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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
 1 
Search results for , issue "Vol. 17, No. 1" : 5 Documents clear
Winner’s Curse on Malaysian IPOs: Does the Phenomenon Still Exist? Che Yahya, Norliza; Mohd Rashida, Rasidah; Le Thuy Ngoc, An; Anwar, Ayesha
Indonesian Capital Market Review Vol. 17, No. 1
Publisher : UI Scholars Hub

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Abstract

This study examines the winner’s curse phenomenon through Amihud and Yong’s winner’s curse measurements. Amihud’s allocation rate (ALLOCTJ) is the natural log of the reciprocal of investor demand or oversubscription ratio while Yong’s institutional investor participation is gauged based on a type of IPOs which is issued via private placement (DPRIVATE). Using data set from 560 initial public offerings (IPOs) issued from January 2000 until December 2022 for listing on Bursa Malaysia, the results of the cross-sectional multiple regression analyses show that ALLOCTJ and DPRIVATE are consistently significantly negative in influencing initial returns of the IPOs. The former relationship indicates that uninformed investors are more likely to win IPOs which are not demanded by the informed investors, and subsequently the IPOs produce low or negative initial returns. In the meantime, the latter relationship suggests that IPOs that are not offered to institutional investors are deliberately underpriced to allure all skeptical investors back into the new shares market.
Do Environmental Risks Explain the Sovereign Sukuk Yields in Malaysia? Mohamad Shafi, Roslina; Shaharuddin, Norhasimah; Bakar, Norsaliza Abu; Muhamat, Amirul Afif; Tabash, Mosab I.
Indonesian Capital Market Review Vol. 17, No. 1
Publisher : UI Scholars Hub

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Abstract

Given the increasing risks posed by environmental degradation, severe climate change, and recent pandemics, the establishment of a sustainable economy has become a priority for numerous nations. From this perspective, it is crucial to emphasize sustainable finance since it has the potential to serve as a vehicle for accomplishing a green economic agenda. Sovereign sukuk held a prominent position in the sukuk market, both domestically and internationally, but its influence was particularly significant inside the domestic sphere. The study seeks to examine the link between environmental risks and the yield performance of sovereign sukuk. Sukuk performed less favourably compared to other asset classes in terms of including environmental risk in the calculation of yield. Therefore, it is crucial to conduct additional investigation into the impact of environmental concerns on sukuk yields. The analysis includes Ordinary Least Squares (OLS) and quantile regression techniques, using data from the period 1990-2021. This study examines the relationship between market variables, environmental risk, and sukuk yields in Malaysia. The paper demonstrates that both market variables and environmental concerns have an impact on the yields of sovereign sukuk. Additionally, it introduces a novel approach for modelling these yields.
The Impact of the Covid-19 Pandemic on Corporate Performance and Cash Dividend Distribution in China's Manufacturing Industry Danni, Wang; Sang, Lim Thien; Guangmei, Lei
Indonesian Capital Market Review Vol. 17, No. 1
Publisher : UI Scholars Hub

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Abstract

As an unprecedented global public health emergency with rapid spread and challenging prevention and control measures, the COVID-19 pandemic has profoundly impacted corporate performance worldwide. Notably, the manufacturing industry in China has been severely impacted. To comprehensively understand the influence of significant public health incidents on enterprises and mitigate the epidemic's repercussions, the unbalanced panel data of China's A-share listed manufacturing enterprises from 2018 to 2023 was analyzed by regression analysis. The findings demonstrate that the COVID-19 outbreak has diminished these enterprises' financial and market performance. Moreover, companies with higher cash dividends and more excellent stability exhibit superior future performance in the face of the impact. This finding implies that cash dividends are pivotal in augmenting corporate performance during uncertain periods following unexpected adverse events, suggesting potential adjustments and optimizations to the development strategy and dividend payment policy.
Examining the Industrial Impact of Fintech Lending in the Post-Next Normal Era Ramdhan, Nur 'Asyiqin; Bujang, Imbarine; Muhamat, Amirul Afif; Lisdiono, Purwatiningsih
Indonesian Capital Market Review Vol. 17, No. 1
Publisher : UI Scholars Hub

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Abstract

The financial sector has undergone a substantial paradigm shift as a consequence of the COVID-19 pandemic prompting industries actively innovate their financing method. Utilizing ARDL, our analysis reveals intriguing insights into the interaction of financing determinants interruptions caused by the epidemic, and the P2P lending success. The long-term effects of economic conditions alluding to the significant influence of investment size across various industrial sectors. The industrial differences suggest interesting connections between the size of investments, and loan tenure to the P2P lending in different industries. The wholesale and retail trade sector demonstrates intricate reactions to changes in investment size, while manufacturing sector impacted by BLR. Conversely, the susceptibility of the agriculture sector to exogenous shocks presents a captivating narrative for the investigation. Our study provides significant contributions to the complex domain of P2P lending in the context of global disruptions.
Impact of Firms’ Innovation and Environmental, Social, and Governance (ESG) Score on Financial Performance: A Study of Telecommunications and Information Technology Companies Listed on APEC Member Countries’ Stock Exchanges in the Period of 2018-2022 Apriliani, Navira Putri; Baskoro, Rahmat Aryo
Indonesian Capital Market Review Vol. 17, No. 1
Publisher : UI Scholars Hub

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Abstract

The telecommunications and information technology sectors significantly drive economic growth through continuous innovation. This study investigates how Innovation and Environmental, Social, and Governance (ESG) metrics affect the financial performance of 80 telecommunications firms listed on stock exchanges in APEC member nations from 2018 to 2022. Innovation is evaluated based on research and development expenditures, whereas financial performance is determined by examining revenue and Tobin’s Q. Employing Ordinary Least Squares (OLS) and Two-Stage Least Squares (2SLS) regression methods, the findings reveal that innovation positively influences ESG scores, notably improving governance aspects. ESG scores positively impact revenue but negatively affect Tobin’s Q. Furthermore, the environmental and social scores of ESG contribute positively to revenue while showing significant and negative effects on Tobin’s Q, whereas the governance pillar demonstrates no significant influence. These findings emphasize the need for customized ESG rating approaches and reveal the varied financial impacts of ESG practices in the telecommunications and information technology industry.

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