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All Journal EKONOBIS (JURNAL EKONOMI DAN BISNIS) Distribusi Jurnal Aplikasi Akuntansi Al-Kharaj: Journal of Islamic Economic and Business JPIn : Jurnal Pendidik Indonesia Target : Jurnal Manajemen Bisnis Jurnal Abdimas Sangkabira Jurnal Konstanta : Ekonomi Pembangunan E-JURNAL AKUNTANSI Indonesian Journal of Education and Community Services Indonesian Journal of Taxation and Accounting
Lalu Hamdani Husnan
Fakultas Ekonomi Dan Bisnis Universitas Mataram, Indonesia
Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Social Sciences Other

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How Managerial Overconfidence Shapes M&A Decisions: A Systematic Literature Review Khamada Novel; Lalu Hamdani Husnan; Siti Aisyah Hidayati
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 2 (2026): All articles in this issue include authors from 3 countries of origin (Indonesi
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i2.10487

Abstract

This study presents a systematic literature review of 34 empirical articles published between 2004 and 2025 to examine how managerial overconfidence shapes merger and acquisition (M&A) decisions and outcomes. Using PRISMA 2020 guidelines, the review synthesizes evidence across global contexts, covering both developed and emerging markets. The findings show that overconfident CEOs and managers tend to initiate larger, riskier, and more frequent acquisitions, often resulting in weaker post-merger performance and unfavorable market reactions. The effects of overconfidence are further amplified by investor sentiment, decision framing, and organizational dynamics. Corporate governance (particularly board independence and internal control systems) emerges as a key moderating factor that can constrain biased decision-making. Recent studies also introduce improved measurement approaches, including synergy forecast error and machine-learning models. The review highlights the need for more research in emerging markets such as Indonesia, where context-specific proxies and governance structures may influence the behavioral dynamics of M&A.
Determinants of Stock Investment Decisions Among Indonesian University Students: Examining the Role of Peer Influence and Financial Literacy Through the Mediating Effect of Risk Tolerance Muhammad Ajis; Siti Aisyah Hidayati; Lalu Hamdani Husnan
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 2 (2026): All articles in this issue include authors from 3 countries of origin (Indonesi
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i2.10503

Abstract

The purpose of this study is to analyze the determinants of stock investment decisions among undergraduate students in Indonesia, with risk tolerance serving as a mediating variable. Despite the exponential growth of young investors reaching 20.32 million Single Investor Identification (SID) by 2025, with more than 52% under the age of 30 the quality of investment decision-making among this cohort remains underexplored, particularly with respect to the psychological mechanisms that bridge cognitive and social influences. Using a quantitative associative-causal design, data were collected from 141 active undergraduate students who hold verified securities accounts and actively trade stocks, selected through purposive sampling. Structural Equation Modeling with Partial Least Squares (SEM-PLS) was employed for analysis. The findings reveal that financial literacy exerts a strong direct positive effect on stock investment decisions and on risk tolerance. Peer influence demonstrates no direct effect on investment decisionS, but exerts a significant indirect effect fully mediated by risk tolerance (full mediation). Risk tolerance itself is a significant determinant of investment decisions, and partially mediates the relationship between financial literacy and investment decisions (complementary mediation). These results confirm that investment decisions among students are the product of a complex integration of cognitive, social, and psychological factors. The study contributes theoretically by integrating Theory of Planned Behavior, Financial Socialization Theory, and Prospect Theory into a unified behavioral finance model for young investors.
ANALISIS INDEKS NILAI TUKAR PETANI (INTP) DI PROVINSI NUSA TENGGARA BARAT PERIODE 2019 -2025 Alamsyah Alamsyah; Lalu Hamdani Husnan; M Irwan
Jurnal Konstanta Vol. 5 No. 1 (2026): Jurnal Konstanta : Ekonomi Pembangunan, Juni 2026
Publisher : Fakultas Ekonomi dan Bisnis Universitas Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29303/konstanta.v5i1.3179

