{"title":"Determinants in Investment Behaviour During The COVID-19 Pandemic","authors":"A. Kiruba, S. Vasantha","doi":"10.21002/icmr.v13i2.13351","DOIUrl":"https://doi.org/10.21002/icmr.v13i2.13351","url":null,"abstract":"This study investigated the psychological behaviour of investors in the stock market during the period of COVID-19. The survey was conducted between April and June 2020, following the lockdown announcement of the Indian Government on 25th March. There were 400 respondents. This paper has attempted to identify the impact on psychological behaviour during the initial stage of COVID-19 in India. The collected data has been used to determine the psychological factors which may have influenced investment decisions. The statistical tools of Cronbach Alpha, factor analysis, descriptive analysis, and multiple regression techniques were applied using the SPSS 21 package. The study has analysed the psychological dimensions of the behaviour when responding to fear, risk perception, risk propensity, investors' anxiety to market volatility, herding and vaccination updates. The results show that the behavioural response to fear, risk perception, herding and vaccination updates have influenced investors' decision-making during the COVID-19 pandemic.","PeriodicalId":40640,"journal":{"name":"Indonesian Capital Market Review","volume":" ","pages":""},"PeriodicalIF":0.4,"publicationDate":"2021-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44140926","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}
{"title":"The Influence of Banking Risk on Share Price and the Moderating Role of Inflation Rate","authors":"M. Meliza","doi":"10.21002/icmr.v13i2.13358","DOIUrl":"https://doi.org/10.21002/icmr.v13i2.13358","url":null,"abstract":"","PeriodicalId":40640,"journal":{"name":"Indonesian Capital Market Review","volume":" ","pages":""},"PeriodicalIF":0.4,"publicationDate":"2021-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44535702","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}
{"title":"Short-run Dynamics Between Foreign Currency and Jakarta Composite Index During Indonesian Presidential Election","authors":"Muhamad Fahri Ridwan, Wee‐Yeap Lau","doi":"10.21002/icmr.v13i2.13359","DOIUrl":"https://doi.org/10.21002/icmr.v13i2.13359","url":null,"abstract":"This study investigates the dynamics of information flow between foreign currencies and the Jakarta Composite Index (JKSE) in the pre-, during and post-2014 Indonesian Presidential elections. Based on a systematic analytical framework, the study provides a clearer picture to link the foreign currencies of trade partners to Jakarta Stock Exchange. Using the VAR model with daily data from 2 January 2013 to 31 July 2015, our results show: First, JKSE appears to be endogenous during the pre-election period. The endogenous relationship implies that the EUR, HKD and CNY influence the benchmark index. Second, JKSE appears to be exogenous during the election year. The exogenous relationship implies information flow from JKSE to six foreign currencies. Third, during the postelection period, there is information flow from the Japanese Yen and Saudi Riyal to JKSE. In addition, there is information outflow from JKSE to three foreign currencies. This study concludes that the foreign currency market is subtly linked to JKSE. Our results imply a need to guard against capital flight during uncertainties as the foreign fund may exit the market. Deeper economic ties can be made with foreign trade partners willing to inject capital during economic recovery in the short run.","PeriodicalId":40640,"journal":{"name":"Indonesian Capital Market Review","volume":"1 1","pages":""},"PeriodicalIF":0.4,"publicationDate":"2021-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41944522","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}
{"title":"Table of Issue","authors":"Table Of Content Issue","doi":"10.21002/icmr.v13i2.13354","DOIUrl":"https://doi.org/10.21002/icmr.v13i2.13354","url":null,"abstract":"","PeriodicalId":40640,"journal":{"name":"Indonesian Capital Market Review","volume":" ","pages":""},"PeriodicalIF":0.4,"publicationDate":"2021-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44979437","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}
{"title":"What Information Needed to Present in a Fundraising Campaign through Equity Crowdfunding","authors":"Chika Fajarini,Zuliani Dalimunthe,Shalahuddin Haikal","doi":"10.21002/icmr.v13i2.13357","DOIUrl":"https://doi.org/10.21002/icmr.v13i2.13357","url":null,"abstract":"","PeriodicalId":40640,"journal":{"name":"Indonesian Capital Market Review","volume":"47 3","pages":""},"PeriodicalIF":0.4,"publicationDate":"2021-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138509160","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}
{"title":"Monetary Policy and Corporate Risk-Taking: Evidence From an Emerging Market","authors":"Quoc Trung Tran, T. Truong","doi":"10.21002/icmr.v13i2.13352","DOIUrl":"https://doi.org/10.21002/icmr.v13i2.13352","url":null,"abstract":"","PeriodicalId":40640,"journal":{"name":"Indonesian Capital Market Review","volume":" ","pages":""},"PeriodicalIF":0.4,"publicationDate":"2021-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49071621","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}
