Andriansyah Andriansyah

Bio: Andriansyah Andriansyah is an academic researcher from Victoria University, Australia. The author has contributed to research in topics: Humanities & Psychology. The author has an hindex of 4, co-authored 9 publications receiving 56 citations. Previous affiliations of Andriansyah Andriansyah include Australian National University.

Intended use of IPO proceeds and firm performance: A quantile regression approach☆

Abstract: This paper investigates the link between intended use of proceeds and the decline in post-issue operating performance of IPO firms. It distinguishes between capital and strategic motives and employs quantile regressions to examine the Indonesian equity market over the period of 2000–2010. The overall evidence shows that post-issue performance can be explained by firm motivation to IPO issue with the capital motive being the critical driver of good performance in Indonesia. Investment in fixed assets and in stock market shares lead to better performance while other usages lead to poor performance. The results are robust to accounting for ownership structure and to alternative classifications of IPO intent. These results have policy implications for the management of IPO proceeds.

Stock prices, exchange rates and portfolio equity flows: A Toda-Yamamoto Panel Causality Test

Abstract: Purpose – The purpose of this paper is to develop a new framework to test the hypothesis that portfolio model predicts a negative correlation between stock prices and exchange rates in a trivariate transmission channel for foreign portfolio equity investment. Design/methodology/approach – This paper utilizes panel data for eight economies to extend the Dumitrescu and Hurlin (2012) Granger non-causality test of heterogeneous panels to a trivariate model by integrating the Toda and Yamamoto (1995) approach to Granger causality. Findings – The evidence suggests that stock prices Granger-cause exchange rates and portfolio equity flows Granger-cause exchange rates. However, the overall panel evidence casts doubt on the explicit trivariate model of portfolio balance model. The study shows that Indonesia may be the only case where stock prices affect exchange rates through portfolio equity flows. Research limitations/implications – The proposed test does not account for potential asymmetries or structural shifts associated with the crisis period. To isolate the impact of the Asian Financial crisis, this paper rather splits the sample period into two sub-periods: pre- and post-crises. The sample period and countries are also limited due to the use of the balance of payment statistics. Practical implications – The study casts doubt on the maintained hypothesis of a trivariate transmission channel, as posited by the portfolio model. Policy makers of an economy may integrate capital market and fiscal policies in order to maintain stable exchange rate. Originality/value – This paper integrates a portfolio equity inflow variable into a single framework with stock price and exchange rate variables. It extends the Dumitrescu and Hurlin’s (2012) bivariate stationary Granger non-causality test in heterogeneous panels to a trivariate setting in the framework of Toda and Yamamoto (1995).

Stock Prices, Exchange Rates and Portfolio Equity Flows: Toda-Yamamoto Approach for Granger Non-causality Test in Heterogeneous Panels

Abstract: Portfolio theory predicts that there is a negative correlation between stock prices and exchange rates. This paper draws on transmission channel of foreign portfolio equity investments and tests this by extending the Dumitrescu and Hurlin (2012)’s bivariate stationary Granger non-causality test in heterogeneous panels to a trivariate setting in the framework of Toda and Yamamoto (1995). Using macro panel data for eight emerging and developed economies implementing managed or free float exchange rate arrangement, the result shows that Indonesia may be the only case where stock prices affect exchange rates through portfolio equity flows. This study therefore casts doubt on the link between these three variables as expected by the portfolio equity theory.

Equity Markets and Economic Development: Does the Primary Market Matter?

Abstract: This article examines the role played by primary and secondary equity markets in economic growth. It departs from standard literature to integrate both markets and to explicitly acknowledge the primary equity market. By employing a variety of dynamic panel estimators for 54 countries over the period 1995-2010, we show that the primary equity market is not an important determinant of economic growth, although it facilitates the development of the secondary market. This study also confirms the importance of liquidity provided by the secondary market. The evidence here calls for further investigation into the capital-raising function of equity markets.

The real effects of primary and secondary equity markets on firm performance: Evidence from Indonesia

Abstract: Purpose The purpose of this paper is to investigate the real effects of primary and secondary equity markets on the post-issue operating performance of initial public offering (IPO) firms. Design/methodology/approach The author utilizes the intended use of proceeds as a proxy variable for the primary market and the investment-to-price sensitivity and the informativeness of stock prices as alternative proxy variables for the secondary market. The compositional data, and non-parametric quantile regressions which are more robust to outliers than standard least square regressions, are employed for Indonesian equity market over the period of 1999-2013. Findings While confirming that firm operating performance can be explained by the firm’s motivation to go public, the author also shows that the operating performance is positively affected by investment-to-price sensitivity and negatively affected by stock price informativeness. The stock prices affect investment decisions by the way that the more liquid a stock is, the more informative its price is, and the more relevant stock prices are in investment decisions. These findings still hold after controlling for ownership structure. Originality/value Departing from the existing literature, the author investigates the role of primary and secondary equity markets for firm performance in an integrated framework because both markets interact closely in reality. The author shows that public listed firms can benefit both from the capital-raising function of the primary market and from the informational role of the stock prices of the secondary market. A measure of stock price informativeness, 1−R2, however, must be understood in the context of thin trading in the sense that the level of liquidity affects the level of stock price informativeness.

