Journal articles on the topic 'Capital market Indonesia'
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1
Santosa, Budi. "INTEGRASI PASAR MODAL KAWASAN CINA - ASEAN." Jurnal Ekonomi Pembangunan: Kajian Masalah Ekonomi dan Pembangunan 14, no. 1 (June 1, 2013): 78. http://dx.doi.org/10.23917/jep.v14i1.162.
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This study aims to analyze the level of capital market integration ASEAN and China. Analysis tool used is Vector Error Correction Model (VECM). The results showed that capital markets of Malaysia, Philippines, Singapore, Thailand, and China have a positive effect on Indonesian capital markets, but the Indonesian capital market does not affect the capital markets of other countries. Singapore capital market has a positive effect on capital markets of Indonesia, Malaysia, Thailand, and China, except for the Philippines. China's capital market only affects the capital market in Singapore. Singapore capital market and China have complete integration because both affect each other. Philippine capital market only affects Indonesian capital market. Indonesian capital market is easily influenced by the fluctuation in capital markets in the ASEAN region and China. Singapore capital market is in a strong position. While the Philippine capital market are relatively more segmented.
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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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Hutapea, Gita Masria, Ahmad Fauzan Fathoni, and Yulia Efni. "Investigation of Capital Market Efficiency in Indonesia." AFEBI Management and Business Review 4, no. 2 (December 29, 2019): 103. http://dx.doi.org/10.47312/ambr.v4i2.241.
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<em>In the midst of a national economic growth downturn that affected the capital market as a subsystem of the economy, now Indonesia capital market industry began to look at the development of the application of the principles of sharia as an alternative investment instruments in capital markets activities in Indonesia. The growth of the Islamic capital market in Indonesia is quite encouraging, but the Islamic capital market exposure is still minimal. Lack of public understanding about the Islamic capital market into doubt for investors to invest in the capital market. With the background of the problem, this research aims to investigate the level of efficiency increase of capital markets in Indonesia to see the influence of the capital market and the asymmetry of information on abnormal return. The population in this study are all listed company listed on the Stock Exchange 2014-2018 period as many as 626 companies with a total sample of 238 companies were selected based on criteria predetermined. The analytical method used in this research is multiple linear regression and the results showed that the type of capital markets significant negative effect on abnormal returns and the information asymmetry significant positive effect on abnormal returns. The continued development of the Islamic capital market information asymmetry and abnormal returns are also lower so the efficiency of the capital market has also increased. The analytical method used in this research is multiple linear regression and the results showed that the type of capital markets significant negative effect on abnormal returns and the information asymmetry significant positive effect on abnormal returns. The continued development of the Islamic capital market information asymmetry and abnormal returns are also lower so the efficiency of the capital market has also increased. The analytical method used in this research is multiple linear regression and the results showed that the type of capital markets significant negative effect on abnormal returns and the information asymmetry significant positive effect on abnormal returns. The continued development of the Islamic capital market information asymmetry and abnormal returns are also lower so the efficiency of the capital market has also increased.</em>
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Hutapea, Gita Masria, Ahmad Fauzan Fathoni, and Yulia Efni. "Investigation of Capital Market Efficiency in Indonesia." AFEBI Management and Business Review 4, no. 02 (July 29, 2020): 117. http://dx.doi.org/10.47312/ambr.v4i02.241.
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<em>In the midst of a national economic growth downturn that affected the capital market as a subsystem of the economy, now Indonesia capital market industry began to look at the development of the application of the principles of sharia as an alternative investment instruments in capital markets activities in Indonesia. The growth of the Islamic capital market in Indonesia is quite encouraging, but the Islamic capital market exposure is still minimal. Lack of public understanding about the Islamic capital market into doubt for investors to invest in the capital market. With the background of the problem, this research aims to investigate the level of efficiency increase of capital markets in Indonesia to see the influence of the capital market and the asymmetry of information on abnormal return. The population in this study are all listed company listed on the Stock Exchange 2014-2018 period as many as 626 companies with a total sample of 238 companies were selected based on criteria predetermined. The analytical method used in this research is multiple linear regression and the results showed that the type of capital markets significant negative effect on abnormal returns and the information asymmetry significant positive effect on abnormal returns. The continued development of the Islamic capital market information asymmetry and abnormal returns are also lower so the efficiency of the capital market has also increased. The analytical method used in this research is multiple linear regression and the results showed that the type of capital markets significant negative effect on abnormal returns and the information asymmetry significant positive effect on abnormal returns. The continued development of the Islamic capital market information asymmetry and abnormal returns are also lower so the efficiency of the capital market has also increased. The analytical method used in this research is multiple linear regression and the results showed that the type of capital markets significant negative effect on abnormal returns and the information asymmetry significant positive effect on abnormal returns. The continued development of the Islamic capital market information asymmetry and abnormal returns are also lower so the efficiency of the capital market has also increased.</em>
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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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Priyono, Achmad Agus, and Ety Saraswati. "The Covid Pandemic Testing the Resilience of the United States, China and Indonesia Capital Markets." Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) 5, no. 1 (February 16, 2022): 176–91. http://dx.doi.org/10.31538/iijse.v5i1.1782.
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There are two main factors that influence the rise and fall of the index, namely internal factors and external factors. The external factor currently experiencing volatility in the stock market is the coronavirus outbreak. Where the presence of the Coronavirus on this earth has caused panic in various parts of the world. The epidemic attacks various levels of society, especially for those who have congenital diseases. This study aims to analyze the resilience of the capital markets in the United States, China and Indonesia in the 60 days before and after the positive confirmation of COVID-19 in each country. The variable of capital market resilience in the United States is used as a proxy for the DJI index, while the resilience of the capital market in China is used as a proxy for the SSEC index, while the resilience of the capital market in Indonesia is used as a proxy for the IDX index. The paper tries to determine whether there are differences in the resilience of the capital market before and before the covid outbreak in the American, Chinese and Indonesian capital markets. The results of the study prove that the Covid outbreak has had a very bad impact on the stock markets of Indonesia and the United States. The tool on the test used to prove that there is a difference in resilience in the capital markets in Indonesia and the United States in the 60 days before and after being confirmed positive for Covid. Meanwhile, in the capital market in China, it was found that there was no difference in the resilience of the capital market in the 60 days before and before being confirmed positive for Covid. This condition proves the country's success in handling and controlling the covid outbreak.
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Hadiyanto, Redi, and Lina Pusvisasari. "ASPEK HUKUM PASAR MODAL SYARIAH DI INDONESIA." Tahkim (Jurnal Peradaban dan Hukum Islam) 4, no. 2 (November 4, 2021): 65–84. http://dx.doi.org/10.29313/tahkim.v4i2.8436.
