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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

Purpose – This study aims to analyze investor reactions to changes in the SRI-KEHATI Index composition, particularly the addition and removal of stocks, as a representation of market responses toward sustainable investment signals in Indonesia.     Design/methodology/approach – This quantitative study employs an event study method with an 11-day observation window (t–5 to t+5). The sample consists of 42 stocks affected by SRI-KEHATI Index composition changes during five evaluation periods from 2022–2024. Market reaction is measured using Cumulative Average Abnormal Return (CAAR).   Findings – The results indicate that stocks added to the SRI-KEHATI Index generate positive CAAR, reflecting positive investor sentiment and increased buying activity. Conversely, removed stocks experience negative CAAR, indicating unfavorable market reactions and selling pressure. These findings support signaling theory, demonstrating that ESG index inclusion and exclusion provide meaningful information for investors.   Originality/value – This study contributes to sustainable finance and capital market literature by demonstrating how ESG index revisions influence investor perceptions and trading behavior in an emerging market context. The findings highlight the strategic role of ESG indices as market signals in shaping investment decisions.  
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

Purpose – This study aims to examine the effect of herding behavior and anchoring bias on investment decisions, with risk tolerance as an intervening variable among Generation Z in Jabodetabek.    Design/methodology/approach – This explanatory research uses a quantitative approach to test causal relationships between variables. The sample consists of 143 respondents collected through online questionnaires. Data were analyzed using Partial Least Squares (PLS) with SmartPLS version 4.0.   Findings – The results show that herding behavior and anchoring bias have a significant direct effect on investment decisions. Both variables also significantly influence risk tolerance, which in turn significantly affects investment decisions. Additionally, risk tolerance mediates the relationship between herding behavior, anchoring bias, and investment decisions.   Originality/value – This study contributes to behavioral finance literature by highlighting the mediating role of risk tolerance in linking cognitive biases and investment decision-making among Generation Z investors.

Page 14 of 14 | Total Record : 132

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