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Exploring Cognitive Bias Influence on Investment Decisions in Indonesia: The Mediating Role of FOMO Budiman, Johny; Ong, Teddy; Yuwono, Wisnu
Jurnal Economia Vol. 21 No. 3 (2025): October 2025
Publisher : Faculty of Economics and Business, Universitas Negeri Yogyakarta in collaboration with the Institute for

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21831/economia.v21i3.76879

Abstract

This study investigates the impact of cognitive biases on investment decisions in Indonesia, emphasizing the mediating role of fear of missing out (FOMO). Addressing a research gap, it extends prior studies by incorporating overconfidence and risk perception alongside commonly examined biases such as loss aversion and herding. A quantitative approach was employed through a survey of retail investors, and data were analyzed using partial least squares-structural equation modeling (PLS-SEM) via SmartPLS. The findings reveal that herding exerts a significant influence on investment decisions, whereas loss aversion, overconfidence, and risk perception show no direct effect. Notably, FOMO mediates the relationship between loss aversion and investment decisions, though herding remains the most dominant factor. These results suggest that while Indonesian investors demonstrate rational tendencies, susceptibility to social dynamics and behavioral triggers persists. The study contributes to behavioral finance literature and offers practical insights for mitigating bias-driven investment risks.
Macro and Microeconomic Variables on Stock Return in The Property Sector In 2018-2022 Yuwono, Wisnu; Andrianus, Lian; Laulita, Nasar Buntu
Journal of Economic, Management, Accounting and Technology (JEMATech) Vol 7 No 2 (2024): Agustus
Publisher : Fakultas Teknik dan Ilmu Komputer, Universitas Sains Al-Qur'an (UNSIQ) Wonosobo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32500/jematech.v7i2.5938

Abstract

The purpose of the study, is getting information about investment to the investor based on micro and macro economic indicator. The variabel of micro and macro economic have a fluctuation indicated to Stock Return variabel. In this study, Stock Return is a dependent variable, Return On Asset (ROA), Debt to Equity Ratio (DER), Current Ratio (CR), Inflation, and Interest Rate is independent variable. The sample is using 23 of property company in 2018-2022 years. Variable data of macro economic is collect from website on www.bi.go.id, www.bps.co.id and data variable of micro economic is collect from company financial statement. The methods of this study is using analisis liner berganda. The result of this study is using the common effect model, because is the best model in this study. The result of Uji F is show ROA, DER, CR, Inflation and Interest Rate is not simultaneous significant to the Stock Return. The Result of Uji T is show the effect of ROA, DER and CR is not significant to the Stock Return, otherwise the Inflation and Interest Rate is significant to the Stock Return.
Analisis Pengaruh Faktor Kegunaan, Kemudahan, Sosial dan Resiko Terhadap Minat Menggunakan E-Money Pada Kalangan Mahasiswa di Kota Batam Yuwono, Wisnu; Antonio, Roni; Peranginangin, Pulung
SKeTsa Bisnis (e-jurnal) Vol 10 No 2 (2023): Sketsa Bisnis
Publisher : Universitas Yudharta Pasuruan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35891/jsb.v10i2.4132

Abstract

English VersionThe development of technology and information moves very fast and dynamically. These developments cause all aspects of life to adapt to the progress and impact of technology and information. The impact of technological progress has also affected world banking, namely the existence of a payment system with e-money or electronic money. The purpose of this study is to analyze the factors of usability, convenience, social environment, and risk among students in the desire to use e-money. The research was conducted on 247 respondents from university students in Batam City. The results of this study indicate that the factors of usability, convenience, and social influence have a significant positive effect on the intention to use e-money, while risk factors do not have a significant effect on the desire to use e-money. The results of the study provide recommendations for e-money provider companies to continue to improve their facilities. Versi Indonesia Dunia digital berkembang begitu pesat, sehingga memaksa seluruh stakeholder beradaptasi dengan kemajuan yang dihasilkan. Hal ini juga dialami oleh sektor perbankan yakni dengan lahirnya sistem pembayaran menggunakan e-money atau uang elektronik. Penelitian ini bertujuan menginvestigasi pola penerimaan teknologi tersebut pada mahasiswa, secara spesifik dalam menggunakan e-money. Penelitian ini menggunakan pendekatan kuantitatif, metode sampling yang digunakan adapah purposive random sampling. Penelitian ini melibatkan 247 mahasiswa di Kota Batam. Hasil penelitian menunjukkan bahwa faktor kegunaan, kemudahan, dan pengaruh lingkungan sosial memiliki pengaruh positif yang signifikan terhadap niat untuk menggunakan e-money. Sementara itu, faktor risiko tidak memiliki pengaruh signifikan terhadap keinginan untuk menggunakan e-money.
Analisis Pengaruh Profitabilitas, Utang, CSR, Struktur Modal Dan Ukuran Perusahaan Terhadap Nilai Perusahaan Aneka Industri Wisnu Yuwono; Sonata, Vivi; Hesniati
SKeTsa Bisnis (e-jurnal) Vol 10 No 2 (2023): Sketsa Bisnis
Publisher : Universitas Yudharta Pasuruan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35891/jsb.v10i2.4502