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Along with the development of the times in the capital market experienced several developments such as the existence of the Islamic capital market. Indonesia is one of the countries that has developed a sharia capital market, therefore the role of the government and MUI should be to make legal regulations that regulate and become the basis for capital market activities so that they are in line with sharia principles so that as Indonesian Muslims it is important to know and apply them. This study aims to analyze the legal aspects of the Islamic capital market in Indonesia. The method used in this study is a normative juridical research method with a qualitative approach, analyzing the laws and concepts of the Islamic capital market in Islamic law. The results of the study show that in Indonesia the Islamic capital market was officially launched on March 14, 2003 along with the signing of the MoU and BAPEPAM-LK with the National Sharia Council of the Indonesian Ulema Council (DSN-MUI). In 2003, the DSN-MUI issued a fatwa regarding the permissibility of transactions in the capital market as long as the mechanism and object did not conflict with sharia principles. The fatwas issued by the DSN relate to the general provisions of the sharia capital market, its principles, issuers issuing sharia securities, criteria and types of sharia securities, prohibited transactions and determination of share prices.Keywords: Sharia Capital Market, Sharia Capital Market Law
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Mujisukamto, Aprinta Trisna, and Aftoni Sutanto. "ANALISIS EFISIENSI PASAR MODAL SYARI’AH DAN KONVENSIONAL BENTUK LEMAH BURSA EFEK INDONESIA." Jurnal Fokus Manajemen Bisnis 4, no. 1 (March 31, 2014): 65. http://dx.doi.org/10.12928/fokus.v4i1.1351.
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The analysis in this study was to test the efficiency of the Indonesian capital market in the form of weak. this research has two objeactives, the first objectives is analyze whether Indonesia capital market (convensional and syari’ah) has been efficient (weak-form). The second one is to analyze differentiation efficient market between convensional and syari’ah capital market. This study uses monthly stock price data, from 23 conventional stocks included in the index LQ45 and 2 Islamic stocks included in the index during the observation period 2012-2013 JII. To test the hypothesis efficiency of capital markets weak form using the Run Test, this test is used to test randomness stock price changes. Results from this study are in the period 2012-2013 of conventional and islamic capital market is efficient in the weak form and analyze by looking for a random number of shares on the capital market conventional and islamic capital market, the results showed that there were 22 (95.7%) share price conventional random and 2 (100%) the share price of sharia are random. Based on the analysis of Islamic capital markets more efficient than the conventional capital market.
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Jamil, Poppy Camenia, and Restu Hayati. "Pasar Modal dan Penanaman Modal Asing di Indonesia." Journal of Economic, Bussines and Accounting (COSTING) 4, no. 2 (February 26, 2021): 477–84. http://dx.doi.org/10.31539/costing.v4i2.1990.
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The role of the capital market for the economy of a country according to capital market education by PT. There are two functions of the Indonesia Stock Exchange, namely as a means of business funding or as a means for companies to obtain funds from investors (investors) for business development, expansion, additional working capital and others. This study aims to explain the relationship between the capital market and foreign investment in Indonesia. The variables used in this study are the return of the Composite Stock Price Index (IHSG) and Foreign Direct Investment (FDI) from 2003 to 2019. Data analysis techniques use regression analysis to explain the relationship between the capital market and foreign investment in Indonesia. Indonesia. The final results of the achievements in this study are to increase literacy understanding about economic activities, capital markets, investment to contribute to economic growth.
Keywords: IHSG, FDI, Investment, Capital Market, Stock Index.
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Tarigan, Riswan Efendi. "Peranan Sistem Informasi dengan Online Trading terhadap Pertumbuhan Pasar Modal di Indonesia." ComTech: Computer, Mathematics and Engineering Applications 4, no. 2 (December 1, 2013): 803. http://dx.doi.org/10.21512/comtech.v4i2.2517.
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Capital Markets is part of the financial market, which is related to the supply and demand of the need for long-term funding. Capital Markets was formed and developed with aims to support the implementation of national development in order to improve the distribution, growth, and stability of the national economy towards the improvement of society welfare. However, so far the capital market in Indonesia is still around 0.5% of the total population which is too small compared to capital markets in other advanced countries. One solution for increasing community involvement in the capital market, despite educating in smart and sustainable way, is developing and implementing efficient information systems, so that made it easier for market participants to undertake investment activities. This paper examines how and to what extent the role of information system enhances the capital market in Indonesia, which aims to plan the subsequent strategic step so that the development of Indonesia’s capital market is able to compete in globalmarket.
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Treisya, Sintikhe Mega, and Robiyanto Robiyanto. "Volatilitas Harga Emas dan Minyak pada Integrasi Pasar Modal Indonesia dengan Pasar Modal Asia." AFRE (Accounting and Financial Review) 4, no. 2 (December 20, 2021): 194–205. http://dx.doi.org/10.26905/afr.v4i2.6291.
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Capital market integration can be influenced by various variables, such as the volatility of gold and oil prices. The purpose of this study is to analyze the volatility of gold and oil prices on the integration of the Indonesian capital market with the Asian capital market. This study uses secondary data on daily closing prices of gold and oil (West Texas Intermediate and Brent North Sea) along with the Indonesian capital markets (JKSE), Hong Kong (HSI), South Korea (KOSPI), India (NIFTY 50), China (SSEC), Singapore (STI) during the period January 2019 to October 2020. This study uses the DCC-GARCH method to see the dynamic correlation between the capital market, and the GARCH method to analyze the volatility of gold and oil prices on the integration of the Indonesian capital market with the Asian capital market. The results of the study show that there is a positive and negative dynamic correlation between the capital markets, thus proving that the movement of the Indonesian market with other markets tends to vary. The results show that only the volatility of Brent oil has a negative effect on the integration of the Indonesian capital market with the Asian capital market
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Hana, Kharis Fadlullah. "Dialektika Hukum Trading Saham Syariah di Bursa Efek Indonesia." TAWAZUN : Journal of Sharia Economic Law 1, no. 2 (September 30, 2018): 148. http://dx.doi.org/10.21043/tawazun.v1i2.5073.
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<p><em>This study aims to find out how the legal basis and stock trading transactions that occur in the Islamic capital market in Indonesia. This study uses a field research method that discusses legal issues regarding stock trading based on field studies from various relevant sources. The capital market is a place for corporate activities to seek additional funds to finance its business activities. In Indonesia alone there are two capital markets, namely the regular capital market and the Islamic capital market. The Islamic capital market is a new breakthrough that has been carried out as a solution to the current trend of halal investment. It also becomes very interesting for the community, especially for Muslim communities to invest their capital in the company to get results and can participate in developing the company, but the reality that happens in the market is that many companies that have been listed on the stock exchange are still operating in accordance with sharia principles . The Islamic capital market can simply be interpreted as a capital market that implements sharia principles in economic transaction activities and apart from things that are prohibited such as usury, gambling and speculation.</em><em></em></p>
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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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Hartana, Hartana. "INITIAL PUBLIC OFFERING (IPO) OF CAPITAL MARKET AND CAPITAL MARKET COMPANIES IN INDONESIA." Ganesha Law Review 1, no. 1 (May 10, 2019): 41–54. http://dx.doi.org/10.23887/glr.v1i1.17.
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From the aspect of Capital Market Law, the Initial Public Offering (IPO) conducted by PT. Dian Swastatika Sentosa Tbk (PT. DSS Tbk) is legitimate and has complied with all the provisions governing this matter. This can be seen in a series of stages of the IPO implementation carried out by PT. DSS Tbk. Likewise, if viewed from the legal aspects of Mineral and Coal Mining, it does not indicate any contradiction with the article governing Coal Mining if it is associated with the IPO process of PT. DSS Tbk. In conducting the IPO, PT. DSS Tbk does not experience significant obstacles. The only obstacles faced are small bureaucratic obstacles and policies can be overcome by the active role of Bapepam-LK. This shows that Bapepam-LK has acted as a dynamic supervisor.
