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PSYCHOLOGICAL BIASES IN INVESTMENT DECISIONS: AN EXPERIMENTAL STUDY OF MYOPIC BEHAVIOR IN DEVELOPING CAPITAL MARKETS Wendy, Wendy; Asri, Marwan
Journal of Indonesian Economy and Business Vol 27, No 2 (2012): May
Publisher : Journal of Indonesian Economy and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (78.489 KB)

Abstract

This paper attempts to analyze the psychological biases that affect investors in making risky investment decisions based on the theory of Myopic Loss Aversion (MLA). The datawere obtained from two sources (students and stock investors) which in turn were manipulated by two types of treatment (frequent and infrequent), using a mixed design of betweenwithin subjects with a 2 x 2 factorial. The experimental result showed the consistency of the two groups of participants to the theory of the MLA. Analysis of the gender showed that the boldness levels of the male participants and female participants in the group of investors were the same, while in the student group, gender showed a significant influence. Other findings included a "shock-effect" experienced by the participants during the experiment. Keywords: behavioral finance, myopic loss aversion, frequent-infrequent, gender, and shock-effect
Efek Moderasi Size dalam Pengungkapan Sukarela: Bukti Empiris di Bursa Efek Indonesia Wendy, Wendy
Jurnal Ekonomi Bisnis dan Kewirausahaan Vol 9, No 1 (2020): Jurnal Ekonomi Bisnis dan Kewirausahaan (JEBIK)
Publisher : Fakultas Ekonomi dan Bisnis, UNTAN

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (534.102 KB) | DOI: 10.26418/jebik.v9i1.37244

Abstract

The purpose of this study is to analyze the determinants of voluntary disclosure (VD) by using three non-interaction models and one interaction model. This paper observes four VD"™s determinants (ownership dispersion, managerial ownership, audit committee, and independent commissioners), one control variable (capital structure), and one moderating variable (total asset). By using panel data analysis (225 observations) on the Indonesia Stock Exchange (IDX), it is found that the total asset can be used as the moderating variable in explaining the determinants of VD in IDX. Furthermore, the interaction model shows better results than non-interaction models. Managerial ownership, independent commissioners, and ownership dispersion show high consistency with the tested hypotheses. This is different from the audit committee which does not support the hypothesis. These findings implicate managerial policies that need to consider good corporate governance in supporting the voluntary disclosure of public companies in Indonesia. Strengthening external validity in the form of replication, developing research models, and refining research methods is needed to strengthen the managerial implications. Testing the robustness by simulating various substitute proxies to optimize the generalization of research findings needs to be considered in future studies.
Bond Ratings dan Antesedennya: Studi Empiris di Bursa Efek Indonesia Wendy, Wendy; Sianturi, Rosita Naomi
Jurnal Ekonomi Bisnis dan Kewirausahaan Vol 6, No 1 (2017): Jurnal Ekonomi Bisnis dan Kewirausahaan (JEBIK)
Publisher : Fakultas Ekonomi dan Bisnis, UNTAN

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (350.209 KB) | DOI: 10.26418/jebik.v6i1.20727

Abstract

This paper provides the empirical evidence of corporate growth, maturity, and operating cash flows on the bond ratings. It was conducted on 34 bonds issued by the 16 non-financial companies on the Indonesia Stock Exchange (IDX) which also issued bonds, registered in the Indonesia Bond Market Directory, and rated by PEFINDO during 2012 - 2014. The hypotheses were tested using the logistic regression analysis. The result shows that corporate growth has significant effect on the bond ratings, while maturity and operating cash flow have no significant effect. Another finding shows that the firm size can also affect the bond ratings.  
The Effect of Eco-Efficiency and Quality Management System on Firm’s Performance: Moderating Role of Profitability and Leverage Budiman Sutrisno; Wendy Wendy
Journal of Economics, Business, & Accountancy Ventura Vol 22, No 3 (2019): December 2019 - March 2020
Publisher : STIE Perbanas Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/jebav.v22i3.1895

