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All Journal Jurnal Muara Ilmu Ekonomi dan Bisnis Jurnal Bakti Masyarakat Indonesia Jurnal Manajerial Dan Kewirausahaan Wiga : Jurnal Penelitian Ilmu Ekonomi Prosiding Seri Seminar Nasional International Journal of Application on Economics and Business
Ary Satria Pamungkas
Faculty Of Economics & Business, Universitas Tarumanagara
Agriculture, Biological Sciences & Forestry Humanities Civil Engineering, Building, Construction & Architecture Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Electrical & Electronics Engineering Industrial & Manufacturing Engineering Materials Science & Nanotechnology Social Sciences Other

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The Influence of Risk Perception, Overconfidence, and Herding Behavior on Investment Decision Rachel Halim; Ary Satria Pamungkas
International Journal of Application on Economics and Business Vol. 1 No. 1 (2023): February 2023
Publisher : Graduate Program of Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/ijaeb.v1i1.521-529

Abstract

This research aims to determine the influence of risk perception, overconfidence, and herding behavior on investment decision. The population of this research is all stock investors who are domiciled in Riau. The sample was selected using purposive sampling method which amounts to 152 respondents. This research method uses Structural Equation Modeling (SEM) with Smart PLS software version 3.2.9. The purpose of this research is that investors can consider their decisions well before making an investment decision and find out how their psychological factors can affect their investment decision. The result of this research is that there is a positive influence of risk perception, overconfidence, and herding behavior on investment decision.
The Influence of Attitude Toward Money, Locus of Control, Financial Self-Efficacy and Self-Control on Financial Management Behavior Welly Chandra; Ary Satria Pamungkas
International Journal of Application on Economics and Business Vol. 1 No. 1 (2023): February 2023
Publisher : Graduate Program of Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/ijaeb.v1i1.578-587

Abstract

The aim of this study was to determine the role of Attitude toward Money, Locus of Control, Financial Self-Efficacy and Self-Control in explaining Financial Management Behavior among workers that use E-commerce and live in Jakarta. The samples used in this study are workers that use E-commerce and live in Jakarta. This study collected 208 samples who are workers that use E-commerce and live in Jakarta. The respondents selected by using convenience sampling method. This research used Partial Least Square-Structural Equation Modeling (PLS-SEM) to analyze data. The result of this study indicated that Attitude toward Money, Locus of Control, Financial Self-Efficacy and Self-Control has positive influence on explaining Financial Management Behavior.
Pengaruh Financial Literacy, Risk Perception dan Experienced Regret terhadap Investment Decision Rohani Rohani; Ary Satria Pamungkas
Jurnal Manajerial Dan Kewirausahaan Vol. 5 No. 3 (2023): Jurnal Manajerial dan Kewirausahaan
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/jmk.v5i3.25425

Abstract

Terdapat peningkatan jumlah investor di Indonesia dari tahun ke tahun. Sejak bulan Juni 2022, terjadi peningkatan investasi Indonesia sebesar 2,66 juta investor peningkatan tersebut didominasi oleh generasi milenial. Oleh sebab itu masih banyak investor baru yang mengalami kesulitan dalam membuat sebuah keputusan investasi yang dikarenakan masih kurang pengetahuan, dan pengalaman. Dalam penelitian ini bertujuan untuk mengetahui pengaruh financial literacy, risk perception, dan experienced regret terhadap investment decision pada saham. Populasi yang digunakan pada penelitian ini adalah seluruh generasi milenial tahun kelahiran 1980-1999 yang melakukan investasi saham dan berdomisili di kota Semarang. Sampel pada penelitian ini dipilih dengan menggunakan teknik purposive sampling dan diperoleh 190 responden dengan bantuan Google Form sebagai sumber pengumpulan data. Teknik analisis data penelitian ini menggunakan Structural Equation Modelling (SEM) yang didukung dengan program SmartPLS versi 3.2.9 untuk menguji hipotesis pada penelitian ini. Hasil penelitian ini menunjukkan bahwa terdapat pengaruh positif Financial Literacy, Risk Perception, dan Experienced Regret terhadap Investment Decision. There is an increasing number of investors in Indonesia from year to year. Since June 2022, there has been an increase in Indonesian investment of 2.66 million investors, the increase is dominated by the millennial generation. Therefore there are still many new investors who experience difficulties in making an investment decision due to a lack of knowledge and experience. In this study aims to determine the effect of financial literacy, perceived risk, and regret experienced on investment decisions in stocks. The population used in this study is all millennial generations born in 1980-1999 who invest in stocks and live in the city of Semarang. The sample in this study was selected using a purposive sampling technique and 190 respondents were obtained with the help of Google Forms as a source of data collection. The data analysis technique of this study used Structural Equation Modeling (SEM) supported by the SmartPLS version 3.2.9 program to test the hypotheses in this study. The results of this study indicate that there is a positive influence of Financial Literacy, Perceived Risk, and Experienced Regret on Investment Decisions.
Analisis Determinan Saving Behavior pada Nasabah Bank di Jakarta Anne Emily Soetanto; Ary Satria Pamungkas
Jurnal Manajerial Dan Kewirausahaan Vol. 8 No. 2 (2026): Jurnal Manajerial dan Kewirausahaan
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/jmk.v8i2.37627

