Relevant bibliographies by topics / Indonesian stock market

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Academic literature on the topic 'Indonesian stock market'

Author: Grafiati
Published: 10 January 2023
Last updated: 28 January 2023

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Journal articles on the topic "Indonesian stock market"

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Rahma Tri Benita, Siti Damayanti, and Irwan Adi Ekaputra. "Information Distribution and Informed Trading in Mixed and Islamic Capital Markets." International Journal of Business and Society 21, no. 3 (April 27, 2021): 1333–51. http://dx.doi.org/10.33736/ijbs.3353.2020.

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The correlation between volume and frequency with return volatility can explicate the information distribution process and informed traders' transaction behavior in a stock market. In this study, the Indonesian stock market represents the mixed market, while the Saudi Arabian stock market represents the Islamic market. We find that 94% and 96% of sharia-compliant stocks in Indonesia and Saudi Arabia follow the Mixture of Distribution Hypothesis (MDH). Consequently, we may conclude that sharia-compliant stocks in both markets are informationally efficient. However, we find that informed traders tend to behave differently in both markets. In the Indonesian market, informed traders exhibit competitive behavior in 95% of shariacompliant stocks and strategic transaction behavior in only 5% of the stocks. In contrast, in the Saudi Arabian market, we find that informed traders exhibit competitive behavior in only 38% of the stocks and strategic behavior in 62% of the stocks. The findings suggest that social and religious contexts may affect market participants' behavior.
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Fauzi, Ahmad, and Asri Sitompul. "The Impact of Internationalization of Sarbanes-Oxley Act to the U.S. Listed Indonesian Companies." Randwick International of Social Science Journal 1, no. 2 (August 1, 2020): 31–41. http://dx.doi.org/10.47175/rissj.v1i2.43.

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In every country the existence of capital markets is fundamental in the development of the economy. Capital market, in addition to its function as a means to gather and allocate the public funds. Numerous companies attempted to fix up in order to get into a stock market and do the Initial Public Offering (IPO). But it is not an easy job, various preparations should be carried out and of course it takes some time and effort and considerable cost. In addition to stock market laws, the market is also governed by various regulations issued by the market authorities and stock exchanges as the SRO. In the U.S., the authority is the SEC and in Indonesia the capital market authority is the OJK. Stock exchanges such as the NYSE in the U.S. and Indonesian Stock Exchange (BEI) in Indonesia also issued various rules regulate all companies listed the shares in the stock exchanges. Internationalization means to bring something local to the international level. The Sarbanes-Oxley Act is supposed to applicable only in the U.S, it is not applicable in Indonesia. But the law is brought from the U.S brought to Indonesia to be applied to Indonesian companies that have the stocks listed with the U.S stock market. The application of the Act brought some problems to Indonesian companies that have to comply with all requirements stipulated in the Act.
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Gumanti, Tatang Ary, Nurhayati Nurhayati, and Yeni Maulidia. "Determinants of Underpricing in Indonesian Stock Market." Journal of Economics, Business and Management 3, no. 8 (2015): 802–6. http://dx.doi.org/10.7763/joebm.2015.v3.289.

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Adisetiawan, R. "GLOBALISASI PASAR MODAL DUNIA DAN PENGARUHNYA TERHADAP PASAR MODAL INDONESIA." EKONOMIS : Journal of Economics and Business 1, no. 1 (September 30, 2017): 10. http://dx.doi.org/10.33087/ekonomis.v1i1.19.

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This study aims to prove causality, cointegration and the influence of global capital markets with a market capital of Indonesia for the period 2001-2016 with a Granger causality test statistics, cointegration tests and Multiple Regression testing. These results prove that the 99% confidence interval occurred a long term relationship (cointegration) and the significant influence of global market indices with the Indonesia capital market index (CSPI) in Indonesia Stock Exchange (IDX) for the period 2001 to 2016, it indicates that Indonesia's economy has been integrated with global capital markets with varying levels of integration, but is causally there is only one country that has a causal relationship with the Indonesian stock market index (CSPI), the Taiwan stock market index (TWSE).Keywords: Capital Market Integration
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Karim, Bakri Abdul, M. Shabri Abdul Majid, and Samsul Ariffin Abdul Karim. "Integration of Stock Markets between Indonesia and Its Major Trading Partners." Gadjah Mada International Journal of Business 11, no. 2 (May 12, 2009): 229. http://dx.doi.org/10.22146/gamaijb.5526.

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Using Autoregressive Distributed Lag (ARDL) and Vector Autoregressive (VAR) frameworks, this study examines the integration between the emerging stock market of Indonesia and its major trading partners (i.e., Japan, the U.S., Singapore, and China). During the period of July 1998 to December 2007, the Indonesian stock market is found to be integrated with its major trading partners. Thus, this implies that there is a limited room available for investors to gain risk-reduction benefits through diversifying their portfolio in those markets. Meanwhile, in the short run, the Indonesian market responds more to shocks in the U.S. and Singapore than in Japan and China. In designing policies pertaining to its stock market, the Indonesian government should take into account any development in the stock markets of its major trading partners, particularly the U.S. and Singaporean markets.
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Rizal, Nora Amelda, and Mirta Kartika Damayanti. "HERDING BEHAVIOR IN THE INDONESIAN ISLAMIC STOCK MARKET." Journal of Islamic Monetary Economics and Finance 5, no. 3 (November 1, 2019): 673–90. http://dx.doi.org/10.21098/jimf.v5i3.1079.

