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All Journal Jurnal Ilmiah Manajemen Kesatuan
Aprilina Susandini
Universitas Trunodjoyo Madura, Indonesia
Economics, Econometrics & Finance Social Sciences

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The Effect of Overconfidence on Trading Activity and Investment Returns in Simulated Stock Markets Aprilina Susandini; R. A. Norromadani Yuniati; M. Boy Singgih Gitayuda; Moh. Zaki Kurniawan
Jurnal Ilmiah Manajemen Kesatuan Vol. 14 No. 3 (2026): JIMKES Edisi Mei 2026
Publisher : LPPM Institut Bisnis dan Informatika Kesatuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37641/jimkes.v14i3.5039

Abstract

This study is motivated by increasing market volatility and the growing complexity of investment decision-making, where investor behavior does not always reflect rational considerations, highlighting the importance of psychological biases, particularly overconfidence. The objective of this study is to examine the effect of overconfidence levels on stock trading activity and investment returns, as well as to analyze differences in investor responses to market information in the form of good news and bad news. This study employs an experimental design involving 68 undergraduate students, who are classified into high- and low-overconfidence groups based on calibration test results. Trading activity is measured using trading frequency and volume, while investment performance is assessed through returns. Data are analyzed using independent samples t-tests and paired samples t-tests. The findings indicate that investors with high overconfidence exhibit significantly higher trading frequency and volume compared to those with low overconfidence under both good and bad news conditions. Moreover, highly overconfident investors tend to be less responsive to differences in market information, whereas low-overconfidence investors demonstrate more adaptive behavior. The results also reveal that overconfidence negatively affects investment returns. In conclusion, overconfidence significantly influences trading behavior and investment performance, contributing to market inefficiency.
Production Methods, Salt Quality, and Farmers’ Income: Comparing Traditional and Geomembrane-Based Salt Farming Prasetyo Nugroho; Aprilina Susandini; Arie Setyo Dwi Purnomo
Jurnal Ilmiah Manajemen Kesatuan Vol. 14 No. 4 (2026): JIMKES Edisi Juli 2026
Publisher : LPPM Institut Bisnis dan Informatika Kesatuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37641/jimkes.v14i4.5033

Abstract

Salt production in Madura is carried out using both traditional and modern methods involving geomembrane technology. These differences significantly affect production costs and farmers’ income. Therefore, this research aims to more clearly and in greater detail identify differences in the cost structure, income, quantity, and quality of salt produced by traditional and modern production methods. This study employed a qualitative descriptive method, and the respondents were salt farmers from these areas. The sampling technique used was snowball sampling. The collected data were processed using simple calculations and then analyzed to obtain the research findings and conclusions. The findings show that most salt farmers in Sampang, Pamekasan, and Bangkalan use modern production methods based on geomembrane technology, while a small number still rely on traditional methods. Modern methods are more effective, producing higher yields and better salt quality with a greater chance of meeting K1 standards. Although modern production requires higher costs, it generates greater profits compared to traditional methods. The results suggest that wider adoption of modern geomembrane-based production methods can improve efficiency, salt quality, and farmers’ incomes.
Co-Authors Arie Setyo Dwi Purnomo M. Boy Singgih Gitayuda Moh. Zaki Kurniawan Prasetyo Nugroho R. A. Norromadani Yuniati