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"ABSTRAKAltman Z-score telah digunakan selama beberapa dekade untuk memprediksi kebangkrutan. Namun Altman Z-score konvensional mungkin tidak menyadari kemungkinan manipulasi laba yang mungkin merubah gambaran dasar akuntansi dan implikasi mereka terhadap model keputusan investor. Pengukuran risiko kebangkrutan secara umum menggunakan rasio keuangan, dalam kenyataannya Altman Z-score telah digunakan sebagai metode dalam memprediksi financial distress dan kebangkrutan. Selama bertahun-tahun Altman Z-score telah digunakan oleh analis dan investor, meskipun fakta bahwa metode tersebut sangat bergantung pada standard akuntansi terutama pengakuan laba dan laba ditahan. Pada penelitian ini kami menyusun ulang Altman Z-score dan membuat penyesuaian terhadap manajemen laba pada negara ASEAN. Kami mengaplikasikan earning management pada Altman Z-score untuk mengukur derajat deviasi dari probabilitas kebangkrutan pada sampel bangkrut di semua perusahaan terbuka di ASEAN. Lebih lanjut, kami menemukan jika adjusted model memiliki kinerja lebih baik dibandingkan model Altman Z-score original. Kami juga menemukan jika manajemen laba memperbaiki prediksi kebangkrutan perusahaan dengan memprediksi rata-rata 8,31% lebih baik dibandingkan unadjusted model pada kebanyakan negara ASEAN.

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ABSTRACTAltman's Z-score has been used for several decades to predict bankruptcy. However, the conventional Z-score may not consider possible earnings manipulations that could change the fundamental accounting figures and their implications for investors' decision models. The measurement of bankruptcy risk mostly using financial ratio, in real world Altman Z-score has been used for tools on predicting financial distress and bankruptcy. For many years Altman Z-score has been used by analyst and investor, despite the fact that Altman Z-score heavily impact by accounting standard especially for earnings and retained earnings. In this paper we reconstruct the Z-score and making adjustments for earnings management in ASEAN Countries. We apply earning management on Altman Z-score to measure the degree of deviation from bankruptcy probability for the bankruptcy sample in all public firms in ASEAN. Furthermore, we find that the adjusted model performs better than the original Altman Z-score, we also find that earning management improve the bankruptcy prediction by predict on average 8.31% more firms correctly than the unadjusted model in most ASEAN countries."

"[ABSTRAKTesis dengan judul Tinjauan Hukum Terhadap Hak PT. Wijaya Karya (Persero)Tbk yang Belum Terpenuhi Selaku Kreditor Pasca Pembagian Boedel Pailit PT. UE ASSA(Studi Kasus Putusan Mahkamah Agung Nomor 410 k/Pdt.Sus-Pailit/2013) dilatarbelakangi oleh PT. Wijaya Karya yang mengajukan kasasi kepada Mahkamah Agung atasputusan Pengadilan Niaga Surabaya Nomor 08/PLW.Pailit/2013/PN.Niaga Sby jo Nomor.07/PKPU/2011/PN Sby tanggal 22 April 2013 karena PT. Wijaya Karya menganggap,bahwa putusan Pengadilan Niaga Surabaya tersebut sangat tidak adil oleh karena dalamputusan pailit PT. Wijaya Karya hanya menerima bagian 0,28% dari boedel pailit PT. UEASSA atau sebesar Rp. 2.149.802.062,47 dari seluruh piutang sebesar Rp.112.835.211.143,00. Yang menjadi pokok permasalahan adalah: 1. Bagaimanakahkedudukan tanggungjawab perusahaan beserta seluruh jajaran pengurus PT. UE ASSAdalam melunasi seluruh hutangnya terhadap PT. Wijaya Karya ditinjau dari UU PerseroanTerbatas dan UU Kepailitan? 2. Bagaimanakah upaya hukum yang dapat dilakukan olehPT. Wijaya Karya dalam memperoleh seluruh hak yang belum terpenuhi pasca putusanMA Nomor. 410.K/Pdt-Sus.Pailit/2013? Dengan dinyatakan pailit, pengurusan hartakekayaan PT. UE ASSA beralih kepada kurator. Kepailitan PT. UE ASSA pada prinsipnyatidak mengakibatkan PT. UE ASSA kehilangan haknya untuk mengurus dan menguasaiharta kekayaannya dan tidak mengakibatkan terhentinya aktivitas PT. UE ASSA, olehkarena dalam kepailitan PT. UE ASSA kewenangan Direksi beralih kepada kurator yangkemudian dapat bertindak sebagai Direksi untuk mengelola PT. UE ASSA.Pertanggungjawaban PT. UE ASSA merupakan pertanggungjawaban secara timbal balik,sehingga yang dijatuhi putusan pailit adalah perseroannya dan bukan Direksi sepanjangDireksi tidak bertindak melawan hukum. Ada beberapa Upaya hukum yang dapatdilakukan untuk memperoleh seluruh haknya, yaitu PT. Wijaya Karya dapat melakukanupaya: a. Melakukan upaya Peninjauan Kembali dan b. Melakukan upaya actio pauliana.Bentuk penelitian tesis ini adalah yuridis normatif, dengan tipologi penelitian bersifatdeskriptif analitis, jenis data berupa data sekunder, alat pengumpulan data berupa studidokumen, sedangkan pengolahan dan analisis data berdasarkan pendekatan yuridisnormatif.