Abstract

Selama beberapa tahun terakhir, masyarakat Indonesia kerap menggunakan tabungannya untuk dapat memenuhi kebutuhan sehari-hari. Fenomena yang mengakibatkan terjadinya penurunan pada jumlah rata-rata saldo dalam rekening tabungan dengan saldo kurang dari sama dengan seratus juta rupiah, seringkali disebut dengan fenomena “makan tabungan”. Maka dari itu, penelitian ini bertujuan untuk mencari tahu pengaruh parental socialization, peer influence, financial attitude, dan financial literacy terhadap saving behavior melalui self-control pada nasabah bank di Jakarta. Untuk dapat memperoleh informasi yang lebih relevan dan spesifik, penelitian ini menggunakan metode purposive sampling. Dari 475 responden, hanya terdapat 429 responden yang memenuhi kriteria sampel yang telah ditentukan. Kriteria sampel pada penelitian ini merupakan nasabah bank di Jakarta yang sudah memiliki penghasilan dan pendidikan terakhir minimal Strata 1 (S1). Penelitian ini menggunakan metode Structural Equation Modeling (SEM) dengan bantuan aplikasi SmartPLS 4.0 untuk menganalisis data. Hasil penelitian ini menunjukkan bahwa parental socialization tidak berpengaruh terhadap saving behavior, peer influence tidak memiliki pengaruh terhadap saving behavior, financial attitude memiliki pengaruh yang positif dan signifikan terhadap saving behavior, financial literacy memiliki pengaruh yang positif dan signifikan terhadap saving behavior, financial literacy memiliki pengaruh yang positif dan signifikan terhadap self-control, self-control memiliki pengaruh yang positif dan signifikan terhadap saving behavior, dan self-control memediasi pengaruh financial literacy terhadap saving behavior. In recent years, Indonesians have increasingly relied on their savings to meet daily needs. This phenomenon, which has led to a decline in the average balance of savings accounts with balances of less than or equal to one hundred million Rupiah, is commonly referred to “makan tabungan”. Therefore, this study aims to examine the influence of parental socialization, peer influence, financial attitude, and financial literacy on saving behavior through self-control among bank clients in Jakarta. To obtain relevant and specific information, this study employed a purposive sampling method. Out of 475 respondents, only 429 met the criteria, which are bank clients in Jakarta who have an income and a minimum educational attainment of a Bachelor’s degree. This study used the Structural Equation Modeling (SEM) method with the assistance of SmartPLS 4.0 to analyze the data. This study indicate that parental socialization does not influence saving behavior, peer influence does not influence saving behavior, financial attitude has a positive and significant effect on saving behavior, financial literacy has a positive and significant effect on saving behavior, financial literacy has a positive and significant effect on self-control, self-control has a positive and significant effect on saving behavior, and self-control mediates the effect of financial literacy on saving behavior.
DETERMINANTS OF BLOCKCHAIN ADOPTION INTENTION AMONG TECHNOPRENEURIAL SMEs IN INDONESIA Hernando Jerico; Lydiawati Soelaiman; Ary Satria Pamungkas
Jurnal Muara Ilmu Ekonomi dan Bisnis Vol. 9 No. 2 (2025): Jurnal Muara Ilmu Ekonomi dan Bisnis
Publisher : Lembaga Penelitian dan Pengabdian Kepada Masyarakat, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/ttvdmg80

