cover
Article Per Year (5 Year)
All
Home Page
OAI Link
Editorial Team
Contact
Reviewer
Google Scholar
Contact Name
Anita Ade Rahma
Contact Email
anita.aderahma@gmail.com
Phone
+6281363907163
Journal Mail Official
governors.itscience@gmail.com
Editorial Address
Marapalam Raya 7 Padang Sumatera Barat Indonesia
Location
Unknown,
Unknown
INDONESIA
Governors
Published by Information Technology and Science
ISSN : -     EISSN : 29625505     DOI : https://doi.org/10.47709/governors.v1i1
Core Subject : Economy,
Economics, Econometrics & Finance
Governors is interdisciplinary in its scope and encourages submissions from any discipline or any part of the world which addresses any element of the aims of the journal. The journal encompasses the full range of theoretical, methodological, and substantive debates in the area of corporate governance and corporate social responsibility. Contributions which address the link between different disciplines and/or implications for societal, organizational, or individual behavior are especially encouraged.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 114 Documents
 8   9   10   11   12 
The FOMO Phenomenon on IPO Stocks: Evidence from The Indonesia Stock Exchange Muhammad Ilham Sofyan; Fahrul Imam Santoso
GOVERNORS Vol. 5 No. 1 (2026): April-July 2026 Issue
Publisher : Yayasan Cita Cendekiawan Al Khwarizmi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47709/governors.v5i1.9318

Abstract

This study aims to empirically examine the effect of Underpricing and Trading Volume Activity (TVA)—acting as a proxy for the psychological bias of Fear of Missing Out (FOMO)—on the Cumulative Abnormal Return (CAR) of Initial Public Offering (IPO) stocks. Conducted on the Indonesia Stock Exchange with a six-month post-listing observation window, this quantitative research utilized a purposive sampling technique to select 42 IPO companies from 2024 to 2025. The secondary data were analyzed using Multiple Linear Regression, supported by classical assumption tests. Partial testing reveals that Underpricing has no significant effect on CAR, indicating that initial cheap price signals are merely short-term anomalies that fade as information asymmetry decreases. Conversely, TVA demonstrates a significant negative effect on CAR. This confirms that extreme trading volumes, driven by irrational FOMO and herding behaviors among retail investors, lead to severe overvaluation and subsequent medium-term underperformance. Furthermore, the simultaneous test proves that Underpricing and TVA collectively have a significant impact on CAR. These findings provide novel empirical evidence supporting Behavioral Finance theory, highlighting that early transaction euphoria strongly predicts medium-term performance declines as markets correct toward their fundamental values.
The Role of the Indonesia Deposit Insurance Corporation (LPS) in Mitigating Systemic Risk Anatia Agusti; Yonna Anggayu Putri; Berta Agus Petra
GOVERNORS Vol. 5 No. 1 (2026): April-July 2026 Issue
Publisher : Yayasan Cita Cendekiawan Al Khwarizmi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47709/governors.v5i1.9284

Abstract

The increasing number of Rural Bank (BPR) failures in Indonesia has raised concerns regarding depositor confidence and regional financial stability, highlighting the strategic role of the Indonesia Deposit Insurance Corporation (LPS) in mitigating systemic risk. This study aims to examine how LPS contributes to maintaining financial stability through the resolution of failed rural banks by analysing the cases of PT BPR Sembilan Mutiara and PT BPR Lubuk Raya Mandiri in West Sumatra. A qualitative case study based on documentary analysis was employed using official reports, regulatory documents, and other credible secondary sources related to bank resolution and deposit insurance. The findings indicate that the failures of both BPRs were primarily driven by weak corporate governance, inadequate capital management, declining liquidity, and ineffective risk management, while LPS effectively mitigated regional systemic risk through timely deposit reimbursement, coordinated bank resolution, and institutional collaboration with financial authorities. Beyond reimbursing insured deposits, LPS contributed to maintaining depositor confidence, supporting orderly bank resolution, and reducing the potential contagion effects arising from rural bank failures. The study concludes that strengthening corporate governance, early intervention mechanisms, institutional coordination, and public financial literacy is essential for enhancing the effectiveness of LPS and reinforcing the resilience of Indonesia's banking system.
Financial Socialization, Social Comparison, and Financial Behavior: The Mediating Role of Self-Efficacy Sri Ayu Devista; Ahmad Wira; Romi Iskandar
GOVERNORS Vol. 5 No. 1 (2026): April-July 2026 Issue
Publisher : Yayasan Cita Cendekiawan Al Khwarizmi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47709/governors.v5i1.9327

