1,720,987 research outputs found
Pemilikan Asset Yang Unik Sebagai Sumber Sustainable Competitive Advantages Dan Efeknya Terhadap Struktur Kapital Perusahaan: Uji Empirik Perusahaan Publik di Bursa Efek Indonesia
No full textSustainable competitive advantage arises from ownership of assets that have a uniqueness to
create a distinctive competence that is hard to duplicate by competitors. This uniqueness is
more difficult to imitate if these assets are not transparent for competitors or, even, for owners
of this unique asset, because of the unique production process or ambiguity that arise from
mixed process with other internal factors such as corporate culture or the quality of human
resources. But on the other hand unique asset ownership brings a serious impact for the
funding aspect. This company have a problem to explain the true value of the unique assets to
external sources of fund. Banks, for example, difficult to assess accurately value the specific
and opaque assets so the bank charges higher cost of debt. We can conjecture that the
implication of specific asset ownersip is capital structure will be dominated by equity. This
paper empirically test the conjecture in the context of non-financial companies in Indonesia.
From the point of view research in finance, this conjecture relatively new. Existing capital
structure theories have not consider company strategy and asset charactersitic as a factor that
may affect the company\u27s capital structur
Mood Investor, Cuaca, dan Pergerakan Return Pasar Saham
Full text link Abstract. The empirical aspect of fully rational assumption in stock trading in the stock exchange is a living debate. The findings of the study that link investors' moods with the movement of stock market returns are one of the criticism of research behavioral finance towards the assumption of full rational behavior. This study aims to examine empirically the influence of weather factors on investor mood reflected in stock market returns on the Jakarta stock exchange. To test the effect of weather, this study measures extreme weather conditions both low and high state. The findings show that the temperature factor is the most significant weather factor affecting the mood of investors and driving stock returns in the Jakarta stock exchanges. Keywords. : Behavioural Finance; Mood; Stock Market Return; Weather. Abstrak. Aspek empirik dari asumsi rasionalitas penuh dalam perdagangan di bursa saham banyak digugat. Temuan penelitian yang mengkaitkan mood investor dengan pergerakan return pasar saham menjadi salah satu gugatan alur riset behavioral finance terhadap asumsi perilaku rasional penuh. Penelitian ini bertujuan menguji secara empirik pengaruh faktor-faktor cuaca terhadap mood investor yang tercermin pada return pasar saham di bursa saham Jakarta. Untuk menguji pengaruh cuaca, penelitian ini mengukur kondisi cuaca ekstrim baik yang rendah maupun yang tinggi. Temuan menunjukkan faktor suhu merupakan faktor cuaca yang paling signifikan mempengaruhi mood investor dan menggerakkan return saham di bursa saham Jakarta
Comovement Indeks Pasar Saham Syariah dan Variabel Makro Ekonomi: Pendekatan Regime-Switching Regression
No full textHubungan imbal hasil indeks syariah dengan variabel makroekonomi merupakan topik riset yang cukup banyak menarik perhatian para peneliti. Comovement antara indeks syariah dengan indeks pasar saham konvensional mengindikasikan adanya hubungan kointegrasi antara kedua pasar tersebut. Comovement antara indeks syariah dan indeks pasar konvensional jauh lebih kuat pada saat volatilitas rendah dibandingkan pada regime volatilitas yang tinggi. Signifikannya hubungan antara imbal hasil indeks syariah di Bursa Efek Indonesia dengan perubahan suku bunga memunculkan pertanyaan apakah saham-saham perusahaan yang termasuk di dalam Jakarta Islamic Index telah disaring secara ketat sehingga komponen biaya bunga sudah minimal atau karena mikro struktur pasar saham Indonesia yang didominasi investor asing. Model regresi Markov regime-Switching mengungkapkan adanya perbedaan signfikan pengaruh perubahan nilai tukar terhadap imbal hasil indeks syariah antara regime volatilitas yang tinggi dengan regime volatilitas yang rendah. Pengaruh nilai tukar hanya signifikan pada saat regime volatilitas yang rendah. Hal ini tidak dapat diungkap jika kita hanya menggunakan model regresi linier OLS biasa
IPO Underpiricing, Konservatisme Akuntansi, dan Sentimen Investor
Full text linkAbstrak. Kenaikan harga saham yang sangat besar dibandingkan harga IPO nya sulit dijelaskan secara logis. IPO Underpricing mustahil ditetapkan perusahaan emiten secara sukarela, sementara investor yang berani membeli dengan harga yang terlalu tinggi hanya kelompok yang tidak rasional atau kurang informasi. Laporan keuangan yang disusun secara konservatif dan kualitas akrual yang lebih baik membuka peluang bagi semua investor untuk dapat mengestimasi harga wajar saham IPO sehingga disagreement di antara investor tidak terlampau lebar dan fluktuasi harga akibat spekulasi tidak terlampau tinggi di pasar sekunder. Menggunakan data Bursa Saham Indonesia, studi ini menemukan pengaruh konservatisme akuntansi dan kualitas akrual terbukti menguat apabila holding period menjadi 30 hari setelah IPO karena semakin lama periode investasi, ketidakjelasan informasi laporan keuangan menyebabkan peluang melakukan spekulasi semakin lebar. Kenaikan harga saham setelah IPO dipengaruhi juga oleh sentimen investor dan kondisi pasar.Katakunci: IPO, underpricing, konservatisme akuntansi, kualitas akrual, sentiment investor. Abstract. The significant increase of stock price compared to its IPO price is difficult to explain. Companies which issue their stock are impossible to set underpriced IPO voluntarily, while investors who buy an overpriced stock are only they who are not rational or lack of information. Conservative financial statements and high accrual quality provide an opportunity for all investors to be able to estimate the fair price of IPO shares so that the disagreement among investors is not too wide and price fluctuations due to speculation are not too high in the secondary market. Using Indonesia Stock Exchanges, the results show that influence of accounting conservatism and accrual quality are stronger in the 30 holding period after the IPO because the uncertainty of financial statement information led to wider speculation opportunities in the long period. The rise in stock prices after IPO is also influenced by investor’s sentiment and market conditionsKeywords: IPO, underpricing, accounting conservatism; accrual quality, investor sentimen
