The 2015 International Conference of Management Sciences ICoMS 2015, April 23, UMY, Indonesia
146
CS AD variablesh ada high enough standard deviation of data, namely 0.10 with
data variability was located between 0.00 and 3.90, so that value of skewness of the
data was far from zero point and it was evidenced also by very high kurtosis value.
Such characteristics of data were also followed by other variables, i.e.RETm_
2
and DSBI_Retm
2
, but both of these variables had data skewness of closer to zero point.
RETm, ABS_Retmand DTO variables had better datav ariability than the variables
previously mentioned. Skewnes and kurtosis values of each variable indicated data
normality and the data had been transformed but they still showed high skewnes and
kurtosis
values. Indications
of data
abnormality willlead to the level of significance between independent variables
and dependent one. This fact can be seen in the results of the study presented in Table3:
Table 3. Estimation of Results of Study from
Equation
4 Variable
Coefficient Std. Error
t-Statistic Prob.
C -0.000431
0.004728 -0.091193
0.9274 RETM
-0.182008 0.176669
-1.030220 0.3031
ABS_RETM 0.566639
0.476717 1.188627
0.2348 RETM_PANGKAT2
-5.720085 7.570557
-0.755570 0.4500
DSBI_RETM2 -6.699283
19.66907 -0.340600
0.7335 DTO
-0.861216 1.405311
-0.612830 0.5401
R-Square 0.002157 Adj R-Square -0.001288
Prob F-Statistic 0.679865 Source: Results of Data Processing
Significant at the 5 level
Based on the results of data processing by using Eviews 8, most of the
independent variables showed a direction of negative coefficient. Direction of negative
coefficient indicates the presence of herding behavior around the release of macro
economic variables by Bank Indonesia and the herding behavior can be observed based
the high turnover rate of stock. Report of BI rates reported periodically can reduce
uncertainty of the stock market so that the herding
behavior will
decrease, and
similarly, the variable of high and low trading volumes. When market faces high
level of uncertainty, the herding behavior will decrease, as more investors us
e ‘mimic’ behavior following direction of the market
movement in general. However, the present study found not significant result. The
release of BI rates by government and the high trading volume did not affect the
herding behavior of investors of the Indonesia Stock Exchange. The herding
behavior cannot be proven in the Indonesian stock market when the release of BI rates
and stock trading volume information entered the trading floor. Results of data
processing were not consistent with the hypothesis proposed. It is likely because:
first, factor of data abnormality that was described in descriptive statistics; second,
many factors affected direction of herding behavior of investors in the capital market in
addition to the two factors that have been proposed in this study.
5. Conclusion, Limitation of Research
and Suggestion for Future Research
This study examined the herding behavior in Indonesia Stock Exchange when the
entrance of information SBI release and the high volume of trading stock. The estimation
of the study based on daily data for 6 years. The herding behavior was not found because
of the SBI interest rate is a macro economy fundamental factor that officialy announced
by Bank of Indonesia, meaning the investors has got the information assurance to predict
so there was no bias of investor psychology, or in other words there was no the herding
The 2015 International Conference of Management Sciences ICoMS 2015, April 23, UMY, Indonesia
147
behavior in this case. The result of this study was accordance with Fernández et al. 2011
that the herding behavior happened more often in uncertainty information, therefore
investors tend to follow decision made by other investors. There was the same fact of
Chang et al. 2000 research that the macro economy information did not influence the
herding behavior of investor in stock exchange of USA, Hongkong, and Japan. It
showed that the fundamental information did not play a role in making investment
decision due to the variation of information spreaded in stock exchange.
The study has no significant influenced of the high turnover of stock trading towards
the herding behavior in Indonesia. The result gave additional evidence that the high
turnover of stock trading showed the many information flows, made the market is more
liquid. The higher information openness made the investor behavior followed the
group movement of certain information did not proven.
There were several limitations on this study, first it used abnormal data, therefore it did
not give enough maximum effect on the research. Second, the sample of the study
was not be grouped in industry level, because it has been known well that
macroeconomy variable might only be sensitive on certain industries.
