Metrika članka

  • citati u SCindeksu: 0
  • citati u CrossRef-u:0
  • citati u Google Scholaru:[=>]
  • posete u poslednjih 30 dana:6
  • preuzimanja u poslednjih 30 dana:3
članak: 6 od 351  
Back povratak na rezultate
Serbian Journal of Management
2019, vol. 14, br. 1, str. 1-26
jezik rada: engleski
vrsta rada: neklasifikovan
objavljeno: 31/05/2019
doi: 10.5937/sjm14-14992
Creative Commons License 4.0
Da li podaci za upite pretraživača doprinose zaradi i likvidnosti?
University of Bengkulu, Faculty of Economics and Business, Department of Management, Jln. WR. Supratman, Kandang Limun, Indonesia

e-adresa: berto_usman@unib.ac.id

Sažetak

Ova studija pokušava da identifikuje uticaj pažnje investitora koji je zamenjen podacima za upite pretraživača podataka na internetu pomoću "Google-a" na zarade i likvidnost. Podaci korišćeni u ovoj studiji su izdvojeni iz "Google Trend" seta podataka i kombinovani sa ručno prikupljenim podacima iz Indeksa tržišta kapitala Indonezije ("ICMD"). Koristeći panel analizu podataka, naši rezultati pokazuju da su podaci upita za pretraživače (pronalaženje informacija) pomoću interneta ("Google") očigledno važan metod ublažavanja nivoa asimetričnosti informacija između informisanih i neinformisanih investitora. Štaviše, korišćenje mikroekonomskih faktora, kao što su finansijske ili nefinansijske informacije koje se lako mogu dobiti iz godišnjih izveštaja, veoma su korisne u pomaganju investitorima u pripremi njihovog portfolija investicija. U međuvremenu, makroekonomski faktori kao što su inflacija, kamatna stopa, devizni kurs i BDP su efekti na nivou zemlje što rezultira ili pozitivnim ili negativnim uticajem na zarade i likvidnost. Koristeći 83 uzorka i šestogodišnji period posmatranja, može se zaključuiti da su dobijene informacije kroz podatke o upitima pretraživača podataka na internetu, makroekonomski faktori i mikroekonomski faktori snažno i značajno vezani za zarade i likvidnost na indonezijskoj berzi.

