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All Journal Journal of Management and Entrepreneurship Research Fundamental and Applied Management Journal Indonesian Journal of Business and Entrepreneurship Research
Hendra Galuh Febrianto
Universitas Muhammadiyah Tangerang, Indonesia
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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Influencers, Gold Price Perception, and Behavioral Moderators in Retail Stock Investment Interest Metha Dwi Apriyanti; Hendra Galuh Febrianto; Amalia Indah Fitriana; Andry Priharta; Mikail Kartaloğlu
Journal of Management and Entrepreneurship Research Vol. 7 No. 2 (2026)
Publisher : Universitas Islam Nahdlatul Ulama Jepara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34001/jmer.2026.6.07.2-105

Abstract

Objective: This study investigates how stock market influencers and gold price perception shape retail investors’ investment interest, with digital engagement and risk tolerance as moderators. Research Design & Methods: A survey of 300 Indonesian retail investors was conducted using purposive sampling. Data were analyzed through SEM-PLS, including validity and reliability tests. Findings: Influencers significantly increase investment interest, whereas perceptions of the gold price reduce it. Digital engagement strengthens both the positive effect of influencers and the negative effect of gold perception. Risk tolerance weakens influencer effects but mitigates the adverse impact of gold perception. The influencer interest path shows the strongest coefficient. The model explains 63% of the variance in investment interest and has strong predictive relevance. Implications & Recommendations: Practitioners should leverage digital strategies and influencer collaborations while addressing concerns about the gold price through financial education. Policymakers may design risk-based literacy programs to balance enthusiasm for digital technologies with safe investment behavior. Contribution & Value Added: This study integrates dual moderating roles of digital engagement and risk tolerance, offering a novel framework to understand retail investor behavior in emerging markets amid digitalization and social media influence.
Empirical Evidence on Managerial Ownership, Conservatism, Audit Quality, and Opportunistic Reporting Hamdani; Hendra Galuh Febrianto; Dhea Zatira; Onesmo Guty
Indonesian Journal of Business and Entrepreneurship Research Vol. 4 No. 3 (2026): Vol. 4, No. 3, August 2026: Indonesian Journal of Business and Entrepreneurship
Publisher : Department of Business and Entrepreneurship, Faculty of Economics and Business, Universitas Negeri Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62794/ijober.v4i3.267

Abstract

This study explores the moderating role of managerial ownership in the relationship between accounting conservatism, leverage, and audit quality on earnings management within Indonesia's raw materials sector. Employing panel data regression with a fixed effects model and Moderated Regression Analysis (MRA), the research analyzes 72 firm-year observations from raw material companies during the 2020–2025 period. The findings reveal that accounting conservatism exerts a significant positive partial effect on earnings management, whereas leverage, audit quality, and all interaction terms with managerial ownership do not demonstrate statistical significance. These results suggest that the influence of governance mechanisms on earnings management is nuanced, with conservatism emerging as the only consistently significant determinant. The absence of significant moderating effects highlights the complexity of managerial ownership's role and cautions against drawing conclusive claims regarding its effectiveness compared to external governance mechanisms. Instead, the study positions managerial ownership as an exploratory dimension that warrants further empirical investigation. By distinguishing statistically supported findings from non-significant tendencies, this research contributes to the literature on corporate governance and earnings management, offering preliminary evidence on governance interactions in Indonesia's raw materials sector and encouraging future studies to refine the analysis with broader samples and alternative methodological approaches.
Does Managerial Ownership Moderate the Determinants of Firm Value? Evidence from Indonesian Energy Companies Dhea Zatira; Sustari Alamsyah; Arfiansyah Septian; Hendra Galuh Febrianto
Fundamental and Applied Management Journal Vol. 4 No. 3 (2026): September
Publisher : Global Research Collaboration

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.66314/famj.v4i3.1158

Abstract

This research examines the direct associations of green innovation, earnings management, and tax avoidance with firm value; tests whether managerial ownership moderates these associations; and provides conditional empirical evidence from an emerging-market energy context. Secondary data were extracted from annual and sustainability reports of 37 energy firms listed on the Indonesia Stock Exchange, yielding 185 firm-year observations (2020–2024). Green innovation was measured using environmental expenditure proxies; earnings management via the modified Jones model; tax avoidance by the effective tax rate gap; and firm value using Tobin’s Q. Managerial ownership was calculated as the percentage of shares held by management. Panel data regression with Moderated Regression Analysis was performed using EViews 13. Direct association tests reveal that green innovation and managerial ownership exhibit positive and significant associations with firm value. Earnings management shows a positive and significant association—a counterintuitive result possibly reflecting short-term market orientation. Tax avoidance exhibits a negative but non-significant association. For moderation effects, managerial ownership positively moderates the green innovation–firm value association, but does not significantly moderate the earnings management–firm value relationship. The tax avoidance moderation coefficient is significant, indicating a positive moderating effect where managerial ownership strengthens the relationship between corporate tax avoidance and firm value. This study contributes conditional evidence from Indonesia’s energy sector through a tripartite model integrating green innovation, earnings management, and tax avoidance, unexplored in prior research. Managerial ownership is positioned as a strategy-contingent mechanism whose moderating influence varies across earnings activities due to differing managerial risk horizons during sustainability transitions. These findings extend agency and stakeholder theory by demonstrating boundary conditions for ownership-based governance, offering insights for investors and regulators navigating sustainability transitions.
Co-Authors Amalia Indah Fitriana Andry Priharta Arfiansyah Septian Dhea Zatira Hamdani Metha Dwi Apriyanti Mikail Kartaloğlu Onesmo Guty Sustari Alamsyah