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All Journal Jurnal Siasat Bisnis CALYPTRA : Jurnal Ilmiah Mahasiswa Universitas Surabaya Journal of Business & Banking Jurnal Aplikasi Bisnis dan Manajemen (JABM) E-Journal Jurnal Manajemen Teori dan Terapan Journal of Management and Business Review Perspektif : Jurnal Ekonomi dan Manajemen Universitas Bina Sarana Informatika Jurnal Manajemen STIE Muhammadiyah Palopo EKUITAS (Jurnal Ekonomi dan Keuangan) MABIS: Manajemen dan Bisnis Relevance: Journal of Management and Business
Deddy Marciano
Department Of Management, Faculty Of Business And Economics, University Of Surabaya
Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Social Sciences

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Innovation, Economic Growth, Internet Use and Domestic Credit in Asia and Oceania Deddy Marciano; Viktor Adrian
Relevance: Journal of Management and Business Vol. 4 No. 1 (2021)
Publisher : UIN Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (301.025 KB) | DOI: 10.22515/relevance.v4i1.3670

Abstract

Financial Development (FD) is part of a private sector development strategy to stimulate economic growth and reduce poverty, as well as address the "costs" incurred in the financial system. As one indicator, domestic credit to the private sector refers to financial resources provided to the private sector by financial companies, such as through loans, purchases of nonquity securities, and other trade and receivables loans, which establish claims for repayment. Innovation, economic growth and internet use are three things that are closely related to FD. Therefore, the main purpose of this study is to identify the influence of innovation, economic growth and internet use on the domestic credit of three groups of countries, including developing countries and developed countries in Asia and Oceania, as well as ASEAN member groups. Panel data was used in this study and some linear regression analysis was used as an analytical model. The results showed that on domestic credit, FDI as one of the indicators of innovation only has a positive influence on the ASEAN group of member states, economic growth has a different influence on each group of countries, and the use of the internet has a positive influence on the group of developing countries and ASEAN member countries. Keywords: domestic credit, economic growth, financial development, innovation, internet use
Factors Influencing CEO Compensation in Companies Listed on The LQ-45 Index of The Indonesia Stock Exchange 2016-2020 Liliana Wijaya; Christin Ismanto; Deddy Marciano
Jurnal Aplikasi Bisnis dan Manajemen (JABM) Vol. 9 No. 2 (2023): JABM Vol. 9 No. 2, Mei 2023
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.9.2.367

Abstract

The purpose of this study is to find out the influence of tobin's-q, return on asset, women as CEO, board independence, institutional ownership, concentrated ownership, and firm size towards CEO compensation in companies listed on LQ-45 Index of the Indonesia Stock Exchange for the period of 2016-2020. This study uses a quantitative perspective with a linear regression model and data panel. The number of 205 data was observed continuously for five years according to the sample characteristics. Test model specifications with the Chow test and Hausman test shows that random effect models using white correction provide the most suitable results. The results showed that tobin's-q, women as CEO and firm sizes have a significant positive effect on CEO compensation. Meanwhile, institutional ownership has a significant negative effect on CEO compensation. The test results show return on assets and concentration ownership have no effect on CEO compensation. The contribution of this research can provide input for investors and management to understand the conditions of female executives' compensation and the factors that have fundamentally proven to affect the compensation of CEOs. Furthermore, these results have a strong reliability to be considered in designing executive compensation packages and good governance systems. Keywords: tobin's-q, women as ceo, institutional ownership, firm size, ceo compensation
The effect of financial literacy on financial inclusion, social capital, and cognition on beginner and experienced investor Setiadi, Maria B.B.; Murhadi, Werner R.; Marciano, Deddy
Journal of Business & Banking Vol 13 No 2 (2023): November 2023 - April 2024
Publisher : Universitas Hayam Wuruk Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/jbb.v13i2.4431

Abstract

This study examines how financial literacy affects financial inclusion, social capital, and cognition in stock investors. Prospective investors or investors can manage per-sonal finances in the future. This research involves many samples with cross-sectional data. This research consists of the independent variables, financial literacy, and the dependent variables consist of financial inclusion, social capital, and cognition. The dependent variable of financial inclusion consists of access, quality, usage, and welfare; social capital consists of the dimensions of collective action, bonding, bridging and trust, and cognition. The independent variable of financial literacy consists of the dimensions of skill, behavior, knowledge, and attitude. The collected respondents were taken from 165 respondents, and they were analyzed using the structural equation modeling. After processing the data, it shows that the effect of financial literacy and cognition on financial inclusion is supported, and financial literacy on social capital cognition is supported. Meanwhile, social capital towards inclusion literacy needs to be supported. Based on the results, stock investors must be more careful in choosing investment products/institutions to avoid fraud.
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)
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.
Changes in investors risk-taking behavior during Indonesian economic recession due to the Covid-19 in 2020 Christian Hendra Setiawan; Deddy Marciano; Cristel Joy G. Cayaban
Manajemen dan Bisnis Vol 21, No 1 (2022): March 2022
Publisher : Department of Management - Faculty of Business and Economics. Universitas Surabaya.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24123/jmb.v21i1.535

Abstract

This research discusses the differences in investor risk-taking behavior in Indonesia before and during the economic recession caused by the Covid-19. This pandemic began to infect Indonesia in 2020. Investor risk-taking behavior consists of three criterias, that are return expectation, risk tolerance and risk perception. Factors that can influence investor risk-taking behavior in this study are the economic recession itself and the characteristics of investors. While the characteristics of investors are seen from their status, namely age, gender, work status, marital status, education level, income, net worth and length of investment. In this study, questionnaires were distributed targeting investors in Indonesia. It was found that in fact the Covid-19 pandemic caused changes in investors risk-taking behavior, which included returning expectations and risk tolerance to decrease and risk perception to increase. Characteristics of investors Indonesian in general, it has no effect on investors' risk-taking behavior. Of the ten characteristics of investors, only two correlates with one of the criteria, namely profession and gender. It was found that the characteristics of investors did not have a positive effect because the majority of investors in this study were members of investment, money markets and capital markets communities. They join many of these communities, so that the exchange of information and discussions between one community and another will be affected. Investors’ decision making also based on the results of discussions in the community.
Pengaruh Bias Perilaku terhadap Keputusan Investasi dengan Fear of Missing Out (FOMO) sebagai Mediator di Indonesia Meilyn Liman Pratiknjo; Liliana Inggrit Wijaya; Deddy Marciano
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
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.
Co-Authors Acchedya Anugrahani Aprilia Pratiwi Arif Herlambang Arif Herlambang Bertha Silvia Sutejo Christian Hendra Setiawan Christin Ismanto Cristel Joy G. Cayaban Elvinna Salim Endang Ernawati Endang Ernawati Endang Ernawati Endang Ernawati Henri Onesimus Uirianto Ivan Chandra Tanzil Johan Sutanto Jonathan Susanto Kevin Kurniawan Liliana Inggrit Wijaya Liliana Inggrit Wijaya Liliana Inggrit Wijaya Liliana Wijaya Meilyn Liman Pratiknjo Mochammad Fauzi Mudji Utami Nyolan Lestari Oetama, Kumiati Rendy Sentosa Rezza Vitriya Setiadi, Maria B.B. Suad Husnan Suad Husnan Sugianto, Laurenco Lingguardi Theofilus Steven Susanto Tri Ana Gita Nursela Viktor Adrian Vina Veriana Limtiono Vina Veriana Limtiono Werner R Murhadi Yovita Yovita Zunairoh, Zunairoh