for CallPap s Indonesian Capital Market Review (ICMR) The Indonesian Capital Market Review (ICMR) (p-ISSN: 1979-8997; e-ISSN: 2356-3818) is a peer-reviewed journal published twice a year (January and July) by Management Research Center (MRC) Faculty of Economics and Business Universitas (FEB UI). ICMR is dedicated to discuss, explore, and disseminate the latest issues and developments of financial economics, particularly those related to emerging markets. The manuscripts sent should have strong empirical and theoretical contributions and highlight the significance of those contributions to the field of finance. Therefore, preference is given to the submissions that examine, extend, or build strong theoretical frameworks while empirically assess the issues with high importance for finance theory and practice.

Guidance for Submission

• The manuscript submitted to ICMR shall never been published elsewhere. • Please submit your article online to http://journal.ui.ac.id/icmr (by registration) in Microsoft Word format (.doc or .docx) or Rich Text Format (.rtf). • Topics of interest: any topic related to financial economics. • References should follow APA style format.

Board of Editors

Editor in Chief : Zaäfri Ananto Husodo, Universitas Indonesia Vice Editor : Sigit Sulistiyo Wibowo, Universitas Indonesia Managing Editor : Risca Fleureta Hudiyono, Universitas Indonesia

Editorial Board of Reviewer

Andrew Stark, Manchester Business School Beat Bernet, University of St. Gallen-Swiss Sugeng Wahyudi, Universitas Diponegoro S Ghon Ree, University of Hawaii Vincent Chang, Imam Ghozali, Universitas Diponegoro Jean-Pierre Laffargue, Peking University HSBC School of Business Suad Husnan, Universitas Gadjah Mada Universite Paris 1 Pantheon-Sorbonne Jo-hui Chen, Chung Yuan University Muhammad Syafiie Idrus, Ralf-Yves Zurbrugg, University of Adelaide Piyadasa Edirisuriya, University of Brawijaya Henk von Eije, University of Groningen Patrick Gougeon, ESCP-EAP Kresnohadi Aryoto Karnen, Ak Md Hasnol Alwee bin Pg Md Salleh, Jyoti Gupta, ESCP-EAP Universitas Indonesia Universiti Brunei Darussalam François M Longin, ESSEC IBN Santika, Sutan Emir Hidayat, Piman Limpaphayon, Roy Sembel, Universitas Pelita Harapan University College of Bahrain Ingo Walter, New York University Adi Vithara Purba, Finance Research Institute Manzoor Ahmed, Lasbela University of Agricul- Jung Bum Wee, Kyung Hee University Sugeng Purwanto, Paramadina Graduate School ture, Water, and Marine Sciences Irwan Adi Ekaputra, Universitas Indonesia of Business Eliseo A. Aurellado, Viverita, Universitas Indonesia Nur Indah R, Politeknik Negeri Ateneo de Manila University Eduardus Tandelilin, Universitas Gadjah Mada Imam Wahyudi, Universitas Indonesia

For paper submission, archived articles, and further informations, please visit our website: http://journal.ui.ac.id/icmr

For any queries, please contact the editorial office: The Indonesian Capital Market Review Phone : +62-21-7272425 ext 503 Departement of Management Fax : +62-21-7863556 Building, Kampus Baru UI, Email : [email protected] and West , Indonesia [email protected]

Management Research Center, Department of Management, Faculty of Economics and Business, Universitas Indonesia