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Indonesia Stock Exchange provides Islamic stocks for Muslim investors who want toinvest, with the first Islamic stock index in Indonesia being Jakarta Islamic Index or JIIthat consists of thirty of the most liquid Islamic stocks. The market capitalization of JIItends to increase every year. This paper examines the presence of herding behavior inemerging Islamic stock market of Indonesia using daily return of Indonesia CompositeIndex and JII from October 6, 2000 to October 5, 2018. Herding behavior could generallytrigger shifting market prices from equilibrium values. Herding behavior may beidentified from the relation between stock return dispersion and market return. Stockreturn dispersion is measured using Cross Sectional Absolute Deviation or CSAD.Generalized Auto Regressive Conditional Heteroskedasticity or GARCH method isused to detect herding behavior. GARCH does not see heteroskedasticity as a problem,instead uses it to make a model. The result indicates that herding behavior exist inIslamic stock market of Indonesia. Asymmetric herding occurs in Indonesia Islamicstock market where herding behavior exists during falling market condition only.
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Indrayono, Yohanes. "What Factors Affect Stocks’ Abnormal Return during the COVID-19 Pandemic: Data from the Indonesia Stock Exchange." European Journal of Business and Management Research 6, no. 6 (November 4, 2021): 1–11. http://dx.doi.org/10.24018/ejbmr.2021.6.6.1139.

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This study identifies Indonesian investors’ reactions to the drop in stock prices on the Indonesia Stock Exchange market, during the early months of the COVID-19 crisis, before and after the World Health Organization (WHO) announced that its global spread constitutes a pandemic. It also explores variables that influence stock returns on this market during the financial crisis caused by the COVID-19 pandemic. This study uses a regression analysis of 70 firms, listed on the Indonesia Stock Exchange to examine the pandemic’s influence on trading volume, market capitalization, profitability, and book value for the period December 31, 2019, to April 30, 2020. The results show that stock returns were lower in the early period of the financial crisis caused by the pandemic. Firms’ trading volumes, profitability and book values positively affected stock returns and their market capitalization negatively affected stock returns during the study period. This study contributes useful insights to the finance literature and stock-market participants in terms of dealing with stock markets during financial crises. This study recommends that in any crisis investors should begin buying stocks or increasing their stock purchases to achieve abnormal returns by choosing stocks that perform well in terms of firm profitability and book value by looking a number of financial factors.
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Habibi, Ahmad, Khavid Normasyhuri, and Erike Anggraeni. "The Indonesian Sharia Capital Market in Shock Covid-19: Global Market Interaction." Equilibrium: Jurnal Ekonomi Syariah 10, no. 2 (December 5, 2022): 381. http://dx.doi.org/10.21043/equilibrium.v10i2.16457.

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<p><em>Covid-19 has caused problems, including the global Islamic capital market. The rapid and extraordinary development of Covid-19 has rocked sharia investment in Indonesia. This study looks at the interaction of the global Islamic stock market with the Indonesian Islamic stock market, namely the Jakarta Islamic Index (JII), in the Covid-19 shock. Data is collected from within the global Islamic capital market sourced from the Dow Jones Islamic Market World Index, and the Indonesian Islamic capital market is sourced from the Indonesia Stock Exchange (IDX). They are generalizing the research period carried out during the covid-19 period starting from March 2020 to November 2022. This research used several stages of the Cointegration Test, Granger Causality Test, IRF (Impulse Response Function) Test and Forecasting Error Variance Decomposition (FEVD) Test. The study results show that the global Islamic stock market has had a significant impact on the Indonesian Islamic stock market both in the short and long term in the era of the covid-19 shock.</em></p>
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Sembiring, Ferikawita M. "How Well is the Implementation of CAPM in Condition of Market Anomaly? Case in Market Overreaction Anomaly at Indonesia Stock Exchange." INFLUENCE: International Journal of Science Review 4, no. 1 (April 6, 2022): 166–78. http://dx.doi.org/10.54783/influencejournal.v4i1.14.

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This study aims to test the occured of the market anomaly, iemarket overreactions in Indonesian stock market at the Covid-19 pandemic. If the event occurs then be tested whether a contrarian investment strategy is relevant to be implemented. It will also be tested whether the CAPM's market risk factor will affect the returns. The data from the Indonesia Stock Exchange (IDX) used are the stock price in periods of January 2019-December 2020, which during the pandemic were have the potential to be profitable or detrimental. Through the formation of the portfolios that called as as the winner and the losers, testing of returns reversals could be done to prove the occurs of the market overreaction. The results of this research are as follows: First, markets overreaction anomaly event has occured in Indonesian stock market in periods of Covid-19 pandemic. The reversal of return occurs for most shares those have the potential to be profitable or detrimental, or have been proven those it profits rates has increased or decreased in the periods of the pandemic. Second, the contrarian strategy is relevant to be implemented in the short term in Indonesian stock market, which is in this pandemic. By implementing the contrarian strategy, a profitable return is obtained from the difference between the returns of the losers and the winners through their each of observation period. Third, market risk factors based on the CAPM have a significant effect only for the losers stocks.
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Abimanyu, Yoopi, Nur Sigit Warsidi, Sunu Kartiko, Ridiani Kurnia, and Tety Mahrani. "INTERNATIONAL LINKAGES TO THE INDONESIAN CAPITAL MARKET : COINTEGRATION TEST." Kajian Ekonomi dan Keuangan 16, no. 2 (November 9, 2015): 56–75. http://dx.doi.org/10.31685/kek.v16i2.43.