Abstract

Blockchain semakin diakui sebagai pendorong utama transformasi digital dan sumber keunggulan kompetitif bagi pelaku usaha modern. Namun, tingkat adopsi Blockchain di Indonesia masih rendah akibat keterbatasan literasi digital, infrastruktur yang belum memadai dan kurangnya dukungan ekosistem teknologi. Meskipun demikian, teknologi ini memiliki potensi besar dalam meningkatkan efisiensi, transparansi, dan perlindungan data, yang sangat menguntungkan bagi para pelaku usaha berbasis teknologi. Tujuan dari penelitian adalah mengkaji pengaruh ekspektasi kinerja, ekspektasi usaha, pengaruh sosial, dan kondisi pendukung terhadap niat UMKM technopreneur di Jakarta mengadopsi teknologi blockchain. Pendekatan kuantitatif digunakan dengan melibatkan 98 responden yang dipilih secara purposive. Data dikumpulkan melalui survei daring terstruktur dan dianalisis menggunakan PLS-SEM. Hasil penelitian menunjukkan bahwa keempat konstruk yang diuji berpengaruh positif dan signifikan terhadap niat adopsi blockchain. Temuan ini memperkuat relevansi model UTAUT dalam konteks UMKM technopreneur di negara berkembang, sekaligus memberikan implikasi praktis bagi pembuat kebijakan dan penyedia teknologi dalam membangun ekosistem digital yang inklusif untuk memperkuat kinerja operasional dan daya saing UMKM di Indonesia.   Blockchain has increasingly been recognized as a key driver of digital transformation and a source of competitive advantage for modern businesses. However, the adoption rate of blockchain in Indonesia remains relatively low due to limited digital literacy, inadequate infrastructure, and insufficient technological ecosystem support. Despite these challenges, blockchain technology holds great potential to enhance efficiency, transparency, and data security that offering significant benefits for technology-based enterprises. This study aims to examine the influence of performance expectancy, effort expectancy, social influence, and facilitating conditions on the intention among technopreneurial MSMEs in Jakarta to adopt blockchain. A quantitative approach was employed, involving 98 purposively selected respondents. Data were collected through a structured online survey and analyzed using PLS-SEM. The findings reveal that all four constructs have a positive and significant effect on the behavioral intention to adopt blockchain technology. These results reinforce the applicability of the UTAUT model in the context of technopreneurial MSMEs in developing countries. Furthermore, the study provides practical implications for policymakers and technology providers to foster an inclusive digital ecosystem that supports innovation and adoption for enhancing the operational performance and competitiveness of Indonesian MSMEs in the digital era.
Faktor yang Memengaruhi Financial Well-Being Pekerja Jakarta dengan Financial Behavior sebagai Mediasi Stevia Carla Sucipto; Ary Satria Pamungkas
Jurnal Manajerial Dan Kewirausahaan Vol. 8 No. 3 (2026): Jurnal Manajerial dan Kewirausahaan
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/jmk.v8i3.37978

