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All Journal International Journal of Evaluation and Research in Education (IJERE) Jurnal Fakultas Ekonomi : OPTIMAL Jurnal Manajemen dan Bisnis (Performa) Jurnal Keuangan dan Perbankan Jurnal Manajemen dan Bisnis Sriwijaya Media Ekonomi dan Manajemen Sains: Jurnal Manajemen dan Bisnis MIX : Jurnal Ilmiah Manajemen Jurnal Ilmiah Ekonomi dan Bisnis Briliant: Jurnal Riset dan Konseptual Jurnal Akuntansi dan Pajak IJBE (Integrated Journal of Business and Economics) Jurnal ASET (Akuntansi Riset) SRIWIJAYA INTERNATIONAL JOURNAL OF DYNAMIC ECONOMICS AND BUSINESS Indonesian Journal of Strategic Management Agregat: Jurnal Ekonomi dan Bisnis International Journal of Social Science and Business Ekono Insentif JASa (Jurnal Akuntansi, Audit dan Sistem Informasi Akuntansi) Indonesian Journal Of Business And Economics JPEK (Jurnal Pendidikan Ekonomi dan Kewirausahaan) AKUNTABILITAS: Jurnal Penelitian dan Pengembangan Akuntansi Akurasi : Jurnal Studi Akuntansi dan Keuangan Jurnal Wacana Ekonomi JASF (Journal of Accounting and Strategic Finance) Progress: Jurnal Pendidikan, Akuntansi dan Keuangan Jurnal Riset Akuntansi Kontemporer Jurnal Riset Bisnis dan Manajemen Jurnal Ilmiah Manajemen Kesatuan Jurnal Ilmiah Manajemen Ubhara Multidiciplinary Output Research for Actual and International Issue (Morfai Journal) Journal Evaluation in Education (JEE) International Journal of Management Science and Information Technology (IJMSIT) Journal of International Conference Proceedings Journal of Islamic Economics and Business Inkubis: Jurnal Ekonomi dan Bisnis De Cive : Jurnal Penelitian Pendidikan Pancasila dan Kewarganegaraan Journal of Islamic Contemporary Accounting and Business Khazanah Sosial
Nugraha Nugraha
Universitas Pendidikan Indonesia
Religion Agriculture, Biological Sciences & Forestry Arts Humanities Chemical Engineering, Chemistry & Bioengineering Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Electrical & Electronics Engineering Energy Engineering Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Materials Science & Nanotechnology Social Sciences Other

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The Effect of Financial Literacy and Financial Socialization on Financial Management Behavior of Investors in Greater Bekasi Muhamad Syahwildan; Nugraha Nugraha; Nono Supriatna; Toni Heryana
International Journal of Management Science and Information Technology Vol. 6 No. 1 (2026): January - June 2026
Publisher : Lembaga Komunitas Informasi Teknologi Aceh (KITA), Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35870/ijmsit.v6i1.7216

Abstract

Financial intelligence refers to an individual's ability to effectively manage and utilize financial resources, which is considered an important indicator of success in personal financial management. Proper financial management enables individuals to maximize the value of their financial resources and protect themselves from potential financial difficulties. This study aims to examine the effects of financial literacy and financial socialization on the financial management behavior of investors in the Greater Bekasi area following the COVID-19 pandemic. A quantitative research approach was employed, with data collected through questionnaires distributed to 100 investors residing in the Greater Bekasi area. The data were analyzed using the Partial Least Squares Structural Equation Modeling (PLS-SEM) approach with SmartPLS software. The analysis involved the assessment of the measurement model (outer model) and the structural model (inner model) to evaluate the validity, reliability, and hypothesized relationships among variables. The results indicate that financial literacy has a positive and significant effect on financial management behavior (p-value = 0.000), suggesting that higher levels of financial knowledge contribute to better financial decision-making and management practices. Financial socialization also demonstrates a positive influence on financial management behavior; however, the effect is not statistically significant at the 5% significance level (p-value = 0.093). These findings highlight the important role of financial literacy in shaping investors’ financial management behavior in the post-pandemic period.
FISCAL AUTONOMY AND REVENUE GROWTH: THE IMPORTANCE OF SPATIAL CONTEXT IN LOCAL GOVERNMENT REFORM Edem Lekettey; Nugraha Nugraha; Maya Sari; Denny Andriana
Multidiciplinary Output Research For Actual and International Issue (MORFAI) Vol. 6 No. 2 (2026): Multidiciplinary Output Research For Actual and International Issue
Publisher : RADJA PUBLIKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.18729038

