Open Market Repurchase Program, Dividend Payment Status, Information Asymmetry, and Institutional Ownership

2014 ◽  
Author(s):  
Viet Hung Pham ◽  
Balasingham Balachandran ◽  
Darren Henry ◽  
Huong Giang (Lily) Nguyen
Keyword(s):  
Information Asymmetry ◽  
Institutional Ownership ◽  
Open Market ◽  
Dividend Payment ◽  
Status Information

scholarly journals THE XBRL TECHNOLOGY AND MARKET EFFICIENCY IN BANKING COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE (IDX)

2020 ◽  
Vol 4 (1) ◽  
pp. 26
Author(s):  
Erni Jayani ◽  
Jumiadi Abdi Winata ◽  
Khairunnisa Harahap
Keyword(s):  
Information Asymmetry ◽  
Market Efficiency ◽  
Financial Reporting ◽  
Stock Prices ◽  
Trading Volume ◽  
Sampling Method ◽  
Stock Exchange ◽  
Institutional Ownership ◽  
Accurate Information ◽  
Stock Trading

The problem in this research is the need for fast and accurate information in the format of the presentation of financial statements resulting in the distribution of information, and data management can be problematic. Therefore, a format for financial reporting systems, namely Extensible Business Reporting Language (XBRL), was formed. The purpose of this study was to determine the effect of XBRL technology, stock prices, Return on Assets (ROA), and institutional ownership on market efficiency (information asymmetry and stock trading volume). The population and sample of this study are banking companies listed on the Indonesia Stock Exchange from 2015-2016. The sampling method using a purposive sampling method and obtained a sample of 42 companies. Data collection techniques are carried out by taking data from the Indonesia Stock Exchange website (www.idx.co.id) and the site http://finance.yahoo.com. Data were analyzed with multiple regression tests after being declared normal with the normality test and though using SPSS 20. The results of this study simultaneously stated that XBRL technology, stock prices, ROA, and institutional ownership together have an influence on information asymmetry and stock trading volume. From the results of the study, it can be concluded that XBRL technology, stock prices, ROA, and institutional ownership cause a decrease in the level of information asymmetry and trading volume. This result also states that the company is in excellent condition when the value of information asymmetry decreases, but it is not good when the trading volume of its shares also decreases. Keywords: XBRL Technology; Stock Prices; Market Efficiency; Information Asymmetry; Stock Trading Volume. 

scholarly journals Ownership Structure and Dividend Policy of Listed Deposit Money Banks in Nigeria: A Tobit Regression Analysis

2016 ◽  
Vol 6 (1) ◽  
pp. 1 ◽  
Author(s):  
Idris Ibrahim ◽  
Hussaini Shuaibu
Keyword(s):  
Ownership Structure ◽  
Dividend Policy ◽  
Institutional Ownership ◽  
Free Cash Flow ◽  
Ownership Concentration ◽  
Managerial Ownership ◽  
Tobit Regression ◽  
Diverse Range ◽  
Dividend Payment ◽  
Ex Post

Free cash flow hypothesis posit that regular paying of dividend can reduce agency conflict and through this, the range of future probable misuse of resources by management reduces. Ownership structure has been identified to have relationship with dividend policy of a firm.  Though the relationship is different for different class of owners and at different level; it does not influence dividend policy uniformly. Although, the linkage between the two has been monitored by many researchers, yet empirical researches do not provide consensus as to the direction of the relationships. Thus, the paper investigates the likelihood impact of ownership structure on dividend policy in the context of agency relation while using managerial ownership, institutional ownership, ownership concentration and foreign ownershipon dividend policy in the listed Deposit Money Banks (DMBs)in Nigeria. The research designs are Correlational and ex-post facto using secondary data extracted from the sampled companies’ annual financial reports for the period 2010-2014. Maximum likelihood (panel data tobit regression) is adopted as a technique of analysis for the study, using a sample of ten (10) out of seventeen (17) listed DMBs in Nigeria that served as population. The result shows that managerial ownership and ownership concentration are likely to have significant negative impact on dividend policy of listed DMBsin Nigeria, while institutional ownership is found to have likely significant positive impact on dividend policy of listed DMBs in Nigeria. But foreign ownership is found not to have likely significant impact on dividend policyof listed DMBsin Nigeria. Based on the findings, it is recommended among others that policy makers (Security and Exchange Commission and Corporate Affairs Commission) to design future policies where dividend payment could be facilitated and the diverse range of shareholders to be satisfied most especially minority shareholders. And that a limit should be set for managers on the proportion of shares to be held as this can facilitate dividend payment.

scholarly journals Institutional Ownership, Political Connestions and Dividend Payment

