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"Penelitian ini bertujuan untuk mengetahui pengaruh dari inisiatif ESG (environmental, social, governance) terhadap performa finansial perusahaan di emerging markets. Negara yang digunakan sebagai sampel adalah China, Taiwan, India, Brazil, Russia, Thailand, Malaysia, serta Afrika Selatan sebagai delapan negara dengan berat konstituen tertinggi dari MSCI Emerging Markets ESG Index. Penelitian ini juga ingin melihat apakah financial slack yang tinggi dapat memperkuat hubungan antara ESG secara bersama ataupun terpisah terhadap ROA perusahaan. Metode penelitian ini adalah robust standard error regression dan multiple-moderated regression dengan periode sampel selama 10 tahun dimulai dari 2010 hingga 2019. Hasil penelitian menemukan bahwa ESG memiliki hubungan signifikan positif, walaupun variabel environmental, social, serta governance secara terpisah tidak memiliki hubungan signifikan terhadap ROA perusahaan. Financial slack yang tinggi juga ditemukan memperkuat hubungan antara ESG serta governance terhadap ROA perusahaan.

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This study aims to understand the effect of company’s ESG (environmental, social, governance) initiatives towards the firm’s financial performance in emerging markets. The country chosen for this study are China, Taiwan, India, Brazil, Russia, Thailand, Malaysia, and South Afrika as the eight country with the highest constituent on MSCI Emerging Markets ESG Index. Another aim of this study is to find whether high financial slack can strengthen the relationship between ESG, together and as standalone, to the company’s ROA. The method used in this study are regression with robust standard error and multiple-moderated regression with 10 years as the sample period starting from 2010 to 2019. The result found that ESG have a significant and positive, although environmental, social, and governance as a standalone, do not have significant relationship with ROA. High financial slack is also proven to strengthen the relationship between ESG and governance with the company’s ROA."

"Convergence in prices or returns of assets with similar characteristics indicates that the financialmarket is integrated with regional markets. This paper is the first that test of the movements ofinterest rates in ASEAN banking sector for the period 1990 - 2012. The empirical analysis is basedon a yearly panel of commercial bank interest rate data from 5 ASEAN countries, namely, Indonesia,Malaysia, Philippines, Singapore and Thailand. We assessed the degree and speed of interest rateconvergence using beta and sigma convergence method. The findings show that the difference andthe dispersion in the interbank rates have reduced since the Asian financial crisis and this trend hasbecome stronger after the Global financial crisis. The findings of this study confirm that interest ratesin the ASEAN banking sector are converging. This provides evidence that the ASEAN banking sectoris ready for financial integration."

"Convergence in prices or returns of assets with similar characteristics indicates that the financialmarket is integrated with regional markets. This paper is the first that test of the movements ofinterest rates in ASEAN banking sector for the period 1990 - 2012. The empirical analysis is basedon a yearly panel of commercial bank interest rate data from 5 ASEAN countries, namely, Indonesia,Malaysia, Philippines, Singapore and Thailand. We assessed the degree and speed of interest rateconvergence using beta and sigma convergence method. The findings show that the difference andthe dispersion in the interbank rates have reduced since the Asian financial crisis and this trend hasbecome stronger after the Global financial crisis. The findings of this study confirm that interest ratesin the ASEAN banking sector are converging. This provides evidence that the ASEAN banking sectoris ready for financial integration."