Abstract

English Version In every field of business entity the goal is to obtain maximum profits. To obtain maximum profits, companies need to take actions that can develop the company's image so that it affects company value. The high value of the company shows the results of a high level of return on investment and the company's ability to manage assets well so that the company is considered to be experiencing positive development. The value of various industrial companies in 2019 experienced a fall of tens of percent. This study aims to determine the factors that trigger changes in the value of various industrial companies listed on the IDX. This study aims to determine the factors that trigger changes in the value of various industrial companies. which is listed on the IDX. This study method uses a quantitative method using 28 company samples from the 2017 to 2021 period taken through the company's financial and annual reports. The analysis technique used in this research is panel regression. Based on the results of this research, the variables profitability, social responsibility and capital structure do not have a significant effect on company value, while the variables debt and company size have a significant positive effect on company value. Versi Indonesia Dalam setiap bidang badan usaha memiliki tujuan untuk memperoleh keuntungan yang maksimum. Untuk memperoleh keuntungan yang maksimum perusahaan perlu melakukan aksi - aksi yang bisa mengembangkan citra perusahaan sehingga berpengaruh pada nilai perusahaan. Tingginya nilai perusahaan menunjukkan hasil tingkat pengembalian investasi yang tinggi dan kemampuan perusahaan dalam mengelola asset dengan baik sehingga perusahaan dinilai mengalami perkembangan yang positif. Studi ini bertujuan untuk menentukan faktor-faktor yang memicu perubahan pada nilai perusahaan aneka industri yang terdaftar di BEI. Metode studi ini memakai metode kuantitatif dengan menggunakan 28 sampel perusahaan dari periode 2017 hingga 2021 yang diambil melalui laporan keuangan dan tahunan perusahaan. Teknik analisis yang dimaanfaatkan pada penelitian ini ialah regresi panel. Berdasarkan hasil studi ini variabel profitabilitas, tanggung jawab sosial dan struktur modal tidak berpengaruh signifikan terhadap nilai perusahaan sedangkan variabel utang dan ukuran perusahaan berpengaruh signifikan positif terhadap nilai perusahaan.
PRAKTEK MANAJEMEN KEUANGAN: SEBUAH ANALISIS SURVEI PADA UMKM DI KOTA BATAM PROVINSI KEPULAUAN RIAU Yuwono, Wisnu
Jurnal Ecoment Global Vol. 5 No. 2 (2020): Edisi Agustus 2020
Publisher : Universitas Indo Global Mandiri Palembang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (238.441 KB) | DOI: 10.35908/jeg.v5i2.1011

Abstract

This study aims to identify the practical implementation of financial management and to identify the economic impact of the financial management practices on the performance of SMEs in Batam, eventually obtained the proposals of appropriate policy recommendations relating to aspects of the implementation of financial management practices. This research is descriptive analysis with case study approach in Batam, using primary data through stratified random sampling of 150 samples of SMEs. Data analysis using scoring techniques of data through SPSS version 21. The results showed that: 1) financial management practices in SMEs in Batam relatively less strong with an average value of 2,876 (scale of 5); 2) There is no significant difference between SMEs who practice financial management above average with below average against the economic impact of companies measured by the approach ROA (return on assets), but when seen from the increase in assets, 60% of SMEs conducting financial management practices above average asset value has increased; 3) The policy recommendations specifically addressed to the Office of PMP-KUKM including: a) through mentoring activities are regularly conducted every year by the Department of PMP-KUKM, b) procurement of appropriate technology system of financial accounting information for SMEs, c) motivation expansion investment for SMEs and d) to apply a minimum service standards in the field of financial management for SMEs.Keywords: SMEs, working capital, investments, financing, financial statements, accounting information systems, budgeting.
Business Risk Management Planning at Public Accounting Firm in Batam City Lau, Andy; Yuwono, Wisnu
Conference on Business, Social Sciences and Technology (CoNeScINTech) Vol. 3 No. 1 (2023): Conference on Business, Social Sciences and Technology (CoNeScINTech)
Publisher : Lembaga Penelitian dan Pengabdian kepada Masyarakat