Abstract

This study examines the revenue growth performance of Ghana's Metropolitan, Municipal, and District Assemblies (MMDAs) and explores the moderating influence of population density on the relationship between financial autonomy and revenue growth. This study analyzes the impact of institutional capability and spatial context on subnational fiscal performance in the context of Ghana's decentralization, based on fiscal federalism and institutional theory. Auditor-General's Reports and the Ghana Statistical Service provided data on 261 MMDAs from 2018 to 2023. Stata 18 and R 4.3 were used for fixed-effects estimation, the system generalized method of moments (GMM), robustness testing, and moderation analysis using Hayes' PROCESS Model 1. The results indicate that financial autonomy substantially improved subnational revenue growth (β = 0.0036, p < 0.001). Population density did not significantly reduce this association (β = -0.0031, p = 0.108). Further analysis indicates that the fiscal benefits of autonomy are more pronounced in low-density assemblies, suggesting that institutional and administrative efficiencies play a more critical role in fiscal performance than population size. The findings indicate that decentralization reforms should prioritize improving governance quality, institutional discipline, and fiscal accountability, rather than demographic or spatial considerations. This study represents the first application of moderated panel models to 261 Ghanaian MMDAs, demonstrating that institutional strength, rather than population density, serves as the principal determinant of fiscal benefits from autonomy in developing countries. This finding contributes to the discussion on fiscal federalism and institutional theories.
Analysis of Aggregate Herding Behavior in the Capital Market: Evidence from Indonesia and Singapore Gusni Gusni; Nugraha Nugraha; Disman Disman; Tomas Chochole
Media Ekonomi dan Manajemen Vol 38, No 2 (2023): July 2023
Publisher : Fakultas Ekonomika dan Bisnis UNTAG Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56444/mem.v38i2.3934

Abstract

The high uncertainty in the capital market due to some crises that hit the world over the last few decades has the potential to cause herding behavior in the aggregate capital market, both in developed and emerging capital markets. The main objective of this study is to detect the existence of herding behavior, including asymmetric herding and global factor drives (oil prices and fed fund rates) on aggregate herding behavior in the Indonesian and Singapore capital markets during the period Jan 2015 to December 2020. This study employs a cross-sectional dispersion approach to achieve study goals. Research findings denote aggregate herding behavior occurs only in the Singapore capital market, while in Indonesia no herding behavior is detected. Asymmetric herding testing for both capital markets revealed no herding tendency in up and down market conditions. This condition implies that low volatility cannot ensure the absence of aggregate herding behavior. Global factors have proven to significantly drive herding behavior in the Singapore capital market, while in Indonesia it is only the oil price. The findings of this study will provide information that policymakers can use to maintain capital market stability in both countries.
The Mediating Role of Risk Perception in the Relationship between Risk Propensity and Investment Decisions among Millennials in Indonesia Asri Solihat; Nugraha Nugraha; Disman Disman; Ikaputera Waspada
MIX: JURNAL ILMIAH MANAJEMEN Vol. 15 No. 3 (2025): MIX : Jurnal Ilmiah Manajemen
Publisher : Universitas Mercu Buana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22441/jurnal_mix.2025.v15i3.004

