scholarly journals PENGARUH KEPEMILIKAN INSTITUSIONAL TERHADAP LIKUIDITAS PASAR SAHAM: STUDI PADA PERUSAHAAN-PERUSAHAAN MANUFAKTUR YANG TELAH GO PUBLIC DI BURSA EFEK INDONESIA

2021 ◽  
pp. 184-196
Author(s):  
Saut Purba ◽  
Donalson Silalahi
Keyword(s):  
Standard Deviation ◽  
Stock Market ◽  
Stock Prices ◽  
Stock Exchange ◽  
Institutional Ownership ◽  
Market Liquidity ◽  
Manufacturing Companies ◽  
Stock Trading ◽  
Stock Market Liquidity ◽  
The Impact

The purpose of this study is to obtain the empirical evidence about the impact of institutional ownership on stock market liquidity in manufacturing companies that have gone public on the Indonesia Stock Exchange. To achieve this goal, research was carried out on the Indonesia Stock Exchange using a research sample of 100 companies included in the manufacturing industry group. In explaining the effect of institutional ownership on stock market liquidity, 2 (two) models are used. The first model only uses institutional ownership as an independent variable, and the second model includes control variables, namely the standard deviation of price and volume of stock trading using the t test and the F test with α (alpha) of 10 percent. Based on the results of research and discussion, several conclusions can be drawn as follows: First, institutional ownership has a negative and significant effect on stock market liquidity and institutional ownership capacity in explaining stock market liquidity of 4.7 percent. Second, institutional ownership has a negative and significant effect on stock market liquidity, standard deviation of stock prices has a negative and significant effect on stock market liquidity, stock trading volume has a moderate and negative effect on stock market liquidity. The ability of these three variables in explaining stock market liquidity is 13.1 percent.Third, institutional ownership can increase stock market liquidity as indicated by the value of the direction coefficient and the level of significance of the variable of institutional ownership and the coefficient of direction and significance level of the standard deviation variable of stock prices.

The Impact of Investor Sentiment on Stock Market Liquidity: The Mediating Role of Investor Herding Behavior “An Empirical Study on the Egyptian Stock Exchange”

2021 ◽  
pp. 31-60
Author(s):  
A. H. El-Gayar ◽  
◽  
I. A. El-Hayes ◽  
S. Metawa ◽  
◽  
...  
Keyword(s):  
Stock Market ◽  
Empirical Study ◽  
Mutual Fund ◽  
Stock Exchange ◽  
Investor Sentiment ◽  
Theoretical Background ◽  
Market Liquidity ◽  
Indirect Impact ◽  
Stock Market Liquidity ◽  
The Impact

Behavioral finance is a recent approach in financial markets that have appeared because of the complexities long faced by the traditional or neoclassical finance theory. This paper investigates the influence of investor sentiment and herding behaviour on stock market liquidity using an empirical study on the Egyptian Stock Market. We examine the direct impact of Egyptian investor sentiment on the Egyptian Stock Market liquidity. As well as the indirect impact of the Egyptian investor sentiment on the Egyptian Stock Market liquidity through the Egyptian investor herding behaviour. Therefore, the major contribution is filling the gap of indirect sentiment-liquidity impact conflict. We use the monthly data of the EGX30 index from January 2004 up to December 2018 for building up investor sentiment index, investor herding behaviour, and stock market liquidity measures. Moreover, we are using two additional types of data (closed-end mutual fund discounts and the equity open-end mutual fund flows) that represent major measures which are used to build up investor sentiment index ranging through the same time-series of the previously mentioned period of this paper. Additionally, we use four control variables for stock market liquidity, namely market volatility, excess market return, term spread, and lag of the dependent variable, considering that the fourth variable is also used for investor herding behaviour. Our result shows that the investor sentiment index has both a direct and indirect impact on stock market liquidity. In addition, regarding event study analysis’ results, there are different signs of the direct and indirect impacts and different correlations between the research variables throughout the four different events that differ completely from the usual signs and correlations of the theoretical background.

scholarly journals Impact of ownership concentration, institutional ownership and earnings management on stock market liquidity

