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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.
ANALISIS PENGARUH UKURAN PERUSAHAAN, FREE CASH FLOW DAN KEBIJAKAN HUTANG TERHADAP KINERJA KEUANGAN PADA PERUSAHAAN SUB SEKTOR PERBANKAN YANG TERDAFTAR DI BEI PERIODE 2020-2022 Dedek Ningsih Lingga; Dedi Hariyanto; Romi Ferdian
JURNAL ILMIAH EKONOMI DAN MANAJEMEN Vol. 2 No. 8 (2024): JURNAL ILMIAH EKONOMI DAN MANAJEMEN (JIEM)
Publisher : CV. KAMPUS AKADEMIK PUBLISING

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61722/jiem.v2i8.2179

Abstract

Penelitian ini bertujuan untuk mengetahui pengaruh Ukuran Perusahaan, Free cash flow dan Kebijakan Utang terhadap Kinerja Keuangan pada perusahaan Sub Sektor Perbankan yang terdaftar di BEI Periode 2020-2022. Populasi dalam penelitian ini adalah perusahaan Sub Sekto Perbankan yang terdaftar di BEI periode 2020-2022 sebanyan 47 perusahaan, dengan sampel 47 perusahaan dan pengambilan sampel menggunakan teknik sampling jenuh. Hasil uji F menunjukkan nilai sig untuk variabel ukuran perusahaan, free cash flow dan kebijakan utang secara simultan terhadap variabel kinerja keuangan sebesar 0.000 < 0.05 sehingga dapat disimpulakan H0 ditolak dan Ha diterima, artinya ukuran perusahaan, free cash flow dan kebijakan utang secara simultan memiliki pengarih yang signifikan terhadap kinerja keuangan. Hasil dari uji statistik t diketahui nilai signifikan pada variabel ukuran perusahaan sebesar 0.003, free cash flow sebesar 0.022 dan kebijakan utang sebesar 0.000 lebih kecil dari 0.05 sehingga ketiga variabel ini memiliki pengaruh secara parsial terhadap kinerja keuangan
The Influence Of E-Wallet Usage, Financial Literacy And Lifestyle On Financial Management Of Female Civil Servants In Mempawah District Windi Rati Fritiwi; Dedi Hariyanto; Heni Safitri
EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis Vol 12 No 3 (2024): Juli
Publisher : UNIVED Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37676/ekombis.v12i3.6106

Abstract

The purpose of this study was to determine the effect of e-wallet usage, financial literacy and lifestyle on financial management of Female Civil Servants in Mempawah Regency. The method used in this research is quantitative method. The population in this study were female civil servants in Mempawah Regency with a total sample of 156 people. The data analysis technique used is multiple linear regression analysis, multiple correlation coefficient (R), coefficient of determination (R2), simultaneous test (F test) and partial test (t test). The results showed a multiple linear regression equation, namely: Y = 4.296 + 0.563 X1 + 0.249 X2 + 0.367 X3. The results of the multiple correlation coefficient show an R value of 0.784, meaning that the variables of e-wallet usage, financial literacy and lifestyle on financial management have a strong relationship. The results of the coefficient of determination R2 show that the contribution of the variables of e-wallet usage, financial literacy and lifestyle in influencing the ups and downs of financial management of Female Civil Servants in Mempawah Regency is 74.7% while the remaining 25.3% is explained by other variables outside the regression model. The results of the simultaneous test (F test) in this study showed an Fcount value of 7.183> 2.66 Ftable. Thus it can be concluded that the use of e-wallets, financial literacy and lifestyle on financial management simultaneously affect the dependent variable, namely financial management. The results of the partial test (t test) on the e-wallet usage variable show a tcount value of 3.811> 1.975 t table, meaning that there is a partially significant influence between the relationship with the use of e-wallets on financial management, while the financial literacy variable shows a tcount value of 2.581> 1.975 t table, meaning that there is a partially significant influence between the relationship with financial literacy on financial management and finally the lifestyle variable shows a tcount value of 3.466> 1.975 t table, meaning that there is a partially significant influence between the relationship with lifestyle on financial management.
The Impact of Tax Literacy, Financial Condition on Tax Compliance With Tax Awareness as a Moderating Variable Khofifah, Nur; Hariyanto, Dedi
MediaTrend Vol 19, No 2 (2024): OKTOBER
Publisher : Trunojoyo University of Madura