Abstract

Financial management behavior is essential for the sustainability of Micro, Small, and Medium Enterprises (MSMEs), yet many MSME actors still struggle to manage business finances effectively. While prior research has examined financial socialization and social comparison orientation as external drivers of financial behavior, little is known about how these factors operate through financial self-efficacy as a psychological mechanism, particularly among MSME actors in emerging urban economies such as Padang City, Indonesia. This study addresses this gap by testing financial self-efficacy as a mediator between financial socialization, social comparison orientation, and financial management behavior, using SEM-PLS on survey data from 100 MSME actors selected through purposive sampling. The findings show that financial socialization, not social comparison, is the determinant that meaningfully shapes financial management behavior, both directly and through financial self-efficacy. This distinction represents the study's key contribution: it demonstrates that internalized confidence built through social learning, rather than competitive self-evaluation, is the psychological pathway that translates external financial influence into sound financial behavior among MSME actors. Practically, this finding suggests that financial literacy interventions for MSMEs should be designed around mentorship and socialization-based learning to build financial self-efficacy, rather than relying on competitor-benchmarking approaches that this study finds ineffective in changing financial behavior.
Capital Structure, CSR Disclosure, and Firm Value: The Moderating Role of Profitability Fadilla Rezky Hendrani; Anita Ade Rahma; Ronni Andri Wijaya
GOVERNORS Vol. 5 No. 1 (2026): April-July 2026 Issue
Publisher : Yayasan Cita Cendekiawan Al Khwarizmi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47709/governors.v5i1.9504

Abstract

Firm value reflects investors’ assessment of a company’s financial prospects, risk, and long-term value creation. This study examines the effects of capital structure and corporate social responsibility (CSR) disclosure on firm value and investigates whether profitability moderates these relationships. Using a quantitative explanatory design, the study analyzes secondary data from 21 firms listed on the Indonesia Stock Exchange during 2022–2024, resulting in 63 observations. Firm value is measured by Price-to-Book Value (PBV), capital structure by Debt-to-Equity Ratio (DER), CSR disclosure by an index based on the Global Reporting Initiative (GRI) Standards 2021, and profitability by Return on Assets (ROA). Fixed-effects panel regression with interaction terms is employed to test the direct and moderating relationships. The results show that capital structure has a positive and statistically significant relationship with firm value, indicating that higher leverage is associated with higher market valuation within the observed sample. In contrast, CSR disclosure has no statistically significant relationship with firm value, suggesting that disclosure breadth alone does not sufficiently explain variation in market valuation. Profitability also does not significantly moderate either the capital structure–firm value relationship or the CSR disclosure–firm value relationship. Overall, the findings indicate an asymmetric valuation pattern in which capital structure is more strongly associated with firm value than CSR disclosure, while profitability does not function as a significant contingency variable for either relationship. The study contributes to the literature by providing recent evidence from the Indonesian capital market on the differentiated valuation relevance of financial leverage and CSR disclosure.

Page 12 of 12 | Total Record : 114

 8   9   10   11   12 

Filter by Year

2022 2026


Reset
Filter By Issues
All Issue Vol. 5 No. 1 (2026): April-July 2026 Issue Vol. 4 No. 3 (2025): December 2025-March 2026 issue Vol. 4 No. 2 (2025): August-November 2025 Issue Vol. 4 No. 1 (2025): April-July 2025 Issue Vol. 3 No. 3 (2024): December 2024-March 2025 issue Vol. 3 No. 3 (2024): December 2024 issue Vol. 3 No. 2 (2024): August 2024 Issue Vol. 3 No. 2 (2024): August-November 2024 Issue Vol. 3 No. 1 (2024): April 2024 issue Vol. 3 No. 1 (2024): April-July 2024 issue Vol. 2 No. 3 (2023): December 2023 issue Vol. 2 No. 2 (2023): August 2023 Issue Vol. 2 No. 1 (2023): April 2023 issue Vol. 1 No. 3 (2022): December 2022 issue Vol. 1 No. 2 (2022): August 2022 issue Vol. 1 No. 1 (2022): April 2022 Issue More Issue