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All Journal Maksimum : Media Akuntansi Universitas Muhammadiyah Semarang JURNAL BISNIS STRATEGI IMAGE STRATEGIC Journal of Business Management Education (JBME) Jurnal Manajemen Pelayanan Publik Jurnal Manajemen & Keuangan JURNAL MANAJEMEN Jurnal ASET (Akuntansi Riset) Jurnal Riset Akuntansi dan Keuangan Fokus Ekonomi Ekono Insentif IKRA-ITH EKONOMIKA EQIEN - JURNAL EKONOMI DAN BISNIS Jurnal Pendidikan Akuntansi dan Keuangan Jurnal Akuntansi Bisnis dan Ekonomi (JABE) DIKEMAS (Jurnal Pengabdian Kepada Masyarakat) Organum: Jurnal Saintifik Manajemen dan Akuntansi SCAFFOLDING: Jurnal Pendidikan Islam dan Multikulturalisme Jurnal Wacana Ekonomi JSMA (Jurnal Sains Manajemen dan Akuntansi) Al-Kharaj: Journal of Islamic Economic and Business Jurnal Riset Bisnis dan Manajemen Jurnal Educatio FKIP UNMA Jurnal Ilmiah Manajemen Kesatuan Jurnal Ilmiah Akuntansi Kesatuan Cakrawala Repositori Imwi Equity: Jurnal Ekonomi Dinasti International Journal of Economics, Finance & Accounting (DIJEFA) Didaktika: Jurnal Kependidikan Finansha: Journal of Sharia Financial Management International Journal of Finance Research International Journal of Research in Community Services IJORER : International Journal of Recent Educational Research Jurnal Akuntansi Bisnis Pelita Bangsa Jurnal Ekonomi Syariah Pelita Bangsa Journal Corner of Education, Linguistics, and Literature Jurnal Neraca Peradaban Empowerment Society Share: Jurnal Ekonomi dan Keuangan Islam Journal of Islamic Economics and Business The Eastasouth Management and Business PEDADIDAKTIKA: Jurnal Ilmiah Pendidikan Guru Sekolah Dasar Al-Muraqabah: Journal of Management and Sharia Business Journal of Economics, Entrepreneurship, Management Business and Accounting West Science Accounting and Finance Jurnal Yudistira West Science Social and Humanities Studies IIJSE Sharia Economic and Management Business Journal (SEMBJ) Fokus Bisnis: Media Pengkajian Manajemen dan Akuntansi International Journal of Management and Business Applied Journal Of Economic Sciences (Ekuisci) Conference Proceedings International Conference on Education Innovation and Social Science Jurnal Pendidikan Ilmu Sosial Mores: Jurnal Pendidikan Hukum, Politik dan Kewarganegaran Dinamika Pendidikan Atestasi : Jurnal Ilmiah Akuntansi Eko-Regional: Jurnal Pembangunan Ekonomi Wilayah
Imas Purnamasari
Universitas Pendidikan Indonesia
Religion Agriculture, Biological Sciences & Forestry Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Energy Engineering Environmental Science Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Mathematics Public Health Social Sciences Transportation Other

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Cognitive Biases in Investment Decision: Do Education and Income Make a Difference? Elva Herlianti; Nugraha; Disman; Yayat Supriyatna; Imas Purnamasari
Dinamika Pendidikan Vol. 19 No. 2 (2024)
Publisher : Economics Education Department Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/dp.v19i2.20991