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21107/mediatrend.v19i2.25781

Abstract

This study implements an associative research design with the goal of discovering the nature of the relationship that exists between Tax Literacy Factors (X1), Financial Situation (X2), and Individual Taxpayer Compliance (Y), with Taxpayer Awareness serving as a moderating variable (Z). Data was collected using questionnaires with a rating system called Likert that included five potential replies. Google Forms is utilized to ease the participant collection procedure. The study's population comprised people who completed questions using Google Forms. A variety of data analysis procedures are employed to investigate the obtained data. These processes include validity and reliability testing, classical assumption tests, linear regression and MRA, determination coefficient tests, simultaneous F tests, and partial T tests. According to the determination test, the variables included in this study accounted for 99.5% of the variance, with the remaining 5% affected by unspecified factors. This study's concurrent findings reveal that tax literacy and financial situation have a considerable impact on individual taxpayer compliance, and taxpayer awareness can attenuate the effects of tax literacy factors and financial condition on oribadi taxpayer compliance in Pontianak. The data management technique is carried out utilizing IBM SPSS 26
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 Literacy, Financial Self-Efficacy, Financial Behavior Of Paylater Users In The Millennial Generation And Generation Z In Pontianak City Rizky, Anisa Dinda; Safitri, Heni; Hariyanto, Dedi
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.
PENGARUH PERPUTARAN KAS, MODAL KERJA DAN STRUKTUR MODAL TERHADAP RETURN SAHAM PERUSAHAAN SUB SEKTOR MINYAK, GAS DAN BATU BARA YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2020-2023 Sova Ariska; Dedi Hariyanto; Romi Ferdian
JURNAL ILMIAH EKONOMI DAN MANAJEMEN Vol. 2 No. 11 (2024): JURNAL ILMIAH EKONOMI DAN MANAJEMEN (JIEM)
Publisher : CV. KAMPUS AKADEMIK PUBLISING

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61722/jiem.v2i11.2790

Abstract

Penelitian ini bertujuan untuk mengetahui pengaruh perputaran kas, modal kerja, dan struktur modal terhadap return saham perusahaan sub sektor minyak, gas dan batu bara yang terdaftar di BEI periode 2020-2023. Populasi dalam penelitian ini adalah seluruh perusahaan pada sub sektor minyak, gas dan batu bara yang terdaftar di BEI periode 2020-2023 dengan sampel berjumlah 64 perusahaan dengan menggunakan teknik pengumpulan sampel secara sengaja (purposive sampling). Berdasarkan hasil analisis regresi linier berganda menunjukan persamaan regresi yaitu Y=3,137-0,485X1-2,295X2+0,159X3. Koefisiean korelasi (R) menunjukan nilai sebesar 0,389. Hal ini menunjukan hubungan antara perputaran kas, modal kerja, dan struktur modal terhadap return saham adalah hubungan yang rendah. Nilai koefisien determinasi (R2) sebesar 0,152, yang berarti bahwa 15,2% pengaruh terhadap return saham yang dapat dijelaskan oleh perputaran kas, modal kerja, dan struktur modal sedangkan sisanya 84,8% dipengaruhi variabel lainnya yang tidak diteliti dalam penelitian ini. Hasil uji f menunjukan 0,277 > 0,05, maka dapat disimpulkan Ha ditolak dan H0 diterima, artinya perputaran kas, modal kerja dan struktur modal secara simultan tidak memiliki pengaruh terhadap return saham. Hasil dari uji t diketahui tingkat signifikansi perputaran kas 0,076 > 0,05, modal kerja 0,440 > 0,05, dan struktur modal 0,642 > 0,05. Hal ini berarti variabel perputaran kas, modal kerja dan struktur modal tidak berpengaruh terhadap return saham.
ANALISIS PENGARUH CURRENT RATIO, DEBT to EQUITY RATIO, TOTAL ASSET TURNOVER, RETURN ON ASSET TERHADAP RETURN SAHAM PADA PERUSAHAAN SUB SEKTOR MAKANAN DAN MINUMAN YANG TERDAFTAR DI BEI PERIODE 2019-2022 Widya Apriyani; Dedi Hariyanto; Romi Ferdian
JURNAL ILMIAH EKONOMI DAN MANAJEMEN Vol. 2 No. 6 (2024): JURNAL ILMIAH EKONOMI DAN MANAJEMEN (JIEM)
Publisher : CV. KAMPUS AKADEMIK PUBLISING