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Sembiring, Ferikawita M., and V. Santi Paramita. "Market Overreaction at the Beginning of Covid-19 Pandemic Periods in Indonesia Stock Exchange." 12th GLOBAL CONFERENCE ON BUSINESS AND SOCIAL SCIENCES 12, no. 1 (October 8, 2021): 122. http://dx.doi.org/10.35609/gcbssproceeding.2021.12(122).
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This study aims to determine whether the markets overreaction occurred in Indonesian capital market in the beginning of Covid-19 pandemic periods, especially in Indonesia Stock Exchange. This market overreaction is the one of anomalies in capital market and is opposite the efficient market hypotheses. Bad or good information is a trigger for investors reactions that cause anomalies such as this market overreaction. The information can be sourced from internal and external conditions of the company. The external condition that is currently affecting the national and international economy are the Corona pandemic (Covid-19) which has spread around the end of 2019. Based on the phenomenon occurs, the purposes of this study are to test: (a) Did market overreaction occur in Indonesian capital market in the beginning of Covid-19 pandemic periods? (b) Is a contrarian strategy relevant to be implemented? (c) Does the market risk factor based on the CAPM will affect the abnormal return? Keywords: CAPM; Market Overreaction; Return Reversal
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Sembiring, Ferikawita M., and V. Santi Paramita. "Market Overreaction at the Beginning of Covid-19 Pandemic Periods in Indonesia Stock Exchange." 12th GLOBAL CONFERENCE ON BUSINESS AND SOCIAL SCIENCES 12, no. 1 (October 8, 2021): 122. http://dx.doi.org/10.35609/gcbssproceeding.2021.12(122).
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This study aims to determine whether the markets overreaction occurred in Indonesian capital market in the beginning of Covid-19 pandemic periods, especially in Indonesia Stock Exchange. This market overreaction is the one of anomalies in capital market and is opposite the efficient market hypotheses. Bad or good information is a trigger for investors reactions that cause anomalies such as this market overreaction. The information can be sourced from internal and external conditions of the company. The external condition that is currently affecting the national and international economy are the Corona pandemic (Covid-19) which has spread around the end of 2019. Based on the phenomenon occurs, the purposes of this study are to test: (a) Did market overreaction occur in Indonesian capital market in the beginning of Covid-19 pandemic periods? (b) Is a contrarian strategy relevant to be implemented? (c) Does the market risk factor based on the CAPM will affect the abnormal return? Keywords: CAPM; Market Overreaction; Return Reversal
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Susilo, Didik, Sugeng Wahyudi, and Irene Rini Demi Pangestuti. "Factors Affecting the Indonesia Stock Exchange: A Multi-Index Approach." International Journal of Financial Research 11, no. 2 (March 16, 2020): 196. http://dx.doi.org/10.5430/ijfr.v11n2p196.
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This study examines the influence of world and regional capital market conditions on the Indonesian capital market (Indonesia Stock Exchange) condition. The DJIA (Dow Jones Industrial Average) index was used as a representative of the international capital market while the Hang Seng index and the Nikkei 225 index were used as a representative of regional capital market conditions. These two indices were chosen because the Japanese capital market was one of the most advanced capital markets in the world and the Hong Kong capital market, although not as big as Japan, still played an important role in the world. The data were obtained from Yahoo Finance during the period of 2014-2018. The dependent variable was the change in the JCI (Jakarta Composite Index), while the independent variables were changes in the index of DJIA, Nikkei 225 and Hang Seng index. Using daily data analyzed by the ARIMA method (1,1), it was found that there was a significant positive effect of DJIA with lag 1 and Hang Seng index on the JCI, but no significant effect was found from the Nikkei 225 index on the JCI.
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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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Swandari Budiarso, Novi, and Winston Pontoh. "Market efficiency and global issues: A case of Indonesia." Investment Management and Financial Innovations 19, no. 4 (October 4, 2022): 1–13. http://dx.doi.org/10.21511/imfi.19(4).2022.01.
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The efficient market hypothesis assumes that the stock prices fully reflect all relevant information. Under the weak form, the future prices are independent of current prices or in the other words, they follow the random walk hypothesis. Global issues tend to have an impact on capital markets around the world. Therefore, the objective of this study is to assess the effect of global issues on the movements of expected returns in the Indonesian capital market from January 1, 2022, to June 30, 2022. The sample of 755 listed firms is used to test whether the expected returns have a random pattern during the observation period. The results of runs tests and variance ratio test show that the expected return movements are not random. On those results, the weak form of the efficient market hypothesis is rejected, and it can be concluded that the capital market in Indonesia for this period is inefficient. The findings of this study imply that the information about global issues does not affect the market. The success of the Indonesian government’s strategy in dealing with global issues (including the Covid-19 pandemic) in the form of a vaccination program and also followed by excellent fiscal and monetary policies has led to more predictable returns in the capital market. Moreover, investors can set their portfolios to get extraordinary returns as the market is more predictable.
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Syahyu, Yulianto. "Questioning the Indonesian Capital Market Arbitration Board." International Journal of Research and Review 9, no. 7 (July 30, 2022): 592–98. http://dx.doi.org/10.52403/ijrr.20220764.
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The state has an important role in national economic activities, including Indonesia. One of the policies taken by the government is to activate and encourage capital market activities in Indonesia to further develop as one of the pillars of economic success indicators in addition to banking and other direct investment. Although the role of the capital market in development is very close, potential disputes, violations or legal problems often occur. Violations of the law that occur in the capital market are certain to harm the capital market, including capital market investors. To overcome this problem, one of the policies taken by the government is to form a body that can specifically solve problems regarding the capital market. This is important, because law enforcement in the capital market aims to protect the interests of investors and the public from harmful practices carried out by both issuers and capital market legal consultants. Keywords: Indonesian Capital Market Dispute Resolution Institution, Capital Market Investors.
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Rorizki, Fitri, Sakinah Sakinah, Arpin Dalimunthe, and Purnama Ramadhani Silalahi. "Perkembangan dan Tantangan Pasar Modal Indonesia." Economic Reviews Journal 1, no. 2 (July 14, 2022): 147–57. http://dx.doi.org/10.56709/mrj.v1i2.24.
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The main indicator of economic health for any country is the capital market. Cities of Presence in Indonesia experience several ups and downs which can be seen from the fluctuating JCI indicator. As a result of globalization and economic integration, the work of currency exchange is very different from that of national, regional and international economics. Local investors are required to make a significant contribution to the Indonesian stock market to make it more resilient to various crises and dangers. With the rapid growth of Indonesia's youth population, there may be an opportunity that can be used to encourage people to refrain from active trading in the stock market. In addition, several other issues in capital development markets should be discussed, including the types of fixed price contracts transacted, policies to protect holder rights, the "game" involved in stock transactions, and a minimal level of understanding.
Keywords: Capital Market, Development, Challenges
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Rorizki, Fitri, Sakinah Sakinah, Arpin Dalimunthe, and Purnama Ramadhani Silalahi. "Perkembangan dan Tantangan Pasar Modal Indonesia." Economic Reviews Journal 1, no. 2 (July 14, 2022): 147–57. http://dx.doi.org/10.47467/mrj.v1i2.24.