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ABSTRACTThesis with the title of the Legal Overview of the Rights PT. Wijaya Karya (Persero) TbkAs Remaining Bankruptcy Creditors Post Boedel division of PT. UE ASSA (Case StudySupreme Court Decision No. 410 k / Pdt.Sus - Bankrupt / 2013 ) against the background byPT. Wijaya Karya who has filed an appeal to the Supreme Court against the decision ofSurabaya Commercial Court No. 08 / PLW.Pailit / 2013 / PN.Niaga SBY jo No. 07 / PKPU/ 2011 / PN SBY April 22 of 2013 as PT. Wijaya Karya assume , that the SurabayaCommercial Court decision is very unfair because of the bankruptcy decision PT . WijayaKarya only receive a portion of 0.28 % of boedel bankrupt PT. UE ASSA or Rp.2149802062,47 of all receivables amounting to Rp . 112,835,211,143.00. The main issueare : 1. What is the status of the responsibilities of the company and the whole range of theboard of PT.UE ASSA to repay the entire debt to PT . Wijaya Karya based on the LimitedLiability Company Law and Bankruptcy Law? 2. What is the remedy which can be done byPT. Wijaya Karya in obtaining all the rights that have not been fulfilled after the SupremeCourt decision number. 410.K / Pdt - Sus.Pailit / 2013 ? By declared bankrupt, themaintenance of the assets of PT. UE ASSA switch to the curator. PT. UE ASSA?sbankruptcyin principle does not result in PT. UE ASSA loses its right to administer andcontrol of its assets and did not effect in the cessation of the activity of PT. UE ASSA, sincein the bankruptcy of PT. UE ASSA authority of the Board of Directors switch to the curatorwho can then act as the Board of Directors to manage PT. UE ASSA. Responsibility PT.UE ASSA is a reciprocal responsibility, so the company sentenced for bankruptcy, not theDirectors as long as the Directors did not act unlawfully. There are several legal remediesthat can be done to obtain the rights, PT Wijaya Karya can: a. Conducting a JudicialReview and b. Conducting an actio pauliana. The form of this thesis research is normativejuridical, with typology analytical descriptive study, the type of data in the form ofsecondary data, data collection tools such as the study of documents, while the processingand analysis of data based on a normative juridical approach.;Thesis with the title of the Legal Overview of the Rights PT. Wijaya Karya (Persero) TbkAs Remaining Bankruptcy Creditors Post Boedel division of PT. UE ASSA (Case StudySupreme Court Decision No. 410 k / Pdt.Sus - Bankrupt / 2013 ) against the background byPT. Wijaya Karya who has filed an appeal to the Supreme Court against the decision ofSurabaya Commercial Court No. 08 / PLW.Pailit / 2013 / PN.Niaga SBY jo No. 07 / PKPU/ 2011 / PN SBY April 22 of 2013 as PT. Wijaya Karya assume , that the SurabayaCommercial Court decision is very unfair because of the bankruptcy decision PT . WijayaKarya only receive a portion of 0.28 % of boedel bankrupt PT. UE ASSA or Rp.2149802062,47 of all receivables amounting to Rp . 112,835,211,143.00. The main issueare : 1. What is the status of the responsibilities of the company and the whole range of theboard of PT.UE ASSA to repay the entire debt to PT . Wijaya Karya based on the LimitedLiability Company Law and Bankruptcy Law? 2. What is the remedy which can be done byPT. Wijaya Karya in obtaining all the rights that have not been fulfilled after the SupremeCourt decision number. 