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All Journal Journal Research of Social Science, Economics, and Management IIJSE
Kunawangsih, Tri
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Economics, Econometrics & Finance Environmental Science

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The Herding Phenomenon in The Indonesian Stock Market: An Analysis of CSSD & CSAD and its Implications for Investors and Regulators Wibowo, Alfi Hikami; Kunawangsih, Tri; S, Mona Adriana
Journal Research of Social Science, Economics, and Management Vol. 4 No. 9 (2025): Journal Research of Social Science, Economics, and Management
Publisher : Publikasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59141/jrssem.v4i9.811

Abstract

This study aims to identify the presence of herding behavior in the Indonesian stock market throughout 2024, using the LQ45 Index as a market proxy. The analysis employs the Cross-Sectional Standard Deviation (CSSD) and Cross-Sectional Absolute Deviation (CSAD) models to measure the dispersion of stock returns under normal and extreme market conditions. The findings reveal no statistically significant evidence of herding behavior, although weak indications are observed during extreme negative market conditions. These results support the notion of a relatively efficient market, aligning with the Efficient Market Hypothesis (EMH). The CSSD and CSAD models are found to be complementary in analyzing investor behavior.
Analysis of the Impact of Interest Rate, Exchange Rate, Money Supply, and Forex Reserve on Inflation in Indonesia, Malaysia, Philippines, China, and Australia Rizal, Adya Pandu Diputra; Kunawangsih, Tri; Syofyan, Syofriza
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 7 No 3 (2024): Sharia Economics
Publisher : Sharia Economics Department Universitas KH. Abdul Chalim, Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v7i3.5051

Abstract

This research aims to analyze whether the Interest Rate, Exchange Rate, Money Supply, and Foreign Reserves influence inflation in Asian countries and Australia over 10 years. In this research, researchers have determined the dependent variable is Inflation which will be tested with 4 Independent Variables, namely Interest Rate, Exchange Rate, Money Supply, and Foreign Reserve from Indonesia, Malaysia, the Philippines, RR China, and Australia. The data in this research is secondary data obtained from the World Bank, SEKI, and Central Bank websites, namely Bank Indonesia, Bank Negara Malaysia, Bangko Sentral ng Pilipinas, People Bank of China, and Reserve Bank of Australia for the period 2013 - 2022. This research was tested using the panel data regression method with the best model being the Random Effect Model. The results of this research are that overall, Interest Rate, Exchange Rate, Money Supply, and Foreign Reserves affect inflation. When viewed individually using the LSDV (Least Square Dummy Variable) method, it is found that in Indonesia, the Interest Rate and Money Supply have an influence on inflation, but the Exchange Rate and Foreign Reserves have no influence on inflation. In Malaysia, Interest Rate, Exchange Rate, and Foreign Reserve influence inflation, but Money Supply does not influence inflation. In the Philippines and RR China, Interest Rate, Exchange Rate, Money Supply, and Foreign Reserves do not influence inflation. In Australia, Money Supply and Foreign Reserves influence inflation, but the Interest Rate and Exchange Rate do not influence inflation.
Co-Authors Rizal, Adya Pandu Diputra S, Mona Adriana Syofriza Syofyan, Syofriza Wibowo, Alfi Hikami