Abstract

Objectives: This study aims to explore the relationship between risk propensity, risk perception, and investment decisions among millennials in West Java, Indonesia. The study particularly examines how risk perception mediates the relationship between risk propensity and investment choices.Methodology: A purposive sampling method was used, with 500 respondents from the millennial generation, aged 24-39 years, who have at least one year of experience in investments. The data was collected via online surveys and analyzed using correlation and mediation analysis with Process v.34 by Andrew F. Hayes.Findings: The results demonstrate that risk propensity has a direct positive effect on investment decisions. Additionally, risk perception significantly mediates the relationship between risk propensity and investment decisions. Millennials with higher risk propensity tend to make more risk-taking investment decisions, but the level of their risk perception influences the final decision-making process.Conclusion: This research contributes to a deeper understanding of how risk behaviors, particularly risk propensity and perception, shape investment decisions among millennials. It provides valuable insights for investors and practitioners in the field of digital investment, suggesting that fostering better risk perception could lead to more informed investment decisions.
Herding Dynamics, Volatility, and Market Capitalization: Implications for Stock Returns in Indonesia Rengga Madya Pranata; Ikaputera Waspada; Nugraha Nugraha; Budi S Purnomo
JASF: Journal of Accounting and Strategic Finance Vol. 7 No. 2 (2024): JASF (Journal of Accounting and Strategic Finance) - December 2024
Publisher : Accounting Department, Faculty of Economics and Business, Universitas Pembangunan Nasional Veteran Jawa Timur

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33005/jasf.v7i2.532

Abstract

This research examines the connections between herd mentality, price fluctuations, and company size in relation to stock performance for firms listed on the IDX from January 2019 through December 2023. The LSV approach is employed to quantify herding behavior, while historical data is used to calculate volatility. The study investigates how market capitalization and volatility influence the link between herd mentality and stock returns. Weekly stock prices, company valuations, trading volumes, and sales proportions from TradingView comprise the dataset. Findings indicate that market capitalization significantly enhances the relationship between herd behavior and stock returns, particularly for large-cap enterprises. Conversely, volatility weakens this relationship, with herd behavior's impact on stock returns diminishing in turbulent market conditions. These results highlight the significance of company size and market volatility in comprehending group investor conduct and its effects on stock market outcomes. The study's implications include the creation of more flexible investment tactics and market regulations that promote stability across various market scenarios.
Fiscal Decentralization and Local Financial Autonomy: A Bibliometric Review of Global Research Trends Edem Lekettey; Vanessa Gaffar; Juliana Juliana; Nugraha Nugraha
JASF: Journal of Accounting and Strategic Finance Vol. 8 No. 2 (2025): JASF (Journal of Accounting and Strategic Finance) - December 2025
Publisher : Accounting Department, Faculty of Economics and Business, Universitas Pembangunan Nasional Veteran Jawa Timur

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33005/jasf.v8i2.598

Abstract

Purpose: This paper examines the prominent themes of research, intellectual connections, gaps in scholarship on the subject of local government financial autonomy in the world literature through bibliometric tools. Method: Bibliometric analysis of 626 publications in the Scopus index (2000-2025) with the VOSviewer software was performed to chart the occurrence of two or more keywords, thematic networks, citation network, and co-authorship network. The discussion follows the historical developments of the use of fiscal decentralization and local financial autonomy in terms of time, geography, and scientific fields. Findings: Nine thematic clusters were chosen that are reflections of intellectual organization of the subject-area, encompassing such areas as fiscal decentralization, urbanization, intergovernmental transfers, environmental regulation and digital governance. The research output has increased considerably since 2005 where the focus has shifted in terms of fiscal efficiency discussions to sustainability and technology-based governance issues. The best collaboration networks are between China and Europe and low involvement of Africa and Latin Americans. The temporal analysis shows that the financial crisis globally and the COVID-19 outbreak has fueled the study of fiscal resilience and adaptive financial management research. Implications: This study shows the need for developing countries to deploy digital tools and enhance their intergovernmental transfer design, as well as capacity-building strategies that are often used by developed nations to improve their fiscal transparency, revenue performance, and resilience. This will go a long way to strengthen local financial systems. Novelty/Value: The study's nine research clusters and gaps—including the underrepresentation of African and Latin American studies and the development of digital and environmental fiscal themes—provide a clearer intellectual framework for the field than previous reviews.
Unlocking Islamic Finance Potential in Uzbekistan and Central Asia: A Forward-Looking Perspective Jalilov Mehroj Erkin Ugli; Nugraha Nugraha; Zulayho Umarova
Journal of Islamic Contemporary Accounting and Business Vol. 4 No. 1 (2026): JICAB
Publisher : Tazkia Islamic University College

