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The Effect of Family Ownership and Control on Dividend Policy of Publicly Listed Firms in Indonesia and Malaysia 家族所有权与控制对印尼和马来西亚上市公司股利政策的影响
IF 0.4
Indonesian Capital Market Review Pub Date : 2020-06-11 DOI: 10.21002/ICMR.V12I1.12048
Laras Ayu, V. Viverita
{"title":"The Effect of Family Ownership and Control on Dividend Policy of Publicly Listed Firms in Indonesia and Malaysia","authors":"Laras Ayu, V. Viverita","doi":"10.21002/ICMR.V12I1.12048","DOIUrl":"https://doi.org/10.21002/ICMR.V12I1.12048","url":null,"abstract":"The purpose of this study is to determine the influence of family ownership and family control on a firm’s dividend policy of publicly listed firms in Indonesia and Malaysia. This study applied the generalized least square panel data over 2003-2016 and considering the period of global financial crisis 2008-2010. The results show that a firm with a higher percentage of family ownership pays more dividend compared to non-family firms. The same effect applies to the percentage of family control. In contrast, we found that higher debt levels will reduce the dividend payment. These findings indicate that dividend distribution can be used as a policy to lessen agency problems of listed firms.","PeriodicalId":40640,"journal":{"name":"Indonesian Capital Market Review","volume":" ","pages":""},"PeriodicalIF":0.4,"publicationDate":"2020-06-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49295269","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: 3
Return Spillover of Asian REITs 亚洲房地产投资信托基金的收益溢出效应
IF 0.4
Indonesian Capital Market Review Pub Date : 2020-06-08 DOI: 10.21002/ICMR.V12I2.12238
Leviana Hestiawan, R. Prijadi
{"title":"Return Spillover of Asian REITs","authors":"Leviana Hestiawan, R. Prijadi","doi":"10.21002/ICMR.V12I2.12238","DOIUrl":"https://doi.org/10.21002/ICMR.V12I2.12238","url":null,"abstract":"This research examines the relationship and direction of return spillover of Asian REITs, between REITs and local stock markets, and its effect towards REIT returns. The samples are from Hong Kong, Japan, South Korea, Malaysia, Singapore, Thailand, and Taiwan. This research uses Diebold and Yilmaz’s technique to measure the relationship and direction of return spillover between asset classes. The method also uses OLS regression to test the effects of return spillover on REIT returns. The results show that connectedness between Asian markets is low. Japan and Singapore are the strongest influencers. Low connectedness was also found between REITs and the local stock market. In general, net return spillover from Asian REIT markets significantly influence REITs’ return. The results imply that the growth of REIT markets depends on the attractiveness of capital markets in a country. Regulators in developing countries need to improve the capital market environment to enable REIT markets to flourish.","PeriodicalId":40640,"journal":{"name":"Indonesian Capital Market Review","volume":" ","pages":""},"PeriodicalIF":0.4,"publicationDate":"2020-06-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.21002/ICMR.V12I2.12238","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46784115","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: 2
Dynamic Linkages between US Dollar-Ringgit spot, forward and NDF during QE and Post-QE Exit 美元兑令吉现货、远期和NDF在量化宽松期间和退出后的动态联系
IF 0.4
Indonesian Capital Market Review Pub Date : 2020-04-02 DOI: 10.21002/icmr.v11i2.11606
Wee‐Yeap Lau, Tien-Ming Yip, You‐How Go
{"title":"Dynamic Linkages between US Dollar-Ringgit spot, forward and NDF during QE and Post-QE Exit","authors":"Wee‐Yeap Lau, Tien-Ming Yip, You‐How Go","doi":"10.21002/icmr.v11i2.11606","DOIUrl":"https://doi.org/10.21002/icmr.v11i2.11606","url":null,"abstract":"This study investigates the information flow between U.S. Dollar-Ringgit spot, forward and Nondeliverable Forward (NDF) exchange rates during the pre and post-U. S. Quantitative Easing (QE) exit. Our results show: First, there is a robust unidirectional causality from NDF to spot and NDF to forward in the post-QE period; Second, Malaysian Government Securities (MGS) has a vital role during the QE period while international reserve precedes the spot, forward and NDF exchange rates in the post-US QE exit. Our results reaffirm the policy measures taken by the Central Bank in regulating the NDF market. Our finding suggests that: First: MGS and Reserve are essential variables that can be used to counter speculation from the offshore NDF market; and Second, right policy stance must be communicated by the Central Bank to the market participants to avoid excessive volatility to the domestic currency which will affect the real economy","PeriodicalId":40640,"journal":{"name":"Indonesian Capital Market Review","volume":" ","pages":""},"PeriodicalIF":0.4,"publicationDate":"2020-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44336106","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
