Model of Solving Economic Gap Through Share Waqf

Economic inequality in Indonesia is growing with increasing poverty caused by unequal distribution. This can be seen in the number of poor people in 2020 reaching 27.55 million people compared to September 2019 reaching 24.79 million people. All government efforts to resolve economic disparities have been carried out, such as distribution of taxes, infrastructure, the flow of BLM funds, RPJMN. However, these efforts only prioritize large projects, so they have not been able to resolve the gap. Another effort is by waqf shares because the profits can be used for the benefit of the community which can be distributed evenly by the waqf manager. Share waqf is the use of funds from shareholders in the form of profits and capital distributed to waqf recipients by waqif in the form of employment, education, worship and other community needs. This study aims to determine the role of share waqf in resolving economic disparities. This study was written using a qualitative method with a literature review approach. Data collection comes from articles and books on gap settlement and the role of share waqf, as well as several government program reports. The data analysis technique used in this study is descriptive analysis. The results of this study can be concluded that share waqf has a role in resolving economic disparities by making the company's capital and stock dividends the object of waqf, then the wakif appoints a nadzir from the waqf institution to manage the waqf in the form of riil and non-riil sectors.

Research on the Psychological Expectation Impact on Enterprise Innovation Under Mergers and Acquisitions Pressure: From the Evidence of Large Stock Dividends

From the perspective of social psychology, takes the large stock dividends policy of Chinese listed companies as an example, based on the sample of Chinese listed companies from 2009 to 2018, this article examines the impact of psychological expectation under the mergers and acquisitions (M&A) pressure on enterprise innovation. The empirical study finds that the high dividend payout mainly increases the liquidity of the stock, which makes the company face a greater risk of hostile merger and acquisition, and thus causes the management to pay attention to the psychological preference of short-term effect, and reduces the level of enterprise R&D and innovation. Moreover, the above conclusion is still true after controlling the endogenetic problem. Further research shows that in private enterprises, enterprises with low ownership concentration and non-high-tech enterprises, large stock dividends has a more obvious inhibiting effect on the level of enterprises’ R&D and innovation. After excluding the possible of agency problem, the conclusion is still robust. This article expands the research on the influencing factors of enterprise innovation from the perspective of psychological expectation. The findings of this study provide references and inspirations for facilitating enterprise innovations by reducing short-sighted behaviors of management under increased stock liquidity.

Reaksi Pasar Modal Indonesia Atas Aksi Stock Dividends Dan Stock Splits Serta Implikasinya Terhadap Harga Saham

Penelitian reaksi pasar modal akibat aksi stock dividends dan stock splits dibeberapa Pasar Modal Dunia menemukan hasil berbeda. Penelitian ini untuk mengetahui reaksi pasar modal Indonesia akibat aksi stock dividends dan stock splits serta pengaruhnya terhadap harga saham. Bentuk penelitian adalah studi peristiwa dengan jendela 7 hari sebelum dan sesudah aksi. Dengan purposive sampling maka terdapat 75 sampel dengan 5 sampel melakukan aksi stock dividends dan 70 aksi stock splits. Menggunakan Uji t satu sampel, Uji t sampel berpasangan atau wilcoxon test dan regresi sederhana menghasilkan: aksi stock dividend menyebabkan pasar modal bereaksi disepanjang t-7 sampai t+7 dan berdistribusi normal, aksi stock splits menyebabkan pasar modal bereaksi pada t-3 sampai t+3 dan berdistribusi tidak normal, terdapat perbedaan reaksi pasar atas kedua aksi, stock dividend berpengaruh terhadap harga saham sementara stock splits tidak. Adanya reaksi pasar terhadap aksi stock dividend maupun stock splits memberikan bukti empiris mendukung teori signalling

