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All Journal Global Review of Islamic Economics and Business Image : Jurnal Riset Manajemen
Ikaputera Waspada
Indonesia University of Education
Economics, Econometrics & Finance

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The Influence of Heuristic Biases and Risk Propensity on Investment Decisions of the Millennial Generation in Indonesia Asri Solihat; Nugraha Nugraha; Disman Disman; Ikaputera Waspada
Image : Jurnal Riset Manajemen Vol. 13 No. 2 (2025): May 2025 - October 2025
Publisher : Universitas Pendidikan Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17509/image.2025.163

Abstract

The digital trend during Covid-19 has influenced millennials to invest. Therefore, investors in Bandung have been dominated by millennials. However, researchers believe that millennials are vulnerable in terms of financial prospects. This is because they are easily influenced by biased behavior in investing. In addition, everyone is considered to have inherent psychological biases that prevent them from making rational judgments and risk perceptions that can impact the investment decision-making process. The purpose of this study is to determine the influence of heuristic biases and risk perception on the investment decisions of millennials in Indonesia. The data in this study were analyzed using the Pearson correlation statistical method and linear regression analysis. The results of this study indicate that heuristic biases and risk perception influence the investment decisions of millennials. This study contributes to the existing literature and provides practical implications for investors and the government.
Assessing Returns of IDX Sharia Growth Stocks: Applying The Fama-French Five-Factor Model For Portfolio Optimization Elsa Yulandri; Dadang Husen Sobana; Vemy Suci Asih; Nugraha; Ikaputera Waspada; Maya Sari
Global Review of Islamic Economics and Business Vol. 13 No. 1 (2025)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/grieb.2025.131-06

Abstract

This study examines the influence of the Fama-French five-factor model on the excess return of stocks listed in the Indonesia Stock Exchange Sharia Growth Index and offers recommendations for optimizing Sharia-compliant portfolios. The model includes five independent variables: overall market return, firm size (measured by the return difference between small and large firms), book-to-market value, profitability (difference between firms with strong and weak earnings), and investment strategy (difference between conservative and aggressive asset growth). The analysis uses quarterly data from 2022 to 2023 and selects 14 companies from the index based on data completeness and consistent listing. Multiple linear regression with the Ordinary Least Squares method reveals that only the market return and firm size factors have a significant effect on excess return, with firm size having the strongest impact. Meanwhile, the book-to-market value, profitability, and investment strategy factors do not show significant individual influence. However, when assessed collectively, all five factors explain 93.06 percent of the variation in excess return, indicating the model’s overall strength. The study is limited by its short time frame due to the recent launch of the index and its relatively small sample size. These findings suggest that Sharia-compliant investors should prioritize firm size and market trends in portfolio construction. Future research should incorporate longer time periods, broader index comparisons, and qualitative factors such as investor sentiment or environmental, social, and governance indicators to enhance understanding of return behavior in Islamic equity markets.
Co-Authors Asri Solihat Disman Disman Elsa Yulandri Maya Sari Nugraha Nugraha Nugraha Sobana, Dadang Husen Vemy Suci Asih