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p-Index From 2021 - 2026
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This Author published in this journals
All Journal Sibatik Journal : Jurnal Ilmiah Bidang Sosial, Ekonomi, Budaya, Teknologi, Dan Pendidikan Journal Research of Social Science, Economics, and Management
Tri Kunawangsih
Universitas Trisakti
Arts Computer Science & IT Economics, Econometrics & Finance Education Environmental Science Social Sciences

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The Herding Phenomenon in The Indonesian Stock Market: An Analysis of CSSD & CSAD and its Implications for Investors and Regulators Alfi Hikami Wibowo; Tri Kunawangsih; Mona Adriana S
Journal Research of Social Science, Economics, and Management Vol. 4 No. 9 (2025): Journal Research of Social Science, Economics, and Management
Publisher : Publikasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59141/jrssem.v4i9.811

Abstract

This study aims to identify the presence of herding behavior in the Indonesian stock market throughout 2024, using the LQ45 Index as a market proxy. The analysis employs the Cross-Sectional Standard Deviation (CSSD) and Cross-Sectional Absolute Deviation (CSAD) models to measure the dispersion of stock returns under normal and extreme market conditions. The findings reveal no statistically significant evidence of herding behavior, although weak indications are observed during extreme negative market conditions. These results support the notion of a relatively efficient market, aligning with the Efficient Market Hypothesis (EMH). The CSSD and CSAD models are found to be complementary in analyzing investor behavior.
The Herding Phenomenon in The Indonesian Stock Market: An Analysis of CSSD & CSAD and its Implications for Investors and Regulators Alfi Hikami Wibowo; Tri Kunawangsih; Mona Adriana S
Journal Research of Social Science, Economics, and Management Vol. 4 No. 9 (2025): Journal Research of Social Science, Economics, and Management
Publisher : Publikasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59141/jrssem.v4i9.811

Abstract

This study aims to identify the presence of herding behavior in the Indonesian stock market throughout 2024, using the LQ45 Index as a market proxy. The analysis employs the Cross-Sectional Standard Deviation (CSSD) and Cross-Sectional Absolute Deviation (CSAD) models to measure the dispersion of stock returns under normal and extreme market conditions. The findings reveal no statistically significant evidence of herding behavior, although weak indications are observed during extreme negative market conditions. These results support the notion of a relatively efficient market, aligning with the Efficient Market Hypothesis (EMH). The CSSD and CSAD models are found to be complementary in analyzing investor behavior.
PERSEPSI PEGAWAI DAN NASABAH BNI TERHADAP PENERAPAN WONDR BY BNI Artiani Puspandari; Tri Kunawangsih
SIBATIK JOURNAL: Jurnal Ilmiah Bidang Sosial, Ekonomi, Budaya, Teknologi, Dan Pendidikan Vol. 5 No. 8 (2026)
Publisher : Penerbit Lafadz Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47353/sibatik.v5i8.5425

Abstract

Digital transformation has encouraged Bank Negara Indonesia (BNI) to introduce Wondr by BNI as a replacement for BNI Mobile Banking to improve service quality and operational efficiency. This study compares BNI employees' and customers' perceptions of Wondr by BNI across four dimensions: acceptance and understanding of new features, effectiveness and ease of use, operational and technical constraints during the transition, and the impact on service quality and complaint-handling efficiency. A quantitative descriptive-comparative design was employed at BNI Pecenongan and Tanjung Priok Branch Offices from March to July 2026. The sample consisted of 203 employees selected through total sampling and 100 customers. Data were collected using Likert-scale questionnaires, tested for validity and reliability, and analyzed using descriptive statistics and the non-parametric Mann-Whitney U test because the data were non-normal and most dimensions were not homogeneous. All hypotheses were supported (p=0.000). Employees consistently reported higher mean scores than customers for feature acceptance and understanding (4.11 vs 3.98), effectiveness and ease of use (4.18 vs 3.83), transition constraints (4.15 vs 3.81), and impact on service quality and complaint handling (4.21 vs 3.98). The findings reveal a perception gap between internal users and end users. System stability, a simpler user experience, stronger customer education, and employee capacity building as digital advisors should therefore become key priorities in improving the implementation of Wondr by BNI.
Co-Authors Alfi Hikami Wibowo Artiani Puspandari Mona Adriana Patriyasa