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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. 17, No. 2" : 5 Documents clear
Personal Bankruptcy: A Bibliometric Analysis and Future Research Directions MD SAHIQ, AQILAH NADIAH; SARKAM, SAIDA FARHANAH; MOHD HIDZIR, PUTRI ALIAH; YAAKUB, NURWAHIDA; ISMAIL, SHAFINAR; SABRI, NURBAITY; HIJRIAH, HANIFIYAH YULIATUL; KHOLIDAH, HIMMATUL
Indonesian Capital Market Review Vol. 17, No. 2
Publisher : UI Scholars Hub

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Abstract

Personal bankruptcy is a pertinent topic to discuss due to the surge in personal bankruptcy cases around the world and it is an important indicator of household financial problems nationally. However, only few comprehensive reviews have been conducted to date. Hence, this study provides a bibliometric review of 210 studies on personal bankruptcy authored by 496 scholars. Bibliographical data were extracted from the Scopus database and analyzed it using the Bibliometrix-R software. Based on the citation analysis metrics, we revealed the most influential articles, journals, authors, and institutions. Using the network and conceptual structure analysis, we identified three underlying research clusters: (1) student loan default, (2) financial psychology, and (3) personal bankruptcy law; and three emerging research clusters: (1) credit scoring, (2) machine learning, and (3) data mining. The results of our study provide valuable insights to readers, in gleaning a general overview of the research landscape, including the historical evolution, potential collaboration partners, and the future research direction of the personal bankruptcy study. The implications of the study include further exploration of under-researched areas, especially the integration of advanced technologies like artificial intelligence and data analytics in managing personal bankruptcy issues. By uncovering trends and emerging technologies (e.g., machine learning and data mining), the study may guide policymakers, financial institutions, and other stakeholders in addressing household financial problems and improving bankruptcy-related processes.
The Impact of Effective Tax Rate and Cash Effective Tax Rate on the Capital Structure Khuong, Nguyen Vinh, Dr.; Thao Vy, Tran; Phuong Anh, Nguyen; Thi Anh Hong, Pham; Thi Ngoc Trinh, Bui; Phuong Uyen, Cao
Indonesian Capital Market Review Vol. 17, No. 2
Publisher : UI Scholars Hub

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Abstract

The study examines the impact of tax avoidance on the capital structure of listed companies on the Vietnam’s stock market. Conducting GLS regression testing and analysis through data of 657 enterprises listed on the two stock exchanges of Hanoi and Ho Chi Minh City in the period from 2015 to 2022. Research results have shown that initially, when businesses carry out tax avoidance, it will reduce the capital structure of the business because the marginal benefits received from tax avoidance are lower than the marginal costs from tax avoidance. However, after businesses carry out tax avoidance and the benefits from this behavior outweigh the costs of tax avoidance, it will help improve capital structure by saving corporate income tax costs. On the other hand, the larger the scale of a business, the more debt it uses, etc. will help the business improve its capital structure. From the results of empirical research and comprehensive evaluation, the thesis has a number of recommendations for business managers and investors. At the same time, identify the remaining limitations of the study and propose future research directions for researchers to contribute to perfecting the theoretical framework on the impact of tax avoidance on corporate capital structure in Vietnam.
Underpricing of the Malaysian Initial Public Offerings (IPOs) Shari, Wahidah
Indonesian Capital Market Review Vol. 17, No. 2
Publisher : UI Scholars Hub

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Abstract

This study evaluates the short-term performance of 469 Malaysian IPOs between 2002 and 2020. Previous studies have found that IPOs are underpriced in the short-term yet underperform in the long term. The short-term underpricing describes the phenomenon characterized by a significant increase from the offer price to the first day of closing price. The finding shows that Malaysian IPOs are significantly underpriced by 24.6% using offer-to-close return (OTC), which confirms the findings reported in previous literature. Separating OTC to offer-to-ask (OTA) and ask-to-close (ATC) indicates that a significant positive return is observed only in the OTA period but not in the ATC period. This study also finds that the positive returns observed on the first trading day continue for up to two weeks of trading (CAR=4.43%). Findings of this study provide a better understanding of the performance of the IPO companies at two different stages, namely the initial issue stage and post-issue stage. A better understanding of the IPO performance can help investors to plan their future investment strategy by identifying the best time to purchase the IPO shares to take advantage of the significant positive initial return. The originality of this study is underscored by its meticulous methodology, tailored to the unique characteristics of the Malaysian IPO landscape, and its contribution to bridging the gap in the existing literature on short-term performance analysis in this specific context.
Earnings Management in Borsa Istanbul During Seasoned Equity Offerings Ashour, Mahmoud; Atik, Asuman
Indonesian Capital Market Review Vol. 17, No. 2
Publisher : UI Scholars Hub

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Abstract

To increase share prices during the issuance of seasoned equity shares, firms may be motivated to boost earnings through earnings management, particularly just before the offering. This study examines the earnings management practices of non-financial firms listed in Borsa Istanbul and surrounding seasoned equity offerings. Using the cross-sectional Modified Jones and Roychowdhury (2006) models, both accrual-based and real earnings management practices were analyzed from 2005 to 2018. The sample consists of 120 rights offerings within the research period. The results indicate that firms listed on Borsa Istanbul did not engage in earnings management the year before the offering. Instead, earnings management practices were observed in the year of the offering and the subsequent year. Additionally, other motivations may warrant further investigation, such as efforts to mitigate the negative impact of the offerings on stock performance after the offering.
Can ESG Reduce Credit Risk? An Empirical Investigation Across ASEAN-5 Markets Zaini, Arrafif Pratama; Ulpah, Maria
Indonesian Capital Market Review Vol. 17, No. 2
Publisher : UI Scholars Hub

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Abstract

Based on stakeholder theory and signaling theory, companies with strong ESG performance send signals to various stakeholders, thus building trust and influencing better credit risk evaluation. This study empirically examines the effect of Environmental, Social, and Governance (ESG) performance on the credit risk of non-financial public companies in ASEAN-5 countries (Indonesia, Malaysia, Philippines, Singapore, and Thailand) over the period 2019-2023. Corporate credit risk is measured using 2 main approaches: the accounting-based and market-based models. Merton's KMV model calculates the probability of default (PD) using a market-based approach. In contrast, the Altman Z-Score predicts bankruptcy risk based on financial ratios in the accounting-based approach, providing a solid framework for evaluating credit risk. These findings suggest that environmental sustainability and good governance are the main factors that drive the reduction of credit risk in ASEAN-5. It has different implications from previous research on social initiatives that do not reflect credit risk.

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