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All Journal Jurnal Pembangunan Wilayah dan Kota Jurnal Keuangan dan Perbankan Prosiding Seminar Nasional Sains Dan Teknologi Fakultas Teknik Jurnal Tataloka Journal of Business Management Education (JBME) Jurnal Pendidikan Akuntansi dan Keuangan REKA RUANG Jurnal Kesehatan Karya Husada Specta Journal of Technology Jurnal Ilmiah Akuntansi Kesatuan Dinasti International Journal of Economics, Finance & Accounting (DIJEFA) Jurnal Borneo Cendekia Inkubis: Jurnal Ekonomi dan Bisnis Masyarakat: Jurnal Sosiologi Dinamika Pendidikan Jurnal Pengabdian Masyarakat Inovasi Indonesia
Yayat Supriyatna
Universitas Pendidikan Indonesia
Chemical Engineering, Chemistry & Bioengineering Civil Engineering, Building, Construction & Architecture Computer Science & IT Dentistry Earth & Planetary Sciences Economics, Econometrics & Finance Education Electrical & Electronics Engineering Engineering Environmental Science Health Professions Medicine & Pharmacology Nursing Public Health Social Sciences Veterinary

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Cognitive Biases in Investment Decision: Do Education and Income Make a Difference? Elva Herlianti; Nugraha; Disman; Yayat Supriyatna; Imas Purnamasari
Dinamika Pendidikan Vol. 19 No. 2 (2024)
Publisher : Economics Education Department Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/dp.v19i2.20991

Abstract

This study aims to extensively research the effects of cognitive biases on individual investment decisions. The population of this research is investors in Indonesia and the sampling technique used is random sampling, obtained 574 respondents from 34 provinces in Indonesia. Quantitative data were collected through structured questionnaires and analyzed using multiple linear regression and moderated-moderation model in the PROCESS Procedure for SPSS Version 4.1 by Hayes. Results indicate that herding bias has a negative influence, discouraging investors from following market trends, while loss aversion, framing, anchoring, and mental accounting positively impact investment decisions; these biases are moderated by demographic factors. The findings imply that demographic factors do not interact jointly but operate independently to impact investment behavior. This research is novel in its exploration of moderated-moderation effects to reveal nuanced interactions between cognitive biases and demographics in shaping investment decisions.
Moderating Effect of Foreign Capital Flow on Investor Sentiment and Stock Returns in ASEAN Hadi Ahmad Sukardi; Nugraha Nugraha; Toni Heryana; Yayat Supriyatna
Inkubis : Jurnal Ekonomi dan Bisnis Vol. 8 No. 2 (2026): INKUBIS Jurnal Ekonomi Dan Bisnis
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/inkubis.v8i2.238

Abstract

Background: ASEAN capital markets exhibit persistent return volatility that is inconsistent with macroeconomic fundamentals, suggesting the influence of behavioral and structural factors beyond the Efficient Market Hypothesis (EMH). Objective: This study examines the direct effect of investor sentiment on stock returns across six ASEAN economies and tests the moderating role of foreign capital flows in this relationship. Methods: Using quarterly panel data from 2003 to 2024 (N = 504) covering Indonesia, Malaysia, Singapore, Thailand, the Philippines, and Vietnam, this study employs moderated regression analysis within a fixed effects model (FEM). Investor sentiment is proxied by the Consumer Confidence Index (CCI), stock returns are measured using national composite indices, and foreign capital flows are operationalized through Foreign Direct Investment (FDI). The Hausman test confirmed FEM as the appropriate estimator. Results: Investor sentiment exerts a positive and significant effect on stock returns (β = 0.187, p < 0.05). Although FDI alone does not significantly predict returns (p = 0.177), the interaction term CCI × FDI is highly significant (β = 0.115, p < 0.01), confirming a catalytic moderating effect. Conclusion: Foreign capital inflows amplify the sentiment–return relationship in ASEAN markets. These findings offer critical insights for policymakers and portfolio managers regarding behavioral market dynamics and capital flow surveillance in emerging economies.
Co-Authors Ade Sucipto Ananta, Bella Aprianto, Kezia Rianka Putri Asep Rachmat Badar, Dadan Samsul Christian, Jogi Dewi, Friesty Paramitha Dewi, Rosianti Citra Puspa Disman Disman Elva Herlianti Endrawati Fatimah, Endrawati Fitri, Afifah Alya H. Haris Budiman Hadi Ahmad Sukardi Hardiana, Dian Heraeni Tanuatmodjo Heryana, Toni Imas Purnamasari Iqbal Lhutfi Khairi, Dhiya Athaya Leni Yuliyanti, Leni Lestari, Firda Maulani M. Arief Ramdhany Martina Cecilia Adriana Maya Sari Nugraha Nugraha Nugraha Nugraha Nugraha Nurgraha, Nugraha Nurrizky, Eki Qarismayah Permatasari, Ghaisani Ayu Rahel Situmorang Rifqi Dwi Mahendra safitri, gita SRI RAHAYU Suryana Tiar Lina Situngkir Umar Faruk Wartaman, Anita Sitawati Wiranegara, Hanny W. Wiranegara, Hanny Wahidin Wisely Yahya Zahrah Zahira