scholarly journals Dampak Penerapan PSBB Covid-19 dan Harga Saham LQ-45 di Bursa Efek Indonesia (BEI)

2021 ◽  
Vol 4 (2) ◽  
pp. 149
Author(s):  
Putry Jecuinna ◽  
Ariel Zielma
Keyword(s):  
Comparative Study ◽  
Stock Price ◽  
Share Price ◽  
Lower Percentage ◽  
Second Phase ◽  
Share Prices ◽  
Wait And See ◽  
The Government ◽  
The Impact ◽  
To Receive

AbstrakTujuan penelitian ini yang telah dibahas untuk mengkaji dampak pandemi Covid-19 dan PSBB pada perkembangan pasar modal di Indonesia khususnya LQ-45.Metode penelitian yang digunakan dalam penelitian ini adalah kualitatif. Penelitian kualitatif bertujuan untuk memperoleh gambaran yang lengkap tentang berbagai hal berdasarkan perspektif manusia. Penelitian ini adalah penelitian yang bersifat komparatif. Penelitian dengan menggunakan studi perbandingan (comparative study) dilakukan dengan cara membandingkan persamaan dan perbedaan. PSBB tahap pertama dilakukan Maret 2020 berdampak pada penurunan harga saham, dimana pemegang saham melakukan panic selling. PSBB tahap pertama kurang efektif dengan meningkatnya kasus positif di Indonesia, maka pemerintah menerapkan PSBB tahap kedua. Dalam kondisi ini pemegang shaam lebih siap dalam menerima informasi tersebut. Pemegang saham dalam menghadapi situasi ini saham mengambil sikap wait and see. Harga saham mengalami penurunan namun dengan presentase yang lebih rendah dibandingkan dengan PSBB tahap pertama. Kata kunci: Covid-19, harga saham, LQ-45, PSBBAbstractThe purpose of this research which has been discussed is to examine the impact of the Covid-19 pandemic and Pembatasan Sosial Skala Besar (PSBB) on the development of the capital market in Indonesia, especially LQ-45. The research method used in this research is qualitative. Qualitative research aims to obtain a complete picture of various things from a human perspective. This research is a comparative research. Research using a comparative study is performed by comparing the similarities and differences. The first phase of the PSBB was carried out in March 2020, impacts on the decline in share prices, which shareholders conducted panic selling. The first phase of the PSBB was less effective as the increasing number of positive cases in Indonesia, so the government implemented the second phase of the PSBB. In this condition, the shareholders are better prepared to receive the information. Shareholders in dealing with this situation took a wait and see attitude. The share price has decreased with a lower percentage compared to the first phase of the PSBB..Keywords: Covid-19, Stock Price, LQ-45, PSBB

scholarly journals On the Impact of Dividend Payments on Stock Prices - an Empirical Analysis of the German Stock Market

2021 ◽  
Vol 16 (1) ◽  
pp. 255-269
Author(s):  
Konstantin Melching ◽  
Tristan Nguyen
Keyword(s):  
Stock Prices ◽  
Stock Price ◽  
Signaling Theory ◽  
Share Price ◽  
Dividend Payment ◽  
Share Prices ◽  
Dividend Payments ◽  
Time Period ◽  
German Stock ◽  
The Impact

Abstract This paper examines the relation between dividend payments and stock prices of all firms in the German prime standard DAX 30 in the time period from 2012 to 2019. The irrelevance theory introduced by Miller and Modigliani states that dividend payments must not have an impact on stock prices in a perfect market. In contrast, the signaling theory and the dividend puzzle indicate that dividend payments are likely to have a profound impact on the stock price. According to our findings the ex-dividend decrease of stock prices was significantly smaller than the dividend payment. Nevertheless, the results support the impact of the dividend payment on the share price. Firstly, the existence of the ex-dividend markdown is a proof that dividend payments cause share price losses. Secondly, the study explains in particular that high dividend payments result in high share prices over the examined period. Thirdly, our analysis demonstrates a positive correlation between the dividend and the stock price development according to the signaling theory. Considering the above- mentioned results, we can conclude that the share price of a company is highly affected by the decision making of the company regarding the dividend policy.

CEOs'/CFOs' Swearing by the Numbers: Does It Impact Share Price of the Firm?