Abstract

This study aims to extensively research the effects of cognitive biases on individual investment decisions. The population of this research is investors in Indonesia and the sampling technique used is random sampling, obtained 574 respondents from 34 provinces in Indonesia. Quantitative data were collected through structured questionnaires and analyzed using multiple linear regression and moderated-moderation model in the PROCESS Procedure for SPSS Version 4.1 by Hayes. Results indicate that herding bias has a negative influence, discouraging investors from following market trends, while loss aversion, framing, anchoring, and mental accounting positively impact investment decisions; these biases are moderated by demographic factors. The findings imply that demographic factors do not interact jointly but operate independently to impact investment behavior. This research is novel in its exploration of moderated-moderation effects to reveal nuanced interactions between cognitive biases and demographics in shaping investment decisions.
Foreign Exchange Exposure and Risk Management Strategies: A Bibliometric Analysis of Global Research Trends (2000-2024) Della Fauzia Kundari; Imas Purnamasari; Toni Heryana
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 1 (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.v8i1.9480

Abstract

Research on foreign exchange exposure and risk management strategies has begun to show significant growth over the past two decades. This study aims to map the development of global literature related to foreign exchange exposure through a bibliometric analysis of Scopus-indexed publications from 2000 to 2024. The study population consisted of articles, conference papers, and other scientific publications relevant to the topic. All publications were analyzed using VOSviewer software. Research findings based on bibliometric data show a total of 347 different documents. Publications relevant to this topic have shown a consistent upward trend each year, with the highest number of publications occurring in 2024 with 31 articles. The largest number of authors came from the United States, the United Kingdom, and China. The main results of this study show three important findings. First, research on foreign exchange exposure has experienced significant growth since 2008, in line with increasing global market volatility and the need for companies to implement risk mitigation strategies. Second, the bibliometric visualization identifies seven main research topic clusters: (a) measuring exchange rate exposure, (b) market risk and volatility, (c) hedging strategies using derivative instruments, (d) risk management in multinational corporations, (e) global financial market integration, and (f) the impact of exchange rates on corporate performance. Third, analyses of co-authorship, co-occurrence, bibliographic coupling, and co-citation indicate that research collaboration remains concentrated in developed economies, although contributions from developing countries have begun to increase in recent years. Overall, this study provides a comprehensive overview of the evolution, research focus, and direction of global research development related to foreign exchange exposure and risk management strategies in the context of international economic uncertainty.
Behavioral Finance in Sharia Investment: An Empirical Study on Indonesian Millennials Abdul Rozak; Abdul Rozak; Nugraha; Maya Sari; Imas Purnamasari; Fakhrul Anwar Zainol
Journal of Islamic Economics and Business Vol. 4 No. 2 (2024): Journal of Islamic Economics and Business
Publisher : Fakultas Ekonomi dan Bisnis Islam

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/jieb.v4i2.46872

Abstract

The increasing participation of millennials in Indonesia’s Islamic financial markets underscores the importance of understanding the behavioral factors that influence their investment decisions. This study aims to analyze the impact of behavioral biases specifically representativeness, overconfidence, and herding on Sharia-compliant investment behavior among millennial investors. Despite the growing relevance of behavioral finance, empirical research on cognitive biases in Islamic investments remains limited, particularly in emerging economies. This study fills that gap by employing Structural Equation Modeling–Partial Least Squares (SEM-PLS) to examine data collected from 300 millennial users of the Bibit Sharia investment platform in West Java. The findings reveal that overconfidence (β = 0.235, p < 0.05) and herding (β = 0.198, p < 0.05) significantly influence investment decisions, whereas representativeness bias has no significant effect (p > 0.05). These results highlight the critical role of self-confidence and social influence in shaping millennial Sharia investment behavior. The study recommends enhancing targeted financial literacy programs that address behavioral biases and promote ethical, independent decision-making among young Muslim investors. Future research is encouraged to include broader regional samples and explore additional behavioral factors within Islamic financial contexts.
The Mediating Role of Work Environment in the Relationship between Visionary Leadership and Employee Performance: Evidence from Public Health Offices in West Java, Indonesia Abdulah Mubarok Dadang; Imas Purnamasari; Disman Disman; Janah Sojanah
Sharia Economic and Management Business Journal (SEMBJ) Vol. 7 No. 2 (2026): Sharia Economic and Management Business
Publisher : Yayasan Darussalam Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62159/sembj.v7i2.2039

