BEHAVIORAL FINANCE- EVIDENCE FROM TEHRAN STOCK EXCHANGE

A capital market is a vast and controversial issue in financial matters and especially behavioural finance. Indeed, behavioural finance is aim to survived the influence of the psychological variables on financial markets transformation. It should be noted that financial investors may have different level of rational behaviour, which leads to different kinds of effects, which can elaborate market inconsistency. Classical finance assumes the investors as rational peoples who try to select the most lucrative and efficient portfolio considering expected financial risk. Behavioural finance model mainly focus on psychological parameters. Tehran Stock Exchange (TSE) is affected by many financial and economic variables. Investor in this financial market is affected by different data. Present study is aim to examine psychological variables beside political, economic and capital market features factors. Research data collects in 2015 and analysis by LISREL software. The results reveal that political, economic and psychological parameters respectively are the most important variables which affect the investor decision making behaviour. The internal financial reports and market return are less effective factor in their financial decision behavior.

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PERAN BEI DALAM MELINDUNGI INVESTOR PASAR MODAL TERHADAP KEPAILITAN PERUSAHAAN TERBUKA

Jurnal Privat Law ◽

10.20961/privat.v7i2.39329 ◽

2019 ◽

Vol 7 (2) ◽

pp. 235

Author(s):

Muhammad Azmi ◽

Dona Budi Kharisma

Keyword(s):

Research Methods ◽

Capital Market ◽

Stock Exchange ◽

Legal Protection ◽

Annual Reports ◽

Legal Research ◽

Financial Reports ◽

Public Company

Abstract This study examines the role of the Indonesia Stock Exchange on capital market investors regarding the bankruptcy of a public company. This research uses normative-empirical legal research methods with descriptive and prescriptive forms. The results show that the legal protection of capital market investors by the Indonesia Stock Exchange can be done with the principle of disclosure to investors and monitoring of financial reports, annual reports, and other periodic reports. Keywords: Bankrupt, Investor, Legal ProtectionAbstrak Penelitian ini mengkaji tentang peran Bursa Efek Indonesia terhadap investor pasar modal mengenai kepailitan perusahaan terbuka. Penelitian ini menggunakan metode penelitian hukum normatif-empiris dengan sifat penelitian deskriptif dan bentuk preskriptif. Hasil penelitian menunjukkan bahwa Upaya perlindungan hukum investor pasar modal oleh Bursa Efek Indonesia dapat dilakukan dengan prinsip keterbukaan kepada para investor dan pantauan mengenai Laporan keuangan, Laporan tahunan, dan Laporan berkala lainnya. Kata kunci: Pailit, Investor, Perlindungan Hukum.

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Is Capital Structure Important in Contemporary Finance Relations?

39th International Conference on Organizational Science Development ◽

10.18690/978-961-286-388-3.66 ◽

2020 ◽

Author(s):

Dean Učkar

Keyword(s):

Capital Structure ◽

Financial Markets ◽

Behavioral Finance ◽

Financial Risk ◽

Stock Exchange ◽

Investment Projects ◽

Starting Point ◽

The Subject ◽

The Impact ◽

Negative Link

t The various combinations of sources of financing that a business uses in its operations have multiple impacts on the generation of its cash flow. Such influence can be viewed from the aspect of forming the total cost of financing the company, from the aspect of investments where such an indicators represents the minimum level of required profitability of investment projects, as well as from the aspect of investors in an enterprise where different capital structure carries with it a different level of financial risk. It is therefore not surprising that there is considerable scientific interest in this issue and numerous researches conducted on this topic. Moreover, the relevance of the subject is also evidenced by the fact that there are numerous theories on the formation of capital structure and its consequences on the valuation of the company, that is, the influence on the market value of the company's shares. This paper will determine the average values of the formation of the capital and financial structure of Croatian companies listed on the Zagreb Stock Exchange. The analysis of 30 companies over a ten-year period from 2009 to 2018 will seek to show the impact that the formed capital structure has on profitability. By establishing a negative link between the selected debt indicators and the profitability indicators, the validity of contemporary capital structure theories, which have their starting point in behavioral finance and are specific for developed financial markets, has been rejected.

