(1) Background: This is one of the few studies to look into online grocery shopping behavior in Indonesia, as an emerging sector of the economy. The technology acceptance model is extended in this study to include price, health risk, and a reference group to better understand the factors and the extent to which they influence online grocery shopping. (2) Methods: In order to achieve the goal of the research and test the research model, a literature-based questionnaire was developed and distributed to 300 respondents in Jakarta via online platforms. Partial Least Squares Structural Equation Modeling (PLS-SEM) was used in this study. (3) Results: We discovered that ease of use, usefulness, attitude, and reference group had a statistically significant relationship with intention and actual use of online platforms to purchase groceries in Indonesia. However, neither health risk nor price were found to be significantly correlated with respondents’ purchasing intent. (4) Conclusions: Several practical and theoretical implications for decision makers designing marketing strategies are discussed based on the findings.
We find that earnings quality (EQ) is reliably negatively correlated with the market values of equity of firms listed on the Jakarta Stock Exchange (IDX). The financial reporting process produces earnings viewed as increasingly ‘incomplete’ for valuation purposes by the capital market despite moves towards high‐quality financial reporting standards (IFRS) during the sample period 1995–2015. Time‐series analyses reveal that EQ decreases rather than increases through time. The role of earnings in valuation is replaced by other attributes, most notably net dividends. Firms that pay out dividends are valued significantly higher, and firms that issue equity are valued lower. These results are robust regardless of other accounting, market and governance controls. Large and closely held firms are valued higher than smaller firms, consistent with some aspects of the political cost hypothesis. Shares with higher idiosyncratic risk are valued higher, consistent with option value, as are shares where the volume of shares traded is more volatile. Collectively, the results indicate that the mere adoption of high‐quality accounting standards (IFRS) and other nominal changes in capital market regulations do not automatically increase the quality of the financial reporting process.
This study focuses on IPO Initial Returns in Hot and Cold IPO Markets at the Indonesia Stock Exchange (IDX) between the period of 2001 and 2005. This study uses a regression analysis where the first day IPO stock return is the dependent variable and a dummy variable that represents Hot and Cold IPO Markets is the main independent variabel. It is found that Hot and Cold Markets do exist at the IDX. More importantly, it is found that the difference in IPO Initial Returns between Hot and Cold Markets while controlling for other factors is 36.8%. The Investment Sentiment Hypothesis has been found to explain the existence of Hot and Cold Markets. The hypothesis implies that jumps in IPO Initial Returns during Hot Markets are due to the increase in the first day closing prices which are higher than the increase in the offering prices. The Monopsony Power Hypothesis and information spillovers across IPOs respectively may also provide alternative explanations to the phenomenon. Investment banker community in a small economy learns information from each other and, thus, has full information on the number of firms that will go public in the following period. Consequently, investment bankers have a high bargaining power of investment bankers in lowering the offering prices.
This study attempts to provide evidence on earnings management of Indonesian firms one year prior to going public. The focus of this study is abnormal portion of accruals. These accruals are estimated using methodologies proposed by Dechow et al. (1995), and Kothari et al. (2005). This study finds no evidence that, on average, Indonesian firms manipulate their reported earnings to obtain higher proceeds from their IPOs. The findings stand even after size and leverage levels are considered in evaluating the incidences of earnings managements prior to IPOs. These findings support the arguments of Watts (2003) that empirical evidences show that public firms utilize conservative accounting and the practice becomes more conservative lately. It is also in line with Ball and Shivakumar’s argument (2005 and 2006) that the demand, for higher quality financial reports from public investors, forces IPO firms to improve their reporting quality prior to IPO and that regulation of publicly‐listed companies imposes greater requirements than non‐listed companies.
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