"ABSTRAKPenelitian ini bertujuan untuk menguji dampak struktur biaya terhadap kebijakan pembayarannya di perusahaan non-keuangan Indonesia. Struktur biaya dapat didefinisikan sebagai porsi biaya tetap dan variabel di setiap perusahaan, dihitung dengan menambahkan satu pada leverage operasi yang dibagi dengan tingkat profitabilitas. Metode regresi panel data logistik diterapkan untuk menganalisis penelitian ini, dan hasilnya menunjukkan bahwa struktur biaya perusahaan non-keuangan Indonesia memainkan peran penting dalam kebijakan pembayaran, khususnya pembayaran dividen. Ketika struktur biaya menurun, perusahaan menjadi lebih fleksibel dalam mengubah keuntungan mereka seiring dengan perubahan penjualan. Nilai struktur biaya yang tinggi berarti perusahaan yang tidak fleksibel, perusahaan-perusahaan ini cenderung memiliki proporsi biaya tetap yang tinggi dalam biaya operasi mereka. Studi ini menemukan bahwa perusahaan-perusahaan Indonesia dengan struktur biaya tinggi umumnya memberikan dividen dan pembelian kembali saham yang lebih sedikit. Lebih rasional bagi perusahaan non-keuangan di Indonesia yang memberikan pembayaran, untuk mendistribusikan uang dalam bentuk dividen dibandingkan dengan pembelian kembali. Kecenderungan membeli kembali saham baru-baru ini meningkat di Indonesia, namun perusahaan non-keuangan Indonesia masih memiliki kecenderungan dalam mengeluarkan uang untuk dividen daripada membeli kembali karena peraturan dan pembatasan pembelian kembali yang kurang jelas.

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ABSTRACTThis study aims to examine the impact of cost structure on payout policy within Indonesian non financial firms. Cost structure can be defined as the portion of fixed and variable costs in every firm, it is calculated by adding one to the operating leverage scaled by profitability. The logistic panel regression method is applied to analyze this study, and the results show that Indonesian non financial firms rsquo cost structure plays a significant role in payout policy, specifically dividend payout. When the cost structure decrease, firms become more flexible in changing their profits as the sales change. The higher values of cost structure mean the inflexible the firms become, these firms tend to have a high proportion of fixed costs in their operating costs. This study finds that Indonesian firms with high cost structure generally compensate less in dividends and share repurchases. It is more rational for Indonesian non financial firms that administer payout to spend money on dividend compare to repurchasing. The trend of repurchasing shares has recently escalated in Indonesia, yet Indonesian non financial firms still have the tendency to spend money on dividend instead of repurchases due to unclear repurchases rsquo regulation and limitation.Payout policy cost structure operating leverage dividend payment emerging markets."

"Pemahaman umum bahwa ilmu perilaku berperan dalam menciptakan ketidaknormalan dalam sektor keuangan telah dipelajari dan diusulkan berkali-kali di masa lalu. Penelitian ini bertujuan untuk membuktikan eksistensi ilmu perilaku khususnya perilaku menggiring di tiga negara dengan kondisi pasar yang berbeda: Indonesia (Negara Berkembang), Vietnam (Negara Berkembang), dan Amerika Serikat (Negara Maju). Kami mengembangkan metodologi kami menggunakan regresi kuantil untuk mempelajari keberadaan perilaku menggiring, dan temuan kami adalah sebagai berikut: (1) Seperti yang diharapkan, AS tidak memiliki indikasi keberadaan herding yang signifikan secara statistik, namun mereka mengindikasikan keberadaan perilaku herding yang tidak signifikan pada periode pasca COVID-19 di bawah kondisi bearish (2) Vietnam tidak mengindikasikan kecenderungan herding yang signifikan, (3) Secara mengejutkan, Indonesia tidak menunjukkan keberadaan herding yang signifikan secara statistik, tetapi baik Indonesia maupun Vietnam menunjukkan sedikit perilaku herding, namun relatif tidak signifikan.

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The general suggestion that behavioural science plays a part in creating abnormalities within the financial sector has been studied and proposed many times in the past. This study aims to prove the existence of behavioural sciences specifically herding behaviour in three countries with different market conditions: Indonesia (Emerging), Vietnam (Frontier), and the United States (Developed). We developed our methodology using quantile regression to study the existence of herding behaviour and our findings was as follows: (1) As expected, the US didn’t have any indication of a statistically significant herding presence, they do however indicate an insignificant presence of herding behaviour in the post-covid period under bearish conditions (2) Vietnam does not indicate significant herding tendencies, (3) Surprisingly, Indonesia did not exhibit statistically significant herding presence, but both Indonesia and Vietnam exhibited the slight presence of herding behaviour but still relatively insignificant."

