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All Journal Jurnal Ilmiah Ekonomi dan Bisnis Jurnal Organisasi Dan Manajemen
said kelana asnawi
Institut Bisnis dan Informatika Kwik Kian Gie
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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DO FOREIGN FUNDS AFFECT INDONESIAN CAPITAL MARKET LIQUIDITY? said kelana asnawi
Jurnal Ilmiah Ekonomi Dan Bisnis Vol. 18 No. 2 (2021)
Publisher : Universitas Lancang Kuning

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31849/jieb.v18i2.6313

Abstract

Trading Volume (Liquidity) is the perfect complement to returns. Therefore, research regarding volume becomes an important thing in the capital market. Various factors that influence the Liquidity (TV) are bid-ask spread; interest rates, exchange rates, and foreign funds. The study uses Amihud Illiquidity Ratio (AIR) as a proxy for liquidity. The data is the Indonesian Composite Index for liquidity, and all variables, daily basis; 2016-2019 period, divided into odd and even semester, with the linear regression model. The results showed that the bid-ask spread decreases trading volume, exchange rate and interest rates had a positive effect on AIR, where the greater the depreciation and the higher the interest rates, the lower the liquidity. For 2019, the foreign fund has a negative coefficient, which shows foreign funds increase capital market liquidity. In 2019, there will be a strengthening effect between foreign funds and the exchange rate Keyword: liquidity; trading volume; Amihud Illiquidity Ratio; bid-ask spread; exchange rate.
The Importance of Dividends to Millennial Investors in Indonesian Capital Markets Said Kelana Asnawi; Dergibson Siagian; Salam Fadilah Alzah; Indra Halim
Jurnal Organisasi dan Manajemen Vol. 18 No. 2 (2022)
Publisher : LPPM Universitas Terbuka

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33830/jom.v18i2.2917.2022

Abstract

Purpose – This investigation focuses on investors’ interest in cash dividends. In investing selections, dividends are often disregarded, but research on this subject tends to focus on the fundamental variables. Methodology – A questionnaire was submitted to investors on the IDX in October 2021, and 248 data were obtained. The impact of various investor characters, social media and ownership of rumor stocks on the cash dividend were also proposed using logistic regression and multinomial logistic regression. Findings – Except for Genes, none of the other characters indicates an association with/not considering dividends. Only social media variables significantly affect the chances of investors considering dividends. Furthermore, investor experience, risk character and rumor-share ownership variables provide an opportunity to consider dividends below 50%. The results showed that (a) investors who do not follow social media would use cash to buy dividend shares instead of cash withdrawn; (b) Millennials buy other stocks instead of dividend-share; (c) Investors who own rumor stocks will withdraw and purchase others instead of dividend-share. This is because dividends are not considered as an investment strategy. Originality – This study gives (a) a risk-based explanation for investor decisions; (b) behavioral finance research on dividend investing.
Does INDONESIAN CAPITAL MARKET EFFICIENT?: A RELATION BETWEEN PRICE-VOLUME Said Kelana Asnawi; Samuel Pratama; Hans Christian Kurniawan; Samuel Yosua Rodjana
Jurnal Ilmiah Ekonomi Dan Bisnis Vol. 20 No. 2 (2023)
Publisher : Universitas Lancang Kuning

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31849/jieb.v20i2.13019

Abstract

Efficient markets show prices have reflected information. In an efficient market, the pattern of price movements is a random walk, meaning that prices cannot be predicted accurately, so investors do not get abnormal returns. The informations used in this study are: lag-return (r-1); lag return(r-2); trading volume, as well as the synergy between (r-1) and trading volume. This research found that the coefficient was not significant in almost all tests. Investors cannot use past information to get abnormal returns Thus the efficient market hypothesis is proven. This efficient market situation shows that all market participants have equal opportunities in terms of risk-return.
Co-Authors Caroline Samsuki Dergibson Siagian Hans Christian Kurniawan Indra Halim Salam Fadillah Alzah Samuel Pratama Samuel Yosua Rodjana Sintia Julanda Syane - Timothy Wiranata