This study aims to analyze the effect of Governance, Risk, and Compliance (GRC) disclosure on market reaction and firm value in the banking sector listed on the Indonesia Stock Exchange during the 2019–2023 period. The research sample was determined using purposive sampling, comprising 8 companies with observations over 5 years, resulting in a total of 40 annual reports. Data were collected through documentation of annual reports and analyzed using multiple linear regression. The results indicate that governance disclosure, risk disclosure, and compliance disclosure simultaneously have a significant positive effect on market reaction, suggesting that higher levels of GRC disclosure can enhance positive investor responses. Meanwhile, only governance disclosure and risk disclosure have a significant positive effect on firm value, whereas compliance disclosure does not show a significant impact. These findings align with positive accounting theory, which states that managers strategically use information disclosure to influence investor perceptions, increase market confidence, and drive firm value growth. This study provides important implications for company management to improve the quality of GRC disclosure as a market communication strategy and for investors in assessing the performance and growth potential of firms.

ABSTRACT Regulators are increasingly considering and mandating additional public tax disclosures to enhance transparency and promote scrutiny of corporate tax avoidance. We conducted three experiments to examine how such disclosures influence retail investors' perceptions of firms with identical effective tax rates but different tax avoidance methods. In the first experiment, participants evaluated whether firms were paying their fair share of taxes. We find that additional public tax disclosures reduce retail investors' tendency to differentiate between tax avoidance methods, subsequently affecting their willingness to invest. Specifically, participants use easy‐to‐process summary tax information in the additional public tax disclosure as a heuristic shortcut. The second and third experiments demonstrate that modifying the disclosure format and prompting participants to assess tax aggressiveness rather than fairness can mitigate these adverse effects. However, none of the cases significantly alters participants' perceptions compared to the baseline condition of no public tax disclosure. Overall, our findings provide insights into the design of, and the debate surrounding, additional public tax disclosures.

ABSTRACT: This study is conducted to understand how investors in Amravati city think about cryptocurrency as a long-term investment option. Nowadays, cryptocurrency is becoming popular, but many investors are confused because of risk, price changes, security issues, and unclear government rules. The main purpose of this study is to know the level of awareness, knowledge, trust, and interest of investors in cryptocurrency. The study is based on primary data collected from 50 respondents using a questionnaire. The data is analysed using percentage method and chi-square test. The findings show that most respondents have heard about cryptocurrency, but only a few actively invest in it. Many investors have some knowledge but are not fully confident because they do not clearly understand how cryptocurrency works. Risk of losing money, market ups and downs, and safety of online platforms strongly affect investor opinion. Social media and online sources also play an important role in shaping investor views. The study also finds that most investors prefer to invest only a small part of their money in cryptocurrency instead of using it as a main investment. The chi-square test proves that investor perception has a significant effect on the decision to consider cryptocurrency as a long-term investment. The study concludes that better awareness, clear government rules, and strong security systems are needed to increase investor confidence in cryptocurrency. KEYWORDS: Cryptocurrency, Investor Awareness, Investor Perception, Long-term Investment, Risk, Security

Abstract Just as seeds grow into strong trees with proper care, small and timely investments in children’s mutual funds can grow into long-term financial security for a child’s future needs such as education, marriage, and career development. Children’s mutual funds are specially designed investment schemes that encourage disciplined savings with a long-term perspective. Despite their benefits, investor awareness regarding these schemes remains limited, particularly among small and first-time investors. The present study aims to examine the level of awareness, perception, and understanding of investors toward children’s mutual funds. The study also analyzes the factors influencing investment decisions, perceived benefits, and challenges associated with these schemes. A pilot study approach is adopted to assess the clarity and suitability of the research instrument before conducting a large-scale empirical study. The findings indicate moderate awareness among investors, with education planning emerging as the primary investment objective. However, lack of financial literacy and risk perception act as major barriers. The study highlights the need for effective investor education programs to promote informed investment decisions. Keywords: Children’s Mutual Funds, Investor Awareness, Financial Planning, Education Planning, Pilot Study

Data from the Indonesian Central Securities Depository (KSEI) shows that the number of Single Investor Identification (SID) holders in 2023 has reached more than 11 million, a rapid increase from around 2 million in 2018. This growth reflects an increase in public awareness of the importance of investing in the capital market. In addition, the Indonesian capital market plays an important role in strengthening the resilience of the national economy by providing funds for companies in various sectors (World Bank, 2022; KSEI, 2023). Thus, research on the factors that influence capital market dynamics is becoming increasingly relevant, especially in the context of strategic sectors that contribute significantly to the national Gross Domestic Product (GDP). This study aims to analyze the effect of dividend policy, financing decisions, and free cash flow on Firm value in Indonesia. The research population consists of primary consumption sector companies listed on the Indonesia Stock Exchange (IDX) during the period 2021–2024. The sample was selected using purposive sampling and analyzed using multiple linear regression with classical assumption tests. The results show that dividend policy and financing decisions have a positive and significant effect on Firm value, while free cash flow has a negative but insignificant effect. These findings indicate that optimal dividend distribution policy and a balanced financing structure can increase Firm value, while inefficient free cash flow management can lower investor perception of company performance.