Abstract

This study examines the effect of an eco-efficiency and quality management system on firm performance moderated by earnings per share (EPS) and leverage. The results of panel data regression found that the eco-efficiency and quality management systems did not directly affect firm performance. The results of the interaction effect test indicated that profitability strengthened the effect of the quality management system on firm performance, yet weakened the effect of the eco-efficiency on firm performance. However, the leverage did not reveal any interaction effect. This research only examined the eco-efficiency by identifying whether the firms had a green-finance certification or not. It also strengthens the results of the previous studies by building an integrated model facilitating the effect of eco-efficiency and quality management systems on firm performance by involving two moderators that had not been found in the previous studies. This study implies –for the revolution of industry 4.0 issues— the stakeholders should be encouraged to strengthen the green economy as an essential business aspect in Indonesia. This study also recommends the importance of sustainable firm managerial studies on green-finance issues and environmental aspects.
PSYCHOLOGICAL BIASES IN INVESTMENT DECISIONS: AN EXPERIMENTAL STUDY OF MYOPIC BEHAVIOR IN DEVELOPING CAPITAL MARKETS Wendy Wendy; Marwan Asri
Journal of Indonesian Economy and Business (JIEB) Vol 27, No 2 (2012): May
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (514.525 KB) | DOI: 10.22146/jieb.6243

Abstract

This paper attempts to analyze the psychological biases that affect investors in making risky investment decisions based on the theory of Myopic Loss Aversion (MLA). The datawere obtained from two sources (students and stock investors) which in turn were manipulated by two types of treatment (frequent and infrequent), using a mixed design of betweenwithin subjects with a 2 x 2 factorial. The experimental result showed the consistency of the two groups of participants to the theory of the MLA. Analysis of the gender showed that the boldness levels of the male participants and female participants in the group of investors were the same, while in the student group, gender showed a significant influence. Other findings included a "shock-effect" experienced by the participants during the experiment. Keywords: behavioral finance, myopic loss aversion, frequent-infrequent, gender, and shock-effect
The Formation of Rational and Irrational Behaviors in Risky Investment Decision Making: Laboratory Experiment of Coping Theory Implication in Investors’ Adaptation Model Wendy, Wendy; Asri, Marwan; Hartono, Jogiyanto
Indonesian Capital Market Review Vol. 4, No. 2
Publisher : UI Scholars Hub

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

This study analyzes the stock investor's rational and irrational behavior formation through Investor's Adaptation model. Hypotheses testings were conducted by manipulating four market conditions using between-subject experimental design. The results supported the hypotheses proposed in this study. When given treatment one (opportunity-high control), investors tended to adapt the profit maximizing strategy (rational). Meanwhile, when given treatment two (opportunity-low control), three (threat-high control) and four (threat-low control), they tended to adapt the profit satisfying strategy (rational-emotional), bad news handling strategy (emotional-rational), and self-preserving strategy (irrational) respectively. The application of rational strategies are intended to obtain personal benefits and profit, while adapting irrational strategy is intended to recover emotional stability and reduce some other tensions. Another finding showed that for the investors, the relatively irrational decision formation was "harder" than that of rational.
Evaluasi Kinerja Internet Kampus Universitas Tanjungpura dengan Analisis Quality of Service dan User Acceptance Test Herry Sujaini; Muanuddin -; Fitri Imansyah; Yus Sholva; Ferry Hadary; Eva Dolorosa; Andi Ihwan; Mochammad Meddy Danial; Silvia Uslianti; Purwaningsih -; Dwi Zulfita; Aktris Nuryanti; Rommy Patra; Yuline -; Stepanus Sahala Sitompul; Syaifurrahman -; Alhadiansyah -; Muhammad Yusuf; Achmadi -; Rachmawati -; Wendy -; Hamdani -; Syarif Hasyim Azizurrahman; Witarsa -; Endang Purwaningsih; Syamswisna -; Bistari -; Ade Mirza; Asep Nursangaji; Ratna Herawatiningsih; Kurnia Ningsih; Surachman -; Meiran Panggabean; Siti Hadijah; Rahmidiyani -; Priyo Saptomo; Memet Agustiar; Vivi Bachtiar; Afrizal -; Setia Budi; Yohanes Gatot Sutapa; Windhu Putra; Nurmainah -; Elly Suharlina; Zubaidah R; Erni Djun Astuti; Muhsin -; Riduansyah -; Agustina Listiawati; Imam Ghozali; Ade Elbani; Yulis Jamiah; Edy Suasono; Ismawartati -; Aswandi -; Uti Asikin; Siti Halidjah
JEPIN (Jurnal Edukasi dan Penelitian Informatika) Vol 9, No 1 (2023): Volume 9 No 1
Publisher : Program Studi Informatika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26418/jp.v9i1.63541