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30993/jicab.v4i1.587

Abstract

This study investigates the socio-demographic determinants influencing public awareness of Islamic finance within the evolving economic landscape of Uzbekistan and the broader Central Asian region. Utilizing a quantitative research design, primary data were harvested from a cross-sectional survey of 400 respondents in 2024. The analytical framework employs descriptive statistics and binary logistic regression to evaluate the predictive power of gender, age cohorts, and educational attainment on Islamic Finance Awareness (IFA). The findings indicate that both age and education level are positively associated with awareness of Islamic finance, while gender shows no significant influence. Logistic regression analysis confirms these results, with education level emerging as the strongest predictor, followed by age. The study underscores the importance of education-based interventions and age-sensitive awareness strategies in promoting the development of Islamic finance in the region.
The Elusive Hedge: Crypto Correlation Dynamics in Global Stock/Index Bull/Bear Markets Arief Rachmansyah; Nugraha Nugraha
Inkubis : Jurnal Ekonomi dan Bisnis Vol. 8 No. 2 (2026): INKUBIS Jurnal Ekonomi Dan Bisnis
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/inkubis.v8i2.351

Abstract

Background: The integration of cryptocurrencies into regulated investment channels has intensified the need to test whether their diversification value survives market stress. Objective: This study evaluates regime-dependent cryptocurrency–equity correlations at index and individual-stock levels across seven developed and emerging markets. Methods: Weekly returns comprise 522 Bitcoin observations, 490 Ethereum observations, seven national indices, and 250 constituent stocks. A 20% directional-change algorithm identifies all bullish and bearish episodes. Pearson correlations are complemented by Spearman coefficients, Fisher r-to-z tests, and 10,000 paired circular-block bootstrap replications. Results: All 14 index–cryptocurrency and 500 stock–cryptocurrency correlations are below |0.40| in bullish regimes. Robust regime changes occur in 3/14 index pairs and 74/500 stock pairs; 71 stock correlations are higher in bearish regimes and three are lower. The index evidence is concentrated in Bitcoin linkages with Brazil, South Africa, and the United States. Conclusion: Cryptocurrencies are conditional diversifiers rather than universal hedges. Investors and portfolio managers should monitor regime-specific correlations and stress-test crypto exposure instead of relying on static diversification assumptions.
Financial Inclusion, Financial Literacy, and Financial Performance of SMEs: The Role of Digital Finance Interventions in West Java Erik Sopian; Nugraha Nugraha; Ika Putera Waspada; Maya Sari
Inkubis : Jurnal Ekonomi dan Bisnis Vol. 8 No. 2 (2026): INKUBIS Jurnal Ekonomi Dan Bisnis
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/inkubis.v8i2.333

Abstract

Objective: This study aims to study the impact of financial inclusion and financial literacy on the financial performance of small and medium-sized enterprises, where digital finance is the main criterion. Methods: Using a quantitative survey method targeting 178 SME operators in West Java, structural equation modeling analysis based on the partial quadratic method (SEM-PLS) was applied. Results:  Financial inclusion and financial literacy have a positive and significant impact on digital financial adoption. Similarly, financial literacy has a positive and significant impact on financial performance. On the other hand, financial inclusion and digital finance did not have a significant direct impact on financial performance, and the intermediate effects of digital finance were not statistically confirmed in this study. The study concludes that the improvement of SME financial performance is not only determined by formal access and adoption of trading techniques, but also by internal financial management capabilities. The novelty of this research is the integration of dynamic efficiency theory in the context of microfinance management, where dynamic competencies exist in the development of frameworks. Conclusion: While the academic implications underscore the need to restructure the intermediation model in the fintech literature for SMEs, the practical implications drive a shift towards digital financial policy towards real economic value creation. Future research should incorporate design variables and longitudinal adjustments according to the characteristics of the business unit.
Managerial Capability and Financial Sustainability of SMEs: The Mediating Role of Product Innovation and the Moderating Role of Access to Finance Duduh Sujana; Nugraha Nugraha; Disman Disman; Imas Purnamasari
Jurnal Ilmiah Manajemen Kesatuan Vol. 14 No. 4 (2026): JIMKES Edisi Juli 2026
Publisher : LPPM Institut Bisnis dan Informatika Kesatuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37641/jimkes.v14i4.5450

