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Sectoral Herding During Global Rare Events: Evidence from the Indonesian Capital Market Hariyanto, Dedi; Brahmana, Rayenda Khresna; Wendy, Wendy
Jurnal Manajemen Bisnis Vol. 15 No. 1: March 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/mb.v15i1.21601

Abstract

Research Aims: This research aims to examine the effects of increased levels of herding on abnormal returns during rare events.Design/Methodology/Approach: Time series regression including all stocks across 9 sectors in the Indonesia Stock Exchange from 1997 to 2020, totaling 5,615 observations is used. The primary model is predicated on three factors derived from Fama-French and prospect theory to incorporate herding as a primary risk factor in assessing the impact of on abnormal returns during rare events.Research Results: The results show that various events produce impacts on herding behavior across different sectors. During bearish market conditions, this behavior manifests significant negative effect leading to greater abnormal returns. Conversely, positive and significant anti-herding behavior is observed in bullish market conditions. Rare events do not necessarily induce herding behavior but may lead to anti-herding behavior.Theoretical Contribution/Originality: In this research, the variables are developed from the Efficient Market Hypothesis, Capital Asset Pricing Model, prospect theory, and market integration theory. The estimation model is grounded in prospect theory and the contribution addresses the research gaps.Practitioners/Policy Implications: The provision of insights to stakeholders in the capital market regarding the impact of rare events on financial behaviors influences investors' decision-making processes in stock investments.Research Limitations/Implications: The measurement of herding refers to Chang et al. (2000) due to the availability of aggregate data from the Indonesian Stock Exchange. Comprehensive micro-level data is not unavailable and the accessibility of complete micro-level data can be conducted. The presence of these data in the capital markets of other countries should be investigated.
The Influence of Financial Knowledge, Income, and Lifestyle on Real Asset Investment Decisions among Police Officers at Sanggau Police Department, Sanggau Regency Ramadanti, Aulia; Hariyanto, Dedi; Safitri, Heni
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 8 No 3 (2025): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v8i3.8845

Abstract

This study aims to analyze the influence of financial literacy, income, and lifestyle on real asset investment decisions among police officers at the Sanggau Police Department. The research employed a quantitative associative method involving 150 respondents. Data were collected through questionnaires and analyzed using multiple linear regression with SPSS software. The results show that financial literacy, income, and lifestyle have a positive and significant effect on investment decisions. The regression equation obtained is Y = 1.070 + 0.155X₁ + 0.254X₂ + 0.297X₃, with R = 0.623 and R² = 0.388. The F-test (F = 26.137; sig = 0.000) and t-tests confirmed that all three variables significantly affect investment decisions. These findings indicate that strong financial literacy, stable income, and prudent lifestyle choices encourage rational investment behavior. Future research should include variables such as digital literacy, financial confidence, or investment motivation to broaden the understanding of individual investment behavior.
The Influence Of Financial Literacy, Financial Self-Efficacy, Financial Behavior Of Paylater Users In The Millennial Generation And Generation Z In Pontianak City Anisa Dinda Rizky; Heni Safitri; Dedi Hariyanto
EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis Vol 13 No 1 (2025): Januari
Publisher : UNIVED Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37676/ekombis.v13i1.7700

Abstract

His research aims to determine whether financial literacy, financial self-efficacy, and financial stress influence the financial behavior of PayLater users among millennials and Generation Z in Pontianak City. Using a positive data collection strategy and a sample size of 150 participants, this study adopts an associative methodology. Eligible participants are Pontianak City residents aged 17–44 years and PayLater users. Statistical methods employed in the analysis include multiple linear regression, correlation and determination coefficients, simultaneous testing (F test), and partial testing (t test). The analyzed data is linear, normally distributed, and shows no signs of multicollinearity, as confirmed by the classical assumption test. The research variables exhibit a strong relationship, as indicated by a correlation value of 0.753. According to the coefficient of determination (R²), the variables examined in this study explain 56.7% of the variance in financial behavior, while the remaining 43.3% is influenced by other factors not addressed in this study. Preliminary findings indicate that financial literacy and financial self-efficacy significantly influence financial behavior positively. In contrast, financial stress has a positive effect but is not statistically significant in influencing financial behavior.
Co-Authors Abdurrahman Abdurrahman Adela Putri, Sofia Ahmad Ali Djamhuri Andika Fahruzzi Anisa Dinda Rizky Apriansyah Aqcahya, Nabila Arif Didik Kurniawan Arin Rafani Aristawati, Karina Ayu Cecep Kusmana Cilci, Riri Fitria Dedek Ningsih Lingga Devi Yasmin Deviansyah Deviansyah Dwi Utami Kliman Edy Suryadi Eka Indah Raharjo Eni Eni Equeza Ermulyawati Eva Pujianti Fahmi 01 Felia Anadita Fitri Fenni Supriadi Fita Kurniasari Fuad Ramdhan Ryanto Ghea Renova Karina Hamisah Hamisah Helman Fachri Heni Dwi Jayanti Heni Safitri Heni Safitri Heni Safitri Heni Safitri Herlina Seeng Ima Qurrota’ani Imariani Imariani Isna Safitri, Isna Isnaini Istifani Sucimanah Jestica Arifani Dilla Hardanti Karidan Karidan Khairunnisa, Hanna Khofifah, Nur Maisur Maisur Marisa Jemmy Maulida Maulida Melinda Tri Sundari Midun Midun Miea Sari Muhammad Dairul Ma'rif Muhammad Razibi Muiszudin Muiszudin Mulyana Mulyana Nada Wulantika Neni Triana M. Ngadimin Ngadimin Nina Yulinda Nirmalasari Nirmalasari Nurhayati, Aisah Dwi Ocktolius Syaputra Oksarini, Amalia Oktoriny, Fitra Pebriyanti Pustika, Titin Hestri Putri, Amelia Putri, Selvi Ananda Putri, Sukhesy Eka Ramadanti, Aulia Ramdhan Ryanto, Fuad Rayenda Khresna Brahmana Rian Sofiani Ririn Dwi Jayanti Riski Eka Yuliani Rita Kesumawati Rohman Rohman Romi Ferdian Romi Ferdian Rusmini Rusmini Salsabila, Putri Aurora Samsuddin Samsuddin Samsul Bahari Sandy Haryono Santy Mayda Batubara Sarinah Sarinah Sehariyo Wijoyo Selly Septiana Siti Rahmawati Sa’baniah Sofi Zulfarida Sova Ariska Subhan A Sukardi Sukardi Sukhesy Eka Putri Syifa Azizah Tina Ardianti Titin Hestri Pustika Tuti Kurniati Wahdah Wahdah Wahyu Darmawan Wendy Widya Apriyani Windi Rati Fritiwi Wulandari Wulandari Wulandari, Febi YUNIMAR YUNIMAR Zahari Zahari Zainudin, Amelia Nur Aini