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"This research studies the international co-movement among Asia Pacific emerging markets stock price indices during the late 2000s recession by using the monthly observations start from 1st October 2001 until 1st April 2011. The co-integration analysis and parsimonious Vector Error Correction Model employed in this research reveal a long-term relationship and interdependencies among seven Asia Pacific emerging market stock price indices. This research finds that the unique co-integation exists on the equations. Specifically, two indices from China and Taiwan having meteor shower potential while the rest indices from Thailand, Malaysia, and Indonesia are known to have heat waves effects or country specific factors on the equation. Finally, all the results are linked to the international diversification strategies."

"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."

"This paper empirically examines the effect of banks' revenue diversification on the stock-basedreturn and risk measures using data on the ASEAN-5, and addition from China, Japan, and SouthKorea banking sector. This paper use panel Fixed Effect and robustness test with Random Effect andTSLS. We use non-interest income share as a measure for revenue diversification. We find that revenuediversification has no effect on bank’s market value but significantly decrease bank total risks. Whennon-interest income is decomposed, we find that fee-income business has significant positive effect onbank value. Furthermore, it’s important to see characteristic of banks that practice diversification,such as bank size and capital. Overall, we provide evidence that banks, especially larger oneswithgood condition on capital, could increase their value and lower their risk by diversifying non-interestincome, especially with fee income as well as other types of non-interest income."

"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."

"The world is entering the era of recession when the trend is bearish and market is not so favorable. The capital markets in every major country were experiencing great amount of loss and people suffered in their investment. The Jakarta Composite Index (JCI) has shown a great downturn for the past one year but the trend bearish year of the JCI. Therefore, rational investors should consider restructuring their portfolio to set bigger proportion in bonds and cash instead of stocks. Investors can apply modern portfolio theory by Harry Markowitz to find the optimum asset allocation for their portfolio. Higher return is always associated with higher risk. This study shows investors how to find out the lowest risk of a portfolio investment by providing them with several structures of portfolio weighting. By this way, investor can compare and make the decision based on risk-return consideration and opportunity cost as well."

"This paper is motivated by the fact that emerging market assets size has been expanding and tryingto use sovereign debt market as part of capital market as main research focus. It is highlightingthe distinction between default and non-default determinants and examining their significance inexplaining emerging market sovereign bond yield spread. Using Cross-Sectional Fixed-Effect PanelEstimator, we found that both default (as proxied by Credit Rating and Outlook Index) and non-default(as proxied by 3-month Fed Funds Futures) determinants has significant explanatory power tosovereign bond yield spread. Extensively, we also found the significance to add volatility of 3-monthFed Funds Futures and Fed Target Rate basis and volatility of advanced stock markets as variablesto stand for non-default determinants in the model. The significance of the latter model is strengthenedby higher forecasting as well as indicates the significant role of US market to emerging marketsovereign bond market."

"This paper examines market efficiency of foreign exchange markets in South East Asia (Indonesia,Thailand, Malaysia, Singapore, and Philippines) after the global crisis period 2008. The time spancovered by the samples are from 2009 to 2014, with the total number of observations for spot and forwardexchange rate data amounting to 1565 data points. This study uses three different approachesto examine efficiency within countries and across countries. The result of this study shows that foreignexchange markets in the ASEAN-5 countries are efficient within countries, but have not been efficientacross countries, especially when the country has a bivariate relationship with Thailand’s foreignexchange market. The main implication of this study is that investors in the ASEAN-5 market cannotobtain abnormal returns using technical analysis on within countries foreign exchange market. Inaddition, there is no significant differences for participants in the foreign exchange market whetherthey are using hedging or not hedging."

"Di tengah maraknya kecenderungan untuk bersikap konservatif dan mengutamakan aspek prudensial di kalangan bankir, riset mengenai industri perbankan ini mencoba untuk mendapatkan pandangan baru atas paradoks yang dihadapi oleh bank Petahana dalam mengadopsi Inovasi Disruptif (Disruptive Innovation) dalam bentuk layanan perbankan tanpa cabang (branchless banking), untuk memperluas layanan keuangan ke segmen di bawah piramida perekonomian (Bottom of Pyramid). Meskipun ditengarai terdapat adanya potensi bisnis besar yang dapat diperoleh melalui penyediaan layanan bagi nasabah segmen dibawah piramida yang masih belum mendapatkan layanan pada saat ini (underbanked), pengamatan para peneliti atas praktek yang terjadi di pasar memperlihatkan bahwa hanya beberapa Petahana yang mampu untuk mengembangkan kapabilitas unik yang dibutuhkan untuk dapat merebut dan memperoleh kesempatan bisnis baru yang berbasis prinsip Inovasi Disruptif. Dalam rangka untuk mendapat resolusi dari adanya celah pengetahuan di mana pada pihak Petanaha terlihat memiliki kapabilitas yang terbatas untuk dapat merebut kesempatan berbasis prinsip invoasi disruptif; dan di pihak lainnya didorong kebutuhan untuk terus mengejar kesempatan bisnis baru; riset ini mengembangkan konstruk baru yang disebut sebagai Disruptive Innovation Seizing Capability (Kapabilitas Merebut Inovasi Disruptif), yang menghubungkan teori Inovasi Disruptif dengan teori Kapabilitas Dinamis (Dynamic Capability), dan berfungsi untuk menjadi kerangka kerja dalam mengidentifikasikan lebih jauh faktor-faktor yang memperkuat komitmen Petahana dalam mengejar potensi bisnis baru berbasis Inovasi Disruptif. Melalui penggunaan analisa berbasis Structural Equation Modeling (SEM) terhadap data 175 responden yang dikumpulkan dari 12 bank yang di Indonesia, Peneliti menemukan bahwa para Petahana didalam riset ini didorong oleh orientasi stratejik berbasis bertahan (Defensive Orientation), dan bukan didorong oleh orientasi stratejik yang berbasis agresivitas untuk meraih kesempatan di pasar. Temuan ini menimbulkan implikasi bahwa para Petahana yang menjadi responden dari riset ini dimotivasi oleh dorongan untuk melakukan efisiensi, yang berlawanan dengan pertanyaan resmi mengenai tujuan pengembangan layanan perbankan tanpa cabang, yaitu dalam rangka pengembangan pangsa pasar yang baru. Selain itu, riset ini juga menyangkal pendapat sebelumnya atas pentingnya konsensus sebagai salah satu faktor pendorong adopsi Inovasi Disruptif. Secara keseluruhan, riset ini memberikan kontribusi teoretis dalam bentuk perluasan pengetahuan mengenai teori Kapabilitas Dinamis, melalui bukti empiris atas hubungan Kapabilitas Dinamis dengan Inovasi Disruptif. Di samping itu, riset ini juga memberikan kontribusi manajerial dalam bentuk kerangka kerja DISC, yang dapat digunakan oleh manajer sebagai panduan bagi pelaksanaan transformasi digital, yang kerap membutuhkan adopsi atas Inovasi Disruptif.