410.K / Pdt - Sus.Pailit / 2013 ? By declared bankrupt, themaintenance of the assets of PT. UE ASSA switch to the curator. PT. UE ASSA?sbankruptcyin principle does not result in PT. UE ASSA loses its right to administer andcontrol of its assets and did not effect in the cessation of the activity of PT. UE ASSA, sincein the bankruptcy of PT. UE ASSA authority of the Board of Directors switch to the curatorwho can then act as the Board of Directors to manage PT. UE ASSA. Responsibility PT.UE ASSA is a reciprocal responsibility, so the company sentenced for bankruptcy, not theDirectors as long as the Directors did not act unlawfully. There are several legal remediesthat can be done to obtain the rights, PT Wijaya Karya can: a. Conducting a JudicialReview and b. Conducting an actio pauliana. The form of this thesis research is normativejuridical, with typology analytical descriptive study, the type of data in the form ofsecondary data, data collection tools such as the study of documents, while the processingand analysis of data based on a normative juridical approach., Thesis with the title of the Legal Overview of the Rights PT. Wijaya Karya (Persero) TbkAs Remaining Bankruptcy Creditors Post Boedel division of PT. UE ASSA (Case StudySupreme Court Decision No. 410 k / Pdt.Sus - Bankrupt / 2013 ) against the background byPT. Wijaya Karya who has filed an appeal to the Supreme Court against the decision ofSurabaya Commercial Court No. 08 / PLW.Pailit / 2013 / PN.Niaga SBY jo No. 07 / PKPU/ 2011 / PN SBY April 22 of 2013 as PT. Wijaya Karya assume , that the SurabayaCommercial Court decision is very unfair because of the bankruptcy decision PT . WijayaKarya only receive a portion of 0.28 % of boedel bankrupt PT. UE ASSA or Rp.2149802062,47 of all receivables amounting to Rp . 112,835,211,143.00. The main issueare : 1. What is the status of the responsibilities of the company and the whole range of theboard of PT.UE ASSA to repay the entire debt to PT . Wijaya Karya based on the LimitedLiability Company Law and Bankruptcy Law? 2. What is the remedy which can be done byPT. Wijaya Karya in obtaining all the rights that have not been fulfilled after the SupremeCourt decision number. 410.K / Pdt - Sus.Pailit / 2013 ? By declared bankrupt, themaintenance of the assets of PT. UE ASSA switch to the curator. PT. UE ASSA’sbankruptcyin principle does not result in PT. UE ASSA loses its right to administer andcontrol of its assets and did not effect in the cessation of the activity of PT. UE ASSA, sincein the bankruptcy of PT. UE ASSA authority of the Board of Directors switch to the curatorwho can then act as the Board of Directors to manage PT. UE ASSA. Responsibility PT.UE ASSA is a reciprocal responsibility, so the company sentenced for bankruptcy, not theDirectors as long as the Directors did not act unlawfully. There are several legal remediesthat can be done to obtain the rights, PT Wijaya Karya can: a. Conducting a JudicialReview and b. Conducting an actio pauliana. The form of this thesis research is normativejuridical, with typology analytical descriptive study, the type of data in the form ofsecondary data, data collection tools such as the study of documents, while the processingand analysis of data based on a normative juridical approach.]"