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This paper explores the international linkages of the Indonesian capital market using cointegration tests to examine the long-run equilibrium relationship between the stock markets of Indonesia with China, France, Germany, Hong Kong, Japan, Korea, Malaysia, Netherlands, Philippine, Singapore, Thailand, Taiwan, the United Kingdom, and the United States. The method used in this paper is visual inspection, followed by Johansen cointegration. Our results show that there exist cointegration between these stock market indices except between Indonesia and Philippine.
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Dissertations / Theses on the topic "Indonesian stock market"

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Sudiman, Josephine. "Empirical market microstructure studies of the Indonesian Stock Exchange (IDX)." Thesis, Edith Cowan University, Research Online, Perth, Western Australia, 2012. https://ro.ecu.edu.au/theses/1852.

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The overall aim of this study is to improve the understanding of how two market elements within microstructure theory, namely the regulatory and behavioural aspects, influence trading dynamics in the Indonesian Stock Exchange (IDX). This market was chosen because it is my country’s exchange and has distinctive features, including its outstanding performance among developing equity markets and its requirement for information transparency. As trade initiators are an important part of our methodology but neither of the two databases (the Detailed Trading History by the IDX and Thomson Reuters Tickscope History by SIRCA) provide this information, four different trade initiation rules are applied to assist the study of this issue. They are 1) the tick rule, (2) the Lee & Ready method (1991), (3) the Ellis, Michaely, & O’Hara (2000) method, and (4) the chronological order rule. We demonstrate that the methods of Lee and Ready (1991) and Ellis, Michaely, and O'Hara (2000) provide results which conform closely to the chronological rule; however, this is not the case for the tick rule. In terms of the regulatory viewpoint, this study investigates the impact of tick size changes in 2000 on liquidity provision in the IDX. Our methodology follows Engle & Lange (2001) who combined price durations (time needed for a price to move at or more than a tick size) with the cumulative signed volume (the difference between the number of shares purchased and number of shares sold) transacted over the price duration, expressed as the V-Net, to study the impact of tick size on market time, size and price dimensions. The results suggest that the implementation of a single tick size for different price levels is inappropriate for the IDX, and the current policy of multiple tick sizes is preferable. For frequently-traded stocks, a small tick size is not necessarily helpful for improving liquidity with high price shares but it is for those with low prices. Both price durations and V-Net metrics were higher during periods with coarse tick sizes. Moreover, lower price duration and V-Net metrics are identical to the circumstances featuring lower spreads and lower depth during small tick sizes. In terms of the behavioural perspective, this research identifies the characteristics of the stock holdings of foreign and domestic investors, and their trading behaviour, relative profitability, and trading impact along with the associated implications for the price discovery process. We found that foreign institutional investors consistently hold high market capitalisation stocks and have a long-term investment horizon in the IDX. Therefore, they are willing to pay high buy prices and accept low sell prices. Subsequently, their trades are more likely to be associated with changes in midpoint quotes and have a high impact on price changes. Local investors are generally short-term traders; they trade frequently and submit non-competitive orders because they obtain profits from the bid and ask differences. However, there are some local investors who trade based on information and are able to update their private information quicker than foreign investors.
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Muktiyanto, Ihda. "Determinant Factors of Market Liquidity in the Indonesian Equity Market." Thesis, 2015. https://vuir.vu.edu.au/29790/.

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Liquidity refers to the ability of a financial market to trade large volumes of assets quickly at low cost, and it covers a wide range of market dimensions including size, time and cost. Prior studies have found that liquidity is one of the most significant of an efficient financial market and that it affects costs of equity, returns and valuations, market stability, and economic growth. Although studies and discussions on various aspects and dimensions of liquidity have been well documented, the sources of liquidity variation vary greatly across markets. The main research question of this thesis is: What are the determinant factors of liquidity at market and at firm levels in Indonesia?
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-, Nely, and 曹毅莉. "Indonesian Stock Market Integration: Major Trading Partners vs. Regional Markets." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/71089573967635277202.

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碩士
逢甲大學
國際貿易所
98
This study examines the long run stock market relationship between Indonesia and its major trading partners (Japan, U.S., and Singapore) and compare it with long run stock market relationship between Indonesia and its regional markets (Singapore, Malaysia, Thailand, and Philippine). Then Singapore is alternately included and excluded from both models. This study uses cointegration approach and takes into account the interdependence of stock prices and foreign exchange rates in the model. It also studies the effect of financial crisis on these stock markets co-movements. VAR/VECM is used to estimate the interdependence between stock markets and exchange rates and the dynamics of the system. Impulse response function is used to examine the short-run dynamic interactions among the variables in the system. The results suggest that Indonesian stock market is more cointegrated with its regional stock markets than with stock markets of its major trading partners. And this cointegration relationship strengthened during crisis and after crisis. The VAR and VECM results show that the dependence of Indonesian stock market upon its past value and other stock markets remains unchanged whether when Singapore is included or excluded from the models. The impulse response analysis indicates that shock from stock markets has greater effect on Indonesian stock markets relative to shock from exchange rates.
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Fransiska, Katrin, and Katrin Fransiska. "The Effect of Foreign Trade Activity To The Stock Liquidity in Indonesian Stock Market." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/t2m45f.

