scholarly journals PENGARUH KINERJA PASAR MODAL ASING TERHADAP KINERJA PASAR MODAL INDONESIA

2008 ◽  
Vol 5 (1) ◽  
Author(s):  
* Istiono
Keyword(s):  
Capital Markets ◽  
Capital Market ◽  
Performance Index ◽  
Stock Price ◽  
Foreign Capital ◽  
Market Performance ◽  
Fund Flows ◽  
Price Indexes ◽  
The Impact

Globalization has facilitated fund-flows from one capital market to other capital markets, thus it has united the capital markets in all countries. The research has a goal to know the impact of foreign capital markets performance to the Indonesian capital market performance. The capital markets performance is measured by stock price indexes of each capital market during two years.             The performance of all capital markets, simultaneously affect the performance of the Indonesian capital market significantly. Partially, however, only a few of foreign capital market performance affect significantly the Indonesian capital market performance. Keywords: performance, index, and capital market.

scholarly journals Dampak Aliran Dana Asing terhadap Fluktuasi Harga Saham (Studi pada Saham-Saham dalam Kelompok JII-70)

2021 ◽  
Vol 7 (3) ◽  
pp. 135
Author(s):  
Nurharyati Panigoro
Keyword(s):  
Capital Market ◽  
Stock Price ◽  
Foreign Capital ◽  
Share Prices ◽  
Panel Data Regression ◽  
Data Regression ◽  
Foreign Capital Flows ◽  
The Impact ◽  
Daily Period

Derasnya aliran dana asing yang masuk ke pasar modal Indonesia membuat meningkatnya nilai kapitalisasi di pasar modal. Transaksi asing terhadap suatu saham juga akan menjadi sinyal positif bagi investor dalam menilai kualitas fundamental suatu saham. Penelitian ini bertujuan untuk melihat dampak aliran dana asing (beli dan jual) terhadap fluktuasi harga saham. Sampel yang digunakan dalam penelitian ini sebanyak 10 perusahaan yang diambil dari daftar kelompok saham-saham yang masuk dalam Jakarta Islamic Index (JII). Data yang digunakan berupa data transaksi posisi asing dan harga penutupan saham pada periode harian selama bulan Oktober–Desember 2020. Dengan menggunakan teknik regresi data panel diperoleh kesimpulan bahwa posisi jual-beli asing memberikan pengaruh yang positif dan signifikan dalam perubahan harga saham perusahaan. Pembelian asing akan mampu memberikan efek kenaikan harga saham, demikian pula sebaliknya.   Swift flow of foreign funds into the capital market has increased the capitalization of transactionin the stock market. Foreign transactions against a stock will also be a positive signal for investors in assessing the fundamental quality of a stock. The purpose of this study is to determine the impact of foreign capital flows (buying and selling) on stock price fluctuations. The sample used in this study were 10 companies taken from the list of stocks included in the Jakarta Islamic Index (JII). The data used is in the form of foreign position transaction data and stock closing prices in the daily period during October - December 2020. By using the panel data regression technique, it is concluded that the foreign trade position has a positive and significant effect on changes in the company’s stock price. Foreign purchases will be able to give the effect of an increase in share prices, and vice versa.

scholarly journals The Effect Of Internal Capital Market Of Korean Large Business Groups On Investment Efficiency

2017 ◽  
Vol 33 (5) ◽  
pp. 903-918
Author(s):  
Minwoo Lee ◽  
Yuwon Choi ◽  
Sanghyuk Moon
Keyword(s):  
Capital Markets ◽  
Capital Market ◽  
Stock Price ◽  
Business Groups ◽  
Internal Capital Markets ◽  
Investment Efficiency ◽  
Internal Capital Market ◽  
Factors Affecting ◽  
Controlling Shareholders ◽  
Internal Capital

This study examines whether the effect of funding through internal capital markets on investment efficiency is differentiated by the incentives of controlling shareholders as measured by the divergence between cash flow rights and voting rights of controlling shareholders (hereafter, wedge). To empirically analyze hypotheses of this study, 1,189 firm-year observations were collected from Korean firms listed on the Korea Composite Stock Price Index (KOSPI) belonging to a large business group designated by the Korea Fair Trade Commission over the period from 2005 to 2012. The results of the analysis are as follows. First, we find that the magnitude of internal funding, as measured by total payables to the related parties, is positively (+) associated with investment inefficiency. Second, the interaction variables of total payables to the related parties and the wedge have a significant positive (+) effect on investment inefficiency. In other words, the deterioration of investment efficiency due to the increase in total payables to the related parties was mainly caused by firms with a big wedge. This result suggests that the effect of internal capital markets on investment efficiency of large business groups may be differentiated by the wedge that is proxy of the controlling shareholder’s incentive. This study provides additional evidence on previous studies on the investment efficiency of large business groups by considering both the internal capital market and incentives for funding using the internal capital market, which are important factors affecting the investment of large corporate groups. Also, the results of this study are expected to provide implications for the regulatory policy of large business groups which have recently become an issue in Korea.

