scholarly journals Determinasi Pengungkapan Syariah terhadap Standar AAOIFI : Studi terhadap Daftar Efek Syariah di Indonesia

2019 ◽  
Vol 2 (2) ◽  
pp. 135
Author(s):  
Ahmad Dzakiyuddin
Keyword(s):  
Capital Market ◽  
Financial Institution ◽  
Supervisory Board ◽  
Revenue Recognition ◽  
Leverage Ratio ◽  
Independent Variables ◽  
The Impact ◽  
The Capital Market

The purpose of this study is to determine the impact of compliance with sharia principles, leverage ratio, revenue recognition ratio and islamic governance score on the disclosure level. Compliance with sharia principles is measured in accordance with the capital market and Financial Institution Supervisory Agency Regulations concerning Criteria for Issuance of List of Sharia Securities. The leverage ratio and revenue recognition ratio are determined using the criteria set by DSN-MUI and written on OJK regulations concerning Criteria and Issuance of List of Sharia Securities. Meanwhile the Islamic Governance Score is a proxy for the characteristics of the Sharia Supervisory Board (DPS). Level of disclosure measured by formulating a disclosure index based on Sharia Company Theory. The sample in this study was 343 Lists of Sharia Securities in Indonesia in 2018. The results of the study indicate that all independent variables are significant for the disclosure level.

scholarly journals IMPLEMENTATION OF SYARI'AH ECONOMIC PRINCIPLES ON THE MANAGEMENT OF SYARI'AH MUTUAL FUND IN INDONESIA

Yuridika ◽  
2018 ◽  
Vol 33 (2) ◽  
pp. 316
Author(s):  
Nunung Rodliyah ◽  
Risti Dwi Ramasari
Keyword(s):  
Mutual Funds ◽  
Financial Institutions ◽  
Capital Market ◽  
Mutual Fund ◽  
Islamic Law ◽  
Financial Institution ◽  
Supervisory Board ◽  
Literature Study ◽  
Economic Principle ◽  
The Capital Market

Syari’ah Financial Institution is one of the institutions of Islamic doctrine that is currently mushrooming in the midst of modern Indonesian society. Along with the growth of syari'ah financial institutions, MUI issued that interest is usury which is unlawful. The entry of syari'ah financial institutions in Indonesia made a new breakthrough in the syari'ah capital market. One of the products of syari'ah capital market is Syari'ah Mutual Fund. Syari'ah mutual funds are defined as mutual funds as referred to in the Capital Market Law and its implementing regulations whose management does not conflict with the principles of syari'ah in the capital market. The problem of this research is how is the interpretation of the regulation of syari'ah economic principle in Indonesia and how is the management of Syari'ah Mutual Funds based on syari'ah economic principle in Indonesia. This research is normative research with descriptive research type. The approach used is normative juridical. The data collection was done by literature study and document study. The data used are secondary data consisting of primary legal materials, secondary legal materials, and tertiary legal materials. The collected data is then analyzed qualitatively. The findings of the research show that there are 3 (three) principles of syari'ah economy namely the principles of Tauhid, Justice, and Benefits. The regulation of syari'ah economic principles in Indonesia is regulated in the DSN-MUI and compilation of Islamic law. Basically syari'ah economic principles are in the field of Bank financial institutions and Non-Bank financial institutions. The arrangement of syari'ah economic principles, as well as regulated in law but also governed by Syar'i Law and Fiqh law through Ijtihad, by the method of Mashlahah Mursalah. Implementation of investments in Syari'ah Mutual Fund transaction mechanism in investing through Syari’ah Mutual Funds should pay attention to things that are not against the Islamic Syari'ah. Implementation of the transaction contract should not be contrary to the Islamic Syari'ah, whether prohibited because (1) Forbidden in addition to the substance, which contains tadlis, ihtikar, ba'i najasy, garar, and usury, as well (2) Because unauthorized, i.e. the order and conditions are not met, there ta'alluq, and there are two contracts in one transaction simultaneously. The idea of syari’ah economic principles recommends to the Syari’ah Banking Supervisory Board to make further regulation in the development of investing through Syari’ah Mutual Funds in Indonesia.