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The main indicator of economic health for any country is the capital market. Cities of Presence in Indonesia experience several ups and downs which can be seen from the fluctuating JCI indicator. As a result of globalization and economic integration, the work of currency exchange is very different from that of national, regional and international economics. Local investors are required to make a significant contribution to the Indonesian stock market to make it more resilient to various crises and dangers. With the rapid growth of Indonesia's youth population, there may be an opportunity that can be used to encourage people to refrain from active trading in the stock market. In addition, several other issues in capital development markets should be discussed, including the types of fixed price contracts transacted, policies to protect holder rights, the "game" involved in stock transactions, and a minimal level of understanding.
Keywords: Capital Market, Development, Challenges
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Qizam, Ibnu, Abdul Qoyum, and Misnen Ardiansyah. "Global Financial Crisis and Islamic Capital Market Integration among 5-ASEAN Countries." Global Review of Islamic Economics and Business 2, no. 3 (February 6, 2015): 207. http://dx.doi.org/10.14421/grieb.2015.023-04.
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Islamic Capital Market is important part of Financial System in ASEAN countries especially in the context of AEC. The objective of this paper is to investigate interconnection long run equilibrium of Islamic Capital Market in ASEAN Countries. Using daily closing price for from September 2007 to October 2012, this study examine five Islamic Capital markets in ASEAN namely Indonesia, Malaysia, Philippines, Singapore and Thailand. This study examines on Integration among these Islamic Capital markets by relies a simple correlation test, Granger causality test and co-integration test using error correction model. This research documents some interesting finding. First, Using Johansen estimation technique, there is co-integration between the considered Islamic indices namely; Indonesia, Malaysia, Philippines, Singapore and Thailand. Second, Since the co-integration exists, granger causality test shows that there is three bi-directional causalities namely; between Malaysia Islamic Capital Market and Singapore Islamic Capital Market; between Thailand Islamic Capital Market and Singapore Islamic Capital Market; and between Singapore Islamic Capital Market and Philippines Islamic Capital Market. However, there is a unidirectional between Indonesia Islamic Market (MCIINA) and Malaysia Islamic Market (MCIMY), MCIINA and Philippines Islamic Market (MCIPhil), MCIINA and Thailand Islamic Market (MCITHAI), it implies that MCIINA affects MCIMY, MCIPhil, and MCIThai but not vice versa. Third, based on VECM suggest that all Islamic indexes are inter-related in the long run that can be explained due to the similarity of structure bring about by its stock as required by shariah in the process stock screening.
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Rosmida, Rosmida, and Endang Sri Wahyuni. "KEBERHASILAN PROGRAM “YUK NABUNG SAHAM” OLEH BURSA EFEK INDONESIA DALAM MENINGKATKAN PENJUALAN INSTRUMEN PASAR MODAL DI INDONESIA." Inovbiz: Jurnal Inovasi Bisnis 5, no. 2 (December 25, 2017): 149. http://dx.doi.org/10.35314/inovbiz.v5i2.251.
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Abstract: Research entitled The Success of "Yuk Nabung Saham" Program by Indonesia Stock Exchange in Increasing the Sales of Capital Market Instruments In Indonesia is a descriptive study aimed at knowing what exactly is the program Yuk Nabung Saham and how much investment people invest in Indonesia capital market in 2016 with the program Yuk Nabung Saham. Yuk Nabung Saham was launched on 12 November 2016 by the Vice-President of the Republic of Indonesia Mr. Muhammad Jusuf Kalla. Yuk Nabung Saham there is a campaign that invites the people of Indonesia to invest in the capital market through share saving. Currently there are 37 securities companies that have been working with the Indonesia Stock Exchange to join the Yuk Nabung Saham program. Data obtained from Indonesia's Financial Services Authority in 2013 and then compared with data in 2016. From these data recorded the increase in literacy and financial inclusion that initially 3.79% to 4.40% and0.11% to 1.25%. In addition, there is also an increase in the number of activeinvestors of Indonesian society in the Indonesian capital market which was originally 12.88% to 16.29%.
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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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Martin, Martin, and Yunita Yunita. "Volatility Spillover pada Pasar Saham Indonesia, Cina, dan India." Binus Business Review 1, no. 1 (May 26, 2010): 40. http://dx.doi.org/10.21512/bbr.v1i1.1020.
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Globalization and advanced information technology easing us for obtaining information from global stock markets. With that condition, volatility in domestic capital market could be affected by volatility from global stock markets. The effect would have greater impact if the capital markets are located in same region. That concern will be answered in this research, about volatility spillover in Indonesia, China, and India capital market. This research using daily return data from each country indices from January 1, 2006 until April 20, 2010 applying econometric model GARCH (1,1). The result showing us that there is bidirectional volatility spillover between Indonesia and India. Meanwhile, there is only single way volatility spillover between Indonesia and China.
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Pontoh, Winston. "Market reaction and fundamental signal in Indonesia." Investment Management and Financial Innovations 14, no. 3 (November 9, 2017): 210–17. http://dx.doi.org/10.21511/imfi.14(3-1).2017.05.
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The random reaction in capital market by different perceptions and other factors makes it difficult for investors to get their optimum return. The objective of this study is to provide an empirical evidence about how the market will react by fundamental signal from the perspective of life cycle theory, free cash flow theory, and bird in the hand theory. The study presents the analysis of covariate for hypotheses testing with 241 firms as the sample which are listed in Indonesia Stock Exchange for period 2010–2015. This study finds that the life cycle theory and free cash flow theory are not absolute theories to explain the market reaction for any firms, because each firm has its own characteristics. The findings show that share prices shall react differently depending on each characteristics of the firm. The bird in the hand theory seems applicable in any case of firms, since the informational contents by dividend can deliver good signal to investors in capital market. Excluding the smaller and younger firms, this study proves that dividend is still a better way in determining the reaction of share prices, since each type of firms has its own types of dividend payers with different share prices.
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Hermawan, Sigit, Nur Ravita Hanun, Nihlatul Qudus Sukma Nirwana, and Clarisa Ika Candrawati. "Intellectual Capital, Market Value, and Financial Performance: Indonesia and Malaysia’s Banking Companies." Journal of Accounting and Strategic Finance 4, no. 2 (November 30, 2021): 135–51. http://dx.doi.org/10.33005/jasf.v4i2.142.
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This study aims to determine the effect of intellectual capital on market value with financial performance as an intervening variable: evidence from banking companies in Indonesia and Malaysia. The analysis tool uses Partial Least Square to test hypotheses. The results of this study are intellectual capital affects the financial performance of banking companies in Indonesia but does not affect the banking companies in Malaysia. Intellectual capital does not affect the market value of banking companies in Indonesia but affects banks in Malaysia. Financial performance affects market value in Indonesian banking companies but does not affect banking companies in Malaysia. For indirect or mediation effects, the result is that financial performance can mediate the effect of intellectual capital on market value in banking companies in Indonesia but not for banks in Malaysia. Banking companies must pay attention to intellectual capital management because of its impact on financial performance and market value. The market will give a higher valuation to companies that have increased financial performance. Next, companies with improved financial performance will be responded positively to the market so that it will increase market value.
