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A Closer Look At The Characteristics Of Stock Holdings Of Foreign And Local Investors In The Indonesian Stock Exchange (Idx)

Author

Listed:
  • JOSEPHINE SUDIMAN

    (School of Accounting, Finance and Economics, Edith Cowan University Australia, 270 Joondalup Drive, Joondalup, 6027 WA, Australia)

  • DAVID ALLEN

    (School of Accounting, Finance and Economics, Edith Cowan University Australia, 270 Joondalup Drive, Joondalup, 6027 WA, Australia)

  • ROBERT POWELL

    (School of Accounting, Finance and Economics, Edith Cowan University Australia, 270 Joondalup Drive, Joondalup, 6027 WA, Australia)

Abstract

This study provides an overview of the characteristics of stockholdings of foreign and local investors in terms of firm sizes, price levels and liquidity. There are four key findings. First, the IDX is a highly concentrated market and foreign investors dominate the ownership of high market capitalization stocks. Second, foreign investors trade less frequently than domestic counterparts. Third, small, illiquid lower priced stocks dominate this market with domestic individual investors holding most of the stocks with these characteristics. Finally, the paper profits of foreign institutional and domestic individual investors are found to be higher than those of domestic institutional investors.

Suggested Citation

  • Josephine Sudiman & David Allen & Robert Powell, 2013. "A Closer Look At The Characteristics Of Stock Holdings Of Foreign And Local Investors In The Indonesian Stock Exchange (Idx)," Annals of Financial Economics (AFE), World Scientific Publishing Co. Pte. Ltd., vol. 8(01), pages 1-22.
    • Handle: RePEc:wsi:afexxx:v:08:y:2013:i:01:n:s2010495213500024
    DOI: 10.1142/S2010495213500024
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    More about this item

    Keywords

    Foreign ownership; local ownership; stock characteristics; G1; G15;
    All these keywords.

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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