2020 ◽  
Vol 17 (2) ◽  
pp. 77-87 ◽  
Author(s):  
Ahmed Imran Hunjra ◽  
Uzma Perveen ◽  
Leon Li ◽  
Muhammad Irfan Chani ◽  
Rashid Mehmood
Keyword(s):  
Stock Market ◽  
Earnings Management ◽  
Manufacturing Sector ◽  
Generalized Method Of Moments ◽  
Institutional Ownership ◽  
Vital Role ◽  
Market Liquidity ◽  
Ownership Concentration ◽  
Stock Market Liquidity ◽  
The Impact

Ownership structure plays a vital role in stock market liquidity. We analyze the impact of ownership concentration, institutional ownership and earnings management on stock market liquidity. We select 114 firms from manufacturing sector of Pakistan, India, Australia and Singapore. We extract data from DataStream from 2010 to 2018 of selected countries. We apply Generalized Method of Moments (GMM) to analyze the data. We find that ownership concentration, institutional ownership and earnings management significantly affect the stock market liquidity.

scholarly journals Impact of Stock Market Liquidity on Investment of Listed Enterprises: Evidence from Vietnam

2016 ◽  
Vol 23 (04) ◽  
pp. 80-96
Author(s):  
Tho Tran Ngoc ◽  
Y Dang Nhu
Keyword(s):  
Stock Market ◽  
Fixed Effects ◽  
Financial Constraints ◽  
Stock Exchange ◽  
Cash Flows ◽  
Market Liquidity ◽  
Firm Investment ◽  
Investment Opportunities ◽  
Stock Market Liquidity ◽  
The Impact

This paper studies the effects of market liquidity and other factors on investment of non-financial companies listed on Vietnam stock exchange for the 2008–2013 period by adopting different measures of investment and liquidity, and considering the impact of interaction between liquidity and others, including issuing, financial constraints, and growth opportunities, on firm investment. The estimated results of DGMM with fixed effects and interacting variables prove that stock market liquidity negatively relates to the investment. We do not find any compelling evidence of the liquidity–investment nexus among firms with tighter financial constraints and better investment opportunities. However, we do find the relations between firm investment and financial leverage and also firm investment and cash flows.

scholarly journals THE XBRL TECHNOLOGY AND MARKET EFFICIENCY IN BANKING COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE (IDX)

2020 ◽  
Vol 4 (1) ◽  
pp. 26
Author(s):  
Erni Jayani ◽  
Jumiadi Abdi Winata ◽  
Khairunnisa Harahap
Keyword(s):  
Information Asymmetry ◽  
Market Efficiency ◽  
Financial Reporting ◽  
Stock Prices ◽  
Trading Volume ◽  
Sampling Method ◽  
Stock Exchange ◽  
Institutional Ownership ◽  
Accurate Information ◽  
Stock Trading

The problem in this research is the need for fast and accurate information in the format of the presentation of financial statements resulting in the distribution of information, and data management can be problematic. Therefore, a format for financial reporting systems, namely Extensible Business Reporting Language (XBRL), was formed. The purpose of this study was to determine the effect of XBRL technology, stock prices, Return on Assets (ROA), and institutional ownership on market efficiency (information asymmetry and stock trading volume). The population and sample of this study are banking companies listed on the Indonesia Stock Exchange from 2015-2016. The sampling method using a purposive sampling method and obtained a sample of 42 companies. Data collection techniques are carried out by taking data from the Indonesia Stock Exchange website (www.idx.co.id) and the site http://finance.yahoo.com. Data were analyzed with multiple regression tests after being declared normal with the normality test and though using SPSS 20. The results of this study simultaneously stated that XBRL technology, stock prices, ROA, and institutional ownership together have an influence on information asymmetry and stock trading volume. From the results of the study, it can be concluded that XBRL technology, stock prices, ROA, and institutional ownership cause a decrease in the level of information asymmetry and trading volume. This result also states that the company is in excellent condition when the value of information asymmetry decreases, but it is not good when the trading volume of its shares also decreases. Keywords: XBRL Technology; Stock Prices; Market Efficiency; Information Asymmetry; Stock Trading Volume. 

