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All Journal Studi Akuntansi, Keuangan, dan Manajemen
Ria Karina
Universitas Internasional Batam, Batam, Indonesia
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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CEO Overconfidence dan CEO Power terhadap Sustainability Performance: Peran Moderasi Dewan Independen Mariska Ramadana; Serena Phang; Ria Karina
Studi Akuntansi, Keuangan, dan Manajemen Vol 4 No 2 (2025): January
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/sakman.v4i2.4045

Abstract

Purpose: This study looks at how CEO overconfidence and power impact business sustainability performance while taking the independent board's moderating function into account. Methodology: Using multiple regression approaches, the study method examines the association between the variables by analyzing secondary data from public businesses listed on the Indonesia Stock Exchange (IDX) and sustainability reports released between 2018 and 2022. Results: The analysis's findings demonstrate that CEO power and overconfidence significantly impact corporate sustainability performance, and that an independent board's function cannot mitigate this relationship. This could imply that although independent boards serve as checks and balances, they might not have as much authority to affect or counteract choices made by a CEO who is extremely self-assured and influential. Conclusions: The individual attributes of a CEO, such as overconfidence and power, play a significant role in determining a company's sustainability performance. Limitations: This study faces several limitations, including reliance on secondary data sourced from the company's annual reports, a restricted range of analyzed variables, and the application of multiple linear regression analysis, which may not fully account for the intricate relationships between variables. Contributions: This research contributes to the advancement of corporate governance theory and practice in the context of sustainability.
Are Younger CEOs Better for Sustainability? Moderating Roles of Education and Experience in Emerging Markets Ria Karina; Teddy Jurnali; Anderson Anderson; Erna Wati
Studi Akuntansi, Keuangan, dan Manajemen Vol 6 No 1 (2026): July
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/sakman.v6i1.6482

Abstract

Purpose: This study aims to examine the effect of young Chief Executive Officer (CEO) on sustainability performance and investigate the moderating roles of CEO education and experience. Methodology: This study employs a quantitative research approach using panel data from companies listed on the Indonesia Stock Exchange (IDX) from 2019 to 2023. The sample consists of 189 companies that published annual and sustainability reports, resulting in 128 firm-year observations that were analyzed using StataMP 17 and panel regression analysis. Results: The findings show that young CEOs do not directly improve sustainability performance. However, CEO education and international experience strengthen their ability to implement sustainability-oriented strategies. Conclusions: This study concludes that the effectiveness of young CEOs in enhancing sustainability performance depends on the quality of their managerial human capital, particularly their education and international experience. These findings support the Upper Echelons Theory by demonstrating that executive characteristics shape sustainability-related strategic decisions. Limitations: This study may face selection bias because it only includes firms that published both annual and sustainability reports during 2019–2023, potentially excluding less-transparent firms. In addition, the use of quantitative methods limits the deeper exploration of qualitative factors such as CEO values, stakeholder pressure, and organizational culture. Contributions: This study extends Upper Echelons Theory by examining the moderating effects of CEO education and international experience on the relationship between young CEOs and sustainability performance. The findings provide practical insights for firms and policymakers in developing effective sustainability leadership strategies.
The Determinants of Investment Decision on High-Risk Asset: A Cross-Generational Perspective Isnaini Nuzula Agustin; Jefri Ariffendi; Novita Ratna Satiti; Ria Karina
Studi Akuntansi, Keuangan, dan Manajemen Vol 6 No 1 (2026): July
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/sakman.v6i1.6670

Abstract

Purpose: This study investigates the determinants of investment decisions in high-risk assets across generational cohorts in Indonesia, focusing on the roles of overconfidence and gambler’s fallacy. Methodology: Using survey data from 340 individual investors, Partial Least Squares-Structural Equation Modeling (PLS-SEM) was employed to examine direct and mediating relationships, including cross-generational comparisons. Results: The results indicate that overconfidence and gambler’s fallacy significantly increase risk propensity while reducing financial literacy, both of which subsequently influence investment decisions. Risk propensity serves as a positive mediator, whereas financial literacy functions as a negative mediator, suggesting that cognitive biases may weaken the rational application of financial knowledge to gambling decisions. Cross-generational differences were also observed, with varying relationship strengths across the age groups. Conclusions: This study concludes that behavioral biases are critical determinants of investment decisions in high-risk assets among Indonesian investors, whereby younger generations tend to be more influenced by heuristic-driven biases in digital investment environments, whereas older generations display more experience-based decision patterns. Limitations: This study is limited by its focus on Indonesian investors, which may reduce generalizability across broader contexts, and its reliance on self-reported data and cross-sectional design. Contributions: By integrating Prospect Theory, the Theory of Planned Behavior, and Human Capital Theory in an emerging market context, this study contributes to the behavioral finance literature by identifying the dual and asymmetric mediating roles of risk propensity and financial literacy in shaping investment decisions across generations.
Co-Authors Anderson Anderson Erna Wati Isnaini Nuzula Agustin Jefri Ariffendi Mariska Ramadana Novita Ratna Satiti Serena Phang Teddy Jurnali