Abstract

Penelitian ini bertujuan untuk melakukan analisis tentang Indeks Nilai Tukar Petani dan tingkat kesejahteraan petani di Nusa Tenggara Barat. Metode penelitian yang dipergunakan adalan metode deskriptif analitik, dengan memfokuskan analisa pada data primer maupun sekunder. Data bersumber dari BPS, Dinas Pertanian Provinsi dan Kabupaten/Kota dan laporan-laporan Analisis yang dilakukan menggunakan analisis deskriptif yang mengacu pada data yang telah dihimpun. Analisis statistik dipergunakan untuk menghitung perkembangan Indeks Nilai Tukar dan faktor-faktor lainnya dengan menggunakan metode perkembangan. Hasil Penelitian menunjukkan bahwa, selama tujuh tahun rata-rata Nilai Tukar Petani (NTP) sub sektor sebesar 113,66 persen, ini berarti bahwa selama tujuh tahun (2019 -2025) petani pada sub sektor tanaman pangan, Hortikultura, Peternakan dan perikanan mengalami surplus pendapatan, artinya petani pada sub sektor sudah sejahtera karena pendapatannya rata-rata lebih besar dari pada pengeluarannya, sedangkan pada sub sektor tanaman perkebunan rakyat berada dibawah 100 persen, yang menunjukkan petani pada sub sektor tersebut belum sejahtera.
The Influence of Ownership Structure on the Extent of Sustainability Reporting Disclosure: The Mediating Role of Profitability Putu Putri Risma Wandansari; Lalu Hamdani Husnan; Siti Aisyah Hidayati
Indonesian Journal of Taxation and Accounting Vol 4, No 3 (2026): September 2026
Publisher : Academic Bright Collaboration

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.66053/ijota.v4i3.991

Abstract

Purpose – Rising demands from stakeholders, environmental issues, and the growing need for corporate openness have amplified the significance of sustainability reporting in the mining sector, which is characterized by its environmental sensitivity. Prior research has reported varying outcomes regarding how ownership structure affects the disclosure of sustainability reports and has overlooked the potential mediating effect of profitability. This research investigates how institutional, managerial, and family ownership impact sustainability report disclosure, placing profitability as a mediating factor.Methods – Quantitative associative methodology was used involving panel data analysis of 18 mining firms listed at Indonesia Stock Exchange for 2019–2024, yielding 108 observations. Panel regression, path analysis, and Sobel test were used in the analysis.Findings – Both institutional ownership (β = 0.0285; p = 0.0447) and managerial ownership (β = 0.3542; p = 0.0491), along with profitability (β = 0.3462; p = 0.0145), have a positive and significant effect on the disclosure of sustainability reports. Conversely, family ownership does not show a significant impact (p = 0.2816). Profitability strongly mediates the relationships between institutional ownership (p = 0.0092) and managerial ownership (p = 0.0422) concerning sustainability report disclosure, while it does not have a significant mediating effect in relation to family ownership (p = 0.0993).Research Implications – The findings suggest that companies should strengthen institutional investor involvement and managerial ownership to improve profitability and sustainability disclosure. Regulators should also promote governance mechanisms that enhance disclosure transparency. The study is limited to Indonesian mining companies over a six-year period.Originality – This research adds to the body of knowledge regarding sustainability disclosure by illustrating how profitability serves as a mediator between the structure of ownership and the reporting of sustainability.
Co-Authors Alamsyah Alamsyah AB Alamsyah Abu Bakar Alamsyah Abubakar Alamsyah Alamsyah Ayudia Sokarina Budi Santoso Endang Sri Midiawati Endar Pituringsih Herman, Lalu Edy I Nyoman Nugraha Ardana Putra Junaidi Sagir Khamada Novel M Irwan Muhajir Irfani Muhamad Hariro Muhammad Ajis Muhammad Helmi Falah Putu Putri Risma Wandansari Siti Aisyah Hidayati Sri Taufil Laily Titiek Herwanti