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The role of behavioral bias on financial decision making: a systematic literature review and future research agenda Umu Rosyidah; Heri Pratikto
Journal of Enterprise and Development (JED) Vol. 4 No. 1 (2022): Journal of Enterprise and Development (JED)
Publisher : Faculty of Islamic Economics and Business of Universitas Islam Negeri Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20414/jed.v4i1.5102

Abstract

Purpose — This paper aims to analyze current research trends, identify theoretical perspectives, and identify research topics of behavioral bias in financial decision-making in the future.Research method — To perform bibliometric analysis, this article uses a systematic literature review, as well as content analysis. This article uses a total of 51 publications between 2018 and 2022 as the sample for the literature review, directed by PRISMA. The tool used in analyzing bibliometrics is VOSviewer. Meanwhile, content analysis is conducted to build theoretical perspectives and proposed future research agendas.Result — This systematic review explains the number of articles per year, most influential articles, leading journals, leading countries, leading authors, important keywords, and research cluster networks. Besides, this article also discovers seven behavioral biases that can be analyzed to gain a theoretical perspective on behavioral bias. The seven behavioral biases are Heuristic Bias, Self-Attribution Bias, Framing Bias, Herding Bias, Aversion Bias, Disposition Effect, and Overconfidence Bias,. In the scientific mapping analysis, important keywords are obtained, and the author's research cluster network is to discover topics that rarely researched to be offered in future research.Recommendation/significance/contribution — In contrast to previous studies of behavioral bias, which were dominated by survey-based research, this paper provides a different reference by using a systematic literature review method that provides coverage of the main research issues and theoretical arguments about behavioral bias in financial decisions. In addition, this paper offers new ideas about potential research fields by identifying studies in developing countries that are still rarely carried out compared to developed countries.
ANALYSIS OF THE TREND IN EXPORTS OF DRIED SEAWEED BY CV MESTA ALAM TO THE GLOBAL MARKET Markhamah, Siti; Sudarmiatin, Sudarmiatin; Pratikto, Heri
Jurnal Ilmiah Ilmu Terapan Universitas Jambi Vol. 10 No. 2 (2026): Volume 10, Nomor 2, April 2026
Publisher : LPPM Universitas Jambi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22437/jiituj.v10i2.53878

Abstract

This study aims to analyze the influence of seaweed production, exchange rates, and international prices on the export trend of CV Mesta Alam's dried seaweed to the global market. Indonesia as a maritime country has great potential in seaweed development, but national export trends show fluctuations. The study uses a quantitative approach with panel data regression analysis that combines time series data (2020-2024) and cross-section (three central provinces: East Java, NTT, and Southeast Sulawesi). The selection of the best model through the Chow and Lagrange Multiplier tests shows the Common Effect Model (CEM) as the most appropriate model. The results of the analysis prove that partially, seaweed production (X1) has a positive and significant effect on exports (t-count 2.747 > t-table, sig. 0.019). The exchange rate (X2) also has a positive and significant effect (t-count 3.026 > t-table, sig. 0.010). Meanwhile, international prices (X3) have no significant effect (t-count 0.246 < t-table, sig. 0.808). Simultaneously, the three variables significantly influence exports (F-count 6.303 > F-table, sig. 0.009). The Adjusted R Square value of 53.19% indicates that the production, exchange rate, and price variables are able to explain the variation in CV Mesta Alam's exports, while the remaining 46.81% is explained by other factors. This finding implies the need to increase production with guaranteed quality, utilize the momentum of Rupiah depreciation, and strengthen non-price competitiveness through certification and market diversification.
The Role of Entrepreneurial Cognition in the Internationalization of Small and Medium Enterprises: A Systematic Literature Review Mentari, Sriyani; Sudarmiatin; Pratikto, Heri
International Journal Administration, Business & Organization Vol 7 No 1 (2026): IJABO
Publisher : Asosiasi Ahli Administrasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61242/ijabo.26.740

