Liquidity Determinants of Sharia and non Sharia Stocks

Muhammad Madyan, NIDN. 0004017104 and Ubud Salim and Muslich Anshori, NIDN. 0021035207 and Solimun (2013) Liquidity Determinants of Sharia and non Sharia Stocks. IOSR Journal of Business and Management, 9 (2). pp. 28-38. ISSN 2278-487X

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Official URL: http://www.iosrjournals.org/iosr-jbm/pages/v9i2.ht...

Abstract

This study was conducted to analyze and testing stock liquidity differences of sharia and non sharia stock and determinants of sharia and non sharia stock of manufacturing industry at Indonesia Stock Exchange in 2009-2010. Dependent variable of this study is stock liquidity, measured by relative spread and depth. The Independent variable are insider ownership, institutional ownership, blockholder ownership, and foreign institutional ownership, trading volume, stock price, return volatility, Market to book value, dividend policy and size. In addition, this research is also supported by qualitative data obtained from in-depth discussions with key informants, including investment managers, stock exchanges institution and stock brokers. The results showed there is no liquidity difference, both for relative spread and depth of sharia a non sharia stocks. In sharia stocks, trading volume and dividend policy has a negative effect on relative spread, whereas in non sharia stock the trading volume, stock prices and company size has a negative effect on relative spread. Institutional ownership has negative effect, while foreign institutional ownership, trading volume, dividend policy, and size has positive effect on sharia stock liquidity. For non sharia stock, the trading volume, stock prices and company size has a positive effect on depth.

Item Type: Article
Uncontrolled Keywords: Sharia, Non Sharia, Relative Spread, Depth
Subjects: H Social Sciences > HG Finance > HG1-9999 Finance
H Social Sciences > HG Finance > HG4001-4285 Finance management. Business finance.Corporation finance
H Social Sciences > HG Finance > HG4501-6051 Investment, capital formation, speculation > HG4551-4598 Stock exchanges
Divisions: 04. Fakultas Ekonomi dan Bisnis > Manajemen
Creators:
CreatorsNIM/NIDN
Muhammad Madyan, NIDN. 0004017104UNSPECIFIED
Ubud SalimUNSPECIFIED
Muslich Anshori, NIDN. 0021035207UNSPECIFIED
SolimunUNSPECIFIED
Depositing User: Tn Sugeng Riyanto
Date Deposited: 19 Nov 2019 04:01
Last Modified: 19 Nov 2019 04:01
URI: http://repository.unair.ac.id/id/eprint/91051
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