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Qizam, Ibnu. "ISLAMIC CAPITAL MARKET INTEGRATION AND ASYMMETRIC INFORMATION: A STUDY IN THE FIVE ASEAN COUNTRIES FROM THE POST-GLOBAL FINANCIAL CRISIS." Business: Theory and Practice 22, no. 1 (April 9, 2021): 121–32. http://dx.doi.org/10.3846/btp.2021.12832.
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This study aims at examining the integration impact of the five ASEAN Islamic capital markets on asymmetric information for ASEAN Economic Community (AEC) development. Utilizing samples of market and financial panel data from 2009 to 2015 among the five ASEAN Islamic capital markets, and applying two-country portfolios of the Islamic capital markets among the five ASEAN countries to measure the different levels of Islamic capital market integration, this study suggests that the different levels of the Islamic capital market integration between Indonesia and Malaysia are found to result in asymmetric information negatively. The strongest Islamic capital market integration between Indonesia and Malaysia affect reduced asymmetric information more consistently than the other two-country portfolios, while the weakest level of integration between the Philippines and any other four Islamic capital markets that affects asymmetric information inconsistently is also supported. These results confirm an interplay between a modern portfolio theory, Efficient Market Hypothesis (EMH), contract theory, and general economic theory, and also provide new insights for stakeholders in investment decisions and strategies, cross-border regulation of economic resources, and other plentiful benefits.
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Mochtar, Dewi Astutty, and Dewi Ayu Rahayu. "INVESTORS’ LEGAL PROTECTION AGAINST INSIDER TRADING IN CAPITAL MARKET IN INDONESIA." Journal of Southwest Jiaotong University 56, no. 4 (August 30, 2021): 346–55. http://dx.doi.org/10.35741/issn.0258-2724.56.4.30.
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This study aimed to assess insider trading on a trading buying and selling shares in the capital market. Besides, it also evaluated investors' legal protection against insider trading that occurred in the capital market under the provisions of capital markets act 8 of 1995. The primary consideration of the choice of these studies is that this study was to examine the theoretical legal protection of investors in the practice of insider trading in the stock market, with the interpretation of Juridical Capital Markets Act, No 8 of 1995. This research approach uses the statute and case approaches, which refer to legislation and approaches based on cases. Capital markets have a strategic role in national development as one source of financing for the business and investment vehicle for the community. Capital markets are alternative funding for both public and private. Once the magnitude of the role of capital markets in national economic development did not rule violations contrary to the principles of disclosure of information, other than that the weak supervision system by the manager or supervisor stock exchange, can lead to insider trading. Insider trading can occur when someone is doing a transaction with a buy or sell stock based on material information and has not been open to the public obtained from a company insider. Insider trading can result in losses for investors who do not receive the same information. Investors who did not receive such information do not have the same opportunity to make a profit because so requires legal protection. Legal protection can be either preventive or repressive.
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Rokan, Mustapa Khamal. "State Role Model in Regulating Market in Indonesia on Islamic Perspective." Ijtimā'iyya: Journal of Muslim Society Research 1, no. 1 (September 30, 2016): 37–62. http://dx.doi.org/10.24090/ijtimaiyya.v1i1.926.
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Background of this research is the traditional market alienation due to unbalance compete with modern market on the retail market in Indonesia. Limited capital, business management simple and limited networks make traditional markets are not able to compete with the modern market. This research use qualitative methods and use a case-based approach (statute approach) the Commission’s decision number 09/KPPU-L/2005 and the Commission’s Decision No. 03/ KPPU-LI /2000 and history approach, the history of the market Prophet Muhammad’s time and during the time of the Islamic empire. In addition, this study also helped to pull through direct surveys in several markets in Jakarta and Medan. The result of this research is models of the pressing role state (sadd) by prohibition of monopolistic practices, intervention of price and the location, state role with a capital acces (fath) by empowering, providing capital assistance, as well as collaboration (jam’u) to encourage cooperation between traditional and modern market.
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Rozi, Moh Fathur, Jeni Susyanti, and Ety Saraswati. "The Ease of Investing in Indonesia's Capital Market Based on Improved Financial Literacy, Investment Community and Capital Market School." Inovbiz: Jurnal Inovasi Bisnis 9, no. 2 (January 11, 2022): 54. http://dx.doi.org/10.35314/inovbiz.v9i2.1981.
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Indonesia is predicted to have the 4th largest GDP in the world by 2050. One of the major contributors to GDP is investment. Based on KSEI data (2020) the number of investors in Indonesia is still 3.27 million investors or 1.73% of the total productive age population. This proves that Indonesia still needs encouragement to become the country with the 4th largest GDP in the world. One form of this encouragement is to increase people's financial literacy. Data from OJK (2019) states that the financial literacy index of the Indonesian people rose from 29.7% in 2016 to 38.03% in 2019. The investment community is one of the drivers and the ISP community is one of the capital market education activists. The importance of improving financial literacy, the investment community and capital market schools for the ease of investing is an important point to help make Indonesia a country with the 4th largest GDP in the world. The purpose of this study was to determine whether there is an influence between financial literacy, investment community and capital market schools on the ease of investing. The method that used is quantitative with a survey approach. The results show that there is an influence between financial literacy, the investment community and the capital market on the ease of investing, which means that if there is an increase in financial literacy, the investment community and capital market schools, there will also be an increase in the ease of investing.
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Hutajulu, Marihot Janpieter. "LANDASAN FILOSOFIS PENGATURAN PASAR MODAL DI INDONESIA: HARAPAN DAN KENYATAAN." Refleksi Hukum: Jurnal Ilmu Hukum 9, no. 2 (October 8, 2015): 181. http://dx.doi.org/10.24246/jrh.2015.v9.i2.p181-198.
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<p><strong>Abstrak</strong><strong></strong></p><p> </p><p>Keberadaan pasar modal di Indonesia dibutuhkan mengingat peranannya yang penting untuk menyokong kondisi perekonomian negara. Namun pasar modal sebagai lembaga yang berasal dari sistem ekonomi liberal-kapitalistik tidak serta merta dapat dengan mudah diadopsi dan diatur tanpa disesuaikan dengan filosofi bangsa Indonesia. Melalui tulisan ini, Penulis hendak menganalisis kesesuaian tujuan pengaturan dan pengembangan pasar modal di Indonesia dengan konsep Negara Kesejahteraan Indonesia pasca Amandemen Undang-Undang Dasar Negara Republik Indonesia Tahun 1945. Analisis tulisan ini menyimpulkan bahwa tujuan pengembangan pasar modal Indonesia adalah mewujudkan masyarakat yang adil dan makmur, namun tujuan pengaturan pasar modal itu sendiri belum sesuai dengan konsep negara kesejahteraan Indonesia serta belum memenuhi harapan konstitusional bangsa ini.</p><p><strong> </strong></p><p><em><strong>Abs</strong><strong>tract</strong></em><strong></strong></p><p>In Indonesia the existence of capital market is needed considering the important role to support the country's economy. But the capital market as an institution derived from the liberal-capitalistic economic system can not necessarily be adopted and arranged without adjustment to the philosophy of the Indonesian nation. Through this article, the author analyzes the suitability of regulation and development of capital markets in Indonesia with the concept of Indonesian welfare state after the amendment to the Constitution of the Republic of Indonesia of 1945. The analysis of this paper draws a conclusion that the purpose of the Indonesian capital market development is to realize a just and prosperous society, but the goal of the capital market regulation itself is not in accordance with the concept of Indonesia as well as the concept of welfare state and thus has not met expectations of the nation's constitutional expectations.</p><p> </p>
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Nustini, Yuni, Mohd Taufik Mohd Suffian, Nor Balkish Zakaria, Zuraidah Mohd Sanusi, and Wan Shahriah Wan Mohd Radzi. "Do Capital Market Training, Online Facilities and Social Environment Matter in Investment Decision." Asia-Pacific Management Accounting Journal 16, no. 3 (December 1, 2021): 263–303. http://dx.doi.org/10.24191/apmaj.v16i3-11.
