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All Journal JURNAL ECONOMIA Jurnal Siasat Bisnis Jurnal Keuangan dan Perbankan CALYPTRA : Jurnal Ilmiah Mahasiswa Universitas Surabaya Jurnal Aplikasi Bisnis dan Manajemen (JABM) E-Journal Jurnal Manajemen STIE Muhammadiyah Palopo Syntax Literate: Jurnal Ilmiah Indonesia JURNAL AKUNTANSI, EKONOMI dan MANAJEMEN BISNIS JIAFE (Jurnal Ilmiah Akuntansi Fakultas Ekonomi) EKUITAS (Jurnal Ekonomi dan Keuangan) MABIS: Manajemen dan Bisnis AMAR (Andalas Management Review) Journal of Entrepreneurship & Business Jurnal Ilmiah MEA (Manajemen, Ekonomi, dan Akuntansi) Ekonomi dan Bisnis: Berkala Publikasi Gagasan Konseptual, Hasil Penelitian, Kajian, dan Terapan Teori The Manager Reveiew Journal of Social Work and Science Education
Liliana Inggrit Wijaya
Jurusan Manajemen Fakultas Bisnis Dan Ekonomika Universitas Surabaya
Religion Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Social Sciences Other

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Regional Development Bank Competition: Evidence from Indonesia Zunairoh, Zunairoh; Wijaya, Liliana Inggrit; Mahadwartha, Putu Anom; Murhadi, Werner Ria
Jurnal Keuangan dan Perbankan Vol 27, No 1 (2023): January 2023
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v27i1.9414

Abstract

Regional development banks are intermediary institutions that can develop the national economy and drive regional development through local government management. This study aims to analyze the effect of competition in regional development banks on efficiency with risk as a moderating variable. This study uses the regression panel data estimation technique based on data from regional development banks in Indonesia for the period 2016- 2020, a total of 130 observations. The novelty of this study is that it is still rare to examine using a sample of regional development banks using the Leaner Index model to analyze bank competition. This study finds that competition negatively and significantly affects efficiency at regional development banks in Indonesia. Risk strengthens the impact of competition on efficiency. The unstoppable competition requires banks to make several efficiencies both from the micro and macro sides to survive. Regional development banks are very close to local governments, so they should be able to optimize investments in technology-based products and services and improve credit quality.JEL: G2, G21, G28
Tata Kelola Perusahaan dan Leverage Terhadap Financial Distress Di Bursa Efek Indonesia Go, Owen Tamashi; Wijaya, Liliana Inggrit; Muhardi, Werner Ria
Jurnal Akuntansi, Ekonomi dan Manajemen Bisnis Vol. 12 No. 2 (2024): Jurnal Akuntansi, Ekonomi dan Manajemen Bisnis - Desember 2024
Publisher : Politeknik Negeri Batam

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30871/jaemb.v12i2.6864

Abstract

By developing a bankruptcy model with data from non-financial sector businesses registered on IDX for the years 2017"“2021, this research seeks to explore the impact of corporate governance and leverage. A quantitative method with a logistic regression model was applied. The final sample contained of 349 firms from the non-financial sector, with 1745 observations. According to the findings, leverage, institutional ownership, and board size are variables that the model takes into account. Meanwhile, managerial ownership, independent commissioner, firm size, and firm growth have no significant effect. Although not all variables included in the model are significant, insignificant variables are still present to improve the prediction model's accuracy. The findings revealed that this destruction model was 75.6% accurate.
The Antecedents of Purchasing Intention on Electric Vehicles in Indonesia Gondoiswanto, Hendardi Agustino; Wijaya, Liliana Inggrit
AMAR (Andalas Management Review) Vol. 7 No. 1 (2023)
Publisher : Management Institute Faculty of Economics Universitas Andalas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25077/amar.7.1.21-34.2023

Abstract

The purpose of this study is to find out what is the attraction or that makes people in Indonesia interested in buying electric vehicles. In this study using several variables, namely feelings of environmental responsibility, environmental values, environmental knowledge, perceptions of environmental advertising, perceptions of electric vehicles, and the intention of purchasing electric vehicles. This research is basic research and uses quantitative methods. The correlation and regression matrices used are then processed with the stages of measurement model and structural model. Respondents were obtained by distributing questionnaires to as many as 300 respondents who understood electric vehicles and / or environmental issues. The results showed significant results except for environmental knowledge and perceptions of environmental advertising on electric vehicles. Advertisements in circulation are still few and not affected by environmental knowledge so that purchase intentions cannot be encouraged through this.
The effect of behavioral factors on investment decision towards stock market between Indonesia, Japan, and Thailand Marciano, Deddy; Wijaya, Liliana Inggrit; Sugianto, Laurenco Lingguardi; Zunairoh, Zunairoh
Jurnal Siasat Bisnis VOL 29, NO 2 (2025)
Publisher : Management Development Centre (MDC) Department of Management, Faculty of Business and Economics Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jsb.vol29.iss2.art4