Abstract

This research utilizes a systematic literature review (SLR) to investigate the impact of entrepreneurial cognition on the international expansion of small and medium-sized enterprises (SMEs). While it is widely acknowledged that cognitive elements significantly affect how SMEs behave in foreign markets, current research remains scattered across diverse theoretical frameworks and constructs. This study analyzes 24 empirical papers from 2015 to 2025 sourced from Google Scholar and Scopus. The analysis reveals that entrepreneurial cognition is a multifaceted concept involving a global mindset, entrepreneurial orientation, managerial cognitive traits, and the ability to recognize opportunities. Furthermore, these cognitive processes are vital in driving internationalization by molding a firm's global perspective and helping leaders identify foreign market prospects. The findings also show that cognitive drivers impact international growth and export success, frequently through intermediate factors like learning orientation, innovation capacity, and decision-making frameworks. This research enhances the microfoundational perspective of SME expansion by focusing on the cognitive attributes of decision-makers rather than just structural factors.
The Effect of Leadership and Work Environment on the Performance of Malang Souvenir MSMEs through Work Motivation and Job Satisfaction Prastiono, Suryo; Sudarmiatin; Heri Pratikto
International Journal of Technology and Education Research Vol. 4 No. 02 (2026): International Journal of Technology and Education Research (IJETER)
Publisher : International journal of technology and education research

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63922/ijeter.v4i02.3374

Abstract

This study aims to examine and analyze the influence of leadership and work environment—mediated by work motivation and job satisfaction—on the performance of souvenir-selling MSMEs in Malang City. The growth of SMEs in Malang City has experienced rapid growth due to the boost from the tourism sector, which in turn requires business owners to have increasingly better organizational performance to face the level of competition. However, the performance of SMEs is often hampered by internal problems closely related to human resource management. The primary issues frequently observed in the field include suboptimal leadership and work environments that fail to meet standards of comfort or work orderliness. Using a quantitative approach, this study evaluates various hypotheses covering both the direct and indirect effects of these variables. Specifically, this study provides an in-depth analysis of the roles of work motivation and job satisfaction as mediating variables in the relationship between leadership and work environment on SME performance. It is hoped that the results of this study will provide empirical evidence as well as strategic recommendations useful for the development and improvement of SME performance in Malang City.
The Impact of Innovation and Digitalisation on the Internationalisation Readiness of SMEs in Indonesia: A Resource-Based View Approach Ivan Widjaja; Sudarmiatin Sudarmiatin; Heri Pratikto
International Journal of Economics, Commerce, and Management Vol. 3 No. 2 (2026): International Journal of Economics, Commerce, and Management
Publisher : Asosiasi Riset Ekonomi dan Akuntansi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62951/ijecm.v3i2.1181

Abstract

MSMEs play a dominant role in the Indonesian economy, but their contribution to the international market remains relatively limited. This situation indicates that the readiness for internationalisation of MSMEs remains a significant issue, particularly in relation to innovation and digitalisation capabilities as strategic resources. This study aims to analyse the influence of innovation and digitalisation on the readiness for internationalisation of MSMEs in Indonesia using the Resource-Based View approach. The study employs an explanatory quantitative design with a survey approach involving 200 owners or primary managers of SMEs in East Java, selected via purposive sampling. Data were analysed using SEM-PLS. The results indicate that innovation and digitalisation have a positive and significant influence on the internationalisation readiness of SMEs. Digitalisation demonstrates a stronger influence than innovation. The structural model also exhibits adequate explanatory and predictive power. These findings confirm that internationalisation readiness is determined not only by market opportunities but also by the ability of SMEs to strategically manage innovation and digital technology. The implications of this study emphasise the importance of strengthening innovation and digitalisation capabilities as the foundation for formulating SME development strategies that are better prepared to enter international markets.
Empowering Local Human Resources in the Internationalization Process: A Qualitative Study of Coffee-Based MSMEs Oktavianti, Indira; Sudarmiatin Sudarmiatin; Heri Pratikto
International Journal of Economics, Commerce, and Management Vol. 3 No. 2 (2026): International Journal of Economics, Commerce, and Management
Publisher : Asosiasi Riset Ekonomi dan Akuntansi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62951/ijecm.v3i2.1189