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碩士
國立臺北科技大學
管理國際學生碩士專班 (IMBA)
105
This study was conducted to determine the effect of foreign trade activity to the stock liquidity in the Indonesian stock market. Through panel data regression method with the foreign trade activity as independent variables, ASEAN index and the exchange rate as a control variable, and liquidity, which are divided into tightness, resiliency, and depth dimensions as dependent variables. It was found that there is a significant negative relationship between foreign trade activities with liquidity stock in tightness and resiliency dimensions, and positive relationship in depth dimension. When the samples of state-owned companies are eliminated, the result and level of significance is same, which means asymmetric information does not occur in the state-owned company. The result supports previous research from Rhee and Wang (2009), Agarwal et al., (2009), Kabigting and Hapitan (2009) and Varga (2013).
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Haryadi, Haryadi. "Volatility of returns, trading volume and the impact of macroeconomic announcements: high-frequency evidence from the Indonesian stock market." Thesis, 2016. https://vuir.vu.edu.au/32237/.

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A great amount of research has been undertaken into the patterns of, and the contributing factors to, the volatility of emerging equity market returns. One of the most common findings in the research is that the volatility of emerging market returns is high compared to that of developed markets. One factor contributing to the high volatility of returns in emerging markets is a lack of informational efficiency in the markets. The objective of this thesis is to examine the informational efficiency of the Indonesia Stock Exchange (IDX) by looking at the impact of the arrival of public information on the volatility of returns and investigating the relationship between trading volume, which is used as a proxy for the arrival of information, and volatility. Scheduled U.S. and Indonesian macroeconomic announcements are used as indicators for the arrival of public information. High-frequency data and an autoregressive econometric models are employed to examine the extent to which the volatility is affected by the macroeconomic announcements. Contrary to the literature, this thesis has found that, while most domestic macroeconomic announcements impact significantly on the volatility, there is no evidence that the U.S. Federal Open Market Committee announcements have an impact on volatility. In addition, the 2008 Global Financial Crisis significantly influenced the impact of macroeconomic news on the volatility of Indonesian equity market returns. This study also examines the relationship between market-wide realized volatility and trading volume of the Indonesian equity market. Trading volume has been used to indicate the arrival of new information, and its use as a proxy for information can improve understanding of the IDX’s microstructure. Consistent with the literature, this thesis reports different patterns of trading volume and returns volatility of the IDX during intraday trading. Using the Granger-causality test model, the study finds mixed results on the significance and direction of volume-volatility relationships. There are no Granger-causality relations between trading volume and volatility of returns of the Indonesian equity market during the full sample period. However, there is evidence of bi-directional causality relationships when observations are decomposed into subsample periods and days of the week.
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Hernawan, Boby Wahyu. "Corporate Governance and the Incidence of Sanctions in the Indonesian Capital Market." Thesis, 2016. https://vuir.vu.edu.au/32589/.

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A lack of prudent corporate governance practice has been identified as a significant contributor to the Asian economic crisis, which hit the region, including Indonesia, in 1997. In response to the crisis aftermath, in 2001, Indonesia implemented an improved set of corporate governance principles through the establishment of a national committee and corporate governance code. These corporate governance principles have also been incorporated into relevant laws and regulations. With the adoption of corporate governance principles, the remaining issue is the assessment of the effectiveness of corporate governance in Indonesia. On the one hand, reviews by the World Bank and the International Monetary Fund (IMF) (2004, 2010) have highlighted that Indonesia has mostly incorporated good corporate governance principles into its regulatory framework in the form of law, regulations and sanctions. However, these same commentators point out that corporate governance practices in Indonesia are often distant from what is required by regulation and code, and they recommended that Indonesia improve the effectiveness of its good corporate governance implementation and enforcement. Past studies have mostly focused on the effect of corporate governance on the behaviour of management, company performance, reporting quality and firm value. These studies appear less relevant for developing countries like Indonesia because the findings are inconclusive and are specific to the countries or regions in which the studies are conducted. Further, they are largely based on the conditions and environment of developed countries. Only a handful of studies have evaluated the relationship between corporate governance and the incidence of sanctions in developing countries. Even in these cases, the findings of these studies are subject to the legal, social and political environmental conditions of the economies in which they are conducted, and the findings have little or no relevance for the Indonesian situation. Further, Indonesia follows a civil law legal system and two-tier board system structure that differs from the one-tier systems found in many other countries. As such, in-depth analysis of corporate governance practices under a variety of governance structures and regulatory regimes, including under two-tiered systems such as that of Indonesia, is required.
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Tara, Nur Aida Arifah. "The Evaluation of Gross Spread and Underpricing of Initial Public Offerings in Indonesia." Thesis, 2019. https://vuir.vu.edu.au/41297/.

