Herding Behavior Model in Investment Decision on Emerging Markets: Experimental in Indonesia

• 발행기관: 한국유통과학회
• 저자명: Sri RAHAYU Abdul ROHMAN Puji HARTO
• 간행물 정보: 『The Journal of Asian Finance, Economics and Business(JAFEB)』Vol. 8 No.1, 53~59쪽, 전체 7쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2021.01.30

영문 초록

This research aims to examine the model of investor herding behavior in making investment decisions in the Indonesian capital market, which is influenced by social and information impacting on the value of the Book Value Per Share (BVPS). The latest stock market conditions show that most investors make the same error pattern in making investment decisions that result in losses. The experiment involves two independent variables, namely, information about BVPS and social influence. This study used a 2x2 factorial design laboratory experimental method. Data collection was carried out through treatment of a sample of 100 individual investors listed on the Indonesia Stock Exchange. Univariate Two-Way Analysis of Variance (ANOVA) statistical tool was used to test the independent variable on the dependent variable. Research results showed that the social influence originating from expert investors is more influential than the Book Value Per Share (BVPS) information on the behavior of herding investors in making investment decisions. These findings suggest that investors know their psychological factors, thereby increasing self-control and investment analysis skills. Further research can use psychological bias and other indicators of accounting relevant information such as Earning Per Share (EPS) to test herding behavior in investment decision making in the capital market.

목차

1. Introduction

2. Literature Review and Hypotheses

3. Method

4. Result

5. Discussion and Conclusion

References

키워드

Herding Investment Decision Social Effect BVPS Experimental