scholarly journals PENGARUH INTERNET FINANCIAL REPORTING, TINGKAT PENGUNGKAPAN INFORMASI BERBASIS WEBSITE, DAN JUMLAH SAHAM BEREDAR TERHADAP FREKUENSI PERDAGANGAN SAHAM

2021 ◽  
Vol 4 (2) ◽  
pp. 447-462
Author(s):  
Meidy Tiara Nur Sausan ◽  
Erna Sulistyowati

The objectives of this study are: (1) to prove, test, empirically and analyze the impact of Internet Financial Reporting on Stock Trading Frequency, (2) to prove, test, empirically and analyze the impact of the Website-Based Information Disclosure Level on Stock Trading Frequency, (3) Testing, proving, by empirical means and analyzing the impact of the Number of Outstanding Shares on the Trading Frequency of Shares. This study uses quantitative methods using secondary data taken from the company's website and the IDX through www.idx.co.id in 2016-2018. In this study, we will use data analysis techniques with multiple linear regression with the help of SmartPLS 3.29. The results of this study show that (1) "Internet Financial Reporting" has no effect on Stock Trading Frequency, (2) Website-Based Information Disclosure has no effect on Stock Trading Frequency, (3) Number of Outstanding Shares has no effect on Stock Trading Frequency. The implications of this research are paying attention to financial information in the company that is listed through the website then investors can predict future financial performance and prospects and can make decisions related to investment decision making, by uploading and updating information owned by the company can provide education to the public. users and prosper the company. The high and low level of disclosure of company website information will have a small impact on the impact of disclosure on investor decisions. In addition, taking into account factors other than the number of outstanding shares, such as fundamental factors and stock prices, can attract investors to invest in the company, because basically investors in buying shares must choose liquid shares.

2021 ◽  
Vol 25 (4) ◽  
pp. 82-97
Author(s):  
O. V. Efimova ◽  
M. A. Volkov ◽  
D. A. Koroleva

The subject of the research is the assessment of Investment decision-making efficiency considering the sustainable development requirements. The article aims to identify the relationship between environmental, social and governance (ESG) performance and market returns for investors and the reasons for it. The relevance of the paper is determined by the need to develop research in the field of ESG integration and evaluation of the portfolio investment effectiveness in the context of responsible investment practices popularity. Scientific novelty: the study develops the theory of ESG integration and allows the authors to conclude that ESG commitment is a driver of market profitability for investors. The authors apply methods such as theoretical analysis of scientific publications (analysis, synthesis, generalisation) and quantitative methods, including statistical data analysis, regression analysis, financial modelling. The research base is scientific works of domestic and foreign authors, analytical reports of rating agencies, ESG funds, historical stock market data on companies analysed in the course of this study. All the information used in this study is publicly available or provided by the Bloomberg database. In the course of the study, authors form model portfolios of ESG-oriented and ESG-neutral companies shares and perform a comparative analysis of their fundamental indicators and financial returns. The authors conclude that the portfolio of ESG-oriented companies demonstrates profitability no lower than the portfolio of ESG-neutral companies, considering the risks. At the same time, the values of the fundamental indicators of ESG-oriented companies are inferior to the values of ESG-neutral companies. The relationship between the degree of a company’s ESG compliance and its investment attractiveness is due, among other things, to non-financial value drivers. The authors recommend integrating ESG into the analysis of investment portfolios, significant for the development of investment strategies.


2020 ◽  
Vol 19 (10) ◽  
pp. 1794-1821 ◽  
Author(s):  
O.V. Efimova ◽  
O.V. Rozhnova

Subject. The paper explores the analytical capabilities of information disclosed in financial statements in the context of the COVID-19 pandemic. Objectives. The purpose is to identify the impact of the pandemic on financial statements and their analytical capabilities for investment decision-making. Methods. The study draws on methods of logical, statistical, comparative, and linguistic analysis. We analyze financial statements of Russian and foreign companies, paying special attention to the completeness of disclosed information on the impact of the pandemic on business and financial performance. We review annual financial statements for 2019, and interim reports for 2020. Results. We unveil the areas of disclosures that are most critical for the investment community and investment decision making, and vital for the analysis of financial performance and cash flows, given the unprecedented impact of the COVID-19 pandemic. The findings may be applicable to financial reporting preparation by economic entities in terms of disclosure on various forms of transformation and adaptation of businesses to the new crisis conditions; modernization of accounting rules at the level of external and internal standards in the direction of coordinating financial and non-financial reporting information; enhancement of analytical capacity of disclosures. Conclusions. The study confirms the scientific hypothesis that investors require detailed disclosure in all areas of the pandemic impact. To evaluate the going concern assumption and to forecast cash flows, users need disclosures on business strategy, the business model and its adaptability to the conditions of the new normality, sources of cash flow generation, and their use areas.


2020 ◽  
Vol 21 (1) ◽  
pp. 29-48
Author(s):  
Abdullah Hamza Al-Hadrami ◽  
Ahmad Rafiki ◽  
Adel Sarea ◽  
Muhammad Dharma Tuah Putra Nasution

Purpose This study aims to investigate the impact of the audit committee’s (AC’s) independence and competence in the company’s investment decision-making in Bahraini- and Indonesian-listed firms, then to compare the two results Design/methodology/approach A quantitative method is used and cross-sectional data are collected through a self-administered questionnaire survey. A stratified random sample technique is adopted with a total of 409 respondents from 39 listed companies in Bahrain and 303 respondents from 27 companies listed on the Indonesia Stock Exchange (IDX). A descriptive analysis is used to identify the characteristics of the respondents, while a correlation analysis, linear regression and t-test analyses are used to test the model, explain the relationships among variables and compare the two studies (Bahrain vs Indonesia). Findings It is found that the AC independence and AC competence have a positive and significant influence on investment decision-making for both the Bahrain and the Indonesia studies Practical implications The current study’s results have implications for the process of appointing and nominating the AC members, since this would affect an investor’s investment decision. Investors’ perception of the independence and competence of ACs will make a difference in their investment decisions. Originality/value AC independence and competence are importantly crucial for the decision-makers in improving the quality of financial reporting, internal control, and audit. This may lead to an increase in investors’ trust in financial reports and their ability to make favorable investment decisions.


