- Focus and Scope
- Section Policies
- Peer Review Process
- Statement of Ethics
- Publication Frequency
Focus and Scope
The intent of the Editors of The Indonesian Capital Market Review is to discuss, to explore, and to disseminate the latest issues and developments in Empirical Financial Economics particularly those related to financial frictions in the Emerging Markets. The topics cover capital markets, financial institutions and services, corporate finance, risk modeling and management, market microstructure in financial markets, Islamic finance, behavioral finance, and financial crisis.
|Open Submissions||Indexed||Peer Reviewed|
Peer Review Process
The following types of contribution to Indonesian Capital Market Review (ICMR) are peer-reviewed: Articles, Analysis, Reviews, Perspectives, Progress articles and Insight articles. All forms of published correction may also be peer-reviewed at the discretion of the editors. Other contributed articles are not usually peer-reviewed.
For any general questions and comments about the peer-review process, the journal or its editorial policies that are not addressed here, we encourage reviewers to contact us using the feedback links in the box at the top right of each page in the authors & referees' website.
Questions about a specific manuscript should be directed to the editor who is handling the manuscript.
All submitted manuscripts to Indonesian Capital Market Review are screened for plagiarism using iThenticate.
Criteria for Publication
Indonesian Capital Market Review (ICMR) receive more submissions than they can publish. Therefore, we ask peer-reviewers to keep in mind that every paper that is accepted means that another good paper must be rejected. To be published in ICMR, a paper should meet four general criteria:
- Provides strong evidence for its conclusions.
- All empirical methods including, but not limited to, qualitative, quantitative, field, laboratory, and combination methods are welcome
- Of extreme importance to practitioners in the specific field.
- Ideally, interesting to researchers in other related disciplines.
- Whilst a major focus of the journal is on the Indonesia and financial economics issues connected with it, increasingly, global concerns and finance topics will be covered
- Strong empirical and theoretical contributions and highlight the significance of those contributions to the financial economics field. Thus, preference is given to submissions that test, extend, or build strong theoretical frameworks while empirically examining issues with high importance for financial economics and financial theory and practice.
In general, to be acceptable, a paper should represent an advance in understanding likely to influence thinking in the field.
The Review Process
All submitted manuscripts are read by the editorial staff. To save time for authors and peer-reviewers, only those papers that seem most likely to meet our editorial criteria are sent for formal review. Those papers judged by the editors to be of insufficient general interest or otherwise inappropriate are rejected promptly without external review (although these decisions may be based on informal advice from specialists in the field).
Manuscripts judged to be of potential interest to our readership are sent for formal review, typically to two or three reviewers, but sometimes more if special advice is needed (for example on statistics or a particular technique). The editors then make a decision based on the reviewers' advice, from among several possibilities:
- Accept, with or without editorial revisions
- Invite the authors to revise their manuscript to address specific concerns before a final decision is reached
- Reject, but indicate to the authors that further work might justify a resubmission
- Reject outright, typically on grounds of specialist interest, lack of novelty, insufficient conceptual advance or major technical and/or interpretational problems
Reviewers are welcome to recommend a particular course of action, but they should bear in mind that the other reviewers of a particular paper may have different technical expertise and/or views, and the editors may have to make a decision based on conflicting advice. The most useful reports, therefore, provide the editors with the information on which a decision should be based. Setting out the arguments for and against publication is often more helpful to the editors than a direct recommendation one way or the other.
Editorial decisions are not a matter of counting votes or numerical rank assessments, and we do not always follow the majority recommendation. We try to evaluate the strength of the arguments raised by each reviewer and by the authors, and we may also consider other information not available to either party. Our primary responsibilities are to our readers and to the researcher community at large, and in deciding how best to serve them, we must weigh the claims of each paper against the many others also under consideration.
We may return to reviewers for further advice, particularly in cases where they disagree with each other, or where the authors believe they have been misunderstood on points of fact. We therefore ask that reviewers should be willing to provide follow-up advice as requested. We are very aware, however, that reviewers are usually reluctant to be drawn into prolonged disputes, so we try to keep consultation to the minimum we judge necessary to provide a fair hearing for the authors.
When reviewers agree to assess a paper, we consider this a commitment to review subsequent revisions. However, editors will not send a resubmitted paper back to the reviewers if it seems that the authors have not made a serious attempt to address the criticisms.
We take reviewers' criticisms seriously; in particular, we are very reluctant to disregard technical criticisms. In cases where one reviewer alone opposes publication, we may consult the other reviewers as to whether s/he is applying an unduly critical standard. We occasionally bring in additional reviewers to resolve disputes, but we prefer to avoid doing so unless there is a specific issue, for example a specialist technical point, on which we feel a need for further advice.
