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Bank Ownership and Decline in Loan Growth due to the Pandemic 大流行导致的银行所有权和贷款增长下降
The Indonesian Capital Market Review Pub Date : 2022-07-31 DOI: 10.21002/icmr.v14i2.1153
Ruthana Bitia, Z. Dalimunthe
{"title":"Bank Ownership and Decline in Loan Growth due to the Pandemic","authors":"Ruthana Bitia, Z. Dalimunthe","doi":"10.21002/icmr.v14i2.1153","DOIUrl":"https://doi.org/10.21002/icmr.v14i2.1153","url":null,"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","PeriodicalId":227825,"journal":{"name":"The Indonesian Capital Market Review","volume":"05 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129551563","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Influence of Corporate Social Responsibility Disclosures on Investment Efficiency in the Asian Emerging Markets 亚洲新兴市场企业社会责任披露对投资效率的影响
The Indonesian Capital Market Review Pub Date : 2022-07-31 DOI: 10.21002/icmr.v14i2.1149
Nguyen Vinh Khuong, Fibi Rizki Herdianti, Le Huu Tuan Anh
{"title":"The Influence of Corporate Social Responsibility Disclosures on Investment Efficiency in the Asian Emerging Markets","authors":"Nguyen Vinh Khuong, Fibi Rizki Herdianti, Le Huu Tuan Anh","doi":"10.21002/icmr.v14i2.1149","DOIUrl":"https://doi.org/10.21002/icmr.v14i2.1149","url":null,"abstract":"The aim of the research was to determine the efficiency of investing in companies that report on their corporate social responsibility (CSR) in developing markets. Companies that won the Asia Sustainability Reporting Awards 2020 were chosen for the study. We evaluate the correlation utilizing data from 36 firms from year observations of 2018 to 2020, using modified OLS estimation and regression analysis with modified panel data for heteroskedasticity and/or autocorrelation. In the emerging market, the sample period under examination is quite recent. Research findings show that CSR reporting has a significant negative effect on the company’s investment efficiency (IE) and that CSR reporting influences IE in the overinvestment scenario. The findings from this paper provide several implications for related parties and managers to enhance CSR disclosure and IE. They also contribute significantly to the existing literature about the relationship between CSR and IE when providing evidence from the ASEAN context.","PeriodicalId":227825,"journal":{"name":"The Indonesian Capital Market Review","volume":"34 5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128385677","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Analyzing The Relationship Between Return and Trading Volume in Relation to Cross-Sectional Absolute Deviation (CSAD) In Order to Detect Herding Behavior in Indonesia Emerging Stock Market 基于横截面绝对偏差(CSAD)分析收益与交易量的关系以检测印尼新兴股市的羊群行为
The Indonesian Capital Market Review Pub Date : 2022-07-31 DOI: 10.21002/icmr.v14i2.1152
H. Malini, Annisa Dipa Sakliana
{"title":"Analyzing The Relationship Between Return and Trading Volume in Relation to Cross-Sectional Absolute Deviation (CSAD) In Order to Detect Herding Behavior in Indonesia Emerging Stock Market","authors":"H. Malini, Annisa Dipa Sakliana","doi":"10.21002/icmr.v14i2.1152","DOIUrl":"https://doi.org/10.21002/icmr.v14i2.1152","url":null,"abstract":"Investor herding behavior is a primary source of speculative bubbles since it implies that investors make identical trading decisions, which can lead to stock prices deviating from their underlying worth. The goal of this study is to detect herding behavior in the Indonesian stock market between 2016 and 2021. The relationship between return and trading volume, known as Cross Sectional Absolute Deviation, is used to assess herding behavior (CSAD). Time-series regression and quantile regression analysis will be employed as data analytic techniques in this study to investigate herding behavior under various market scenarios. Herding behavior is evident in the Indonesian stock market with low trading volume, high market return, and low market return in quantile 0,95. Herd behavior has both beneficial and harmful consequences during certain investing seasons. The best method to reduce the impact is to strengthen the investor’s trading strategy and trading platform","PeriodicalId":227825,"journal":{"name":"The Indonesian Capital Market Review","volume":"61 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130390215","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Covid-19 for Crowdfunding: Catalyst or Deterrent? Evidence from Russia Covid-19对众筹:催化剂还是威慑?来自俄罗斯的证据
The Indonesian Capital Market Review Pub Date : 2022-07-31 DOI: 10.21002/icmr.v14i2.1151
E. Torkanovskiy, A. Voinov