"Terjadinya krisis global tahun 2008 dan rencana integrasi keuangan ASEAN pada tahun 2020 menjadikan perbankan sebagai salah satu industri penting yang mendapat perhatian dari para regulator. Hal ini menjadi semakin penting, mengingat adanya sifat natural sistemik yang dimiliki industri perbankan. Penelitian ini bertujuan untuk menganalisis apakah kegagalan sebuah bank mampu berdampak atau berkontribusi pada risiko sistemik (industri) maupun risiko sistematik (pasar) di 5 negara ASEAN. Dengan data gabungan 5 negara, tidak terbukti risiko kebangkrutan bank berdampak pada risiko sistemik, namun dapat berdampak sistematik. Selain itu, ditunjukkan hasil yang bervariasi pada analisis tiap-tiap negara. Namun, faktor makroekonomi secara konsisten berkontribusi pada risiko sistemik maupun risiko sistematik di seluruh negara.

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Due to the global financial crisis in 2008 and the “ASEAN financial integration” plan in 2020, regulators have began to show special attention to banking industry. This becomes increasingly important, given the natural systemic of banking industry. This research aimed to investigate the effect of bank default risk on systemic and systematic risk in 5 ASEAN countries. The results showed that for the combined data of 5 ASEAN countries, there was no evidence that bank default risk could affect systemic risk, though it tends to be systematic. Moreover, it was shown varying results on the analysis for each country. Though, macroeconomic factors consistently contributed on both systemic and systematic risks for each countries."

"Penelitian ini membahas manajemen risiko reputasi perusahaan perbankan yang terdaftar di bursa efek negara emerging markets di Asia Tenggara. Perusahaan perbankan di Indonesia, Filipina, Malaysia, Singapura, dan Thailand tahun 2010-2019 dipilih karena masing-masing negara memiliki perwakilan perusahaan perbankan yang masuk dalam daftar 15 besar bank terbesar di Asia Tenggara berdasarkan total assets di tahun 2019, sebelum penyebaran kasus virus COVID-19 dengan jumlah observasi sebanyak 57 Bank. Penelitian menggunakan data sekunder dari Thomson Reuters dan analisis konten laporan tahunan. Penelitian menganalisis faktor yang memengaruhi suatu perusahaan perbankan untuk menerapkan Manajemen Risiko Reputasi dengan variabel independen yaitu firm size, leverage, return-on-assets, big four auditor, risk awareness, dan reputation awareness terhadap variabel dummy yaitu reputation risk management (RRM). Lalu, dilihat apakah penerapan RRM menambah nilai perusahaan (Tobin’s Q). Hasil penelitian menunjukan bahwa semakin besar firm size dan reputation awareness maka kecenderungan perusahaan menerapkan RRM semakin besar secara signifikan. Sementara, semakin besar leverage dan risk awareness maka kecenderungan perusahaan menerapkan RRM semakin kecil dan signifikan. Penerapan manajemen risiko reputasi memengaruhi nilai perusahaan walau tidak signifikan. Hasil univariat perbedaan mean perusahaan yang menerapkan RRM memiliki Tobin’s Q yang lebih tinggi daripada yang tidak menerapkan RRM, mendukung tanda awal hubungan positif antara RRM dengan nilai perusahaan

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This study discussed about reputation risk management of banking firms listed in South East Asian countries’ emerging markets. Publicly listed bank companies in Indonesia, Philippines, Malaysia, Singapore, and Thailand from Year 2010-2019 were selected, as each country has at least one bank that made it to top 15 biggest bank in South East Asia based on total assets in 2019, before COVID-19 virus spread with total of 57 banks. This study data was acquired from Thomson Reuters and content analysis for each annual report available. Study analyze the determinants that affect firm’s decision on implementing reputation risk management with independent variables are as firm size, leverage, return on asset, Big Four auditor, risk awareness, and reputation awareness to dependent dummy variable for reputation risk management (RRM). Then, we examine the value of RRM to firm’s value with Tobin’s Q as the proxy. This study showed that with increasing value of firm size and reputation awareness, they increase the probability of firms to implement RRM. Whereas each increase in leverage and risk awareness, they decrease the probability of firms to implement RRM. RRM implementation also showed a positive sign to firm’s value although not statistically significant. The univariate analysis showed a support to the regression output with firms that implement RRM have higher firm’s value than those who don’t."