Capital Structure and Adjustment Speed: Evidence From Listed Manufacturing Firms in Indonesia and Malaysia 资本结构与调整速度:来自印尼和马来西亚制造业上市公司的证据
IF 0.4
Indonesian Capital Market Review Pub Date : 2020-04-02 DOI: 10.21002/icmr.v11i2.11607
P. A. Memon, Mir Muhammad Shah Syed, N. Ghumro, R. Rus
{"title":"Capital Structure and Adjustment Speed: Evidence From Listed Manufacturing Firms in Indonesia and Malaysia","authors":"P. A. Memon, Mir Muhammad Shah Syed, N. Ghumro, R. Rus","doi":"10.21002/icmr.v11i2.11607","DOIUrl":"https://doi.org/10.21002/icmr.v11i2.11607","url":null,"abstract":"This paper identifies factors determining capital structure and estimates the speed at which firms adjust to optimal debt in Malaysian and Indonesian manufacturing firms. It uses the difference Generalized Method of Moments (GMM) estimator and the partial adjustment model in a sample of 141 Malaysian and 96 Indonesian firms, which include many of the major manufacture companies in these economies. The results suggest the existence of dynamic capital structure in both countries, but differences in adjustment speed towards optimal debt and factors affecting the optimal debt levels are evident between these countries. Firm-specific factors such as tangibility of assets, non-debt tax shield, and profitability significantly affect optimal debt in both countries. However, most countryspecific factors are insignificant determinants, GDP in Malaysia being the sole exception. The findings of this study are helpful for corporate managers, policymakers, and regulatory authorities in monitoring the amount of debt used by the firms and their adjustment speed towards target debt to avoid the bankruptcies. Financial reforms can be worked out in these economies to better support the firms in use of optimal debt.","PeriodicalId":40640,"journal":{"name":"Indonesian Capital Market Review","volume":"11 1","pages":""},"PeriodicalIF":0.4,"publicationDate":"2020-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.21002/icmr.v11i2.11607","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42097192","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
Stock Market Reaction to the Tax Amnesty Announcement 股市对税收特赦公告的反应
IF 0.4
Indonesian Capital Market Review Pub Date : 2020-04-02 DOI: 10.21002/icmr.v11i2.11608
Muhammad Satriyo Wibowo, P. Sukmaningrum
{"title":"Stock Market Reaction to the Tax Amnesty Announcement","authors":"Muhammad Satriyo Wibowo, P. Sukmaningrum","doi":"10.21002/icmr.v11i2.11608","DOIUrl":"https://doi.org/10.21002/icmr.v11i2.11608","url":null,"abstract":"The Indonesian Government has put in place policies that are quite bold and that highly impact on both companies and the economy. This includes the endorsement tax amnesty policy in 2016. This study aims to investigate the reaction of the stock market against the policy. The dataset of this research was 100 companies listed on the Indonesian Islamic Stock Index (ISSI). Research methods used the event study market adjusted model to look at changes in the Average Abnormal Return (AAR) and Trading Volume Activity (TVA) during the announcement. The results of this research show there is a difference in the AAR and TVA before and after the announcement. The investors positively viewed the information content of the tax amnesty policy. The government has made a very good policy and it supports the improvement in the quality of corporate governance and company performance.","PeriodicalId":40640,"journal":{"name":"Indonesian Capital Market Review","volume":" ","pages":""},"PeriodicalIF":0.4,"publicationDate":"2020-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49170938","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: 6
The Extended Fama-French Three Factor Model : Revisited 扩展的Fama-Franch三因素模型：再认识
IF 0.4
Indonesian Capital Market Review Pub Date : 2019-08-29 DOI: 10.21002/ICMR.V10I2.11181
I. Awwaliyah, Z. Husodo