{"title":"Covid-19 for Crowdfunding: Catalyst or Deterrent? Evidence from Russia","authors":"E. Torkanovskiy, A. Voinov","doi":"10.21002/icmr.v14i2.1151","DOIUrl":"https://doi.org/10.21002/icmr.v14i2.1151","url":null,"abstract":"This paper explores the impact of the COVID-19 pandemic on crowdfunding by analyzing a 2-year sample of 7,024 rewards-based crowdfunding campaigns on the two major Russian platforms. The study employs a digital methods approach to demand and supply and multiple regression analysis. The findings show that COVID-19 and the associated lockdown had no immediate and straightforward effect on the crowdfunding sector, neither on backers nor on campaigns’ initiators. Thus, the crowdfunding sector unlike some other investment classes remains resilient to the global pandemic. Beyond that, empirical analysis revealed the undescribed phenomenon of sponsors’ readiness to finance projects being highly seasonal and depending on the month in which the project starts. The nearer to year end, the more backers are willing to put into crowdfunding projects","PeriodicalId":227825,"journal":{"name":"The Indonesian Capital Market Review","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124425662","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Indonesian Capital Market Reaction to Jakarta’s Large Scale Social Restrictions 印尼资本市场对雅加达大规模社会限制的反应
The Indonesian Capital Market Review Pub Date : 2022-07-31 DOI: 10.21002/icmr.v14i2.1150
Nur Catur Wahyu Wicaksono, Y. Aryani, D. Setiawan
{"title":"Indonesian Capital Market Reaction to Jakarta’s Large Scale Social Restrictions","authors":"Nur Catur Wahyu Wicaksono, Y. Aryani, D. Setiawan","doi":"10.21002/icmr.v14i2.1150","DOIUrl":"https://doi.org/10.21002/icmr.v14i2.1150","url":null,"abstract":"This study aims to analyze the Indonesian capital market reaction to the Large-Scale Social Restrictions (PSBB) policy in Jakarta in 2020. The findings from this study can be used as a policy evaluation and as a reference to assess similar future policies to be implemented in Jakarta. Four event periods were used based on the number of times this policy was implemented in 2020. Using the event study approach and single index model method, this study used 568 companies listed on the IDX which are then divided into nine sectors. The results of this study showed that the Indonesian capital market reacted in different ways following the four periods of PSBB implementation in Jakarta. It was proven that there was no capital market reaction during the first period, a negative reaction for the second period, a positive reaction for the third period, and finally a negative reaction again for the fourth period","PeriodicalId":227825,"journal":{"name":"The Indonesian Capital Market Review","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129866954","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Uncertainty and Banks’ Security Holdings 不确定性与银行证券持有
The Indonesian Capital Market Review Pub Date : 2022-01-31 DOI: 10.21002/icmr.v14i1.1137
V. Dang, H. Nguyen
{"title":"Uncertainty and Banks’ Security Holdings","authors":"V. Dang, H. Nguyen","doi":"10.21002/icmr.v14i1.1137","DOIUrl":"https://doi.org/10.21002/icmr.v14i1.1137","url":null,"abstract":"The paper enriches the existing literature on financial intermediaries’ operations in the face of uncertainty by empirically examining the impact of banking uncertainty on banks’ security holdings. Using bank-level data in Vietnam during 2007–2019 to compute a micro uncertainty proxy based on the dispersion of bank shocks, we document that banking uncertainty tends to enhance total security holdings at banks. Decomposing aggregate securities into disaggregate components, we find that safer investments (including government bonds and financial institution bonds) dominate the overall impact of banking uncertainty on security holdings, which completely offset a drop in the volume of riskier investments (including corporate bonds and stocks) in times of higher uncertainty. Furthermore, our analysis reveals that the impact of banking uncertainty on all security holdings is stronger at riskier banks, thereby implying that bank behavior is likely attributable to the precautionary motive.","PeriodicalId":227825,"journal":{"name":"The Indonesian Capital Market Review","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122348036","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Cash Flow and Accrual Anomalies: Evidence from Borsa Istanbul 现金流量和应计异常:来自Borsa Istanbul的证据
The Indonesian Capital Market Review Pub Date : 2022-01-31 DOI: 10.21002/icmr.v14i1.1139
E. Kaya
{"title":"Cash Flow and Accrual Anomalies: Evidence from Borsa Istanbul","authors":"E. Kaya","doi":"10.21002/icmr.v14i1.1139","DOIUrl":"https://doi.org/10.21002/icmr.v14i1.1139","url":null,"abstract":"This study aims to determine the persistence of earning and its components and whether investors accurately evaluate the information related to the earning and its components. The study covers the firms operating in Borsa Istanbul between 2005-2017 time period. We sort the accruals and cash flows into five portfolios. Then, we employ linear regression and Mishkin test estimations. Moreover, we compare the asset pricing models with nine metrics in explaining the cash flow and accrual anomalies. Linear regression and Mishkin test estimations show that the persistence of earning is high. The other finding is that cash flow and accrual do not correctly reflect on the stock prices. Also, our results show that the financial asset pricing model is successful in explaining the cash flow and the accrual anomalies. As a result, we can see that the financial asset pricing model continues to be an important model in explaining asset prices. On the other hand, our study is different from the other studies since it uses the Fama and French Five Factor Model to determine the cash flow and accrual anomalies.","PeriodicalId":227825,"journal":{"name":"The Indonesian Capital Market Review","volume":"203 ","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"113996697","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Monetary Policy and Herding Behavior: Empirical Evidence From Indonesia Stock Market 货币政策与羊群行为:来自印尼股市的经验证据
