Stock Exchange Research Articles

Determinants of Risk Management Disclosure Study of Banking Sub-Sector Companies Listed on the Indonesia Stock Exchange

This research aims to analyze how risk management disclosure is seen from the implementation of corporate governance (institutional ownership, audit committee, independent commissioner) and company size, which is the main issue of this article, which business actors hope can mitigate business risks. The population of this research is banking industry companies listed on the Indonesia Stock Exchange for the 2018-2020 period. The research sampling technique that the researcher used was purposive sampling. The analysis technique that researchers use is multiple regression analysis and descriptive statistics. The data analysis that researchers used was with the help of the SPSS version 26 application. The results of this research simultaneously show that company size, audit committee, independent commissioner and institutional ownership jointly influence risk management disclosure. Partially, company size has an effect and is not significant on risk management disclosure, the audit committee has a significant effect on risk management disclosure. independent commissioners have an inversely proportional effect on risk management disclosures, there is an influence of institutional ownership which is not significant and inversely proportional to risk management disclosures

The Impact of Environmental Social Governance (ESG) on Firm Performance with the Moderating Role of CEO Turnover

This research aims to investigate the influence of Environmental, Social, and Governance (ESG) on firm performance, measured by Return on Equity (ROE). Additionally, the study explores the moderating role of CEO turnover in the relationship between ESG and firm performance in publicly listed companies on the Indonesia Stock Exchange, with a sample of 33 companies from 2016 to 2022. The GMM estimator method is employed to address endogeneity issues, ensuring consistent and unbiased estimation results. Findings indicate that overall ESG performance significantly affects firm performance, emphasizing the importance of implementing ESG principles in Indonesian businesses to enhance ROE. Other results reveal the pure moderating role of CEO turnover, weakening the relationship between ESG and firm performance. Therefore, proper planning and guidelines for CEO succession are crucial for improving firm performance and sustainability. The research results carry important implications for Indonesian companies to consider ESG implementation in their business strategies. Furthermore, CEO succession planning management is key to maximizing the positive impact of ESG on firm performance. This study contributes to a deeper understanding of how ESG factors influence firm performance in the Indonesian business context, highlighting the significance of executive leadership in managing these impacts.

Threshold integer-valued autoregressive model with serially dependent innovation

ABSTRACT Nonlinearity in count time series is commonly encountered in practice. To better explain the nonlinear phenomena in count time series, this article introduces a new threshold INAR(1) model using the idea of serially dependent innovation. The proposed model contains some existing INAR(1) models as special cases and establishes a connection between the threshold INAR(1) model and the threshold INARCH(1) model. The basic probabilistic and statistical properties of the new model are investigated. Model parameters, including the threshold variable, are estimated by the conditional least squares, modified quasi-likelihood and conditional maximum likelihood methods. Asymptotic properties and numerical results of the estimates are also studied. An application to the monthly trading volume of stock B in Shanghai Stock Exchange is conducted to show the practicability of the proposed model.

The Effect of Return on Assets Ratio, Debt to Equity Ratio and Sales Growth on Tax Avoidance

This study aims to determine the role of Return On Assets Ratio (ROA), Debt To Equity Ratio (DER), and Sales Growth on Tax Avoidance, with a research focus on the Energy sector listed on the Indonesia Stock Exchange for the 2020-2022 period. A sample of 45 companies was used, taken using the purposive sampling technique. The data analysis technique used is quantitative analysis. This analysis shows that ROA and DER have a significant effect on Tax Avoidance, while sales growth has no effect. The data management procedure was carried out with the help of IBM SPSS 26.

Legal infrastructure construction and audit opinion: Evidence from the implementation of China's new securities law

Based on the background of the implementation of China's New Securities Law (NSL) and the data of Chinese listed enterprises from 2016 to 2023, this paper investigates the influence of the new-updated legal infrastructure construction on auditors’ behavior of issuing audit opinion. The findings depict that the implementation of NSL can significantly improve the possibility of issuing non-standard audit opinion by auditors. Mechanism tests confirm that reducing audit market concentration and increasing disciplinary risks are core mechanism approaches. Further discussion reveals that the incentive effect of NSL implementation on the possibility of issuing non-standard audit opinion is more prominent under the synergy of both the stock exchange inquiry and the scrutiny action of the CICPA interview. This paper makes practical implications for standardizing auditors’ behavior, improving the quality of audit verification responsibility, and consequently protecting the legitimate rights of investors.

