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All Journal Socia : Jurnal Ilmu-Ilmu Sosial Jurnal Keuangan dan Perbankan EDUNOMIC : JURNAL ILMIAH PENDIDIKAN EKONOMI FAKULTAS KEGURUAN DAN ILMU PENDIDIKAN MIX : Jurnal Ilmiah Manajemen International Journal of Artificial Intelligence Research Jurnal Pendidikan Ekonomi & Bisnis JPEK (Jurnal Pendidikan Ekonomi dan Kewirausahaan) Gema Wiralodra JASF (Journal of Accounting and Strategic Finance) Jurnal IKA PGSD : Ikatan Alumni PGSD UNARS Jurnal Sosial Humaniora Sigli Dinasti International Journal of Economics, Finance & Accounting (DIJEFA) Implementasi Manajemen & Kewirausahaan Sosio-Didaktika: Social Science Education Journal Edukasia: Jurnal Pendidikan dan Pembelajaran West Science Business and Management Sharia Economic and Management Business Journal (SEMBJ) Jurnal Pendidikan Ekonomi Indonesia Moneta : Journal of Economics and Finance EDUNOMIC : JURNAL ILMIAH PENDIDIKAN EKONOMI FAKULTAS KEGURUAN DAN ILMU PENDIDIKAN Fundamental and Applied Management Journal Jurnal Abmas
Ikaputera Waspada
Universitas Pendidikan Indonesia
Religion Agriculture, Biological Sciences & Forestry Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Electrical & Electronics Engineering Environmental Science Languange, Linguistic, Communication & Media Mathematics Social Sciences Other

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The moderation effect of capital structure on the influence of family ownership on firm value Muhammad Bayu Aji Sumantri; Ikaputera Waspada; Maya Sari; Toni Heryana
Implementasi Manajemen & Kewirausahaan Vol 6 No 1 (2026): IMKA JOURNAL
Publisher : Prodi Manajemen Fakultas Ekonomi dan Bisnis Universitas Wijaya Putra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38156/imka.v6i1.741

Abstract

This study aims to analyse the influence of family ownership on firm value and to examine the role of leverage as a moderating variable in this relationship. Family ownership is considered to play a crucial role in corporate control and strategic decision-making, which in turn can affect the creation of firm value. On the other hand, leverage reflects the company's funding policy, which has the potential to strengthen or weaken the influence of family ownership on firm value. This study employs a quantitative approach using secondary data obtained from corporate financial reports. The research sample was selected using the purposive sampling method and analysed using multiple linear regression techniques with Model Hayes number 1. The results indicate that family ownership has a significant effect on firm value, and leverage is able to moderate the relationship between family ownership and firm value. The findings of this study are expected to provide a theoretical contribution to the development of corporate governance literature, as well as practical implications for management and investors in making financing and investment decisions
Efficient Capital Market Theory and its Implications for Investment Decision Making in Financial Markets Alwinda Manao; Ikaputera Waspada; Maya Sari
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.v5i6.3682

Abstract

The Efficient Capital Market (ECM) theory is an important foundation in the understanding of modern financial markets, which states that asset prices reflect all available information. This article aims to analyze the implications of ECM on investment decision-making, as well as explore the differences between passive and active investment strategies in the context of an efficient market. The method used is a literature review, which includes an analysis of previous research results on market efficiency and investor behavior. The results of the Efficient Capital Market (ECM) Theory study have a significant impact on investment decision-making in financial markets. By understanding that asset prices reflect all available information, both public and private, investors can be more prudent in choosing the right investment strategy. In an efficient market, passive investment approaches, such as index funds, are often more profitable compared to active strategies, given their lower costs and more manageable risks. The implications of these findings emphasize the importance of investors' understanding of ECM principles, which can help them adopt more rational and data-driven strategies, and avoid decisions influenced by emotions. Thus, ECM is not only an academic theory, but also a practical guide to improve investment decision-making in financial markets.
The Interaction Between Personality and Risk Perception in Shaping Actual Investor Behavior in the Indonesian Capital Market Ai Cucu Raksawati; Ikaputera Waspada; Nugraha Nugraha; Leni Yulianti
Sharia Economic and Management Business Journal (SEMBJ) Vol. 7 No. 3 (2026): Sharia Economic and Management Business
Publisher : Yayasan Darussalam Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62159/sembj.v7i3.2667

Abstract

The Indonesian capital market is undergoing a significant demographic transformation, marked by the dominance of young investors from Generation Z (born 1997–2012) and Millennials (born 1981–1996), who collectively represent more than 80% of all active investors as of 2024. This study examines, both conceptually and analytically, how the interaction between personality traits (Big Five Personality) and risk perception jointly shapes actual investment behavior among these two generations in the Indonesian capital market. Using a systematic literature review approach of SINTA-indexed sources from 2020 to 2025, this study found that: (1) the personality traits Extraversion and Openness to Experience are positively correlated with risk tolerance and transaction frequency; (2) Neuroticism is negatively correlated with the willingness to make investment decisions; (3) Gen Z exhibits more exploratory behavior and is more prone to FOMO (Fear of Missing Out), whereas Millennials tend to be more conservative and structured; and (4) financial literacy acts as an important moderator in the relationship between personality, risk perception, and actual behavior. These findings have theoretical and practical implications for the development of investor education and capital market policies in Indonesia.
Co-Authors Achmad Nawawi Achmad Suryana Ai Cucu Raksawati Aldi Akbar Alwinda Manao Ani Pinayani Arus Reka Prasetia Asri Solihat Bait Anti Khoiriyah Budi S Purnomo Citra Anggreini Citra Anggreini Dicky Ramadhan Sudrajat Disman Disman Disman Disman Eeng Ahman, Eeng Fitriana Dewi Sumaryana Heryana, Toni Ilham Muhammad Imas Purnamasari Indri Oktaviani Kurjono - Leni Yulianti Marta Florentina Simangunsong Maya Macia Sari Maya Sari Mayasari Mayasari Mohd Halim bin Mahphoth Muhammad Bayu Aji Sumantri Neti Budiwati Nugraha Nugraha Nugraha Nugraha Primanola Perdananti Rasto Rasto Rengga Madya Pranata Sani Widaningsih Santi Santi Santi Santi Siti Sri Rahayu Sumartini Sumartini Thomas Nadeak Widia Pratiwi