scholarly journals ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI INITIAL RETURN PADA PENAWARAN PERDANA SAHAM DI BURSA EFEK INDONESIA SAAT KRISIS FINANSIAL GLOBAL PERIODE 2006-2008

2019 ◽  
Vol 5 (2) ◽  
pp. 111
Author(s):  
Abubakar Arif ◽  
Febrina Nur Isnidya
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Stock Exchange ◽  
Financial Information ◽  
Share Price ◽  
Crisis Period ◽  
Earnings Per Share ◽  
Initial Return ◽  
The Global Financial Crisis ◽  
Auditor Reputation

<p class="Style1"><em>This objective of the research is to analyze influence of Initial Return on global financial crisis period in the period 2006-2008, obtained from non-financial information and financial support for taken into consideration in decisions to invest in companies that do an IPO on the Indonesia Stock Exchange. Tests conducted on 45 companies that went public in the year 2006-2008 in the Indonesia stock exchange, the sample selection method sampling purposive. The main issues underlying this research is to determine the influence of company size, earnings per share, price earning ratio, the level of leverage, return on total assets, the percentage of old shareholders, auditor reputation and the reputation of underwriters, the initial period of return on the global financial crisis. The results showed that simultaneous testing of a significant effect between the independent variables both financial and non financial measures consist of the company, earnings per share, price earning ratio, the level of leverage, return on total assets, the percentage of old shareholders, auditor reputation, and underwriter's reputation with its dependent variable is initial return on the global financial crisis period of 2006-2008. While on a partial test of financial information variable earnings per share which is partially a significant effect on initial returns, and on non-financial information that affects a significant is auditor reputation ofthe initial return.</em></p>

scholarly journals The Integrated Measuring of Working Capital Management Efficiency on Financial Performance in Indonesia Stock Exchange

2015 ◽  
Vol 7 (3) ◽  
pp. 26-33
Author(s):  
Petrus Emanuel De ◽  
Rina Indiastuti . ◽  
Erie Febrian .
Keyword(s):  
Financial Crisis ◽  
Financial Performance ◽  
Global Financial Crisis ◽  
Stock Exchange ◽  
Chief Financial Officers ◽  
Working Capital ◽  
Data Set ◽  
Crisis Period ◽  
Cash Conversion Cycle ◽  
The Global Financial Crisis

The purpose of this study is to determine the differences effect of working capital efficiency on financial performance during periods of crisis. The measurement is made during the crisis compared to the entire period of observation by using cash conversion cycle (CCC) and working capital policy (both investment policy and financing policy) on the profitability (by return on assets) and market value (by Tobin’s Q). Using all annual financial data of 104 manufacturing firms listed in Indonesia Stock Exchange (IDX) over the period 2005-2013. These periods include the global financial crisis. The panel data set was developed for nine years, which produced 936 firms-years observations. This study uses multivariate regression models with hierarchical regression analysis approach. This approach uses the global financial crisis period as a dummy variable. The results showed that there were differences in the effect of the cash conversion cycle (and its components) and working capital policy on profitability during the crisis period compared to the whole period. In contrast, no differences effect the cash conversion cycle (and its components) and working capital policy on the value of the company in the crisis period compared to the whole period. The manufacturing industries do not apply the efficiency in the management of working capital. The global financial crisis tends the companies to change their working capital policy more efficiently. The researcher can extend this study by doing a qualitative research how to chief financial officers invest and finance day-by-day operation.

Global financial crisis, ownership structure and firm financial performance

2017 ◽  
Vol 34 (4) ◽  
pp. 447-465 ◽  
Author(s):  
Ali Salman Saleh ◽  
Enver Halili ◽  
Rami Zeitun ◽  
Ruhul Salim
Keyword(s):  
Financial Crisis ◽  
Financial Performance ◽  
Ownership Structure ◽  
Family Firms ◽  
Global Financial Crisis ◽  
Ownership Concentration ◽  
Financial Leverage ◽  
Content Type ◽  
Crisis Period ◽  
The Global Financial Crisis

