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Overtrading as an Expression of Investor FOMO in Cryptocurrency Markets: Insights from the Monkey Business Perspective Agda, Vincensius Raynaldy Pramudya Putra; Subagyo, Herry; Hernawati, Retno Indah
Ilomata International Journal of Management Vol. 7 No. 1 (2026): January 2026
Publisher : Yayasan Sinergi Kawula Muda

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61194/ijjm.v7i1.1976

Abstract

This study analysed overtrading behaviour as a manifestation of FOMO, influencers, market sentiment, and crypto literacy in crypto traders. Additionally, it examined the moderating role of monkey business practices in these relationships. This phenomenon is interesting because the emergence of DEXs provides transaction freedom while increasing the risk of market manipulation and behavioural bias. This study represents the first comprehensive behavioural analysis of overtrading within decentralized exchange environments, addressing a significant gap in the cryptocurrency literature. While prior research has examined behavioural factors in general cryptocurrency markets, centralized exchanges, or DEX market structures, but no study has specifically investigated how FOMO, influencers, market sentiment, and crypto literacy interact with market manipulation practices to drive overtrading behaviour on DEX platforms. The method employed was a quantitative survey of 180 DEX traders in social media groups, utilizing purposive sampling techniques. Data were analysed using PLS-SEM to test the direct influence and moderation between variables. The results indicate that FOMO, influencers, and market sentiment have a positive impact on overtrading, whereas crypto literacy has a negative effect. In addition, monkey business moderates the influence of FOMO on overtrading but does not moderate the influence of influencers, market participants, and crypto literacy. These findings enhance understanding of how psychological and social factors influence trading decisions in decentralized markets. Specifically, the moderating role of monkey business practices provides new insights for behavioural finance theory. The implications of the study confirm the importance of caution when trading crypto on DEXs.
The Effect Of Risk Management On Listed Indonesian Banking Financial Performance (Period 2019-2023) Susanto, Andito Wibisono Putra; Setyahuni, Suhita Whini; Subagyo, Herry; Yovita, Lenni; Puspitasari, Diana; Chasanah, Amalia Nur
Jurnal Ilmu Manajemen dan Ekonomika Vol. 18 No. 1 (2025): Jurnal Ilmu Manajemen dan Ekonomika, Vol. 18, No.1, December 2025
Publisher : Indonesia Banking School

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35384/jime.v18i1.866

Abstract

This study aims to examine the influence of management risks including credit risk, liquidity risk, operational risk, and market risk on banking financial performance. The method used is quantitative with 33 samples of banks listed on the Indonesia Stock Exchange for the period 2019–2023. The sampling technique used purposive sampling. Data analysis was performed by multiple regression using Eviews12 software. The results of the study indicate that market risk (NIM) has a positive effect on (ROA) banking financial performance, while credit risk (NPL), liquidity risk (LDR), and operational risk (BOPO) have a negative effect on (ROA) banking financial performance. The study contributes to the testing of banking risk management using the perspective of agency theory and portfolio theory. The results of this study provide implications for regulators in implementing government policies to help banks reduce risk in improving banking financial performance. Implications for investors in considering and being careful in making investment decisions in banking companies.
Foreign Direct Investment in Asean: The Moderating Role of Regulatory Quality on Macroeconomic Factors and Political Stability April Kurniawan; Herry Subagyo; Ariati Anomsari
Ilomata International Journal of Management Vol. 7 No. 1 (2026): January 2026
Publisher : Yayasan Sinergi Kawula Muda

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61194/ijjm.v7i1.1973

Abstract

This study examines the determinants of Foreign Direct Investment (FDI) inflows in developing ASEAN countries, focusing on interest rates, exchange rates, inflation, and political stability, with regulatory quality as a moderating variable. Employing a quantitative, causal-comparative design, the study utilizes panel data from eight ASEAN countries (Malaysia, Thailand, Vietnam, Myanmar, Indonesia, Laos, the Philippines, and Cambodia) spanning the period from 2003 to 2023, sourced from the World Bank and the Worldwide Governance Indicators. Chow and Hausman tests indicate that the Fixed Effects Model provides the best fit for the data. The results indicate that interest rates have a negative and significant impact on FDI inflows, suggesting that higher borrowing costs deter foreign investors. Exchange rates exert a positive and significant influence, suggesting that currency depreciation enhances investment attractiveness. Inflation is found to be insignificant, indicating that investors can tolerate moderate inflation. Political stability shows a positive and significant effect, underscoring its crucial role in reducing investment risk and enhancing investor confidence. Furthermore, regulatory quality significantly moderates the effects of interest rates, exchange rates, and political stability on FDI. Strong regulatory frameworks can cushion the impact of adverse macroeconomic conditions and strengthen investment security. These findings extend institutional theory and emphasize the importance of macroeconomic, political, and regulatory stability in attracting FDI.
Overtrading as an Expression of Investor FOMO in Cryptocurrency Markets: Insights from the Monkey Business Perspective Agda, Vincensius Raynaldy Pramudya Putra; Subagyo, Herry; Hernawati, Retno Indah
Ilomata International Journal of Management Vol. 7 No. 1 (2026): January 2026
Publisher : Yayasan Sinergi Kawula Muda

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61194/ijjm.v7i1.1976

Abstract

This study analysed overtrading behaviour as a manifestation of FOMO, influencers, market sentiment, and crypto literacy in crypto traders. Additionally, it examined the moderating role of monkey business practices in these relationships. This phenomenon is interesting because the emergence of DEXs provides transaction freedom while increasing the risk of market manipulation and behavioural bias. This study represents the first comprehensive behavioural analysis of overtrading within decentralized exchange environments, addressing a significant gap in the cryptocurrency literature. While prior research has examined behavioural factors in general cryptocurrency markets, centralized exchanges, or DEX market structures, but no study has specifically investigated how FOMO, influencers, market sentiment, and crypto literacy interact with market manipulation practices to drive overtrading behaviour on DEX platforms. The method employed was a quantitative survey of 180 DEX traders in social media groups, utilizing purposive sampling techniques. Data were analysed using PLS-SEM to test the direct influence and moderation between variables. The results indicate that FOMO, influencers, and market sentiment have a positive impact on overtrading, whereas crypto literacy has a negative effect. In addition, monkey business moderates the influence of FOMO on overtrading but does not moderate the influence of influencers, market participants, and crypto literacy. These findings enhance understanding of how psychological and social factors influence trading decisions in decentralized markets. Specifically, the moderating role of monkey business practices provides new insights for behavioural finance theory. The implications of the study confirm the importance of caution when trading crypto on DEXs.