Article Per Year (5 Year)
p-Index From 2021 - 2026
0.408
P-Index
This Author published in this journals
All Journal Journal of Enterprise and Development (JED) IIJSE
Abdur Rafik
Universitas Islam Indonesia, Yogyakarta, Indonesia
Economics, Econometrics & Finance

Published : 2 Documents Claim Missing Document
Claim Missing Document
Check
Articles

Found 2 Documents
Search

 1 
Reaksi Pasar Saham terhadap Tarif Resiprokal Amerika Serikat: Studi Peristiwa pada BRICS dan Ekonomi Mitra Rafdi Luthfan Farizi; Abdur Rafik
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.v9i2.9955

Abstract

Trade-policy announcements provide a natural experiment to examine how global policy uncertainty is transmitted into emerging equity markets. This study investigates the market reaction surrounding the U.S. reciprocal tariff announcement in early April 2025 by assessing three adjustment channels risk (volatility), price (abnormal returns), and trading activity (abnormal volume) across BRICS and selected partner markets. Using an event-study design, volatility is measured via standard deviation and tested using an F-test for differences in variance, while abnormal returns and abnormal volume are evaluated through OLS dummy regressions comparing event and post-event periods against the pre-event baseline. The results reveal heterogeneous and asymmetric responses across markets: some indices exhibit a pronounced shift in volatility and return dynamics, while trading activity responses are weaker or delayed. The findings highlight that trade-policy shocks are transmitted asymmetrically across emerging markets, with risk and price channels reacting faster than trading activity, challenging the assumption of uniform market adjustment under global policy uncertainty. These insights extend the literature on policy-induced financial spillovers by emphasizing a multi-channel adjustment mechanism and offer practical implications for portfolio risk management and market surveillance during periods of heightened policy uncertainty.
What Drives Retail Investors' Decisions in the Indonesian Market? Understanding the Role of Cognitive and Social Biases Aufaa Hasbul Qahhar Adhytya; Abdur Rafik
Journal of Enterprise and Development (JED) Vol. 8 No. 1 (2026): January - April
Publisher : Faculty of Islamic Economics and Business of Universitas Islam Negeri Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20414/jed.v8i1.15072

Abstract

Purpose: This study examines the effects of representativeness bias, availability bias, and herding behavior on retail investors' investment decisions in Indonesia. It also investigates whether internal locus of control moderates the relationship between behavioral biases and investment decisions.Method: A quantitative survey approach was employed using data from 302 active retail investors in the Indonesian capital market, selected through purposive sampling. Data were collected using a structured questionnaire with a five-point Likert scale and analyzed using Structural Equation Modeling with the Partial Least Squares (SEM-PLS) technique.Result: The results indicate that representativeness bias, availability bias, and herding behavior have positive and significant effects on retail investors' investment decisions, suggesting that decisions are largely driven by heuristic judgments and social influence rather than purely rational evaluation. However, internal locus of control does not significantly moderate the relationships between behavioral biases and investment decisions, suggesting that individual psychological control does not automatically function as a debiasing mechanism in highly digitalized and socially influenced investment environments.Practical Implications for Economic Growth and Development: The results highlight the importance of behavioral-based financial education that emphasizes bias awareness to improve decision-making quality, promote more efficient capital allocation, and enhance capital market stability.Originality/Value: This study contributes to behavioral finance literature by integrating cognitive and social biases with internal locus of control as a moderator in an emerging market context.
Co-Authors Aufaa Hasbul Qahhar Adhytya Rafdi Luthfan Farizi