Sentimen Investor, Kendala Keuangan, dan Equity Market Timing  

Oleh:

Saad, Meiyanne D. Permata

Jenis: Article from Journal - ilmiah nasional - terakreditasi DIKTI
Dalam koleksi: Jurnal Keuangan dan Perbankan: Journal of Finance dan Banking vol. 13 no. 1 (Jun. 2011), page 1-15.
Topik: Investor Sentiment; Financial Constraints; Equity Market Timing
Fulltext: SENTIMEN INVESTOR, KENDALA KEUANGAN,.pdf (3.01MB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ12.1 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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This study attempts to find empirical evidences on whether capital structure of manufacturing companies listed on the Indonesia Stock Exchange (IDX) is consistent with that predicted by the equity market timing theory. We find three interesting findings in this study. First, capital structure of manufacturing companies listed on the Indonesia Stock Exchange is consistent with prediction by equity market timing theory that aims at capitalizing mispricing. Second, the investors’ sentiment would reinforce the equity market timing practice, where the equity market timing will show higher prevalence when investors’ sentiment is high. This finding supports the studies by Baker and Wurgler (2002) and Baker et al (2007), which assert that the purpose of equity market timing is to capitalize mispricing. It also supports the studies by Kim and Shamsuddin (2008) and Hoque et al (2007), which note that Indonesian capital market is inefficient, and there is an indication that it is in the form of semi-strong form of market efficiency.Third, equity market timing would be practiced by a company when it has no financial constraint. When the firm has no financial constraint, it may have access to external source of financing so that it has a greater opportunity to practice equity market timing strategy. This, consequently, may reduce the market timing practice. This finding supports the study by Korajzcyk dan Levy (2003), which found that market timing shall be exercised by firms that have no financial constraints.

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