also considered to foster economic resilience.
The Impact of Celebrity News on Entertainment Industry Stock Prices Ariani, Alexandra Widuri; Husodo, Zaäfri Ananto
Indonesian Capital Market Review Vol. 16, No. 1
Publisher : UI Scholars Hub

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Abstract

South Korea's entertainment industry has garnered global popularity. However, the competition between entertainment companies is fierce, necessitating strategies to ensure their survival, such as imposing restrictions on their artists to maintain their public image and trust. This study examined the impacts of celebrity news and activities on the stock returns of six major entertainment companies listed on the Korea Exchange (KRX) from 2018-2021. Employing the Fama-French 3 Factors Model regression, the study investigated the presence of abnormal returns. The findings indicate that comebacks and debuts elicit positive reactions and generate significant abnormal returns. Award acceptances and military service also elicit positive reactions but do not generate significant abnormal returns. Dating news, internal scandals, and national scandals elicit negative reactions. However, only national scandals generate significant abnormal returns. These findings imply that entertainment companies and investors should actively manage and monitor celebrity news to make informed decisions.
The Impact of Environmental, Social and Governance (ESG) Practices on the Financial Performance of Green Companies in Malaysia: An Empirical Analysis Zainuddin, Zaemah; Abd. Wahab, Norazlina; Shari, Wahidah; Bahaman, Muhamad Abrar; Yusof, Rosylin Mohd; Abdul Karim, Norzitah
Indonesian Capital Market Review Vol. 16, No. 1
Publisher : UI Scholars Hub

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Abstract

This study examines the relationship between Environmental, Social, and Governance (ESG) perfor- mance and the financial performance of green companies in Malaysia. Analyzing 280 observations from 56 green companies listed in Bursa Malaysia from 2016 to 2020, the study employs rigorous regression analysis. The results indicate that ESG performance does not significantly influence the financial performance of these green companies. Instead, total sales and liability significantly impact both Return on Asset (ROA) and Return on Equity (ROE). These findings suggest that, despite the growing emphasis on ESG in the business sphere, other internal factors may have a more substantial effect on financial outcomes. While ESG considerations may not directly financial performance, their importance for social welfare and sustainable resource management remains indisputable.

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