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All Journal Journal of Economics, Business, & Accountancy Ventura ARMADA : Jurnal Penelitian Multidisiplin
Safrizal Fazli Tarigan
Universitas Sumatera Utara, Medan, Indonesia
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Stakeholder Engagement in Sustainable Tourism Planning: Synthesising Freeman's Collaboration Theory and Bramwell's Tourism Governance Framework Solahuddin Nasution; Safrizal Fazli Tarigan; Alifa Azzahra Nasution; Femmy I. Dalimunthe
ARMADA : Jurnal Penelitian Multidisiplin Vol. 4 No. 6 (2026): ARMADA : Jurnal Penelitian Multidisplin, Juni 2026
Publisher : LPPM Sekolah Tinggi Ilmu Ekonomi 45 Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55681/armada.v4i6.2646

Abstract

Stakeholder engagement remains a key issue in sustainable tourism planning, especially in regional tourism contexts where meaningful participation is often limited by fragmented governance structures. This study synthesises Freeman’s stakeholder theory and Bramwell’s tourism governance framework to develop an integrated model of collaborative planning for heritage and coastal tourism destinations in North Sumatra Province. The study used a mixed-methods design involving structured surveys with 312 respondents, interviews with 28 key informants, and systematic field observations across six tourism destination clusters. The analysis mapped stakeholder influence-interest profiles, identified governance fragmentation, and examined the conditions that support collaborative planning in improving destination sustainability. The findings show that government-dominated governance, low power equality, and weak trust reciprocity tend to exclude local communities, traditional leaders, and civil society actors from strategic planning. This study develops a five-phase collaborative governance process model as an institutional design for sustainable tourism governance reform in North Sumatra. The model also offers relevance for other regional tourism systems in developing countries facing bureaucratic concentration and community marginalisation.  
Investment Literacy, Herding, Experience, and Risk Tolerance: An Empirical Study of Beginner Generation Z Investors Beby Kendida Hasibuan; Isfenti Sadalia; Wina Nurfitriani; Lailan Syafrina Hasibuan; Suci Indah Syafitri; Safrizal Fazli Tarigan
Journal of Economics, Business, & Accountancy Ventura Vol. 28 No. 2 (2025): August 2025
Publisher : Research Center and Community Services (PPPM)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/jebav.v28i2.5731

Abstract

This study examines the influence of herding behavior and investment literacy on investment decisions among beginner Generation Z investors in North Sumatra, Indonesia, with investment experience and risk tolerance tested as mediating variables. Using a quantitative, quantitative associative with a cross-sectional survey and analyzed using structural equation modeling. For direct effects, results show that herding behavior has no significant direct effect on investment decisions, but it has a significant negative effect on investment experience and a significant positive effect on risk tolerance; investment literacy, in contrast, has significant positive direct effects on investment experience, risk tolerance, and investment decisions, confirming its role as the strongest overall predictor. For indirect effects, risk tolerance significantly mediates the influence of both herding behavior and investment literacy on investment decisions, whereas investment experience does not significantly mediate either relationship. Overall, the model explains 87.4 percent of the variance in investment decisions. Theoretically, the study integrates social learning, prospect theory, and experiential learning perspectives to explain how beginner investors process social information and calibrate risk. Practically, the findings suggest that regulators and digital investment platforms should strengthen risk profiling and behavioral nudge features for Generation Z investors, who increasingly dominate market participation in North Sumatra. These findings highlight risk tolerance as the key psychological channel linking behavioral and cognitive factors to investment behavior, underscoring the importance of financial literacy programs and behavioral nudges for improving investment decision quality among young retail investors.
Co-Authors Alifa Azzahra Nasution Beby Kendida Hasibuan Femmy I. Dalimunthe Isfenti Sadalia Lailan Syafrina Hasibuan Solahuddin Nasution Suci Indah Syafitri Wina Nurfitriani