Further research can be done on sectoral level analysis or industries such as research
done by Demirer et al. 2012 regarding there was the herding behavior on ADR
portfolio of sectoral basis. The study can be conducted on individual investor group,
foreigner, and domestics, further can be grouped into age, gender, marital status,
education, profession, monthly income levelIc and Kahyaoglu 2013. The next
research can be done on market stress due to the normal condition of investors tend to be
more rasionalGunawan et al. 2011.
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Waqf Management and Administration: Role of State Islamic Religious Council Negeri Sembilan MAINS, Malaysia
Prof. Dato’ Dr. Mohammad Haji Alias
1
, Haji Azzerol Effendi Abdul Kadir
2
, Nur Izzati Adnan
3
1
Universiti Sains Islam Malaysia USIM mohdhjaliasusim.edu.my
; hjmohd_99yahoo.co.uk
2
Perbadanan Wakaf Negeri Sembilan azzerolwakafnegerisembilan.com
3
Perbadanan Wakaf Negeri Sembilan izzatiwakafnegerisembilan.com
ABSTRACT Waqf is one of the voluntary charities highly enjoined by Islam. Its practice has been well established since the
times of the Prophet may peace be upon him. It is an important economic institution for the purpose of capacity building and generating economic activity. At the same time the benefits from the awqaf assets can accrue to
specific sections of society in particular the poorer sections. This arises from the unique characteristics of waqf viz. perpetuity once a property has been dedicated as waqf, it remains as such forever and permanence of conditions set
by the
waqif
waqf founder. As such the stocks of awqaf assets and hence the benefitsusufructs, will increase over time. However to realize its potential, awqaf institutions need to be supported by clear legislation, run and managed
efficiently by professionals, and supported by adequate and sustained waqf funding. This paper will cover firstly, a discussion on waqf and its philosophy; secondly on the role of the State Islamic Religious Council Negeri Sembilan
MAINS, Malaysia in enhancing waqf institution. Waqf management and administration in Negeri Sembilan is governed under the Negeri Sembilan Wakaf Enactment 2005. MAINS has established the Negeri Sembilan Wakaf
Corporation PWNS in 2005 to carry out the provisions under the Negeri Sembilan Wakaf Enactment 2005. The specific objectives of the establishment of PWNS are to revive the waqf culture among Muslims in the state, to
ensure a more systematic and productive waqf management, to enhance stock of awqaf assets and to apply the corporate approach in waqf management. This paper will report on what PWNS has done and planned especially in
the areas of capacity building and waqf funding for higher education. The paper will highlight the joint cooperation between MAINSPWNS and Universiti Sains Islam Malaysia USIM in the development of awqaf projects.
MAINS has appointed USIM as a waqf
muta walli
. The projects being developed now are in the areas of healthcare
and education, two areas of importance that can contribute to the development of the Ummah.
Keywords: Waqf management, a wqaf, productive waqf, waqf institution, perpetuity, waqif.
1.
Introduction
Waqf is one of the voluntary charities highly enjoined by Islam. Its practice has been well
established since the times of the Prophet may peace be upon him. It is an important economic institution
for the purpose of capacity building and generating economic activity. At the same time the benefits
from the awqaf assets can accrue to specific sections of society in particular the poorer sections. This
arises from the unique characteristics of waqf viz. perpetuity once a property has been dedicated as
waqf, it remains as such forever and permanence of conditions set by the
waqif
waqf founder. As such
The 2015 International Conference of Management Sciences ICoMS 2015, April 23, UMY, Indonesia
| 151
the stocks of awqaf assets and hence the benefitsusufructs, will increase over time. However
to realize its potential, awqaf institutions need to be supported by clear legislation, run and managed
efficiently by professionals, and supported by adequate and sustained waqf funding. The focus of
this paper is on the role of the State Islamic Religious Council Negeri Sembilan MAINS in terms of the
management and administration of waqf in the State. Under Section 5 of the Wakaf Negeri Sembilan
Enactment 2005, MAINS is the sole-trustee of awqaf assets in the State.
This paper is structured as follows. A brief discussion on the fiqh of waqf is given after the Introduction
section. This is followed by a discussion on the role of the State Islamic Religious Council Negeri
Sembilan MAINS, Malaysia in enhancing waqf institution; and the final section gives the summary
and conclusion.
2. FIQH OF WAQF