Abstract

Paper ini membahas tentang evaluasi kualitas layanan internet di Universitas Tanjungpura. Penulis menggunakan dua metode analisis, yaitu Quality of Service (QoS) dan User Acceptance Test (UAT) untuk mengukur kinerja internet di kampus Universitas Tanjungpura. Pada analisis QoS, penulis mengukur beberapa parameter kinerja internet, seperti throughput, delay, packet loss, dan jitter, untuk setiap fakultas di kampus. Hasil analisis menunjukkan bahwa throughput tertinggi berada di Fakultas Teknik (FT) dengan nilai rata-rata 87,90 MB, sementara delay dan packet loss terendah terdapat di Fakultas Ekonomi dan Bisnis (FEB) dengan nilai rata-rata 0,16 ms dan 0,00% secara berturut-turut. Sementara itu, pada analisis UAT, penulis melakukan survei terhadap mahasiswa untuk mengetahui penggunaan internet di kampus dan kepuasan mereka terhadap layanan internet yang disediakan. Hasil survei menunjukkan bahwa mayoritas mahasiswa menganggap internet di kampus memadai dan lancar, serta sering digunakan untuk belajar dan mengakses media sosial.
Cognitive dan emotional bias dalam pengambilan keputusan investasi: dimediasi risk tolerance dan dimoderasi financial literacy Heni Safitri; Mustaruddin Mustaruddin; Wendy Wendy; Giriati Giriati
Inovasi : Jurnal Ekonomi, Keuangan, dan Manajemen Vol 19, No 3 (2023): Agustus
Publisher : Faculty of Economics and Business, Universitas Mulawarman

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30872/jinv.v19i3.13553

Abstract

Tujuan atas studi ini ialah untuk mengkaji apakah kognitif bias yang dilihat dari representativeness dan mental accounting serta emosional bias yang dilihat dari overconfidence dan loss aversion memiliki hubungan terhadap keputusan investasi investor saham yang dimediasi oleh risk tolerance dan dimoderasi oleh financial literacy. Studi ini yakni penelitian survey. Sampel dimana dipergunakan pada studi ini sejumlah 150 responden dengan teknik random sampling. Analisis data mempergunakan SmartPLS untuk mengukur nilai outer loading, validity and reliability, R square, path coefficients, specific indirect effects, total effects. Hasil pengujian Structural Equation Model (SEM) menunjukkan bahwa risk tolerance bisa memediasi hubungan antara Overconfidence terhadap Investment Decision. Selain itu, risk tolerance juga bisa memediasi hubungan antara representativeness bias terhadap investment decision. Hasil pengujian juga menjelaskan bahwasanya variabel financial literacy bisa menguatkan hubungan antara variabel overconfidence terhadap investment decision.
The influence of cash conversion cycle, capital structure, and liquidity on profitability with firm size as moderation Clarissa Fransisca; Ahmad Shalahuddin; Wendy Wendy; Giriati Giriati; Hasanudin Hasanudin
International Journal of Applied Finance and Business Studies Vol. 11 No. 3 (2023): December: Applied Finance and Business Studies
Publisher : Trigin Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35335/ijafibs.v11i3.166

Abstract

This research analyses variables that influence profitability and corporate size as moderation. Three factors must be analyzed: cash conversion cycle, capital structure, and liquidity. This research examines how profitability is influenced by the cash conversion cycle, capital structure, and liquidity to profitability on major trading subsector firms publicly traded on the Indonesian Stock Exchange. Using the help of spss, this quantitative survey tested 100 panel data observations on the Indonesian Stock Exchange (BEI). According to the analysis, profitability is negatively impacted by cash conversion cycles and capital structures but positively affected by liquidity. Additional research indicates that company size amplifies the impact of the cash conversion cycle and capital structure on profitability but doesn't moderate the effect of liquidity on profitability. This suggests the role of corporate size as moderation
Green banking, green investment, and sustainability development banking in Indonesia Alya Asyura; Ramadania Ramadania; Wendy Wendy; Mustarudin Mustarudin; Anggraini Syahputri
International Journal of Applied Finance and Business Studies Vol. 11 No. 3 (2023): December: Applied Finance and Business Studies
Publisher : Trigin Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35335/ijafibs.v11i3.169

