PENGARUH PANDANGAN INVESTASI INVESTOR INSTITUSIONAL TERHADAP KREDIT RATING PERUSAHAAN

Abstrak: Pengaruh Pandangan Investasi Investor Institusional Terhadap Kredit Rating Perusahaan. Penelitian ini bertujuan untuk mengetahui seberapa besar peran investor institusi terhadap kenaikan atau penurunan rating kredit di Indonesia. Objek penelitian ini adalah perusahaan yang terdaftar di Bursa Efek Indonesia dari tahun 2017-2018. Pemilihan sampel dalam penelitian ini menggunakan metode purposive sampling. Berdasarkan hasil penelitian dengan menggunakan bantuan software SPSS dapat diambil kesimpulan sebagai berikut: pandangan investor terhadap kredit rating perusahaan secara signifikan terbukti berpengaruh. Pandangan investasi investor institusional diduga memiliki peran tata kelola untuk menjaga dan mengawasi efek dari asimetri informasi. Investor institusi yang cenderung memiliki pandangan investasi jangka panjang lebih memainkan peran pengawasan dibandingkan dengan investor institusional yang memiliki pandangan investasi jangka pendek sehingga adanya rating kredit mempengaruhi kebijakan penagawasan.Kata Kunci: Pandangan Investasi, Investor Institusional, Kredit Rating PerusahaanAbstract: The Effect of Institutional Investor Investment Views on Company Kredit Rating. This research aims to find out how much the role of institutional investors in the increase or decrease in kredit ratings in Kredit. The object of this research is companies listed on the Kredit Stock Exchange from 2017-2018. The sample selection in this study uses a purposive sampling method. Based on the results of research using SPSS software the following conclusions can be drawn: the investor’s view of the company’s kredit rating is significantly proven to be influential. The view of institutional investor investment is thought to have a governance olet o safeguard and oversee the effects of information asymmetry. Institutional investors who tend to have a long-term investment view play a supervisory role more than institutional investors who have a short-term investment view so that the kredit rating influences supervision policies.Keywords: Institutional Investor, Investment Views, Company Credit Rating

Assessment of the investment attractiveness of companies based on classification trees

Introduction. The effectiveness of investment decisions depends directly on the accuracy of the assessment of the investment attractiveness of an organisation performed by the investor. One of the ways to assess the investment attractiveness of a company is by using the indicators of enterprise value (EV). However, they do not guarantee accuracy when assessing the investment attractiveness of specific companies. As a result, such companies can be either overvalued or undervalued. This happens because EV does not take into account the specifics of the industry, the specifics of the smaller segments within the industry, and the specifics of economic activities in a particular region. Purpose. To determine the EV indicators which can be used for the accurate assessment of the investment attractiveness of companies operating in a particular industry. Methodology. In our study, we used a Classification and Regression Trees (CART) machine learning method. Results. The article presents the results of a comparative analysis of EV indicators used to assess the investment attractiveness of companies that can be found in scientific literature and bank references. We suggest that the EV indicators used to assess the investment attractiveness of companies should be calculated based on the analysis of the industry’s statistics using the CART algorithm. EV indicators should be determined by maximising the reduction of heteroscedasticity with regard to the investment potential. To test the suggested method, we used it to calculate the required current liquidity ratio, quick liquidity, the leverage ratio, and the long-term debt financing for pig farming enterprises in the Voronezh, Belgorod, Kursk, Lipetsk, and Tambov Regions. Conclusions. The study demonstrated that the classification trees method is the most accurate in calculating the EV indicators for assessing the investment attractiveness of companies operating in a particular industry. The suggested method proved to be the most accurate in predicting all the financial coefficients for pig farming enterprises. Thus, the leverage ratio (0.35) and the concentration of borrowed capital (0.65) proved that pig farming enterprises in the Voronezh Region should be financed by borrowed capital. The long-term debt financing ratio was 0.49. The assessment of the short-term investment potential of pig farming enterprises should be more precise, since the current liquidity and quick liquidity ratios are high: 2.73 and 1.44 respectively.

EXPRESS: Early Cost Realization and College Choice

We propose a formal tuition myopia model of the decision-making process by which students evaluate the financial costs and returns of college. In simulations, surveys, and experiments, we find that even when student loans defer payment of attendance costs until after graduation—the same moment when students can begin earning a salary that reflects their degree—students psychologically realize the financial costs of college much earlier. This early cost realization frames a majority of choices between any pair of colleges as an intertemporal tradeoff between a smaller short-term investment with smaller long-term returns (a low cost-low return college; LC-LR) and a larger short-term investment with larger long-term returns (a high cost-high return college; HC-HR). While a rational model based on projected future cash flows most often favors the HC-HR college, our model predicts a preference for the LC-LR college among students who are financially impatient and in choice pairs where the equilibrium between LC-LR and HC-HR options is at a low discount rate threshold. Our model of a life-altering financial decision that affects millions of students each year offers valuable insights for universities, policymakers, and non-profit organizations advocating for students to treat higher education as an investment decision.