Abstract

Purpose – This research consists of Behavioral Finance where it is focused on cognitive bias factors influence on Investment Decision with using the scope of research in three countries which are Indonesia, Thailand, and Japan.Design/methodology/approach – the method of research is categorized as quantitative research where it uses a questionnaire with 232 respondents. Then, the data is processed and analyzed using software SmartPLS 3.0.Findings – The findings reveal that overconfidence and availability bias have a significant positive effect on investment decisions, while herding behavior has a negative effect and anchoring bias shows no significant influence.Research limitations/implications – This research is limited by its relatively small sample size of 232 respondents across three culturally and economically diverse countries, which may affect the generalizability of the findings.Practical implications – The strong influence of overconfidence and availability bias highlights the need for improved investor education focused on risk awareness and critical analysis, especially in the digital era. Also, to prevent irrational behavior driven by herding, financial institutions and regulators should enhance collective financial literacy and promote transparent, data-driven decision-making.Originality/value – This result provides reasonable insight into why there is a difference in results between each country supported with the data and results from the previous research that have been done before.
FAKTOR-FAKTOR YANG MEMPENGARUHI FINANCIAL WELLBEING GENERASI Z BERPENGHASILAN DI SURABAYA, INDONESIA Oktavianus, Joshua; Wijaya, Liliana Inggrit; Sutejo, Bertha Silvia
Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA) Vol 9 No 1 (2025): Edisi Januari - April 2025
Publisher : LPPM STIE Muhammadiah Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31955/mea.v9i1.4899

Abstract

Financial wellbeing generasi muda Indonesia yang berpenghasilan merupakan isu yang mendesak dimana sering kali dipengaruhi oleh financial literacy yang terbatas, pola pikir YOLO dan FOMO, serta gaya hidup hedonistik yang lebih mengutamakan kepuasan sesaat daripada stabilitas finansial jangka panjang. Maka, penelitian ini bertujuan untuk mengidentifikasi faktor-faktor penting yang memengaruhi financial wellbeing, dengan berfokus pada financial literacy, self-control, dan financial behavior, dan financial stress, serta membangun kerangka kerja untuk membimbing Generasi Z, khususnya yang berdomisili di Surabaya, menuju stabilitas keuangan yang berkelanjutan. Dengan pendekatan kuantitatif, data dikumpulkan dari total 203 responden melalui metode Snowball Sampling dengan kuesioner terstruktur. Studi ini menggunakan analisis SEM-PLS dengan software Smart PLS 4 untuk meneliti determinan financial wellbeing Generasi Z yang berpenghasilan di kota Surabaya. Hasil penelitian menunjukkan bahwa financial literacy, self-control, dan financial behavior secara signifikan memengaruhi financial wellbeing. Self-control secara positif memengaruhi financial behavior, yang menekankan peran pentingnya dalam mendorong pengambilan keputusan keuangan yang bijak, sementara financial behavior memediasi hubungan antara financial literacy, self-control, financial stress, dan financial wellbeing. Secara praktis, hal ini menunjukkan bahwa Generasi Z dan pemerintah harus mengambil langkah-langkah konkret; Generasi Z dapat memperoleh manfaat dari pendidikan keuangan tentang pengeluaran, manajemen utang, dan investasi. Sementara pemerintah dapat mendukung program financial literacy sebagai sumber daya yang mudah diakses bagi Generasi Z di Indonesia.
Analisa Strategi pada PT. Astra Agro Lestari Tbk. Ivan, Ivan; Wijaya, Liliana Inggrit
Syntax Literate Jurnal Ilmiah Indonesia
Publisher : Syntax Corporation

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36418/syntax-literate.v9i11.17143