Asymmetrical relationship between oil prices, gold prices, exchange rate, and stock prices during global financial crisis 2008: Evidence from Pakistan

Abstract: The study investigated that whether the relationship between macroeconomic fluctuations and stock indexes is symmetrical or asymmetrical in nature. This study employed nonlinear autoregressive dist...

Intended use of IPO proceeds and firm performance: A quantile regression approach☆

Abstract: This paper investigates the link between intended use of proceeds and the decline in post-issue operating performance of IPO firms. It distinguishes between capital and strategic motives and employs quantile regressions to examine the Indonesian equity market over the period of 2000–2010. The overall evidence shows that post-issue performance can be explained by firm motivation to IPO issue with the capital motive being the critical driver of good performance in Indonesia. Investment in fixed assets and in stock market shares lead to better performance while other usages lead to poor performance. The results are robust to accounting for ownership structure and to alternative classifications of IPO intent. These results have policy implications for the management of IPO proceeds.

Exchange rates and stock markets in emerging economies: new evidence using the Quantile-on-Quantile approach

Abstract: This study aims to reconsider the relationship between exchange rate and stock market returns for selected emerging countries The quantile-on-quantile approach is employed to present an inclusive and detailed image of the association between the variables under investigation This approach can reveal the heterogeneous and the varying relationship between the variables at different quantiles The estimation outcome demonstrates that the examined countries' stock market performances are not affected by the exchange rate changes unless certain market conditions are established The empirical results suggest that the exchange rate flexibility has a crucial role in determining the market returns depending on the bearish or bullish conditions Considering the asymmetric nature of the relationship between the exchange rate and the stock market, presented results can aid governmental authorities and investors to design dynamic economic policies and investment strategies

Road block(chain): bit(coin)s for tourism sustainable development goals?

Abstract: The purpose of this paper is to discuss the disrupting usage and impacts of blockchains and cryptocurrencies and advocate their role as enablers of sustainable tourism development goals.,Literature on blockchains and cryptocurrencies is critically synthesized, debated and expanded to identify and discuss their implications toward sustainable tourism futures.,As a distributive digital ledger, blockchains have the potential to create a more inclusive tourism future to address debates around tourism as a vehicle for sustainable development that alludes to value accruing to only certain providers and consumers. Blockchains and their cryptocurrencies (as a financial transaction capability) elevate trust and relational capabilities in an expedited and holistic manner, democratize participation in economic systems and re-distribute power and economic relations amongst actors by influencing the way data (the currency of the digital economy and the lifeblood of tourism) is collected, stored, exchange, owned and traded for co-creating value.,The paper is conceptual and speculative by identifying ways in which blockchain and cryptocurrencies can support sustainable tourism development goals. Directions for future research are provided for further elaborating and collecting primary evidence on whether the premise and applications of these technologies can deliver the acclaimed sustainable impacts.,The paper contributes to the emerging but controversial literature about the trajectories between technology and sustainability by critically debating on how blockchains, through cryptocurrency economies, can be positioned to facilitate sustainable tourism futures.,本论文旨在讨论区块链和加密货币的使用和影响, 并且建议其对于可持续旅游发展目标的积极作用。,区块链和加密货币的文献得到批判式的综述, 作者对有些文献进行辩论, 有些学说进行延伸, 以确立和探究其对可持续旅游发展未来的作用深意。,区块链作为分布式电子账本技术, 有潜力创造一个更加融合的旅游未来, 以解决旅游作为媒介打造可持续发展的争论问题。区块链和加密货币（作为一种财务交易能力）通过以价值共创为前提, 影响数据（数字经济货币和旅游生命力）收集、储存、交换、所有、以及交易, 快速全面地提高了信任和关系能力, 使得经济系统参与更加民主化, 并且重新分配了各种角色中的权力和经济关系。,本论文是概念性文章, 主要通过指出区块链和加密货币如何支持可持续旅游发展目标的方式来进行讨论。未来研究可以深入探讨并且收集数据来验证是否这些科技的应用可以影响所谓的可持续发展。,本论文对这个前沿又充满争议的文献进行梳理和讨论, 指出了科技与可持续性之间的多种联系, 批判地综述了区块链如何通过加密货币经济能够帮助可持续旅游的未来。,加密货币, 电子付款, 破坏性创新, 分布式账本, 旅游业, 可持续发展,概念性论文