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All Journal Jurnal Manajemen dan Organisasi Jurnal Aplikasi Bisnis dan Manajemen (JABM) E-Journal Journal of Accounting and Investment Jurnal Pengabdian Kepada Masyarakat (Indonesian Journal of Community Engagement) International Journal of Social Science and Business Develop Eduvest - Journal of Universal Studies
Wita Juwita Ermawati
Department Of Management, Faculty Of Economics And Management, Institut Pertanian Bogor, Bogor, Indonesia
Aerospace Engineering Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Environmental Science Health Professions Neuroscience Social Sciences Transportation Other

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Rationality of Institutional Investor and Investment Decisions in Crisis (A Case Study in Indonesia's Top-4 Banks) Yudha Pradipta Putra; Wita Juwita Ermawati; Gendut Suprayitno
Jurnal Aplikasi Bisnis dan Manajemen Vol. 10 No. 1 (2024): JABM, Vol. 10 No. 1, January 2024
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.10.1.125

Abstract

The Covid-19 pandemic triggered fluctuations on the Indonesia Stock Exchange (BEI), particularly in 2020 and 2021. Using data from 720 institutional investors from Indonesia's four largest banks (known as KBMI 4), this study aims to (1) examine the rationality of institutional investors during the pandemic by focusing on investment changes and (2) identifying variables associated with macroeconomics, financial fundamentals, and stock performance that may influence their investment decision. This study employed the Kruskal-Wallis test followed by Dunnett's Multiple Comparison Test. The analysis of the entire sample of investors revealed no statistically significant differences in the value of their investments during the observation period. Further clustered based analysis reveals that investors with high investment value (>$98,700) exhibit investment dynamics, as investment values rose from pre-pandemic levels. The conclusion is that institutional investors have a distinct rationality than individual investors and are generally less susceptible to bias. Panel data modeling: inflation rate, Loan at Risk (LAR) ratio, LAR coverage and Return on Equity (ROE) have a statistically significant impact on the stock investments made by institutional investors in KBMI 4 banks. This identifies asset quality and profitability as two crucial considerations for investors during the pandemic-induced crisis. Keywords: behavioral finance, covid-19, determinant factors, institutional investors, stock investment
Co-Authors Asrini Asrini Aushaf Indra Luhfhi, Gusti Conchita Valentina Latupapua Eka Ayu Agustina Fariyanti, Anna Fauziah, Amelisa Gendut Suprayitno Heti Mulyati Juanda Juanda Kaewlaead, Chuta Khaira Amalia Fachrudin Lumban Benget Hutajulu Matoati, Rindang Mokhamad Syaefudin Andrianto Muhamad Rizky Ramadhan musnaini musnaini Nurul Hidayati Rindang Matoati, Rindang Rizal Ahmad Fauzi Rizky Ramadhoni, Refindi Siti Rahmawati Slamet, Alim Setiawan Tiara Kusumadewi Tony Irawan Yudha Pradipta Putra