Reviewer selection is critical to the publication process, and we base our choice on many factors, including expertise, reputation, specific recommendations and our own previous experience of a reviewer's characteristics. For instance, we avoid using people who are slow, careless, or do not provide reasoning for their views, whether harsh or lenient.
We check with potential reviewers before sending them manuscripts to review. Reviewers should bear in mind that these messages contain confidential information, which should be treated as such.
Writing the Review
The primary purpose of the review is to provide the editors with the information needed to reach a decision but the review should also instruct the authors on how they can strengthen their paper to the point where it may be acceptable. As far as possible, a negative review should explain to the authors the major weaknesses of their manuscript, so that rejected authors can understand the basis for the decision and see in broad terms what needs to be done to improve the manuscript for publication elsewhere. Referees should not feel obliged to provide detailed, constructive advice regarding minor criticisms of the manuscript if it does not meet the criteria for the journal (as outlined in the letter from the editor when asking for the review). Referees should be aware that authors of declined manuscripts may request that referee comments be transferred to another MRC journal where they can be used to determine suitability of publication at the receiving journal.
Confidential comments to the editor are welcome, but it is helpful if the main points are stated in the comments for transmission to the authors. The ideal review should answer the following questions:
- Who will be interested in reading the paper, and why?
- What are the main claims of the paper and how significant are they?
- Is the paper likely to be one of the five most significant papers published in the discipline this year?
- How does the paper stand out from others in its field?
- Are the claims novel? If not, which published papers compromise novelty?
- Are the claims convincing? If not, what further evidence is needed?
- Are there other experiments or work that would strengthen the paper further?
- How much would further work improve it, and how difficult would this be? Would it take a long time?
- Are the claims appropriately discussed in the context of previous literature?
- If the manuscript is unacceptable, is the study sufficiently promising to encourage the authors to resubmit?
- If the manuscript is unacceptable but promising, what specific work is needed to make it acceptable?
Other Questions to Consider
We appreciate that reviewers are busy, and we are very grateful if they can answer the questions in the section above. However, if time is available, it is extremely helpful to the editors if reviewers can advise on some of the following points:
- Is the manuscript clearly written?
- If not, how could it be made more clear or accessible to nonspecialists?
- Would readers outside the discipline benefit from a schematic of the main result to accompany publication?
- Could the manuscript be shortened? (Because of pressure on space in our printed pages we aim to publish manuscripts as short as is consistent with a persuasive message.)
- Should the authors be asked to provide supplementary methods or data to accompany the paper online? (Such data might include source code for modelling studies, detailed experimental protocols or mathematical derivations.)
- Have the authors done themselves justice without overselling their claims?
- Have they been fair in their treatment of previous literature?
- Have they provided sufficient methodological detail that the experiments could be reproduced?
- Is the statistical analysis of the data sound, and does it conform to the journal's guidelines?
ICMR is committed to rapid editorial decisions and publication, and we believe that an efficient editorial process is a valuable service both to our authors and to the scientific community as a whole. We, therefore, ask reviewers to respond promptly within the number of days agreed. If reviewers anticipate a longer delay than previously expected, we ask them to let us know so that we can keep the authors informed and, where necessary, find alternatives.
We do not release reviewers' identities to authors or to other reviewers, except when reviewers specifically ask to be identified. Unless they feel strongly, however, we prefer that reviewers should remain anonymous throughout the review process and beyond. Before revealing their identities, reviewers should consider the possibility that they may be asked to comment on the criticisms of other reviewers and on further revisions of the manuscript; identified reviewers may find it more difficult to be objective in such circumstances.
We ask reviewers not to identify themselves to authors without the editor's knowledge. If they wish to reveal their identities while the manuscript is under consideration, this should be done via the editor, or if this is not practicable, we ask authors to inform the editor as soon as possible after the reviewer has revealed his or her identity to the author.
We deplore any attempt by authors to confront reviewers or determine their identities. Our own policy is to neither confirm nor deny any speculation about reviewers' identities, and we encourage reviewers to adopt a similar policy.
Editing referees' reports
As a matter of policy, we do not suppress reviewers' reports; any comments that were intended for the authors are transmitted, regardless of what we may think of the content. On rare occasions, we may edit a report to remove offensive language or comments that reveal confidential information about other matters. We ask reviewers to avoid statements that may cause needless offence; conversely, we strongly encourage reviewers to state plainly their opinion of a paper. Authors should recognize that criticisms are not necessarily unfair simply because they are expressed in robust language.
The peer-review system
It is editors' experience that the peer-review process is an essential part of the publication process, which improves the manuscripts our journals publish. Not only does peer review provide an independent assessment of the importance and technical accuracy of the results described, but the feedback from referees conveyed to authors with the editors' advice frequently results in manuscripts being refined so that their structure and logic is more readily apparent to readers.
