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Gedung D, Lantai 1, Ruang Badan Penerbitan Jurnal, Universitas Brawijaya, Malang, Indonesia. Ketawanggede, Kec. Lowokwaru, Kota Malang, Jawa Timur.
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INDONESIA
Jurnal Management Risiko dan Keuangan
Published by Universitas Brawijaya
ISSN : 29640695     EISSN : 29640695     DOI : -
Core Subject : Science,
Decision Sciences, Operations Research & Management
Publish all forms of quantitative and qualitative research articles and other scientific studies related to the field of Risk Management and Finance.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Strategi dan Menejemen
Articles 132 Documents
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Market reaction Analysis on Stocks Listed in the SRI-KEHATI Index Amalia Astari, Nurul; Wijayanti, Risna
Jurnal Management Risiko dan Keuangan Vol. 4 No. 4 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2025.04.4.04

Abstract

This study aims to understand investor behavior toward sustainable investment drives the need to analyze market reaction surrounding changes in the SRI-KEHATI Index, a benchmark for ESG-oriented stocks in Indonesia. This study aims to assess market reaction in response to additions and removals of stocks from the index during the 2022–2024 period. Employing an event study method with an 11-day observation window (t–5 to t+5), the analysis uses Cumulative Average Abnormal Return (CAAR) as proxies for market reaction. The study examines 42 stocks affected by index composition changes over five evaluation periods. Results show that stocks included in the index experienced positive CAAR, suggesting positive sentiment and buying pressure. In contrast, excluded stocks displayed negative CAAR, indicating negative sentiment and selling activity. These outcomes align with signaling theory, where inclusion in the index signals positive prospects to investors. The findings imply that SRI-KEHATI Index revisions contain meaningful information that shapes investor perceptions and trading behavior, reinforcing the role of ESG indices in influencing capital market dynamics.
The Effect of Herding Behavior and Anchoring Bias on Stock Decision-Making in the Capital Market with Risk Tolerance as a Mediating Variable Gastiadirrijal, Rakan; Andarwati
Jurnal Management Risiko dan Keuangan Vol. 4 No. 2 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2025.04.2.01

Abstract

This study aims to determine the effect of herding behavior and anchoring bias on investment decisions with risk tolerance as an intervening variable on Generation Z in the Jabodetabek. This type of research is explanatory research that aims to test existing hypotheses to find casual relationships between variables. This study used a sample of 143 respondents obtained through online distribution. The data analysis technique used is Partial Least Square (PLS) using the SmartPLS version 4.0 tool. The results of this study indicate that the herding behavior and anchoring bias variables have a significant direct effect on investment decisions. The herding behavior and anchoring bias variables also have a significant effect on risk tolerance. The risk tolerance variable has a significant effect on investment decisions. The test results also show that risk tolerance mediates the relationship between herding behavior and anchoring bias on investment decisions.

Page 14 of 14 | Total Record : 132

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