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Reaksi Pasar Modal Indonesia terhadap Pergantian Menteri Keuangan Baru: Analisis Event study pada Perusahaan yang Terdaftar dalam LQ45. Kania Ilma Wisada; Riki Fahmi; Amalia Nur Chasanah; Vicky Oktavia; Rudi Kurniawan
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 7 No. 8 (2026): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v7i8.12703

Abstract

The change of the Minister of Finance has the potential to create uncertainty that could affect the capital market response. This study aims to analyze the Indonesian capital market's reaction to the change of the Minister of Finance in 2025 using an event study approach. The study sample consisted of 45 companies included in the LQ45 index with observation periods of 7, 14, and 30 days before and after the event. The variables used included abnormal returns, trading volume activity, and security return variability. Data analysis was performed using the Shapiro-Wilk normality test and the Wilcoxon signed-rank test. The results showed no significant differences in abnormal returns, trading volume activity, or security return variability across the observation periods. This finding indicates that the change of the Minister of Finance in 2025 did not generate a significant market reaction, either in terms of changes in stock returns, trading activity, or stock volatility. Therefore, information regarding the change of the Minister of Finance does not contain information content strong enough to significantly influence investor decisions in the Indonesian capital market.
Environmental Performance, Environmental Disclosure, dan Economic Performance: Perspektif Model Persamaan Simultan: Studi Empiris Pada Perusahaan Manufaktur Sektor Industri Dasar dan Kimia yang Terdaftar pada BEI Usman Alfaruq; Usman Usman; Vicky Oktavia; Pradana Jati Kusuma
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 8 No. 8 (2026): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v8i8.12521

Abstract

                This study aims to examine the simultaneous relationship between environmental performance, environmental disclosure, and economic performance in manufacturing companies in the basic and chemical industries listed on the Indonesia Stock Exchange during the 2021–2023 period. This study applies a quantitative approach using the Three-Stage Least Squares (3SLS) method to 30 companies with a total of 90 observations. The results show that environmental performance has a significant positive effect on economic performance, while environmental disclosure has a significant negative effect on economic performance. Furthermore, economic performance has been shown to significantly influence both environmental performance and environmental disclosure. These findings indicate a reciprocal relationship between variables in supporting corporate sustainability. Overall, environmental performance is an important factor in improving economic performance, but environmental disclosure still creates cost pressures in the short term. This study implies that companies need to balance environmental responsibility and economic efficiency.
Pengaruh Bias Perilaku Terhadap Keputusan Investasi Trader Aktif Generasi Z Di Indonesia Dengan Persepsi Risiko Sebagai Variabel Mediasi Anisya Dwi Deviyanti; Vicky Oktavia; Dwi Eko Waluyo; Pradana Jati Kusuma
JEMAP Vol 9, No 1: April 2026
Publisher : Universitas Katolik Soegijapranata, Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24167/jemap.v9i1.15242

Abstract

This study aims to examine and analyze the influence of behavioral biases consisting of Overconfidence Bias, Disposition Effect, and Herding Bias on investment decisions, with risk perception as a mediating variable. The focus of this research is on Generation Z active investors in Indonesia who exhibit intensive trading characteristics in the capital market. This study employs a quantitative approach using the Partial Least Square-Structural Equation Modeling (PLS-SEM) method through SmartPLS software. Data were collected from 165 respondents through an online questionnaire using purposive sampling technique.The results indicate that Overconfidence Bias (0.290), Disposition Effect (0.409), and Herding Bias (0.267) have a positive and significant effect on risk perception. Furthermore, risk perception is proven to have a highly dominant positive effect on investment decisions (0.734) with an effect size (f²) value of 1.167, categorized as a large effect. The mediation test confirms that risk perception plays a significant mediating role for all behavioral biases toward investment decisions, where Disposition Effect records the largest indirect effect (0.300). Overall, the research model demonstrates moderate predictive power with an Adjusted R-Square value of 0.521 for investment decisions. These findings emphasize that the psychological mechanisms of young investors in processing risk serve as the primary determinant driving their investment activities amid market volatility.
Pengaruh Literasi Keuangan, Lifestyle Hedonis dan Sikap Keuangan Pribadi terhadap Perilaku Keuangan Mahasiswa pengguna Shopee Paylater Sabrina Susanti; Linda Ayu Oktoriza; Diana Puspitasari; Vicky Oktavia
Paradoks : Jurnal Ilmu Ekonomi Vol. 9 No. 1 (2026): November - Januari
Publisher : Fakultas Ekonomi, Universitas Muslim Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.57178/paradoks.v9i1.2217