Abstract

Jakarta sebagai pusat kegiatan ekonomi nasional memiliki aktivitas bisnis dan ekonomi yang sangat tinggi, yang berdampak pada meningkatnya biaya hidup masyarakatnya. Meskipun Upah Minimum Provinsi (UMP) 2025 menjadi Rp 5,39 juta dan menjadi yang tertinggi di Indonesia, upah tersebut masih belum mampu memenuhi kebutuhan hidup di Jakarta. Karena itu, kemampuan mengelola keuangan menjadi hal penting untuk menjaga stabilitas finansial. Minimnya ruang untuk menabung, kurangnya kesiapan menghadapi keadaan darurat, serta ketergantungan pada pinjaman jangka pendek menunjukkan bahwa tidak semua individu memiliki pengelolaan keuangan yang sehat. Penelitian ini bertujuan untuk memahami pengaruh financial socialization dan locus of control terhadap financial well-being, baik secara langsung maupun melalui financial behavior. Penelitian menggunakan pendekatan kuantitatif deskriptif dengan kuesioner yang disebarkan kepada pekerja full-time berdomisili di Jakarta yang telah menyelesaikan pendidikan Strata 1 (S1), dengan jumlah sampel sebanyak 352 responden. Analisis data dilakukan menggunakan Partial Least Square–Structural Equation Modeling yang diolah melalui SmartPLS versi 4.1.1.6. Hasil penelitian menunjukkan bahwa financial socialization, locus of control, dan financial behavior berpengaruh positif terhadap financial well-being. Sosialisasi keuangan dari orang tua serta keyakinan individu dalam mengendalikan hidup terbukti membentuk perilaku keuangan yang lebih baik. Perilaku keuangan yang disiplin seperti menabung, mengatur pengeluaran, dan merencanakan keuangan menjadi faktor utama dalam meningkatkan kesejahteraan finansial. Selain itu, financial behavior memediasi pengaruh financial socialization dan locus of control terhadap financial well-being sehingga kedua faktor tersebut lebih berdampak ketika diwujudkan dalam kebiasaan keuangan yang konsisten. Jakarta, as the center of national economic activity, has very high levels of business and economic transactions, which contribute to the increasing cost of living for its residents. Although the Provincial Minimum Wage (UMP) for 2025 has reached IDR 5.39 million, making it the highest in Indonesia, this income level is still insufficient to fully meet the cost of living in Jakarta. Therefore, the ability to manage personal finances becomes essential in maintaining financial stability. Limited opportunities to save, insufficient preparedness for emergency situations, and reliance on short-term loans indicate that not all individuals possess healthy financial management practices. This study aims to examine the influence of financial socialization and locus of control on financial well-being, both directly and indirectly through financial behavior as a mediating variable. The research employs a descriptive quantitative approach using a questionnaire distributed to full-time employees domiciled in Jakarta who have completed undergraduate (S1) education, with a total sample of 352 respondents. Data analysis was conducted using Partial Least Square–Structural Equation Modeling (PLS-SEM) processed through SmartPLS version 4.1.1.6. The findings indicate that financial socialization, locus of control, and financial behavior have a positive effect on financial well-being. Financial socialization from parents and individuals’ beliefs in their ability to control their lives are proven to shape better financial behavior. Disciplined financial behaviors, such as saving, managing expenses, and financial planning, are key factors in improving financial well-being. Moreover, financial behavior mediates the effects of financial socialization and locus of control on financial well-being, indicating that these factors become more impactful when translated into consistent financial habits.
Pengaruh Film terhadap Motivasi Berinvestasi dan Niat Berinvestasi: Studi Eksperimental pada Mahasiswa Nanako Keisya Emanuella; Ary Satria Pamungkas; Cokki Cokki
Jurnal Manajerial Dan Kewirausahaan Vol. 8 No. 3 (2026): Jurnal Manajerial dan Kewirausahaan
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/jmk.v8i3.38081