This study examines the effect of short-term debt, financial leverage, and market value on stock prices of non-cyclical consumer companies listed on the Indonesia Stock Exchange during the 2021–2025 period. Using a quantitative explanatory approach, the analysis applies panel data regression estimated with EViews. The results show that short-term debt and financial leverage do not have a statistically significant impact on stock prices, indicating that liquidity and capital structure are not primary valuation considerations in this defensive sector. In contrast, market value, proxied by earnings per share (EPS), has a positive and significant effect on stock prices, highlighting the central role of profitability and investor perception in price formation. These findings suggest that the relevance of financial indicators is sector-dependent, with profitability-based signals dominating investor decision-making in non-cyclical consumer firms. This study contributes sector-specific empirical evidence under the post-reclassification market environment and provides practical insights for investors and corporate managers. Future research is encouraged to include additional variables or cross-sector comparisons.

Purpose This study aims to examine the effect of board nationality diversity on earnings management. It also looks at whether audit committee independence moderates the relationship between the board’s nationality diversity and earnings management, as measured by discretionary accruals. Design/methodology/approach The author examined a sample of SBF120 over a five-year period (2017–2022) using a panel data regression model, the generalized method of moments and a two-stage least squares method to explore the specified relationships. Additionally, this study conducted a regression analysis using an alternative measure of EM to assess robustness. Findings The findings show that, in the French context, board nationality diversity has a negative impact on earnings management. Furthermore, audit committee independence significantly moderates the relationship between board nationality diversity and earnings management. Originality/value The results provide new insights that should enhance the previous literature, particularly about board nationality diversity, audit committee independence and earnings management in the French context. This study also contributes to research on social identity theory and recategorization. In France, and to the best of the author’s knowledge, this is the first study that looked at how audit committee independence affects the link between the board’s cultural diversity and earnings management. This study has implications for board recruitment practices, investor perceptions and regulatory reforms in France and beyond. Additionally, this study could serve as an effective pedagogical tool for courses on corporate governance and accounting.

Aims: To analyze the role of marketing strategies in shaping investor perceptions, reducing information asymmetry, and improving equity offering outcomes. Specifically, this study aims to examine the effectiveness of traditional roadshows, corporate branding, digital engagement, and social media in equity issuance preparation, and to identify gaps in cross-market comparability and digital branding research from 2010 to 2025. Study Design: Systematic literature review of peer-reviewed journal articles, conference proceedings, and high-quality industry reports published between 2010 and 2025. Place and Duration of Study: The study was conducted as a desk-based review, covering global equity markets with a special focus on developing economies such as Indonesia. The review period spanned publications from January 2010 to June 2025. Methodology: This study employs a systematic literature review guided by PRISMA-style principles, adapted to interdisciplinary research in finance and marketing. Relevant studies were identified from Scopus, Web of Science, and Google Scholar using keywords such as “equity offering marketing,” “roadshows,” “digital branding,” “social media,” and “investor relations.” The initial search identified 87 publications. After removing duplicates and applying predefined inclusion criteria—restricted to peer-reviewed journal articles, conference papers, and credible institutional reports—a total of 22 studies were retained for analysis. The selected literature was thematically coded to identify recurring marketing strategies, challenges, and outcomes, with particular attention to digital communication, social media use, corporate governance, and long-term firm performance. Results: The findings indicate that traditional roadshows and structured investor engagement continue to dominate equity offering marketing, especially in developed markets, supporting signaling and information asymmetry theories that emphasize credibility and direct communication. Digital platforms have expanded investor reach and democratized access to information but have also increased exposure to volatility, reputational risk, and sentiment-driven market reactions. Social media influences investor sentiment, although its long-term performance effects remain inconclusive. Cross-market comparisons show that emerging economies, including Indonesia, face challenges in aligning equity marketing narratives with corporate governance practices and sustainable business strategies. The review identifies a significant research gap concerning the lack of standardized digital branding practices in equity markets. Conclusion: The study contributes theoretically by linking financial signaling and marketing communication to equity offering outcomes. Effective equity issuance requires a balanced strategy combining strong financial fundamentals with transparent and accountable marketing communication. Overreliance on hype-driven marketing may enhance short-term visibility but weaken long-term performance and trust. Future research should focus on developing standardized digital branding frameworks that support sustainability and long-term shareholder value, particularly in developing markets.

