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All Journal International Journal of Information System and Innovation Management Economics Development Analysis Journal
Stanislaw Flejterski
University WSB Merito Poznan
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Rational and Irrational Factors Influencing Bank Stock Prices: GMM Approach Muhammad Firmansyah; Sri Budi Cantika Yuli; Stanislaw Flejterski
Economics Development Analysis Journal Vol. 14 No. 4 (2025): Economics Development Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/edaj.v14i4.29643

Abstract

In the dynamic and volatile capital market, understanding the factors that influence stock prices is essential for making informed investment decisions. Stock price movements are influenced by rational, fundamental information, irrational investor behavior, and sentiment. This study aims to analyze the influence of rational and irrational factors on stock prices in the Indonesian banking sector during the 2020-2024 period. The rational variables include price-to-book value (PBV), financial literacy, technology adoption, and interest rates, while irrational influence is represented by investor sentiment or mood. Using a dynamic panel data approach with the Generalized Method of Moments (GMM), this study examines four major Indonesian banks: Bank Mandiri, BNI, BRI, and BCA. The results show that PBV, financial literacy, and technology adoption significantly affect stock prices, while interest rates have a significant negative effect. Additionally, investor sentiment has a considerable positive impact, indicating that emotional and psychological factors can drive stock price movements beyond fundamental valuation. This research presents a novel analytical model that integrates rational and irrational perspectives, offering a comprehensive understanding of stock price volatility in emerging markets. It suggests that investors, companies, and policymakers must consider both fundamental indicators and market sentiment simultaneously to make accurate, timely investment decisions.
Brand Trust, Audience Engagement, and Interactivity as Determinants of Purchase Decisions in TikTok Live Commerce Monalisa Monalisa; Astri Ayu Purwati; Ermina Rusilawati; Muhammad Firmansyah; Stanislaw Flejterski
International Journal of Information System and Innovation Management (IJISIM) Vol. 3 No. 2 (2025): International Journal of Information System and Innovation Management
Publisher : Yayasan Pendidikan Islam Al-Matani

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55583/ijisim.v3i2.2061

Abstract

The rapid growth of live streaming commerce has transformed consumer purchasing behavior, particularly among Generation Z users of TikTok Live. This study aims to examine the effects of brand trust, audience engagement, and interactivity on purchase decisions among TikTok Live consumers in Pekanbaru City. A quantitative research design was employed, with data collected through a structured questionnaire from 120 respondents who had previously made purchases via TikTok Live. The data were analyzed using multiple linear regression to test the proposed hypotheses. The results indicate that brand trust and audience engagement have a positive and significant effect on purchase decisions. These findings suggest that consumers are more likely to make purchasing decisions when they trust the brand and actively engage with live streaming content. In contrast, interactivity was found to have a positive but insignificant effect on purchase decisions, indicating that interactive features alone do not directly drive purchasing behavior without the support of trust and engagement. Overall, the research model explains 61.4% of the variance in purchase decisions. This study contributes to the literature on live streaming commerce by highlighting the dominant roles of brand trust and audience engagement in shaping purchase decisions within the TikTok Live context. Practically, the findings provide insights for marketers and sellers to focus on trust-building strategies and engagement-driven content to enhance sales performance in live streaming environments.
Brand Trust, Audience Engagement, and Interactivity as Determinants of Purchase Decisions in TikTok Live Commerce Monalisa Monalisa; Astri Ayu Purwati; Ermina Rusilawati; Muhammad Firmansyah; Stanislaw Flejterski
International Journal of Information System and Innovation Management (IJISIM) Vol. 3 No. 2 (2025): International Journal of Information System and Innovation Management
Publisher : Yayasan Pendidikan Islam Al-Matani

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55583/ijisim.v3i2.2061

Abstract

The rapid growth of live streaming commerce has transformed consumer purchasing behavior, particularly among Generation Z users of TikTok Live. This study aims to examine the effects of brand trust, audience engagement, and interactivity on purchase decisions among TikTok Live consumers in Pekanbaru City. A quantitative research design was employed, with data collected through a structured questionnaire from 120 respondents who had previously made purchases via TikTok Live. The data were analyzed using multiple linear regression to test the proposed hypotheses. The results indicate that brand trust and audience engagement have a positive and significant effect on purchase decisions. These findings suggest that consumers are more likely to make purchasing decisions when they trust the brand and actively engage with live streaming content. In contrast, interactivity was found to have a positive but insignificant effect on purchase decisions, indicating that interactive features alone do not directly drive purchasing behavior without the support of trust and engagement. Overall, the research model explains 61.4% of the variance in purchase decisions. This study contributes to the literature on live streaming commerce by highlighting the dominant roles of brand trust and audience engagement in shaping purchase decisions within the TikTok Live context. Practically, the findings provide insights for marketers and sellers to focus on trust-building strategies and engagement-driven content to enhance sales performance in live streaming environments.
Co-Authors Astri Ayu Purwati Ermina Rusilawati Monalisa Monalisa Muhammad Firmansyah Sri Budi Cantika Yuli