Stock Dividend Ex-Day Abnormal Return

This study examines the impact of the ex-day of stock dividend on stock return and volume on Borsa Istanbul stock exchange. The data covers 1,220 stock dividends associated with 305 companies over the period 1997-2018. A positive abnormal return and volume is seen around the ex-day of stock dividend. The cumulative average excess return over market return starts to significantly rise ten days before ex-day and reaches its highest level on the ex-day before falling back in the days following. Our findings show that abnormal return around ex-day is strongly associated with stock dividend pay-out ratio, asset size and a company’s market value. The share of listed companies with higher stock dividend pay-out ratio or lower asset size or lower market capitalization, can generate respectively 5.97%, 6.08% and 5.88% abnormal return over market index return.

The Value of the Tax Deferral Option

This study explores the value of the tax deferral option. By examining ex-day stock-price-change ratios for taxable stock dividends in Taiwan, we find that the tax deferral option is valuable to investors. For a $1 taxable stock dividend, the tax deferral option produces 33.9 ¢ in tax savings, which suggests a tax deferral parameter of 11.3%. We also find that stocks with the tax deferral option have higher trading volumes around ex-days than those without this option, and that higher investor-level tax rates lead to higher value of the tax deferral option. We contribute to the literature by cleanly determining the value of the tax deferral option; our result is not confounded by the restart option.

Micro Macro Economics Fundamental Factors and Indonesia Stock Exchange Return

Stock investment has an attraction for investors because with investments in the form of shares, investors have the expectation of obtaining profits in the form of capital gains or stock dividends. To take into account the risk factors and produce a maximum level of profit, the stock purchase decision-making process requires careful analysis when determining its market value. Thus, in deciding investment in the stock market, prospective investors must first conduct an in-depth analysis of the company whose shares will be purchased. The fundamental analysis concerns the projected condition of the company in the future by showing the present and past situations. This approach is used to assess the intrinsic value of these shares, and investors are used for investment over a long period. The data used in this research are 22 infrastructure issuers on the Indonesia Stock Exchange from 2015-2018. The data is then processed by the econometrics method using Eviews and Microsoft Excel software with a panel data regression model or pooled regression. Hypothesis testing shows that fundamental macro-micro factors jointly affect the stock returns on infrastructure companies listed on the Indonesia Stock Exchange

R & D Intensity and Dividend Policy: Evidence from South Korea’s Biotech Firms

In this paper, we examine the relation between a firm’s research and development (R & D) intensity and dividend payout policy with a focus on biotech firms in a sample of 18,253 firm-year observations in South Korea. We find that biotech firms’ R & D intensity is negatively related to dividend payout. Furthermore, for biotech firms, increased internal cash holding accomplished via a lower dividend policy is positively associated with long-term corporate value. In particular, this study reports that the relation between biotech firms’ cash holding and corporate firm value is significantly positive in firms with high stock dividends. Moreover, it shows that non-biotech firms in the maturity stage of the corporate lifecycle tend to distribute cash dividends, a practice that is relatively uncommon among biotech firms in an R & D steady state.

Analysis Of Corporate Actions And Effect On Stock Trading The Indonesia Stock Exchange

This study aims to look at the effect of the corporate action against trading on the Stock Exchange be something interesting to do research on five companies that perform corporate actions. Data were analyzed using descriptive methods and comparative analysis of the event study method with a different test two parties. Event windows use 15 days prior to the corporate action and 15 days after the corporate action. Results of research on five companies that perform corporate actions earned actions stock buy-backs, stock-dividend and stock split no significant effect on actual returns after the announcement date. On the trading frequency, action stock-buyback have significant differences, whereas stock dividend and stock-split not. On average trading value, action stock-dividend and stock-buyback not any significant difference, while stock-split showed a significant difference. The study results are not normal events of their return on stock dividends 7 days after the date of announcement of the action stock-split-return normal not occur on days 3 and 4, while on the corporate action buy-back not occur. Stock-dividend while the information content contained in stock-split and buy-back did not show a significant investor reaction.