Abstract

Financial sustainability is a decisive condition for small and medium-sized enterprises (SMEs) because it determines whether firms can maintain liquidity, generate stable profitability, absorb shocks, and finance growth. Drawing on Dynamic Capability Theory and the Resource-Based View, this study examines how managerial capability contributes to SME financial sustainability through product innovation and how access to finance strengthens the innovation-sustainability relationship. The research used a quantitative survey design involving 350 SME owners and managers in West Java, Indonesia, selected through purposive sampling. Data were collected using a structured seven-point Likert questionnaire and analyzed with Partial Least Squares Structural Equation Modeling (PLS-SEM). The results show that managerial capability has a strong positive effect on product innovation (beta = 0.727; t = 19.755; p < 0.001), product innovation positively affects financial sustainability (beta = 0.411; t = 4.876; p < 0.001), and managerial capability directly improves financial sustainability (beta = 0.231; t = 5.422; p < 0.001). Product innovation significantly mediates the effect of managerial capability on financial sustainability (indirect effect = 0.299; t = 5.742; p < 0.001), while access to finance positively moderates the effect of product innovation on financial sustainability (beta = 0.218; t = 3.108; p = 0.002). The findings support a Dynamic Capability-Based Financial Sustainability Model for SMEs, suggesting that managerial capability becomes financially meaningful when translated into innovation and supported by adequate financial access. The study contributes to strategic management, entrepreneurship, and SME sustainability literature by clarifying the capability-innovation-finance mechanism through which SMEs improve long-term financial viability in an emerging economy context.   Keywords: managerial capability; product innovation; access to finance; financial sustainability; SMEs; dynamic capability; PLS-SEM
Co-Authors Achmad Nawawi Ahmad Gunawan Amilusholihah Amilusholihah Andrey Satwika Yogaswara Andriana, Denny Arief Rachmansyah Asep Munawar Asri Solihat Bayu Indra Setia Bayu Setia Budi S Purnomo Chairul Furqon, Chairul Chew Chiou Sheng David Loh Er Fu Delina Herdian Septiani Disman Disman Duduh Sujana Edem Lekettey Edem Lekettey Eeng Ahman, Eeng Endang Ruchiyat Endang Supardi Erik Alghifari Erik Alghifari Erik SA Erik Sopian Erik Syawal Alghifari ERNAWATI Fadilah Ezlina Shahbudin Fany Oktaviani Francis Kortey Mac-Moqu Gusni . Gusni Gusni Hadi Ahmad Sukardi Harjadi, Dikdik Heryana, Toni I Nyoman Sujana Ika Putera Waspada Ikaputera Waspada Imas Purnamasari In Min Indri Ferdiani Suarna Ira Valentina Silalahi Iwan Kurniawan Jalilov Mehroj Erkin Ugli Johan, Ahmad Juliana Juliana Khyrina Airin Fariza Abu Samah Komarudin, Munir Nur Krishna Yuliawati, Ayu Lena Lestary M Sandi Marta M. Malik Akbar Rohandi Maesaroh, Syti Sarah Marwan Effendi Maya Sari Mayasari Mayasari Mirza Abdi Khairusy Muhamad Syahwildan Muhammad Yusuf Mulyani, Heni Nani Sutarni Nono Supriatna Nurul Hutami Ningsih Philipina Ampomah Putri Fariska Sugestie Rengga Madya Pranata Rowland Dabi Shaibu Awudu Sriwardini Sriwardini Sukardi, Hadi Ahmad Supriyono Supriyono Suryana Susanti Kurniawati, Susanti Syaiful Bahri Syaifullah Syaifullah Tiar Lina Situngkir Tiar Lina Situngkir Tomas Chochole Vanessa Gaffar Widy Muchamad Yasir Maulana Yayat Supriyatna Yogi Suprayogi Zulayho Umarova