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All Journal Economics and Business Journal IIJSE
Surya Raharja
Universitas Diponegoro, Semarang, Indonesia
Economics, Econometrics & Finance

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Bahasa Inggris Umi Rahmawati; Surya Raharja
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 7 No 3 (2024): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v7i3.5608

Abstract

This study investigates the influence of herding behavior, loss aversion, and availability on investment decision-making among Generation Z, with Fear of Missing Out (FoMO) as a mediator. Generation Z frequently relies on social media as a primary source of investment information, potentially leading to biases or decision-making errors. The research was conducted among a group studying capital markets in Semarang, employing purposive sampling to gather data from 251 respondents through Google Form questionnaires. Data analysis using Smart PLS 4.0 revealed that herding behavior does not significantly affect FoMO or investment decision-making among Generation Z. However, loss aversion and information availability significantly influence both investment decision-making and FoMO among Generation Z. FoMO does not mediate the relationship between herding behavior and investment decisions, but it does mediate the impact of loss aversion and information availability on investment decisions among Generation Z.
Analysis of The Influence of Environmental, Social, and Governance (Esg) on Financial Performance: An Empirical Study of LQ45 Companies on The Indonesia Stock Exchange Period 2023-2025 Chandra; Surya Raharja
Economics and Business Journal (ECBIS) Vol. 4 No. 5 (2026): July
Publisher : PT. Maju Malaqbi Makkarana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47353/ecbis.v4i5.492

Abstract

This study aims to analyze the influence of Environmental (E), Social (S), and Governance (G) on corporate financial performance as measured by Return on Assets (ROA) and Return on Invested Capital (ROIC) in companies listed on the LQ45 index of the Indonesia Stock Exchange for the 2023-2025 period, with Company Size (SIZE) as a control variable. The study uses a quantitative method with secondary data obtained from annual reports and corporate sustainability reports. The sample was determined using a purposive sampling technique, resulting in 45 observations included in the LQ45 for the 2023-2025 period. Data analysis was performed using panel data regression with the help of EViews 13 software. The results show that Environmental has a positive and significant effect on ROA and ROIC, while Governance also has a positive and significant effect on both indicators. Conversely, Social does not have a significant effect on ROA or ROIC. The coefficient of determination value indicates that the model is able to explain variations in ROA by 29.7% and ROIC by 32.3%. These findings indicate that environmental practices and corporate governance play an important role in improving financial performance, while the implementation of social aspects has not had a significant impact during the study period.
Analysis of the Expected Impact of PSAK 117 Implementation on the Quality of Financial Statements in Insurance Companies Annisa Hayu Sekar Pertiwi; Surya Raharja
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 2 (2026): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v9i2.10078

Abstract

This study aims to analyze the expected impact of PSAK 117 implementation on the quality of financial statements in insurance companies, particularly in terms of relevance and reliability of accounting information. Data were collected through questionnaires distributed to finance and accounting practitioners in insurance companies, with a total of 46 respondents from various positions and work experiences. Descriptive analysis results indicate that respondents have high expectations regarding the application of PSAK 117, with average scores of 4.46 for relevance and 4.42 for reliability of financial statements. Respondents perceive that this standard can provide more accurate, complete, and transparent information, thereby supporting more precise decision-making. These findings emphasize the importance of consistent PSAK 117 implementation to enhance financial statement quality and provide a solid basis for managerial and investment decisions in insurance companies.
Co-Authors Annisa Hayu Sekar Pertiwi Chandra Umi Rahmawati