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All Journal JOIV : International Journal on Informatics Visualization Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan
Warganegara, Dezie Leonarda
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Computer Science & IT Economics, Econometrics & Finance

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Herding behavior in the indonesia stock exchange around the covid-19 pandemic Warganegara, Siti Fareta Anggia; Warganegara, Dezie Leonarda
Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan Vol. 4 No. 11 (2022): Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan
Publisher : Departement Of Accounting, Indonesian Cooperative Institute, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (667.544 KB) | DOI: 10.32670/fairvalue.v4i11.1822

Abstract

This study investigates the occurrence of herding behaviour on the Indonesian Stock Exchange during the COVID-19 pandemic. This study finds that herding action happened exclusively in the Indonesian stock market before the COVID-19 pandemic. In contrast, the herding behaviour in the Indonesian stock market decreased during COVID-19 pandemic. Further tests reveal that the decrease of herding behaviour was even higher when the market experienced extreme market return movements in both directions. All the findings stand when using an alternative proxy for the dependent variable in the robustness tests of this study. The results imply that Indonesian investors are more cautious and logical in their investment decision-making during the COVID-19 pandemic, owing to the certainty of the pandemic's detrimental impacts on the economy and, thus, stock prices.
Artificial Intelligence Adoption on Investment Platform for Robo Advisory Users in Indonesia Fahruri, Arief; Rusmanto, Toto; Warganegara, Dezie Leonarda; Tjhin, Viany Utami
JOIV : International Journal on Informatics Visualization Vol 9, No 3 (2025)
Publisher : Society of Visual Informatics

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62527/joiv.9.3.2842

Abstract

Robo-advisors provide an alternative financial solution tailored for regular clients. Beyond the acceptability of technology, financial factors significantly influence the adoption of robo-advisors. While existing studies extensively discuss the stages involved in the intention to utilize robo-advisors, only a few offer insights into financial capabilities. The purpose of this study is to investigate the extent to which Indonesian investors embrace robo-advisors by incorporating financial variables such as financial goals and financial literacy into the technology adoption in Robo Advisor. Additionally, the study explores the relationship between application costs and data privacy on the adoption of robo-advisor technology. This research employs a quantitative approach using purposive sampling techniques. Data were collected through a survey of 431 robo-advisor users and analyzed using SmartPLS. The findings reveal a significant and positive correlation between financial goals, perceived technology usefulness, and application costs in the adoption of robo-advisors in Indonesia. These results contribute to the development of investment decision theory using technology-based approaches, specifically robo-advisors. Furthermore, companies in the financial sector, particularly in wealth management or investment management, can benefit from incorporating financial goal features, enhancing technological performance, and setting competitive fees to increase adoption rates. Future research should further explore robo-advisor adoption, focusing on additional financial variables and financial behaviors that drive technology adoption as an investment decision. These findings highlight the importance of considering both financial and technological factors in promoting the use of robo-advisors among investors especially in Indonesia.
Co-Authors Arief Fahruri Tjhin, Viany Utami Toto Rusmanto Warganegara, Siti Fareta Anggia