Determinan Harga Saham pada Perusahaan Pertambangan Di Indonesia

Before making an investment, investors must analyze stock prices to avoid unfavorable situations. This study aims to determine the effect of Return on Asset (ROA), Return on Equity (ROE) and Current Ratio (CR) on stock prices in mining companies listed on the Indonesia Stock Exchange. This study uses quantitative research. The population in this study is mining companies listed on the Indonesia Stock Exchange. The sample selection used purposive sampling and obtained 42 data samples. The data in this study are secondary data obtained from the Indonesia Stock Exchange (IDX) and the company's official website. This study uses data analysis techniques, namely multiple linear regression analysis using IBM SPSS version 29. The results of this study indicate that return on assets does not affect stock prices in mining companies, return on equity has a positive and significant effect on stock prices in mining companies and current ratio does not affect stock prices in mining companies.

Intraday and daily dynamics of cryptocurrency

This paper examines and compares intraday and intraweek patterns in hourly and daily prices, returns, volumes and volatility of native cryptocurrencies, stablecoins and tokens traded on Bitstamp. We show that native cryptocurrencies and tokens share common intraday periodicity determined by the operating times of the NYSE, LSE and Hang Seng stock exchange markets. Periodic patterns are also documented in the returns on cryptocurrency market portfolio approximated by the PCA applied to intraday and intraweek cross-sectional correlation matrices of cryptocurrency returns. Stablecoins have distinct dynamics and their daily and hourly returns are uncorrelated with one another and with the returns on other cryptocurrencies. We introduce a functional CAPM to accommodate the periodic patterns and estimate it by regressing the functions of intraday and intraweek cryptocurrency returns on the market portfolio. We show that the return functions on Bitcoin, Ether, and Link satisfy affine relationships with the return functions of the market portfolio and their functional betas display periodic intraday and intraweek patterns.

CEO-related announcements, trading activity, and calendar effects

ABSTRACT This study examines how abnormal trading volumes reflect new information, such as CEO-related announcements. Using hand-collected data on 1,236 CEO reappointments and turnovers from Polish firms listed on the Warsaw Stock Exchange, we show that investor reaction to CEO-related announcements is stronger in the winter-spring season than in the summer-fall season. However, in the summer-fall season, CEO reappointment triggers higher trading activity than CEO turnover announcements, while in the winter-spring season, the reaction is opposite. We also discover that abnormal trading volumes induced by CEO-related announcements are significantly lower at the beginning and end of the week than in the middle of the week. Furthermore, when it comes to day of the week anomalies, investors are much less interested in CEO reappointment than in turnover. The findings suggest that calendar effects influence investor reactions to CEO appointments, offering new insights into market anomalies and corporate governance mechanisms.

Pengaruh Financial Distress, Firm Size, Leverage, dan Ceo Retirement terhadap Prudence (Studi Empiris pada Perusahaan Sektor Makanan dan Minuman yang terdaftar di Bursa Efek Indonesia tahun 2019-2022)

Prudence is a conference of accounting conservatism or which means the principle of prudence in recognizing income or assets and expenses that can result in shrinking the profits generated by a company in order to reduce the risk of uncertainty in the future. This study aims to examine the factors that affect prudence in food and beverage sector companies on the Indonesia Stock Exchange in 2019-2022. The sampling technique used in this study is purposive sampling. A total of 97 companies have met the criteria as an observation unit. The method of analysis used is multiple linear regression analysis. The results provide empirical evidence that financial distress, firm size, leverage, and ceo retirement affect prudence.

VALUE OF THE COMPANY : THE MEDIATING RETURN ON EQUITY

The grand theory in this research was built by combining Signal Theory, Stakeholder Theory, and Agency Theory as a conceptual basis for hypothesis development. Signal Theory highlights how information companies convey, such as implementing Good Corporate Governance (GCG), can influence investor confidence and investment decisions. This study aims to analyze the impact of CSR and GCG on company value (Tobin's Q), mediated by financial performance, with a focus on Islamic Social Responsibility (ISR), Independent Board of Commissioners (IBC), and Institutional Ownership (IO). They are using a quantitative method. The data is derived from the annual financial reports of 39 banking companies listed on the Indonesia Stock Exchange (IDX) from 2017 to 2021. The purposive sampling technique was chosen to ensure that the sample used was relevant and could provide valid data to test the relationship between the variables studied and answer the research hypothesis comprehensively. Secondary data was collected from www.idx.co.id, and path analysis was employed as the analytical method. The findings reveal that CSR, ISR, IBC, and IO positively and directly influence company value (Tobin's Q). These results underscore the critical role of CSR and GCG in shaping a company's financial performance and market value.