Ključne reči

internet; Google; mikroekonomija; informacije o makroekonomiji

Reference

Aerts, W., Cormier, D., Magnan, M. (2008) Corporate environmental disclosure, financial markets and the media: an international perspective. Ecological Economics, 64(3): 643-659
Ashbaugh, H., Johnstone, K.M., Warfield, T.D. (1999) Corporate Reporting on the Internet. Accounting Horizons, 13(3): 241-257
Axjonow, A., Ernstberger, J., Pott, C. (2018) The Impact of Corporate Social Responsibility Disclosure on Corporate Reputation: a Non-professional Stakeholder Perspective. Journal of Business Ethics, 151(2): 429-450
Baltagi, B.H. (2008) Econometric Analysis of Panel Data. Chichester: John Wiley & Sons
Bank, M., Larch, M., Peter, G. (2011) Google search volume and its influence on liquidity and returns of German stocks. Financial Markets and Portfolio Management, 25 (3), 239-264
Beretta, S., Bozzolan, S. (2008) Quality versus Quantity: the Case of Forward-Looking Disclosure. Journal of Accounting, Auditing & Finance, 23(3): 333-376
Brigham, E.F., Houston, J.F. (2007) Fundamentals of financial management. Mason, OH, USA: Thomson Higher Education, Eleventh Ed, 5191 Natorp Boulevard
Chan, H., Faff, R., Ramsay, A. (2005) Firm Size and the Information Content of Annual Earnings Announcements: Australian Evidence. Journal of Business Finance & Accounting, 32(1-2): 211-253
Chen, S. (2011) Google search volume: Influence and indication for the Dutch stock market. Rotterdam: Erasmus University, Bachelor Thesis, Retrieved from http://citeseerx.ist.psu.edu/viewdoc/downloa d?doi=10.1.1.920.1354&rep=rep1&type=pdf
Choi, H., Varian, H. (2012) Predicting the present with Google Trends. Economic Record, 88 (s1), 2-9
Chordia, T., Huh, S.W., Subrahmanyam, A. (2007) The cross-section of expected trading activity. Review of Financial Studies, 23 (9), 709-740
Chordia, T., Roll, R., Subrahmanyam, A. (2001) Market Liquidity and Trading Activity. Journal of Finance, 56(2): 501-530
Copeland, T.E. (1976) A Model of Asset Trading Under the Assumption of Sequential Information Arrival. Journal of Finance, 31 (4), 1149-1168
Czaja, M.G., Scholz, H., Wilkens, M. (2010) Interest Rate Risk Rewards in Stock Returns of Financial Corporations: Evidence from Germany. European Financial Management, 16(1): 124-154
da Zhi,, Engelberg, J., Gao, P. (2011) In Search of Attention. Journal of Finance, 66(5): 1461-1499
Deloitte Access Economics (2011) The connected archipelago: The role of the Internet in Indonesia's economic development. Sydney, Retrieved from www.deloitte.com.au
Dergiades, T., Milas, C., Panagiotidis, T. Tweets, Google trends, and sovereign spreads in the GIIPS. Oxford Economic Papers, 67 (2), 406-432
Drake, M.S., Roulstone, D.T., Thornock, J. (2012) Investor information demand: Evidence from Google searches around earnings announcements. Journal of Accounting Research, 50 (4), 1001-1040
Errecchia, R.E. (1990) Information quality and discretionary disclosure. Journal of Accounting and Economics, 12 (4), 365-380
Fama, E., French, K. (1995) Size and book-to-market factors in earnings and returns. Journal of Finance, 50 (1), 131-155
Fogler, R.H., John, K., Tipton, J. (1981) Three Factors, Interest Rate Differentials and Stock Groups. Journal of Finance, 36 (2), 323-335
Gujarati, D.N., Porter, D.C. (2010) Econometria. New-York: McGraw-Hill
Gündüz, L., Hatemi, A. (2005) Stock price and volume relation in emerging markets. Emerging Markets Finance & Trade, 41 (1), 29-44
Hassell, J.M., Jennings, R.H., Lasser, D.J. (1988) Management earnings forecasts: Their usefulness as a source of firm specific information to security analysts. Journal of Financial Research, 11(4): 303-319
Jensen, M.C., Meckling, W.H. (1976) Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4): 305-360
Joseph, K., Babajide, W.M., Zhang, Z. (2011) Forecasting abnormal stock returns and trading volume using investor sentiment: Evidence from online search. International Journal of Forecasting, 27(4): 1116-1127
Kanas, A. (2008) A multivariate regime switching approach to the relation between the stock market, the interest rate and output. International Journal of Theoretical and Applied Finance, 11(07): 657-671
Kinney, W.R. (2000) Information quality assurance and internal control for management decision making. Burr Ridge, IL: Irwin/McGraw-Hill
Mercer, M. (2004) How do investors assess the credibility of management disclosures? Accounting Horizons. Accounting Horizons, 18 (3), 185-196
Michelon, G., Pilonato, S., Ricceri, F. (2015) CSR reporting practices and the quality of disclosure: an empirical analysis. Critical Perspectives on Accounting, 33: 59-78
Nurazi, R., Kananlua, P.S., Usman, B. (2015) The effect of Google trend as determinant of return and liquidity in Indonesia Stock Exchange. Journal Pengurusan, 45(3): 127-150
Nurazi, R., Santi, F., Usman, B. (2015) Tunnelling: Evidence from Indonesia stock exchange. Asian Academy of Management Journal of Accounting and Finance, 11 (2), 127-150
Nurazi, R., Usman, B. (2015) Public attention and financial information as determinant of firms performance in the telecommunication sector. Jurnal Keuangan Dan Perbankan, 19(2): 235-251
Nurazi, R., Usman, B., Kananlua, P.S. (2015) Does Bid/Ask Spread React to the Increase of Internet Search Traffic?. International Research Journal of Business Studies, 8(3): 181-196
Peavy, J.W., Goodman, D.A. (1985) How inflation, risk and corporate profitability affect common stock returns. Financial Analysts Journal, 41(5), 59-65
Ross, S. (1976) The arbitrage theory of capital asset pricing. Journal of Economic Theory, 13(3): 341-360
Su, Y.C., Huang, H.C., Lin, S.F. (2012) Dynamic relations between order imbalance, volatility and return of jump losers. Applied Economics, 4 (12), 1509-1519
Sweeney, R.J., Warga, A.D. (1986) The Pricing of Interest-Rate Risk: Evidence from the Stock Market. Journal of Finance, 41(2): 393-410
Takeda, F., Wakao, T. (2014) Google search intensity and its relationship with returns and trading volume of Japanese stocks. Pacific-Basin Finance Journal, 27(1): 1-18
Treynor, J.L. (1961) Market Value, Time, and Risk. Available at SSRN: https://ssrn.com/abstract=2600356
Turan, S.S. (2017) Internet search volume and stock return volatility: the Case of Turkish companies. Information Management and Business Review, 6(6): 317-328
Usman, B., Tandelilin, E. (2014) Internet search traffic and its influence on liquidity and returns of Indonesian stocks: an empirical study. Journal of Indonesian Economy and Business, 29 (3), 203-221
Verma, P., Jackson, D.O. (2008) Interest rate and bank stock returns asymmetry: Evidence from U.S. banks. Journal of Economics and Finance, 32(2): 105-118
Zhang, W., Shen, D., Zhang, Y., Xiong, X. (2013) Open source information, investor attention, and asset pricing. Economic Modelling, 33: 613-619