2026-01-27
Rituparna Roy Dr et al.
This study investigates the awareness and decision-making processes related to cryptocurrency investment among students in Guwahati, Assam. Cryptocurrency, a form of digital money designed for online transactions without government or bank oversight, has initiated significant shifts in the global financial sector. The decentralization of cryptocurrencies offers transparency, security, and efficiency, challenging traditional financial systems. Despite the growing global interest in cryptocurrencies, their adoption faces barriers such as limited technological expertise, regulatory uncertainty, and security concerns. These issues are particularly pronounced among students, a demographic increasingly interested in digital currencies but often lacking foundational financial knowledge. The research aims to fill the gap in understanding the factors influencing cryptocurrency awareness and investment decisions among students in Guwahati. The study utilizes both primary and secondary data, collected through structured online forms and face-to-face questionnaires from 120 students across six colleges and universities in Guwahati. It employs descriptive statistics, correlation, and regression analyses to explore the relationships between awareness, investment confidence, and risk perception. Key findings reveal varying levels of cryptocurrency awareness among students, influenced by educational background and access to information. Higher awareness is associated with greater investment confidence and lower perceived risk, highlighting the importance of educational interventions. The study also underscores the need for user-friendly interfaces and regulatory clarity to support informed investment decisions. By addressing educational gaps and leveraging technological advancements, this research aims to empower students with the knowledge and tools necessary for confident participation in the cryptocurrency market. The findings contribute to the development of tailored educational programs and investment platforms, fostering a more informed and resilient investor community amidst the dynamic landscape of digital finance.
2026-01-27
Fajri Alan Ghazali Mr. et al.
This study evaluates Bank Indonesia Certificates (SBI), IndONIA, and gold as zero-beta proxies for Indonesian equities. Using daily returns for 213 firms listed on the Indonesia Stock Exchange (2017–2023) and the Jakarta Composite Index as the market return, we estimate firm-level zero-beta CAPMs and compute Wald statistics test to identify the appropriate risk- free asset proxy for each individual company; and firm-level outcomes are then aggregated under a Bernoulli/Binomial criterion with a 95% threshold. Empirical results show that gold satisfies the zero-beta condition for 207 of 213 firms (97.18%), whereas SBI and IndONIA satisfy it for five (2.35%) and six (2.82%) firms, respectively. The findings indicate that, despite nonzero variance, gold behaves as a zero-beta asset for Indonesian equities during 2017–2023; practitioners may consider gold as an alternative risk-free proxy in CAPM applications, while noting limitations related to daily data frequency, exchange-rate influences, and the need for robustness checks.
2026-01-27
Sana Saleem et al.
This study investigates the effect of stock liquidity on the risk of stock price crashes, taking sample of non-financial firms listed on the Pakistan Stock Exchange, from 2009 to 2024. A two-step system GMM estimation is applied to test the hypotheses. The results reveal that greater stock liquidity significantly reduces crash risk, whereas illiquidity amplifies it. Two underlying channels explain this relationship; first, liquidity strengthens block holders’ capacity to intervene, discouraging managerial tendencies to withhold adverse information, second, liquidity enhances price informativeness, limiting managerial discretion to manipulate prices through delayed disclosure of bad news. The findings imply that liquid stocks not only improve internal governance but also contribute to market stability. These insights support regulatory measures aimed at fostering liquidity, as a means of mitigating extreme downside risks in equity markets.
2026-01-27
Dheya Hamood Saif Al-Fakih et al.
The issuance of sukuk has been steadily increasing over time, underscoring its growing significance and the need for further scholarly examination. As a global leader in the Islamic finance industry and a prominent issuer of sukuk, Malaysia serves as a critical case study for understanding this phenomenon. It is essential to investigate various factors and their impact on the growth of sukuk. The study analyzes the relationship between sukuk growth and factors such as interest rate, liquidity (M1), and Shariah law using monthly data from April 2011 to December 2020 obtained from Thomson Reuters Eikon. The study employs the ARDL model and the Cointegration test, revealing a long-term cointegration relationship among the variables. In the long term, sukuk growth is positively influenced by liquidity (M1) and Shariah law but not by interest rate, while in the short term, all variables show a significant effect.
2025-11-11
AQILAH NADIAH MD SAHIQ et al.
Personal bankruptcy is a pertinent topic to discuss due to the surge in personal bankruptcy cases around the world and it is an important indicator of household financial problems nationally. However, only few comprehensive reviews have been conducted to date. Hence, this study provides a bibliometric review of 210 studies on personal bankruptcy authored by 496 scholars. Bibliographical data were extracted from the Scopus database and analyzed it using the Bibliometrix-R software. Based on the citation analysis metrics, we revealed the most influential articles, journals, authors, and institutions. Using the network and conceptual structure analysis, we identified three underlying research clusters: (1) student loan default, (2) financial psychology, and (3) personal bankruptcy law; and three emerging research clusters: (1) credit scoring, (2) machine learning, and (3) data mining. The results of our study provide valuable insights to readers, in gleaning a general overview of the research landscape, including the historical evolution, potential collaboration partners, and the future research direction of the personal bankruptcy study. The implications of the study include further exploration of under-researched areas, especially the integration of advanced technologies like artificial intelligence and data analytics in managing personal bankruptcy issues. By uncovering trends and emerging technologies (e.g., machine learning and data mining), the study may guide policymakers, financial institutions, and other stakeholders in addressing household financial problems and improving bankruptcy-related processes.
2025-04-23
Navira Putri Apriliani et al.
The telecommunications and information technology sectors significantly drive economic growth through continuous innovation. This study investigates how Innovation and Environmental, Social, and Governance (ESG) metrics affect the financial performance of 80 telecommunications firms listed on stock exchanges in APEC member nations from 2018 to 2022. Innovation is evaluated based on research and development expenditures, whereas financial performance is determined by examining revenue and Tobin’s Q. Employing Ordinary Least Squares (OLS) and Two-Stage Least Squares (2SLS) regression methods, the findings reveal that innovation positively influences ESG scores, notably improving governance aspects. ESG scores positively impact revenue but negatively affect Tobin’s Q. Furthermore, the environmental and social scores of ESG contribute positively to revenue while showing significant and negative effects on Tobin’s Q, whereas the governance pillar demonstrates no significant influence. These findings emphasize the need for customized ESG rating approaches and reveal the varied financial impacts of ESG practices in the telecommunications and information technology industry.
2024-12-22
Irene Natalia Verda
Momentum is one of strategy to generate return for profit seeker. This research was conducted to see the existence of momentum strategy at the industry level with the object of all stocks on the Indonesia Stock Exchange consists of 880 stocks grouped into 11 industries based on ICB (Industry Classifi- cation Benchmark). Research period start in July 2014 until December 2023. There are 6 industry momentum strategies, 3 strategies to form portfolio quarterly and 3 strategies to form portfolio in each semester. Tests are conducted on mean returns and risk-adjusted returns using the Fama-French Three Factor model. The method of forming an industry momentum portfolio for each strategy is done equally-weighted and value-weighted using the prior month’s market capitalization (t-1). The results show positive alpha values, meaning there is an abnormal return generated in the industry momentum strategy up to 1.9% per month. However, the abnormal return is not statistically signifi- cant, which indicates that the existence of industry momentum cannot be significantly explained on the Indonesian stock market.