"Perkembangan pasar modal di negara Asia Tenggara cenderung meningkat dan diminati oleh para investor. ASEAN berusaha mewujudkan kerjasama pasar modal yang lebih erat dengan memperdalam integrasi ekonomi regional untuk memaksimalkan return, yang tidak terlepas dari faktor risiko sehingga dapat memilih portofolio yang optimal. Penelitian ini menganalisis pengaruh dari risiko pasar, risiko ukuran perusahaan dan risiko nilai terhadap return portofolio saham periode Januari 2004 sampai Desember 2012 pada 3 (tiga) negara ASEAN yaitu Indonesia, Filipina dan Thailand serta mengidentifikasi adanya integrasi antara bursa saham 3 (tiga) negara tersebut.Model yang digunakan adalah model pricing Tiga Faktor Fama-French dalam melihat pengaruh tiga faktor risiko terhadap return portofolio saham dengan metode regresi Ordinary Least Square (OLS) dan metode Johansen untuk uji kointegrasi, dengan menggunakan bantuan software Eviews versi 7.Hasil penelitian antara lain risiko pasar memiliki pengaruh signifikan dan positif terhadap return portofolio saham negara ASEAN-3 tersebut. Untuk risiko ukuran perusahaan rata-rata memiliki pengaruh signifikan dan positif kecuali portofolio saham B/L (perusahaan besar dengan nilai buku perusahaan terhadap pasar rendah). Untuk risiko nilai (value risk) rata-rata memiliki pengaruh signifikan dan positif terhadap portofolio saham dengan nilai buku perusahaan terhadap pasar yang tinggi (value stock) sedangkan pada portofolio saham dengan nilai buku perusahaan terhadap pasar yang rendah (growth stock) memiliki pengaruh negatif, kecuali negara Thailand dikarenakan kondisi perekonomian yang labil pada beberapa tahun terakhir akibat bencana alam banjir. Dalam hal uji kointegrasi terhadap indeks pasar saham dengan menggunakan metode Johansen, dapat disimpulkan bahwa ketiga negara tersebut terintegrasi secara keseluruhan maupun parsial antara dua negara.

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The Development of capital markets in Southeast Asian countries is likely to increase and attractive to investors. ASEAN cooperation trying to make capital markets more closely to deepen regional economic integration to maximize the return, which is influenced by risk factors in order to select the optimal portfolio. This research analyzes the influence of market risk, size risk and value risk to return of stock portfolio for period January 2004 to December 2012 in 3 (three) ASEAN countries, namely Indonesia, Filipina and Thailand and identify the integration among stock exchanges of three countries.The model used is the Fama-French Three Factor pricing model in view of the influence of the three risk factors for stock portfolio return by using method of ordinary least squares regression (OLS) and the Johansen method of cointegration test, with the help of Eviews software version 7.The result of this study are market risk has significant and positive influence to return of stock portfolio of ASEAN-3 countries. The risk of firm size has a significant and positive effect in average except stock portfolio B/L (large firms with low book to market value). Value risk has significant and positive influence of stock portfolio with high book to market value (value stock) in average. While portfolio of stock with low book to market value (growth stock) has negative influence, except for Thailand because the country unstable economic conditions in recent years due to natural disasters flood. In terms of cointegration test of stock market indices using the Johansen method, it can be concluded that the three countries as a whole integrated and partially integrated between the two countries."