Abstract

Perkembangan teknologi digital telah meningkatkan akses informasi dan kemudahan transaksi di pasar modal, sehingga mendorong generasi muda untuk semakin dekat dengan aktivitas investasi. Meskipun demikian, sejumlah survei nasional menunjukkan bahwa tingginya minat dan ketertarikan Generasi Z terhadap investasi belum sepenuhnya tercermin dalam perilaku investasi yang stabil. Ketidakkonsistenan ini menandakan bahwa keputusan untuk berinvestasi dipengaruhi oleh aspek psikologis, khususnya motivasi individu. Di sisi lain, konsumsi media visual termasuk film, semakin meningkat dan menjadi bagian dari keseharian Generasi Z. Sebagai media naratif, film memiliki kemampuan membangun alur cerita yang menggugah emosi, membentuk persepsi, serta mengubah cara pandang seseorang terhadap suatu fenomena, termasuk isu keuangan dan pasar modal. Dengan karakteristik tersebut, film berpotensi memengaruhi motivasi berinvestasi dan niat berinvestasi. Penelitian ini juga bertujuan untuk mengkaji pengaruh motivasi berinvestasi terhadap niat berinvestasi serta mengidentifikasi perubahan pada kedua variabel tersebut sebelum dan sesudah paparan film The Goldfinger, yang menggambarkan praktik manipulasi pasar modal. Sampel terdiri dari 99 mahasiswa S1 Manajemen Universitas Tarumanagara yang dipilih melalui teknik convenience sampling. Desain penelitian menggunakan One Group Pretest–Posttest, dengan analisis data melalui PLS-SEM dan uji Peringkat Bertanda Wilcoxon untuk menguji perbedaan pasca-perlakuan. Hasil penelitian menunjukkan bahwa motivasi berinvestasi berpengaruh positif dan signifikan terhadap niat berinvestasi pada kedua kondisi. Selain itu, ditemukan perbedaan motivasi berinvestasi dan niat berinvestasi sebelum dan sesudah perlakuan, sehingga mengindikasikan bahwa film mampu membentuk perubahan psikologis yang relevan terhadap kecenderungan perilaku investasi. The advancement of digital technology has enhanced access to information and simplified transaction in the capital market, thereby encouraging younger generations to engage with investment activities. Nevertheless, national surveys indicate that the level of interest and enthusiasm for investing among Generation Z has not been fully reflected in consistent investment behavior. This inconsistency suggests that investment decisions are shaped by psychological aspects, particularly individual motivation. At the same time, the consumption of visual media, including films, continues to rise and has become an integral part of Generation Z’s daily life. As a narrative medium, film has the capacity to construct emotionally engaging storylines, shape perceptions, and influence how individuals interpret phenomena, including financial issues and capital market dynamics. Given these characteristics, films may influence investment motivation and investment intention. This study also aims to examine the influence of investment motivation on investment intention and to identify changes in both variables before and after exposure to The Goldfinger film, which portrays market manipulation practices. The sample consists of 99 undergraduate Management students from Tarumanagara University, selected using a convenience sampling technique. The research employs a One Group Pretest–Posttest design, with data analyzed using PLS-SEM and the Wilcoxon Signed Ranked test to assess post-treatment differences. The findings indicate that investment motivation exerts a positive and significant influence on investment intention in both conditions. Furthermore, differences in investment motivation and investment intention were observed before and after the treatment, suggesting that film exposure can induce psychological changes relevant to investment-related behavioral tendencies.
Entrepreneurial Mindset and Self-Efficacy as Mechanisms Linking Entrepreneurship Education to Intention Lydiawati Soelaiman; Christianson Halim; Ary Satria Pamungkas
Wiga : Jurnal Penelitian Ilmu Ekonomi Vol. 16 No. 1 (2026): March 2026
Publisher : Institut Teknologi dan Bisnis Widya Gama Lumajang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30741/wiga.v16i1.1672

Abstract

The persistently elevated unemployment rate among Indonesian university graduates highlights the urgent need for sustainable alternative solutions. At universities, optimizing entrepreneurship education is one strategic approach that can be implemented. Although entrepreneurship education is widely assumed to stimulate students’ entrepreneurial intention, prior empirical evidence remains inconclusive, with studies reporting inconsistent outcomes. This study explores how entrepreneurship education contributes to students’ entrepreneurial intention by considering the roles of entrepreneurial mindset and self-efficacy within the Theory of Planned Behavior framework. The study collected primary data from 130 university students in West Jakarta who had completed an entrepreneurship course. Respondents were selected using purposive sampling, and the data were collected through an online questionnaire. The proposed research model was analyzed using PLS-SEM. The results suggest that exposure to entrepreneurship education is associated with stronger entrepreneurial intention among students, both directly and indirectly, with entrepreneurial mindset and self-efficacy serving as mediators. These findings lend empirical support to TPB and emphasize the importance of integrating cognitive and affective dimensions within entrepreneurship education to pursue entrepreneurial careers.
Co-Authors Amelia Harsono Angelia Anastasya Anne Emily Soetanto Bobby Natawiguna Candra Wijaya Christianson Halim Cokki Cokki Deddy Darmawan Dhyanitara Mitta Hannes Widjaya Hendra Wiyanto Herlina Budiono Hernando Jerico Jennifer Jennifer Kelly Kelly Lydiawati Soelaiman Meitasari Sherlyani Mery Henisa Putri Nanako Keisya Emanuella Novia Valentina Olivia Sandra Wijaya Priscillia Chandra Rachel Halim Richie Cruise Lim Robin Alexander Rohani Rohani Stevia Carla Sucipto Vanessa Eilien Hidayat Welly Chandra Yosua Yosua