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Journal : Journal of Accounting and Investment

Herding Behaviour in Sharia Stock: The Moderation Effect of Good Governance Business Sharia Disclosure Ike Arisanti; Tri Wahyu Oktavendi
Journal of Accounting and Investment Vol 21, No 1: January 2020
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (679.17 KB) | DOI: 10.18196/jai.2101136

Abstract

Research aims: One of the irrational behavior of investors is herding behavior. Disclosure of certain information is one of the triggering factors for herding behavior. However, “whether all the various types of information disclosure can encourage herding?” This is a big question related to the success of Good Governance Business Sharia (GGBS) information disclosure in stimulating herding behavior in Sharia stock trading. Hence, this study aims to examine the role of GGBS disclosure in herding behaviour.Design/Methodology/Approach: This study uses the object of companies listed on the ISSI (Indonesian Sharia Stock Index 2018. Data analysis in this research is using the Regression and moderation Test.Research findings: The results show that the GGBS disclosure was able to moderate herding behavior in Indonesian Sharia Stock. In this study it was found that the presence of GGBS Disclosure further strengthens the existence of herding behavior, meaning that investors conduct herding behavior reinforced by the information coming from within the company in the form of disclosure of GGBS Disclosure.Theoretical contribution/Originality: The theoretical impact is to expand the study of herding behavior and relate it to the disclosure of information. This study is also an initiator that examined the role of GGBS as moderating variable.Practitioner/Policy implication: The implication of this research is to be able to increase company concern in terms of GGBS disclosure so that the sharia stock market can be more transparent.Research limitation/Implication: This research only focuses on one information, namely GGBS Disclosure. This cannot generalize that information disclosure can strengthen or even weaken the existence of herding behavior. This research only uses one method of detection of herding, namely using Cross-Sectional Absolute Deviation (CSAD). This study uses all objects in the Indonesian Sharia Stock Index (ISSI) without considering sharia activities in each company.
Successful Crowdfunding in Indonesia Based on Financial Projection and Investor Attraction: Empirical Study on Micro, Small and Medium Enterprises (MSMEs) on the Bizhare Platform Anggrian Faulina Permatasari; Ihyaul Ulum; Ike Arisanti
Journal of Accounting and Investment Vol 23, No 2: May 2022
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (502.423 KB) | DOI: 10.18196/jai.v23i2.13427

Abstract

Research aims: This study aims to examine the effects of investor attraction and financial projection on successful crowdfunding. Design/Methodology/Approach: A purposive sampling method was used by the researchers. The research sample consisted of 48 projects from the Bizhare platform from 2018 to 2021, with the following criteria: providing data that could be used as an indicator for measuring each variable. In testing the hypotheses, multiple linear regression analysis was employed with a principal component analysis model.Research Findings: The financial projection positively affected successful crowdfunding, while investor attraction negatively affected successful crowdfunding in Indonesia.Theoretical contribution/Originality: This study’s results are an additional discussion toward theory and literature related to crowdfunding.Practitioner/Policy implication: Disclosure of prospectus plays an essential role in preventing information asymmetry that may arise between managers and investors by providing knowledge to external investors. This study is needed to accelerate economic recovery due to the pandemic, which especially causes new projects to be trapped, saves MSMEs from limited capital, and improves business development.Research limitation/Implication: This research only used one platform as an object because not all crowdfunding platforms could be accessed and provided the information needed for research.
Herding Behavior Post Initial Public Offering In Indonesia Stock Exchange Ike Arisanti; Marwan Asri
Journal of Accounting and Investment Vol 19, No 2: July 2018
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (605.848 KB) | DOI: 10.18196/jai.190298

Abstract

This research was conducted to test whether there is a herding behavior post Initial Public Offering (IPO) in Indonesia Stock Exchange. Domestic transactions on the Indonesia Stock Exchange are rising year by year along with the increased of IPO emissions. The existence of underpricing phenomenon causes a domino effect (herding) that arises on potential investors after the IPO. This study used Cross-Sectional Absolute Deviation (CSAD) method to detect herding behavior. The data used were daily price data of IPO shares from the 1st day until the 30th day after IPO period 2005-2015. Hypothesis testing was done using regression analysis by means of CSAD variable as dependent variable and return market as independent variable. The result of this research indicated that there was a herding behavior post -IPO in Indonesia Stock Exchange period 2005-2015 period. It is shown by the negative and significant value of γ2 (0.013 0.05).