{"title":"The Extended Fama-French Three Factor Model : Revisited","authors":"I. Awwaliyah, Z. Husodo","doi":"10.21002/ICMR.V10I2.11181","DOIUrl":"https://doi.org/10.21002/ICMR.V10I2.11181","url":null,"abstract":"This paper is aimed to validate the four-factor asset pricing model as an improvement towards the standard Fama-French three-factor model. Using U.S. monthly stock returns data from period January 1963 to December 2010 , we construct 25 portfolios and t he four-factor model includes the market factor (beta), the size factor (SMB), the book-to-market factor (HML), and the ‘momentum' factor (MOM). Similar time series method as in Fama and French (1993) are employed to elaborate the three-factor model and the four-factor model regression. Our findings show that the four-factor model to some extent has significant capability in explaining the variations in average excess stock returns. Although the R 2 extracted from the four-factor model is just slightly higher than the three-factor model, yet it provides suggestive for the robustness of the four-factor model. In addition , our robustness test shows that January seasonal effect is absorbed by the risk factors including the market factors, SMB, HML, and MOM factor. The consistency of the four-factor model in explaining the U.S stock market return variations for the newest data, provide relevance to apply this model in emerging markets data in order to give guidance for investor in understanding the market condition.","PeriodicalId":40640,"journal":{"name":"Indonesian Capital Market Review","volume":" ","pages":""},"PeriodicalIF":0.4,"publicationDate":"2019-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49362864","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 Effect of Competition Levels and Banking Concentration on Systemic Risks: Indonesia’s Case 竞争水平和银行集中度对系统性风险的影响——以印度尼西亚为例
IF 0.4
Indonesian Capital Market Review Pub Date : 2019-08-29 DOI: 10.21002/ICMR.V9I2.7138
Buddi Wibowo, I. Wibowo
{"title":"The Effect of Competition Levels and Banking Concentration on Systemic Risks: Indonesia’s Case","authors":"Buddi Wibowo, I. Wibowo","doi":"10.21002/ICMR.V9I2.7138","DOIUrl":"https://doi.org/10.21002/ICMR.V9I2.7138","url":null,"abstract":"Normal 0 false false false EN-US X-NONE X-NONE This article analyzes the relationship between Indonesian banking competition, concentration, and systemic risk, using the characteristics of individual banks and state variables as control variables. This article uses the Panzar–Rosse Model and Concentration Ratio to measure banking competition and concentration, while measuring systemic risk by applying CoVaR. The empirical result shows that concentration and competition increase systemic risk. This means increasing competition leads banks to take higher risks, and also shows that banks with high market power tend to charge higher interest rates, thus increasing systemic risk. The Net Interest Margin as a control variable is statistically significant in competition-systemic risk models as well as in concentration-systemic risks. These findings support the competition-fragility view that banking system stability is seriously affected by banking competition level, especially in decreasing net interest margin periods. On an individual bank level, the competition-systemic risk relationship depends on the bank size and the interbank deposit ratio, but the capital structure and demand-deposit to total funding ratio are not significant.","PeriodicalId":40640,"journal":{"name":"Indonesian Capital Market Review","volume":" ","pages":""},"PeriodicalIF":0.4,"publicationDate":"2019-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44669570","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
Towards A Sustainable Islamic Banking System: Re-embedding Murabaha Mode of Financing 走向可持续的伊斯兰银行体系:重新嵌入Murabaha融资模式
IF 0.4
Indonesian Capital Market Review Pub Date : 2019-08-29 DOI: 10.21002/ICMR.V9I2.8066
W. Jatmiko
{"title":"Towards A Sustainable Islamic Banking System: Re-embedding Murabaha Mode of Financing","authors":"W. Jatmiko","doi":"10.21002/ICMR.V9I2.8066","DOIUrl":"https://doi.org/10.21002/ICMR.V9I2.8066","url":null,"abstract":"This study is an attempt at solving the chronic problems of banking murabaha, notably the ribawi benchmark rate problem. To this end, the first stage of this study examines whether the recent solution for banking murabaha, namely Islamic Interbank Benchmark Rate (IIBR), is a sustainable solution to solve the problem. The Johansen cointegration test between IIBR and LIBOR, as an international benchmark rate, as well as IIBR and JIBOR, as an Indonesian one, is performed to prove that notion. The results suggest that IIBR