{"title":"Gold Price, Inflation, and Dollar Exchange Rate: The Case of Gold Investment in Indonesia","authors":"Ilyas Chaidir Rahmansyah, L. Rani","doi":"10.21002/icmr.v13i1.13238","DOIUrl":"https://doi.org/10.21002/icmr.v13i1.13238","url":null,"abstract":"This paper aims to investigate the relationship between gold price, inflation and the dollar exchange rate on gold stock price of PT Aneka Tambang Indonesia. The ARDL time series model is used in the study involving PT Aneka Tambang Indonesia from December 2016 to November 2019. The findings show the price of gold doesn’t have a significant effect on the gold stock price while dollar exchange rate and inflation have a negative effect on the short and long term of the gold stock price of PT Aneka Tambang Indonesia.","PeriodicalId":40640,"journal":{"name":"Indonesian Capital Market Review","volume":" ","pages":""},"PeriodicalIF":0.4,"publicationDate":"2021-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46916432","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}
N. Bhutto, Muhammad Shaique, Sahar Kanwal, Anjlee Matlani, H. Zahid
{"title":"Impact of Earnings Management Practices on Stock Return","authors":"N. Bhutto, Muhammad Shaique, Sahar Kanwal, Anjlee Matlani, H. Zahid","doi":"10.21002/ICMR.V13I1.12839","DOIUrl":"https://doi.org/10.21002/ICMR.V13I1.12839","url":null,"abstract":"This paper investigates the impact of earnings management (real and accrual) on stock returns of Pakistan stock exchange (PSX) listed companies. The study is done by testing a separate relationship of accrual and real earnings management and their collective relationship with the stock return. The study is conducted on 3900 firm-year observations from the non-financial PSX listed companies for the sample period 2005-17. The findings of the study show that a significant and negative relationship exists between stock returns and real and accrual earnings management. Moreover, the combined impact of real and accrual earnings management on stock return is also found to be significantly negative. This paper could prove a valuable addition to the knowledge of investors because investors can more or less price accrual earning management.","PeriodicalId":40640,"journal":{"name":"Indonesian Capital Market Review","volume":"1 1","pages":"1-25"},"PeriodicalIF":0.4,"publicationDate":"2021-01-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46908587","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}
{"title":"Are Foreign Investors Afraid Of State Ownership?","authors":"Quynh Nguyen Thi, Quoc Trung Tran","doi":"10.21002/icmr.v13i1.13237","DOIUrl":"https://doi.org/10.21002/icmr.v13i1.13237","url":null,"abstract":"State ownership may help firms have better access to credit and lower financing costs but it also results in “double agency” problem. This paper investigates whether foreign investors are afraid of investing in firms with state ownership. Our research sample includes 4,079 firm-years from 567 firms listed in Vietnamese stock markets during the period 2008-2017. We employ probit and tobit models to examine how state ownership determines foreign investors’ likelihood to invest and investment magnitude respectively. Furthermore, we continue to examine how an increase in state ownership changes foreign ownership. We find that firms with higher state ownership have lower foreign ownership. Besides, an increase in state ownership reduces foreign ownership. These findings imply that foreign investors tend to avoid investing in firms with high state ownership due to their concern for “double agency” problem.","PeriodicalId":40640,"journal":{"name":"Indonesian Capital Market Review","volume":" ","pages":""},"PeriodicalIF":0.4,"publicationDate":"2021-01-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42818497","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}
{"title":"Determinant Factors of Liquidity Risk Premium on Indonesian Government Bonds","authors":"Eka Rathmanty Merry Hartini, D. Hanggraeni","doi":"10.21002/icmr.v13i1.13239","DOIUrl":"https://doi.org/10.21002/icmr.v13i1.13239","url":null,"abstract":"This paper aims to find the determinant factors of the liquidity risk premium on the Indonesian government bonds. There are two liquidity risk premium proxies to be used, the difference of the yield to maturity and the theoretical-yield of the bonds, and the average bid-ask spread of the bonds. The research used the Random Effect panel-data to define the determinant factors of the liquidity risk premium. The result shows that the liquidity-risk premium of Indonesian government bonds is affected by the bond’s characteristics and the financial market condition. The determinant factors are the bond’s age, coupon rate, remaining life, issued amount, type (Sukuk or conventional), and market volatility. We expect this research will enrich the understanding of the liquidity risk on Indonesian government bonds; so that the authorities and the investors could use this in making their decisions.","PeriodicalId":40640,"journal":{"name":"Indonesian Capital Market Review","volume":" ","pages":""},"PeriodicalIF":0.4,"publicationDate":"2021-01-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42801841","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}