2020 ◽  
Vol 5 (2) ◽  
pp. 299-313
Author(s):  
Abdullah Al-Hadrami ◽  
Ahmad Rafiki ◽  
Adel Sarea

PurposeThis study aims to investigate the impact of the audit committee's (AC) independence and competence on the company's investment decision-making in Bahraini-listed companies.Design/methodology/approachA quantitative method is used, and crosssectional data are collected through a self-administered questionnaire survey. A stratified random sample technique is adopted with a total of 409 respondents from 39 listed companies. A descriptive analysis is used to identify the characteristics of the respondents, while the correlation analysis and linear regression analyses are used to test the model and explain the relationship between variables.FindingsIt is found that the AC independence and AC competence have a positive and significant influence on investment decision-making.Originality/valueThe AC’s independence and competence are importantly crucial for the decision-makers in improving the quality of financial reporting, internal control and audit. This may lead to the increase in investors' trust on financial reports and thereby making favorable investment decisions.


2020 ◽  
Vol 5 (1) ◽  
pp. 1-14
Author(s):  
Jeetendra Dangol ◽  
Rashmita Manandhar

This paper aims to assess the impact of heuristics on the investment decision by analysing the effect of four heuristic biases, i.e., representativeness, availability, anchoring and adjustment, and overconfidence bias on rationality of Nepalese investor's investment decision-making and also examines the moderating effect of the internal locus of control in between. The study used 391 respondents based on a convenient sampling procedure, and structured questionnaire survey. The study result indicates that there is a significant relationship between irrationality in investment decision-making and all four heuristic biases. In addition, the study also concludes that locus of control has significant moderating effect in the relationship between investment decisions and three heuristic biases, i.e., availability, representative and anchoring bias. However, the study documents no moderation effect in case of relationship with overconfidence bias.


Author(s):  
Colin Haslam

AbstractShyam Sunder’s monograph ‘Rethinking Financial Reporting: Standards, Norms and Institutions’ explores the extent to which it is possible to deliver ‘better financial reporting’ so as to support investment decision making and valuation. In this review paper it is argued that a more fundamental and radical challenge is required in a world where financial reporting is politically and socially constructed. The institutions governing financial reporting have pursued a project that has been complicit in undermining the social license granted by limited liability. The priority is to explore how financial reporting might contribute to securing the social license granted by limited liability.


2020 ◽  
Vol 218 ◽  
pp. 02026
Author(s):  
Yidi Wan ◽  
Wei Xie ◽  
Haihong Du ◽  
Wenming Pan ◽  
Jianqing Li ◽  
...  

in order to thoroughly implement the new energy security strategy of “four revolutions and one cooperation”, meet the requirements of power grid planning and management of energy administration, realize the strategic objectives of State Grid Corporation of China, actively respond to the severe external economic situation, alleviate the impact of policy-based price reduction, and improve the performance of internal investment management, the company needs scientific front-end decision-making, improve the efficiency of investment decision-making, scientifically determine the investment scale, structure and timing, and play a strategic leading role in investment decision-making. Through the analysis of internal and external management requirements, this paper constructs an auxiliary decision-making model of power grid investment to support the determination of investment scale, structure and time sequence, to realize the reasonable investment scale calculation of provincial companies, the calculation of investment structure of different voltage levels and the optimization of project delivery under the condition of given investment scale, which comprehensively considers the external supervision, economic development and internal management objectives, so as to assist the prior investment decision-making, improve the input-output efficiency, effectively improve the Advisory decision-making ability of investment data, and meet the company’s investment decision-making needs.


2021 ◽  
Vol 29 (3) ◽  
pp. 87-93
Author(s):  
Muhammad Najib Razali ◽  
Rohaya Abdul Jalil ◽  
Ahmad Faisal Shayuti

Abstract This paper assesses the impact of outbreaks from the perspective of volatility of Malaysian Listed Property Companies in mixed-asset portfolios, concentrating on periods of time between outbreaks. The real issue of this study is the health crisis that has troubled institutional investors, as it has already significantly impacted the returns on investments. Investors need to be better informed on the impact of health outbreaks on investments in order to minimize their impact. To assess the impact of the outbreaks, the GARCH method has been employed to examine the dynamic volatility of listed property companies in mixed-asset portfolios. The volatility level will give investors better information from point of view of the dynamics of volatility of the Malaysian listed property companies’ performance within mixed-asset portfolios. The findings show that listed property companies demonstrate high volatility compared to other mixed-asset portfolios during the periods of outbreaks. This indicates Malaysian listed property companies were the most volatile investment in mixed-asset portfolios. This empirical study will contribute significantly to institutional investors, especially in terms of the investment decision-making process during outbreaks.


2020 ◽  
Vol 4 (1) ◽  
pp. 26
Author(s):  
Erni Jayani ◽  
Jumiadi Abdi Winata ◽  
Khairunnisa Harahap

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. 


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