Abstract

Teknologi digital yang terus berkembang telah mempengaruhi perilaku konsumsi masyarakat yang didukung dengan salah satu layanan yaitu Shopee Paylater yang memudahkan pengguna dalam bertransaksi. Penelitian ini bertujuan untuk menganalisis pengaruh literasi keuangan, lifestyle hedonis, dan sikap keuangan pribadi terhadap perilaku keuangan mahasiswa pengguna Shopee Paylater di Fakultas Ekonomi dan Bisnis Universitas Dian Nuswantoro Semarang. Penelitian ini menggunakan pendekatan kuantitatif dengan data primer yang diperoleh melalui kuesioner sebanyak 190 responden menggunakan teknik pusposive sampling. Analisis data dilakukan dengan metode Partial Least Square-Structural Equation Modeling (PLS-SEM) menggunakan software SmartPLS versi 4. Hasil menunjukan bahwa literasi keuangan dan sikap keuangan pribadi berpengaruh positif dan signifikan terhadap perilaku keuangan mahasiswa pengguna Shopee Paylater. Lifestyle hedonis berpengaruh negatif dan signifikan terhadap perilaku keuangan mahasiswa pengguna Shopee Paylater. Hasil penelitian ini menegaskan relevansi Theory of Planned Behavior (TPB) pentingnya faktor kognitif dan psikologis dalam pengambilan keputusan finansial yang dipengaruhi oleh sikap dan pemahaman individu terhadap keuangan, serta dorongan gaya hidup hedonis. Temuan ini juga dapat menjadi rujukan bagi perguruan tinggi dan penyedia layanan Paylater dalam meningkatkan edukasi keuangan agar mahasiswa lebih bijak dalam pengambilan keputusan keuangan.
PENGARUH STRUKTUR MODAL, PROFITABILITAS, GOOD CORPORATE GOVERNANCE TERHADAP HARGA SAHAM PADA PERUSAHAAN SEKTOR INFRASTUKTUR Fandy Jonathan; Maria Safitri; Vicky Oktavia; Rudi Kurniawan
Jurnal Maneksi (Management Ekonomi Dan Akuntansi) Vol. 14 No. 2 (2025): Jurnal Maneksi (Management Ekonomi Dan Akuntansi)
Publisher : Politeknik Negeri Ambon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31959/jm.v14i2.2991

Abstract

Introduction: This study aims to analyze the effect of Capital Structure, Profitability, and Good Corporate Governance on stock prices. Methods: This study uses a quantitative research method, where data is obtained through the 2021 to 2023 financial reports of infrastructure and transportation sector companies listed on the Indonesia Stock Exchange. The data is processed using the IBM SPSS Statistics program. Results: The results of this study indicate that Capital Structure has a positive effect on stock prices. Profitability has a positive effect on stock prices, and Good Corporate Governance has a positive effect on stock prices, which can be seen from the multiple linear regression test with a positive role in each variable from capital structure, profitability, and institutional ownership to stock prices. Which can be concluded that capital structure, profitability, and good corporate governance have a positive effect on stock prices.. Keywords: Capital structure, Profitability, Good Corporate Governance, Stock Price
PERAN STRUKTUR MODAL, PROFITABILITAS, DAN KEBIJAKAN DIVIDEN TERHADAP HARGA SAHAM Vina Wahyuning Triyas; Linda Ayu Oktoriza; Lenni Yovita; Vicky Oktavia
Jurnal Maneksi (Management Ekonomi Dan Akuntansi) Vol. 14 No. 2 (2025): Jurnal Maneksi (Management Ekonomi Dan Akuntansi)
Publisher : Politeknik Negeri Ambon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31959/jm.v14i2.3138

