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All Journal Journal of Economic, Bussines and Accounting (COSTING) Pendas : Jurnah Ilmiah Pendidikan Dasar SEIKO : Journal of Management & Business Economics and Digital Business Review Jurnal Riset Akuntansi dan Auditing Paradoks : Jurnal Ilmu Ekonomi JER
Kenneth Sahetapy
Fakultas Ekonomi Dan Bisnis, Universitas Klabat
Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences Other

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Sustainability Report and Firm Value: an Evidence from Indonesia Kenneth Sahetapy
Jurnal Riset Akuntansi dan Auditing Vol. 10 No. 1 (2023): Jurnal Riset Akuntansi dan Auditing
Publisher : Sekolah Tingg Ilmu Ekonomi Y.A.I Jakarta - Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55963/jraa.v10i1.513

Abstract

The reporting of sustainability reports remains to be voluntary in Indonesia. Therefore, there are questions regarding whether the market values the report. This research attempts to answer this question by examining the impact of firms’ sustainability reports on their firm value. This research delves further into the topic of how firms’ sustainability reports affect the value of the firm. While prior research has been done in advanced countries and countries with high reporting rates, this research analyses the effect of how firms’ sustainability reports affect firm value in a developing country with a low reporting rate. To test the hypothesis, this research uses 100 of the biggest companies in Indonesia as the sample and conducts an Ordinary Least Square regression analysis. The results indicate that the market gave a positive value to a sustainability report. This result provides an argument that companies should report their sustainability performance through a sustainability report because this information is valued by the market.
The Effect of Indonesia’s Presidential Election on the Indonesian Stock Market Sahetapy, Kenneth August; Tanasale, Amelia
Paradoks : Jurnal Ilmu Ekonomi Vol. 7 No. 4 (2024): Agustus - Oktober
Publisher : Fakultas Ekonomi, Universitas Muslim Indonesia

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

Abstract

Political events that happen tend to affect the stability and the condition of the economy. One of the most important political events that happens in a country is a presidential election as it can greatly affect the direction of that nation for the next few years. This research analyses the effect of Indonesia’s 2024 presidential election season on the stock price of Indonesia’s leading firms (LQ45). By using the paired sample t-test method to analyse three events surrounding the elections namely, the registration of the candidates, the election, and the announcement of the ruling from the election dispute, this research found that the registration of certain candidates negatively affect stock prices while another candidate registration has no significant effect on stock prices. Meanwhile, the election itself is found to have a positive effect on stock prices, while the ruling of the lawsuit does not affect stock prices. This shows that certain political events do affect stock prices while on other events, the market does not react significantly to the events
Faktor-Faktor Yang Mempengaruhi Efektifitas Iklan di Tiktok Dan Dampaknya Terhadap Minat Beli Generasi Z Pangemanan, Anthony Stafford; Sahetapy, Kenneth; Muntu, Wulan; Oroh, Vanda
SEIKO : Journal of Management & Business Vol 6, No 2 (2023): July - December
Publisher : Program Pascasarjana STIE Amkop Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37531/sejaman.v6i2.4252

Abstract

Penelitian ini bertujuan untuk menganalisis faktor-faktor yang mempengaruhi efektifitas iklan di tiktok dan dampaknya terhadap minat beli Generasi Z. Faktor yang digunakan adalah : Credibility, Value, Informative, Emotion, dan Entertaining. Analisis dilakukan menggunakan confirmatory factor analysis berdasarkan data yang dikumpulkan melalui kusioner yang diadopsi dari penelitian sebelumnya. Data kemudian dianalisa menggunakan program statistic SmartPLS. Pengaruh signifikan didapati pada faktor credibility, informative, emotion, dan social media advertising. Hasil penelitian ini dapat menjadi manfaat bagi pelaku usaha yang akan melakukan advertising di TikTok dan juga menjadi referensi bagi mahasiswa yang mengambil mata kuliah digitial marketing ataupun consumer behavior. Kata Kunci: credibility, value, informative, emotion, entertaining, social media advertising, minat beli.
Performa Defensive Stocks pada Era Covid-19: Penelitian pada Perusahaan Pertanian di Indonesia Amelia Tanasale, Kenneth A. Sahetapy,
SEIKO : Journal of Management & Business Vol 6, No 2.1 (2023)
Publisher : Program Pascasarjana STIE Amkop Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37531/sejaman.v6i2.5794

