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All Journal Jurnal Akuntansi Trisakti Jurnal Ilmiah Manajemen Inovasi Bisnis dan Strategi
Nurhalis, Nurhalis
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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HERDING BIAS INVESTOR MASA NEW NORMAL PANDEMI COVID-19 Fadhlia, Wida; Nurhalis, Nurhalis; Linda, Linda; Al Haddad, Syarifah Rahmawati
Jurnal Akuntansi Trisakti Vol. 10 No. 2 (2023): September
Publisher : Lembaga Penerbit Fakultas Ekonomi dan Bisnis Universitas Trisakti

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25105/jat.v10i2.17268

Abstract

This study examines the determinants of herding bias in investors in Indonesia during the Covid-19 New Normal period. This study was conducted for six months to survey the behavior of 232 investors with a single investor identification in the Indonesian capital market who were haphazardly selected to test the herding bias model. The results of Confirmatory Factor Analysis show that reputational factors, social proof, lack of awareness, volatility in global markets, underconfidence, optimism, bandwagon effect, and speculation are the determinants of investor herding bias in Indonesia. The results of this study also prove that the reputation factor is the dominant factor determining herding behavior, where investors will follow the behavior of their community to maintain their reputation. The second factor that contributes highly to determining herding bias is social proof, which means that Indonesian investors consider social roles in the decision-making process. We hope the results of this study can provide researchers and practitioners with a better understanding of herding behavior which is part of the theory of financial behavior.
Analisis Underreaction dan Strategi Momentum pada Perusahaan Sektor Industri Barang Konsumsi yang Tercatat di Bursa Efek Indonesia Najri, Miftah Khairina; Nurhalis, Nurhalis
Manajemen Inovasi Bisnis dan Strategi Vol 3, No 1 (2025): Juni
Publisher : Syiah Kuala University Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24815/manis.v3i1.37996

Abstract

This research aims to test the existence of underreaction and momentum strategies in consumer goods industry sector companies listed on the Indonesia Stock Exchange. This testing was carried out for five years, namely the 2018-2022 period. The sample selection technique uses a purposive sampling method. This research uses quantitative methods. The type of data used in this research is secondary data. This test uses monthly closing prices. The type of tool used is the t-test, namely the paired sample t-test. This research is divided into two stages, namely the portfolio formation period and portfolio testing.The results of the research show that there has been an underreaction in the shares of manufacturing companies in the consumer goods and industrial sector by observing significant price and value reversals in several observation periods. The research results also show that there has been a momentum strategy in the shares of manufacturing companies in the goods and consumption industry sector which is indicated by underreaction.Keywords: Underreaction; Price reversa; Momentum strategy; ACAR; CAR; AAR
Analisis Pengaruh Overinvestment terhadap Kinerja Perusahaan dengan Kebijakan Hutang dan Kebijakan Dividen sebagai Variabel Moderasi Qadri, Lailatul; Nurhalis, Nurhalis
Manajemen Inovasi Bisnis dan Strategi Vol 2, No 1 (2024): Juni
Publisher : Syiah Kuala University Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24815/manis.v2i1.38033

Abstract

This research aims to analyze the effect of overinvestment on firm performance with dividend policy and debt policy as moderating variables in trading, service and investment companies listed on the Indonesian stock exchange. This testing was carried out for five years, namely the 2017-2021 period. The sample selection technique uses a purposive sampling method. This research uses quantitative methods. The type of data used in this research is secondary data, namely quantitative data which includes investment, debt, dividend and firm performance data which is proxied by Return on Assets (ROA) in trading, service and investment companies listed on the Indonesia Stock Exchange. The data collection technique used is panel data. Research analysis uses Moderated Regression Analysis. Overinvestment is calculated using the residual of the new investment equation. The results of this research show that overinvestment has a negative and significant influence on firm performance. Moderation of dividends and debt can change the direction of the negative influence that overinvestment has on firm performance so as to reduce agency conflicts that occur in the company.
Pengaruh Cash Flow, Utang, Peluang Investasi Dan Ukuran Perusahaan Terhadap Kebijakan Dividen Pada Perusahaan Sektor Industri Consumer Goods Putri, Ummi Asma; Rahmawati, Syarifah; Nurhalis, Nurhalis
Manajemen Inovasi Bisnis dan Strategi Vol 1, No 1 (2023): Juni
Publisher : Syiah Kuala University Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24815/manis.v1i1.32771

Abstract

Penelitian ini bertujuan untuk mengetahui pengaruh arus kas, utang, peluang investasi, dan ukuran perusahaan terhadap kebijakan dividen pada perusahaan sektor indutri barang konsumsi yang tercatat di Bursa Efek Indonesia (BEI). Teknik pengambilan sampel yang digunakan yaitu purposive sampling denagn beberapa kriteria sehingga diperoleh 16 sampel dari perusahaan sektor indutri barang konsumsi yang tercatat di Bursa Efek Indonesia selama periode 2016-2019. Ordinary Least Square (OLS) dengan data panel digunakan sebagai metode analisis. Hasil penelitian menunjukkan bahwa arus kas berpengaruh positif dan tidak signifikan terhadap kebijakan dividen. Utang berpengaruh negatif dan tidak signifikan terhadap kebijakan dividen. Sementara peluang investasi berpengaruh negatif signifikan terhadap kebijakan dividen dan ukuran perusahaan berpengaruh positif signifikan terhadap kebijakan dividen.
Co-Authors Al Haddad, Syarifah Rahmawati Linda Linda Najri, Miftah Khairina Putri, Ummi Asma Qadri, Lailatul Rahmawati, Syarifah Wida Fadhlia