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37253/conescintech.v3i1.8510

Abstract

This research was conducted to find out the business risk management plan at the Public Accounting Firm in Batam City and can take action to prevent for minimize the risks. This study uses a descriptive contextual approach to analysis and data collection techniques in this study are interviews. Respondents who were interviewed must have knowledge and competence in related fields so that the data obtained can reflect the actual conditions. The results of this study indicate that there are 5 risks in the Public Accounting Firm in Batam City which include 4 medium risks and 1 low risk. Most of the risks that occur are caused by a lack of audit planning. Therefore, the Public Accountant Office in Batam City needs to implement a more effective and efficient audit plan to be able to prevent and minimize the risks that will occur.
Business Risk Management Planning for Junior Auditor Positions in Public Accounting Firms Antoni Ang, Meiga Putri; Yuwono, Wisnu
Conference on Business, Social Sciences and Technology (CoNeScINTech) Vol. 3 No. 1 (2023): Conference on Business, Social Sciences and Technology (CoNeScINTech)
Publisher : Lembaga Penelitian dan Pengabdian kepada Masyarakat

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37253/conescintech.v3i1.8511

Abstract

The role and position of public accountants such as auditors are criticized for doubting their professionalism and independence. This condition results in the potential become high risks in KAP, the risks also affect the author who serves as a Junior Auditor at Public Accounting Firm. In this case, the author plans business risk management in the work of the Junior Auditor position to minimize the risk of material errors in doing his work. The research method uses the results of interviews and brainstorming, the results of which are used as events that become the object of research on potential risks that are likely to arise if these risks occur. The results of the event will form a risk register which will be an input in making Qualitative Risk Identification. The results of the study are 5 types of risk events and triggers that occur in Public Accountant, namely; complex transactions (high risk), uncooperative clients (medium risk), high audit schedule (medium risk), final approval audit report (medium risk), and business audit risk (medium risk).
Design and Application of Risk Management in Public Accounting Firm (KAP) Veronica, Veronica; Yuwono, Wisnu
Conference on Business, Social Sciences and Technology (CoNeScINTech) Vol. 3 No. 1 (2023): Conference on Business, Social Sciences and Technology (CoNeScINTech)
Publisher : Lembaga Penelitian dan Pengabdian kepada Masyarakat

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37253/conescintech.v3i1.8512

Abstract

This study aims to design and implement risk management in Public Accounting Firms (KAP). This research combines field research and literature research. This research uses a qualitative approach and utilizes descriptive data from interviews and brainstorming to obtain field data. Literature research uses literature studies and previous research. The process of designing and implementing risk management starts from risk identification, risk analysis, risk evaluation, and risk treatment. The results of risk identification show that KAP has several risks that can result in complaints from clients, audit delays, wrong opinions, and financial losses. Risk analysis shows that 3 events are at the medium priority level and 2 events are at the low priority level. A risk evaluation was conducted and showed that 5 risk events actually at medium priority. Finally, risk response analysis shows that risks can be mitigated by mitigation and avoidance. Researchers recommend KAP and similar companies to consistently apply risk management in the audit process so that companies can reduce the adverse effects of risks or take advantage of risks in a direction that benefits the company.
Business Risk Management Planning for Staff in the Division of Public Relations in a Government Agency Putra, Herman Eka; Yuwono, Wisnu
Conference on Business, Social Sciences and Technology (CoNeScINTech) Vol. 3 No. 1 (2023): Conference on Business, Social Sciences and Technology (CoNeScINTech)
Publisher : Lembaga Penelitian dan Pengabdian kepada Masyarakat