Abstract

Tujuan penelitian ini untuk menganalisis pilihan strategi yang bisa dilakukan perusahaan agar tetap bertahan dengan situasi masa depan. Konsep kunci dalam penelitian ini adalah formulasi strategi, dimana metode kuantitatif yang digunakan meliputi langkah-langkah manajemen industri yang diterapkan oleh PT. Astra Agro Lestari (AALI) dalam menghadapi persaingan bisnis industri kelapa sawi. Hasil penelitian terhadap lingkungan internal dan eksternal menghasilkan kekuatan, kelemahan, peluang, dan tantangan (SWOT) yang dimiliki AALI. Analisis SWOT itu selanjutnya dimasukkan ke dalam matriks untuk pilihan strategi, meliputi matriks External Factor Evaluation dan Internal Factor Evaluation, Competitive Profile Matrix, Threats Opportunities Weaknesses Strength, SPACE, Boston Consulting Group, Internal External matix, GSM (Grand Strategic Matrix), serta QSPM (Quantitive Strategic Planning Matrix). Rekomendasi akhir yang diperoleh bahwa pilihan strategi AALI yaitu penetrasi pasar mengingat pangsa pasar di Indonesia yang masih cukup besar.
Praktik Manajemen Strategis Pada Masa Pandemi Covid-19: Studi Kasus Pt X Pelaksana Konstruksi Swasta Rianto, Stefanus; Wijaya, Liliana Inggrit
Jurnal Aplikasi Bisnis dan Manajemen Vol. 8 No. 2 (2022): JABM Vol. 8 No. 2, Mei 2022
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.8.2.481

Abstract

Throughout the year of 2020 and 2021, the country of Indonesia is faced with the economic crisis situation caused by the COVID-19 pandemic. The Indonesian goverment has conducted various new up-to-date regulations throughout time accordingly to the latest conditions of the public health in order to prevent the further spread of COVID-19 pandemic, while trying to keep the national economy balanced. X company is one of private costruction builder sector in Indonesia that is impacted by the COVID-19 pandemic. This research is aimed to explore how the COVID-19 pandemic impacts the private construction builder company on the focal of the crisis nowadays, and how the strategic management and crisis management responds in reality from a private construction builder to face the pandemic crisis. The data on this exploratory qualitative research is obtained through direct interviews in X company head office in Surabaya. Four informants are chosen based on the authorization of the management, also from human resource, planning and estimation, health and safety departments. Analysing this qualitative research is done through open coding, axial coding, and selective coding processes. This research found that private construction builder sector is affected negatively in terms of financial, operational, and employee aspects caused by the COVID-19 pandemic, and the dynamic changes of government regulations. The X company management decided to implement various short term strategies consists of retrenchment, persevering, and innovating methods in order to survive during the pandemic crisis. Keywords: COVID-19, crisis impacts, crisis management, exploratory qualitative, private construction
Pengaruh Bias Perilaku terhadap Keputusan Investasi dengan Fear of Missing Out (FOMO) sebagai Mediator di Indonesia Pratiknjo, Meilyn Liman; Wijaya, Liliana Inggrit; Marciano, Deddy
Jurnal Manajemen STIE Muhammadiyah Palopo Vol 10, No 2 (2024)
Publisher : Lembaga Penerbitan dan Publikasi Ilmiah (LPPI) Universitas Muhammadiyah Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35906/jurman.v10i2.2267

Abstract

Abstract This study is based on the increasing number of investors in Indonesia, driven by the ease of access to digital platforms and growing awareness of financial management. In decision-making, many individuals face behavioral biases such as overconfidence, loss aversion, and herding behavior, which affect their rationality. The phenomenon of Fear of Missing Out (FOMO) also plays a role, representing the fear of missing investment opportunities that are perceived as profitable. This study aims to analyze the impact of behavioral biases on investment decisions with FOMO as a mediator in Indonesia. The data were processed using Partial Least Squares-Structural Equation Modeling (PLS-SEM) and analyzed using SmartPLS with 200 respondents selected through purposive sampling. The analysis found that investment decisions are significantly influenced by herding and overconfidence. Loss aversion and herding behavior influence FOMO. However, there was no significant effect of loss aversion on investment decisions or FOMO as a mediator. The results of this study emphasize the importance of understanding the dynamics of behavioral biases, particularly herding behavior and overconfidence, in influencing investment decisions. These findings underscore the need for education and mitigation strategies to reduce the impact of biases and improve individual investment rationality in Indonesia.Keywords: Loss Aversion, Herding Behavior, Fear of Missing Out (FOMO), Investment DecisionAbstrak Penelitian ini didasari oleh meningkatnya jumlah investor di Indonesia yang dipicu oleh kemudahan akses platform digital dan kesadaran akan pengelolaan keuangan. Dalam pengambilan keputusan, banyak individu menghadapi bias perilaku seperti overconfidence, loss aversion, dan herding behavior yang memengaruhi rasionalitas mereka. Fenomena Fear of missing out (FOMO) juga berperan, yaitu ketakutan melewatkan peluang investasi yang dianggap menguntungkan. Penelitian ini bertujuan menganalisis pengaruh bias perilaku terhadap keputusan investasi dengan FOMO sebagai mediator di Indonesia. Data diolah dengan metode Partial Least Squares-Structural Equation Modeling (PLS-SEM) dan diolah menggunakan SmartPLS dengan 200 responden yang dipilih menggunakan teknik purposive sampling. Dari hasil analisis, ditemukan bahwa keputusan investasi dipengaruhi secara signifikan oleh herding dan overconfidence. Loss aversion dan herding behavior mempengaruhi FOMO. Sementara itu, tidak terdapat pengaruh antara loss aversion terhadap keputusan investasi dan FOMO sebagai mediator. Hasil penelitian ini menunjukkan pentingnya memahami dinamika bias perilaku, khususnya herding behavior dan overconfidence, dalam memengaruhi keputusan investasi. Temuan ini menegaskan perlunya edukasi dan strategi mitigasi untuk mengurangi dampak bias guna meningkatkan rasionalitas investasi individu di Indonesia.Kata Kunci: Loss Aversion, Herding Behavior, Fear of Missing Out (FOMO), Keputusan Investasi
Gender Differences in Financial Well-Being: A Multi-Group Analysis of Indonesian Income-Earning Gen-Z Sutejo, Bertha Silvia; Wijaya, Liliana Inggrit; Noordin, Noorliza MD; Oktavianus, Joshua
Jurnal Economia Vol. 22 No. 1 (2026): February 2026
Publisher : Faculty of Economics and Business, Universitas Negeri Yogyakarta in collaboration with the Institute for