Abstract

Sustainability development was the primary imperative to protect the planet from damage. Sustainabilty development transformed business practices into environmentally responsible initiatives within the community, focusing on green projects and operations with sustainability at the forefront. This research analyzed the influence of green banking and green investment on firm value with profitability as an intervening variable. The research population was the banking sector listed on the Indonesian Stock Exchange in 2018-2022. Data analysis is performed using double regression with estimated data panel fixed effect model and sobel test. The research results indicate that green banking significantly and negatively affects profitability, while green investment has an insignificant and negative impact. However, both green banking and profitability have a positive and statistically significant influence on firm value. Green investment has a negative and insignificant effect on firm value. Lastly, profitability does not intervening the relationship between green banking and green investment on firm value.
Co-Authors Achmadi Achmadi Ade Elbani Ade Mirza Afifah Afifah Afrizal - Agustina Listiawati Agustina, Dela Ahmad Shalahuddin Ahmad Shalahuddin, Ahmad Aini Nurul Aktris Nuryanti, Aktris Alhadiansyah Alisa, Alisa Alya Asyura Amanda Dwi Damayanti Amanda, Zhakia Putri Ana Fitriana Andi Ihwan Anggraini Syahputri Anwar Azazi Anwar Azazi Arman Jaya Asep Nursangaji Aswandi - Bintoro Bagus Purmono Bistari Budiman Sutrisno Chaniago, Sheren Rahmawati Clarissa Fransisca Daud, Ilzar Dedi Hariyanto Deri Apriadi Dwi Zulfita Edy Suasono Eka Purwanda, Eka Elly Suharlina Elvi Yuli Machmudah Endang Kristiawati Erna Listiana Erni Djun Astuti Eva Dolorosa Fahruna, Yulyanti Fajar Fajar Fifani Anggraini, Cinthia Fitri Imansyah Girang Permata Gusti Giriati Giriati Giriati Giriati Giriati Giriati Giriati Giriati, Giriati Hadary, Ferry Halimah, Putri Hamdani - Harry Setiawan Hasanudin Hasanudin Helma Malini Helma Malini Helma Malini, Helma Heni Safitri Heni Safitri Heriyadi Heriyadi Heriyadi Heriyadi Heriyadi, Heriyadi Herry Sujaini Ilzar Daud Imam Ghozali Irdhayanti, Efa Ismawartati - Jennifer Wirawan Jogiyanto Hartono Juniwati Juniwati Kalis, Maria Christiana Iman Kalista, Apriwina Yulita Khairunnisa Khairunnisa Kurnia, Depi Lestari, Ega Dwi Lestari, Eko Budi LIANTI, LIANTI LISTIANA SRI MULATSIH Lucky P, Muhammad Mandjar, Sherlla Merlinda Laurencia Maria Christiana Iman Kalis Mariana Oktasia Marseliana Marseliana Marwan Asri Mazayatul Mufrihah B11212091 Meilisa Alvita Meiran Panggabean Meisa, Meisa Memet Agustiar Mita Mita, Mita Mochammad Meddy Danial Muanuddin - Muhamad Dafa Ilhani Salim Muhamad Risal Tawil Muhammad Yusuf Muhsin Muhsin Mustaruddin Mustaruddin Mustaruddin Mustarudin Mustarudin Mustarudin Mustarudin Mustika, Uray Ndaru Muzasti, Riri A. Nanda Nanda Nanda Novita, Nanda Ndaru Mustika, Uray Nelly, Apri Yeni Ningsih, Kurnia Ningsih, Welly Putri Nurmainah - Oviska, Astrid Permata Gusti, Girang Phengdrawan, Jonassen Priyo Saptomo Purba, Tiurniari Purwaningsih - Rachmawati Rahmidiyani - Ramadania Ramadania Ramadania Ramadania, Ramadania Ratna Herawatiningsih Rayenda Khresna Brahmana Resta Maulita Angreani Riduansyah - Risal Ristati, Ristati Rizani Ramadhan Rizky Fauzan Rommy Patra Rosari, Carviena Alia Samsaga, Fika Angry Sandika Utama Sapitri, Elsi Nanda Setia Budi Sholva, Yus Sianturi, Rosita Naomi Silvia Uslianti Siti Hadijah Siti Halidjah Stepanus Sahala Sitompul Surachman - Sutrisno, Budiman Sy. Hasyim Azizurrahman Syahbandi Syahbandi Syahputri, Anggraini Syaifurrahman Syaifurrahman Syamswisna , Tarigan, Radar R. Theliya, Theliya Theodora, Cindy Tri Wiyono Kurnianto Uray Ndaru Mustika Uray Ndaru Mustika Utami, Eva Yuniarti utari, Della Uti Asikin Vivi Bachtiar Wahyuni, Adinda wijaya, dwi nova Winanda Epriyanti Windhu Putra Witarsa - Wulansari, Dinda Marsela Yankhi, Yankhi Yasin, Maulana Yohanes Gatot Sutapa Yuline - Yulis Jamiah Yulyanti Fahruna Zubaidah R