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All Journal STRATEGIC Global Review of Islamic Economics and Business Journal Evaluation in Education (JEE)
Maya Sari
Indonesia University of Education
Economics, Econometrics & Finance Education Social Sciences Other

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Examining the Relationship between Herding Behavior, Financial Literacy and Investment Decisions: A Survey on Millennial Generation in Jakarta Essy Nur Nur Indrawati; Maya Sari; Sulastri Sulastri
Strategic : Jurnal Pendidikan Manajemen Bisnis Vol 23, No 2 (2023)
Publisher : Universitas Pendidikan Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17509/strategic.v23i2.61303

Abstract

Jurnal ini bertujuan untuk menyelidiki hubungan antara perilaku herding, literasi keuangan, dan keputusan investasi di industri investasi. Metode penelitian yang digunakan adalah penelitian deskriptif dan verifikatif dengan unit analisis Generasi Milenial di Jakarta dengan jumlah populasi 28,3 juta jiwa dan sampel yang diambil sebanyak 66 responden dengan menggunakan purposive sampling yang menggunakan bantuan SPSS versi 25 for window. Hasil penelitian menunjukkan bahwa perilaku herding dan literasi keuangan berpengaruh positif terhadap keputusan investasi. Dengan memahami dinamika tersebut, Generasi Milenial khususnya di Jakarta dapat mengembangkan strategi dalam melakukan keputusan investasi saham.
Moderation Study In the Influence of Neurotransmitters on Investment Bias in Female Investors in Indonesia Lena Lestary; Nugraha Nugraha; Maya Sari; Disman Disman; Erik SA
Journal Evaluation in Education (JEE) Vol 6 No 3 (2025): July
Publisher : Cahaya Ilmu Cendekia Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37251/jee.v6i3.2022

Abstract

Purpose of the study: This study aims to meticulously explore the moderating effect of financial literacy on the influence of neurotransmitters on investment bias. As a pioneering effort in behavioral finance, this research highlights cognitive and psychological aspects of investors, focusing specifically on female investors, and represents the first study to integrate financial literacy as a moderating variable in the context of neurotransmitter effects. Methodology: A quantitative approach was employed, targeting female stock investors in Indonesia. Purposive sampling was used alongside a semantic differential scale. Data were collected through the distribution of closed-ended questionnaires, preceded by instrument testing and a pre-survey. A total of 581 respondents participated, and data were analyzed using Structural Equation Modeling (SEM) Main Findings: The main findings reveal that financial literacy negatively affects investment bias, indicating that greater financial knowledge tends to reduce behavioral bias. However, even financially literate individuals may still exhibit bias. Furthermore, neurotransmitter activity shows a significant positive effect on investment bias, suggesting that biological factors amplify biased decision-making. Importantly, financial literacy significantly moderates this relationship in a negative direction, meaning that higher levels of financial understanding weaken the influence of neurotransmitters on investment bias. Novelty/Originality of this study: This research contributes novel insights to the development of behavioral finance theory by introducing financial literacy as a moderating factor in the biological–psychological pathway influencing investment behavior. The practical implications highlight the critical role of financial education in reducing behavioral biases in investment decision-making, especially among female investors.
Assessing Returns of IDX Sharia Growth Stocks: Applying The Fama-French Five-Factor Model For Portfolio Optimization Elsa Yulandri; Dadang Husen Sobana; Vemy Suci Asih; Nugraha; Ikaputera Waspada; Maya Sari
Global Review of Islamic Economics and Business Vol. 13 No. 1 (2025)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/grieb.2025.131-06

Abstract

This study examines the influence of the Fama-French five-factor model on the excess return of stocks listed in the Indonesia Stock Exchange Sharia Growth Index and offers recommendations for optimizing Sharia-compliant portfolios. The model includes five independent variables: overall market return, firm size (measured by the return difference between small and large firms), book-to-market value, profitability (difference between firms with strong and weak earnings), and investment strategy (difference between conservative and aggressive asset growth). The analysis uses quarterly data from 2022 to 2023 and selects 14 companies from the index based on data completeness and consistent listing. Multiple linear regression with the Ordinary Least Squares method reveals that only the market return and firm size factors have a significant effect on excess return, with firm size having the strongest impact. Meanwhile, the book-to-market value, profitability, and investment strategy factors do not show significant individual influence. However, when assessed collectively, all five factors explain 93.06 percent of the variation in excess return, indicating the model’s overall strength. The study is limited by its short time frame due to the recent launch of the index and its relatively small sample size. These findings suggest that Sharia-compliant investors should prioritize firm size and market trends in portfolio construction. Future research should incorporate longer time periods, broader index comparisons, and qualitative factors such as investor sentiment or environmental, social, and governance indicators to enhance understanding of return behavior in Islamic equity markets.
Co-Authors Disman Disman Elsa Yulandri Erik SA Essy Nur Nur Indrawati Ikaputera Waspada Lena Lestary Nugraha Nugraha Nugraha Sobana, Dadang Husen Sulastri Sulastri Vemy Suci Asih