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"Literasi keuangan merupakan suatu kemampuan seseorang dalam mengetahui aspek-aspek dalam bidang keuangan termasuk dengan mengelola keuangan dan investasi yang dapat dilakukan. Kemampuan yang dimiliki individu terhadap keuangan dapat mempengaruhi perilaku mereka dalam mengelola keuangan mereka dan dapat mempengaruhi mereka dari terhindarnya bias yang bisa terjadi terhadap pengambilan keputusan mereka. Tujuan penelitian ini adalah untuk menganalisa pengaruh dari financial literacy dan behavioral biases terhadap portfolio diversification yang dilakukan oleh investor pasar saham. Penelitian ini menggunakan pendekatan kuantitatif dengan metode survey menggunakan purposive sampling. Jumlah responden pada penelitian ini yaitu terdapat 189 orang yang didapat melalalui kuesioner online. Hasil dari penelitian ini menunjukkan bahwa behavioral biases memiliki pengaruh signifikan terhadap portfolio diversification dengan pengaruh signifikan terbesar terdapat pada familiarity biases sedangkan untuk financial literacy tidak memiliki pengaruh signifikan terhadap portfolio diversification. Untuk variabel kontrol yaitu sosio demografis dan ukuran portofolio memiliki pengaruh yang signifikan lebih besar saat dimasukan dalam uji kepada portfolio diversification investor pasar saham di Bursa Efek Indonesia. Untuk penelitian selanjutnya, diharapkan dapat mengumpulkan data responden secara proporsional sesuai kategori yang diuji seperti jenis kelamin

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Financial literacy is the ability that a person has in knowing aspects in the financial sector including managing finances and investing that can be done. The abilities that individuals have towards finances can influence their behavior in managing their finances and can influence them from avoiding the bias that can occur in their decision making. The purpose of this study is to analyze the effect of financial literacy and behavioral biases on the portfolio diversification of stock market investors. This study uses a quantitative approach with a survey method using purposive sampling. The number of respondents in this study was 189 people who were obtained through online questionnaires. The results of this study indicate that behavioral biases have a significant influence on portfolio diversification with the greatest significant effect on familiarity biases, while financial literacy does not have a significant effect on portfolio diversification. For control variables, socio-demographics and portfolio size have a significantly greater effect when included in the test on the portfolio diversification of stock market investors on the Indonesia Stock Exchange. For further research, it's expected that can collect data respondents proportionally according to the categories tested such as gender"

"ABSTRAKStudi ini mengidentifikasi keberadaan behavioral bias di pasar saham Indonesia dan mengkaji dampak behavioral bias terhadap performa investasi individual. Secara khusus, kami menemukan behavioral bias investor individual berupa overconfidence bias, loss-aversion bias, anchoring and adjustment bias, mental accounting bias dan confirmation bias. Mental accounting bias, confirmation bias dan anchoring and adjustment bias yang berkaitan dengan cognitive error menunjukkan korelasi yang signifikan terhadap tingkat pendidikan. Pada penelitian ini kami juga menemukan bahwa confirmation bias dan mental accounting bias memiliki hubungan yang positif pada performa investasi, sedangkan loss-aversion bias and anchoring and adjustment bias memiliki hubungan negatif yang signifikan terhadap performa unvestasi.

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ABSTRACTThis study identifies the existence of behavioral biases in the Indonesian stock market and to examine the effect of the behavioral bias on individual investment performance. To be specific, we find that individual investors in Indonesia have behavioral biases of overconfidence bias, loss-aversion bias, anchoring and adjustment bias, mental accounting bias and confirmation bias. The mental accounting bias, confirmation bias and anchoring and adjustment bias associated with cognitive error showed a statistically significant correlation with the level of education. Finally, we find that confirmation bias and mental accounting bias are positive relationship with investment performance, whereas loss-aversion bias and anchoring and adjustment bias are negative significant relationship with investment performance."

"ABSTRAKPenelitian ini akan memberikan perspektif luas atas efek dari penyertaan bitcoin pada portofolio yang terdiversifikasi dengan baik. Portofolio terdiri atas saham, bond, kurs keras, komoditi luas, hedge fund, properti, indeks dolar, dan indeks futures. Hasil yang didapat konsisten dengan penelitian sebelumnya. Kami menemukan bahwa penyertaan bitcoin dapat menurunkan risiko portofolio dan membuat efficient set portofolio lebih baik.

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ABSTRACTThis study will give a broad perspective on the effect of including bitcoin in a well diversified portfolio of worldwide stocks, bonds, hard currencies, broad commodities, hedge funds, real estate, dollar index, and index futures. Our findings show that the results are consistent with past research. We find that the inclusion of bitcoin is able to reduce the risk in portfolio and improve the portfolio lsquo s efficient set."

"Penelitian ini bertujuan untuk mengetahui peran income dan financial literacy terhadap keputusan investasi saham dengan overconfidence dan risk aversion sebagai variabel mediasi. Data penelitian dikumpulkan melalui kuesioner online dengan sejumlah 210 responden yang berusia di atas 18 tahun, memiliki investasi dalam bentuk saham, dan berdomisili di wilayah Jabodetabek. Hasil penelitian menunjukkan bahwa overconfidence secara signifikan memiliki peran mediasi dalam pengaruh income dan financial literacy terhadap keputusan investasi saham. Sementara itu, risk aversion tidak memediasi pengaruh income dan financial literacy terhadap keputusan investasi saham. Hasil penelitian juga menunjukkan income dan financial literacy memiliki pengaruh positif terhadap overconfidence, sedangkan income dan financial literacy memiliki pengaruh negatif terhadap risk aversion.

