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All Journal Media Ekonomi dan Manajemen Dinasti International Journal of Economics, Finance & Accounting (DIJEFA) Journal of Accounting and Finance Management (JAFM)
Inggrit Wijaya, Liliana
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Industrial & Manufacturing Engineering

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Herding dan Overconfidence dalam Investasi Gen Z: Dampak dan Moderasi Literasi Keuangan Felycia Sugianto, Devina; Inggrit Wijaya, Liliana; Silvia Sutejo, Bertha
Journal of Accounting and Finance Management Vol. 5 No. 5 (2024): Journal of Accounting and Finance Management (November - December 2024)
Publisher : DINASTI RESEARCH

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/jafm.v5i5.1092

Abstract

This research aims to examine the influence of behavioral biases among Generation Z investors in Indonesia specifically herding and overconfidence on investment decision making, with financial literacy as a moderating variable. This study employs a quantitative approach using SEM (Structural Equation Modeling) analysis. Data was collected by distributing questionnaires to Generation Z investors in Indonesia aged 17 to 27 who have invested in the Indonesia Stock Exchange (IDX). The results indicate that the herding and overconfidence behavioral biases significantly impact investment decisions. Finally, the moderating variable of financial literacy strengthens the relationship between the herding and overconfidence biases and investment decisions.
The Influence of Behavioral Bias on Investment Decision with Risk Perception as a Mediating Variable: A Study on Generation Z at the Indonesia Stock Exchange Willie Kurnijanto, Aldo; Joni, Joni; Videlia Sumbodo, Karen; Inggrit Wijaya, Liliana; Silvia Sutejo, Bertha
Dinasti International Journal of Economics, Finance & Accounting Vol. 5 No. 6 (2025): Dinasti International Journal of Economics, Finance & Accounting (January - Feb
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijefa.v5i6.3643

Abstract

This study uses structural equation modeling to examine the direct and indirect relationships between behavioral biases and investment decisions with the mediating role of risk perception. This study was conducted among Generation Z individual investors who have been investing on the Indonesia Stock Exchange for several months to years. The behavioral biases examined include overconfidence bias, herding bias, and loss aversion bias, with data from 300 respondents collected through purposive sampling. The results show that risk perception mediates the relationship between overconfidence bias, herding bias, and loss aversion bias with investment decisions. Herding bias and loss aversion bias were found to have a direct relationship with risk perception. In addition, it was also found that herding bias, loss aversion bias, and risk perception have a direct relationship with investment decisions. This research is essential for investors to make more rational investment decisions and improve investment performance by recognizing the risks associated with behavioral biases. The increasing number of retail investors and Generation Z on the Indonesia Stock Exchange demands sound investment decisions. Behavioral biases often trigger irrational decisions and errors in portfolio management, while risk perception can strengthen or weaken the impact of behavioral biases on investment decisions. This study contributes theoretically to investment and behavioral finance, particularly regarding the mediating effect of risk perception.
Corporate Social Responsibility and Leverage Level on High Profile Industries at Indonesian Stock Exchange of 2015-2019 Period Inggrit Wijaya, Liliana; Herlambang, Arif; Evans, Billy
Media Ekonomi dan Manajemen Vol 37, No 1 (2022): January 2022
Publisher : Fakultas Ekonomika dan Bisnis UNTAG Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (381.804 KB) | DOI: 10.24856/mem.v27i01.2285

Abstract

This study aims at analyzing the effect of corporate social responsibility (CSR) and the level of use of debt on financial performance. The variables used in this study included corporate social responsibility, debt, age, size and employees. This study uses a quantitative paradigm with the least square regression panel data processing method. The population in this study is all non-financial sector companies included in the high profile industry category at the Indonesia Stock Exchange (ISE) for the 2015-2019 period. The results prove that CSR has a significant positive effect on financial performance as proxied by Tobin's Q. When a company's CSR is high, it will have a positive impact on its financial performance. Then, leverage has a negative effect on the performance because the higher the debt, the lower the company's performance.
Co-Authors Evans, Billy Felycia Sugianto, Devina Herlambang, Arif Joni Joni Silvia Sutejo, Bertha Videlia Sumbodo, Karen Willie Kurnijanto, Aldo