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"This study examines the performances of two Real Estate Investment Trust (REITs) structure inMalaysian capital market by comparing the Dividend Yield (DY), Distribution per Unit (DU), Netasset Value (NAV), and Earning per Unit (EU) of shariah (iREITs) and conventional (cREITs) REITsfrom Malaysia perspective. The secondary data are retrieved from Bloomberg's Database for 13listed REITs in the Bursa Malaysia main board for a five-year period from 2009 to 2013 with yearlyobservation. Applying One Way-Anova analysis, an Independent Sample Kruskal-Wallis Test is usedto determine any differences in the performance of the two REITs structure. The results provide evidenceindicating that the two structures had distinctive and significantly different performances. Italso indicates the better performance of iREITs compared to cREITs. The results of this study areuseful to provide additional evidence towards the viable of Islamic funds as a significant initiative tobroaden and deepen the product base of Islamic capital market in Malaysia."

"This paper investigates the factors that can influence the Real Estate Investment Trust (REIT)’sperformance, paying particular attention to the listed REIT’s in Asian. Samples of 45 Asian listedREITs are selected from five different countries namely Taiwan, Thailand, Malaysia, Hong Kong,Japan and Singapore for 5 years basis from 2007 to 2011 with 225 observations. Study used Net Assetvalue (NAV) and Return as the proxy for REITs performance while risk, dividend yield, net incomeand size to represent the determinants variable. Applying correlations and multiple regression analysis,the results provide evidence on the association between NAV and return with risk, dividend yield,net income and size of REITs. Results of this study are hoped to help the investors and portfolio managersto deepen their understanding of the dependence factors that might influence the performanceof REITs in Asian."

"This study examines the effect of Islamic screening criteria on Shari’ah-compliant portfolio selectionand performance compared to Socially Responsible Investment (SRI) portfolio. Each portfolioconstructed from 15 stocks based on FTSE 100 using data from year 1997. Mean-variance portfoliooptimization is employed with some financial ratios added as constraints for the Shari’ah portfolio.Annual expected return of each portfolio from 2008 to 2013 is used to calculate Sharpe’s ratio,Treynor ratio and Jensen’s alpha as the performance measurement tools. Macroeconomic variablesare assessed using ordinary least square to examine whether they influence the portfolios’ expectedreturns or not. The result finds that Shari’ah portfolio has a better performance than SRI from year2008 to 2010 shown by higher value of the measurement tools. However, from 2011 to 2013, SRI portfoliohas better performance than Shari’ah portfolio."

"Penelitian ini bertujuan untuk menganalisis pengaruh manajemen modal kerja terhadap kinerja keuangan serta hubungannya dengan peristiwa resesi ekonomi pada perusahaan sektor consumer non-cyclicals, basic materials, dan real estat. Penelitian ini menggunakan 83 data perusahaan terdaftar pada Bursa Efek Indonesia (BEI) dengan rentang waktu 2008-2021. Menggunakan dua proksi kinerja keuangan berupa ROA dan ROE serta empat proksi modal kerja di antaranya ICP, ACP, APP, dan CRR. Menggunakan metode estimasi model Random Effect Model (REM), ditemukan bahwa APP dan CRR memengaruhi kinerja keuangan secara positif sedangkan ACP dan ICP memengaruhi kinerja keuangan secara negatif.

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This study aims to analyze the influence of working capital management on financial performance and its relationship with economic recession events in the consumer non-cyclicals, basic materials, and real estate sectors. This study utilizes 83 company data listed on the Indonesia Stock Exchange (IDX) from the period of 2008-2021. This study is using two financial performance proxies, ROA and ROE, and four working capital proxies including ICP, ACP, APP, and CRR, are employed. Using the Random Effect Model (REM) estimation method, it was found that APP and CRR positively affect financial performance, while ACP and ICP have a negative impact on financial performance."

"This study develops a model of expropriation through real earnings management (REM) in theIndonesian Islamic banking industry. The purpose of this study is to test a new model by examiningthe relationship between REM, bank ownership types, and performance of Islamic banks in Indonesiain the period of 2006 - 2013. This study finds that there are significant differences in REM andperformance scores in banks with different ownership types. The REM and performance scores forfamily-owned banks and private-owned banks are relatively similar. However, Islamic banks withgovernment as the controlling shareholder have the highest REM scores and the lowest performancescores. In contrast, foreign-owned banks have the lowest REM scores and the highest performancescores. The indications of expropriation can be seen from the magnitude of REM. A high REM canlower profitability and efficiency while increasing the risks faced by Islamic banks in Indonesia."

