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

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.

The Influence of Financial Inclusion and Macroeconomic on Foreign Direct Investment (FDI) Flows in The Organization of Islamic Cooperation (OIC) Countries

Foreign capital flows are important factors in the development of sustainable economies, especially in developing countries such as the OIC countries. Lately, the rapid development of the financial sector and macroeconomic stability became a serious concern by foreign investors, where financial inclusion and macroeconomics played an important role in attracting direct foreign capital flows (FDI). The study aims to investigate the role of financial inclusion and macroeconomic variables on the foreign direct flow of capital (FDI) by using data panels in 8 OKI member States during the 2012-2018 time span. The research uses the Fix Effect Model (FEM) Panel data Analysis tool, which is believed to be able to explain the correlation between independent variables and more accurate dependents. As for the results of the study showed that in partial only variable avaibility (the number of branches of the bank/100,000 adults) is a significant positive draws FDI in the OKI country. While on macroeconomic variables the exchange rates have significant negative effect on FDI, while interest rates and economic growth have significant positive relationships in attracting FDI.

Modelling the Nexus in Foreign Capital Flows and Environmental Degradation: Fresh Evidence From Global Data

Environmental degradation, if not controlled, is one of the dangers faced by humankind. Achieving sustainable development is impossible without improving environmental quality. The 17 United Nations Sustainable Development Goals are intended to lead to improvements toward a sustainable future. We explore empirically the interrelationship between foreign capital flows/foreign direct investment (FDI) and environmental quality measured by carbon dioxide (CO2) emissions for a panel of 125 countries in 1990–2018 by revisiting the pollution haven hypothesis (PHH). This study employed a system generalised method of moments (GMM). The GMM estimates show that FDI has a significantly positive link with CO2 in Asia and Africa, but the links between these two variables are insignificant in the Latin American, Caribbean and European regions. In the cases of full sample and developing countries, a significantly positive relationship is found between FDI and CO2. In the case of income-based samples, results reveal that FDI is the cause of environmental degradation in low-income, lower middle-income and upper middle-income countries. We contribute to the available literature by re-examining the PHH and presenting the impact of inward FDI on CO2, where the results demonstrate that the PHH is valid in full-sample, regional and income-wise countries. These findings suggest that developing countries should adopt environmentally friendly policies to attract foreign investors by setting strict regulations on environmental pollution control to achieve sustainable development goals (SDGs).

Coupling between Carbon Efficiency and Technology Absorptive Capacity—A Case Study of the Yangtze River Economic Belt

Regional carbon efficiency (CE) improvement is critical to China’s “taking concerted efforts to achieve ecological protection” strategy in the Yangtze River Economic Belt (YREB) and their program to build a leading demonstration belt for ecological civilization. This study applied the super efficiency slacks-based measure to calculate the regional differences and evolution characteristics of the YREB’s CE from the year of 2006 to 2017. It also constructed a coupling evaluation model to empirically analyze the interactions between CE and technology absorptive capacity (TAC). The results showed that (1) the CE for all YREB provinces followed a “U-shaped” trend. TAC generally increased and incrementally decreased in the sequence of the upper stream, middle stream, and downstream. The gap among the downstream, upper stream, and middle stream increased; (2) coupling between the CE and TAC for the YREB provinces can be characterized as a relatively stable medium to low coupling degree and medium-to-high coordination degree. To improve coupling and achieve balanced, sustainable development in the YREB, this study proposes several measures, including promoting balanced, high-quality economic development, building the YREB talent pool, appropriately guiding foreign capital flows, implementing the strategy of driving economic development through innovation, and launching the network for coordinated technological innovation in YREB.