Abstract

This study aims to examine the empowerment of local human resources as a strategic asset in the internationalization process of MSMEs in Sumber Wandhe Wonosalam, Jombang, East Java. This study employs a qualitative case study approach to facilitate the investigation of complex research phenomena, evaluate various perspectives, identify contributing factors, and generate a broad overview. The study indicates that success in internationalization requires a combination of capabilities that can meet market needs, rather than a single capability. Business actors who are able to recognize opportunities for local human resource empowerment can optimize the export process. This enables the region and its residents to maintain generational training in innovative management to address the turnover of the younger generation. Ultimately, this study provides a foundation for further research on the dynamic capabilities required for MSMEs to thrive in international markets.
Integrated Resource-Based View and Dynamic Capabilities for SME internationalization: Early Evidence from Indonesian Export-Ready Firms Mirza Esvianti; Sudarmiatin Sudarmiatin; Heri Pratikto
International Journal of Economics, Commerce, and Management Vol. 3 No. 2 (2026): International Journal of Economics, Commerce, and Management
Publisher : Asosiasi Riset Ekonomi dan Akuntansi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62951/ijecm.v3i2.1190

Abstract

This study explores how the integrated Resource-Based View (iRBV) and Dynamic Capabilities (DC) explain the early stage of SME internationalization in Indonesia. An exploratory single-case study design is employed on a koi-breeding SME that has engaged in export activities, using a Likert-scale questionnaire to identify VRIN resources, dynamic capabilities, export performance, and internationalization barriers. The findings indicate that the SME possesses relatively strong export market knowledge, network competence, and quality reputation, but remains weak in global certifications, administrative support, and logistical capacity. From a DC perspective, sensing and seizing capabilities are already developed, whereas transforming capability is still limited in terms of reconfiguring the business model, strengthening human resources, and institutionalizing export routines. Overall, the results underscore that the success of SME internationalization is determined not only by the ownership of internal resources, but also by the firm’s ability to reconfigure those resources in the presence of environmental and institutional constraint.
Strategic Capabilities and SME Internationalization: The Effects of Innovation and Digitalization among Indonesian SMEs Muhammad Tody Arsyianto; Sudarmiatin Sudarmiatin; Heri Pratikto
International Journal of Economics and Management Sciences Vol. 3 No. 2 (2026): May : International Journal of Economics and Management Sciences
Publisher : Asosiasi Riset Ekonomi dan Akuntansi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61132/ijems.v3i2.1182

Abstract

Small and medium-sized enterprises (SMEs) play a central role in the Indonesian economy, yet their internationalization remains limited. This condition indicates that many SMEs have not fully transformed innovation and digitalization into strategic capabilities that support broader market expansion. This study examines the effects of innovation and digitalization on SME internationalization from the strategic capability perspective. A quantitative explanatory design with a cross-sectional survey was employed. The sample consisted of 200 SME owners or main managers in East Java selected through purposive sampling. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The simulated results indicate that innovation and digitalization positively contribute to SME internationalization through product value enhancement, business process efficiency, and broader market reach. These findings suggest that SME internationalization is more likely to emerge when innovation and digitalization are integrated as strategic capabilities rather than treated as isolated initiatives.
RBV-Based Dynamic Capabilities as a Strategy for MSMEs in the Processed Food Sector in the Global Economy : (A Study of Local Processed Food Producers in Tulungagung, East Java) Landreas Utama Lie; Sudarmiatin Sudarmiatin; Heri Pratikto
International Journal of Economics and Management Sciences Vol. 3 No. 2 (2026): May : International Journal of Economics and Management Sciences
Publisher : Asosiasi Riset Ekonomi dan Akuntansi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61132/ijems.v3i2.1197