scholarly journals The Innovation of Government Bonds in the Growth of an Emergent Capital Market

2021 ◽  
Vol 7 (1) ◽  
pp. 103
Author(s):  
Cordelia Onyinyechi Omodero ◽  
Philip Olasupo Alege
Keyword(s):  
Capital Market ◽  
Research Work ◽  
Government Bonds ◽  
Market Capitalization ◽  
Market Growth ◽  
Explanatory Variables ◽  
The Government ◽  
The Impact ◽  
Total Market ◽  
The Capital Market

The growth of an emerging capital market is necessary and requires all available resources and inputs from various sources to realize this objective. Several debates on government bonds’ contribution to Nigeria’s capital market developmental growth have ensued but have not triggered comprehensive studies in this area. The present research work seeks to close the breach by probing the impact of government bonds on developing the capital market in Nigeria from 2003–2019. We employ total market capitalization as the response variable to proxy the capital market, while various government bonds serve as the independent variables. The inflation rate moderates the predictor components. The research uses multiple regression technique to assess the explanatory variables’ impact on the total market capitalization. At the same time, diagnostic tests help guarantee the normality of the regression model’s data distribution and appropriateness. The findings reveal that the Federal Government of Nigeria’s (FGN) bond is statistically significant and positive in influencing Nigeria’s capital market growth. The other predictor variables are not found significant in this study. The study suggests that the Government should improve on the government bonds’ coupon, while still upholding the none default norm in paying interest and refunding principal to investors when due.

The world economy

1998 ◽  
Vol 165 ◽  
pp. 35-42
Author(s):  
Nigel Pain
Keyword(s):  
Capital Market ◽  
World Trade ◽  
Global Economy ◽  
World Economy ◽  
Domestic Demand ◽  
The World ◽  
Asian Economies ◽  
Trade Growth ◽  
The Impact ◽  
The Capital Market

Developments in the Asian economies have clearly begun to be felt in the wider global economy in recent months. It has always been expected that the OECD economies would be affected by the aftermath of the capital market turmoil last year, although the timing and magnitude of the impact was difficult to predict. Domestic demand in the affected Asian economies has proved much weaker than expected, with the effects magnified by a continued downturn in Japan. GDP fell by 5¾ per cent in Korea in the first quarter of this year and by 1¼ per cent in Japan. The aggregate volume of merchandise imports in Asia is expected to decline by around 5½ per cent this year, with falls of up to 25 per cent in countries such as Korea, Thailand and Indonesia. This largely accounts for our projected decline in world trade growth to under 6 per cent this year from an estimated 9¾ per cent in 1997.

scholarly journals Утицај рачуноводствених информација на одабир акција на тржишту капитала у Босни и Херцеговини // The impact of accounting information on share selection in the capital market in Bosnia and Herzegovina

2012 ◽  
Vol 10 (16) ◽  
pp. 247
Author(s):  
Миро Џакула
Keyword(s):  
Bosnia And Herzegovina ◽  
Capital Market ◽  
Accounting Information ◽  
Realistic Assessment ◽  
The Impact ◽  
A Share ◽  
The Capital Market

Резиме: Кључно питање које занима све инвеститоре, и велике и мале, јест како реално процијенити вриједности акција неког предузећа, те на темељу којих параметара одлучити треба ли продати или купити одређене акције. Међутим, нема поузданог начина да се тачно одреди потенцијална вриједност неке акције. Но, без обзира на то, уз помоћ неколико метода инвеститори прије улагања новца у било које предузеће математички покушавају израчунати колико је нека акција подцијењена или прецијењена.Summary: The key issue being of interest to all investors, both big and small ones, is how to make a realistic assessment of the value of some company’s shares and which parameters should be taken into account when making a decision whether to sell or buy certain shares. However, there is no reliable way of determining accurately the value of a share. Nevertheless, prior to investing money in any company, the investors can try, by applying some methods, to mathematically calculate whether the share concerned is undervalued or overvalued.