Abstract

Background: Digital transformation in Indonesian public health governance has placed new demands on employee performance at District/City Health Offices. Despite growing evidence on leadership-performance linkages, the specific mechanism through which visionary leadership shapes employee performance via work environment in Indonesian public health organizations remains empirically underexplored. This study investigates the mediating role of work environment in the relationship between visionary leadership and employee performance. Method: This quantitative cross-sectional study surveyed 180 Standard Minimum Service program managers across 27 District/City Health Offices in West Java Province using proportionate stratified random sampling. Data were collected through structured questionnaires and analyzed using Structural Equation Modeling-Partial Least Squares (SEM-PLS) with SmartPLS 3.0, testing three hypotheses regarding visionary leadership, work environment, and employee performance relationships. Results: All three hypotheses were supported. Visionary leadership demonstrated a very strong direct effect on work environment (β=0.916, t=43.512, p=0.000), and work environment significantly influenced employee performance (β=0.439, t=2.854, p=0.016). The indirect mediation path was significant (β=0.402, t=2.798, p=0.005), confirming full mediation. The direct effect of visionary leadership on performance was not significant (β=0.183, p=0.239), establishing that work environment is the necessary conduit for leadership's performance impact. Conclusion: Visionary leadership increases employee performance exclusively through the creation of a conducive work environment, not through direct supervision. Health office leaders should prioritize investments in technology infrastructure, collaborative organizational climate, and supervisor support systems. These findings align with Islamic management principles of amanah (trustworthiness), tabligh (communicative vision), and ta'awun (mutual cooperation).
Investor Attention, Market Anomalies, and Listing Board Effects: Evidence from Indonesian Technology Stocks Heraeni Tanuatmodjo; Vena Melliyani; Yusuf Murtadlo; Imas Purnamasari
Sharia Economic and Management Business Journal (SEMBJ) Vol. 7 No. 2 (2026): Sharia Economic and Management Business
Publisher : Yayasan Darussalam Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62159/sembj.v7i2.2055

Abstract

Background: The persistent underperformance of Indonesian technology stocks between 2022–2024, marked by the dominance of negative abnormal returns, raises a compelling question about behavioral forces shaping price dynamics that deviate from fundamental values. This study examines the effect of digital investor attention on stock returns with the stock listing board as a moderating variable among technology-sector companies listed on the Indonesia Stock Exchange over 2020–2025. Method: Using purposive sampling, 29 technology firms were selected from 47 listed companies, yielding an unbalanced panel of 1,218 monthly observations. Investor attention was measured via the Search Volume Index (SVI) from Google Trends, while stock return was proxied by abnormal return computed using the Capital Asset Pricing Model. Moderated Regression Analysis was conducted using PROCESS Macro Hayes Model 1 in IBM SPSS Statistics 27. Results: Digital investor attention positively and significantly affects stock returns (β = 0.9610; t = 5.797; p < 0.05). The listing board does not independently affect returns but significantly weakens the investor attention–return relationship (β = −0.2326; t = −4.014; p < 0.05), with the strongest moderation on the Development Board (R² = 9.4%). Conclusion: These findings demonstrate that a stock exchange's board classification architecture shapes the degree to which attention-driven anomalies translate into abnormal returns. This study contributes novel empirical evidence on listing board classification as a moderating variable in the behavioral finance literature.
Digital Technology Literacy as a Mediator between Visionary Leadership and Employee Performance in Local Health Offices: Evidence from West Java, Indonesia Dadang, Abdulah Mubarok; Disman, Disman; Senen, Syamsul Hadi; Sojanah, Janah; Purnamasari, Imas
Jurnal Manajemen Pelayanan Publik Vol 10, No 2 (2026): Jurnal Manajemen Pelayanan Publik
Publisher : Universitas Padjadjaran

