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All Journal International Journal of Social Service and Research The South East Asian Journal of Management
Keliwon, Kamarul Baraini
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Environmental Science Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Social Sciences

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Impact of Influencer Trustworthiness and Financial Literacy on Herding Behavior with Risk Perception Mediating Variables of Indonesian Millennial Investors Natahadi, Herdyawan; Makaryanawati, Makaryanawati; Keliwon, Kamarul Baraini
International Journal of Social Service and Research Vol. 4 No. 01 (2024): International Journal of Social Service and Research (IJSSR)
Publisher : Ridwan Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46799/ijssr.v4i01.648

Abstract

The ease of investment resulted in soaring number of millennial investors in Indonesia. Most investors in Indonesia are a beginner and do not know how to invest properly. Ignorance of investment encourages investors to find information and looking for role model then commonly leads to herding behaviour. This habit contradicts with traditional finance theory where investors supposed to invest rationally and avoid risk. This study will further explore the relationship between trustworthiness of financial influencers and financial literacy on herding behaviours with risk perception as mediating variables in millennial investors in Indonesia. Based on path analysis resulting the variable significantly influence each other directly or indirectly through mediating variable. Direct effect of trustworthiness financial influencer positively related with the herding behaviour, but the financial literacy negatively related with the herding behaviour. Indirectly Financial literacy level increased to increase risk perception and trustworthiness financial influencer vice versa. The decrease of risk perception leads millennial investor to herd and the increase of risk perception make investor more careful to make investment. There are still 33% of other factors influenced outside this study, for example gender, age, income, occupation and many other. Prior study has not examined the impact of a millennial follower’s trust on influencers to herding behaviours using risk perception as a mediating variable.
The Role of Relational Capital as a Dynamic Capability and Its Effect on the Relationship Between Directors’ Network and Firm Performance Masduki, Saiful Bakhtiar; Saleh, Norman Mohd; Osman, Lokhman Hakim; Rahman, Mara Ridhuan Che Abdul; Keliwon, Kamarul Baraini
The South East Asian Journal of Management Vol. 20, No. 1
Publisher : UI Scholars Hub

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Abstract

Research Aims: This study aims to examine how directors’ networks (DIRNET) improve firm performance and how relational capital (RELCAP) helps mediate this relationship in Malaysian public-listed firms. Design/Methodology/Approach: The adopted research design makes use of secondary data that involves 579 publicly listed firms within the period of 2017-2019. DIRNET and RELCAP measured through social network analysis techniques. Panel regression is applied to test the models and ensure robustness of the research findings. Research Findings: DIRNET is positively related to firm performance, and this effect is partially mediated by RELCAP, which positively influences performance. However, the relationship between DIRNET and firm performance is described by an inverted U-curve, which means that too many relationships among directors negatively contribute to performance advantages. Theoretical Contribution/Originality: The study finds that DIRNET value creation should go beyond traditional roles of governance. Further, it finds that too many director links can actually lower performance benefits. Finally, it adds new evidence from a relationship-based system of governance in an emerging economy. Managerial Implication in the South East Asian Context: In the South East Asian context, managers should assist directors in developing networks and good relationship with stakeholders. Stronger networks will enhance performance, but too many networks reduce performance gains. The valuation of networks and relationship helps firms to make good decisions, and utilise resources efficiently. Research Limitation & Implications: This study is limited to Malaysian publicly listed companies and annual report information, but it indicates the importance of developing a good network of directors to improve company performance, particularly boards in emerging market economies.
Co-Authors Makaryanawati Mara Ridhuan Che Abdul Rahman, Mara Ridhuan Che Abdul Masduki, Saiful Bakhtiar Natahadi, Herdyawan OSMAN, LOKHMAN HAKIM Saleh, Norman Mohd