Abstract

Introduction: This research aims to export the impact of Capital Structure, Profitability, and Dividend Policy on Stock Prices in banking sub-sector issuers verified on the Indonesia Stock Exchange in 2019-2023. Method: This research is a quantitative study using secondary data with the population being banking sub-sector issuers verified on the IDX in 2019-202 and sampling using purposive sampling, thus determining 22 samples that meet the criteria. The data analysis method uses multiple linear regression analysis with the help of the IBM SPSS Statistics program. Results: The output of this research reveals that Capital Structure, Profitability, and Dividend Policy simultaneously have a significant effect on Stock Prices. Partially, all variables, namely Capital Structure, Profitability, and Dividend Policy, have a significant positive effect on Stock Prices in banking sub-sector companies listed on the Indonesia Stock Exchange in 2019-2023. Conclusion and suggestions: Capital Structure as measured by Debt to Equity Ratio (DER), Profitability as measured by Return on Asset (ROA), and Dividend Policy as measured by Dividend Payout Ratio (DPR) have a significant positive effect on stock prices in banking issuers verified on the Indonesia Stock Exchange in 2019-2023. Therefore, Hypothesis 1 to Hypothesis 4 are accepted. Further research, is expected to consider other proxy variables in this research besides the variables used by the author in this research that can affect stock prices. Keywords: Capital Structure, Profitability, Dividend Policy, Stock Price
Environmental Disclosure As An Absolute Determinant Of The Profitability Of Nickel Mining Companies Fathya Anindita; Pradana Jati Kusuma; Ana Kadarningsih; Vicky Oktavia
Jurnal Telekomunikasi dan Informatika Lbh. 4 Àir. 1 (2026): International Journal Of Accounting, Management, And Economics Research (IJAME
Publisher : Fakultas Ekonomi dan Bisnis Universitas Dian Nuswantoro

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56696/ijamer.v4i1.182

Abstract

Environmental, Social, and Governance (ESG) disclosure has become an important strategy for promoting sustainable business practices and enhancing corporate performance, particularly in environmentally sensitive industries such as nickel mining. However, previous studies have reported inconsistent findings regarding the relationship between ESG disclosure and financial performance. Therefore, this study examines the effects of overall ESG disclosure and its individual dimensions Environmental (E), Social (S), and Governance (G) on the financial performance of nickel mining companies listed on the Indonesia Stock Exchange during the 2021–2025 period. This study employs a quantitative approach using secondary data obtained from quarterly, annual, and sustainability reports. Panel data regression was estimated using the Panel EGLS method with cross-section weights, followed by a nonlinear regression analysis to further examine the relationship between the Social dimension and financial performance. The results indicate that overall ESG disclosure does not significantly affect Return on Equity (ROE). However, Environmental and Governance disclosures have positive and significant effects on financial performance, whereas Social disclosure has a negative but insignificant effect in the linear model. An additional nonlinear analysis suggests a possible, though not statistically significant, U-shaped pattern (turning point of 0.905), tentatively indicating that the financial benefits of social disclosure may emerge only after companies achieve a higher level of social disclosure; this nonlinear pattern warrants further confirmation in future research. These findings highlight the importance of evaluating ESG dimensions individually, as their contributions to financial performance differ and evolve over time.
Peningkatan Kompetensi Guru melalui Program Widikuat dengan Metode Participatory Action Research (PAR) Vicky Oktavia; Maria Safitri; Almira Santi Samasta
Jurnal Pengabdian Masyarakat dan aplikasi Teknologi Vol. 05 No. 01: March 2026
Publisher : Institut Teknologi Adhi Tama Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31284/j.adipati.2026.v5i1.8362