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24198/jmpp.v10i2.68776

Abstract

Digital transformation in public services requires adequate digital technology proficiency among employees, yet competency gaps remain a persistent challenge within Indonesian health offices. This study examines the role of digital technology literacy as a mediator between visionary leadership and employee performance. Using a quantitative cross-sectional design, data were collected from 180 managers of the Minimum Service Standard (SPM) program across 27 district and city health offices in West Java, selected through proportional stratified random sampling based on office size. Data were analyzed using SPSS 20 and SmartPLS 4.0 (PLS-SEM). The results show that visionary leadership significantly influences digital technology literacy (β = 0.619, p < 0.001), digital technology literacy significantly and positively influences employee performance (β = 0.570, p < 0.001), and digital technology literacy partially mediates the relationship between visionary leadership and employee performance (β = 0.353, p < 0.001), with a mediation ratio (VAF) of 75.8%. These findings offer theoretical implications through the integration of TAM, Social Cognitive Theory, and Transformational Leadership Theory, as well as practical implications for designing visionary-leadership-based digital literacy programs in the public health sector.
The Moderating Role of Financial Literacy and Gender on The Effect of Overconfidence And Present Bias on MSME Financial Decision-Making In Bandung City, Indonesia Heraeni Tanuatmodjo; Asep Kurniawan; Badria Muntashofi; Laely Purnamasari; Imas Purnamasari; Pitri Yanti
Jurnal Ekuisci Vol 3 No 6 (2026): Vol 3 No 6 July 2026
Publisher : Ann Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62885/ekuisci.v3i6.1246

Abstract

Background. Behavioral finance research has so far focused largely on capital-market investors in developed countries, while understanding of how overconfidence and present bias shape the financial decisions of Micro, Small, and Medium Enterprise (MSME) owners in developing countries particularly the protective role of financial literacy and gender as moderators remains limited and yields inconsistent findings across contexts. Aims. This study addresses that gap by examining the effect of overconfidence and present bias on financial decision-making among 388 MSME owners in Bandung City, Indonesia, with financial literacy and gender as moderating variables. Methods. Using Moderated Regression Analysis (MRA), the results show that overconfidence (β=-0.324, p<0.001) and present bias (β=-0.581, p<0.001) both have a significant negative effect on the quality of financial decision-making. Result. Financial literacy moderates the effect of overconfidence (β=-0.026, p=0.035) but does not moderate the effect of present bias (p=0.999)  a pattern that contrasts with some findings among individual investors in Pakistan and Saudi Arabia. Gender is not found to moderate either relationship (p>0.05), diverging from the classic finding of Barber and Odean (2001) in the United States investor context. Conclusion. These findings indicate that the effectiveness of financial literacy as a protective factor is bias-specific rather than bias-general, with important implications for the design of financial literacy interventions for the MSME sector in developing countries.
Managerial Capability and Financial Sustainability of SMEs: The Mediating Role of Product Innovation and the Moderating Role of Access to Finance Duduh Sujana; Nugraha Nugraha; Disman Disman; Imas Purnamasari
Jurnal Ilmiah Manajemen Kesatuan Vol. 14 No. 4 (2026): JIMKES Edisi Juli 2026
Publisher : LPPM Institut Bisnis dan Informatika Kesatuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37641/jimkes.v14i4.5450

