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All Journal JIKA: Jurnal Ilmu Keuangan dan Perbankan Coopetition : Jurnal Ilmiah Manajemen Multidiciplinary Output Research for Actual and International Issue (Morfai Journal) Journal of Islamic Economics and Business Dinamika Pendidikan Atestasi : Jurnal Ilmiah Akuntansi
Nugraha
Universitas Pendidikan Indonesia
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Pengaruh Nilai Tukar Terhadap Harga Saham Sektor Keuangan yang Terdaftar di Bursa Efek Indonesia Gunardi; Nugraha; Sugiyanto
Coopetition : Jurnal Ilmiah Manajemen Vol. 11 No. 2 (2020): Coopetition : Jurnal Ilmiah Manajemen
Publisher : Program Studi Magister Manajemen, Institut Manajemen Koperasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32670/coopetition.v11i2.108

Abstract

The exchange rate is macroeconomic that is important for the sustainability of the economy in a country, previous research shows the effect of the exchange rate on stock prices. These conditions indicate that investors view the exchange rate as a signal to a country's economy, so investors consider the exchange rate to make investments. This study uses a quantitative approach that is tested by multiple regression to determine the effect of exchange rates on stock prices, the data of this study are from January 1, 2020, to May 8, 2020, the data collection is based on the state of the world economy that is weakening due to the COVID-19 outbreak. The results show that the exchange rate has an influence on the stock prices of the financial sector which are listed on the Indonesia Stock Exchange, these results have similarities and differences with the results of research in other emerging market countries.
Efek Mediasi Perilaku Keuangan Terhadap Hubungan Antara Literasi Keuangan Dengan Keputusan Investasi Perwito; Nugraha; Sugiyanto
Coopetition : Jurnal Ilmiah Manajemen Vol. 11 No. 2 (2020): Coopetition : Jurnal Ilmiah Manajemen
Publisher : Program Studi Magister Manajemen, Institut Manajemen Koperasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32670/coopetition.v11i2.113

Abstract

The results showed that Financial Literacy had a positive effect on Financial Behavior and Financial Behavior mediated in full the influence of Financial Literacy on Investment Decisions. The importance of increasing financial literacy especially for the younger generation / students as agents of change must have good financial attitudes and behavior, the importance of financial knowledge, skills and confidence from an early age, so that in the future they can carry out financial planning and goals, managing consumption, savings and investment, credit, budgeting, and personal income tax management, which can improve the financial well being of his life which will eventually become a stimulus or a stimulus for the progress of economic development. The next hope is that there will be research with increasing complexity both in terms of variables and the scope of the research sample.
Peningkatan Kinerja Keuangan Institusi Wakaf di Indonesia: Landasan Hukum, Pengawasan Hukum, Pengelolaan Nadzir, Manajemen Resiko, Kepatuhan Syariah Muhammad Iskandar; Dismane; Nugraha; Mayasari
Coopetition : Jurnal Ilmiah Manajemen Vol. 11 No. 3 (2020): Coopetition: Jurnal Ilmiah Manajemen
Publisher : Program Studi Magister Manajemen, Institut Manajemen Koperasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32670/coopetition.v11i3.158

Abstract

This article analyzes the effectiveness and efficiency of the financial performance of waqf institutions in Indonesia in relation to legal foundations, supervision, nadzir governance, risk management and shari'ah compliance. This research was conducted in waqf institutions with a population and samples were obtained from 102 waqf institutions, each of which had 3 (three) nazirs who filled out the questionnaire for this study. The data were analyzed using descriptive and verification analysis as well as partial least square structural equation modeling. In general, the results of this study indicate that the effectiveness and efficiency of the financial performance of waqf institutions in Indonesia is influenced by legal foundations, supervision, nadzir governance, risk management and shari'ah compliance.
A Closer Look of How Individual Investor Make Investment Decision: Systematic Review Rosyidah Rahmah; Nugraha; Disman; Imas Purnamasari
Atestasi : Jurnal Ilmiah Akuntansi Vol. 6 No. 2 (2023): September
Publisher : Pusat Penerbitan dan Publikasi Ilmiah, FEB, Universitas Muslim Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.57178/atestasi.v6i2.728

Abstract

The aim of this study is to examine the existing literature on the factors that influence the investment decisions made by individual investors. The employed methodology is a systematic literature review conducted using the PRISMA approach. The choice of Scopus as the information source was based on its status as the largest and well reputable scientific database. We obtained data from internet databases that contain extensive collections of scholarly studies, journal articles, and conference papers. These resources are written in English and are readily available to the authors. Using a predetermined string, 275 articles were extracted from Scopus. Ultimately, 137 papers were found to fit the criteria for analysis in discussing the factors that determine investing decisions for individual investors. The result show that there are five main determinant of investment decision for individual investor: Financial literacy, emotional biases, gender, generation y and long-term orientation. The implications of this study will be discussed later.
Impact of Dividend Policy on Stock Price Movements of State-Owned Banks: The Case of BBRI in FY2024 Maykada Harjono; Nugraha; Moh. Wildan; Hendi Herdiyana
Jurnal Ilmu Keuangan dan Perbankan (JIKA) Vol. 15 No. 1: Desember 2025
Publisher : Program Studi Keuangan & Perbankan, Fakultas Ekonomi dan Bisnis, Universitas Komputer Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34010/jika.v15i1.18295