ICMR is appreciative of its peer-reviewers, of whom there are many tens of thousands. It is only by collaboration with our reviewers that editors can ensure that the manuscripts we publish are among the most important in their disciplines of scientific research. We appreciate the time that reviewers devote to assessing the manuscripts we send them, which helps ensure that ICMR publish only material of the very highest quality. In particular, many submitted manuscripts contain large volumes of additional (supplementary) data and other material, which take time to evaluate. We thank our reviewers for their continued commitment to our publication process.
Reviewing Peer Review
The goals of peer review are both lofty and mundane. It is the responsibility of journals to administer an effective review system. Peer review is designed to select technically valid research of significant interest. Referees are expected to identify flaws, suggest improvements and assess novelty. If the manuscript is deemed important enough to be published in a high visibility journal, referees ensure that it is internally consistent, thereby ferreting out spurious conclusions or clumsy frauds.
One problem with manuscript selection is the inherent tension between referees and authors. Referees wish for only the most solid science to be published, yet when they 'switch hats' to that of author, they desire quick publication of their novel ideas and approaches. Authors of papers that blow against the prevailing winds bear a far greater burden of proof than normally expected in publishing their challenge to the current paradigm. Veering too far in one direction or the other leads to complaints either that peer review isn't stringent enough, or that it is stifling the freshest research. It is the job of the editors to try to avoid both extremes.
Journal editors do not expect peer review to ferret out cleverly concealed, deliberate deceptions. A peer reviewer can only evaluate what the authors chose to include in the manuscript. This contrasts with the expectation in the popular press that peer review is a process by which fraudulent data is detected before publication (although that sometimes happens).
We are continually impressed with peer review's positive impact on almost every paper we publish. Even papers that are misunderstood by reviewers are usually rewritten and improved before resubmission. Mistakes are made, but peer review, through conscientious effort on the part of referees, helps to protect the literature, promote good science and select the best. Until a truly viable alternative is provided, we wouldn't have it any other way.
Peer-review Publication Policies
All contributions submitted to ICMR that are selected for peer-review are sent to at least one, but usually two or more, independent reviewers, selected by the editors. As a condition of agreeing to assess the manuscript, all reviewers undertake to keep submitted manuscripts and associated data confidential, and not to redistribute them without permission from the journal. If a reviewer seeks advice from colleagues while assessing a manuscript, he or she ensures that confidentiality is maintained and that the names of any such colleagues are provided to the journal with the final report. By this and by other means, ICMR endeavour to keep the content of all submissions confidential until the publication date other than in the specific case of its embargoed press release available to registered journalists. Although we go to every effort to ensure reviewers honour their promise to ensure confidentiality, we are not responsible for the conduct of reviewers.
Reviewers should be aware that it is our policy to keep their names confidential, and that we do our utmost to ensure this confidentiality. Under normal circumstances, blind peer-review is protected from legislation. We cannot, however, guarantee to maintain this confidentiality in the face of a successful legal action to disclose identity in the event of a reviewer having written personally derogatory comments about the authors in his or her reports. For this reason as well as for reasons of standard professional courtesy, we request reviewers to refrain from personally negative comments about the authors of submitted manuscripts.
Open Access Policy
This journal provides immediate open access to its content on the principle that making research freely available to the public supports a greater global exchange of knowledge.
This journal utilizes the LOCKSS system to create a distributed archiving system among participating libraries and permits those libraries to create permanent archives of the journal for purposes of preservation and restoration. More...
Statement of Ethics
Adapted from the principles of the Committee on Publication Ethics (COPE).
This is the statement of ethics for journals published by the Management Research Center (MRC), i.e. The South East Asian Journal of Management (SEAM), Indonesian Capital Market Review (ICMR) and the ASEAN Marketing Journal (AMJ). This statement covers code of ethics for authors, editors and reviewers.
Authors must submit original works only.
Authors must not submit the same work to other journal at the same time or while the manuscript is under review. Authors must wait for a rejection decision or formally request for withdrawal before submitting to another journal.
The manuscript must not have been previously published or accepted for publication elsewhere, except as a conference proceedings paper, where the paper is work in progress toward the submitted manuscript. Author must inform in the manuscript if it was published previously as conference paper.
Author must properly cite all existing works which may overlaps or used as material for the manuscript, both in the body text and in the reference list.
Authors must explicitly cite their own earlier works used as material in the manuscript. If exact sentences or paragraphs that appear in another work by the Author are included in the manuscript, the material should be put in quotation marks and appropriately cited in a way that does not compromise the double-blind review process.