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61722/jiem.v2i6.1378

Abstract

Penelitian ini bertujuan untuk mengetahui pengaruh Current Ratio, Debt to Equity Ratio, Total Asset Turnover, Return On Asset terhadap Return saham pada perusahaan sub sektor makanan dan minuman yang terdaftar di BEI periode 2019-2022. Populasi dalam penelitian ini adalah perusahaan Sub Sektor Makanan dan Minuman yang terdaftar di Bursa Efek Indonesia pada periode 2019-2022 sebanyak 43 perusahaan, dengan sample 32 perusahaan dan pengambilan sample menggunakan teknik purposive sampling. Hasil uji f menunjukkan nilai sig untuk variabel X1, X2,X3 dan X4 secara simultan terhadap variabel Y sebesar 0,526 > 0,05 sehingga dapat disimpulkan Ha ditolak dan H0 diterima, artinya Current Ratio, Debt to Equity Ratio, Total Asset Turnover dan Return On Asset secara silmultan tidak memiliki pengaruh yang signifikan terhadap Return Saham. Hasil dari uji statistik t diketahui nilai signifikasi pada variabel Current Ratio, Debt to Equity Ratio, Total Asset Turnover, dan Return On Asset lebih besar dari 0,05 sehingga keempat variabel ini tidak memiliki pengaruh secara parsial terhadap Return Saham
Financial Literacy, Financial Experience, and Financial Attitudes on Financial Management Behavior of Shopee Paylater Users Safitri, Isna; Hariyanto, Dedi
International Journal of Economics Development Research (IJEDR) Vol. 5 No. 5 (2024): International Journal of Economics Development Research (IJEDR)
Publisher : Yayasan Riset dan Pengembangan Intelektual

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37385/ijedr.v5i5.6670

Abstract

This study explores the factors influencing financial management behavior among Shopee PayLater users, focusing on financial literacy, financial experience, and financial attitudes. The research was conducted in Pontianak City, targeting individuals who actively use Shopee PayLater services. By employing a purposive sampling technique, the study identifies the relative contributions of these factors to financial management behavior. The findings highlight the importance of financial attitudes as a key determinant, while financial literacy and financial experience show a less significant direct influence. These insights underscore the need for tailored interventions that prioritize shaping positive financial attitudes to improve financial behavior among digital credit users.
The Moderating Role of Debt-to-Equity Ratio on the Impact of Price-to-Earnings Ratio and Return on Equity on Firm Value: Evidence from the Properties and Real Estate Sector Wulandari, Febi; Hariyanto, Dedi
International Journal of Economics Development Research (IJEDR) Vol. 5 No. 5 (2024): International Journal of Economics Development Research (IJEDR)
Publisher : Yayasan Riset dan Pengembangan Intelektual

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37385/ijedr.v5i5.6671

Abstract

This study uses an associative quantitative method to analyze the relationship between the independent variables (Price Earning and Return On Equity) and the moderating variable (Debt to Equity Ratio) on the dependent variable (firm value) in the Property & Real Estate sector listed on the Indonesia Stock Exchange during the period 2020-2022. The normality test results show a data distribution that is close to normal, while the multicollinearity, autocorrelation, heteroscedasticity, and linearity tests do not reveal significant problems in the data used. Regression analysis shows that Debt to Equity Ratio has a significant influence on firm value, especially when considered alongside moderating variables such as Debt to Equity Ratio. These findings provide a deeper understanding of the factors that influence firm value in the Property & Real Estate sector in Indonesia. Overall, this study makes a significant contribution to understanding capital market dynamics and the factors that influence firm value in a sector that is crucial to the country's economic growth. The implications of the findings can serve as a basis for better decision-making in the financial management of companies in the Property & Real Estate sector, as well as a guide for further research in this area.
Co-Authors Abdurrahman Abdurrahman Adela Putri, Sofia Ahmad Ali Djamhuri Andika Fahruzzi 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&#039;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 Rizky, Anisa Dinda 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