The Indonesian Capital Market Review Pub Date : 2022-01-31 DOI: 10.21002/icmr.v14i1.1141
Retno Puspita K. Wicaksono, T. Falianty
{"title":"Monetary Policy and Herding Behavior: Empirical Evidence From Indonesia Stock Market","authors":"Retno Puspita K. Wicaksono, T. Falianty","doi":"10.21002/icmr.v14i1.1141","DOIUrl":"https://doi.org/10.21002/icmr.v14i1.1141","url":null,"abstract":"This study aims to analyze the role of monetary policy, including the spillover of the US Federal Reserve (Fed) monetary policy, in the existence of herding behavior in the Indonesian stock market. We used beta herding to measure the level of herding behavior and analyze the relationship between monetary policy and beta herding using the VECM model, as well as IRF and FEVD. This study shows that monetary policy plays a role in the existence of herding behavior in the Indonesian stock market. Although the effect of monetary policy on herding behavior is relatively small, Fed monetary policy shocks have a greater effect on the existence of herding behavior in the Indonesian stock market. The credibility of Bank Indonesia (BI) and the Fed may play a role in shaping investors’ expectations. Therefore, policymakers have to take into account the volatility of asset prices in formulating monetary policy","PeriodicalId":227825,"journal":{"name":"The Indonesian Capital Market Review","volume":"140 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115313207","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
The Impact of Geopolitical Risk on Corporate Investment: Evidence from Turkish Firms 地缘政治风险对企业投资的影响:来自土耳其企业的证据
The Indonesian Capital Market Review Pub Date : 2022-01-31 DOI: 10.21002/icmr.v14i1.1138
O. Tan, Hakan Cavlak, Yasin Cebeci, Necati Güneş
{"title":"The Impact of Geopolitical Risk on Corporate Investment: Evidence from Turkish Firms","authors":"O. Tan, Hakan Cavlak, Yasin Cebeci, Necati Güneş","doi":"10.21002/icmr.v14i1.1138","DOIUrl":"https://doi.org/10.21002/icmr.v14i1.1138","url":null,"abstract":"This study analyzes the effects of geopolitical risk on the corporate investment of 164 Turkish manufacturing firms listed in Borsa Istanbul (BIST). The time covers the period from 2005 to 2019, applying the system Generalized Methods of Moments (GMM) estimator. The results indicate that geopolitical risk hurts corporate investment in Turkey. Under uncertainty induced by geographical risk, firms prefer to decline their investment. Additionally, financially constrained (non-dividend, small, young) firms are more negatively affected than financially unconstrained firms. Our findings are robust under alternative measures of geopolitical risk. Overall, this study reveals that geopolitical risk is a significant uncertainty affecting the investment decisions of manufacturing firms in Turkey","PeriodicalId":227825,"journal":{"name":"The Indonesian Capital Market Review","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129160254","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
The Analysis of the Roles of Bitcoin, Ethereum, and Gold as Hedge and Safe-Haven Assets on the Indonesian Stock Market before and during the COVID-19 Pandemic 在2019冠状病毒病大流行之前和期间，比特币、以太坊和黄金作为对冲和避险资产在印尼股市中的作用分析
The Indonesian Capital Market Review Pub Date : 2022-01-31 DOI: 10.21002/icmr.v14i1.1140
Carla A. Wijaya, M. Ulpah
{"title":"The Analysis of the Roles of Bitcoin, Ethereum, and Gold as Hedge and Safe-Haven Assets on the Indonesian Stock Market before and during the COVID-19 Pandemic","authors":"Carla A. Wijaya, M. Ulpah","doi":"10.21002/icmr.v14i1.1140","DOIUrl":"https://doi.org/10.21002/icmr.v14i1.1140","url":null,"abstract":"The uncertainty due to the COVID-19 outbreak has encouraged investors to look for value hedging instruments to minimize risk, which can be in the form of hedging assets or safe-haven assets. In response to it, this study aims to find out whether Bitcoin, Ethereum, and gold can behave as hedging and safe-haven assets before and amid the pandemic in Indonesia. The strategy is by observing the effects of volatility and return of Bitcoin, Ethereum, and gold on the Indonesian stock market. This study employed both quantile regression and simple linear regression models on data of daily closing price taken before and during COVID-19. This study finds that they can be hedge and safe-haven assets during the COVID-19 pandemic in Indonesia. The findings show some significant correlations between assets that can help investors determine which assets can be hedging instruments.","PeriodicalId":227825,"journal":{"name":"The Indonesian Capital Market Review","volume":"2016 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127781072","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
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