Abstract

Financial sustainability is a decisive condition for small and medium-sized enterprises (SMEs) because it determines whether firms can maintain liquidity, generate stable profitability, absorb shocks, and finance growth. Drawing on Dynamic Capability Theory and the Resource-Based View, this study examines how managerial capability contributes to SME financial sustainability through product innovation and how access to finance strengthens the innovation-sustainability relationship. The research used a quantitative survey design involving 350 SME owners and managers in West Java, Indonesia, selected through purposive sampling. Data were collected using a structured seven-point Likert questionnaire and analyzed with Partial Least Squares Structural Equation Modeling (PLS-SEM). The results show that managerial capability has a strong positive effect on product innovation (beta = 0.727; t = 19.755; p < 0.001), product innovation positively affects financial sustainability (beta = 0.411; t = 4.876; p < 0.001), and managerial capability directly improves financial sustainability (beta = 0.231; t = 5.422; p < 0.001). Product innovation significantly mediates the effect of managerial capability on financial sustainability (indirect effect = 0.299; t = 5.742; p < 0.001), while access to finance positively moderates the effect of product innovation on financial sustainability (beta = 0.218; t = 3.108; p = 0.002). The findings support a Dynamic Capability-Based Financial Sustainability Model for SMEs, suggesting that managerial capability becomes financially meaningful when translated into innovation and supported by adequate financial access. The study contributes to strategic management, entrepreneurship, and SME sustainability literature by clarifying the capability-innovation-finance mechanism through which SMEs improve long-term financial viability in an emerging economy context.   Keywords: managerial capability; product innovation; access to finance; financial sustainability; SMEs; dynamic capability; PLS-SEM
Behavioral Bias on Investment Decisions: Mediation of FOMO and Risk Perception and Moderation of Religiosity Candra, Rulit; Nugraha, Nugraha; Waspada, Ikaputera; Purnamasari, Imas; Ramdhany, Muhamad Arief
Scaffolding: Jurnal Pendidikan Islam dan Multikulturalisme Vol. 7 No. 3 (2025): Pendidikan Islam dan Multikulturalisme
Publisher : Institut Agama Islam Sunan Giri (INSURI) Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37680/scaffolding.v7i3.8162

Abstract

This study investigates the role of behavioral biases in shaping investment decisions among young investors in Indonesia, with a focus on the mediating effects of fear of missing out (FOMO) and risk perception, as well as the moderating role of religiosity. Drawing upon behavioral finance and prospect theory, we collected data from 384 respondents and analyzed the structural relationships using partial least squares structural equation modeling (PLS-SEM). The research employed a quantitative, explanatory approach using survey methods. Data were collected from 384 respondents selected through proportional random sampling from a population of 12.8 million young investors in Indonesia with Single Investor Identification (SID), using a questionnaire with a 1–7 interval scale. The results show that behavioral biases significantly affect investment decisions, both directly and indirectly through FOMO and risk perception. Religiosity also moderates these relationships, guiding investors toward more ethical and rational choices. The study enriches behavioral finance by combining cognitive, emotional, and cultural perspectives and offers practical insights for improving financial literacy and reducing biased investment behavior.
DIVIDEND POLICY AND PROFITABILITY: AN EMPIRICAL ANALYSIS OF COMPANIES LISTED ON THE IDX Maria Lusiana Yulianti; Budi Supriatono Purnomo; Imas Purnamasari; Maya Sari
Jurnal Riset Bisnis dan Manajemen Vol. 19 No. 1 (2026): February Edition
Publisher : Faculty of Economic and Business, University of Pasundan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23969/jrbm.v19i1.37720