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In consideration of the prudency and pervasive conservatism of bankers, this research on the banking industry attempts to understand the paradox regarding how incumbent banks adopt disruptive innovation in the form of branchless banking to provide financial services to the bottom of the pyramid (BOP) customer segments. Although serving underserved BOP customers has incredible potential, a closer look at the market reveals that there are only a few incumbents able to develop the necessary set of unique capabilities required to seize and capitalize on disruptive innovation opportunities. To resolve the gap in the literature regarding the meager capability of incumbents to seize disruptive innovation-based opportunities, this research advances a novel construct, disruptive innovation seizing capabilities (DISC), which links disruptive innovation with dynamic capabilities and serves as a framework to further identify the factors strengthening incumbents’ commitment to pursue disruptive innovation opportunities. By applying structural equation modeling (SEM) analysis to a sample set of 175 data points derived from 12 Indonesia banks, we find that the incumbents in our study are driven by a defensive orientation rather than strategic aggressiveness to address market opportunities. This finding implies that the incumbents in our sample are motivated to launch the branchless banking initiative because of the pursuit of efficiency rather than their stated objective of market expansion. Additionally, the results of the study refute previous suggestions regarding the important role of consensus as an antecedent that drives the adoption of disruptive innovation. Overall, this research provides an important theoretical contribution in the form of expanding our understanding of the dynamic capabilities framework by linking the construct with disruptive innovation (DI) theory. Finally, this research also provides managerial contributions in the form of the DISC framework, which can be used as a guide for managers leading digital transformation initiatives, which often require the adoption of disruptive innovations, in their organizations."

"This research analyses the link between economic fundamentals and news with exchange rates. We find that such economic news in Asia Pacific in the period 2003-2006. The exchange rate is shown Io respond more strongly to news in last periods of large marker uncertainty."

"Penelitian ini bertujuan untuk membuktikan secara empiris pengaruh kinerja Environmental, Social, dan Governance (ESG) terhadap profitabilitas dan nilai pasar perusahaan dengan efek moderasi krisis COVID-19. Sampel yang diteliti terdiri dari 181 perusahaan publik di Asia Pacific Emerging Markets dengan periode pengamatan 2015-2021. Regresi data panel random effect model digunakan untuk menguji hipotesis dalam penelitian ini. Hasil penelitian menunjukkan bahwa kinerja ESG secara keseluruhan tidak berpengaruh signifikan terhadap profitabilitas tetapi berpengaruh signifikan dan negatif terhadap nilai pasar perusahaan. Secara individu, setiap komponen memiliki hasil yang berbeda: kinerja Environmental berpengaruh signifikan negatif hanya terhadap nilai pasar, Social berpengaruh signifikan negatif terhadap profitabilitas dan nilai pasar, sedangkan Governance tidak memiliki pengaruh yang signifikan terhadap seluruh variabel dependen. Penelitian ini juga menemukan bahwa COVID-19 membawa dampak positif bagi implementasi ESG, di mana krisis melemahkan hubungan negatif antara ESG dengan nilai pasar perusahaan. Temuan ini relevan tidak hanya bagi akademisi, tetapi juga untuk jajaran manajerial, pembuat kebijakan, investor, dan masyarakat umum.

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This study aims to empirically prove the effect of Environmental, Social, and Governance (ESG) performance on company profitability and market value with the moderating effect of the COVID-19 crisis. The sample under study consists of 181 public companies in the Asia Pacific Emerging Markets over the period of 2015–2021. A random effect model panel regression was used to test the hypothesis in this study. The results show that the overall ESG performance does not have a significant effect on profitability but has a significant and negative effect on the company's market value. Individually, each component has different results: Environmental performance has a significant negative effect only on market value, Social has a significant negative effect on profitability and market value, while Governance has no significant effect on all dependent variables. This study also reveals that COVID-19 had a positive impact on ESG implementation, where the crisis weakened the negative relationship between ESG and company's market value. This findings are relevant not only for academics, but also for managers, policymakers, investors, and society in general."