scholarly journals The Impact of Accounting Fundamentals and Macroeconomic Indicators on Manufacturing Companies' Stock Prices

2021 ◽  
Vol 2 (3) ◽  
pp. 22-29
Author(s):  
Van hyung Shih ◽  
Chien Hoang
Keyword(s):  
Stock Prices ◽  
Stock Exchange ◽  
Secondary Data ◽  
Manufacturing Companies ◽  
Return On Equity ◽  
Price Earnings Ratio ◽  
Macroeconomic Indicators ◽  
Beneficial Impact ◽  
The Impact ◽  
Stock Values

The aim of this research is to ascertain if accounting fundamentals and macroeconomic indicators have an effect on stock prices. In this research, a quantitative method was used. The population of this research includes manufacturing firms listed on the Stock Exchange, with a sample size of ten companies collected through secondary data during the 2019-2020 quarter. Scale of data measurement using a ratio scale. The findings indicated that inflation and interest rate macroeconomic variables had little impact on stock values. Fundamentals of Accounting The return on equity and the price-earnings ratio both have a substantial beneficial impact on company prices

scholarly journals Prediksi Harga Saham Dalam Berinvestasi Pada Perusahaan Manufaktur

2021 ◽  
Vol 9 (2) ◽  
pp. 101-114
Author(s):  
Fauziyah Fauziyah
Keyword(s):  
Stock Prices ◽  
Stock Price ◽  
Manufacturing Industry ◽  
Stock Exchange ◽  
Manufacturing Sector ◽  
Prediction Method ◽  
Manufacturing Companies ◽  
Upward Trend ◽  
Stock Trading ◽  
The Past

Abstract Indonesia Stock Exchange (IDX) is a term that is well known in the world of stocks in Indonesia. One of the company sectors listed on the IDX is manufacturing. The contribution of the manufacturing sector to Gross Domestic Product (GDP) was recorded to be the largest compared to other sectors. In this research, the manufacturing companies that will be used as the object of research to predict their stock prices are manufacturing companies listed in LQ45. In stock trading, prices fluctuate up or down. Stock conditions that fluctuate every day make investors who are going to invest in the Manufacturing industry must observe and study the past company data before investing. This data is important for investors to find out what might happen to a company's stock price. Thus, predicting stock prices in the manufacturing industry for the future is needed as a stage in deciding which manufacturing companies are good to investing in. The prediction method in this research uses ARIMA. The results obtained are the stock prices of companies GGRM, HMSP, ICBP, INDF, INTP and UNVR following a downward trend, so that the actions taken by investor in these companies are selling stocks, while for the stock prices of companies ASII, CPIN, INKP, JPFA, SMGR, TKIM, following an upward trend, so that the actions taken by investors in these companies are buying stocks.Keywords: Prediction, ARIMA, Investment  BEI merupakan istilah yang terkenal pada dunia saham di Indonesia. Sektor perusahaan yang terdapat di BEI salah satunya adalah manufaktur. Kontribusi sektor manufaktur dalam Produk Domestik Bruto (PDB) tercatat yang paling besar dibandingkan sektor lainnya. Di dalam penelitian ini, perusahaan manufaktur yang akan dijadikan objek penelitian untuk diramalkan harga sahamnya yaitu perusahaan manufaktur yang terdaftar di LQ45.  Pada perdagangan saham, harga mengalami fluktuasi naik maupun turun.  Keadaan saham yang fluktuasi setiap hari menjadikan investor yang akan berinvestasi di industri Manufaktur harus mengamati dan mempelajari data perusahaan dimasa lalu sebelum melakukan investasi. Data tersebut penting bagi investor untuk mengetahui kemungkinan yang terjadi pada harga saham suatu perusahaan. sehingga, meramal harga saham pada industri manufaktur untuk masa yang akan datang sangat dibutuhkan sebagai tahapan dalam memutuskan perusahaan Manufaktur yang baik dalam melakukan investasi. Metode Prediksi dalam penelitian ini menggunakan ARIMA. Hasil yang didapat yaitu harga saham perusahaan GGRM, HMSP, ICBP, INDF, INTP dan UNVR mengikuti tren turun, sehingga langkah yang diambil untuk investor pada perusahaan tersebut adalah menjualnya sedangkan untuk harga saham perusahaan ASII, CPIN, INKP, JPFA, SMGR, TKIM, mengikuti tren naik, sehingga langkah yang diambil untuk investor pada perusahaan tersebut adalah membeli saham.Kata Kunci: Prediksi, ARIMA, Investasi