"Skripsi ini memiliki tujuan untuk menganalisis pengaruh dari pandemi covid-19 terhadap risiko kebangkrutan perusahaan di industri pariwisata pada kawasan ASEAN Five (pada periode 2019 sampai dengan 2020). Risiko kebangkrutan pada penelitian ini dihitung menggunakan metode Altman Z Score modifikasi. Proses penelitian ini dilakukan dengan menggunakan analisis Analysis of Variance (ANOVA), dengan hasil penelitian bahwa tidak terdapat perbedaan secara signifikan pada rata-rata nilai Z” score dari risiko kebangkrutan perusahaan pada periode sebelum pandemi, dan periode selama pandemi berlangsung......This thesis aims to analyze the effect of the COVID-19 pandemic on the risk of corporate bankruptcy in the tourism industry in the ASEAN Five region (in the period 2019 to 2020). Bankruptcy risk in this study was calculated using the modified Altman Z Score method. This research process was carried out using ANOVA analysis, with the results of the study that there was no significant difference in the Z” Score average of Corporate bankruptcy risk in the period before the pandemic, and the period during the pandemic."

"Penelitian ini bertujuan untuk membuktikan secara empiris bagaimana pengaruh manajemen laba income smoothing, strategi perusahaan (cost leadership dan differentiation), dan pandemi COVID-19 terhadap risiko kebangkrutan. Penelitian ini mengambil 23 perusahaan subsektor perdagangan eceran yang terdaftar di Bursa Efek Indonesia (BEI) pada kuartal I sampai kuartal IV periode 2019-2020. Metode yang digunakan dalam penelitian ini adalah dengan Regresi Linear Berganda (Multiple Linear Regression). Hasil penelitian ini menunjukkan bahwa manajemen laba income smoothing memiliki hubungan positif terhadap risiko kebangkrutan. Selain itu, jika perusahaan mengadopsi strategi cost leadership pada bisnisnya, akan mengurangi risiko kebangkrutan yang dipikul perusahaan. Di sisi lain, strategi differentiation dan pandemi COVID-19 tidak berpengaruh secara signifikan terhadap risiko kebangkrutan.

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This study aims to prove empirically how earnings management income smoothing, corporate strategy (cost leadership and differentiation), and the COVID-19 pandemic, influence bankruptcy risk. This study took 23 companies from the retail trade sub-sector listed on the Indonesia Stock Exchange (IDX) in the first to the fourth quarter of 2019-2020. The method used in this research is Multiple Linear Regression. The results of this study indicate that earnings management income smoothing has a positive relationship towards bankruptcy risk. In addition, if the company adopts a cost leadership strategy in its business, it will reduce the risk of bankruptcy borne by the company. On the other hand, the differentiation strategy and the COVID-19 pandemic did not significantly affect the risk of bankruptcy."

"Penelitian ini menguji pengaruh manajemen laba tahun sebelumnya terhadap biaya jasa audit tahun ini yang dibayarkan oleh perusahaan pada lima negara di ASEAN. Manajemen laba yang dilakukan oleh perusahaan meningkatkan risiko audit yang dihadapi oleh auditor. Berdasarkan hasil model regresi atas 5.396 tahun perusahaan, terdiri dari perusahaan yang tercatat di Indonesia, Malaysia, Filipina, Singapura, dan Thailand, terdapat hubungan positif signifikan discretionary accruals, sebagai proksi manajemen laba, pada tahun sebelumnya terhadap biaya jasa audit tahun ini.

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This study examined the effect of earnings management in the previous year on audit fee paid by companies in five countries in ASEAN. Earnings management performed by the company increased audit risk faced by auditors. Based on sample of 5.396 firm-year during 2010-2014, comprised of the companies listed in Indonesia, Malaysia, Philippines, Singapore, and Thailand, the results provide strong evidence for a positive relationship between absolute level of discretionary accruals, as a proxy of earnings management, in the previous year positive and the level of audit fee in the current year."