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Financial Decision, Innovation, Profitability and Company Value: Study on Manufacturing Company Listed in Indonesian Stock Exchange

Information Management and Business Review ◽

10.22610/imbr.v7i2.1141 ◽

2015 ◽

Vol 7 (2) ◽

pp. 72-78

Author(s):

Mursalim Mursalim ◽

Nur Alamzah . ◽

Abdullah Sanusi .

Keyword(s):

Capital Structure ◽

Capital Market ◽

Dividend Policy ◽

Stock Exchange ◽

Investment Decision ◽

Secondary Data ◽

Financial Decisions ◽

Company Value ◽

Financial Decision ◽

The Relationship

This study aims to describe the relationship between financial decisions, innovation, enterprise profitability and the value of the company. Based on the research objectives, this research is a causality research. The data used are secondary data for a 5-years period, obtained through several sources such as Indonesian Capital Market Directory (ICMD) and the websites of 22 companies. The results show that (1) Investment decision affects company profitability positively and significantly, (2) Investment decision affects company value positively and significantly, (3) Capital structure affects company profitability positively and significantly, (4) Capital structure affects company value positively and significantly, (5) Dividend policy affects company profitability positively and significantly, (6) Dividend policy does not affect company value, (7) Innovation affects company profitability positively and significantly, (8) Innovation affects company value positively and significantly, and (9) Profitability affects company value positively and significantly.

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THE EFFECT OF ASSET STRUCTURE, CAPITAL STRUCTURE, MACRO ECONOMY AND FINANCIAL RISK MANAGEMENT ON THE VALUE OF THE FIRM IN COMPANIES LISTED ON THE JAKARTA ISLAMIC INDEX

Archives of Business Research ◽

10.14738/abr.712.7495 ◽

2019 ◽

Vol 7 (12) ◽

pp. 99-107

Author(s):

Solichah Solichah

Keyword(s):

Risk Management ◽

Capital Structure ◽

Capital Market ◽

Quantitative Research ◽

Financial Risk ◽

Stock Exchange ◽

Secondary Data ◽

Research Data ◽

Sampling Techniques ◽

Financial Risk Management

The Islamic capital market has importtant roles, they are as a source of funding for companies for business development through the issuance of syari’ah securities, as a means of syari’ah securities for syari’ah capital market investors that are universal, can be utilized by anyone regardless of ethnic, religion and racial backgrounds. The purpose of this research to 1) examine, analyze and prove the Asset Structure, Capital Structure, Macroeconomics of Financial Risk Management, 2) examine, analyze and prove the Asset Structure, Capital Structure, Macroeconomics of the Value of the Firm, 3) examine, analyze and prove Financial Risk Management to the Value of the Firm. The population and sample in this study were 16 syri’ah stock companies listed on the Jakarta Islamic Index, from 2013 to 2017, with keriteria and saturated sampling techniques. This type of research is quantitative research secondary data research data obtained by IDX (Indonesia stock exchange) webset. Data examining techniques using PLS test equipment. The results show that the t-statistic: means: asset structure had no significant effect on financial risk management: means: asset structure had a significant effect on the value of the firm: means: capital structure has a significant effect on financial risk management: means: capital structure has no significant effect on the value of the firm: means: macro economic has a significant effect on financial risk management: giving the meaning of macro economic significantly influencing the value of the firm: giving the meaning of financial risk management having a significant effect on the value of the firm. Conclusions of the study 1) Asset structure has no effect and no significant effect on financial risk management, 2) Asset structure influences and significantly affects the value of the firm, 3) Capital structure influences and significantly affects financial risk management, 4) Capital structure has no effect and is insignificant on the value of the firm, 5) Macroeconomic influences and significantly on financial risk management, 6) Macroeconomics influential and significant on the value of the firm, 7) Financial risk management influences and significantly on the value of the firm

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ANALISIS KINERJA INDUSTRI ROKOK YANG TERDAFTAR DI BURSA EFEK INDONESIA DENGAN PENDEKATAN RASIO PROFITABILITAS