The manuscript should identify the origin and originality, of the datasets used in the paper, such as data collected through survey. Authors should mention if the dataset has been used elsewhere by this or another Author, whether published or not.
Conflicts of Interest
Authors should avoid conflicts of interest or the appearance of conflicts of interest throughout the research process. Conflicts of interest may influence the judgment of Authors, Reviewers, and Editors.
All such interests (or their absence) should be declared in writing by Authors upon submission of the manuscript. If any are declared, they should be published with the article. If there is doubt about whether a circumstance represents a conflict, it should be disclosed, so that Editors may assess its significance. Any queries about possible conflicts of interest should be addressed to the MRC Office or the Editor-in-Chiefs of the respective journals.
MRC journals follow double-blind review process with at least 2 reviewers each articles, whereby Authors do not know Reviewers and vice versa. Authors should respect the confidentiality of the review process and should not reveal themselves to Reviewers, and vice versa. For example, the manuscript should not include any self-revealing information that would identify the Author to a Reviewer.
Authors have the ultimate responsibility for all materials included in a submitted manuscript. Authors are obligated to present an accurate account of the research performed as well as an objective discussion of the significance of the research.
Authors should report their findings fully and should not omit data that are relevant within the context of the research question(s). Results should be reported whether they support or contradict expected outcomes. Authors should take particular care to present relevant qualifications to their research or to the findings and interpretations of them. Underlying assumptions, theories, methods, measures and research designs relevant to the findings and interpretations of their work should be disclosed.
The manuscript should contain sufficient detail and references to permit peers with access to the same dataset to repeat the work.
Plagiarism and Self-Plagiarism:
All work in the manuscript should be free of any plagiarism, falsification, fabrications, or omission of significant material.
Authors are expected to explicitly cite others' work and ideas, even if the work or ideas are not quoted verbatim or paraphrased. This standard applies whether the previous work is published, unpublished, or electronically available. Failure to properly cite the work of others may constitute plagiarism. Plagiarism in all its forms constitutes unethical publishing behavior and is unacceptable.
Redundancy (or “self-plagiarism”) is an unacceptable publishing behavior. Redundancy can occur in at least two ways: (1) Authors recycle portions of their previous writings by using identical or nearly identical sentences or paragraphs from earlier writings in subsequent research papers, without quotation or acknowledgement; or (2) Authors create multiple papers that are slight variations on each other, which are submitted for publication in different journals but without acknowledgement of the other papers.
Authors can and often do develop different aspects of an argument in more than one manuscript. However, manuscripts that differ primarily in appearance, but are presented as separate and distinct research without acknowledging other related work, constitute attempts (whether unintentional or deliberate) to deceive reviewers and readers by overinflating the intellectual contribution of the manuscript. Since publication decisions are influenced by the novelty and innovativeness of manuscripts, such deception is inappropriate and unethical.
If exact sentences or paragraphs that appear in another work by the Author are included in the manuscript, the material must be put in quotation marks and appropriately cited.
MRC reserves the right to evaluate issues of plagiarism and redundancy on a case-by-case basis.
All Co-Authors of papers should have made significant contributions to the work and share accountability for the results. Authorship and credit should be shared in proportion to the various parties' contributions. Authors should take responsibility and credit, including authorship credit, only for work they have actually performed or to which they have contributed. Other contributions should be cited in the manuscript's Acknowledgements or an endnote.
Authors should normally list a student as the principal Co-Author on multiple-authored publications that substantially derive from the student's dissertation or thesis.
Authors who analyze data from others should explicitly acknowledge the contribution of the initial researchers.
Authors should check their manuscripts for possible breaches of copyright law (e.g., where permissions are needed for quotations, artwork or tables taken from other publications) and secure the necessary permissions before submission.
Authors should be prompt with their manuscript revisions. If an Author cannot meet the deadline given, the Author should contact the Managing Editor as soon as possible to determine whether a longer time period or withdrawal from the review process should be chosen.
Authors have a responsibility to preserve and protect the privacy, dignity, well-being and freedom of human subjects and research participants. Informed consent should be sought from all human subjects, and if confidentiality or anonymity is requested it should be honored.
Manuscripts involving human subjects (surveys, simulations, interviews) should comply with the relevant Human Subject Protocol requirements at the Author's university.
Authors must ask for permission to publish their article (or a selection from the article) elsewhere, such as an article later appearing as a book chapter or as a translation.
Indonesian Capital Market Review (ICMR) is published twice a year: January and July
Indonesian Capital Market Review (ISSN: 1979-8997) has received "B" Accreditation from The Indonesian Directorate of Higher Education (DIKTI) SK No.81/DIKTI/Kep/2011. November 15th, 2011