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Indonesian Capital Market Review
Number of Followers: 1  

  This is an Open Access Journal Open Access journal
ISSN (Print) 1979-8997 - ISSN (Online) 2356-3818
Published by Universitas Indonesia Homepage  [20 journals]
  • Inter-relation between Indonesian Islamic Capital Market Index and the
           World Market Indices: Period of January 2009 – December 2017

    • Authors: Dwi Pramaya Bhakti, Hidajat Sofyan Widjaja
      Abstract: The purpose of this study is to investigate the relationship between the Jakarta Islamic Index andthe Shariah World Indices within period of January 2009 to December 2017. This study is conducted using vector autoregressive (VAR) method and tawhidi string relationship (TSR) method. The key finding is the conventional Sharia Migration to Sharia in Indonesia through several channel and must be followed by developing the stock market platform as well as Screening on stock shares that follow the principles of sharia. This study found that Middle East investors reflected in the active GCC index in investing in the Indonesian capital market. Under such a phenomenon, the Capital Market Regulators in Indonesia, in this case OJK, must be active in enhancing the Indonesian market among the Gulf countries as well as the OIC (Organizing Islamic Countries). The managerial implications of this study encourage issuers belonging to the Islamic index to continue to improve healthier financial performance while making a breakthrough with the Islamic index in the world, especially the GCC countries.
      PubDate: 2020-10-13
      Issue No: Vol. 12 (2020)
       
  • Return Spillover of Asian REITs

    • Authors: Leviana Hestiawan, Ruslan Prijadi
      Abstract: This research examines the relationship and direction of return spillover of Asian REITs, between REITs and local stock markets, and its effect towards REIT returns. The samples are from Hong Kong, Japan, South Korea, Malaysia, Singapore, Thailand, and Taiwan. This research uses Diebold and Yilmaz’s technique to measure the relationship and direction of return spillover between asset classes. The method also uses OLS regression to test the effects of return spillover on REIT returns. The results show that connectedness between Asian markets is low. Japan and Singapore are the strongest influencers. Low connectedness was also found between REITs and the local stock market. In general, net return spillover from Asian REIT markets significantly influence REITs’ return. The results imply that the growth of REIT markets depends on the attractiveness of capital markets in a country. Regulators in developing countries need to improve the capital market environment to enable REIT markets to flourish.
      PubDate: 2020-08-06
      Issue No: Vol. 12 (2020)
       
  • Impact of Founder on the IPO Flipping Activity during Pre and Post-Global
           Financial Crisis

    • Authors: Hon-Wei Leow, Wee-Yeap Lau
      Abstract: This study examines the impact of the founder on the IPO flipping activity in the Malaysian stockmarket, especially the Main and ACE Market, across the Global Financial Crisis (GFC) periodfrom January 2006 to December 2016. Multiple regression models have been used to evaluate the interaction of the founder and other independent variables. Using three sub-periods, namely pre- GFC, GFC, and Post-GFC, our results show: Firstly, the founder by itself does not have any impact on flipping activity. However, the interaction of founder and oversubscription ratio reduces flipping activity in the pre-crisis period. Secondly, the interaction of founder and firm age is significant during the GFC period. Thirdly, in post-GFC, the interaction between founder-firm age, founder-offer period are essential factors. Overall, it is found that firm age and IPO offer period have an impact on flipping activity in the Main and ACE Market.
      PubDate: 2020-07-23
      Issue No: Vol. 12 (2020)
       
  • How Corporate Political Strategies Are Related to Cost of Debt'

    • Authors: Aamir Amanat, Ahmed Imran Hunjra, Farhan Ahmed
      Abstract: There are many factors, which play a vital role in the financing decisions of firms, and one of the important factors is corporate political strategies. This study examines the impact of corporate political strategies on the cost of debt of non-financial firms listed in the Pakistan Stock Exchange (PSX). Corporate political strategies are measured through political connections. We use panel data of 250 firms from 2001 to 2018. Panel regression is applied to analyze the results. This study finds corporate political strategies negatively affect the cost of debt. This study provides useful policy implications for corporate stakeholders to know the importance of political connections while making the financing decision.
      PubDate: 2020-07-23
      Issue No: Vol. 12 (2020)
       
 
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