Jurnal Akademi Akuntansi ◽

10.22219/jaa.v4i1.15474 ◽

2021 ◽

Vol 4 (1) ◽

Author(s):

Yulis Nurul Aini ◽

Agustin Dwi Haryanti ◽

Khoriyah Trianti

Keyword(s):

Data Analysis ◽

Capital Market ◽

Stock Exchange ◽

Research Data ◽

Financial Statement ◽

Analysis Method ◽

Financial Reports ◽

Cigarette Industry ◽

Data Analysis Method ◽

Profitability Ratios

ABSTRACTS This study aims to: 1. Understand how the performance of the cigarette industry in the Indonesia Capital Market. 2. Understand about the best performance among the cigarette industry. The research data was obtained from published on the Indonesia Stock Exchange and information company website in the form of financial reports for the period 2018-2020. The financial statement are analyzed using profitability ratios to explain the performance of each cigarette industry. The Profitability ratio used are ROE, ROA, NPM, and GPM. The data analysis method is descriptive and comparative by comparing the results of the calculation of the profitability ratios with the industry average standart. The result of this study indicate performance of cigarette industry was very good, except for PT. Bentoel Internasional Investama, Tbk and the best performance is PT PT. Hanjaya Mandala Sampoerna Tbk.

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ANALISIS LIKUIDITAS SAHAM MENGGUNAKAN REGRESI DATA PANEL

10.31227/osf.io/u8ybw ◽

2019 ◽

Author(s):

Indah Putra ◽

Irdha Yusra

Keyword(s):

Regression Analysis ◽

Panel Data ◽

Capital Market ◽

Analytical Method ◽

Stock Exchange ◽

Sample Collection ◽

Financial Reports ◽

Stock Liquidity ◽

The Impact ◽

Effect Method

Liquidity very important for investors when they decided stock which that is pulled to invest. The higher the number of share transactions in the capital market in a particular period the liquid the shares. The purpose of this study is to find how big the impact of profitability and probability of profit losers to stock liquidity at companies registered at the indonesian stock exchange the period 2013 - 2017. Technique the sample collection uses the method purposive sampling and based on the criteria which had been determined obtained samples from 16 company. Data from the financial reports obtained from official website of IDX. The analytical method used is regression analysis of panel data with the help of application E-Views 8. After he did chow-test it is decided to choose in a fixed effect method. Stock Liquidity at listed companies on IDX during the period research only influenced positively and significant by gross profit margin, but the probability profit losers had an impact negative and not significant

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The effect of political-economic reform on the quality of financial reporting in Egypt

Journal of Financial Reporting and Accounting ◽

10.1108/jfra-05-2016-0035 ◽

2018 ◽

Vol 16 (1) ◽

pp. 245-270 ◽

Cited By ~ 5

Author(s):

Nargis Kaisar Boles Makhaiel ◽

Michael Leslie Joseph Sherer

Keyword(s):

Economic Reform ◽

Financial Reporting ◽

Stock Exchange ◽

Cultural Factors ◽

Accounting System ◽

Financial Reports ◽

Content Type ◽

External Auditors ◽

Political Economic

Purpose This paper aims to study the influence of political-economic reform and especially privatisation on the quality of financial reporting of the Egyptian companies. Design/methodology/approach The paper analyses data from official documents and 34 interviews with company executives, financial analysts, external auditors and Stock Exchange regulators to inform our understanding of the relationship between changes in the Egyptian environment and the quality of financial reporting. Findings The findings of the research suggest that the recent Egyptian political-economic reform, resulting in privatisation has significant influence on negative accounting practices and hence on lowering the quality of financial reporting through its effect on: departure from uniform accounting system and public accounting regulations; issuing new stock exchange regulative rules; reviving the role of Stock Exchange; and increasing competition within Stock Exchange regarding raising funds. Originality/value This paper contributes to the literature by identifying the effect of socio-cultural factors on motivating executives to 7 exercise negative accounting practices and hence producing low-quality financial reports (FRs) and by highlighting the fact that accounting practices cannot be generalised worldwide due to the absence of universal socio-cultural factors which shape these practices. This paper employs new institutional sociology theory and contributes to that theory by acknowledging the active interplay between institutional context and economic environment.

