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Investor Perceptions of Financial Performance Announcements and Their Impact on Trading Decisions: A Phenomenological Study of Commodity Cycle Companies Sandopart, Dewa Putu Yohanes Agata L.
Jurnal Ekonomi, Manajemen, dan Bisnis Vol. 2 No. 2 (2024): Jurnal Ekonomi, Manajemen dan Bisnis
Publisher : Lembaga Penelitian dan Pendidikan (LPP) Kalibra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/emis.v2i2.485

Abstract

Theoretically, profit and loss announcements should serve as fundamental signals guiding investment decisions. However, empirical evidence suggests that investors, particularly those trading in commodity cycle companies, often make decisions that are not entirely rational. This study aims to explore in depth how investor perceptions of financial performance announcements are formed and how these perceptions influence trading decisions in commodity cycle companies. Employing a qualitative phenomenological approach, the research involved 18 informants, including retail investors, investment managers, and securities analysts actively trading shares of commodity companies on the Indonesia Stock Exchange. Data were collected through semi-structured interviews and participant observation in investor discussion forums and subsequently analyzed using interpretative phenomenological analysis. The main findings reveal four central themes: the ambiguity of profit meaning amidst commodity volatility, emotional heuristics as the primary mediator of perception, cognitive dissonance between fundamental information and actual trading behavior, and social proof within investor communities as a decision catalyst. This study contributes to the expansion of behavioral finance theory by demonstrating that investor perception operates through dual-processing mechanisms that diverge from perfect rationality assumptions. Practically, the findings underscore the need for financial literacy programs that account for the psychological aspects of commodity cycle investors.
Between Illusion and Loyalty: Deconstructing Parasocial Relationships in Celebrity Endorsement on Fan Loyalty Using a Grounded Theory Approach Sandopart, Dewa Putu Yohanes Agata L.
Jurnal Ekonomi, Manajemen, dan Bisnis Vol. 4 No. 2 (2026): Jurnal Ekonomi, Manajemen dan Bisnis
Publisher : Lembaga Penelitian dan Pendidikan (LPP) Kalibra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/emis.v4i2.489

Abstract

The phenomenon of fans transforming from passive consumers into “digital warriors” who willingly sacrifice personal resources to defend their idols has created a new paradox in contemporary consumer behavior. Although previous research has confirmed the influence of parasocial relationships on purchase intentions, a critical gap lies in the inability of mainstream quantitative approaches to capture the transformational mechanism through which this imaginary relationship gradually crystallizes into transcendent loyalty that surpasses economic rationality. This study aims to construct a theoretical model explaining the transformation process of parasocial relationships into fan loyalty within the context of product endorsement. Using a grounded theory approach, this research involved 24 participants from three fan bases, including K-pop, football, and Indonesian musicians, through in-depth semi-structured interviews and digital document analysis. The findings produced a Three-Stage Parasocial Loyalty Transformation Model consisting of the Awakening phase, characterized by initial contact triggered by algorithms and identity seeking, the Immersion phase, marked by emotional and financial investment through digital rituals, and the Transcendence phase, where loyalty becomes naturalized as habitus. This study identifies a new concept referred to as “sacred loyalty,” a form of loyalty that adopts characteristics of devotion and actively rejects contradictory evidence. Theoretical implications include extending the parasocial relationship framework by incorporating dimensions of sacralization and digital collective engagement, while practical implications are directed toward marketers and media policymakers.