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This study is a comprehensive analysis of Initial Public Offerings (IPO) in the Indonesian market. The aim is to provide evidence on the: 1) characteristics and main determinants of gross spread and underpricing; 2) relationship of gross spread and underpricing; and 3) post-listing day performance of IPO in the Indonesian IPO market. The relationship between gross spread, underpricing, and the determinants of gross spread and underpricing was examined under 1) pooled data analysis; and 2) panel data analysis. The data used in this research are 150 IPO firms from 2007 to 2016. The data was arranged into three panel data of industry, firm size, and offer size of IPO. Further evaluation was employed to identify the relationship of gross spread and underpricing. The two-stage least squares (2SLS) regression model is adopted to identify the relationship of two IPO costs.The last evaluation on cost of IPO was the evaluation of post-listing day performance of IPO. The distribution of gross spread components shows that the Indonesian underwriting market has different fee setting practices with greater focus on management fees. Evaluation of gross spread revealed that the gross spread level of 2% emerges as the common spread, however, gross spread showed weak clustering pattern at 2%. The pooled regression model result shows that underwriter reputation is the sole significant variable in explaining gross spread in the Indonesian IPO. The relationship of underwriter reputation and gross spread is negative and significant. This indicates that more reputable underwriters have lower gross spreads than less reputable underwriters. The result is contrary from previous works and this result can be explained by the competition hypothesis and economies of scale. The panel regression provided different results on the main determinant in gross spread. The main determinant of the industry panel analysis are firm size and firm age; and the main determinant of firm size and offer size panel analysis is offer price. The result from the distribution of underpricing shows that all IPO firms in the sample were underpriced on the first day of trading at 23.73%. Hypothesis testing of the pooled analysis shows that in general, Shanghai Stock Exchange Index (SSE), firm size and firm age were significant in explaining underpricing in the Indonesian IPO market for both pooled regression model and panel regression model. Further analysis of relationships between underpricing and the determinants of underpricing was examined under a panel regression model of industry, firm size and IPO offer size. The main determinants of the industry panel were fixed asset investment, inflation rates and SSE. The main determinants of the firm size panel were SSE, firm age, and profitability. The determinant variables of SSE and all variables included in firm-specific characteristics (firm size, firm age and profitability) were significant in explaining underpricing. Hypothesis testing on the pooled data and panel analysis provided different results on the main determinants of underpricing in Indonesian IPO market. In general, the result from both analyses indicates that the SSE and firm-specific characteristics (firm size, firm age and profitability) are more significant in explaining underpricing in Indonesia. This finding confirms that investors primarily use firms’ information and the regional stock market index influence in making decision to participate in the Indonesian stock market. The evaluation on the relationship between gross spread and underpricing, found that the two IPO costs had negative relationship or substitute related. Further, the post-listing day performance of IPO in Indonesia showed lower Cumulative Average Abnormal Returns (CARs) at the 20th-day after the listing day which indicates the return received by investors decreased.
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Siregar, Bakti, and 錫誠嘉. "Statistical Analysis of Indonesia Stock Market." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/06857037012516554624.

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碩士
國立中山大學
應用數學系研究所
104
Liberalization and economic integration become topics of discussion and research in recent years. Indonesia is one of the countries that actively participates in the achievement of liberalization and economic integration, especially in the ASEAN region. Indonesia stock market has a high degree of volatility which can be used to produce high investment returns, which is one of the reasons to attract foreign investors to enter Indonesia stockmarket. Volatility plays an important role for market participants to control and reduce their market risk of financial assets In this study we establish the volatility models for the stocks listed in the Indonesia stock market index LQ45. The models we considered include the Autoregressive Conditional Heteroskedasticity (ARCH) proposed by Engle (1982), Generalized Autoregrassive Conditional Heteroskedasticity (GARCH) by Bollerslev (1986), the Stochastic Volatility Model (SVM) by Jacquier, Polson and Rossi (1994), and Autoregressive Moving Average (ARMA) by Box, Jankins, and Reinsel (1994). We use the daily log returns to establish the models and select the best one via Akaike information criterion (AIC).Moreover, we use it to predict the future volatility. In the end, we also apply machine learning application such as the K-means method to figure out how itsmovement of the clusters volatility in Indonesia stocks.
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Al, Hussien Bima. "Impact of fossil-fuel subsidy removal to the Indonesia stock market." Master's thesis, 2016. http://hdl.handle.net/10071/12774.

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In 2015, government of Indonesia introduced new policy which remove the fossil fuel subsidy applying since the freedom of Indonesia. The Premium gasoline is now unsubsidized, and the Solar diesel is remove. Some previous studies found that there is positively relationship of oil price change to the stock market. However, as the literatures we have, there has not been study regarding to the effect of fossil-fuel price change caused by subsidy removal. Therefore, this new policy attracts us to find whether there is impact of new subsidy policy applied to Indonesia Stock Market, represented by using the data of Jakarta Composite Index (JKSE), since the fossil-fuel price changes dramatically Because there is heteroskedasticity in the residual error in the natural regression model that we compute, we consider the GARCH model in order to deal with the problem. Besides, we also proceed the GJR and EGARCH to explain the asymmetry effect. We conclude that the subsidy removal do affect the Jakarta Composite Index (JKSE), yet the oil price return do not. Additionally, the subsidy removal (bad news for market participants) give more negative shock to conditional variance than subsidy existence (positive news). Then, taking into account the model selection using Akaike Information Criterion (AIC) and Schwarz’s Bayesian Criterion (SBC), we found that, in this study, the GJR can explain better than GARCH and EGARCH.
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Nugraha, Asep Tatip. "Determinants of, and Stock Market Reactions to, Financial Reporting Lag in Indonesia." Thesis, 2021. https://vuir.vu.edu.au/44706/.