Abstract

Kegiatan pengabdian kepada masyarakat ini bertujuan untuk meningkatkan kompetensi guru melalui program pelatihan WIDIKUAT (Kewirausahaan, Digitalisasi, Pengelolaan Keuangan, dan Pemberdayaan Wanita) dengan menggunakan metode Participatory Action Research (PAR). Program ini dirancang untuk mengintegrasikan empat dimensi keterampilan penting guru, yaitu kemampuan berwirausaha, literasi digital, manajemen keuangan, serta kesetaraan dan pemberdayaan perempuan di lingkungan sekolah. Kegiatan dilaksanakan di Yayasan Insan Teladan Mranggen dengan melibatkan 15 orang guru dari berbagai jenjang pendidikan. Pelaksanaan kegiatan mengacu pada tahapan PAR yang meliputi planning, action, observation, dan reflection, dengan model pelatihan kolaboratif berbasis partisipasi aktif peserta. Hasil kegiatan menunjukkan peningkatan signifikan dalam empat aspek kompetensi utama, yaitu peningkatan kemampuan digital (41,9%), kewirausahaan (44,8%), pengelolaan keuangan (41,0%), dan pemberdayaan wanita (40,6%). Program WIDIKUAT terbukti mampu menumbuhkan semangat inovasi, kemandirian, dan kolaborasi antarguru dalam mengimplementasikan pembelajaran kontekstual berbasis teknologi dan ekonomi kreatifKata kunci: pelatihan, guru, kewirausahaan, digitalisasi, pengelolaan keuangan, pemberdayaan wanita, PAR
Peran Financial Self-Efficacy dalam Memediasi Pengaruh Social Comparison Orientation dan Financial Literacy terhadap Financial Management Behavior Generasi Z di Jepara Devi Atalia Zahra; Vicky Oktavia; Diana Puspitasari; Yenny Ernitawati
Jurnal Multidisiplin Indonesia Vol. 4 No. 2 (2026): Juni: Jurnal Multidisiplin Indonesia
Publisher : PT. ALHAFI BERKAH INDONESIA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62007/joumi.v4i2.853

Abstract

This research explores financial self-efficacy as a mediator in the influence of social comparison orientation and financial literacy on the financial management behavior of Generation Z in Jepara. Data from 140 purposively selected respondents were analyzed using the PLS-SEM approach (SmartPLS 4.0) to examine the direct and indirect effects between variables via path analysis. The results showed that Financial Literacy has a positive and significant effect on both Financial Self-Efficacy and Financial Management Behavior. In addition, Financial Self-Efficacy also has a positive and significant effect on Financial Management Behavior. Social Comparison Orientation was proven to have a positive and significant effect on Financial Management Behavior, but it does not have a significant effect on Financial Self-Efficacy. Financial Self-Efficacy was proven It can mediate the influence of Financial Literacy on Financial Management Behavior, but it cannot mediate the influence of Social Comparison Orientation on Financial Management Behavior. So, it's proven that Financial Literacy and Financial Self-Efficacy play an important role in improving Financial Management Behavior among Generation Z in Jepara behavior among Generation Z in Jepara is influenced by financial knowledge and Financial Self-Efficacy.
Pengaruh Overconfidence Bias, Herding Behavior, Availability Bias, dan Anchoring Bias terhadap Keputusan Investasi Saham Investor di Kota Semarang Riko Tresno Mulyo; Dwi Eko Waluyo; Dian Prawitasari; Vicky Oktavia
Jurnal Multidisiplin Indonesia Vol. 4 No. 3 (2026): September: Jurnal Multidisiplin Indonesia
Publisher : PT. ALHAFI BERKAH INDONESIA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62007/joumi.v4i3.879

Abstract

This study aims to examine the effects of Anchoring Bias, Availability Bias, Herding Behaviour, and Overconfidence Bias on stock investment decisions among investors residing in Semarang City, Indonesia. A quantitative research approach was employed, with data collected through an online questionnaire distributed via Google Forms using WhatsApp, Telegram, and Instagram. The sampling technique used was purposive sampling, involving stock investors who met the established research criteria. Data were analyzed using the Partial Least Squares–Structural Equation Modeling (PLS-SEM) approach with the assistance of SmartPLS software. The findings indicate that all independent variables have a positive and significant effect on investment decisions. Specifically, Anchoring Bias, Availability Bias, Herding Behaviour, and Overconfidence Bias each positively and significantly influence stock investment decisions. These findings demonstrate that behavioral biases play a significant role in shaping stock investment decisions. This study is expected to provide valuable insights for investors to strengthen rational analysis in investment decision-making and serve as a reference for future research in the field of behavioral finance.