Yanzil Azizil Yudaruddin

This study explores whether ownership structure (comprising ownership concentration, foreign, managerial, and institutional ownership) affects intellectual capital disclosure (ICD) in Southeast Asia’s largest stock market and Indonesia’s emerging economy. The sample includes 323 public firms listed on the Indonesia Stock Exchange (IDX) from seven industries between 2008 and 2017, or 2,634 firm-year observations. Data were analyzed using the ordinary least squares (OLS) regression with robust standard errors. The results show that ICD is positively related to ownership concentration. A negative and substantial relationship was found for both foreign and managerial ownerships, while the institutional ownership variable had a negative and insignificant impact. Overall, the results show robust conclusions regarding the impact of the ownership structure on ICD. The findings of this investigation could be taken into account by capital market authorities such as the Indonesia Stock Exchange (IDX) to raise awareness of intellectual capital and improve ICD practices.

Acknowledgment
The researchers are grateful for the valuable responses from two unnamed reviewers and discussion respondents at Mulawarman University. We also thank the Indonesia Stock Exchanges (IDX) and The Indonesia Capital Market Institute for providing the annual report.

Foreign direct investment (FDI) inflows into developing countries play an important role in the dynamics of economic growth. Meanwhile, financial development (FDV) and corruption have been considered a determinant of FDI. Therefore, this study aims to assess the effect of FDV and corruption on FDI in developing countries. In addition, this study explores the combined impact of FDV and corruption on FDI. Furthermore, the data for 108 developing countries were collected from the World Development Indicators (WDI) of the World Bank from 1993 to 2017. The results showed that FDV has a positive and significant effect on FDI, while corruption does not have a statistically significant impact. This demonstrates that FDV has contributed to the growth of foreign investment and the important sources of financing for developing countries. However, the interaction between FDV and corruption has a negative effect on FDI. This implies that FDV followed by an increase in corruption tends to reduce FDI inflows. These results encourage policymakers to address issues regarding the joint impact of FDV and corruption on FDI in developing countries.

Acknowledgment
The authors would like to express their gratitude to three anonymous reviewers and seminar participants at Mulawarman University for their insightful comments.

During the COVID-19 pandemic, bank stability became a priority for the Indonesian Financial Services Authority and the government. Economic activity is expected to be restored by muffling the shocks caused by the COVID-19 outbreak. This paper investigates the influence of COVID-19 on banking stability by differentiating bank core capital size and ownership. Using data from 108 commercial banks in Indonesia for the period March 2020 and March 2021, the paper analyzes data using fixed effects regression. The results show that COVID-19 has a detrimental and significant effect on bank stability in Indonesia. Regardless of the size and ownership of a bank’s core capital, it was found that no bank is immune for a year to the severe implications of COVID-19. This condition was experienced by both state banks and private banks, large and small. To assist in the absorption of COVID-19 shocks, this paper proposes policies for regulators that include stimulus packages and countercyclical roles in the banking system via government-owned banks.

This study aims to analyze the impact of the COVID-19 pandemic on insurance companies` performance. Data spanning 2018 to 2022 from the Wall Street Journal Database was employed, encompassing 1,931 companies across 65 countries. The research distinguishes between developed (808 insurers) and emerging markets (1,123 insurers) to identify more real consequences of the pandemic. The random effects model was utilized for regressions, which run in three stages. The dependent variables (Return on Assets and Return on Equity) and the independent variables (the COVID-19 pandemic and four firm-specific factors such as claim expenses, company size, leverage, and liquidity) were analyzed. In developed markets, the study confirms the significant negative consequences of the COVID-19 pandemic on insurance firms, resulting in a global decline in performance. Conversely, emerging markets reveal a different scenario where company size plays a substantial role in insurance company performance, particularly in return on assets, aligning with findings favoring larger insurance entities. However, when considering company size’s interaction with COVID-19, larger insurers in emerging markets experienced performance declines during the pandemic. While leverage significantly affects insurance firm performance in both market types, its interaction with the pandemic shows no substantial impact. Liquidity, as represented by cash holding does not significantly enhance performance, particularly in developed markets, but higher cash reserves during the pandemic negatively affect performance, primarily in emerging markets. These findings provide insights for insurance company managers to develop adaptive strategies amid evolving market conditions and potential crises, including pandemics like COVID-19.