Abstract

Pandemi COVID-19 menimbulkan keresahan besar di dunia. Gangguan ini menyebabkan perekonomian terhenti dan pasar saham merosot. Namun, defensive stocks seperti perusahaan pertanian memiliki kemampuan untuk mempertahankan nilainya selama masa-masa sulit dan mengungguli saham-saham lain yang sedang mengalami penurunan. Oleh karena itu, penelitian ini menganalisis kinerja perusahaan pertanian dan membandingkannya dengan kinerja 45 perusahaan terkemuka di Indonesia dalam hal likuiditas dan kapitalisasi pasar (LQ45). Dengan menggunakan LQ45 sebagai pembanding, penelitian ini menganalisis efektivitas defensive stock dalam memperoleh kinerja positif meski keadaan perekonomian sedang tidak baik. Dengan menggunakan return saham bulanan perusahaan pertanian dan LQ45 pada tahun 2020 hingga tahun 2022 sebagai pengukur kinerja dan juga menggunakan metode Paired Sample t-test, penelitian ini menemukan bahwa pada masa pandemi COVID-19, return perusahaan pertanian bernilai positif, dan mereka secara signifikan mengungguli pasar lainnya. Hal ini membuktikan bahwa pada masa-masa penuh gejolak, defensive stocks di Indonesia memberikan imbal hasil yang memadai bahkan ketika saham-saham lain kesulitan mempertahankan nilainya. Oleh karena itu, disarankan agar investor berinvestasi pada saham-saham defensif seperti perusahaan pertanian dan bukan pada jenis saham lain selama masa-masa sulit dalam perekonomian. Kata Kunci: COVID-19, defensive stock, harga saham, kinerja saham, perusahaan Pertanian.
The Role of Familiarity Bias and Confirmation Bias in Investment Decisions: The Moderating Role of Financial Literacy - A Case Study of FEB Students at Universtas Klabat Lionardo, Holly Christy; Resubun, Laura Alicia; Sahetapy, Kenneth August
Jurnal Economic Resource Vol. 8 No. 1 (2025): March-August
Publisher : Fakultas Ekonomi & Bisnis Universitas Muslim Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.57178/jer.v8i1.1385

Abstract

This study examines the influence of familiarity bias and confirmation bias on investment decisions, with financial literacy as a moderating factor, involving 293 students from the Faculty of Economics and Business (FEB) at Universitas Klabat. The findings indicate that familiarity bias significantly affects investment decisions, meaning that the tendency to choose familiar investments influences students' financial choices. Conversely, confirmation bias does not have a significant effect, suggesting that the inclination to focus solely on information that aligns with personal beliefs has a limited impact on their investment decisions. Additionally, the findings reveal that financial literacy reduces the influence of familiarity bias, enabling students to make rational decisions. However, financial literacy does not moderate the relationship between confirmation bias and investment decisions. This study underscores the importance of financial literacy in formal education. Integrating comprehensive financial literacy materials into the curriculum could help students mitigate investment biases and enhance the quality of their financial decisions, especially in a complex economic environment.
The Relationship Between Investment in Education and Economic Business Development Sahetapy , Kenneth; Ambalao , Shapely
Jurnal Economic Resource Vol. 8 No. 1 (2025): March-August
Publisher : Fakultas Ekonomi & Bisnis Universitas Muslim Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.57178/jer.v8i1.1499

Abstract

Penelitian ini menginvestigasi hubungan multidimensional antara investasi di sektor pendidikan dan dampaknya terhadap pembangunan ekonomi bisnis, terutama di tengah dinamika transformasi digital dan tantangan Revolusi Industri Keempat dan Society 5.0. Menggunakan pendekatan Rapid Review, studi ini mensintesis temuan dari empat artikel ilmiah relevan yang diterbitkan antara tahun 2020-2024. Hasil tinjauan menunjukkan bahwa investasi pendidikan adalah pilar fundamental dalam pembentukan modal manusia yang berkualitas dan pendorong utama pertumbuhan ekonomi serta daya saing. Temuan kunci mengindikasikan bahwa investasi pada pendidikan tinggi, khususnya di bidang STEM, memberikan pengembalian finansial yang signifikan, yang berkorelasi positif dengan pembangunan ekonomi. Selain itu, pengembangan kurikulum yang adaptif dan responsif terhadap kebutuhan industri digital, seperti kurikulum berbasis informatika, sangat krusial untuk menghasilkan tenaga kerja siap pakai dan inovatif. Lebih lanjut, kualitas pendidik sebagai fasilitator dan penguatan fondasi pendidikan dini, termasuk pengembangan soft skills dan karakter, merupakan investasi jangka panjang yang membentuk modal manusia tangguh untuk masa depan ekonomi. Secara keseluruhan, studi ini menegaskan bahwa investasi yang strategis dan komprehensif pada seluruh jenjang pendidikan, disertai adaptasi kurikulum dan kualitas pengajaran, sangat esensial untuk mencapai pembangunan ekonomi bisnis yang berkelanjutan dan berdaya saing.
Implementation of Management Economics in MSMEs in the Digital Era Ambalao , Shapely; Sahetapy, Kenneth
Jurnal Economic Resource Vol. 8 No. 1 (2025): March-August
Publisher : Fakultas Ekonomi & Bisnis Universitas Muslim Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.57178/jer.v8i1.1597