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21831/economia.v22i1.83694

Abstract

Gen-Z in Indonesia faces financial challenges due to low financial literacy, impulsive spending, and FOMO, prioritizing short-term desires over long-term financial freedom and stability. This study examines key determinants of financial well-being among Gen-Z, integrating gender differences as a moderator. Through PLS-SEM and MGA analysis of 612 respondents, this study identifies financial literacy, self-control, behavior, and stress as key determinants of financial well-being. Financial behavior and stress mediate key relationships, with gender differences in financial understanding and stress management. This study suggests that governments should introduce financial literacy earlier and offer accessible financial consultations, while Gen-Z must cultivate self-discipline and financial knowledge to achieve sustainable financial well-being.
BEHAVIOUR BIAS IN INVESTMENT DECISIONS: EMPIRICAL STUDY OF INVESTOR PSYCHOLOGY IN INDONESIA Deddy Marciano; Zunairoh Zunairoh; Liliana Inggrit Wijaya
EKUITAS (Jurnal Ekonomi dan Keuangan) Vol 8 No 3 (2024): September
Publisher : Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya(STIESIA) Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24034/j25485024.y2024.v8.i3.6380

Abstract

Investing involves putting money into a variety of asset classes for a predetermined amount of time in the hopes of increasing total value and producing more income. The goals of investments and economics, such as value creation, profit generation, and other related goals, are strongly correlated. It is critical to recognize that investments may include additional financial, social, and spiritual goals. This research aims to assess investor behavior from internal and external perspectives concerning investing decisions. This study employs the Structural Equation Model (SEM) methodology utilizing the Smart-PLS software. This study's findings demonstrate that qualities including anger, anxiety, overconfidence, and self-monitoring positively influence investment decisions. Herding mitigates the adverse impacts of anger, anxiety, overconfidence, and self-monitoring on investment decisions. This research's consequences can assist investors in circumventing irrational risks and yield more objective findings grounded in thorough study. This tendency can result in inefficient market transactions, asset bubbles, and significant volatility. This study arose as a counter to the conventional understanding of exchange markets predicated on the premise of trader rationality. This research identifies that emotional emotions, risk perception, and cognitive biases frequently affect investment decisions by comprehending human nature.
Co-Authors Adrian Christianto Ayrin Corina Bertha Silvia S. Bertha Silvia Sutejo Cellina Cellina Cintya Yuliana Limantara Deddy Marciano Endang Ernawati Endang Ernawati Ferry Sugianto, Ferry Go, Owen Tamashi Gondoiswanto, Hendardi Agustino I Made Yogantara Ivan Ivan Jeremiah Jovan Piettojo Lukito, Excel Nathaniel Michael . Mudji Utami Muhardi, Werner Ria Nency Liono Noordin, Noorliza MD Nurnaningtyas, Iqlima Seilena Rachma Oetama, Kumiati Oktavianus, Joshua Pratiknjo, Meilyn Liman Putu Anom Mahadwartha Putu Anom Mahadwartha Reynaldi Kalata Hendra Rianto, Stefanus Ricky Adiyanto Sari Gondokusumo Shirlen Nathania Fuandy Stefanus Rianto Sugianto, Laurenco Lingguardi Uung Victoria Finky Uung Victoria Finky Werner R Murhadi Yohan Prasetyo Zunairoh Zunairoh Zunairoh, Zunairoh