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Financial reporting timeliness is one of the characteristics that enhance and improve the quality of useful financial information, which can affect stock prices. Given the importance of financial reporting timeliness, this research extends prior studies regarding determinants of, and stock market reactions to, financial reporting lag. However, the impact of tax-related variables (related party transactions, capital structure and tax audits) on financial reporting lag was analysed in this as well as other determinants (audit report lag, firm size, profitability, and audit opinion). The related party transactions and a high level of debt on capital structure are notoriously popular for achieving tax benefits and possibly considered as bad news. Investors could consider that gaining tax benefits or minimising tax payment as a negative behaviour in business. This study uses a stratified random sampling method to obtain the data from various industry sectors on the Indonesia Stock Exchange (IDX) from 2014 to 2017. The sample consists of 468 firm-year observations. Two-stages least squares regression method, the OLS model, and dynamic GMM model were used to analyse the relationship between stock market reactions and financial reporting lag. In addition, the least square model and Wald test were also used to analyse the asymmetric stock market reactions between timely and late financial reporting lags. Using LASSO Regression, the findings show that leverage, related party transactions, and tax audits are found to have no relationship with financial reporting lag. These findings indicate that the tax-related variables do not affect financial reporting timeliness. This means that the IDX firms do not consider related party transactions, high level of loan on capital structure, and tax audit results as bad news. Also, profitability and audit opinion have no relationship with financial reporting lag. Meanwhile, audit report lag and firm size are the variables, which are found to show a relationship with financial reporting lag. Moreover, the Wald tests on least square model reveal some evidence about asymmetric stock market reactions between timely and late financial reporting lag. Also, the data analysis using two-stage least-square model, the OLS model, and the dynamic GMM shows significantly negative relationship between predicted financial reporting lag and stock market reactions. However, the dynamic GMM model presents better results than those from the two-stage least square model and the OLS model due to the endogeneity problem on panel data used in this study. The results are consistent with the semi-strong form of the efficient market hypothesis. It indicates that the stock markets react to the publicly available information including prior stock prices and annual financial reporting during the event windows. The academic contributions of this study are as follows: 1. Investigating the audit report lag and tax-related variables into financial reporting lag and stock market research for emerging economies. 2. Selecting samples from various industry sectors for stock market reactions to financial reporting lag because prior studies used the sample from listed manufacturing firms in Indonesia. 3. Applying the two-stage least square method and the dynamic GMM model to analyse the stock market’s reactions to financial reporting lag because this method considers and tackles the endogeneity problem experienced in the model particularly on the panel data by the dynamic GMM model. 4. Using the Wald test to analyse the asymmetric stock market reactions between timely and late financial reporting lag. Finally, the practical contributions of this study are as follows: 1. The Financial Service Authority of Indonesia (OJK) could enhance its supervision toward the non-compliant firms in submitting their annual financial reports. 2. Investors may discover that publicly listed corporations do not take related party transactions, a high degree of debt on a capital structure, and tax audit results into consideration when releasing their annual financial reports. As a result, to make an investment choice, investors do not need to seek information about listed corporations declaring those accounts. 3. The investors also may find the appropriate timeliness to invest or divest their money from the timely and late financial reporting firms. 4. The companies’ managers could assess the impact of timely and late financial reporting of the listed firms. 5. The findings of this study have implications for investors in countries, which have similar financial reporting and tax regulations to Indonesia.
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Books on the topic "Indonesian stock market"

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Indonesia, Bursa Efek. Directory of the Indonesian capital market: Supporting institutions and supporting professionals. Jakarta, Indonesia: Indonesia Stock Exchange, 2010.

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Husnan, Suad. The Indonesian stock market: Its contribution to financial development and the application of the efficient markets hypothesis. Birmingham: University of Birmingham, 1990.

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Widjaja, Gunawan. Go public dan go private di Indonesia. Jakarta: Kencana, 2009.

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Pramono, Nindyo. Sertifikasi saham PT. go public dan hukum pasar modal di Indonesia. Bandung: Citra Aditya Bakti, 1997.

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I Putu Gede Ary Suta. Market performance of Indonesian public companies: An analysis of corporate reputation. Jakarta, Indonesia: Sad Satria Bhakti Foundation, 2006.

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Indonesia. A Law of the Republic of Indonesia number 8 year 1995 Concerning the Capital Market. Jakarta, Indonesia: Capital Market Society, 1996.

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Indonesia. Badan Pengawas Pasar Modal. Peraturan pelaksanaan Undang-Undang Pasar Modal, 2004. [Jakarta]: Harvarindo, 2005.

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Indonesia. Law of the Republic of Indonesia number 8, 1995 (November 10, 1995) Concerning Capital Markets. [Jakarta]: Cipta Jaya, 1995.

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Sun Hung Kai Research (Firm), ed. Investors guide to the Indonesian stock market, November 1990. [Jakarta, Indonesia: Sun Hung Kai Research, 1990.

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(Firm), Baring Securities, ed. Indonesia stock market review: Indonesia research, May 1992. [Jakarta: Baring Securities, 1992.

