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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 171 Documents
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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.
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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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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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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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.
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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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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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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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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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.

Page 17 of 18 | Total Record : 171

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