Purpose This paper aims to investigate the financial performance of listed firms on the Australian Securities Exchange (ASX) over two sample periods (1998-2007 and 2008-2010) before and during the global financial crisis periods. Design/methodology/approach The generalized method of moments (GMM) has been used to examine the relationship between family ownership and a firm’s performance during the financial crisis period, reflecting on the higher risk exposure associated with capital markets. Findings Applying firm-based measures of financial performance (ROA and ROE), the empirical results show that family firms with ownership concentration performed better than nonfamily firms with dispersed ownership structures. The results also show that ownership concentration has a positive and significant impact on family- and nonfamily-owned firms during the crisis period. In addition, financial leverage had a positive and significant effect on the performance of Australian family-owned firms during both periods. However, if the impact of the crisis by sector is taking into account, the financial leverage only becomes significant for the nonmining family firms during the pre-crisis period. The results also reveal that family businesses are risk-averse business organizations. These findings are consistent with the underlying economic theories. Originality/value This paper contributes to the debate whether the ownership structure affects firms’ financial performance such as ROE and ROA during the global financial crisis by investigating family and nonfamily firms listed on the Australian capital market. It also identifies several influential drivers of financial performance in both normal and crisis periods. Given the paucity of studies in the area of family business, the empirical results of this research provide useful information for researchers, practitioners and investors, who are operating in capital markets for family and nonfamily businesses.

scholarly journals The Investment in Fixed Assets Before and After the Global Financial Crisis (Empirical Study for Industry and Investment Sector in Palestine Stock Exchange)

2021 ◽  
Vol 12 (4) ◽  
pp. 52
Author(s):  
Tamer Bahjat Sabri
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Stock Exchange ◽  
Return On Assets ◽  
Significant Difference ◽  
Fixed Assets ◽  
Before And After ◽  
The Global Financial Crisis ◽  
Investment In Fixed Assets ◽  
Shed Light

This paper seeks to shed light on investment in fixed assets before and after the financial crisis that took place in 2008 and compare the two periods together in the sectors of industry and investment in Palestine Stock Exchange. The period between 2005 – 2007 was chosen to represent to the pre-crisis time and the period between 2010 -2012 was chosen to represent the post-crisis time. The population of the study consists of fifteen organizations from both sectors. To test the hypothesis of the study, the independent samples T-test was employed.The average ratio of fixed assets to the total assets of industry and investment rose from 56.2% before the crisis to 58.5% after the crisis. As for the hypotheses of the study, the findings showed no difference except for the seventh hypothesis. There was a statically significant difference in the ratio of fixed assets to equity between the listed companies that a high return on assets and those that have a low return.

scholarly journals The impact of operating leverage on the capital structure of Johannesburg Stock Exchange-listed firms before and after the 2008 global financial crisis

2018 ◽  
Vol 11 (1) ◽  
Author(s):  
Matabane T. Mohohlo ◽  
Johan H. Hall
Keyword(s):  
Financial Crisis ◽  
Capital Structure ◽  
South African ◽  
Global Financial Crisis ◽  
Stock Exchange ◽  
Johannesburg Stock Exchange ◽  
The Global Financial Crisis ◽  
Operating Leverage ◽  
The Impact ◽  
The Capital Structure

The financial leverage-operating leverage trade-off hypothesis states that as financial leverage increases, management of firms will seek to reduce the exposure to operating leverage in an attempt to balance the overall risk profile of a firm. It is the objective of this study to test this hypothesis and ascertain whether operating leverage can indeed be added to the list of factors that determine the capital structure of South African firms. Forty-six firms listed on the Johannesburg Stock Exchange between 1994 and 2015 are analysed and the impact of operating leverage is determined. The results are split into two periods, that is, the period before the global financial crisis (1994–2007) and after the global financial crisis (2008–2015). The impact of operating leverage during these two periods is then compared to determine whether a change in the impact of operating leverage on the capital structure can be observed especially following the crisis. The results show that the conservative nature of South African firms leading up to 2008 persisted even after the global financial crisis. At an industry level, the results reveal that operating leverage does not have a noticeable impact on capital structure with the exception of firms in the industrials sector of the South African economy.