The Mirror of Malaysia Real Estate Investment Trust Stock Return in the Short-Run Dynamics

2021 ◽  
Vol 12 (3) ◽  
pp. 547-562
Author(s):  
William Choo Keng Soon Et.al
Keyword(s):  
Real Estate ◽  
Crude Oil ◽  
Capital Market ◽  
Stock Price ◽  
Trading Volume ◽  
Stock Return ◽  
Financial System ◽  
Empirical Finding ◽  
Short Run ◽  
The Impact

The formation of Islamic capital market under the subcomponent of Islamic financial system scratch a milestones development of Islamic finance in Malaysia. The Islamic capital market operates in mirror with convention capital market in expending, deepening and broadening Malaysia financial system. Malaysia is one of the REIT markets that value both the Islamic and conventional practices, such flexibility makes the attract not only to the local investor but also Islamic investors and foreign investor. The major source that generates income for REIT is the rental of the commercial real estate invested and hold as portfolio by the REIT management company. Furthermore, Malaysia REIT is known to be defensive stocks which consist of cyclic income producing assets that has some potential of asset appreciation. On the other hand, it witnessed by the moderation of Malaysia government bond yields created a lower pressure on the REIT stock price and analyst’s report highlighted the uncertainties on global crude oil prices and inflation is main concerned to REIT investors. In addition, the revision of 2019 tax system in Malaysia furnished a long run affected the dividend payout and volatility of REIT stock price. Therefore, this impact on the REIT stock liquidity and trading volume experiencing anil liquid trading. Therefore, the impact of external forces towards the mirror of two type of Malaysia REITs is significant to the investors, policy makers and government to outline the short-run relationship and facilitate future growth. The Vector auto regression model, granger causality and variance decomposition employed in this study to analyze the mirror of two types Malaysia REIT stock return. The empirical finding shows that the variability of dividend yield is vital explanatory variables to explain the both type of REIT stock return in Malaysia followed by interest rate for Islamic REIT stock return. The mirror of conventional REIT further implicated that trading volume and global crude oil price are useful to forecasting the changes in the stock return. Nutshell, this study provides a discussion of Malaysia REIT stock return behavior and it should be given necessary attention by researchers in ensuring the newly develop Islamic REIT are competitive and stability as the conventional REIT.

scholarly journals MELACAK INVESTASI SYARIAH: STUDI PERKEMBANGAN SUKUK BAGI PASAR MODAL SYARIAH DI INDONESIA

2020 ◽  
Vol 8 (10) ◽  
pp. 1551
Author(s):  
Afifatul Munawiroh ◽  
Rumawi Rumawi
Keyword(s):  
Content Analysis ◽  
Literature Review ◽  
Ethnic Groups ◽  
Capital Markets ◽  
Capital Market ◽  
Analysis Approach ◽  
Muslim Population ◽  
Historical Approach ◽  
The Impact ◽  
Islamic Investment