2020 ◽  
Vol 9 (1) ◽  
pp. 46-52
Author(s):  
Ratna Yunita ◽  
Arief Yulianto
Keyword(s):  
Regression Model ◽  
Analytical Method ◽  
Stock Exchange ◽  
Institutional Ownership ◽  
Payout Policy ◽  
Positive Influence ◽  
Political Connections ◽  
Political Connection ◽  
Dividend Payment ◽  
Payment Policies

This study aims to examine the effect of institutional ownership and differences in the average dividend payout policy in the presence of a political connection variable. The population in this study are all companies listed on the Indonesia Stock Exchange in 2008-2017. The sample in this study was based on purposive sampling. The sample of this study were 1157 observations. The analytical method used is a dummy covariance analysis (ANCOVA) regression model. The results showed that institutional ownership had a coefficient value of 0.039768. political connections have a coefficient value of 0.042068. That is, institutional ownership and political connections have a positive influence on dividend payment policies in Indonesia.

Informed Repurchases, Information Asymmetry and the Market Response to Open Market Share Repurchases

2018 ◽  
Vol 21 (03) ◽  
pp. 1850021 ◽  
Author(s):  
Bong Soo Lee ◽  
Nathan Mauck
Keyword(s):  
Information Asymmetry ◽  
Market Share ◽  
Abnormal Returns ◽  
Share Repurchases ◽  
Specific Information ◽  
Share Repurchase ◽  
Open Market ◽  
Forecast Dispersion ◽  
Size Number ◽  
Causality Tests

This paper relates informed repurchases to firm information asymmetry. We propose a new measure of informed repurchases, which is based on causality tests relating repurchase information to firm returns. Our results indicate that informed repurchases show larger abnormal returns surrounding the announcement of an open market share repurchase, which suggests the market at least partially recognizes informed repurchases. This holds after controlling for conventional information asymmetry proxies, such as firm size, number of analysts following, and analyst forecast dispersion, indicating that the market is aware of repurchase specific information not captured by traditional information asymmetry proxies. Informed repurchases demonstrate larger long-term abnormal returns at one, two, and three-year windows than high traditional information asymmetry repurchases.

scholarly journals Institutional Ownership, Productivity Sustainable Investment Based on Financial Constrains and Firm Value: Implications of Agency Theory, Signaling Theory, and Asymmetry Information on Sharia Companies in Indonesia

2019 ◽  
Vol 11 (1) ◽  
pp. 71
Author(s):  
Riskin Hidayat ◽  
Sugeng Wahyudi ◽  
Harjum Muharam ◽  
Fatlina Zainudin
Keyword(s):  
Information Asymmetry ◽  
Agency Theory ◽  
Firm Value ◽  
Financial Constraints ◽  
Stock Exchange ◽  
Institutional Ownership ◽  
Positive Influence ◽  
Signal Theory ◽  
Analysis Tool ◽  
Sustainable Investment

This study tests the implications of agency theory, signal theory and information asymmetry on the relationship between institutional ownership and a firm’s value supported by the new concept of Productive Sustainable Investment based on Financial Constraints. Sample of this study is sharia companies in the Indonesia Stock Exchange on the period of 2011 to 2016 with a population of 412 firms; purposive sampling was used and obtained a sample of 131 companies with 786 observations. Data analysis used a path analysis utilizing the Warp PLS analysis tool. The result of this study shows that institutional ownership has a significant negative effect on the firm’s value, which means there is a non-linear relationship between institutional ownership and the firm’s value. The findings do not support the agency theory. However, productive sustainable investment based on financial constraints is able to mediate the influence of institutional ownership on firm value. It means that this finding supports the signal theory. Thus, productive sustainable investment based on financial constraints significantly has a positive influence on the firm’s value. In other words, this finding supports the theory of information asymmetry.

scholarly journals Information Asymmetry, Audit Quality, And Institutional Ownership On Earnings Management: Evidence From Mining Companies Listed On The Indonesia Stock Exchange

2019 ◽  
Vol 8 (5C) ◽  
pp. 126-136
Keyword(s):  
Regression Analysis ◽  
Earnings Management ◽  
Information Asymmetry ◽  
Audit Quality ◽  
Stock Exchange ◽  
Institutional Ownership ◽  
Total Sample ◽  
Negative Influence ◽  
Mining Companies ◽  
Contrast Information

The intent of this research is to scrutinize the consequence of information asymmetry and audit quality on earnings management using institutional ownership as a moderating variable. The sample of this study consists of 28 mining companies listed on the Indonesia Stock Exchange (IDX) for 5 years of observation in 2012-2016, with total sample used were 140 data. Moderated Regression Analysis is used to test the hypothesis with the results that audit quality has a significant and negative influence on earnings management. While institutional ownership is accepted as a moderating variable that weakens the influence of information asymmetry on earnings management. In contrast, information asymmetry does not affect earnings management and institutional ownership does not strengthen the influence of audit quality on earnings management

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