JURNAL MANAJEMEN MOTIVASI
Vol 22 No 1 (2026): Jurnal Manajemen Motivasi

Cross-Country Herding Behavior in Chemical Industry Stocks: Evidence from Indonesia, Japan, and China Stock Markets

Veliana Felicia Santosa (Unknown)
Gusni (Unknown)

Article Info

Publish Date
12 Jun 2026

Abstract

This study investigates herding behavior and cross-country herding dynamics in the chemical sector stock markets of Indonesia, China, and Japan using the Cross-Sectional Absolute Deviation (CSAD) approach. The results reveal heterogeneous herding patterns across countries. No significant herding behavior is observed in Indonesia, suggesting that investors generally make independent decisions. In contrast, Japan exhibits strong herding behavior, particularly during periods of market uncertainty, while China shows herding with lower intensity. Cross-country analysis further indicates that market movements and investor sentiment in one country affect other markets, highlighting the increasing integration and interdependence of global financial markets. Keywords: Herding Behavior; Cross-country Herding; Chemical Industry; CSAD

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Journal Info
JURNAL MANAJEMEN MOTIVASI
Website

Abbrev

jm_motivasi

Publisher

Universitas Muhammadiyah Pontianak

Subject

Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

Description

Jurnal Manajemen Motivasi (JMM) adalah Jurnal Ilmiah Fakultas Ekonomi dan Bisnis Universitas Muhammadiyah Pontianak yang diterbitkan secara berkala 2 (dua) kali dalam satu tahun (Juni dan Oktober) sebagai sarana untuk menyebarluaskan hasil penelitian dan ilmu pengetahuan di bidang ilmu manajemen ...