Sukuk (Obligasi syariah) merupakan investasi yang ada dalam lingkup pasar modal syariah yang sangat menguntungkan. Oleh Karena itu, perlu adanya penelitian lanjutan supaya sukuk bisa meluas ke seluruh penjuru negeri. Paper ini adalah penelitian yang berbasis pada kajian pustaka, tema yang diambil dalam penelitian ini adalah Sukuk dalam Pasar Modal Syariah. Ada tiga pertanyaan penting: pertama, bagaimana kondisi pasar modal syariah di Indonesia? Kedua, bagaimana investasi syariah dalam mengelola perkembangan sukuk di Indonesia? Ketiga, bagaimana impact adanya sukuk bagi pasar modal syariah di Indonesia? Dengan pendekatan historis untuk mengkaji kondisi pasar modal syariah di Indonesia. Sedangkan, investasi syariah dalam mengelola perkembangan sukuk dan impact adanya sukuk bagi pasar modal syariah di Indonesia dijelaskan melalui pendekatan content analysis. Hasil dari pembahasan ini adalah penurunan dan peningkatan suku di Indonesia sangat berpengaruh terhadap kebutuhan dalam pengembangan Indonesia, terlebih negara ini dihuni oleh mayoritas penduduk muslim. Sehingga, dalam penyebarannya akan semakin cepat dan mudah. Sukuk (Islamic bonds) are investments that exist within the scope of the Islamic capital market which is very profitable. Therefore, further research is needed so that Sukuk can be spread throughout the country. This paper is a research-based on a literature review, the theme taken in this study is Sukuk in the Islamic Capital Market. There are three important questions: first, what is the condition of the Islamic capital market in Indonesia? Second, how is Islamic investment in managing the development of Sukuk in Indonesia? Third, what is the impact of the existence of Sukuk for the Islamic capital market in Indonesia? With a historical approach to assessing the condition of Islamic capital markets in Indonesia. Meanwhile, Islamic investment in managing the development of Sukuk and the impact of the existence of Sukuk for the Islamic capital market in Indonesia is explained through a content analysis approach. The result of this discussion is the decline and increase in ethnic groups in Indonesia is very influential on the needs in the development of Indonesia, moreover, the country is inhabited by a majority of the Muslim population. Thus, the spread will be faster and easier.

scholarly journals The Impact of Interest Coverage Ratio on Value Relevance of Reported Earnings: Evidence from South Korea

2019 ◽  
Vol 11 (24) ◽  
pp. 7193
Author(s):  
Hyunmi Ji
Keyword(s):  
Capital Market ◽  
Stock Price ◽  
Value Relevance ◽  
Hypothesis Test ◽  
Forecast Error ◽  
Operating Income ◽  
Coverage Ratio ◽  
Reported Earnings ◽  
The Impact ◽  
The Capital Market

This study examined the usefulness of the cash-based interest coverage ratio (CICR). It also verified the usefulness of accrual-based interest coverage ratio (AICR), which is used as a criterion for exiting insolvent companies. This paper analyzed whether the value relevance of earnings to stock price differs according to various interest coverage ratios. The CICR is measured by dividing the cash generated from operations by the interest payments. AICR is measured by operating income divided by interest expenses. The research model for the hypothesis test of this study is based on the Ohlson model, which has been used for the test of stock value relevance in many previous studies. As a result of the empirical analysis, the CICR is used as useful information by the investors in the capital market. CICR is used as useful information in the capital market as an indicator of sustainability of profits. This study suggests that supervisors and financial institutions can make rational decision-making if they consider AICR and CICR as criteria for exiting insolvent companies. The contribution of this study was to suggest that the CICR can be a useful indicator for determining whether a company is insolvent due to its relatively low forecast error and high predictability.

PEMODELAN HARGA SAHAM BLUE CHIP MENGGUNAKAN VECTOR AUTOREGRESSIVE (VAR)

2016 ◽  
Vol 6 (2) ◽  
pp. 1
Author(s):  
Agus Suharsono ◽  
Aryo Wibisono
Keyword(s):  
Stock Market ◽  
Capital Markets ◽  
Capital Market ◽  
Stock Price ◽  
Stock Exchange ◽  
Rapid Development ◽  
Information Criterion ◽  
Profit Sharing ◽  
Blue Chip ◽  
The Capital Market

In a stock exchange in the capital market, the most in demand by investors is stocks. Shares are securities which shows the ownership of the company, so that shareholders have the right to a dividend or other distribution of profit sharing as well as by the company to its shareholders. The capital market is an indicator of economic progress and support the economy of a country. In this decade, the stock market has experienced rapid development due to pressure from technological change, liberalization and globalization. These changes affect the behavior of the capital markets and cause long-term balance and improving the relations between the world's capital markets. Otherwise interconnected capital markets if the two separate markets have the same movement and the correlation between the movement of the index. Capital markets in the region are likely to have the same movement and the effects of contagion (contagion effect) is high (1). During the observation period, October 2015 to March 2016, there was a phenomenon in which IHSG is not always the same and has a correlation with the movement of world stock market indices. It is also supported by the differences found in the results of some previous studies. The purpose of this study was to determine the relationship between stocks bluechip : Astra International Tbk (ASII), Unilever Indonesia Tbk (UNVR), Astra Agro Lestari Tbk (AALI), Bank Rakyat Indonesia Agroniaga (AGRO) and Bank Rakyat Indonesia (BRI ). The analytical method used in this study is Multivariate Time Series, especially Vector Autoregression (VAR). The results of this study with the model produces the best model VAR (2), AGRO = 11.56 - 4.03*ASII(-1) - 4.40*ASII(-2) + 3.76*UNVR(-1) + 1.27*UNVR(-2) + 1.38*AALI(-1) + 2.54*AALI(-2) + 0.73*AGRO(-1) + 0.14*AGRO(-2) + 5.40*BRI(-1) - 1.34*BRI(-2). The value of AIC (Akaike Information Criterion) = 4.47 Keywords: BLUE CHIP, Stock Price, VAR.