DOES A REDUCTION IN TAX RATES INFLUENCE TAX AGGRESSIVENESS? AN ANALYSIS WITH ADDITIONAL FACTORS

This study investigates the effect of reduction tax rates in Indonesia and other factors that may impact tax aggressiveness. This study employs multiple linear regression analysis, using E-Views 12 as analytical software. A sample of fourteen real estate and property companies listed on the Indonesia Stock Exchange (IDX) for 2017 to 2023 was identified through purposive sampling. This study relies on secondary data derived from the company's financial statements. The results showed that the reduction in tax rates and the presence of independent commissioners did not significantly affect tax aggressiveness. In contrast, institutional ownership and profitability factors positively correlate with tax aggressiveness, while leverage shows a negative correlation. It is expected that the results of this study will contribute to the development of taxation policies for companies in Indonesia, aiming to reduce aggressive taxation practices and assist companies in their tax-related decision-making framework.

Pengaruh Economic Value Added , Market Value Added, dan Kebijakan Dividen terhadap Nilai Perusahan

Purpose: The current study aims to envestigate the influence of Economic Value Added (EVA), Market Value Added (MVA), and dividend policy on the value of enterprises classified as LQ45 that were publicly listed on the Indonesia Stock Exchange from 2020 to 2022. The study encompasses a dependent variable, Firm Value, alongside independent variables comprising Economic Value Added (EVA), Market Value Added (MVA), and dividend policy. Methodology: Quantitative research is what this study is all about. Information gathered from stock prices and yearly reports utilizing documentation methodologies. Twenty businesses were chosen the Purposive Sampling technique. Multiple Linear Regression in SPSS Version 27 was employed to examine in data. Results: Findings demonstrated that EVA has no influence on company value, but MVA has a large positive effect on firm value, and dividend policy has a massive positive effect on firm value. Meanwhile, the EVA, MVA, and Dividend Policy have a major beneficial influence on the firm's worth. Limitations: One of its drawbacks is the limited three-year analysis time; perhaps, future researchers will be able to employ a longer study period. Contribution: The study's findings may help businesses and investors weigh EVA, MVA and dividend policy factors when making choices.

Stock Market Development and Economic Growth: The Case of Kazakhstan

The purpose of the article. The relationship between economic growth and financial development has long been widely discussed in scientific circles. Most empirical research has led to the clear conclusion that financial markets stimulate economic development. However, in the case of financial markets in developing countries, this conclusion is not so obvious. The aim of this study is to empirically verify the relationship between economic growth and the development of the stock market (Kazakhstan Stock Exchange). Methodology. Empirical verification of the strength and shape of the cause-and-effect relationship between real GDP growth and independent predictors will be carried out using classic linear regression models with many independent variables. Results of the research. The results of empirical verification of the strength and shape of the cause-and-effect relationship between the growth of real GDP and independent predictors indicate that the development of the stock market has a positive impact on the growth of the country's real GDP but is not the basic factor of Kazakhstan's economic growth.

Uji Teori Institusional: Pengungkapan Emisi Karbon, Leverage, Profitabilitas, dan Nilai Perusahaan

Purpose: This study examines the impact of carbon emission disclosure, leverage, and profitability on firm value using institusional theory Research methodology: The research uses quantitative data from 10 energy companies listed on IDX (Indonesia Stock Exchange) between 2018-2022. The sample technique used was purposive sampling. Panel data regression is employed to analyze the data. Carbon emission disclosure is measured by GRI-305 (Global Reporting Initiative – 305), leverage by DAR (Debt-to-Asset) and profitability by EPS (Earning per Share) as independent variable, then firm value by PBV (Price Book Value) as dependent variable. Results: Carbon emission disclosure has a positive but insignficiant effect on firm value, leverage has a significant negative effect, while profitability shows a negative but insignificant effect on firm value. Limitations: The study’s sample size was limited due to the removal of outliers to meet classical assumption test, which may reduce the sample’s representativeness but improves data analysis quality. Contribution: This research is useful for investors, academics, companies, government, and the general public who want to know the benefits of carbon emissions disclosure, and the level of readiness of the Indonesian capital market in addressing climate change issues and disclosure of carbon emissions by companies.

Pengaruh Audit Tenure, Kepemilikan Manajerial, dan Ukuran Perusahaan terhadap Integritas Laporan Keuangan

Purpose: This study examined the impact of audit tenure, managerial ownership, and company size on the integrity of financial statements. Methodology: The sample was selected using purposive sampling, resulting in 29 companies and 77 data points from transportation and logistics companies listed on the Indonesia Stock Exchange during the period 2020-2022. Secondary data from the annual reports were analyzed using multiple linear regression. Results: Company size affects the integrity of financial statements, whereas audit tenure and managerial ownership do not. Limitations: The study is limited by measuring audit tenure as the number of years a Public Accounting Firm has engaged with a client, going back up to six years. Additionally, only one measurement tool–accounting conservatism–was used. Contribution: The findings are expected to enhance the understanding of financial statement integrity for both internal users, such as management, and external users, such as creditors and investors, aiding in making informed decisions. Furthermore, this study contributes to the literature by expanding the determinants of financial statement integrity in transportation and logistics companies.