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37253/conescintech.v3i1.8534

Abstract

In today's fast-paced and interconnected world, managing risk has become essential to effective public relations (PR) in government agencies. The public sector is highly vulnerable to a variety of risks, including reputational, legal, financial, and operational risks, which can have significant consequences for the government's ability to serve the public. This research was conducted to determine business risk management plans that might occur in the Public Relations division of a government agency and can take action to prevent and minimize the risks that will occur. This study uses a contextual descriptive analysis approach. Data collection techniques in this study are interviews with staff who have a good understanding of that field. The results of the study show that there are 4 low risks and 1 medium risk, for this reason, the public relations sector must convey to the public the positive performance of the government so that public trust increases.
ANALISA KEBIJAKAN PEMERINTAH INDONESIA TERHADAP ANCAMAN KERJA PASCA INFLASI Wirren Chang; Agnes Doraresta Khatarina Tokan; Dewi; Gladys Christiani; Mardiana Ng; Serina; Wisnu Yuwono
Jurnal Ekonomi, Manajemen Pariwisata dan Perhotelan Vol. 2 No. 1 (2023): Januari : Jurnal Ekonomi, Manajemen Pariwisata Dan Perhotelan
Publisher : Lembaga Pengembangan Kinerja Dosen

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55606/jempper.v2i1.1057

Abstract

The increase in inflation that occurs causes the threat of unemployment in Indonesia. According to the BPS, 4.48 million Indonesians are unemployed in 2022. Cyclical unemployment is unemployment caused by a large-scale economic crisis (inflation), so many companies lay off their workers to reduce the risk of loss in a company. the. The method used in this research is literature study. The literature study method is a method that is carried out by collecting data and documents from references that are in accordance with the author's research. In this study, the authors analyze monetary policy as a government policy that can be used in overcoming the threat of post-inflation unemployment. Monetary policy is one way to reduce unemployment by increasing the money supply and reducing interest rates which will increase investment. The increasing amount of investment will increase job opportunities which in turn will reduce unemployment
Co-Authors Agnes Doraresta Khatarina Tokan Agnes Doraresta Khatarina Tokan Agung Wibowo Agustina Agustina Agustini Fatmasari Alice Angela Alva Hendi Muhammad Andi Putri Isnayani Kamal Andina Fasha Andina Fasha, Andina Andrea Putri Andrean Andrean Andrianus, Lian Andy Lau Angelin Angelin Angelin Denis Yeo Angelin, Angelin Angeline Angeline Anna Isabella Lau Antalius, Yosep Deki Antoni Ang, Meiga Putri Antonio, Roni Aprilia Chandrawati Arief Maulana Asya Ian Ramadani Baihaqi, Ahmad Azka Bella Febiola Bhuan, Sun Calvin Calvin Candy, Candy Caroline Angelina Caroline Angelina Chris Tan Christiarini, Renny Cindy Fransiska Cindy Jolinna Cindy, Gracia Coral Aswanti Davin Ewaldo Delvian Yosuky Denny Denny Dennys Ng Desmond Lim Dessy Alliandrina Destiana Safitri Dewi Dewi Diavika Febriyanti Dimas Firmansyah Nasution Dita Aurelia Edy Yulianto El Vin Ho Ellen Rusliati Elvy Tan Emella Kansa Sulthanah Gumay Erika Erika Erika Erika Erilia Kesumahati Erilia Kesumahati Esfandiany, Shelby Estefania Estefania Eva Awaliya, Nindi Suhendri, Tiara