Systemic risk, bank’s capital buffer, and leverage
Full text linkThis paper measures individual bank’s impact on banking systemic risk and examines the effect of individual bank’s capital buffer and leverage to bank’s systemic risk impact in Indonesia during 2010-2014. Using Merton’s distance-to-default to measure systemic risk, the study shows a significant negative relationship between bank’s capital buffer and systemic risk. High capital buffer tends to lowering bank’s impact on systemic risk. Bank’s leverage level also influences its contribution to systemic risk, even though the impact is much lower compared to that of capital buffer impact
Spirituality, Entrepreneurship Education and Entrepreneurial Intention Among Moslem Undergraduate Students: Spiritual Well-Being Scaling Application
Full text linkThe objectives of this study were to test the effectiveness of entrepreneurship education among Moslem undergraduate students, determinants of intentions, and the interactions between these variables and spirituality that determine the process. Spirituality influences student’s’ view on economic activity and interaction with their environment. The research subjects were Moslem students at the Faculty of Economics and Business of University of Indonesia that may be classified as a nascent entrepreneur: the group that is considering self-employment as a career choice. The techniques of data collection were interviews and questionnaires. The data were analyzed using a quantitative approach of Mann-Whitney U-test to test the effects of education among the groups of students who have received entrepreneurship education and groups that have not, as a control group. The results showed that (1) there are three factors that can identify entrepreneurial intentions which can be identified in detail with three indicators and (2) the effects of entrepreneurship education in shaping the entrepreneurial intentions which depends on student’s’ spirituality.Keywords: entrepreneurship intention, beliefs, education, spiritualit
Price Manipulation in Indonesian Capital Market: Empirical Analysis on Stockbroker’s Behavior and Interaction Pattern between Domestic Investors and Foreign Investors
Full text linkPrice manipulation in stock market transaction is an important issue when developing investor conidence and market integrity is a priority. Price manipulation is prevalent in emerging markets, which still have institutional problems and lack regulations. A stock market as a mutual company has an institutional problem when a stock broker instead of being an intermediary, behaves like a dealer and a principal for some stocks. A stock broker has strong incentives to give a signal to public investors about price of some stocks in order to get an unfair proit. A usual pattern of manipulation done by stock broker is a pump and dump manipulation. Artiicial price increase was made by manipulators through buying and selling activities among themselves until tend chaser and naive investors jump to this game. When stock price is at the highest level, manipulators start selling their stock. This research measured and identiied behavior pattern of stock brokers in Indonesian Stock Market, concerning their contribution to price manipulation existence. Because of the important role played by foreign investors in Indonesian stock market, this research would also identify interaction pattern between foreign and domestic investors. Empirical researches showed that foreign investors were underperformed domestic investors in Indonesian stock market (Dvorak, 2005, and Agarwal et al. 2009). In spite of their superior experience and inancial support compared to domestic investosr, foreign investors got lower return on average. Agarwal et al. (2009) showed this phenomenon occured because foreign investors were more aggressive than domestic investors. Dvorak (2005) argued that domestic investors had more access and network to collect short run information and were able to transfer those information to proitable trading strategy. This research tested new hypothesis about foreign investors\u27 underperformance, that those foreign investors were entrapped in manipulative mechanism done by domestic investors having short run information through domestic stockbroker companies
MONETARY POLICY AND HERDING BEHAVIOR DEVELOPED MARKET AND EMERGING MARKET COMPARISON
Full text linkThe research examines impact of monetary policy on herding behavior in the stock market. This study used OLS Regression, SUR, and Panel Regression Method. The results show that monetary policy affects herd behavior in stock market, specially in emerging market which have a specific characteristic such as low liquidity and low number of investor. Using SUR, this study show that common factors which affect the global herd behavior are not influential. Domestic stock market has its own variable that may initiate herd behavior
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
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