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All Journal JBMP (Jurnal Bisnis, Manajemen dan Perbankan) Multifinance
Erna Garnia
Universitas Sangga Buana YPKP
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Health Sector Stock Performance Model On The Indonesian Stock Exchange: Model Kinerja Saham Sektor Kesehatan di Bursa Efek Indonesia Erna Garnia; Siti Riyyan Lisaumi; Nadya Fitriana
JBMP (Jurnal Bisnis, Manajemen dan Perbankan) Vol. 12 No. 1 (2026): April
Publisher : Universitas Muhammadiyah Sidoarjo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21070/jbmp.v12i1.2237

Abstract

This study examines the performance of the health sector index listed on the Indonesia Stock Exchange (IDX) during the leadership of Susilo Bambang Yudhoyono (SBY, 2004–2014) and Joko Widodo (JKW, 2014–2024), analyzing monthly data comprising eight stock observations. This research is novel for three reasons: First, it uses an Arbitrage Pricing Theory (APT) model with a separate analysis for high- and low-return categories. Second, it systematically compares the influence of seven macroeconomic factors (global indices, macroeconomic indicators, world oil prices, China indices, Arab indices, competitive resources, and inflation) across two distinct government periods. Third, it validates the accuracy of the model using Mean Absolute Deviation (MAD), offering a methodological advancement in stock performance analysis. The results show that, during the SBY administration, all macroeconomic factors significantly influenced stock returns in both the high- and low-return categories. Conversely, during the JKW administration, macroeconomic factors did not simultaneously significantly influence either high or low returns. These findings provide new empirical evidence regarding the sectoral responsiveness of healthcare stocks to macroeconomic factors under different Indonesian governments, and policymakers should recognize that the healthcare sector's responsiveness to macroeconomic factors varies significantly across political leadership.
INVESTMENT DECISIONS OF YOUNG INDONESIAN INVESTORS: THE INFLUENCE OF FINANCIAL LITERACY, OVERCONFIDENCE, AND RISK TOLERANCE Erna Garnia; Ajeng Aprilia; Siti Riyyan Lisaumi
Multifinance Vol. 3 No. 2 (2025): Multifinance
Publisher : PT. Altin Riset Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61397/mfc.v3i2.490

Abstract

Economic growth in a country can originate from investment activities. Every year, the number of investors in the capital market continues to increase, and these investors are predominantly young investors. Investment activities are inseparable from the investment decision-making process itself. However, in determining investment decisions, investors are influenced by both rational and irrational factors. This study aims to analyze and describe the influence of financial literacy, overconfidence, and risk tolerance on investment decisions among young investors in investment galleries throughout the Greater Bandung area. This research employs descriptive and verificative approaches using primary data and a quantitative methodology. The sampling method utilized is purposive sampling. Data testing and analysis include validity tests, reliability tests, classical assumption tests, multiple linear regression analysis, correlation coefficient analysis, coefficient of determination analysis, and hypothesis testing. The research findings demonstrate that financial literacy, overconfidence, and risk tolerance have a significant positive influence both simultaneously and partially on investment decisions among young investors in investment galleries throughout Greater Bandung. These results indicate that enhancing financial literacy, managing overconfidence behavior, and understanding individual risk tolerance profiles are crucial factors in improving the quality of investment decision-making among young investors in Indonesia's emerging capital market.
Co-Authors Ajeng Aprilia Nadya Fitriana Siti Riyyan Lisaumi