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The Phenomenon of Bearish and Bullish in The Indonesian Stock Exchange Berto Usman
Esensi: Jurnal Bisnis dan Manajemen Vol 6, No 2 (2016)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/ess.v6i2.3750

Abstract

The Phenomenon of Bearish and Bullish in The Indonesian Stock ExchangeBearish and bullish pattern commonly exist in any of stock exchanges all over the world. Hereby, the volatility of price on specific stock and index will generally perform a typical co-movement. This study is officially intended to reveal the existence of bearish and bullish phenomenon in Indonesia stock exchange. The technical tool used in this study was known as candlestick analysis. It is utilized to discover the inclination of price movement and the percentage of bearish and bullish shown by the index. Further, it is noted that the object of this study is Indonesia stock exchange, which is surrogated by IDX Composite (IHSG). This research finally proved that there were 61 bearish (38.85%) and 96 time bulish (61.15%) patterns in IDX Composite (IHSG).DOI: 10.15408/ess.v6i2.3750
On the Nexus Between CSR Practices, ESG Performance, and Asymmetric information Berto Usman; Oscar Tiago Fontes Bernardes; Paulus Sulluk Kananlua
Gadjah Mada International Journal of Business Vol 22, No 2 (2020): May-August
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/gamaijb.54053

Abstract

The purpose of this paper is to test the relationship of CSR practice­–asymmetry information and ESG performance–asymmetry information. We conjecture that there might be a particular role where the disclosure of non-financial information is deemed useful in truncating the level of asymmetry information. Using the data from two different countries, Indonesia (Asia) and Portugal (Europe), we extracted 37 companies with time period of observation ranges from 2012 to 2016. To manifest the empirical test, we use CSR report (CSR_Rep), CSR committee (CSR_com), CSR assurance (CSR_ass) and GRI adoption as the proxies of CSR practice, while the proxies of ESG performance are represented by Environmental (ENVscr), Social (SOCscr), and Governance (GOVscr) pillar scores as obtained from Thomson Reuters ASSET4 database. Bid-ask spread is used as the surrogate indicator of asymmetry information. The empirical test reveals that only variable GRI and SOCscr show negative and significant association with bid-ask spread. Whilst, the remaining variables of CSR practice (CSR_rep, CSR_com, CSR_ass), and ESG performance (ENVscr and GOVscr) are negatively associated with asymmetry information (Spread) but statistically insignificant. Our results suggest that CSR practice and ESG performance are weakly associated with asymmetry information, in which most of CSR practices and ESG performance need a time lag to allow them to be value relevant information in mitigating the level of asymmetry information.
INTERNET SEARCH TRAFFIC AND ITS INFLUENCE ON LIQUIDITY AND RETURNS OF INDONESIA STOCKS: AN EMPIRICAL STUDY Berto Usman; Eduardus Tandelilin
Journal of Indonesian Economy and Business (JIEB) Vol 29, No 3 (2014): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (322.916 KB) | DOI: 10.22146/jieb.6477

Abstract

The development of advanced information technology has become a standard in the process of improving corporate value. This is seen through the high level of investors’ awareness of the brand and information that company holds (Da, Engleberg, and Gao, 2011; Bank, Larch, and George, 2011; Joseph, Wintoki, and Zhang, 2011). Among the information providers, internet plays an important role not only in accessing information, but also as a medium that can be applied to publish a wide range of financial reports or news to attract investors. This study aims to examine the effect of investors’ attention towards returns, liquidity and volatility of stock returns. The results indicate that investors’ attention which is represented by Google Insight contributes positively and significantly to the explanation of returns, liquidity, and volatility of stock returns in Indonesian manufacturing firms. Also, the phenomenon of information technology usage can be one of the considerations for investors in order to discover what types of company’s criterion that is appropriate to be included in their investment portfolio.
Policy regime and policy change: Comparing the phenomenon of local government before and after regional autonomy Kamaludin Kamaludin; Berto Usman
Jurnal Ekonomi dan Bisnis Vol 21 No 1 (2018)
Publisher : Fakultas Ekonomika dan Bisnis Universitas Kristen Satya Wacana

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (580.571 KB) | DOI: 10.24914/jeb.v21i1.940

Abstract

This research aims to evaluate the financial performance of four municipalities (Bengkulu City, Rejang Lebong Regency, South Bengkulu Regency, and North Bengkulu Regency) in Bengkulu Province, Indonesia. The study also identifies the contribution of several financial variables before and after the implementation of regional autonomy. Theoretically, regional autonomy enables these four municipalities to manage their Local Own-Source Revenue (LOSR or PAD - Pendapatan Asli Daerah) better because these municipalities now have to learn to manage their financial resources independently. However, the findings indicate that these four municipalities still exhibit a high financial dependency on the central government or the fiscal balance fund. Consequently, the contribution of LOSR to the total income is still low. Besides, the study finds that these four municipalities exhibit a sufficiently good efficiency ratio but a fluctuating LOSR growth ratio, especially in some municipalities before the proliferation of new municipalities. Further, the main variables of the degree of financial decentralization, local financial autonomy, efficiency, and LOSR growth do not exhibit significant differences between the pre- and post- regional autonomy implementation.