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Book chapters on the topic "Indonesian stock market"

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Pastpipatkul, Pathairat, Woraphon Yamaka, and Songsak Sriboonchitta. "Analyzing Financial Risk and Co-Movement of Gold Market, and Indonesian, Philippine, and Thailand Stock Markets: Dynamic Copula with Markov-Switching." In Causal Inference in Econometrics, 565–86. Cham: Springer International Publishing, 2015. http://dx.doi.org/10.1007/978-3-319-27284-9_37.

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Nandaru, F. R., and B. Wibowo. "Analysis of the impact of foreign investor trading activity on return, liquidity, and volatility of the Indonesian Stock Market before and during the COVID-19 crisis period." In Contemporary Research on Business and Management, 5–8. London: CRC Press, 2021. http://dx.doi.org/10.1201/9781003196013-2.

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Arsyad, M. A., and C. A. Utama. "Impact of COVID-19 on stock market of Indonesia stock exchange." In Sustainable Future: Trends, Strategies and Development, 205–8. London: Routledge, 2022. http://dx.doi.org/10.1201/9781003335832-52.

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Triady, Sandy, and Deddy P. Koesrindartoto. "Market Reaction and Investors’ Behaviour to Earnings Announcement: Evidence from Indonesia Stock Exchange." In Proceedings of the International Conference on Managing the Asian Century, 207–15. Singapore: Springer Singapore, 2013. http://dx.doi.org/10.1007/978-981-4560-61-0_24.

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Romadhoni, M. A. R. "Market reaction toward corporate action in Indonesia stock exchange before and during the COVID-19 pandemic." In Sustainable Future: Trends, Strategies and Development, 213–17. London: Routledge, 2022. http://dx.doi.org/10.1201/9781003335832-54.

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Sriboonchitta, Songsak, Jianxu Liu, Vladik Kreinovich, and Hung T. Nguyen. "A Vine Copula Approach for Analyzing Financial Risk and Co-movement of the Indonesian, Philippine and Thailand Stock Markets." In Modeling Dependence in Econometrics, 245–57. Cham: Springer International Publishing, 2014. http://dx.doi.org/10.1007/978-3-319-03395-2_16.

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Sebastian, P. A., D. P. Abdulrachman, and N. S. Hendriyeni. "The relevance of efficiency market theory to changes in valuation in food and beverages companies listed on the Indonesia stock exchange." In Contemporary Research on Business and Management, 64–67. London: CRC Press, 2021. http://dx.doi.org/10.1201/9781003196013-16.

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Rahmanto, A., and B. Wibowo. "Analysis of the disparity factor of the Net Asset Value (NAV) on the Exchange Trade Fund (ETF) and its market price on the Indonesia Stock Exchange (IDX)." In Contemporary Research on Business and Management, 77–81. London: CRC Press, 2021. http://dx.doi.org/10.1201/9781003196013-19.

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Falianty, Telisa, and Arif Budimanta. "Contagion, Exchange Rate, and Financial Volatility: Indonesian Case in Global Financial Turbulence." In Public Sector Crisis Management. IntechOpen, 2020. http://dx.doi.org/10.5772/intechopen.92275.

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Global turbulence after the financial crisis has hit Indonesia and almost all emerging countries. Quantitative Easing (QE) normalization (tapering of) has caused the capital outflows from emerging countries. Trade war and increasing geopolitical tension together raise the pressure. Argentina and Turkey have been experiencing economic shock. Indonesia should identify the contagion possibility and refer to Thai baht contagion experience in 1997. This paper assesses the contagion, exchange rate, and financial volatility triggered by global turbulence and Argentina-Turkey crisis in 2018. We use vector autoregression (VAR), simple correlation, dynamic conditional correlation (DCC), and regression method. We will investigate the potential contagion both in stock and exchange rate markets and in the rupiah exchange rate determination from both contagion and fundamental factors regarding the balance of payment (BOP) condition. The empirical result shows the potential contagion from Argentina and Turkey’s financial crisis to the Indonesian economy, especially to the stock market and exchange rate. The regression and correlation result also shows that Turkey has a higher financial contagion effect than Argentina to Indonesian financial market. Balance of payment condition also has the significant effect to explain rupiah exchange rate depreciation.
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Miala, M. I., and F. T. Kristanti. "Pulp and paper companies and their fair value: Indonesian stock market evidence." In Understanding Digital Industry, 262–66. Routledge, 2020. http://dx.doi.org/10.1201/9780367814557-63.

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Conference papers on the topic "Indonesian stock market"

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Gan Siew Lee and M. A. Djauhari. "Network topology of Indonesian stock market." In 2012 International Conference on Cloud Computing and Social Networking (ICCCSN). IEEE, 2012. http://dx.doi.org/10.1109/icccsn.2012.6215721.

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Nurahmad, Kautsar Primadi, and Irwan Adi Ekaputra. "Quality Investing in Indonesian Stock Market." In 3rd International Conference on Business and Management of Technology (ICONBMT 2021). Paris, France: Atlantis Press, 2022. http://dx.doi.org/10.2991/aebmr.k.211226.025.

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Hendra, Edwin, Theresia Lesmana, and Sasya Sabrina. "Market Reaction on Reverse Stock Split Announcement: Empirical Evidence in Indonesian Stock Market." In Economics and Business International Conference 2019. SCITEPRESS - Science and Technology Publications, 2019. http://dx.doi.org/10.5220/0009200601540161.