Growth of Capital Market in Nepal: Impact on Capitalization, GDP and NEPSE Index

2020 ◽  
Vol 11 ◽  
pp. 66-83
Author(s):  
Dhan Raj Chalise
Keyword(s):  
Capital Market ◽  
Significant Contribution ◽  
Positive Impact ◽  
Stock Exchange ◽  
Secondary Data ◽  
Secondary Market ◽  
Financial Resources ◽  
Descriptive Research ◽  
The Impact ◽  
The Capital Market

The capital market plays an importance role in an economy and provides the opportunity to the investor for the mobilization and channelization of funds. Nepalese capital market is in growing and improving phase. The objective of this study is to analyze the evaluation of the existing status of the capital market in term of its composition of types of the capital market and to examine the impact of capital mobilization in Gross Domestic Product (GDP) and to examine the contribution of capital market in financial resources and GDP. Besides, the study examines the share transaction in Nepal Stock Exchange (NEPSE) and its impact on NEPSE Index. The study period of 2000/01 to 2018/19 has been used for study purposes. Through the use of descriptive research design, the trends of capital market development track after 2000/01 to present status has been presented. Secondary data are analyzed through the use of regression and other descriptive statists to convert the information into data. The result indicates that the ordinary shares in the primary capital market and market capitalization in the secondary market has significant contribution for the capital market in Nepal. Also, the study reveals that there is a significant and positive impact of capital mobilization on GDP and the number of share transactions on the NEPSE Index in the Nepalese capital market. Hence there is a significant contribution of the capital market for financial resources mobilization and GDP of Nepal. The study reports for modernization and systematization of the capital market need more optimal efforts from concerned stakeholders.

scholarly journals Planned Solvency III Regulation: Should It Be Adopted Outside the European Union?

2019 ◽  
Vol 13 (1) ◽  
Author(s):  
Peter Zweifel
Keyword(s):  
European Union ◽  
Capital Market ◽  
Solvency Ii ◽  
Business Strategies ◽  
Basel Iii ◽  
The European Union ◽  
Leverage Ratio ◽  
Solvency Regulation ◽  
Regulatory Failure ◽  
The Capital Market

Abstract Several countries outside the European Union consider adopting its solvency regulation for their insurance industries. However, Solvency I and (to a lesser extent) Solvency II were found to run the risk of inducing more rather than less risk-taking by insurers (Zweifel, Peter. 2014. “Solvency Regulation of Insurers: A Regulatory Failure?” Journal of Insurance Issues 37 (2): 135–157.). Companies are led to neglect parameters that link them to developments in the capital market when determining their endogenous perceived efficiency frontier (EPEF), causing it to become steeper. Given homothetic risk preferences, senior management is predicted to opt for increased rather than reduced volatility. By way of contrast, if modeled after Basel III for banks, planned Solvency III will ask insurers to take developments in the capital market into account in their formulation of business strategies designed to ensure solvency (Principle 5 of Basel III). In addition, the stipulated decrease in their leverage ratio is shown to reduce the slope of the EPEF for insurers with little solvency capital. Contrary to its predecessors, Solvency III is therefore predicted to make insurers take on less risk, which argues for its for adoption beyond the European Union if properly implemented.

scholarly journals Influencing Efficiency of Tax Relief on the Capital Market: An Empirical Study of China Supply-Side Reform

2019 ◽  
Vol 11 (11) ◽  
pp. 3012
Author(s):  
Changjun Jiang ◽  
Sanggyun Na ◽  
Fengting Jiang
Keyword(s):  
Capital Market ◽  
Positive Impact ◽  
Institutional Innovation ◽  
Supply Side ◽  
Monetary Policies ◽  
Tax Relief ◽  
Policy Measures ◽  
The Impact ◽  
Positive Effect ◽  
The Capital Market