2006 ◽  
Vol 81 (1) ◽  
pp. 1-27 ◽  
Author(s):  
Hsihui Chang ◽  
Jengfang Chen ◽  
Woody M. Liao ◽  
Birendra K. Mishra
Keyword(s):  
Information Asymmetry ◽  
Stock Price ◽  
Abnormal Returns ◽  
Financial Statements ◽  
Share Price ◽  
Revenue Recognition ◽  
Cross Sectional ◽  
Share Prices ◽  
The Impact ◽  
Bid Ask Spreads

We examine the impact on share prices of firms whose CEOs and CFOs certify their financial statements under oath, pursuant to the administrative order issued by the SEC on June 27, 2002. We hypothesize that (1) the certification provides assurance to investors by making disclosure more credible and by reducing information asymmetry between owners and management, and (2) the assurance value of certification is reflected in the stock price of the certifying company. Overall, the empirical results are consistent with our hypotheses. We observe, on average, positive abnormal returns for firms whose CEOs/CFOs certified their financial statements by August 14, 2002. Based on an analysis of bid-ask spreads, certifying firms experienced a significant decline in information asymmetry after certification. In cross-sectional analyses, we find abnormal returns are positively associated with firms that were under investigation, that used Andersen as their auditor, and that practiced aggressive revenue recognition.

Stock Market Reaction on Green-Bond Issue: Evidence from Indian Green-Bond Issuers

2021 ◽  
pp. 097226292110225
Author(s):  
Rakesh Kumar Verma ◽  
Rohit Bansal
Keyword(s):  
Stock Returns ◽  
Financial Institutions ◽  
Stock Price ◽  
Stock Exchange ◽  
Abnormal Returns ◽  
Developed Countries ◽  
Low Carbon ◽  
Bond Issue ◽  
The Government ◽  
The Impact

Purpose: A green bond is a financial instrument issued by governments, financial institutions and corporations to fund green projects, such as those involving renewable energy, green buildings, low carbon transport, etc. This study analyses the effect of green-bond issue announcement on the issuer’s stock price movement. It shows the reaction of the stock price after the issue of green bonds. Methodology: This study is based on secondary data. Green-bond issue dates have been collected from newspaper articles from different online sources, such as Business Standard, The Economic Times, Moneycontrol, etc. The closing prices of stocks have been taken from the NSE (National Stock Exchange of India Limited) website. An event window of 21 days has been fixed for the study, including the 10 days before and after the issue date. Data analysis is carried out through the event study method using the R software. Calculation of abnormal returns is done using three models: mean-adjusted returns model, market-adjusted returns model and risk-adjusted returns model. Findings: The results show that the issue of green bonds has a significant positive effect on the stock price. Returns increase after the green-bond issue announcement. Although the announcement day shows a negative return for all the samples taken for the study, the 10-day cumulative abnormal return (CAR) is positive. Thus, green-bond issues lead to positive sentiments among investors. Research implications: This research article will help the government issue more green bonds so that the proceeds can be utilized for green projects. The government should motivate corporations and financial institutions to issue more green bonds to help the economy grow. In India, very few organizations have issued a green bond. It will be beneficial if these players issue green bonds, as it will increase the firms’ value and boost returns to the investors. Originality/value: The effect of green-bond issue on stock returns has been analysed in some studies in developed countries. This is the first study to examine the impact of green-bond issue on stock returns in the Indian context, to the best of our knowledge.

scholarly journals KESEHATAN KEUANGAN DAN VALUASI BJBR MENGGUNAKAN RISK BASED BANK RATING METHOD

2021 ◽  
Vol 3 (1) ◽  
pp. 197-208
Author(s):  
Agung Dinarjito ◽  
Dinar Arisandy
Keyword(s):  
Financial Services ◽  
Quantitative Research ◽  
Intrinsic Value ◽  
Financial Statements ◽  
Share Price ◽  
Value Analysis ◽  
Rating Method ◽  
Dividend Discount Model ◽  
The Government ◽  
The Impact

