In practice, there are some aspects which contribute to the decision making process. One of those aspects is the psychological aspect which cannot be separated from human being. The psychological aspect of the study of finance is called the study of behavioural finance (cognitive bias, emotional bias, and social bias) could lead to investor’s irrationality in decision making. This study aimed to analyze the influence of dissonance bias, overconfidence bias, and herding bias on investment decision in Investor Club of Satya Wacana Christian University (SWCU). This study utilizes the purposive sampling method. The sample in this study covers the whole investor in Investor Club of SWCU. The results of this study indicate that: (i) Cognitive dissonance bias has an insignificant influence to investment decision ; (ii) Overconfidence bias has a positive and significant influence to investment decision; (iii) Herding bias has an insignificant influence to the investment decision. This means that investors tend to use the emotional aspect rather than on the cognitive and social aspects of investment decision making. As a result, investors are overconfident of their ability and the outcome of investment decisions is not maximal and can cause losses. DOI : https://doi.org/10.26905/afr.v1i1.1745
{"title":"Cognitive Dissonance Bias, Overconfidence Bias dan Herding Bias dalam Pengambilan Keputusan Investasi Saham","authors":"Y. Setiawan, A. Atahau, Robiyanto Robiyanto","doi":"10.26905/AFR.V1I1.1745","DOIUrl":"https://doi.org/10.26905/AFR.V1I1.1745","url":null,"abstract":"In practice, there are some aspects which contribute to the decision making process. One of those aspects is the psychological aspect which cannot be separated from human being. The psychological aspect of the study of finance is called the study of behavioural finance (cognitive bias, emotional bias, and social bias) could lead to investor’s irrationality in decision making. This study aimed to analyze the influence of dissonance bias, overconfidence bias, and herding bias on investment decision in Investor Club of Satya Wacana Christian University (SWCU). This study utilizes the purposive sampling method. The sample in this study covers the whole investor in Investor Club of SWCU. The results of this study indicate that: (i) Cognitive dissonance bias has an insignificant influence to investment decision ; (ii) Overconfidence bias has a positive and significant influence to investment decision; (iii) Herding bias has an insignificant influence to the investment decision. This means that investors tend to use the emotional aspect rather than on the cognitive and social aspects of investment decision making. As a result, investors are overconfident of their ability and the outcome of investment decisions is not maximal and can cause losses. DOI : https://doi.org/10.26905/afr.v1i1.1745","PeriodicalId":33772,"journal":{"name":"AFRE Accounting and Financial Review","volume":"12 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-08-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80285116","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study aims to analyze the effect of profitability, sales growth and firm size on capital structure. The population of this research is basic industrial and chemical company which go public in Bursa Efek Indonesia. The observations are conducted in 2013-2016. The data source is taken from Indonesian Capital Directory Market (ICMD). Sampling technique used with purposive sampling. The sample size is 19 companies with 4 years observation period, so there are 76 observation data. Management in determining the source of financing will consider the cost or risk with a refund. In theory, pecking order management will expose the source of internal funding, external in the form of debt, then the issuance of shares. Profitability of the company during the year 2013-2016 shows positive. Sales increase except in 2015, where sales growth is negative. Company assets show an increase every year. Data analysis techniques use multiple linear regression. The results show that profitability and sales growth affect the capital structure. The size of the firm has no effect on the capital structure. The results support the pecking order theory. DOI : https://doi.org/10.26905/afr.v1i1.2246
{"title":"Identifikasi Struktur Modal Melalui Profitabilitas, Pertumbuhan Penjualan dan Ukuran Perusahaan","authors":"Grahita Chandrarin, Diyah Sukanti Cahyaningsih","doi":"10.26905/AFR.V1I1.2246","DOIUrl":"https://doi.org/10.26905/AFR.V1I1.2246","url":null,"abstract":"This study aims to analyze the effect of profitability, sales growth and firm size on capital structure. The population of this research is basic industrial and chemical company which go public in Bursa Efek Indonesia. The observations are conducted in 2013-2016. The data source is taken from Indonesian Capital Directory Market (ICMD). Sampling technique used with purposive sampling. The sample size is 19 companies with 4 years observation period, so there are 76 observation data. Management in determining the source of financing will consider the cost or risk with a refund. In theory, pecking order management will expose the source of internal funding, external in the form of debt, then the issuance of shares. Profitability of the company during the year 2013-2016 shows positive. Sales increase except in 2015, where sales growth is negative. Company assets show an increase every year. Data analysis techniques use multiple linear regression. The results show that profitability and sales growth affect the capital structure. The size of the firm has no effect on the capital structure. The results support the pecking order theory. DOI : https://doi.org/10.26905/afr.v1i1.2246","PeriodicalId":33772,"journal":{"name":"AFRE Accounting and Financial Review","volume":"10 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-08-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82643914","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study analyzes the value of firms in Indonesia as the Most Trusted Company. Independent variables include Good Corporate Governance (GCG), capital structure, dividend policy and profitability. While the dependent variable is the value of the company. Company value is proxied by Price Book Value (PBV). The purpose of this study was to analyze the effect of capital structure, dividend policy, profitability and GCG on corporate value, either simultaneously or partially. This research was conducted at public go public company in Indonesia which entered into Indonesia Most Trusted Companies in 2015. The research population is a company that goes public in Bursa Efek Indonesia. The sampling technique uses purposive sampling. The sample of a research company that entered IndonesiaMost Trusted Company in 2015. Indonesia Most Trusted Company is a company that applies GCG and published by SWA Magazine. The sample size is 25 companies. The analysis technique used multiple regression. The results showed that simultaneously GCG, capital structure, dividend policy and profitability affect the value of the company. Partially, capital structure and profitability have an effect on company value, while dividend policy and CG do not influence to company value. DOI: https://doi.org/10.26905/afr.v1i1.2267
{"title":"Indonesia Most Trusted Company dan Nilai Perusahaan","authors":"Y. Kurniawan","doi":"10.26905/afr.v1i1.2267","DOIUrl":"https://doi.org/10.26905/afr.v1i1.2267","url":null,"abstract":"This study analyzes the value of firms in Indonesia as the Most Trusted Company. Independent variables include Good Corporate Governance (GCG), capital structure, dividend policy and profitability. While the dependent variable is the value of the company. Company value is proxied by Price Book Value (PBV). The purpose of this study was to analyze the effect of capital structure, dividend policy, profitability and GCG on corporate value, either simultaneously or partially. This research was conducted at public go public company in Indonesia which entered into Indonesia Most Trusted Companies in 2015. The research population is a company that goes public in Bursa Efek Indonesia. The sampling technique uses purposive sampling. The sample of a research company that entered IndonesiaMost Trusted Company in 2015. Indonesia Most Trusted Company is a company that applies GCG and published by SWA Magazine. The sample size is 25 companies. The analysis technique used multiple regression. The results showed that simultaneously GCG, capital structure, dividend policy and profitability affect the value of the company. Partially, capital structure and profitability have an effect on company value, while dividend policy and CG do not influence to company value. DOI: https://doi.org/10.26905/afr.v1i1.2267","PeriodicalId":33772,"journal":{"name":"AFRE Accounting and Financial Review","volume":"60 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85739918","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
京公网安备 11010802042870号
京ICP备2023020795号-1
扫码关注我们
求助内容：
应助结果提醒方式：