This study aims to examine the effect of several variables such as profitability, firm size, asset structure, and commodity price (coal) on the capital structure with the debt to equity ratio (DER) as a proxy in the coal mining companies listed on the Indonesian capital market (i.e., the Indonesia Stock Exchange (IDX). The different results of previous studies related to the effect of some independent variables such as the firm size, profitability, asset structure, and dividend policy, such as dividend payout ratio to the DER, yield the research gaps that require further research. Data in this research were taken from the official public listed company’s annual reports on the IDX website. By employing the multiple regression techniques, this study found that only profitability and asset structure significantly affect the capital structure (proxied by DER). The effect of profitability was negative, while the effect of asset structure was positive. Based on these results, the managers may start considering re-balancing the use of external funds if the profitability level increases. Further, they also need to maintain the company’s asset structure and balance its’ fixed assets so that the capital structure is well maintained. In general, the findings supported the pecking order theory.

This study was conducted in order to analyse the two-way relationship between the Islamic stock market and sukuk market development, and economic growth. this study also analyses whether trade openness influences the development of the Islamic stock market and sukuk market, and economic growth. VAR (Vector Auto Regressive), VECM (Vector Error Correction Model), and a Granger Causality Test used to test the hypothesis. Using Indonesia and Malaysia as the sample countries and from February 2008 to December 2017 period, the results showed that there is a bi-directional causality between the development of the Islamic stock market and the development of the sukuk market in Indonesia and Malaysia. There is a bi-directional causality between the development of the Islamic stock market and sukuk market with economic growth in Indonesia. Unidirectional causality is found between economic growth and the sukuk market development in Malaysia. And no causality (neutrality) is reported between the development of the Islamic stock market and economic growth in Malaysia. Meanwhile, trade openness has a significant and positive effect on the sukuk market development as well as economic growth in Malaysia. For the limitations, this research only focused on two countries and only delved into the corporation sukuk market.

Purpose: The authors aim to examine the association between earnings and book values with stock prices in India during the IFRS convergence period because, in India, the literature is yet to investigate more about IFRS convergence and its impact on the financial reporting environment. Hence, the purpose of this study is to assess the influence of IFRS conversion on the value relevance of accounting information throughout the IFRS conversion period.Design/methodology/approach: The current paper endeavors to investigate the earnings and book values affiliation with stock prices in India during the IFRS convergence period by employing a price valuation model (Ohlson’s Model). The study assembled a total of 3,440 firm-year observations from the National Stock Exchange in India over five years, which signifies the IFRS conversion period (2015–2019).Findings: The research findings displayed that accounting information such as earnings, book value has value relevance throughout the IFRS enforcement period; however, the value relevance has been increasing for earnings and showing a descending association for book value. The significant explanatory power of earnings reveals that market participants give more weightage to earnings than book values. Overall, the findings of the study will facilitate improved decision making for both, capital market participants and regulators, by highlighting the key areas for improvement in the Indian capital market.Research limitations/implications: This study also extends a discussion on the subject in those economies where regulations are weak and the market is imperfect with asymmetrical information.Practical implications: The research outcome provides for empirical shreds of evidence regarding the value relevance of accounting information during IFRS enforcement in India, where IFRS is a recent emergence.Social implications: This paper examines the value relevance of accounting information during IFRS convergence period in India which will felicitate improved decision making for both, market regulators and investors.Originality/value: This research is the first factual documentation regarding value relevance of earnings and book value during the IFRS enforcement process in India with the most recent data and contributes to the limited study conducted in developing nations like India.

This study tests the implications of agency theory, signal theory and information asymmetry on the relationship between institutional ownership and a firm’s value supported by the new concept of Productive Sustainable Investment based on Financial Constraints. Sample of this study is sharia companies in the Indonesia Stock Exchange on the period of 2011 to 2016 with a population of 412 firms; purposive sampling was used and obtained a sample of 131 companies with 786 observations. Data analysis used a path analysis utilizing the Warp PLS analysis tool. The result of this study shows that institutional ownership has a significant negative effect on the firm’s value, which means there is a non-linear relationship between institutional ownership and the firm’s value. The findings do not support the agency theory. However, productive sustainable investment based on financial constraints is able to mediate the influence of institutional ownership on firm value. It means that this finding supports the signal theory. Thus, productive sustainable investment based on financial constraints significantly has a positive influence on the firm’s value. In other words, this finding supports the theory of information asymmetry.