The COVID-19 pandemic has given an impact on the health of banks in Indonesia, one of which is the West Java and Banten Bank (BJBR). This study aims to assess the health of BJBR before and during the covid-19 pandemic and to find the intrinsic value of BJBR shares that can be used as an evaluation of the company's performance. This research is a descriptive quantitative research. BJBR health analysis was carried out using the Risk Based Rating or RGEC and the intrinsic value analysis was carried out using the Dividend Discount Model (DDM). The authors used data from the 2018-2020 of BJBR financial statements. The results showed that in general, the soundness of BJBR was very healthy and the intrinsic value of BJBR's shares was Rp. 1,659.33 or BJBR's share price is currently sold below its intrinsic value. This research is expected to provide information on the impact of the pandemic on banking, especially BJBR so that the Government and the Financial Services Authority can provide support to banks. In addition, this research can be used as a reference by investors who are interested in BJBR shares. Pandemi covid-19 telah memberikan dampak pada kesehatan perbankan di Indonesia, salah satunya Bank Jawa Barat dan Banten (BJBR). Penelitian ini bertujuan untuk untuk menilai kesehatan BJBR sebelum dan selama pandemi covid-19 serta untuk mencari nilai intrinsik saham BJBR yang dapat digunakan sebagai evaluasi kinerja perusahaan. Penelitian ini merupakan penelitian kuantitatif deskriptif. Analisis kesehatan BJBR dilakukan dengan menggunakan Risk Based Rating atau RGEC dan analisis nilai intrinsik dilakukan dengan Dividend Discount Model (DDM). Penulis menggunakan data laporan keuangan BJBR tahun 2018-2020. Hasil penelitian menunjukkan bahwa secara umum, tingkat kesehatan BJBR adalah sangat sehat dan nilai intrinsik saham BJBR adalah Rp1.659,33 atau harga saham BJBR saat ini dijual di bawah nilai intrinsiknya. Penelitian ini diharapkan dapat memberikan informasi dampak pandemic terhadap perbankan, khususnya BJBR agar Pemerintah dan Ototritas Jasa Keuangan dapat memberikan dukungan kepada bank. Selain itu, penelitian ini dapat digunakan sebagai acuan oleh investor yang tertarik saham BJBR.

scholarly journals The effects of dividend policy to stock prices of listed companies in Vietnam stock market

2020 ◽  
Author(s):  
Thị Lam Hồ ◽  
Thùy Phương Trâm Hồ
Keyword(s):  
Stock Market ◽  
Stock Prices ◽  
Stock Price ◽  
Dividend Policy ◽  
Corporate Value ◽  
Business Managers ◽  
Dividend Payment ◽  
Share Prices ◽  
Finance Management ◽  
The Impact

Dividend policy is one of the most important policies in corporate finance management. Understanding the impact of dividend policy on the distribution of profits, corporate value and thus on the stock price is important for business managers to make policies and for investors to make investment decisions. This study is conducted to evaluate the impact of dividend policy on share prices for companies listed on Vietnam’s stock market in the period from 2010 to 2018, based on the availability of continuous dividend payment data. Using the FGLS method with panel data of 100 companies listed on the HoSE and HNX, we find evidence of the impact of dividend policy on stock prices, supporting supports the bird in the hand and the signal detection theories. The findings of this study help to suggest a few recommendations for business managers and investors.

Effect of Dividend Policy on Stock Price Volatility in Nigeria Stock Exchange

2019 ◽  
Vol 9 (2) ◽  
pp. 219
Author(s):  
Felix Ebun Araoye ◽  
Akinola Michael Aruwaji ◽  
Emmanuel OlusuyiAjayi
Keyword(s):  
Stock Price ◽  
Dividend Policy ◽  
Positive Impact ◽  
Stock Exchange ◽  
Panel Data Analysis ◽  
Price Volatility ◽  
Share Price ◽  
Dividend Payout ◽  
Share Prices ◽  
Duration Effect

This paper seeks to determine the effect of dividend policy and dividend payment on share price volatility in Nigeria. Several literatures have showed evidence that dividend policy vary inversely proportional with share price volatility with duration effect. The study used data from the actively trading companies listed in the Nigeria Securities Exchange for a period of ten (10) years from 2005–2014. The estimation is based on panel data analysis between dividend policy measures (dividend payout, dividend per share, earnings after tax, dividend declared and number of share) and Share price volatility. The findings from the random effects regression results showed dividend per share is the major determinants of share price volatility in NSE (β = 0.6870, ρ<0.05). Dividend payout ratio negatively affect share price volatility (β =0.612, ρ>0.05) and earnings after tax negatively affect share price volatility (β =0.038, ρ>0.05).Thus, the higher the payout ratio the less the share price volatility, and the higher the earnings after tax lower the share price volatility. In conclusion, dividend per share has positive effect and inclusive relationship with market share prices. It is recommended that firms should try and improve on their financial performance that will enable consistent increase in the dividend per share for positive impact on market value.

scholarly journals The influence of the recent financial crisis on the financial situation of Polish listed companies

e-Finanse ◽  
2017 ◽  
Vol 13 (4) ◽  
pp. 110-126 ◽  
Author(s):  
Jerzy Różański ◽  
Paweł Kopczyński
Keyword(s):  
Financial Crisis ◽  
Stock Markets ◽  
Global Financial Crisis ◽  
Listed Companies ◽  
Share Price ◽  
Financial Situation ◽  
The Real ◽  
Share Prices ◽  
Recent Financial Crisis ◽  
The Impact

AbstractThe recent financial crisis that began in 2007, also known as the Global Financial Crisis, had a huge influence on the financial situations of enterprises and financial institutions around the world. The situation on world stock markets was also strongly affected by the crisis. As the behavior of investors may be affected by various factors which can impact their decisions on the stock exchanges, some of them may be unable to act in a rational manner and make the right decisions. The huge drop in share prices on world stock markets was visible in the early stages of the crisis. The share price does not always reflect the real situation of the company. The main purpose of this article is to evaluate the influence of the recent financial crisis on the financial situation and performance of Polish listed companies. Financial ratios will be utilized to evaluate the real changes in the financial situation of Polish listed companies during the crisis. A large group of companies will be covered by the survey in order to assess the impact of macroeconomic factors on the financial situations of enterprises in different phases of the crisis. Market tests will not be applied because they may be affected by changes in share prices which in turn are often affected by irrational decision-making and fear.