"This paper investigates the existence of two anomalies in Indonesia and Malaysia Shari’ah compliance;the month of the year and pre-holiday effect, and their implication for stock market efficiency.Investing in Shari’ah compliant is different from investing in conventional stock. Conventional stockmarket follows the capital market set of rules and law, while Shari’ah follows not only the capitalmarket set of laws but also the Islamic principles. Most of the previous studies investigated issuesrelated to conventional stock market, this study take one step further by investigating issue relatedto Shari’ah compliant instrument and make comparison between both Shari’ah compliance stockmarket in Indonesia and Malaysia. We document high and significant returns in month and predayin Indonesia and Malaysia stock market that represent by the Shari’ah compliance. Our resultindicate that the month of the year effect is prevalent in Indonesia and Malaysia Shari’ah compliance."

"The purpose of this study is to evaluate performance and volatility of Islamic and conventionalstock indices along with their determinant factor variables in Indonesia. The study adopts: (1) CapitalAsset Pricing Model (CAPM) to compare the performance of the Jakarta Islamic Index (JII) torepresent Islamic index and LQ45 to represent the conventional, (2) beta calculation to measurevolatility, and (3) Autoregressive Distributed Lag (ARDL) to capture the determinants and the reasonbehind the outperformance. The data coverage is from January 2006 to November 2015. The studyfinds that: (1) There is no significant difference on performance between JII and LQ45, (2) JII is lessvolatile than LQ45, except in 2010, and (3) JII performance is less affected by external factorsexceptfor crude oil price. Moreover, the result implies challenge for the authorities to educate society, particularlywhom concern to shari?ah principles, with information that Islamic index performance isnot much difference from conventional index and less volatile."

"Penelitian ini bertujuan untuk menganalisis dampak dari aliran modal masuk terhadap REER yang terjadi pada 6 negara Asia, meliputi Indonesia, Malaysia, Thailand, Filipina, Cina dan India untuk periode 1990-2011 melalui 3 jenis aliran modal yaitu, PMA, investasi portofolio, investasi lainnya. Dengan menggunakan model yang dikembangkangkan Lartey (2007) dan metode panel Feasible Generalized Least Square, hasil penelitian menunjukkan bahwa investasi portofolio memiliki dampak apresiasi REER paling besar, diikuti oleh investasi lainnya dan PMA. Variabel makroekonomi derajat keterbukaan dan konsumsi pemerintah positif dan signifikan terhadap apresiasi REER.

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The purpose of this research is to analyze the impact of capital inflows towards the REER, in a sample of 6 Asian countries, consisting of Indonesia, Malaysia, Thailand, Phillippines, China, and India from the year 1990-2011. By using the model developed by Lartey (2007) and Feasible Generalized Least Square regression, the results reveal that portofolio investment have the greatest REER appreciation effect towards the REER, followed by other investment and foregin direct investment (FDI). Macroeconomic variables such as trade openness and government consumption positively and significantly affect the REER appreciation."

"Getting sovereign credit rating upgrades and achieving investment grade status are main goalsfor countries in order to gain lower yield spread and cost of borrowing. By using ordinary leastsquare method, this research is aimed to analyze the impact of Indonesia sovereign credit rating upgradeand investment grade status on sovereign spread changes. The result shows that the sovereigncredit rating upgrades within speculative grade category and investment grade status for Indonesiado not significantly impact sovereign spread reduction. On the other hand, the global condition, especiallyglobal risk appetite, has significant impact to Indonesia sovereign yield spread. The researchalso indicates that Indonesia macroeconomic fundamentals do not significantly explain the movementof sovereign yield spread."

"This study analyzes the correlation between business diversification and performances in Indonesian listed companies from 2006-2011. In addition to observing business diversification impact on company?s performance in term of Return on Assets (ROA) and Tobin?s Q, this research also observes the business diversification impact on the performances of different companies at different level.The result of this research indicates that diversification gives negative effect to ROA and Tobin?s Q, while for higher level of diversification, the effect on Tobin?s Q is relatively high. The negative effect of diversification on ROA is higher in the group of companies with higher ROA. The different results show that when using Tobin?s Q as a measure of companies? performances, diversification gives negative impact to companies? performance in the intermediate level."