Plorist Sibarani Lilian Nurul Wildani, Evi Silvana Muchsinati Ewaldo, Davin Felicia Koo Felix Santono Ferdinand Jason Fortuna, Erica Frendelina N. Nesimnasi Ginting, Dinda Tri Ninta Gladys Christiani Gladys Christiani Glenis Doren Lim Greceila Veronica Tanita Hansend Cristoper Hashim, Hanini Ilyana Che Hendrawan Hendrawan Hendriyanto Hendriyanto Henly Henly Herman Eka Putra Hesniati, Hesniati Ibrahim, Mukdad Ikhwanul Amri, Muhammad Imas, Latifa Al Rosyidah Inda Meyllya Putri Indramawan Indramawan Jacksen Lim Jennifer Jennifer Jerry Jerry Jesclin Jesclin Jesni Jesni Jessica Jessica Jessy Valencia Jesty Jesty Jihadhatul Akbar Joey Joey John Christian Tedjo Johny Budiman Jovan Pratama Joycelyn Julia Renaldi, Angelina Juliana Juliana Julyati Julyati Jumbri, Isma Addi Junen Wiwi Juven Gautama Juviyanty Juviyanty, Juviyanty Kalia, Lee Kelvin Tanudjaja Kendy Setiawan Hartono Kevin Antonio Kevin Leonardo Kevin Lim Kharina, Chintya Khornida, Dewi Lady, Lady Lau, Andy Laulita, Nasar Buntu Leni Mardayanti Leon Agustian Salim Leonard, Rivaldo Leviana Lia Willyanto Lily Indrawati Lisa Carline Liu Lu Sudirman Lydia Lestari Lydia Sasmita Maidian Setiawati Manda Carissa Marco, Alysia Callista Mardiana Ng Mardiana Ng Marheni, Dewi Khornida Mariska Ramadana Marthin, Ricko Meiga Putri Antoni Ang Meilita Meilita Michael Iken Bonar Anju Sibagariang Moron, Maria Selvi Muhammad Rivaldy Hisham Mujibah, Mujibah Mulyaningrum Mulyaningrum Munaroh Susanto Nabila Arinov Mey Nadya Altiyane Naimah, Mutiara Kamilatu Nainggolan, Ferdinand Nancy Nancy Nelson Donglas Ng, Mega Augustina Nicholas Sunaidi Nicolaus Tommy Prasetyo Nimatul Mamuriyah Noveldi Oktovian Noveldi Oktovian Novita Lasmawati Novita Novita Nuraini, Sharfina Intan Nurhayati Balqis Nurtia Putri Sari Nurtia Sari Olinda Viviani Olivia, Ratu Ong, Teddy Pasaribu, Yemima Natasha Pauline Peranginangin, Pulung Permata, Nadiva Surya Piere Ricardo Prabowo, Ilham Pradino Kusumo Pulung Peranginangin Putra, Christian Hadinatan Putra, Edy Yulianto Putra, Herman Eka Putra, Sandy Putri Tazkia Ramadani, Arienda Gitty Ramadhana, Reva Sri Ranny Daniel Rany, Hay Reddyson Reddyson Reny NG Ria Bintan Riandi, Rafi Rizky Richie Marlon Ricky Ricky Rido Renando Rince Monica Hutagalung Riskiyanto Riskiyanto Rizky Adi Mahendra Robin Robin Robin Robin Robin Robin, Robin Roni Antonio Rosalina, Shelly Rusdin Rusdin Santo Santo Sari Wahyuni, Lily Sudhartio, Sefryanto Valentinus Selina Ng Selina Selina Serina Serina Sevilla Nadia Amada Shelby Esfandiany Shellyna Shellyna Sherley Angelia Silvia Hainia Silvia Rahayu Silvina Silvina Silvina, Silvina Sinambela, Fitriana Aidnilla Sindy Sindy Siswuri Andari Siti Rohani Sitorus, Winda Fionita Sonata, Vivi Sopyan, Sahda Fatonah Salsabila Stella Stella Suheri, Falda Suprapto, Yandi Supriadi Supriadi Susanti Susanti Sutini Sutini Suvia, Honey Suyono Saputra Suyono Saputra Suyono Saputra Sylvia Putri Tata Fransiska Putri Tazkia, Putri Theresia Desilva Thomas Lie Tiara Shinta Tjan, Charles Tresia Putri Trio Trio Vanness Kangnanda Veronica Veronica VERONICA VERONICA Vina Kristini Viorilla, Princesscia Vanessa Vivi Sonata Welliam Ali Wesly Wesly Wijaya, Cynthia Anna Wilfi Caroline Willyanto, Lia Winshen Wirren Chang Wirren Chang Xena Amanda Amanda Xian, Andy Chua Eng Yandi Suprapto Yang, Wendy Wiranata Yessica Stephanie Lim Yingfanie, Melissa Yogi Rizky Yogi Yohanes Aprialdy Simanungkalit Yulfiswandi Yulfiswandi Yulfiswandi, Yulfiswandi Yuliana Shintia Yuswardi yuswardi, Yuswardi Zoy Beils