This study investigated the market reactions to connected transaction announcements in the Stock Exchange of Thailand (SET) and examined investor perceptions of wealth expropriation from minority shareholders within business groups. The event study methodology was used to analyze cumulative abnormal returns for all connected transactions announced by SET-listed firms from 2014 to 2019. The sample was further divided into two subgroups based on the majority stockholder’s cash-flow rights in the listed firm compared with those of the connected party. To assess statistically significant differences in market responses between these subgroups, Propensity Score Matching (PSM) was employed. The results showed positive market reactions to announcements in the days preceding formal disclosure—potentially due to information leakage or anticipatory trading—but provided no evidence of a sustained positive reaction following the announcement date (day 0). Specifically, transactions involving firms with high cash-flow-rights, generated negative abnormal returns after the announcement, suggesting that the overall market response was not uniformly favorable. Investors appear to perceive these transactions as potential channels for wealth expropriation (“propping”) rather than unequivocally value-enhancing events, a view confirmed by the PSM analysis. This study contributes to understanding how markets respond to connected transactions and highlights implications for wealth transfer within business groups. The findings have practical significance for companies engaging in connected transactions and for investors seeking to incorporate propping risk in portfolio and risk management.

This research examines the correlation between HDFC Bank's Corporate Social Responsibility (CSR) initiatives and the stock price reaction. The project utilises secondary data from CSR reports and stock price movements, employing quantitative methods such as correlation analysis and event study methodology to determine whether CSR activities affect investor perceptions and, in turn, market performance. The study aims to examine whether HDFC Bank's Corporate Social Responsibility (CSR) initiatives influence its stock market performance by analysing the relationships among CSR expenditure, overall stock prices, and short-term stock returns as indicators of market sentiment. The study employed a quantitative research design, utilising secondary data collected from HDFC Bank's CSR reports and historical stock price records. Two methods were used: first, a Correlation analysis, and second, an event study to evaluate the association between CSR spending, average stock prices, and 3-month short-term returns. The results indicate a strong positive relationship between CSR expenditure and average stock price levels (r = 0.805, p = 0.016), suggesting that higher CSR spending may enhance investor confidence and long-term valuation. However, CSR expenditure showed a weak, non-significant relationship with short-term stock returns (r = –0.331, p = 0.424), as supported by the regression results, which had low explanatory power (R² = 10.9%). That confirms that CSR contributes more to long-term reputation and sustainable value creation than to short-term price movements. This study contributes to the limited Indian evidence on how CSR spending affects financial markets by focusing specifically on HDFC Bank—a central private-sector bank with consistent CSR engagement. Rather than examining broad market trends, this research provides a bank-specific, event-focused analysis that distinguishes between long-term valuation effects and short-term return behaviour. The results highlight CSR as a meaningful non-financial indicator of corporate sustainability and investor perception in the Indian context.

Purpose Artificial intelligence (AI) is expected to disrupt international businesses processes. However, given the complexity and inherent risks associated with AI investments, it remains debatable whether such projects offer tangible benefits to firms. In the global discussion, this paper aims to add an European perspective for international businesses by analyzing the value effects of AI project announcements by European companies. Design/methodology/approach This study is based on an event study methodology to test for abnormal market returns around the announcement of AI projects by European companies. The market perception is further controlled for differences in AI projects like additional strategic partnerships, industry-fixed effects and success in implementation. Findings Contrary to expectations, this event study finds no significant abnormal market reactions to AI project announcements by European companies on general. Project-specific characteristics also do not appear to meaningfully influence investor perception. However, the authors observe clear industry-specific effects: the automotive sector exhibits a comparatively positive market response, while pharmaceutical and telecommunications firms also show above-average abnormal returns around the announcement date. These findings suggest that investors evaluate AI initiatives in Europe through a sector-specific lens, resulting in diverging market reactions. Overall, the results further challenge assumptions about the uniformly US-centric valuation of AI announcements. Practical implications The findings suggest that European managers should align AI announcements with clear, sector-specific innovation strategies to enhance credibility and investor confidence. However, to ensure broader societal benefit, AI strategies must be inclusive, avoiding the concentration of value in select sectors. These insights highlight the need for context-sensitive approaches to AI communication and implementation across Europe independent from the US role model. Social implications The findings highlight the heterogeneous interpretation of AI projects across sectors in Europe. The sector-specific nature of investor reactions suggests that firms must adopt tailored AI communication strategies that resonate with the expectations and realities of their respective industries. This underscores the broader societal importance of fostering public trust in AI, not just as a technological innovation, but as a tool for meaningful and inclusive social and economic progress. Originality/value This study contradicts the common understanding of market perception on AI projects from the USA and adds a European perspective, which indicates that the value of AI projects differentiates geographically.

