Edy Yulianto Putra
Faculty of Business and Management, Universitas Internasional Batam

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Antecedent and Consequence Analysis of Investor Behavior Variables in Retail Shares on The Indonesian Stock Exchange Wisnu Yuwono; Yosep Deki Antalius; Mukdad Ibrahim; Edy Yulianto Putra; Dewi Khornida Marheni
Jurnal Aplikasi Bisnis dan Manajemen Vol. 11 No. 2 (2025): JABM Vol. 11 No. 2, May 2025
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.11.2.391

Abstract

Background: The Indonesia Stock Exchange (IDX) over the last four years (2019-2022) shows an average increase in the number of investors of 60.91%. However, this did not significantly impact market capitalization, which grew 9.86%, and the average growth of the Jakarta Composite Index, which was only 3.03% over the last four years. The data is very interesting to analyze further regarding investor behavior in investing in the stock market.Purpose: This research aims to analyze the influence of financial knowledge, investment experience, information media, and social interaction on retail investor behavior and the influence of retail investor behavior on investment decisions. Design/methodology/approach: Research data was taken from 292 stock investors, using a purposive sampling technique. Data processing and analysis use Structural Equation Modeling (SEM) with Smart PLS 3.2.9. Finding/Result: The research results show that financial knowledge and information media do not have a significant effect on retail investor behavior. Investment experience and social interaction have a positive and significant effect on retail investor behavior. Retail investor behavior has a significant influence on investment decisions. Other findings show that investor behavior cannot mediate the relationship between the variables of financial knowledge, investment experience, information media, and social interaction on investment decisions. Conclusion: Financial knowledge and media information are no longer the basis of investor behavior, both of which have been replaced by more subjective factors, namely investment experience and social interaction. Investor behavior is also unable to mediate the relationship between the four variables and investment decisions.Originality/value (State of the art): This study is to investigates the relationship between fundamental aspects and subjective aspects on retail investor behavior and the influence of investor behavior on investment decisions, so that the authors develop new models in research. Fundamental aspects are no longer something interesting for investors because of less credible information, so they prefer to use experience and social interaction. The role of company managers is to provide more credible information through financial reports, and the need for information media management in encourage investors to invest. Keywords: investment decision, retail investor behavior, financial knowledge, investment experience, media information, social interaction
Exploring the Role of Cultural Intelligence in Driving Innovation: Evidence from Systematic Review and Industry Practices Johny Budiman; Wisnu Yuwono; Edy Yulianto Putra; Suyono Saputra
Jurnal Aplikasi Bisnis dan Manajemen Vol. 12 No. 2 (2026): JABM, Vol. 12 No. 2, May 2026
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.12.2.554

Abstract

Background: Although research on cultural intelligence remains limited, interest in the topic has grown significantly in recent years. Since cultural diversity and cultural understanding play important roles in innovation, cultural intelligence is increasingly recognized as a critical factor for organizational competitiveness. A key challenge related to cultural intelligence (CQ) lies in the gap between increasing workplace cultural diversity and organizations’ limited capability to manage it effectively. This lack of CQ hinders collaboration, knowledge sharing, and innovation performance, preventing organizations from fully leveraging diversity for competitive advantage.Purpose: This study aims to analyze the theoretical and practical influence of cultural intelligence on innovation, particularly within the service industry.Design/Methodology/Approach: A qualitative approach was employed through a systematic review of 42 Scopus-indexed journal articles, involving the identification, evaluation, and interpretation of relevant studies. The findings from the review were further enriched with quantitative insights drawn from exploratory interviews with eight industry practitioners, analyzed using a simple scoring approach.Findings/Results: The results reveal that only 30.6% of the CQ practices identified in the literature were found to be implemented by the surveyed companies. Moreover, the study identifies emerging variables in cultural intelligence development, including the creation of a harmonious and flexible work environment between senior and junior employees, competitive advantage, alignment of organizational culture with business strategy, and customer demand generation.Conclusions: The findings suggest that companies should better leverage their available resources to enhance cultural intelligence, thereby fostering greater innovation capacity. Key actors, including top management, HR professionals, team leaders, and employees, play essential roles in developing and implementing cultural intelligence. Each contributes strategically to embedding CQ through leadership, talent management, training, and collaborative practices that enhance innovation and competitiveness.Originality/Value (Sate of the Art): This research contributes to the literature by integrating systematic review with industrial practice analysis, highlighting underexplored cultural intelligence variables and offering state-of-the-art insights into how cultural intelligence can be leveraged to strengthen innovation in the service sector. Keywords:  cultural intelligence, innovation, systematic review, service industry, organizational culture