One of the primary tasks of supply-side reform is to promote the reform of fiscal and taxation systems. It is an important part of institutional innovation to coordinate fiscal and other reforms. From the perspective of the supply side, this paper discusses whether the adjustment of fiscal and monetary policies will have a positive impact on China’s capital market and economic growth. In this paper, a windows-EBM model is constructed to test the panel data of major economies between 2008 and 2016, discuss their impact on the efficiency of the capital market, and to make a comparative analysis on the strategies to improve the vitality of China’s capital market. We find that the impact of China’s macro policies on capital market efficiency during 2008-2016 shows a huge potential space for adjusting fiscal and monetary policies, because these input factors are obviously interchangeable in China’s supply-side reform. This is in line with the expected direction of China’s supply-side reform. This paper reveals the positive effect of supply-side reform on capital activity. Tax cuts and monetary policy measures are needed to balance capital markets and to ensure their active and sustainable development.

Gesetzliche Mitbestimmung und Kapitalrendite Co-Determination and Return on Equity / Co-Determination and Return on Equity

2006 ◽  
Vol 226 (5) ◽  
Author(s):  
Kornelius Kraft ◽  
Marija Ugarkovič
Keyword(s):  
Panel Data ◽  
Capital Market ◽  
Negative Impact ◽  
Supervisory Board ◽  
Limited Liability ◽  
Voting Rights ◽  
Positive Influence ◽  
Return On Equity ◽  
German System ◽  
The Impact

SummaryMany observers regard the German system of codetermination as a very strong intervention into the working of the capital market. With the introduction of the codetermination law in 1976, employee representatives in limited liability companies with more than 2000 employees are entitled to occupy half of the number of seats and are granted nearly 50% of the voting rights on the supervisory board. We investigate the impact of the introduction of the German codetermination law in 1976 which implied an extension of co-determination from third parity to almost parity on return on equity. Our estimations are based on panel data for 179 companies from 1971 to 1976 and from 1981 to 1986, thus allowing for adjustment to the 1976 law. In contrast to frequently raised fears, no negative impact is found. Our empirical results suggest a positive influence from the 1976 strengthening of co-determination law on return on equity.

FOREIGN INVESTMENT AND THE POLITICAL ECONOMY OF INDONESIAN CAPITAL MARKET IN 2015-2016

2019 ◽  
Vol 7 (6) ◽  
pp. 340-348
Author(s):  
Faris Al-Fadhat ◽  
Mohammad Raihan Nadhir
Keyword(s):  
Political Economy ◽  
Interest Rates ◽  
Foreign Investment ◽  
Capital Market ◽  
International Political Economy ◽  
Stock Exchange ◽  
Economic Stability ◽  
Foreign Investors ◽  
The Impact ◽  
The Capital Market

Purpose of the study: This article examines the impact of foreign investment—especially through the capital market—towards the economic stability and strategic policy in Indonesia. Despite being a member of G20, a group of states with the world’s highest Gross Domestic Products, Indonesia is still a developing state whose need for investment to support economic growth is high. On the other side, Indonesia has a low capital accumulation rate due to low people’s savings which inhibits the development projects. Therefore, the government prioritizes the incoming flow of foreign investment. Methodology: This study applies the international political economy approach to provide critical analysis of Indonesian contemporary foreign investment, especially in the capital market. The data used is the investment activities through the Indonesia Stock Exchange during 2015-2016. Main Findings: It argues that Indonesia’s considerable dependence on investment has enabled foreign investors to play the capital flow to influence the national economic stability for their interests. Such influence was a result of two strategies: (i) the transaction domination in the capital market through the Indonesia Stock Exchange, and (ii) the alliance with financial actors in accessing inside information—which is not commonly owned by domestic investors. Implications/Applications: This study suggests that the politics of foreign investors has contributed towards the changes of government policies in the financial sectors to facilitate the process and to ensure the flow of foreign investment to Indonesia. Such policies include the government’s control of interest rates, fiscal policy, as well as currency stability through macroprudential regulation. Novelty/Originality: Essentially, the capital market is not politically neutral. It has been used by foreign investors to augment their interests by dominating transactions and building political alliances at the domestic level.

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