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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.
The Effect of Profitability and Deviden Policy on Company Value (Case Study in the Healthcare Sector Listed on the Indonesia Stock Exchange 2019-2023) Firda Maulani Lestari; Yayat Supriyatna; Maya Sari
Dinasti International Journal of Economics, Finance & Accounting Vol. 5 No. 5 (2024): Dinasti International Journal of Economics, Finance & Accounting (November - De
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijefa.v5i5.3540

Abstract

This study examined the impact of sustainability and dividend policy on the value of healthcare companies listed on the Indonesia Stock Exchange (BEI) from 2019 to 2023. The dependent variable in this analysis was company value, represented by the Price to Earnings Ratio (PER), while the independent variables included sustainability, measured by Return on Assets (ROA), and dividend policy, expressed through the Dividend Payout Ratio (DPR). A linear regression analysis was employed using data derived from the companies' financial statements. The results revealed that sustainability had a significant positive effect on company value, and dividend policy also had a positive contribution. These findings offer valuable insights for both investors and management in formulating financial strategies to enhance the value of healthcare companies. This research is expected to contribute to the growth of financial literature and managerial practices in Indonesia
Internal Determinants Affecting the Timeliness of Financial Reporting in IDX Rifqi Dwi Mahendra; Suryana; Yayat Supriyatna; Leni Yuliyanti ‬‬‬‬‬‬‬‬‬‬‬
Dinasti International Journal of Economics, Finance & Accounting Vol. 6 No. 2 (2025): Dinasti International Journal of Economics, Finance & Accounting (May-June 2025
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijefa.v6i2.4440

Abstract

Timeliness in financial reporting is crucial for investors and stakeholders in making informed decisions. However, variations in financial performance may impact reporting timeliness. This study examines the effect of profitability, leverage, and company size on the timeliness of financial reporting in companies listed on the Indonesia Stock Exchange (IDX) from 2019 to 2023. A quantitative approach with verificative methods was employed, source of secondary data from annual financial reports. The results revealed that profitability has a positive effect on the timeliness of financial reporting, while leverage and company size have no significant effect. These results indicate that financially successful companies tend to submit reports more promptly, whereas leverage and size do not play a determining role in reporting timeliness. The results of this study reinforce notion that sound financial condition encourages corporate compliance with reporting deadlines. On the other hand, companies with high leverage or larger size do not always experience delays in reporting, indicating that other factors may be more influential.