Abstract

This study investigates the relationship between dividend policy and profitability among companies listed on the Indonesia Stock Exchange (IDX) during 2020-2024. Employing panel data analysis on manufacturing and service sector firms, this research examines how profitability metrics influence dividend payout decisions. The findings reveal significant positive relationships between ROA, ROE, and dividend payout ratios, supporting signaling theory. Firm size, leverage, and free cash flow are identified as important determinants of dividend policy. Results provide valuable insights for investors, managers, and policymakers, suggesting that profitable firms distribute higher dividends to signal financial strength and reduce agency conflicts.
Co-Authors A Sobandi Abdul Aziz, Nor Farradila Abdul Rozak Abdul Rozak Abdulah Mubarok Dadang ACHEAMPONG, KENNEDY Adi Sopian Adityani, Edna Ayu Aggi Panigoro Sarifiyono Ahiase, Godwin Ahim Surachim Alma Syifa Maulidina Amani, Akbar Riskal Amir Machmud, Amir Andrieta Shintia Dewi Anggun Mutia Anisa Anisa Arie Gunawan Arvian Triantoro Asep Kurniawan Asti Nur Aryanti Auliadara, Nurul Azizah Fauziyah Badar, Dadan Samsul Badria Muntashofi Budi Purnomo Budi Purnomo Budi Purnomo Budi S Purnomo Candra, Rulit Ciptagustia, Annisa Dadang, Abdulah Mubarok Dasril, Yuki Dwi Darma Della Fauzia Kundari Dematria Pringgabayu Desty Endrawati Subroto Dewi Puspasari Dewi Puspasari Dian Hardiana Disman Disman Disman, Disman Doni Dirgantara Duduh Sujana Eded Tarmedi, Eded Egi Arvian Firmansyah Elan Elsa, Yulandri Elva Herlianti Endang Supardi, Endang Esi, Esi Fitriani Komara Fakhrul Anwar Zainol Fanni Husnul Hanifa Fauziyyah, Nur Azizah Fitri Novilia Fitri, Irma Kurnia Frido Saritua Simatupang Gunawan, Ashari H. Nugraha Hadiansyah Ma’sum Hari Mulyadi Hari Mulyadi, Hari Hari Supriadi harisandi, Prasetyo Hartika, Nely Havidotinnisa, Siti Heny Hendrayati Heraeni Tanuatmodjo Herilna Herlina, Herilna Heryana, Toni Ikaputera Waspada, Ikaputera Iqbal Lhutfi Irawan, Sopyan Irma Kurnia Fitri Iskandar Iskandar Janah Sojanah, Janah Khoirunnisa, Fairuz Kurjono Kurjono Kurjono, Kurjono Kusuma, Andita Delya Laely Purnamasari Latifah, Widi Asih Noor Leni Yuliyanti, Leni Leonita Siwiyanti M. Arief Ramdhany Magnaz Lestira Oktaroza Mardiani, Rika Maria Lusiana Yulianti Maula, Sam Alpha Maya Sari Maya Sari Maya Sari Mayasari Mayasari, Mayasari Medyawicesar, Hana Meiwatizal Trihastuti Miftakul Huda Mohammad Solehudin Muhamad Fikri, Muhamad Muhamad Syahwildan Muhamat, Amirul Afif Muhammad Deny, Muhammad Muhammad Ifan Fadillah Mulyani, Heni Mulyani, Heni Mulyawan, Bintang Azrieel Muthahhari, Muhammad Husain Nadeak, Thomas Navik Istikomah Nely Hartika Neng Susi Susilawati Sugiana Netti Siska Nurhayati Nugraha Nugraha Nugraha Nugraha Nugraha Nugraha Nugraha Nugraha Nugraha, H. Nugrahanti, Pipin Nurgraha, Nugraha Nurmansyah, Abdul Ahmad Hafidh Palupi Permata Rahmi Permatasari, Ghaisani Ayu Pitri Yanti Prayoga, Widi Purnomo , Budi Supriatono Purnomo, Budi Supriatono Rahim, Sarah Aulia Rahmat Fajar Santoso Muslim Rahmawati, Fuji Rani, Asni Mustika Rasto, Rasto Rawati, Fitrin Rengga Madya Riske Faldesiani Rosyidah Rahmah Sadiah, Emas Satria, Rita Septiany Maulani Soraya Shafira Nur Simatupang, Frido Sarita Simatupang, Frido Saritua Siti Havidotinnisa Suci Wulandari Sugiharti, Harpa Sukardi, Hadi Ahmad Sulastri Sulastri SUSAN SUSANTI, SUSAN Suwatno Suwatno Syamsul Hadi Senen, Syamsul Hadi Syifa Pramudita Faddila Tarsih Tarsih Thomas Nadeak Tia Yuliawati Utama, Wahyudayanto Vena Melliyani Yayat Supriyatna Yomi Romlah, Oom Yulandri, Elsa Yuliana, Rena Yulianty, Puspa Dewi Yusuf Murtadlo Yusuf Suryana