EXPLORING INTEREST GEN Z INVESTMENT IN THE STOCK MARKET: STUDIES EMPIRICAL IN SURABAYA CITY

This study is for learning attitude, subjective norms, and perception control behavior, which can influence interest in investing Surabaya students in the capital market. The research uses quantitative methodology. Besides that, the method of taking a purposive sample was used for the retrieval process sample. Data was collected through a distribution questionnaire to 110 respondents from University Ciputra and the University Airlangga who have invested in the capital market. An online questionnaire was used to collect data. Online questionnaires refer to Google Forms as a medium for filling out questionnaires. The collected data was processed using the Partial Least Square method with the analysis software SmartPLS 3, which aims to test the connectedness between variables. Testing this shows that attitude, subjective norms, and perceived behavioral control have significant connections to interest investment students in Surabaya City in investing in the stock market. Implications study this is to encourage the Indonesian Stock Exchange as a regulator, companies as intermediary trading shares, and companies engaged in the finance field to collaborate to give education and insight into investment shares among students.

PROFITABILITY, LEVERAGE, CARBON EMISSION DISCLOSURE: THE MODERATING ROLE OF PROFIT GROWTH

This research examines the relationship between leverage, profitability, and carbon disclosure in the Indonesia Stock Exchange (IDX) energy industry from 2019 to 2022. As a moderator, this study also examines how profit growth affects the relationship between the three variables. Panel data multiple linear regression analysis served as the method of hypothesis testing. This study analyzes data on energy sector businesses listed on the Indonesia Stock Exchange during 2019–2022, totaling 84 observation periods. The results showed how profitability and leverage significantly negatively impacted carbon disclosure. Profit growth highlights how negatively profitability affects carbon disclosure. However, the relationship between leverage and carbon emission disclosure remains despite revenue increases. The findings provide important insights into the disclosure practices of the energy sector concerning carbon emissions and their impact on environmental sustainability. Based on the study's findings, businesses and pertinent parties should be able to develop policies that support the transition to a more sustainable energy industry.

Zrównoważone finansowanie z perspektywy państw Grupy Wyszehradzkiej i regionalnych rynków kapitałowych

An article is devoted to the issue of sustainable financing in the European Union from the perspective of the Visegrad Group countries. The conditions for the development of sustainable financing in the Visegrad Group countries and key challenges were examined and presented. The role of non-financial disclosures and stock exchanges in the region and the initiatives undertaken in this area were also indicated.

Analisis Faktor-Faktor Yang Mempengaruhi Intergritas Laporan Keuangan Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia

Publication of financial reports as accounting information products produced by the company, cannot be separated from the process of its preparation. The purpose of this study is to find empirical evidence of the influence of the Financial Report Integrity variable on Independent Commissioners, Institutional Ownership, Financial Distress, KAP Reputation and Auditor Industry Specialization. The research method used in this research activity uses the following research characteristics: Mixed Research Method refers to a combination of quantitative and qualitative methods. The population in this study were manufacturing companies for the 2019-2022 period on the Indonesia Stock Exchange. Based on the analysis of variable data, Independent Commissioners partially do not have a significant influence on the integrity of financial reports. Based on data analysis, the institutional ownership variable partially does not have a significant influence on the Integrity of Financial Reports.

Evaluating ESG frameworks: A comparative analysis of global standards and their application in Kazakhstan

This article investigates the key drivers and barriers to the adoption of Environmental, Social, and Governance (ESG) principles in Kazakhstan. By conducting a thematic analysis of relevant documents, frameworks, and case studies, the study evaluates the current state of ESG practices in Kazakhstan and compares them with international standards set by S&P Global, the Asian Development Bank (ADB), and the London Stock Exchange Group (LSEG). The findings highlight significant progress in regulatory support and investor demand but also identify critical challenges such as the lack of comprehensive ESG reporting standards, limited expertise, and infrastructure constraints. To address these issues, the article proposes a strategic framework that includes the development of a Unified ESG Reporting Standard, enhancement of corporate governance structures, investment in ESG infrastructure, and leveraging of market incentives. The proposed framework aims to align Kazakhstan's ESG practices with global standards, thereby enhancing its attractiveness to sustainable investment and improving its global standing in responsible business practices. Additionally, the article identifies gaps between Kazakhstan's ESG practices and international standards and offers targeted solutions to bridge these gaps, contributing to the country's sustainable development goals and attracting increased international investment.