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Ruri Eka Fauziah Nasution
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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 171 Documents
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Bank Ownership and Decline in Loan Growth due to the Pandemic Bitia, Ruthana; Dalimunthe, Zuliani
Indonesian Capital Market Review Vol. 14, No. 2
Publisher : UI Scholars Hub

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Abstract

This study aims to analyze the effect of bank ownership structure on loan growth before and during the pandemic. Specifically, we developed four models to capture different loan types provided in the Indonesian banking system; working capital, investment, consumer, and total loan growth. This study used 150 observations of commercial banks for 2019 (before the pandemic) and 2020 (during the pandemic). We conducted the regression method to test hypotheses. The main finding of this study was that foreign banks’ consumer credit growth significantly lower than domestic banks. Similar findings occurred for other types of loans, and this conclusion has controlled for the adverse effects of the pandemic. This finding means that foreign banks in Indonesia are not substitutes for loan suppliers in the domestic market and tend to behave pro-cyclical. The government needs to carry out regulations to reduce the risk-accelerate nature of foreign banks in the Indonesian economy
Moderating Role of Financial Characteristics in Sectoral Performance During the Period of Economic Disruption: Evidence from the Covid-19 Pandemic Joshi, Himanshu; Joshi, Bhavya
Indonesian Capital Market Review Vol. 15, No. 2
Publisher : UI Scholars Hub

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Abstract

The exogenous shock of the Covid-19 pandemic disrupted the equity market worldwide, however its impact on the sectoral returns varied. Sectors like aviation, hospitality, and retail were the worst affected because of imposed lockdowns. Contrarily, technology, e-commerce, pharmaceutical, and biotech sectors thrived for the same reasons. The present study evaluates the impact of covid-19 disruption on firms from diverse sectors and examines the moderating effect of firm’s financial characteristics on sectoral performance by establishing a causal relationship between the firm's cumulative abnormal returns generated during the various phases of the pandemic and their sectoral and financial characteristics using data for 317 firms listed on the National Stock Exchange of India. Results indicate that the firm's financial characteristics such as cash holdings, dividends, asset tangibility and analyst coverage moderate the impact of the Covid-19 pandemic on sectoral performance. Findings provide evidence in support of the role of information asymmetry during economic disruptions.
Cryptocurrency Investing: Millennial Decision Making Kiruba, Angelin S, DR; R, Bharathi, DR; N, Madhumithaa, DR
Indonesian Capital Market Review Vol. 15, No. 2
Publisher : UI Scholars Hub

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Abstract

Investor perceptions of various investment modes can differ based on factors such as experience, earnings, risk tolerance, liquidity preferences, and so on. Understanding the viewpoints of young in- vestors is essential when assessing cryptocurrency investments. This study evaluates the investment decisions of 103 young investors in the cryptocurrency market, using regression and factor analysis for data analysis. The findings indicate that investors have a fundamental understanding of the risks associated with cryptocurrency investments. However, there is a notable need for enhancing the ef- fective management of these risks. The study affirms the reliability of the measures used, accurately capturing the underlying factors pertinent to cryptocurrency investment.
Could Investors’ Attention in News Hunting Affect the International Capital Market? Sukamulja, Sukmawati; Thedora, Stefanny
Indonesian Capital Market Review Vol. 15, No. 2
Publisher : UI Scholars Hub

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Abstract

The study of investors’ attention while making decisions in the capital market focuses on some spe- cific keyword searches in the leading search engine platform, namely Google Search Volume Index. This is because investors need to gather related information for the efficiency and effectiveness of their decision-making process. This study aims to provide empirical evidence regarding the effect of investors’ attention on the rate of return, trading activity, and volatility. It offers a new broad perspec- tive on the international capital market, which is projected as the key player in the global economy in the upcoming years, representing both developing and developed countries. The GARCH model was applied to examine how volatile and residual variants are affected by previous residual variants of the variables. This study conducts robustness tests by expanding the scope time of data to enhance these research findings into weekly and monthly periods. The final robust, but not uniform, result was seen in one uncategorized country.
Impact of Gender, Age, and Education of Peer-to-Peer Lender on Loan Viability Assessment: Evidence from Sharia Firm Maulia, Azzahra; Gultom, Yohanna M.L.
Indonesian Capital Market Review Vol. 15, No. 2
Publisher : UI Scholars Hub

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Abstract

Peer-to-peer (P2P) lending offers investors the discretion to allocate funds based on their risk toler- ance. However, funds cannot be withdrawn until loans mature or are repaid by borrowers, rendering it a relatively high-risk investment. Research suggests that women in older age groups tend to exhibit greater risk aversion, though financial literacy may mitigate gender disparities. This study employs logistic regression to analyze the impact of gender, age, and education on P2P loan viability assess- ment. Our findings indicate that, generally, older lenders are less likely to finance high-risk loans. However, older women with at least a bachelor’s degree display behaviors that contradict this theory.
Comparative Analysis between Corporate Sukuk and Bonds in Indonesia: Value at Risk Approach Putra, Bintang Fajar Muskan; Sukmaningrum, Puji sucia Sucia; Rusgianto, Sulistya
Indonesian Capital Market Review Vol. 15, No. 2
Publisher : UI Scholars Hub

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This research aims to analyze the differences in Risk (Value at Risk) and Return between sukuk and bonds. The research approach utilizes the T-test to examine this comparison. The data source is the closing prices of Sukuk and Bonds for 2018-2020. The research results indicate a significant difference between Sukuk and Bonds regarding returns. A vital difference also occurs in Sukuk and Bonds's Value at Risk (VaR). The results of this study prove that Sukuk has higher returns and lower VaR than Bonds. Sukuk can be a good instrument for portfolio diversification.
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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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.

Page 16 of 18 | Total Record : 171

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