has long-run equilibrium relationship with the two ribawi benchmark rates. IIBR hence does not fulfil the sustainability feature as a long-run solution for Islamic finance. The second stage of this study proposes the so-called universal Islamic banking system as a solution to remedy the problem. The proposed model is not only theoretically appealing but also practically possible to be implemented.","PeriodicalId":40640,"journal":{"name":"Indonesian Capital Market Review","volume":" ","pages":""},"PeriodicalIF":0.4,"publicationDate":"2019-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.21002/ICMR.V9I2.8066","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45732979","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
On the Robustness of The Extended Fama-French Three Factor Model 扩展Fama-French三因素模型的鲁棒性
IF 0.4
Indonesian Capital Market Review Pub Date : 2019-08-29 DOI: 10.21002/icmr.v9i2.10014
Zaafri Ananto Husodo, Intan Nur Awwaliyah
{"title":"On the Robustness of The Extended Fama-French Three Factor Model","authors":"Zaafri Ananto Husodo, Intan Nur Awwaliyah","doi":"10.21002/icmr.v9i2.10014","DOIUrl":"https://doi.org/10.21002/icmr.v9i2.10014","url":null,"abstract":"The aim of this paper is to examine the validity of the four-factor asset pricing as a comparison the standard Fama-French three factor model using U.S. monthly stock return data from period January 1963 to December 2010. Monthly stock return are constructed into 25 portfolio while the four-factor model includes the market factor ( beta ), the size factor (SMB), the book-to-market factor (HML), and the ‘momentum’ factor (MOM) which represents winners minus losers in terms of returns. Time series regressions following Fama and French (1993) are employed which includes the three-factor model as well as the four-factor model. Results indicated that the four-factor model to some extent have significant capability in explaining the variations in average excess stock return which consistent with Carhart (1997). R 2 from the four-factor model is just slightly higher than the three factor model yet it provides indicative for the robustness of the model. Meanwhile, the January seasonals are also able to be absorbed by the risk factors including the market, SMB, HML, and MOM. Since the four-factor model seems capable in explaining the variation of the stock returns then application of this model in emerging markets may provide guidance for investor in understanding the market condition.","PeriodicalId":40640,"journal":{"name":"Indonesian Capital Market Review","volume":"26 1","pages":""},"PeriodicalIF":0.4,"publicationDate":"2019-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138530657","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
Corporate Financial Flexibility, Investment Activities, And Cash Holding: Evidence From Indonesia 企业财务灵活性、投资活动和现金持有：来自印度尼西亚的证据
IF 0.4
Indonesian Capital Market Review Pub Date : 2019-08-29 DOI: 10.21002/ICMR.V9I2.7470
R. H. Setianto, Addenver Kusumaputra
{"title":"Corporate Financial Flexibility, Investment Activities, And Cash Holding: Evidence From Indonesia","authors":"R. H. Setianto, Addenver Kusumaputra","doi":"10.21002/ICMR.V9I2.7470","DOIUrl":"https://doi.org/10.21002/ICMR.V9I2.7470","url":null,"abstract":"This paper examines empirically the impact of financial flexibility on investment activities. Furthermore, we also investigate how financial flexibility determines the sensitivity of investment activities to cash flow. Using annual data of Indonesian manufacturing firms spanning five years, our analyses reveal that financial flexibility enhances investment ability and decreases sensitivity of investment activities to cash flow. Further analysis indicates that financially flexible firms in Indonesia tend to hold higher cash as a buffer to achieve financial flexibility. These findings yield important implications to managers and investors as Indonesia’s domestic market is expanding rapidly and large business opportunities are created. This condition provides firms with incentive to grow faster, hence increasing financing needs to finance firms’ expansion.","PeriodicalId":40640,"journal":{"name":"Indonesian Capital Market Review","volume":" ","pages":""},"PeriodicalIF":0.4,"publicationDate":"2019-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.21002/ICMR.V9I2.7470","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47691935","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: 8
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