Hindsight in 2020? New Zealand's ‘Wait and See’ Approach to Mobile Broadband Regulation

2014 ◽  
Vol 151 (1) ◽  
pp. 171-179
Author(s):  
Michael S. Daubs
Keyword(s):  
New Zealand ◽  
Market Competition ◽  
Lessons Learned ◽  
Mobile Broadband ◽  
Broadband Service ◽  
Spectrum Auctions ◽  
Spectrum Auction ◽  
Wait And See ◽  
The Government ◽  
The Impact

New Zealand's Ministry of Business, Innovation and Employment's Review of the Telecommunications Act 2001, released in 2013, highlighted an increased demand for mobile broadband service, particularly in relation to the 700 MHz spectrum auction of 14 January 2014 – space ideal for next-generation 4G or Long Term Evolution (LTE) mobile services. The government seemingly adopted a ‘wait and see’ approach to mobile broadband regulation, however, delaying its development until 2020 when there will be ‘a clearer sense of the impact of new networks and technology’. One can look to Canada to see the need for robust mobile broadband policies. Like New Zealand, Canada has relied primarily upon spectrum auctions to stimulate market competition. The spectrum auction frameworks used there, however, have done little to promote market competition. Applying the lessons learned from Canada to a New Zealand context, this article argues for a more assertive regulatory framework sooner rather than later.

scholarly journals PERBANDINGAN HARGA SAHAM PERUSAHAAN FARMASI BUMN SEBELUM DAN SESUDAH PENGEMBANGAN VAKSIN VIRUS CORONA (COVID-19)

2021 ◽  
Vol 7 (3) ◽  
Author(s):  
Morenly Marchel Welley ◽  
Franky N. S Oroh ◽  
Mac Donald Walangitan
Keyword(s):  
Capital Market ◽  
Stock Price ◽  
Vaccine Development ◽  
Share Price ◽  
Analysis Technique ◽  
Significant Difference ◽  
Before And After ◽  
The Difference ◽  
The Government ◽  
National Economies

ABSTRACT: The existence of an extraordinary event that occurred, namely the Covid-19 Pandemic, caused the global and national economies to experience obstacles. Not only does it have an impact on the economy, but this also has an impact on the capital market. The President's announcement regarding the development of the Covid-19 vaccine provides hope for the economy and capital market to revive. The state-owned pharmaceutical company appointed by the government has also benefited from vaccine development. The purpose of this study was to determine the difference in the share price of BUMN Pharmaceutical Companies before and after the development of the corona virus vaccine (Covid-19). The data analysis technique used in this study was the Paired sample t-test. The results showed that (1) the stock price of KAEF before the announcement of vaccine development and the stock price of KAEF after the announcement of vaccine development was a significant difference and (2) the stock price of INAF before the announcement of vaccine development and the stock price of INAF after the announcement of vaccine development had a significant difference.

scholarly journals The Impact of Dividend Policy on Stock Price Volatility in Pakistan

2019 ◽  
Vol IV (I) ◽  
pp. 506-515
Author(s):  
Ziaullah Shah ◽  
Shehzad Khan ◽  
Muhammad Faizan Malik
Keyword(s):  
Panel Data ◽  
Stock Price ◽  
Dividend Policy ◽  
Price Volatility ◽  
Fixed Effect Model ◽  
Share Prices ◽  
Dividend Payments ◽  
Effect Model ◽  
Dividend Irrelevance ◽  
The Impact

The objective of this study is to inspect dividend policy influence on volatility of share prices. For investigation seven Non-financial segment/sectors have been selected. A sample of 137 firms who paid four dividend payments listed at PSX is analysed for the period of 2007-2017.Proxy for policy of dividend are earning per share, Payout ratio, dividend yield, while assets growth and firm size are taken as control variables. OLS regression model has been initially applied on panel data. The outcomes of fixed effect model are focused. Overall outcomes of the study confirmed that prices of stock is significantly influenced by policy of dividend and reject dividend irrelevance theory.

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