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All Journal Jurnal Siasat Bisnis Jurnal Keuangan dan Perbankan CALYPTRA : Jurnal Ilmiah Mahasiswa Universitas Surabaya Media Ekonomi dan Manajemen 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) Jurnal Manajemen Pendidikan dan Ilmu Sosial (JMPIS) 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 Jurnal Manajemen Maranatha
Liliana Inggrit Wijaya
Jurusan Manajemen Fakultas Bisnis Dan Ekonomika Universitas Surabaya
Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Industrial & Manufacturing Engineering Law, Crime, Criminology & Criminal Justice Social Sciences Other

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GOOD CORPORATE GOVERNANCE IN NON-FINANCIAL SECTOR COMPANIES ON THE INDONESIAN STOCK EXCHANGE Lukito, Excel Nathaniel; Murhadi, Werner R; Wijaya, Liliana Inggrit
JIAFE (Jurnal Ilmiah Akuntansi Fakultas Ekonomi) Vol 10, No 1 (2024): Vol 10, No. 1 (2024)
Publisher : Universitas Pakuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34204/jiafe.v10i1.9007

Abstract

ABSTRACTThe purpose of this study is to look at how good corporate governance affects the financial performance of all companies in the non-financial sector that are listed on the Indonesia Stock Exchange. This study employs a sample of non-financial companies listed on the Indonesia Stock Exchange and the ordinary least squares approach with panel data. The study's findings show that the board of commissioners' independence variable has a positive impact on ROA and TOBIN's Q; board size has a negative impact on ROA and a positive impact on TOBIN'S Q; the audit committee has a negative impact on ROA and TOBIN'S Q; institutional ownership has a positive impact on ROA and Tobin's Q; organizational size has a positive impact on ROA and a negative impact on TOBIN'S Q; and leverage has a negative impact on both ROA and TOBIN'S Q. According to this research, businesspeople should be aware that there are independent commissioners who can send out encouraging signals to potential investors. However, the audit committee has not been successful in sending investors a negative message.ABSTRAKTujuan dari penelitian ini adalah untuk melihat bagaimana pengaruh tata kelola perusahaan yang baik terhadap kinerja keuangan pada seluruh perusahaan di sektor non-keuangan yang terdaftar di Bursa Efek Indonesia. Penelitian ini menggunakan metode ordinary least square dengan data panel dan menggunakan sampel perusahaan non-keuangan yang terdaftar di Bursa Efek Indonesia. Hasil penelitian ini menunjukkan bahwa variabel independensi dewan komisaris memiliki pengaruh positif terhadap ROA dan terhadap TOBIN'S Q, ukuran dewan memiliki pengaruh negatif terhadap ROA dan positif terhadap TOBIN'S Q, komite audit memiliki pengaruh negatif terhadap ROA dan TOBIN'S Q, kepemilikan institusional berpengaruh positif terhadap ROA dan Tobin's Q, ukuran perusahaan berpengaruh positif terhadap ROA dan berpengaruh negatif terhadap TOBIN'S Q dan leverage berpengaruh negatif terhadap ROA dan TOBIN'S Q. Implikasi dari penelitian ini adalah pelaku bisnis diharapkan memperhatikan keberadaan komisaris independen yang mampu memberikan sinyal positif bagi investor. Sebaliknya, komite audit belum efektif memberikan sinyal negatif bagi investor.
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
BEHAVIOUR BIAS IN INVESTMENT DECISIONS: EMPIRICAL STUDY OF INVESTOR PSYCHOLOGY IN INDONESIA Marciano, Deddy; Zunairoh, Zunairoh; Wijaya, Liliana Inggrit
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.
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.
Factors Influencing QRIS Adoption in Warkops Nurendra, Muhammad Zahran; Wijaya, Liliana Inggrit; Ardiansyahmiraja, Bobby; Kajee, Jun
Jurnal Aplikasi Bisnis dan Manajemen Vol. 11 No. 1 (2024): JABM, Vol. 11 No. 1, Januari 2025
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.11.1.214

Abstract

Background: The rapid advancement of technology has significantly transformed how individuals interact, work, shop, and communicate. In Indonesia, digital payment systems have gained prominence, and the Quick Response Indonesian Standard (QRIS) has emerged as an important method for transactions in traditional coffee shops or Warkops (short for Warung Kopi).Purpose: This study explores the factors that influence the adoption of QRIS as a digital payment method in, focusing on subjective norms, perceived usefulness, perceived ease of use, attitude, perceived security, risk, anxiety, and comfort.Design/methodology/approach: We utilized a quantitative approach. Using purposive sampling in Warkops, we collected data from 230 respondents through a structured survey. The data was analyzed using Structural Equation Modeling-Partial Least Square (SEM-PLS).Findings/Results: The analysis reveals that attitude, perceived ease of use, and perceived usefulness significantly impact the intention to use QRIS. In contrast, perceived security, risk, anxiety, and comfort do not significantly affect the intention to adopt QRIS.Conclusion: Warkop, aiming to enhance customer convenience and transaction efficiency, should consider adopting QRIS, as psychological and social factors play a crucial role in its adoption.Originality/value: This research contributes to the academic literature by emphasizing the role of subjective and psychological factors in digital payment adoption. It provides a foundation for future studies to investigate QRIS adoption in different contexts. Keywords: technology adoption, QRIS, Warkop, subjective norms, TPB
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.
Do Robo-Advisors As Moderating Variables Weaken The Overconfidence and Loss Aversion Behavior Bias of Young Investors’ Mutual Fund Investment Decisions? Wijaya, Liliana Inggrit; Liangga, Victor Marcelino; Sutejo, Bertha Silvia
Jurnal Aplikasi Bisnis dan Manajemen Vol. 11 No. 2 (2025): JABM Vol. 11 No. 2, May 2025
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.11.2.349