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Sasikirono, Nugroho, and Harlina Meidiaswati. "Holiday Effect in The Indonesian Stock Market." In 2017 International Conference on Organizational Innovation (ICOI 2017). Paris, France: Atlantis Press, 2017. http://dx.doi.org/10.2991/icoi-17.2017.23.

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Kurniawan, Bagas, and Zaafri Ananto Husodo. "Liquidity Premium Foreign and Domestic Investor in Indonesian Stock Market." In The Fifth Padang International Conference On Economics Education, Economics, Business and Management, Accounting and Entrepreneurship (PICEEBA-5 2020). Paris, France: Atlantis Press, 2020. http://dx.doi.org/10.2991/aebmr.k.201126.065.

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Candraningrat, Ica Rika. "Analysis of Herding Behavior in the Indonesian Capital Stock Market." In Proceedings of the 1st Aceh Global Conference (AGC 2018). Paris, France: Atlantis Press, 2019. http://dx.doi.org/10.2991/agc-18.2019.59.

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Inggrit Wijaya, Liliana, Randy Kennardi Irawan, and Putu Anom Mahadwartha. "Test of Fama a French five factor-model on Indonesian stock market." In 15th International Symposium on Management (INSYMA 2018). Paris, France: Atlantis Press, 2018. http://dx.doi.org/10.2991/insyma-18.2018.12.

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Tzang, Shyh-Weir, Kuei-Yuan Wang, and Relia Novita Rahim. "Macroeconomic Condition and Capital Structure Adjustment Speed -- Evidence from the Indonesian Stock Market." In 2013 Seventh International Conference on Innovative Mobile and Internet Services in Ubiquitous Computing (IMIS). IEEE, 2013. http://dx.doi.org/10.1109/imis.2013.141.

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Komalasari, Farida, Lucia Manik, and Eko Ganiarto. "The Change of Investment Behavior during Covid-19 Pandemic in Indonesia Stock Market." In Proceedings of the 5th International Conference on Indonesian Social and Political Enquiries, ICISPE 2020, 9-10 October 2020, Semarang, Indonesia. EAI, 2021. http://dx.doi.org/10.4108/eai.9-10-2020.2304782.

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Utomo, Kurniawan Prambudi, and Abdul Rahman. "IMPLEMENTATION OF DEBT EQUITY RATIO (DER) AND UNDERWRITER'S REPUTATION ON UNDERPRICING DURING INITIAL PUBLIC OFFERING (IPO) ON THE IDX." In Global Conference on Business and Management Proceedings. Goodwood Conferences, 2022. http://dx.doi.org/10.35912/gcbm.v1i1.10.

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This study is expected to describe a real phenomenon that occurs on the Indonesian stock exchange to determine the direct relationship between the Debtto Equity Ratio (DER) and the Reputation of the Underwriter on the Indonesia Stock Exchange (IDX). uses qualitative research, namely field observation research by distributing data that has been structured in a structured manner, and collecting information on the IDX, IDX Fact Book, and scientific literature. From 104 companies and there are 96 companies who experience underpricing, Underpricingon the condition of the company selling shares to the public or Initial Public Offering (IPO) in 2018 which is influenced by the reputation of the underwriter, the size of the company. This study only consists of three variables, Debt to Equity Ratio (DER), Influence, and Reputation of the Underwriter on the Underpricing Phenomenon, while there are many other factors such as stock trivia and e-IPO so that it will be better and meet scientific principles. Underpricing that occurs in companies conducting IPOs, is mostly avoided by other companies because the funds obtained are not maximally obtained from the initial investment price and are below the market price or stock price in the market.
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Reports on the topic "Indonesian stock market"

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Yusgiantoro, Luky A., Akhmad Hanan, Budi P. Sunariyanto, and Mayora B. Swastika. Mapping Indonesia’s EV Potential in Global EV Supply Chain. Purnomo Yusgiantoro Center, June 2021. http://dx.doi.org/10.33116/br.004.

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• Energy transition in the transportation sector is indicated by the gradual shifting from the use of internal combustion engine (ICE) vehicles to electric vehicles (EVs) globally. • The transportation sector consumed 43% of total global energy and emitted 16.2% of total global emissions in 2020. Similarly, the transportation sector in Indonesia consumed 45% of the total energy and contributed to 13.6% of CO2 emission in 2019. • Global EV development and utilization are increasing exponentially, especially in developed countries, and there were 10 million EVs in 2020 worldwide. • China has successfully dominated global EVs, both in EV utilization and manufacturing with 45% global EVs Stock and 77% global EV batteries production. • Geopolitically, the abundance of Indonesian nickel reserves provides Indonesia a great opportunity to be one of the main players in EV battery manufacturing. • With an annual average growth of 6%, the projected motorized vehicles growth in Indonesia will reach 214 million in 2030. The right government policies would make Indonesia become the Southeast Asia EV market hub as Indonesia has the largest automotive sales and production market among ASEAN countries. • Measurable and realistic national EV development targets and plans supported by executing policies such as fiscal incentives and hardware standardization, sufficient EV charging infrastructure, and other supporting infrastructures are key elements that drive successful EV development in several countries. • Insufficient domestic industries and technology, and the absence of policies that comprehensively cover the customers and producers directly to support EV development and utilization in Indonesia, resulting in the achieved number of EVs and EV infrastructures in Indonesia are far from the updated target or even the initial target (RUEN, 2017).
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