scholarly journals Is the Social Responsibility Information Disclosed by the Companies really Valuable?—Evidence from Chinese Stock Price Synchronicity

2018 ◽  
Vol 10 (10) ◽  
pp. 3578 ◽  
Author(s):  
Jingwen Dai ◽  
Chao Lu ◽  
Yang Yang ◽  
Yanhong Zheng
Keyword(s):  
Social Responsibility ◽  
Capital Market ◽  
Stock Price ◽  
Listed Companies ◽  
Market Pricing ◽  
Stock Price Synchronicity ◽  
Pricing Efficiency ◽  
Significant Difference ◽  
The Media ◽  
The Impact

Social responsibility information disclosed by listed companies is an important way to transfer non-financial information to the stock market, which affects the level of stock price synchronicity. In order to explore whether Corporate Social Responsibility (CSR) information is valuable in improving capital market pricing efficiency, this paper conducted empirical research based on a sample of China Shanghai and Shenzhen A-share listed companies in years 2010–2015. The results showed that: (1) Overall, there is a significant positive correlation between CSR information and stock price synchronicity; (2) under different disclosure motives, there is no significant difference in the impact of CSR on stock price synchronicity; (3) Securities analysts and institutional investors can negatively regulate the positive relationship between CSR and stock price synchronicity, while the media will intensify the positive effect of CSR on stock price synchronicity. This research is of great significance in promoting the fulfillment of CSR and improving capital market pricing efficiency.

scholarly journals The Effect Of BCA, BRI And Bank Mandiri Performance On The Indonesia Composite Index

2020 ◽  
Vol 18 (1) ◽  
pp. 39
Author(s):  
Umi Latifah ◽  
Fazhar Sumantri
Keyword(s):  
Capital Market ◽  
Significant Relationship ◽  
Financial Services ◽  
Stock Price ◽  
Composite Index ◽  
Operational Efficiency ◽  
Efficiency Ratio ◽  
Net Interest Margin ◽  
The Impact ◽  
Interest Margin

The Indonesia Composite Index (ICI) serves as a tool to measure and compare stock price movements in the capital market. The purpose of the research is to analyze the impact of the Operational Efficiency, Net Interest Margin, and Non-Performing Loan Ratios on Bank BCA, BRI, and Bank Mandiri as independent variables. Data used in this research was taken from the Financial Services Authority. The result from the F test shows a significant relationship in Operational Efficiency, Net Interest Margin, and Non-Performing Loan on the Bank BCA, BRI, and Mandiri towards the Indonesia Composite Index. Meanwhile, the t-test shows a significant relationship between Non-Performing Loan on the Bank BCA, Net Interest Margin on the Bank BRI, and all variables on the Bank Mandiri to Indonesia Composite Index. Based on Adjusted R Square; Operational Efficiency Ratio, Net Interest Margin, and Non-Performing Loan towards to Indonesia Composite Index is 88% while the rest of it 12% were influenced by other factors

scholarly journals Model Pengaruh Kinerja Ekonomi Dan Kinerja Pasar Uang Terhadap Kinerja Bursa Efek Indonesia

2008 ◽  
Vol 1 (1) ◽  
Author(s):  
Efraim Ferdinan Giri
Keyword(s):  
Economic Growth ◽  
Linear Function ◽  
Capital Market ◽  
Market Performance ◽  
Function Model ◽  
Long Run ◽  
Short Run ◽  
Log Linear ◽  
The Impact ◽  
The Capital Market

Based on rule of thumb, economic growth will influence the capital market performance and financial market performance will affect the capital market performance. We use the Error correction model approach to analysis between variable. TARCH approach is employed, based on the ‘identification through heteroscedasticity’ technique, to estimate the impact of a change in the growth and kurs variable to IHSG. This study indicates that economic growth is not affect IHSG statistically significant in the short run, but positive statistically significant in the long run. This study show that increasing in $US exchange rate will lessening capital market performance. Additional analysis in this research shows the linear function model more proper than log-linear function model to predict this relationship.

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