Abstract

Background: Behavioral bias factors influence individual decision-making. Technological innovations in the financial services industry have introduced automated financial advisors, or robo-advisors, to assist in mutual fund investment decisions and reduce behavioral biases. Purpose: This study aims to prove the influence of overconfidence and loss aversion behavior bias on mutual fund investment decisions by using robo-advisors as moderator variables.Design/methodology/approach: The research sample was 100 respondents with the criteria of young investors in the age range of 18 to 25 who invested in mutual funds for the last five years and were officially registered with the Financial Services Authority. The data processing method uses multiple linear analysis with moderation dummy variable, using a robo-advisor or not.Finding/Result: The results indicate that overconfidence and loss aversion biases significantly impact mutual fund investment decisions positively. Apart from that, the results also show that robo-advisors succeed in weakening the relationship between overconfidence bias and mutual fund investment decisions. Meanwhile, robo-advisors show results that cannot moderate the relationship between loss aversion and mutual fund investment decisions.Conclusion: Robo-advisors moderate the relationship between overconfidence bias and investment decisions but do not moderate the relationship between loss aversion and mutual fund investment decisions. The high overconfidence is caused by the ease of access to information related to investment assets that is widely spread through social media. Young investors are expected to be able to screen all information related to investment knowledge to reduce loss aversion from young investors. It can help investors make more rational decisions.Originality/value (State of the art):This research is unique because it examines the behavioral biases associated with robo-advisors on investment decisions, especially investments in mutual funds. This research is novel and includes artificial intelligence technology developing in finance using robo-advisor and mutual fund investment. These have managerial implications, such as the high overconfidence in the younger generation due to easy access to information related to investment assets, which is widely spread via social media. Knowledge related to finance is considered capable of reducing loss aversion from young investors to help them make more rational and better decisions. Robo-advisor technology has reduced the irrationality of mutual fund investors' investment decisions. The research results show that overconfidence and loss aversion bias positively and significantly influence investment decisions. Apart from that, the results also show that robo-advisors succeed in weakening the relationship between overconfidence bias and investment decisions. Meanwhile, robo-advisors show results that cannot moderate the relationship between loss aversion and investment decisions. Keywords: Robo-advisor, behavioral bias, overconfidence, loss aversion, mutual fund investment decision
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.
Pengujian faktor risiko umum melalui portofolio excess return Tanzil, Ivan Chandra; Wijaya, Liliana Inggrit; Marciano, Deddy
Jurnal Manajemen Maranatha Vol 21 No 2 (2022): Jurnal Manajemen Maranatha
Publisher : Universitas Kristen Maranatha

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.28932/jmm.v21i2.4676

Abstract

This study aims to examine common risk factors' effects in the Fama and French Five-Factor Model plus Momentum Factor on The Bisnis-27 Index Stocks component during the 2016-2020 period. This research's common risk factors include market risk premium, firm size, book-to-market equity ratio, profitability, investment, and momentum. A quantitative approach will be used in this study by using multiple linear regression. The regression in this study was generated by the common effects model method. This study reveals that a portfolio's excess return is simultaneously affected by common risk factors that are in place this study. The findings in this study show that market risk premium, book-to-market ratio, company size, and momentum positively affect portfolios' excess returns. The greater the market risk premium, the smaller the size of the company, the larger the book-to-market ratio, and the stock's past performance, as reflected by the momentum, has implications for the acquisition of a larger excess return on the portfolio. Meanwhile, there is no significant influence between profitability and investment factor on portfolios' excess returns.
Co-Authors Adrian Christianto Ardiansyahmiraja, Bobby Arif Herlambang Ayrin Corina Bertha Silvia S. Bertha Silvia Sutejo Billy Evans Cellina Cellina Cintya Yuliana Limantara Deddy Marciano Endang Ernawati Endang Ernawati Felicia, Febiola Ferry Sugianto, Ferry Go, Owen Tamashi Gondoiswanto, Hendardi Agustino Gracela, Natasya I Made Yogantara Ivan Ivan Jeremiah Jovan Piettojo Kajee, Jun Liangga, Victor Marcelino Lukito, Excel Nathaniel Michael . Mudji Utami Muhardi, Werner Ria Nency Liono Nurendra, Muhammad Zahran Oetama, Kumiati Oktavianus, Joshua Pratiknjo, Meilyn Liman Purnomo, Andronius Putu Anom Mahadwartha Putu Anom Mahadwartha Reynaldi Kalata Hendra Rianto, Stefanus Ricky Adiyanto Sari Gondokusumo Shirlen Nathania Fuandy Stefanus Rianto Sugianto, Laurenco Lingguardi Sugiarto, Lady Safitri Tanzil, Ivan Chandra Uung Victoria Finky Uung Victoria Finky Werner R Murhadi Yohan Prasetyo Zunairoh, Zunairoh