"Penelitian ini bertujuan untuk menganalisis idiosyncratic risk pada saham syariah di empat negara ASEAN yaitu Indonesia, Malaysia, Singapura, dan Thailand. Penelitian ini juga melihat perubahan idiosyncratic risk saham syariah pada periode sebelum dan sesudah krisis ekonomi global 2008. Perubahan tersebut akan dianalisis berdasarkan tingkatan idiosyncratic volatility dari masing-masing negara. Karakteristik perusahaan akan digunakan untuk melihat pengaruhnya terhadap pergerakan idiosyncratic volatility. Penelitian ini melakukan regresi pada model Fama French Three Factor untuk memperoleh nilai realized idiosyncratic volatility. Selanjutnya, dilakukan regresi data panel untuk melihat pengaruh karakteristik perusahaan terhadap idiosyncratic volatility pada saham syariah di empat negara ASEAN. Hasil penelitian ini menunjukkan bahwa rata-rata idiosyncratic risk pada saham syariah di empat negara ASEAN berada dibawah saham konvensional di Amerika Serikat. Sementara itu, setelah periode krisis ekonomi global 2008, hubungan antara return dan idiosyncratic risk berubah di keempat negara ASEAN. Selanjutnya, regresi data panel menunjukkan bahwa ukuran perusahaan berpengaruh negatif sementara share turnover tidak berpengaruh pada idiosyncratic risk di keempat negara. Berdasarkan signifikansi terhadap earning per share, terdapat kecenderungan investor syariah di Malaysia dan Singapura memperhatikan rasio fundamental dibandingkan kedua negara lainnya.

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This research investigates idiosyncratic risk in Islamic stock of four ASEAN countries namely Indonesia, Malaysia, Singapore, and Thailand. This research also examines the volatile of idiosyncratic risk of Islamic stock in the period such as before and after the global financial crisis 2008. That volatiles will be analyzed based on the idiosyncratic volatility levels of each country. The firm characteristics will be used to see its relationship on the idiosyncratic volatility movement.

This research uses the Fama French Three Factor model to obtain the realized value of idiosyncratic volatility. Furthermore, a panel data regression is used to estimate the relationship between firm characteristics and idiosyncratic volatility.

The results of this research suggests that mean value of idiosyncratic risk in Islamic stock of this ASEAN countries is below the conventional stock in US. Meanwhile, after the period of global financial crisis in 2008, the relationship between return and idiosyncratic risk in Islamic stocks from all four countries experienced an impact of the crisis. Panel data regressions suggest that firm size is significantly negative in all four countries while share turnover is insignificant to idiosyncratic volatility. Based on the relationship of idiosyncratic risk and earning per share ratio, there is a tendency of Islamic investors in Malaysia and Singapore to notice the fundamental ratios more than the other two countries"

"Penelitian ini dilakukan untuk mengetahui hal apa saja yang dapat memengaruhi stabilitas bank. Pengaruh tersebut terutama berasal dari risiko perbankan berupa risiko likuiditas dan risiko kredit. Pada penelitian ini sampel yang digunakan adalah sebanyak 41 bank konvensional terbuka dari 5 negara ASEAN yang mengalami resesi akibat pandemi Covid-19 pada Tahun 2020. Analisis pada penelitian ini menggunakan metode GMM dan VECM dengan data kuartalan pada periode Q4 2015 hingga Q3 2020 sehingga mencakup periode sebelum dan ketika terjadinya krisis. Hasil penelitian ini menemukan adanya pengaruh timbal balik antara kedua risiko perbankan tersebut dalam jangka panjang dan keduanya pun secara bersamaan memengaruhi stabilitas bank secara signifikan. Hasil penelitian ini dapat memberikan pemahaman yang lebih mendalam tentang manajemen risiko perbankan dengan tujuan untuk meningkatkan stabilitas bank.

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This study was conducted to determine any matter that may affect the stability of the bank. This influence mainly comes from banking risk in the form of liquidity risk and kredit risk. In this study, the sample used was 41 open conventional banks from 5 ASEAN countries that experienced a recession due to the Covid-19 pandemic in 2020. The analysis in this study uses the GMM and VECM methods with quarterly data in the period Q4 2015 to Q3 2020 so that it covers the period before and during the crisis. The results of this study found that there is a reciprocal effect between the two banking risks in the long term and both simultaneously significantly affect bank stability. The results of this study can provide a deeper understanding of banking risk management with the aim of increasing bank stability."