Ownership concentration, earnings management and stock market liquidity: evidence from Malaysia

2017 ◽  
Vol 17 (3) ◽  
pp. 490-510 ◽  
Author(s):  
Hamdan Amer Al-Jaifi
Keyword(s):  
Stock Market ◽  
Earnings Management ◽  
Instrumental Variables ◽  
Generalized Method Of Moments ◽  
Market Liquidity ◽  
Ownership Concentration ◽  
Estimation Methods ◽  
Content Type ◽  
Stock Market Liquidity ◽  
The Impact

Purpose This paper aims to examine whether ownership concentration and earnings management affect the stock market liquidity of Malaysian firms. Design/methodology/approach This study uses a sample of 2,020 yearly firm observations in Bursa Malaysia over the period 2009-2012. The ordinary least square regression is used to examine the relationships. The study undertakes a sensitivity test by regressing the main study variables by using different measurements. Another robustness test is then used, where a regression based on the change in variables and a one-year lag of the independent variables are used. Furthermore, to alleviate the concern of possible endogeneity, the simultaneity and reverse causality are checked using the lag of the dependent variable, fixed effect regression, two-stage least squares using the instrumental variables and the generalized method of moments using instrumental variables analysis. Findings The study finds that firms with a high level of ownership concentration have discrepancies in information between informed and uninformed traders, which impair the stock market liquidity. In addition, this study finds that firms with high earnings management experience greater liquidity. A possible explanation for this is that firms might manage earnings to convey private information to enhance the information content of the earnings. Overall, the evidence suggests that manipulating earnings signals information informatively, particularly in a country with a higher level of ownership concentration and a higher likelihood of expropriating minority shareholders. Originality/value This study enriches the limited empirical research devoted to the impact of earnings management and ownership concentration on stock market liquidity especially in the context of emerging economies. The findings of this study are robust to alternative liquidity measurements, to alternative estimation methods, and to endogeneity bias.

scholarly journals The performance of the Indian stock market during COVID-19

2020 ◽  
Vol 17 (3) ◽  
pp. 133-147
Author(s):  
Rashmi Chaudhary ◽  
Priti Bakhshi ◽  
Hemendra Gupta
Keyword(s):  
Standard Deviation ◽  
Stock Market ◽  
Stock Exchange ◽  
Health Care Information ◽  
Crisis Period ◽  
Daily Data ◽  
Composite Indices ◽  
Health Care Information Technology ◽  
Indian Stock Market ◽  
The Impact

The current empirical study attempts to analyze the impact of COVID-19 on the performance of the Indian stock market concerning two composite indices (BSE 500 and BSE Sensex) and eight sectoral indices of Bombay Stock Exchange (BSE) (Auto, Bankex, Consumer Durables, Capital Goods, Fast Moving Consumer Goods, Health Care, Information Technology, and Realty) of India, and compare the composite indices of India with three global indexes S&P 500, Nikkei 225, and FTSE 100. The daily data from January 2019 to May 2020 have been considered in this study. GLS regression has been applied to assess the impact of COVID-19 on the multiple measures of volatility, namely standard deviation, skewness, and kurtosis of all indices. All indices’ key findings show lower mean daily return than specific, negative returns in the crisis period compared to the pre-crisis period. The standard deviation of all the indices has gone up, the skewness has become negative, and the kurtosis values are exceptionally large. The relation between indices has increased during the crisis period. The Indian stock market depicts roughly the same standard deviation as the global markets but has higher negative skewness and higher positive kurtosis of returns, making the market seem more volatile.

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