Abstract

Digital MSMEs in Indonesia are facing new dynamics amid rapid technological transformation. This study aims to evaluate the extent to which managerial economic principles have been applied in the management of digital-based MSMEs. Using a Systematic Rapid Review approach to analyze five academic articles published in 2024, the study finds that managerial capability and e-commerce utilization are dominant factors in improving efficiency and competitiveness. The findings also reveal significant challenges such as low managerial and digital literacy, and suboptimal policy support. Therefore, a sustainable strategy emphasizing managerial training, data utilization, and cross-sector collaboration is needed to enhance MSME performance in the digital era.
SOCIAL COMMERCE AND STUDENT DECISION-MAKING: A NARRATIVE LITERATURE REVIEW IN EDUCATIONAL CONTEXTS Sahetapy, Kenneth; Ambalao, Shapely Smart
Pendas : Jurnal Ilmiah Pendidikan Dasar Vol. 11 No. 02 (2026): Volume 11 No. 2, Juni 2026 Release
Publisher : Program Studi Pendidikan Guru Sekolah Dasar FKIP Universitas Pasundan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23969/jp.v11i02.49164

Abstract

The rapid development of social commerce has significantly transformed how individuals, particularly students, make decisions in digital environments. This study aims to synthesize existing literature on social commerce and student decision-making within educational contexts. A narrative literature review approach was employed by analyzing 20 peer-reviewed articles published between 2010 and 2024, sourced from academic databases such as Scopus, Google Scholar, and ScienceDirect. The selected studies were analyzed thematically to identify key determinants influencing decision-making processes. The findings reveal that trust is the most dominant factor shaping student decision-making, followed by social influence, electronic word-of-mouth (e-WOM), and platform characteristics. These factors interact within algorithm-driven digital environments, where user-generated content and social interactions significantly affect perception, evaluation, and behavioral intention. The study further highlights that students operate in hybrid digital ecosystems where social interaction, learning processes, and consumption behaviors intersect. As a result, decision-making is not solely an individual cognitive process but a socially mediated and technologically influenced phenomenon. This review contributes to the literature by integrating fragmented findings into a comprehensive framework that explains how social, technological, and behavioral factors collectively shape student decision-making in social commerce contexts. The study also emphasizes the importance of digital literacy and critical thinking skills in enabling students to navigate complex online environments effectively. Future research is recommended to explore algorithmic influence and cross-cultural variations in student behavior within social commerce ecosystems
The Effects of Overconfidence and Risk Perception on Generation Z Stock Investment Decisions: The Moderating Role of Financial Literacy Maureen Lucia Bernadette Pandelaki; Kenneth August Sahetapy; Novie P. Sibilang
Economics and Digital Business Review Vol. 7 No. 1 (2026)
Publisher : STIE Amkop Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37531/ecotal.v7i1.4036

Abstract

This study aims to examine the effects of overconfidence and risk perception on the stock investment decisions of Generation Z and to investigate whether financial literacy moderates these relationships. A quantitative research method was used using logistic regression analysis. A total of 212 Generation Z respondents from Universitas Klabat in Indonesia were selected through purposive sampling. The findings indicate that overconfidence does not have a significant effect on investment decisions, while risk perception has a positive effect on investment decisions. Furthermore, financial literacy does not moderate the relationship between overconfidence and investment decisions, however, it does moderate the relationship between risk perception and investment decisions. This study contributes to the financial literature by demonstrating the roles of behavioural biases and financial knowledge in influencing the investment decisions of Generation Z.
Social Media Marketing as a Strategy for New Business De-velopment in Indonesia: A Narrative Review Shapely Ambalao; Kenneth Sahetapy
Economics and Digital Business Review Vol. 7 No. 1 (2026)
Publisher : STIE Amkop Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37531/ecotal.v7i2.4038

Abstract

Purpose: This review synthesizes empirical evidence from Indonesia on how social media marketing supports new business development and identifies the capabilities and conditions that convert platform use into performance. Research Method: A narrative review covered 13 peer-reviewed empirical studies published from January 2019 to 16 June 2026. Eligible studies used primary data from Indonesian MSMEs or small businesses and linked social media adoption, use, or marketing with organizational capabilities, marketing outcomes, or business performance. Study characteristics and findings were coded in a structured matrix and synthesized thematically and comparatively. Results and Discussion: Social media consistently expands market reach, customer interaction, and low-cost promotion, but adoption alone does not ensure performance. Relational, informational, marketing, and innovation capabilities explain stronger sales, engagement, and business outcomes. Entrepreneurial orientation, owner support, platform fit, organizational readiness, and institutional pressure shape adoption, while effects differ across sectors and platforms. Implications: New businesses should manage social media as a staged market-learning system linked to customer records and transactions. Support programs should emphasize strategic content, analytics, customer management, and platform-specific skills. Originality: The review offers an Indonesia-specific synthesis and a four-stage framework connecting social media activity with discovery, validation, conversion, retention, and learning.
Co-Authors Anthony Stafford Pangemanan Grasela Trinita Tawalujan Lionardo, Holly Christy Maureen Lucia Bernadette Pandelaki Muntu, Wulan Novie P. Sibilang Oroh, Vanda Resubun, Laura Alicia Shapely Ambalao Tanasale, Amelia