Volatilidade de dados intradiários: comportamento multiescala do Ibovespa frente à pandemia COVID-19

In financial markets, volatility modeling has been a strategy widely used because it reflects uncertainties about changes in asset prices. Incorporating peculiarities of financial series, this study estimated the volatility for the intraday index of the Brazilian stock market (Ibovespa) using ARIMA-APARCH models in different time frequencies with the aid of the wavelet MODWT decomposition technique. This work proposes an analysis of the impacts of the frequency components on the behavior of the volatility of intraday returns using the series of details wavelet in different time horizons, in an atypical period in the global financial markets, generated by the COVID-19 pandemic. The empirical results suggest low unconditional volatility and strong signs of persistence in all analyzed frequencies. The asymmetry in volatility is evidenced in the higher frequencies, the leverage effect being present only in the series of details with variations of 15-120 min., which is corroborated with the results obtained with the reconstructed series. The evidenced behaviors have an impact on the elaboration of short-term investment strategies and risk management, since the positive and negative shocks, such as those given by the world pandemic of COVID-19, have different impacts on the volatility of returns in shorter periods. The information obtained can contribute to the analysis of future atypical events in the Brazilian stock market, supporting the decision-making of economic agents.

Environment and Potential Affecting Investment Decision for Accommodation Business: Case of Less Visited Area in Samut Songkhram and Phatthalung Province

Investment decisions have great importance in different sectors of various countries and these decisions are the basis on which the outcomes of the investments are based. However, there might be certain factors that might lead to the incorrect long term and short term investment decisions. In this regard, the current study has been conducted with the core motive to explore the impact casted by the environment and potential factors i.e. salience and overconfidence on the long term investment decisions for accommodation business along with the moderation of a variable i.e. financial literacy. To fulfill this objective, the researcher has collected data from the investors of accommodation businesses in Thailand. The collected data has been subjected to different statistical techniques and tools for analysis purpose and the results have been obtained. The results obtained by the analysis of the collected data indicate that salience and overconfidence have significant impact on the long term investment decision. In addition, the moderating role of financial literacy has also been found as significant in the study. The results suggest that the investors of the accommodation business must consider the aspects of salience and overconfidence before taking any long term investment decision to avoid failure of the investment decision.

Gap Analysis Sectoral Shares Index during the Covid-19 Pandemic on the Indonesia Stock Exchange

The investment risk during the Covid-19 pandemic is difficult to calculate due to increasing uncertainty. The research presents a model that can be used in mitigating short-term investment risk during the Covid-19 Pandemic on the capital market with sectoral gap return base on the difference price between the highest position and the lowest position. The gap may indicate volatility, volume inequality, price abnormalities, directional anomaly, and transaction conspiracy. This paper focused on how to manage portfolio investment risk based on short-term risk mitigation base on gap Analysis of sectoral return compare to Composite Index. The aim to be achieved was to minimize the risk of short-term portfolio investment at the start of the short-term Pandemic in Januari 2020 to August 2020. The specific target to be achieved in this study is to present a model that can increase the yield of short-term investments in the Indonesia Stock Exchange with low level of risk. The object of this research was sectoral idex of stock price whose price movements are in the opposite direction to the composite stock price index. The result of this research shown that the highest gap was basic Industry sector 54,50%. Meanwhile, the lowest gap was consumer sector 22,35%. The highest the gap the bigger the risk.Keywords: Mitigation Model, Investment Risk, Stock Portfolio, Covid-19

The Influence of ESG Disclosures on Firm Value in Thailand

Although corporate financial performance is important in economic perspective, companies have to focus on environment, social, and governance responsibilties. This is because if the companies aim only profit without people and planet responsibilities, they will not accept all stakeholders' demands. Therefore, financial performance is not enough for needs of stakeholder groups. In Thailand, the Stock Exchange of Thailand (SET) has adopted environmental, social, and governance (ESG) disclosures to classify listed companies as Thailand Sustainable Investment (THSI). It is showed that croporate sustainability can create long-term investment rather than short-term investment. In addition, the environment, social, and governance disclosures allow the companies to develop more efficiency business and if the companies have transparency and quality of internal management, the corporations will reduce the risk of fraud, cost of training new employees as well as increase the quality and productivity of the products per employee (Association of Thai Securities Companies, 2018) There are fews prior related studied in Thailand investigated and examined influence of environment, social, and governance disclosures on firm value. Moreover, the literatures have provided conflicting results of the influence of environmental, social, and goverment disclosures on firm value. Keywords: ESG Disclosures; Firm value; THSI; Thailand