Abstract

The objective of this study is to develop a theoretical framework that can be used to identify the key resources and capabilities involved in the globalization process. This case study aims to examine how export-oriented small businesses in Indonesia achieve success at the international level. To obtain qualitative data, in-depth interviews were conducted with the Makmur Susanti Group, an MSME in Tulungagung, East Java. This study, based on the Resource-Based View (RBV), demonstrates how dynamic capabilities in production, networking, marketing, learning, legal, and synergistic areas contribute to the formation of competitive advantages that support business sustainability and continuity. The study indicates that success in internationalization requires a combination of capabilities that can meet market needs, rather than a single capability. This study contributes to the literature by offering a comprehensive framework of the internationalization process and providing practical insights for policymakers and practitioners aiming to enhance the competitiveness of SMEs. The research findings underscore the importance of capability development and government support in facilitating the global expansion of SMEs. Ultimately, this study provides a foundation for further investigation into the dynamic capabilities required for SMEs to thrive in international markets.
Determinants of Born Global Success in Food MSMEs in East Java : (A Case Study of Export-Oriented Processed Food MSMEs) Aisy Fiklil Nafisah; Sudarmiatin Sudarmiatin; Heri Pratikto
International Journal of Economics and Management Sciences Vol. 3 No. 2 (2026): May : International Journal of Economics and Management Sciences
Publisher : Asosiasi Riset Ekonomi dan Akuntansi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61132/ijems.v3i2.1198

