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All Journal Journal of Economics, Business, & Accountancy Ventura Owner : Riset dan Jurnal Akuntansi
Isfenti Sadalia
Universitas Sumatera Utara, Medan, Indonesia
Economics, Econometrics & Finance

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Intellectual Capital Terhadap Financial Leverage: Risiko Perusahaan Dan Profitabilitas Annisa Maulida Harahap; Isfenti Sadalia; Nisrul Irawati
Owner : Riset dan Jurnal Akuntansi Vol. 7 No. 1 (2023): Forthcoming (IN PRESS) | Article Research Volume 7 Issue 1, Januari 2023
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v7i1.1242

Abstract

Data from IDX Statistics 2020 state that the financial sector, especially banking sector has market capitalization rate at 33% of all the total market capitalization in Indonesia. The rate of the market capitalization of banking sector shows that bank sector has a big role in economics of country. This study analyzes the effect of intellectual capital on financial leverage with firm risk and profitability as mediating variables of conventional commercial foreign exchange banks in Indonesia Stock Exchange. The data collection method for this research is a literature study and documentation method, that is the financial statements of conventional commercial foreign exchange banks in the Indonesia Stock Exchange that collecting from 2016 to 2020. There are 29 populations who are all sampled. This research method is descriptive data and Partial Least Square (PLS). The results of the study show that only VACA, VAIC indicator, shaping the value of intellectual capital. Intellectual capital has a negative and significant effect on financial leverage. Intellectual capital has a positive and significant effect on firm risk. intellectual capital has a positive and significant effect on profitability. Firm risk and profitability are not able to mediate the influence of intellectual capital on financial leverage. Firm risk has a positive and insignificant effect on financial leverage. Profitability has a positive and significant effect on financial leverage.
Investment Literacy, Herding, Experience, and Risk Tolerance: An Empirical Study of Beginner Generation Z Investors Beby Kendida Hasibuan; Isfenti Sadalia; Wina Nurfitriani; Lailan Syafrina Hasibuan; Suci Indah Syafitri; Safrizal Fazli Tarigan
Journal of Economics, Business, & Accountancy Ventura Vol. 28 No. 2 (2025): August 2025
Publisher : Research Center and Community Services (PPPM)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/jebav.v28i2.5731

Abstract

This study examines the influence of herding behavior and investment literacy on investment decisions among beginner Generation Z investors in North Sumatra, Indonesia, with investment experience and risk tolerance tested as mediating variables. Using a quantitative, quantitative associative with a cross-sectional survey and analyzed using structural equation modeling. For direct effects, results show that herding behavior has no significant direct effect on investment decisions, but it has a significant negative effect on investment experience and a significant positive effect on risk tolerance; investment literacy, in contrast, has significant positive direct effects on investment experience, risk tolerance, and investment decisions, confirming its role as the strongest overall predictor. For indirect effects, risk tolerance significantly mediates the influence of both herding behavior and investment literacy on investment decisions, whereas investment experience does not significantly mediate either relationship. Overall, the model explains 87.4 percent of the variance in investment decisions. Theoretically, the study integrates social learning, prospect theory, and experiential learning perspectives to explain how beginner investors process social information and calibrate risk. Practically, the findings suggest that regulators and digital investment platforms should strengthen risk profiling and behavioral nudge features for Generation Z investors, who increasingly dominate market participation in North Sumatra. These findings highlight risk tolerance as the key psychological channel linking behavioral and cognitive factors to investment behavior, underscoring the importance of financial literacy programs and behavioral nudges for improving investment decision quality among young retail investors.
Co-Authors annisa maulida harahap Beby Kendida Hasibuan Lailan Syafrina Hasibuan Nisrul Irawati Safrizal Fazli Tarigan Suci Indah Syafitri Wina Nurfitriani