"Penelitian ini bertujuan untuk meneliti pengaruh dari perubahan nilai ESG, yang terdiri dari ESG Combined, Environmental Pillar, Social Pillar, dan Governance Pillar terhadap risiko operasional bank berbasis akuntansi dan pasar pada periode 2013-2022. Sampel penelitian terdiri dari 70 bank di 18 negara yang termasuk dalam MSCI Emerging Markets Index. Penelitian ini menggunakan metode regresi panel dengan estimasi fixed effect model. Hasil penelitian dengan total 700 observasi menunjukkan bahwa hanya perubahan nilai pilar sosial yang secara signifikan menurunkan risiko operasional berbasis akuntansi menggunakan tolok ukur aset tertimbang menurut risiko operasional di negara-negara berkembang. Sedangkan, perubahan nilai ESG secara keseluruhan dan masing-masing pilar tidak memengaruhi risiko operasional bank berbasis pasar yang diukur menggunakan volatilitas return saham. Penelitian ini memberikan temuan menarik untuk industri perbankan di negara berkembang untuk meningkatkan keterlibatan dan tanggung jawab sosial, serta pelaporan aktivitas sosial mereka kepada para pemangku kepentingan.

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This study aims to examine the effect of changes in ESG scores, which consist of ESG Combined, Environmental Pillar, Social Pillar, and Governance Pillar on the bank operational risk on accounting-based and market-based proxies in the period 2013-2022. The research sample consists of 70 banks in 18 countries included in the MSCI Emerging Markets Index. This study uses panel regression method with fixed effect model estimation.  The results of the study with a total of 700 observations show that only changes in the value of social pillars significantly reduce accounting-based operational risk using operational risk-weighted asset benchmarks in developing countries. Meanwhile, changes in the value of ESG as a whole and each pillar do not affect market-based bank operational risk measured using stock return volatility. This study provides interesting findings for the banking industry in emerging economies to increase social engagement and responsibility, as well as reporting their social activities to stakeholders."

"The focus of the volume is on dealing with uncertainties and challenges within the global marketplace brought by digital technology companies that are leveraging artificial intelligence, machine learning, cloud computing, robotic automation, augmented reality, and other recent advancements. Additionally, these companies operate in the sharing economy and offer collaborative consumption opportunities. Featuring contributions presented at the 2020 Academy of Marketing Science (AMS) Virtual Annual Conference, the enclosed contributions assess the impact of these radical and disruptive innovations on long-standing incumbents and traditional industries, as well as consumer experiences.Founded in 1971, the Academy of Marketing Science is an international organization dedicated to promoting timely explorations of phenomena related to the science of marketing in theory, research, and practice. Among its services to members and the community at large, the Academy offers conferences, congresses, and symposia that attract delegates from around the world. Presentations from these events are published in this Proceedings series, which offers a comprehensive archive of volumes reflecting the evolution of the field. Volumes deliver cutting-edge research and insights, complementing the Academy’s flagship journals, the Journal of the Academy of Marketing Science (JAMS) and AMS Review. Volumes are edited by leading scholars and practitioners across a wide range of subject areas in marketing science"

"This book focuses on the notion of the environmental sustainability of the economy. The Sustainable Development Goals, formulated by the UN, led to the formation of a concept of the environmental sustainability of the economy. This concept implies the harmony of economy and environment, achieved due to the support for the SDGs in the economy. This book is original due to its reconsidering the environmental sustainability of the economy from the position of crises. The theoretical significance of the book consists in the development of an anti-crisis approach to the provision of the environmental sustainability of the economy: responsible nature use based on digital markets and smart governance. The proprietary approach allows for the comprehensive description of the potential of the leading technologies—artificial intelligence (AI), robots, the Internet of Things (IoT), and blockchain—to support—during their use in smart governance—crisis management of the environmental sustainability of economy.The book’s practical significance is due to the description and detailed discussion of the modern international experience of responsible nature use given the specifics of developed and developing countries. The anti-crisis approach to the provision of the environmental sustainability of the economy is based on digital markets: FinTech, EdTech, GovTech, AgroTech, and EnergyTech, the practice of which is described in the book with the help of multiple examples from the international experience and case studies.The book is aimed at scholars who study environmental economics. In this book, they find an innovative view of the environmental sustainability of the economy in its close connection with economic crises."