This study examines investor perception of the derivative market by synthesizing evidence from empirical surveys, behavioral-finance literature, regulatory reports, and recent market data. Findings across existing research show that while participation in futures and options has increased—particularly among retail investors—awareness of derivative mechanics, margin requirements, and leverage-related risks remains limited. Investor perception is strongly shaped by behavioral biases such as overconfidence, herding, and sensation seeking, which contribute to speculative trading rather than informed hedging. Technological advancements, including mobile trading platforms and low-cost brokerage models, have improved accessibility but also intensified short-term, high-risk trading behavior. Institutional investors continue to view derivatives primarily as risk-management tools, while retail investors perceive them largely as avenues for quick gains, often resulting in substantial losses. Regulatory findings from recent years reinforce this mismatch between perception and outcomes, prompting calls for strengthened investor education, clearer disclosures, and redesigned contract structures. Overall, the literature indicates that investor perceptions are fragmented, influenced by limited financial literacy, cognitive biases, and platform dynamics. The study highlights the need for more causal, data-driven research to develop effective interventions that align investor perception with the actual risk–return profile of derivative instruments. Keywords: Derivative Marke, Investor Perception, Retail Investors, Behavioral Biases, Financial Literacy, Trading Behavior, Risk Management, Technology in Trading

This study aims to analyze the effect of capital structure, intellectual capital, and tax avoidance on firm value in food and beverage companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. The research is motivated by the strategic role of firm value as a signal of performance and long-term prospects amid economic dynamics, shifting consumer behavior, and post-pandemic policy pressures. A quantitative approach is employed using purposive sampling, resulting in 36 sample companies and 144 firm-year observations based on annual financial reports. Data are analyzed using multiple linear regression with SPSS, preceded by classical assumption tests including normality, multicollinearity, heteroskedasticity, and autocorrelation. The results show that capital structure has a positive and significant effect on firm value, supporting signaling theory which argues that sound financing decisions convey positive information to investors. Intellectual capital has a negative and insignificant effect on firm value, indicating that intellectual assets have not yet been optimally managed or fully appreciated by the market in this sector. Tax avoidance has a positive and significant effect on firm value, consistent with agency theory, suggesting that legally and prudently managed tax avoidance can improve tax efficiency, enhance profitability, and strengthen investor perceptions. Simultaneously, capital structure, intellectual capital, and tax avoidance significantly influence firm value, underscoring the importance of financial structure, intangible resources, and tax strategies in enhancing competitiveness and firm value in the food and beverage industry.

ABSTRACT This study examines how the communicator's role and the framing of ESG statements affect investor capital allocation in the context of earnings calls. Based on a virtual asset market experiment, the analysis identifies that the assurance and reinforcement of ESG messages have a positive effect of up to 8% on capital allocation, with especially strong effects when the CEO (rather than the CFO) communicates messages in a risk mitigation‐focus (compared to an upside focus) framing. The findings underscore the need to leverage the communication of ESG disclosures and communication in unstructured formats to address investor needs and preferences.

This study investigates investor awareness and determinants of investment in green bonds in Odisha, India, addressing a critical gap in region-specific empirical research. Green bonds, designed to finance environmentally sustainable projects, have gained prominence globally and in India since 2015. Using a quantitative research design, primary data were collected from 173 investors through structured questionnaires, and analysed via SPSS, employing reliability testing and stepwise multiple regression. The findings indicate that 76.3% of respondents were aware of green bonds. Regression results reveal that perceived environmental benefits, financial performance, risk perception and issuer reputation significantly influence investment decisions, collectively explaining 72.7% of the variance in investor behaviour. Perceived risk perception emerged as the strongest predictor, followed by issuer reputation, environmental benefits and financial performance. The study underscores the importance of investor education, transparency and credible issuers in promoting green bond adoption, offering actionable insights for policymakers, issuers and investors to strengthen India’s sustainable finance ecosystem.

Investor perception plays a crucial role in shaping investment decisions and influencing movements in equity markets. This study examines the factors affecting investor perception, including risk awareness, market information, economic conditions, return expectations, and behavioral biases. By analyzing how investors interpret market signals and respond to fluctuations, the study aims to understand the underlying psychology that drives investment choices. The findings contribute to a deeper understanding of investor behaviour, helping companies, policymakers, and market participants develop strategies that enhance transparency, trust, and informed decision-making in the equity market ecosystem.