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This study aimed to determine if capital market training, on-line facilities, social environment, and a minimum amount of investment affect Indonesian and Malaysian university-students’ decisions in investing in the capital markets of each country, as they are potential smart investors. Based on 229 respondents from both countries, a survey was conducted comprising 24 questions. Respondents were selected using they random sampling method. The results found that capital market training and on-line facilities were not factors that influenced university students’ decisions in Indonesia and Malaysia in making investment in the capital markets. The other two variables, social environment and a minimum amount of investment proved influential. The mediating variable, investment interest partially influenced the relationship between social environment and a minimum amount of investment-to-investment decision, but did not mediate capital market training and on-line facilities to the investment decision. Keywords: capital market training, on-line facilities, social environment, minimum amount of investment, university-students
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Ghoni, Muhammad Abdul. "PASAR MODAL DI INDONESIA DALAM PERSPEKTIF FIKIH MUAMALAH." Jurnal Ilmiah Mizani: Wacana Hukum, Ekonomi Dan Keagamaan 4, no. 2 (July 7, 2018): 145. http://dx.doi.org/10.29300/mzn.v4i2.1018.
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Abstract: Islamic teaching that is a straight path but not a rigid religion, it is a line-giver to the problems encountered by humans in the course of their lives. Muslims should have a concept that contains a way of life to face the development and progress of the times with various problems. One area that is always warm to talk about is the economy. This problem is getting wider, more varied and more complex. It is not uncommon to find it complicated, especially when confronted with Islamic law. One of them is about the capital market. This journal tries to examine from the perspective of jurisprudence about the jala of the existing capital markets. If we look at the system of stock bidding mechanisms in the capital market, it will be clear that there is a similarity with the capital system contained in the conception of Islamic fiqh, known as mudharabah or qirodh. It is seen from the investors, executors, the nature of capital, capital, and profit sharing of the same shape. Thus, the system of buying and selling of shares in the stock market is clearly visible equation with mudharabah in Islamic jurisprudence.
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Puryandani, Siti, and Robiyanto Robiyanto. "GOLD: HEDGE, SAFE HAVEN OR DIVERSIFIER FOR INDONESIAN CAPITAL MARKET." Fokus Ekonomi : Jurnal Ilmiah Ekonomi 14, no. 2 (December 8, 2019): 226–39. http://dx.doi.org/10.34152/fe.14.2.226-239.
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This study scrunitize whether gold can act as hedge, diversifier and safe haven in Indonesian Capital Market. Data employed in this study are monthly Jakarta Composite Index and monthly international gold spot price during January 1999 to September 2013. Using Generalized Autocorrelation Conditional Heteroscedasticity (GARCH), the results show that gold can not act as hedge and diversifier in Indonesian Capital Market because both instruments have comovement. Furthermore, gold can not act as robust safe haven in Indonesian Capital Market. These findings suggest that it is better to investors whose already hold Indonesian stocks as their portfolio to exclude gold as their part of portfolio and divert their portfolio to other instrument with risk free characteristic such as Indonesia sovereign debt and Indonesia sovereign Sukuk during financial market crash.
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Amir, Afriza, Isfenti Sadalia, and Khaira Amalia Fachruddin. "THE ANALYSIS ON CANONICAL CORRELATION OF GLOBAL INDEX AND MACRO ECONOMY WITH INDONESIAN CAPITAL MARKET." Jurnal Ekonomi Bisnis Manajemen Prima 1, no. 2 (March 3, 2020): 12–23. http://dx.doi.org/10.34012/jebim.v1i2.523.
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Capital market is one of the media which gives the opportunity for individual and insttutional investors to invest. The Indonesia Stock Exchange and Indonesian capital market has 11 types of stock priced index which as continously spread through printed and electronic mass media, as one of the guidelines for investor to invest in capital market. The development of indonesian capital market (LQ45 Index and IHSG Index) is closely related to global index and macro economy. The objective of the reseach was to examine the canonical correlation of global index (Dow Jones Index and EIDO Index) and macro economy (Rupiah Exchange Rate and SBI interest rate) with indonesian capital market (LQ45 Index and IHSG Index). The sample were limited to the period of 2011-2013 (36 months).The data were analyzed by using canonical correlation at the significant level of 5%. The result of the research showed that global index (Dow Jones Index and E10) and macro economy (rupiah exchange rate and SBI interest rate) had significant correlation with indonesian capital market (LQ45 and IHSG), with canonical coefficients perfect weight for L045 (1.00) and almost perfect for JCI (0.98). This means that the Dow Jones. EIDO exchange rate, interest rate SBI has a significant positive relationship towards LQ45 Index and IHSG Index are listed on the Indonesia Stock Exchange in the period 2011 to 2013 Individually Dow Jones (0.67), EIDO (0.54) and Exchange Rate (0.37) has a positive relationship with the capital market indices Indonesia (L045 Index and IHSG Index), which means when the Dow Jones. EIDO, and Rupiah Exchange high, then LQ45 and IHSG will be high, or vice versa when the Dow Jones, EIDO, and Exchange Rate is low, then the Index will be lower LQ45 and IHSG. Instead SBI rate (-0.29) had a negative correlation with stock market indices Indonesia (LQ45 Index and IHSG Index), which means if the SBI interest rate is high, then LQ45 and IHSG will be low, or vice versa when the Indonesian interest rate is low, then LQ45 and IHSG will be high
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Safitri, Titis Dyah, Satia Nur Maharani, and Dwi Narullia. "MARKET REACTIONS TO DOMESTIC MARKET OBLIGATION (DMO) COAL PRICE POLICY CHANGES: EVIDENCE FROM INDONESIA." Jurnal Aplikasi Manajemen 19, no. 2 (June 1, 2021): 376–83. http://dx.doi.org/10.21776/ub.jam.2021.019.02.13.
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The announcement of the Domestic Market Obligation (DMO) coal price policy becomes the signal for investment decision making. The event was an announcement related to the government that can affect shares in the capital market. The form of capital market efficiency knows how equal the information that investors can absorb and the signal that indicates investors’ response, whether it is positive or negative. This research is a descriptive event study that uses twenty-one samples of coal mining subsector companies to determine capital market reactions to the Domestic Market Obligation (DMO) coal price policy announcement. During the observation period, there was a significant market reaction with a marked abnormal negative return. There is a leak of information before implementing policy, which makes the form of capital market efficiency is semi-strong form. Also, this is caused by the investor, which gets the difference of information degree based on the market efficiency hypothesis. The next research can use different event windows to increase the knowledge about the effect of the announcement of the Domestic Market Obligation (DMO) coal price policy towards market reaction.