Abstract

This research examines how dividend policy influences stock price movements of PT Bank Rakyat Indonesia (BBRI) during the 2024 fiscal year. The study applies a quantitative method using Partial Least Squares-Structural Equation Modeling (PLS-SEM) to analyze trading behavior and market sentiment around the ex-dividend period. The findings show that dividend policy has a positive and significant relationship with stock prices, mainly driven by trading activity rather than market sentiment. The model demonstrates strong explanatory power in describing stock performance during the observation period. These results support the Signaling Theory and Bird in Hand Theory, suggesting that a stable and transparent dividend policy reflects corporate strength and credibility. Consequently, dividends serve as an important communication tool that enhances investor confidence and maintains positive market perceptions toward state-owned banks such as BBRI. Keywords: Dividend Policy; IDX Stocks; Market Sentiment; BBRI; PLS-SEM
BEHAVIORAL BIASES IN INVESTMENT DECISIONS: FINANCIAL LITERACY AND SOCIAL IMPACT AWARENESS AS MODERATOR Priscilla Appianin Affram; Maya Sari; Nugraha; Iqbal Lutfi
Multidiciplinary Output Research For Actual and International Issue (MORFAI) Vol. 6 No. 4 (2026): Multidiciplinary Output Research For Actual and International Issue
Publisher : RADJA PUBLIKA

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

This study examines the influence of behavioural biases on investment decisions among graduate-educated retail investors affiliated with Universitas Pendidikan Indonesia, while investigating the moderating roles of financial literacy and social impact awareness. Adopting a quantitative research design, data were collected from 322 respondents through a cross-sectional survey and analyzed using Partial Least Squares Structural Equation Modelling (PLS-SEM). The results demonstrate that behavioural biases exert the strongest positive direct effect on investment decisions, confirming that cognitive tendencies such as overconfidence, anchoring, and herding significantly shape decision-making regardless of educational background. Furthermore, financial literacy and social impact awareness show statistically significant positive direct effects on investment behaviour, indicating that both analytical financial knowledge and sustainability-oriented considerations contribute to more disciplined investment outcomes. However, the study finds that neither financial literacy nor social impact awareness significantly moderates the relationship between behavioural biases and investment decisions, suggesting that these cognitive biases are deeply rooted and cannot be fully neutralized by financial knowledge or ethical awareness alone. These findings highlight the persistent influence of behavioural factors in modern digital investment environments and underscore the complexity of investor behaviour among educated cohorts.
Cognitive Biases in Investment Decision: Do Education and Income Make a Difference? Elva Herlianti; Nugraha; Disman; Yayat Supriyatna; Imas Purnamasari
Dinamika Pendidikan Vol. 19 No. 2 (2024)
Publisher : Economics Education Department Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/dp.v19i2.20991

Abstract

This study aims to extensively research the effects of cognitive biases on individual investment decisions. The population of this research is investors in Indonesia and the sampling technique used is random sampling, obtained 574 respondents from 34 provinces in Indonesia. Quantitative data were collected through structured questionnaires and analyzed using multiple linear regression and moderated-moderation model in the PROCESS Procedure for SPSS Version 4.1 by Hayes. Results indicate that herding bias has a negative influence, discouraging investors from following market trends, while loss aversion, framing, anchoring, and mental accounting positively impact investment decisions; these biases are moderated by demographic factors. The findings imply that demographic factors do not interact jointly but operate independently to impact investment behavior. This research is novel in its exploration of moderated-moderation effects to reveal nuanced interactions between cognitive biases and demographics in shaping investment decisions.
Behavioral Finance in Sharia Investment: An Empirical Study on Indonesian Millennials Abdul Rozak; Abdul Rozak; Nugraha; Maya Sari; Imas Purnamasari; Fakhrul Anwar Zainol
Journal of Islamic Economics and Business Vol. 4 No. 2 (2024): Journal of Islamic Economics and Business
Publisher : Fakultas Ekonomi dan Bisnis Islam

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/jieb.v4i2.46872

Abstract

The increasing participation of millennials in Indonesia’s Islamic financial markets underscores the importance of understanding the behavioral factors that influence their investment decisions. This study aims to analyze the impact of behavioral biases specifically representativeness, overconfidence, and herding on Sharia-compliant investment behavior among millennial investors. Despite the growing relevance of behavioral finance, empirical research on cognitive biases in Islamic investments remains limited, particularly in emerging economies. This study fills that gap by employing Structural Equation Modeling–Partial Least Squares (SEM-PLS) to examine data collected from 300 millennial users of the Bibit Sharia investment platform in West Java. The findings reveal that overconfidence (β = 0.235, p < 0.05) and herding (β = 0.198, p < 0.05) significantly influence investment decisions, whereas representativeness bias has no significant effect (p > 0.05). These results highlight the critical role of self-confidence and social influence in shaping millennial Sharia investment behavior. The study recommends enhancing targeted financial literacy programs that address behavioral biases and promote ethical, independent decision-making among young Muslim investors. Future research is encouraged to include broader regional samples and explore additional behavioral factors within Islamic financial contexts.
Co-Authors Abdul Rozak Abdul Rozak Disman Disman Elva Herlianti Fakhrul Anwar Zainol Gunardi . Hendi Herdiyana Imas Purnamasari Iqbal Lutfi Maya Sari Mayasari Maykada Harjono Moh. Wildan Muhammad Iskandar Perwito Priscilla Appianin Affram Rosyidah Rahmah Yayat Supriyatna Yundari, Yundari