Abstract

This study aims to analyze the determinants of success of PT Makmur Susanti Group, a processed food MSME in Tulungagung, East Java, in achieving “Born Global” status by bypassing the traditional incremental internationalization process and penetrating global markets within only 2.5 years. The research employed a qualitative approach using a single case study method. Data were collected through semi-structured in-depth interviews with the owner as the key informant, participatory observation, and documentation, and were analyzed using the Miles, Huberman, and Saldaña interactive model, consisting of data reduction, data display, and conclusion drawing. The findings reveal that the company’s rapid internationalization was supported by three main factors, namely visionary managerial capability reflected in entrepreneurial alertness, continuous product innovation through selective raw material use and flavor localization, and the optimal utilization of digital ecosystems such as B2B platforms and Alibaba. In addition, the study identified a “symbiotic” business model involving export aggregators to serve diaspora niche markets, which challenges the conventional assumption that Born Global firms must independently manage international logistics. Furthermore, the owner’s legal background became a strategic advantage in addressing complex halal regulations and international certification requirements. This research contributes a new perspective on the phenomenon of “non-intentional” Born Global firms and highlights the importance of legal-formal competence for MSMEs, while also providing practical insights for regional MSMEs in integrating local comparative advantages with global competitive standards.
Co-Authors Abdilah, Eka Novianti Abdullah Syakur Novianto Adhy Wicaksono Adi Hermawansyah Adi Sucipto, Adi Afif Nur Rokhman Afifa, Nurul Hildha Agung Winarno Agus Fitriadi Agus Hermawan Agus Kurniadi Agus Salim Aisy Fiklil Nafisah Aji Prasetya Wibawa Al Azhar, M. Habib Albar Bari'na, Moch. Yusufa Alberta Adinata Amin, Muhammad Sirojuddin Amirudin Amry Mahdan Abrari Amry Mahdan Abrari Anam, Hoirul Andi Basuki Andi Basuki, Andi Andy Chandra Pramana Anindita Trinura Novitasari Anis Sya’bania Anita Handayani Anni Yudiastuti Arif Isnaini Arifah Rahman, Amalia Asep Dana Saputra Asep Dana Saputra Asep Dana Saputra Bastomi, Mohamad Bernadeta Wahyu Astri Pratita Brillian Rosy Budi Eko Soetjipto Buyung Adi Dharma Camelia N. C., Inneke Chicha Fahriana Choirul Anam AM Diponegoro Chong , Wan Ni Cindy Pramita Cipto Wardoyo Deddy Ibrahim Rauf Dede Rusmana Dewi ayu sakdiyyah Dewi Diah Fakhriyyah Dewi Nurjannah Djoko, Sunarti Dwi Hernanik, Nova Dwi rahayu Dwi Wulandari Dwivamilu Irianti Putri Dyah Arini R Edi Irawan Eka Novianti Abdilah Elfit Maidah Elok Vilantika Elvira Nur Azizah Ely Rizky Amaliyah Ely Siswanto Eni Susilowati Enjelika Eny Yuniati Ery Tri Djatmika RWW Evi Susanti Evi Suwarni, Evi Fahmi Ashari S. Sihaloho Faridatun Nafisah Fatima, Arlindo Do Ceo Fatmasari Endayani Fauji, Diah Ayu Septi Fawwaz, Muhammad Iqbal Filianti Filianti Firdian Tri Cahyo Fitriani Fitriyah Fitriyah Fulgentius Danardana Murwani Gabriella Stefanny Gunartin . Hamdana, Hamdana Hanif Rani Iswari Hari Wahyono Haya Nur Safa’atin Hendri Gunawan Heny Kusdiyanti, Heny Hery Suprayitno Hong, Yeap Chi Imam Mukhlis Imam Sanusi, Imam Imaniyah, Sari Ayu Indira Oktavianti Indriani Detty Permatasari Inneke Camelia N. C. Ira Wikartika, Ira Iva Khoiril Mala Ivan Widjaja Januardi, Januardi Joko Setiyo Khoiril Mala, Iva Khoiriyah, Siti Nur Kholifah, Leli Khusnia, Rif’atul Kustitik Kustitik Landreas Utama Lie Ludi Wishnu Wardana Lulu Nurul Istanti Luthfi Alif Utama, Muhammad M. Habib Al Azhar M. Yogi Riyantama Isjoni Madziatul Churiyah Mansoor Abdul Hamid Mantony, Oslida Markhamah, Siti Martha, Jefry Aulia Martin Martin Mazarina Devi Mega Noerman Ningtyas Miranda Lukita Sari Mirza Esvianti Moch. Yusufa Albar Bari&#039;na Moh Yasir Moh. Faizin Mohammad Arief Mohammad Arief Muaddab, Hafis Muhadjir Anwar Muhammad Bukhori Dalimunthe Muhammad Iqbal Fawwaz Muhammad Irfanul Hakim Zain Muhammad Luthfi Alif Utama Muhammad Nanang Choiruddin Muhammad Sulhan Muhammad Tody Arsyianto Muntholib Nadila, Salsaufy Brillian Naswan Suharsono Niluh Komang Kusuma Yasari Nur Hidayatul Istiqomah Nurika Restuningdiah Nurul Falah Hashim Nurul Farida Oktaviani, Fadhilah Nur Parawansah, Rosa Indah Pitoyo, Achmad Zani Prabowo, Andri Eko Pramika, Depi Prastiono, Suryo Prayogo Kusumaryoko Puji Handayati Punaji Setyosari Purnomo, Irfan Agung Purwanto, Sandi Rachmad Hidayat Rahajeng Cahyaning Putri Cipto Rahmi Rahayu, Dita Rendika Vhalery Restu Millaningtyas Reza Aditia Rikardus Kurnia Lango Rita Anggraini Rahayu Rivaldo Kurniawan Rosmala Dewi Rosmiza Bidin Rr Suci Palasari Saiful Aminudin Alkusuma Putra Santi Widyanigryum Santi Widyaningrum Saptaria, Lina Sari, Dewi Wulan Sari, Vina Budiarti Mustika Setyohadi Shiddiqy, Isymayati Ash Sholikan Sholikan Sholikhan Sinollah Siti Khoiriyah Siti Salina Mustakim Soenar Soekopitojo Sofia Mahardianingtyas Soleh Hanafi Ihsan Ihsan Sopia, Sopia Sopiah, Sopiah Sopiah, Sopiah Sriyani Mentari Sudarmiatin Sudarmiatin Sudarmiatin Sudarmiatin Sudarmiatin Sugiyanto - Sulastri Irbayuni Sulikah Sulikah Sulis Rochayatun Sulistiyani, Sulistiyani Sumiati Sumiati Sumiati Sumiati Suprianto Suprianto Sutantri Sutrisno Sutrisno Syahrul Munir Syamsul Arifin Syihabudhin Titis Shinta Dhewi, Titis Tuatul Mahfud Uki Yonda Asepta Umami, Nailariza Umatin, Choiru Umi Nandiroh Ummi Ainur Rizqi Umu Rosyidah Vindi Kusuma Wardani Wahjoedi Wahjoedi Wahyu Dede Gustiawan Wahyuningtiyas, Nanik Wardha Nilawati Wardha Nilawati Wening Patmi Rahayu Wilyan Adisari Wisma Miftahur Rozi Wita Ryani Juniar Yandi, Andri Yashinta Ula Qomarina Yuli Agustina Yuli Agustina, Yuli