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Rizal, Muhammad, and Andri Soemitra. "FIQH MUAMALAH IN SHARIA CAPITAL MARKET IN INDONESIA." I-BEST: Islamic Banking & Economic Law Studies 1, no. 1 (December 13, 2022): 48–65. http://dx.doi.org/10.36769/ibest.v1i1.244.
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The Islamic capital market is a reality and a current phenomenon amid Muslim life, as a means of muamalah whose transactions do not contain usury, speculation, garar (obscurity), and fraud. This study aims to map the main themes discussed in the Islamic capital market, using qualitative methods with content analysis sourced from articles in the Google Scholar database. The data was obtained using the Publish or Perish (PoP) application for a period of 18 years (2004-2022) with the keywords Islamic capital market, accessed on May 21, 2022, 202 articles (population) were obtained, and 40 articles were taken as samples, while the data collection analysis of 35 articles. The results of the study found that the most widely disclosed themes were 1) Islamic capital market products 25.35%; 2) Current issues 25.35%; 3) History and development; 21.3% 4) Fiqh Muamalah; 18.31% 5) Fatwa of DSN MUI 9.85%. The author of the article states that the capital market is in line with Islamic law in the field of muamalah. In its operation, speculators will inevitably act contrary to Islamic law, which can destroy capital market institutions and economic stability. In realizing the goals of sharia, grounding the capital market is done by cleaning up speculative practices. The current Islamic capital market has become a vital means of the modern economy that products must be developed and invites investors with integrity to Islamic law.
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Fadlilah, Fadlilah, and Bayu Arie Fianto. "REAKSI PASAR ATAS STOCK SPLIT PADA PASAR MODAL SYARIAH INDONESIA DAN MALAYSIA PERIODE 2015-2019." Jurnal Ekonomi Syariah Teori dan Terapan 7, no. 4 (June 29, 2020): 734. http://dx.doi.org/10.20473/vol7iss20204pp734-744.
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This study aims to determine the market reaction to the stock split in the market. This research uses a quantitative approach using the event study method to analyze market reactions to an event. The analysis technique uses the One Sample t-Test to see market reactions and the Independent Sample t-Test to determine whether there is a difference between the Indonesian and Malaysian Islamic capital markets with a 21-day observation period consisting of 10 days before the stock split announcement (t -10), day of stock stock announcement (t0 or t = 0), and 10 days after stock split announcement (t + 10). The results of this study, based on statistical tests with α = 5%, found a significant abnormal return around the stock split announcement on the Indonesian Islamic capital market. AAR significant as much as 4 days and CAAR significant as much as 18 days during the observation period. In the Malaysian Islamic capital market, abnormal returns were also found to be significant around the stock split announcement. AAR is significant for 3 days during the observation period, 1 day before the announcement of the stock split, during the announcement of the stock split, and 1 day after the announcement of the stock split. A significant CAAR of 19 days during the observation period. In the independent sample t-test, AAR Indonesia and Malaysia obtained sig. (2-tailed) of 0.658. In the CAAR test, Indonesia and Malaysia obtained sig. (2-tailed) of 0.563. So there is no difference between the Indonesian and Malaysian sharia capital market reactions.Keywords: Market Reaction, Stock Split, Abnormal Return, Event Study
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Zakariya, Mukhamad. "Pertumbuhan Lembaga Reksadana Syariah Di Indonesia." JES (Jurnal Ekonomi Syariah) 1, no. 2 (March 2, 2017): 275–85. http://dx.doi.org/10.30736/jes.v1i2.21.
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The development of capital markets in Indonesia is encouraging. It brings a positive impact on the development of the investment system in accordance with the basic principles of sharia, in the capital markets sector in Indonesia, or better known by the term Islamic capital market. Islamic capital market is developed with the aim of accommodating the needs of Muslims in Indonesia that performs investment in capital market products in accordance with the basic principles of sharia. As we know that Indonesia is a country with a predominantly Islamic population makes Indonesia has a potential market for Islamic products. The problems of this study are the factors that influence the growth and development of Sharia Mutual Funds in Indonesia until 2014. The purpose of this study is to determine the factors that affect the growth and development of Sharia Mutual Fund in Indonesia, in particular on the list of Sharia Mutual Funds issued by OJK (Financial Services Authority) to 2014. This research is a qualitative research that does not test the hypothesis, but is intended to gain a deeper understanding of the various variables describing the past circumstances or phenomenon is happening today. The data used in this research is secondary data. This research is conducted by analyzing data collected by the author, which is derived from the issuer's financial statements, related websites, journals of sharia economic, sharia economic papers and other related sources. The analysis technique used by the author in this study is descriptive-qualitative method, a method that is done by collecting data, compiling and interpreting the results in order to obtain a clear picture of the growth and development of Sharia Mutual Funds in Indonesia until 2014. The results of this study shows that the main factor affecting the growth and development of Sharia Mutual Fund in Indonesia is the active role of government, both in terms of regulation or other supports, affecting various aspects, such as the development of product innovation.
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Dewi, Catur Kumala, and Rina Masithoh Haryadi. "VOLATILITY ANALYSIS OF INDONESIA COMPOSITE INDEX DURING COVID-19." Jurnal Ekonomi dan Manajemen 15, no. 2 (December 30, 2021): 138–48. http://dx.doi.org/10.30650/jem.v15i2.2225.
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Concerns over Covid-19 hit global financial markets, indicating that during the period of Covid-19 spread, financial markets experienced high uncertainty, from fluctuating tendencies several times to declining and difficult to control. At the beginning of the pandemic, Indonesia's capital market conditions were worse than during the 2008 crisis. At the end of March 2020, JCI was far behind 3,938. IDX and OJK conduct various stock policies so that the Indonesian capital market and JCI recover. The study aims to calculate and analyze differences in the volatility of JCI before and during Covid-19 in Indonesia. The data analysis method used is paired with a simple t-test using R Studio as a calculation tool. The results showed that there was a significant difference in the volatility of JCI before and during Covid-19 in Indonesia.
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Bintoro, Sutarno, Sjamsiar Sjamsuddin, Ratih Nur Pratiwi, and Hermawan. "International cooperation to combat money laundering in the capital market: Indonesia and Australia experience." Journal of Investment Compliance 21, no. 4 (December 7, 2020): 263–76. http://dx.doi.org/10.1108/joic-10-2020-0043.
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Purpose To introduce new initiatives in combating money laundering and related corruption in the capital market sector through international cooperation between Indonesia and Australia. Design/methodology/approach This study used qualitative research methods. Data were obtained through observation, interviews and secondary data analysis. Primary and secondary data were then analyzed with an interactive model. Findings The Indonesian capital market is at high risk of being used as a means of laundering corrupt money. Our analysis found a major obstacle when investigators and prosecutors have handled money laundering cases conducted in the capital market because they have not had enough knowledge related to the capital market and its business processes. Originality/value This article is expected to add to the literature on handling money laundering from corruption carried out in the capital market. It describes best-practice efforts undertaken by Indonesia and Australia.
