Toni Heryana
Universitas Pendidikan Indonesia, Indonesia

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The Influence of Cognitive and Emotional Biases on Investment Decisions through Financial Literacy Raden Dian Hardiana; Nugraha Nugraha; Toni Heryana; Imas Purnamasari
Jurnal Ilmiah Manajemen Kesatuan Vol. 14 No. 3 (2026): JIMKES Edisi Mei 2026
Publisher : LPPM Institut Bisnis dan Informatika Kesatuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37641/jimkes.v14i3.5024

Abstract

Rapid growth of retail investor participation via digital platforms, investment quality remains inadequate, as numerous individuals continue to exhibit suboptimal decision-making driven by psychological influences. This study investigates the impact of cognitive and emotional biases on investment decisions, utilizing financial literacy as a mediating variable among retail investors in West Java and Banten, Indonesia. Employing a quantitative research design with a survey method, data gathered from experienced retail investors were analyzed using Partial Least Squares Structural Equation Modelling (PLS-SEM). The empirical findings indicate that cognitive and emotional biases exert a significant negative effect on financial literacy, whereas financial literacy demonstrates a significant positive influence on investment decisions. Furthermore, financial literacy significantly mediates the relationship between both categories of psychological biases and investment decisions. The proposed model exhibits moderate explanatory and predictive power, thereby confirming its adequacy in explaining investor behavior. Consequently, these findings imply that financial literacy plays a pivotal role in mitigating the adverse effects of psychological biases in investment decision-making. The study concludes that enhancing financial literacy is imperative to foster rational investment behavior, suggesting that financial education initiatives must integrate strategic interventions to diminish cognitive and emotional distortions.
The Influence of Pos Indonesia’s New Logo and Service Quality on Service Use Intention: The Mediating Role of Brand Image in the Pospreneur Webinar Community Johni Eka Putra; Vanessa Gaffar; Lili Adi Wibowo; Toni Heryana; Agus Fathurohman Handoyo; Ihwan Sutardiyanta
Journal of Economics, Entrepreneurship, Management Business and Accounting Vol 4 No 4 (2026): Volume 4, Issue 4, July 2026
Publisher : CV. Sakura Digital Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61255/jeemba.v4i4.1104

Abstract

Purpose – This study examines the influence of Pos Indonesia’s new logo and service quality on the intention to use Pos Indonesia services, with brand image as an intervening variable. This topic is important because Pos Indonesia has renewed its visual identity as part of its transformation, while consumer intention in service industries is influenced not only by visual elements but also by service experience and brand perception. Design/methodology/approach – This study employed a quantitative approach with an explanatory survey design. Primary data were collected through questionnaires distributed to members of the Pospreneur Webinar Community. The research variables included the new logo, service quality, brand image, and intention to use services. The data were analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS) to test direct and indirect relationships among variables. Finding/Results – The findings show that the new logo has a significant positive effect on brand image, but does not directly have a significant effect on intention to use services. Service quality has a significant positive effect on both brand image and intention to use services. Brand image also significantly influences intention to use services and mediates the relationship between the new logo and service quality toward intention to use services. Originality/Value – This study indicates that logo renewal can strengthen brand image, but consumer intention to use services is more strongly driven by service quality and positive brand perception. Therefore, rebranding should be supported by consistent service improvement.
Unveiling Trends and Knowledge Structure in Commodity Derivatives Research: Insights from Bibliometric Analysis Pierdijono Hartono; Wahyudayanto Utama; Toni Heryana; R. Adam Medidjati
Jurnal Ilmiah Manajemen Kesatuan Vol. 13 No. 6 (2025): JIMKES Edisi November 2025
Publisher : LPPM Institut Bisnis dan Informatika Kesatuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37641/jimkes.v13i6.4042

Abstract

Research on commodity derivatives has grown steadily due to increasing market complexity and investor interest. This study aims to examine trends, patterns, and scholarly impact in commodity derivatives research from 1999 to 2023. Using 105 articles retrieved from the Scopus database, bibliometric analysis was conducted with Excel, Python, and RStudio to assess publication growth, citation patterns, journal quartiles, geographic distribution, leading authors, and institutional affiliations. Results show a consistent increase in research activity, with the Journal of Futures Markets being the most influential journal. The UK, USA, and the Netherlands are the top contributing countries, while Q1 and Q2 journals dominate publication platforms. Leading institutions include the University of Technology Sydney, North-West University, and the Austrian Foundation for Development Research (ÖFSE). The study provides a comprehensive mapping of the field, highlighting key journals, authors, and institutions. Practical implications include guidance for researchers, practitioners, and policymakers in selecting journals for submission, identifying collaboration opportunities, and tracking emerging research trends. Limitations involve reliance solely on Scopus data; future studies could expand to other databases, such as Web of Science and Google Scholar, for broader insights.