Financial Early Warning System for Risk Detection and Prevention from Financial Crisis

Data Mining ◽  
2013 ◽  
pp. 1559-1590
Author(s):  
Nermin Ozgulbas ◽  
Ali Serhan Koyuncugil
Keyword(s):  
Financial Crisis ◽  
Early Warning ◽  
Financial Distress ◽  
Business Performance ◽  
Global Financial Crisis ◽  
Stock Exchange ◽  
Warning System ◽  
Chi Square ◽  
Risk Detection ◽  
The Global Financial Crisis

Risk management has become a vital topic for all enterprises especially in financial crisis periods. All enterprises need systems to warn against risks, detect signs and prevent from financial distress. Before the global financial crisis that began 2008, small and medium-sized enterprises (SMEs) have already fought with important financial issues. The global financial crisis and the ensuring flight away from risk have affected SMEs more than larger enterprises When we consider these effects, besides the issues of poor business performance, insufficient information and insufficiencies of managers in finance education, it is clear that early warning systems (EWS) are vital for SMEs for detection risk and prevention from financial crisis. The aim of this study is to develop and present a financial EWS for risk detection via data mining. For this purpose, data of SMEs listed in Istanbul Stock Exchange (ISE) and Chi-Square Automatic Interaction Detector (CHAID) Decision Tree Algorithm were used. By using EWS, we determined the risk profiles and risk signals for risk detection and road maps for risk prevention from financial crisis.

scholarly journals Disclosure on Related Party Transactions: Evidence from Italian Listed Companies

2016 ◽  
Vol 6 (2) ◽  
Author(s):  
Fabrizio Bava ◽  
Melchiorre Gromis di Trana
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Stock Exchange ◽  
Selection Process ◽  
New Economy ◽  
Quantitative Approach ◽  
Regulatory Body ◽  
Related Party Transactions ◽  
The Global Financial Crisis ◽  
Economic Fairness

AbstractRecent shortcomings in corporate affairs, related to the bursting of the New Economy Bubble and the global financial crisis, have forced regulators to strengthen current rules introducing new bans and requirements, aimed at guaranteeing the substantial and economic fairness of related party transactions (RPTs). In 2010 rules regarding RPTs were completely reshaped by the Italian Regulatory Body for the Italian Stock Exchange (CONSOB Regulation no. 17221). One of the most important amendments regarded the change in the criteria by which RPTs are mandatorily disclosed to investors. This change replaces a selection process based on a qualitative with a quantitative approach, in order to reduce the subjectivity of this particular evaluation. This study aims to analyze the effectiveness of the disclosure of RPTs after the introduction of the new rules. Our results show that although the new rules contribute to increasing the amount of information disclosed to investors through a higher number of documents reported by companies, their percentage in relation to the overall amount is worryingly low.

scholarly journals The Effect of Leverage, Receivables Turn Over, Firm Size on Financial Performance at Automotive Companies Listed at the Indonesian Stock Exchange

2020 ◽  
Vol 5 (5) ◽  
pp. 1542-1546
Author(s):  
Thomas Sumarsan Goh ◽  
Melanthon Rumapea ◽  
Nagian Toni
Keyword(s):  
Financial Crisis ◽  
Financial Performance ◽  
Firm Size ◽  
Global Financial Crisis ◽  
Stock Exchange ◽  
Trade War ◽  
The Global Financial Crisis ◽  
Turn Over

The global financial crisis that starting from end of 2019 until today and the trade war between China and United Stated has brought the effect to the slow down of Indonesian economic. The research aims at studying the effect of leverage, receivables turn over, firm size on financial performance at the automotive companies that have been listing at the Indonesian stock exchange, partially and simultaneously

Evaluating Good and Bad News During Pre and Post Financial Meltdown: Nigerian Stock Market Evidence

2019 ◽  
Vol 64 (3) ◽  
pp. 1-22
Author(s):  
Kamaldeen Ibraheem Nageri
Keyword(s):  
Financial Crisis ◽  
Stock Market ◽  
Global Financial Crisis ◽  
Bad News ◽  
Good News ◽  
Share Price ◽  
Policy Responses ◽  
Negative News ◽  
On Line ◽  
The Global Financial Crisis

Abstract The Nigerian stock market, prior to the 2007-09 global financial crisis witnessed growth but the market encountered sharp reversal from 2007 due to the global financial crisis. This study evaluates good and bad news on the Nigerian stock market with regards to the policy responses as a result of the meltdown. The study used the TGARCH, EGARCH and PGARCH models under three error distributional assumptions for data covering January 2010 to December 2016 using the All Share Index to generate the return series. Findings shows that good news impact return more than negative news of the same magnitude before the meltdown while bad news insignificantly impact return more than positive news after the meltdown. The study concludes that there is information asymmetry in the Nigerian stock market. Thus, it is recommended that on-line real time access to share price movement for investors should be introduced to improve liquidity level and enhance free flow of relevant securities information.

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