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Robiyanto, Robiyanto. "Gold VS Bond: What Is the Safe Haven for the Indonesian and Malaysian Capital Market?" Gadjah Mada International Journal of Business 20, no. 3 (December 30, 2018): 277. http://dx.doi.org/10.22146/gamaijb.27775.
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This study scrutinizes the potency of gold and bonds as safe haven assets for the Indonesian and Malaysian capital markets, because some previous studies have been undertaken in established market settings. The research period for this study was from June 2008 to September 2016. The quantile regression technique was used to analyze the data. The results of this study indicated that gold did not have a role as a safe haven for the Indonesian capital market, but did have a role as the safe haven for the Malaysian capital market. This study also found that Indonesian government bonds, Malaysian government bonds, and Malaysian corporate bonds could not act as safe haven assets. In contrast, corporate bonds in Indonesia had the potency to perform the function of a safe haven for stocks on the Indonesian Stock Exchange.
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Soelistianingsih, Lana. "Keterkaitan Pasar Valuta Asing dan Saham di Indonesia dengan Beberapa Negara Mitra Utama: 1998-2009." Jurnal Ekonomi dan Pembangunan Indonesia 10, no. 2 (January 1, 2010): 85–94. http://dx.doi.org/10.21002/jepi.v10i2.113.
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Using co-integration, the results show that the movement of Indonesian foreign exchange market and capital market has moved to long—run equilibrium with other currencies and indices from partner countries, while the short-run equilibrium between markets have been proved by using VECM. The Indonesian case supports portfolio balance approach introduced by Frankel. The increasing of IHSG attracts capital inflows and makes the demand for domesfic currency higher, and IDR becomes appreciation. Indonesian market has strong linkages with Asian regional markets especially with Hong Kong market, while having no relationship with US market.
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Benita, Rahma Tri. "The Corelation of Pandemic and Indonesia Presidency of G20 in The Capital Market G20 Member Countries." Journal of Indonesia Sustainable Development Planning 3, no. 3 (December 30, 2022): 294–303. http://dx.doi.org/10.46456/jisdep.v3i3.315.
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The correlation between the capital market of G20 member countries is important to analyze.Depending on a country’s economy, capital market integration may have different effects. A more intensebilateral relationship (trade intensity) can significantly affect the movement of capital market sharesbetween countries. The current research used the Multivariate GARCH Model/DCC-GARCH method. Thecondition of capital market integration before the Indonesian G20 Presidency showed that Indonesia(JKSE) had the strongest integration with Australia (ASX) (0.563814) and South Korea (KOSPI) (0.542470).After the G20 presidency, Indonesia (JKSE) had the strongest capital market integration with India (NSE)(0.507229) and the USA (NYSE). It was also found that China (SSE) had an integration with South Korea(KOSPI), while Germany (DAX) and Australia (ASX) had an integration with the UK (FTSE100). Theconclusion is that the higher autocorrelation, the higher the effect of the volatility of stock marketmovements in the two countries involved. Furthermore, capital market integration can be influenced bygeospatial and economic relations.
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Wahab, Zusma Widawaty A., and Elvina Elvina. "DAMPAK TEROR BOM TERHADAP KINERJA BURSA SAHAM INDONESIA." JURNAL FAIRNESS 4, no. 1 (April 1, 2021): 97–107. http://dx.doi.org/10.33369/fairness.v4i1.15303.
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The objective of this research is to find empirical evidence of the impact of bombing in several places in Indonesia on the Indonesian capital market performance. This study explores event study method and selects Indonesian public listed companies that classified as LQ-45 companies as a sample. This study found there is no significant abnormal return change around bombing period. However, this study found there is an increasing of trading activity of Indonesian capital market around those bombing period
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Wulandari, Vera Pipin, and Kusdhianto Setiawan. "ANALYSIS OF MARKET TIMING TOWARD LEVERAGE OF NON-FINANCIAL COMPANIES IN INDONESIA." Journal of Indonesian Economy and Business 30, no. 1 (September 16, 2015): 42. http://dx.doi.org/10.22146/jieb.7333.
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ABSTRACTThis study aimed to examine the effect of market timing on leverage on non-financial compa-nies in Indonesia. Market timing was tested on the hot and cold market conditions. Hot and cold markets are determined by the monthly market to book ratio. A hot (cold) market occurs when the average market to book ratio of a particular month is above (below) the value of the moving average of the monthly market to book ratio. This study also aimed to test whether non-financial companies in Indonesia persistently applied leverage policies. This study used two research models. The first model was a panel data with a sample size of 77 non-financial companies listed on the Indonesian Stock Exchange from 2002-2013.The second model was a cross section data with a sample size of 157 non-financial companies that conducted their IPO in Indonesia from 2003-2013. The dependent variable in both the research models was leveraget (levt). The independent variables were markett and leveraget-1 (levt–1). The control variables were profitabi-lityt-1 (proft-1); and sizet-1. The results of this study indicated that market timing affected the lev-erage of non-financial companies listed on the Indonesian Stock Exchange. However, market timing did not affect the leverage of non-financial companies that had their IPO in Indonesia. The non-financial companies in Indonesia were not persistently applying a leverage policy. The capital structure of non-financial companies in Indonesia changed because of the influence of variable profitability and size (which supports the pecking order and trade off theory).Keywords: market timing theory, leverage, hot and cold market, market to book ratio
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Mansyur, Supardan, Usman Usman, and Lalu Sabardi. "Islamic Financing Instrument Under Indonesia Positive Law." Unram Law Review 2, no. 2 (October 20, 2018): 187–203. http://dx.doi.org/10.29303/ulrev.v2i2.51.
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Islam governs all aspects of human life. It is not regulate the human relation to Allah only but also between human each other, among other economy like financing comply with shari’ah. The issues are: (1) how is the regulation of financing comply with shari’ah regulated ini positive law in Indonesia; and (2) handicap faced in its application in Indonesia. The purposes of this research are to know: (1) its regulation on positive law, and (2) its handicap in its application Indonesia. Its results are: (1) Islamic financing in Indonesia is regulated in various rules and regulation and their implementation strengthening its existing in positive law in Indonesia as Act No.7/1992 on Banking (amended by Act No. 10/1998), Act No. 23/ 1998 on Indonesia Bank (amended by Act No. 3/2004), and Act No. 21/ 2008 on Islamic banking, particular to Shari’ah Capital Market its regulation is regulated by OJK Decision and DSN-MUI Fatwas; (2) murabahah based financing) dominating all financing of Indonesian banking industry is considered as the cause of Islamic Banking avoided to use Mudharabah and Musharakah is their higher risk. Related to these difficulties is recommended to be: (1) expected to Government and DPR to enact the statute on Islamic on Islamic Capital Market putting the Islamic Capital Market equal to the Conventional Capital Markets (2) The role of Government and the other institutions to cope handicap faced as highlight the capacity enhancement of Islamic financing institutions, regulations, and development of infrastructures supporting the Islamic financing application, are absolutely needed.
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Wahyudi, Imam, and Gandhi Anwar Sani. "Interdependence between Islamic capital market and money market: Evidence from Indonesia." Borsa Istanbul Review 14, no. 1 (March 2014): 32–47. http://dx.doi.org/10.1016/j.bir.2013.11.001.
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