This study aims to examine the effect of long-term liabilities on the stock price of PT Jasa Marga (Persero) Tbk using the company’s financial data. As an infrastructure company operating toll road networks, PT Jasa Marga requires substantial long-term financing to support the development and maintenance of its assets. Long-term liabilities serve as a major funding source; however, an increase in these liabilities may raise financial risk, which in turn can affect investor perception and stock price movements. This research uses data on long-term liabilities and stock prices of PT Jasa Marga (Persero) Tbk for the period 2017–2024, with a total of 30 observations. The data were analyzed using a simple linear regression method to examine the relationship between long-term liabilities as the independent variable and stock price as the dependent variable. The results show that long-term liabilities have a negative but statistically insignificant effect on the stock price. This is indicated by a regression coefficient of –2.30764 × 10⁻⁸ and a p-value of 0.0577, which is higher than the 0.05 significance level. Furthermore, the R Square value of 0.1227 indicates that only 12.27% of the variation in the stock price of PT Jasa Marga (Persero) Tbk can be explained by changes in long-term liabilities, while the remaining variation is influenced by other factors such as macroeconomic conditions, government policies in the infrastructure sector, operational performance, and market sentiment. Thus, this study indicates that although long-term liabilities have a negative directional relationship with the stock price, their impact is not statistically strong. Therefore, changes in the stock price of PT Jasa Marga (Persero) Tbk are more strongly influenced by external and other fundamental factors beyond the company’s long-term liability structure.

This study examines how social influence affects retirees’ investment perception. With the shadow of Prospect theory, the study employed descriptive research design-based quantitative method. The targeted population was retirees from Zanzibar Urban West region. The sample was drawn from the total population of 7,773 residing in urban region. Using the Krejecie and Morgan table of a finite population, the sample size of 365 was obtained. However, the analysis was done on 283 retirees who had completed and returned the questionnaire to the researcher. The study was conducted in the Urban West region in Zanzibar using a survey method. Data were collected using administered questionnaires and analyzed using descriptive quantitative methods by SPSS software. The findings reveal that Social Influence (SOI) significantly affects the retirees’ Investment Perception (IPC). The study also found gender differences in impact, with social influence affecting more female retirees than male retirees. The paper concludes that social influence changes retirees’ investment perception. The study recommends that financial institutions develop financial training programs to help retirees enhance their investment perceptions, which encourages optimal investment decisions, so as to decide to invest through financial skills rather than social factors.

As the trend of global warming intensifies, extreme weather events have become a significant factor affecting corporate operations and capital market stability. The climate risks faced by enterprises not only directly threaten their physical assets and supply chain stability but also indirectly influence share price volatility by affecting investor expectations and market sentiment. Supply chain resilience, as the core capability for enterprises to withstand external shocks, directly determines their risk resistance level under climate impacts. Concurrently, analysts, as information intermediaries within capital markets, exert influence through disclosure and oversight effects that shape investor perceptions and pricing of corporate climate risks. Consequently, examining how corporate climate risks transmit through supply chain resilience to stock price crash risks, while analysing the moderating role of analyst attention, holds significant theoretical and practical implications for advancing climate finance research and refining capital market risk management frameworks. Consequently, this study employs a panel data two-way fixed effects model to empirically examine the impact of corporate climate risk on stock price crash risk, the transmission mechanism involving supply chain resilience as an intermediary variable, and the role of analyst attention in this risk transmission process. The research sample comprises all listed companies on China's A-share market from 2006 to 2024. The findings reveal: (1) Firms with greater climate risk exposure face heightened stock price crash risk; (2) Climate risk amplifies stock price crash risk by undermining supply chain resilience; (3) Firms receiving greater analyst attention experience a weaker amplification effect of climate risk on stock price crash risk.

This study evaluates the impact of TATO, ROA, DER, stock returns, and firm size on company value (PBV) for 28 infrastructure companies listed on the Indonesia Stock Exchange (IDX) during 2021–2023. The background to this research is the crucial role of the infrastructure sector amid government budget dynamics that affect corporate performance and investor perception. The results show that ROA, DER, and stock returns have a significant positive effect on company value. This indicates that high profitability, optimal debt management, and good stock returns send positive signals to the market. Conversely, TATO was found to have a significant negative effect, reflecting that inefficiencies in asset management can reduce investor confidence. Meanwhile, firm size had no significant impact on company value. This study recommends that investors use ROA, DER, and stock return as key indicators in decision-making. At the same time, companies are advised to optimise profitability and debt management to enhance their value in the eyes of investors.