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Pengaruh Jumlah Dewan Komisaris, Leverage, Profitabilitas, Intensitas Modal, Cash Flow, Dan Ukuran Perusahaan Terhadap Konservatisme (Studi Empiris Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Tahun 2012-2017)

JURNAL EKOMAKS Jurnal Ilmu Ekonomi Manajemen dan Akuntansi ◽

10.33319/jeko.v8i1.30 ◽

2019 ◽

Vol 8 (1) ◽

pp. 17-24

Author(s):

Siti Suharni ◽

Arini Wildaniyati ◽

Dea Andreana

Keyword(s):

Cash Flow ◽

Sampling Method ◽

Stock Exchange ◽

Secondary Data ◽

Capital Intensity ◽

Financial Statements ◽

Descriptive Statistics ◽

Company Size ◽

Manufacturing Companies ◽

Financial Reports

This study is aimed at examining the effects of the Number of Board of Commissioners, Leverage, Profitability, Capital Intensity, Cash Flow, and Company Size toward Conservatism in the manufacturing companies listed on the Indonesian Stock Exchange (IDX). The population used in this study is the yearly financial statements on firm of manufacturing listed at BEI period 2012-2017, using purposive sampling method. The type of data used is secondary data obtained from yerly financial reports published and downloaded through the official BEI website. Data analyzed with Descriptive statistics, test of classic assumption and exmination of hypothesis with multiple linier regression method. The result of hypothesis research shows variable Profitability and Cash Flow have a significant effect on the ability of Conservatism, while the Number of Board of Commissioners, Leverage, Capital Intensity, and Company Size has no effect on the ability of Conservatism.

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The Survey of the Relationship between Investment Incentives and Opportunities to Make a Profit of the Stock Price Based on Economic Psychological Factors and Advances Behavioral Finance in the Capital Market of Iran

International Conference on Trends in Economics, Humanities and Management (ICTEHM'15) March 27-28, 2015 Singapore ◽

10.15242/icehm.ed0315003 ◽

2015 ◽

Keyword(s):

Behavioral Finance ◽

Capital Market ◽

Psychological Factors ◽

Stock Price ◽

Investment Incentives ◽

The Relationship ◽

The Capital Market

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The Effect of Underreaction and Overreaction of Firm Stocks to Firm Valuation: Data from the Indonesian Stock Exchange

10.31124/advance.11374857 ◽

2019 ◽

Author(s):

Yohanes Indrayono

Keyword(s):

Behavioral Finance ◽

Firm Value ◽

Intangible Assets ◽

Stock Exchange ◽

Investor Sentiment ◽

Firm Valuation ◽

Good News ◽

Industrial Sectors ◽

Tangible Assets ◽

Firm Profitability

This study contributes to the on-going studies on behavioral finance by providing a case study on underreaction and overreaction of firm stocks to firm valuation. We use the Model of Investor Sentiment (Barberis et al., 2005) to evaluate underreaction and overreaction behavior and reflect on specific findings in the Indonesian market. The result of the study is most of the stocks in the Indonesian Stock Exchange are more overreaction to the news of firm financial statements. Firms on the industry with more intangible assets measure more overreaction than firms on industries with more tangible assets. For stocks with overreaction, the stock firm value is positively affected by a change in the total assets and profitability, but not by change of book value. The result concretized no evidence that firm stocks overreacted to the news more than underreacting. In stock industrial sectors, the financial institutions and wholesale industry stocks demonstrated remarkable overreactions. Nonetheless, automotive, building construction, food and beverage as well as cement evidenced more underreaction. For better return in financial markets, investors may buy stocks of the firm on industry with more tangible assets when there is no good news about the increasing firm profitability and sales; nonetheless, they should buy stocks of the firm on industry with more intangible assets when there is no lousy news about the increasing firm profitability and sales.

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