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This study aims to determine the role of income and financial literacy on stock investment decisions with overconfidence and risk aversion as mediating variables. Research data was collected through an online questionnaire with a number of 210 respondents who were over 18 years old, had investments in stocks, and were domiciled in Jabodetabek. The results showed that overconfidence significantly has a mediating role in the effecst of income and financial literacy on stock investment decisions. Meanwhile, risk aversion does not mediate the effects of income and financial literacy on stock investment decisions. The results also show that income and financial literacy have positive effects on overconfidence, while income and financial literacy have negative effects on risk aversion."

"Studi ini bertujuan melakukan pengujian pengaruh loan portfolio diversification terhadap bank stability dengan moderasi variabel market concentration pada bank BUKU III dan BUKU IV yang terdaftar di BEI. Digunakan data berupa Audited Annual Review bank umum pada periode tahun 2013 hingga tahun 2019. Digunakan metode analisis regresi data panel, dengan bank stability menggunakan pengukuran Z-Score, loan portfolio diversification indeks Herfindahl-Hirschman (HHI) dan market concentration menggunakan indeks Herfindahl-Hirschman (HHI) dan Concentration Ratio (CR). Hasil penelitian menunjukkan bahwa loan portfolio diversification yang dilakukan bank memiliki pengaruh positif dan signifikan terhadap bank stability namun market concentration tidak berpengaruh signifikan terhadap stabilitas bank. Penelitian ini juga mencatat bahwa market concentration berpengaruh signifikan dalam memoderasi pengaruh loan portofolio diversification terhadap bank stability. Keterbatasan penelitian dapat dikembangkan pada penelitian selanjutnya dengan melakukan penelitian tentang loan portfolio diversification terhadap skala usaha (besar, menengah dan kecil) yang mempunyai risiko yang berbeda terhadap kestabilan bank. Kontribusi penelitian ini ditujukan bagi sektor perbankan dan regulator perbankan, dan dapat mewaspadai pemberian alokasi kredit yang tidak berimbang pada satu sektor tertentu dapat mengganggu stabilitas bank dan tentu saja stabilitas perekonomian suatu negara terutama yang sistem keuangannya dinominasi sektor perbankan.

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This study aims to examine the effect of loan portfolio diversification on bank stability by moderating the market concentration variable in Bank BUKU III and IV listed on the Indonesia Stock Exchange. The data used were commercial bank audited financial report data for the study period 2013 to 2019. We used panel data regression analysis with the measurement of banking stability using Z-score and loan portfolio diversification using the Herfindahl-Hirschman (HHI) index and market concentration using the Herfindahl-Hirschman (HHI) index and the Concentration Ratio (CR). The results revealed that the loan portfolio diversification carried out by banks had a significant effect on bank stability, but market concentration did not have a significant effect on bank stability. We noted that market concentration had a significant effect in moderating the effect of loan portfolio diversification on bank stability. Research limitations can be developed in further research by conducting research on loan portfolio diversification to business scales (large, medium and small) which have different risks to bank stability. The contribution of this research is aimed at the banking sector and banking regulators, and meant to pay attention to the provision of unbalanced credit allocations in one particular sector that can disrupt bank stability and obviously the economic stability of a country, especially where the financial system is dominated by the banking sector."

"Penelitian ini bertujuan mengetahui pengaruh Islamic financial literacy dan personality traits melalui pendekatan theory of planned behaviour yang dimodifikasi terhadap intensi berinvestasi di pasar saham oleh masyarakat Muslim Indonesia. Data penelitian ini diolah menggunakan metode PLS-SEM melalui SmartPLS 3.3.3. Penelitian ini menemukan bahwa attitude, subjective norms, dan personality traits memiliki pengaruh langsung yang signifikan positif terhadap intention to invest, financial self-efficacy dan Islamic financial literacy tidak memiliki pengaruh langsung yang signifikan pada intention to invest, Islamic financial literacy secara langsung dapat mempengaruhi personality traits secara signfikan positif, Islamic financial literacy memiliki pengaruh signifikan positif terhadap intention to invest pada saat dimediasi oleh attitude dan personality traits, serta financial selfefficacy tidak mampu memberikan efek mediasi dan moderasi dalam hubungan personality traits terhadap intention to invest.

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This study aims to determine the effect of Islamic financial literacy and personality traits through a modified theory of planned behavior approach to the intention to invest in the stock market by Indonesian Muslims. The data of this study were processed using the PLS-SEM method through SmartPLS 3.3.3. This study found that attitude, subjective norms, and personality traits have a significant positive direct effect on intention to invest, financial self-efficacy and Islamic financial literacy do not have a significant direct effect on intention to invest, Islamic financial literacy can significantly positive affects personality traits, Islamic financial literacy has a significant positive effect on intention to invest when mediated by attitude and personality traits, and financial self-efficacy is not able to provide mediating and moderating effects in the relationship between personality traits and intentions to invest."

"Adanya peningkatan partisipasi dalam investasi pasar modal (capital market participation) di kalangan anak muda khususnya generasi Z yang berusia 18-25 dalam beberapa tahun terakhir merupakan fenomena yang cukup mengejutkan. Pasalnya investasi di pasar modal merupakan kegiatan yang cukup kompleks dan sering dikaitkan dengan pemahaman akan konsep keuangan yang tinggi. Literasi keuangan (financial literacy) sering dinilai sebagai salah satu faktor seseorang melakukan investasi di pasar modal. Semakin tinggi literasinya maka, akan semakin tinggi pula kemungkinan Ia akan melakukan investasi di pasar modal. Namun demikian, di banyak negara berkembang di dunia termasuk Indonesia, literasi keuangan masih cukup rendah. Di sisi lain, faktor efek orang terdekat juga dinilai sebagai faktor utama bagi generasi Z dalam pengambilan keputusannya termasuk keputusan finansial. Oleh karena itu, penelitian ini bertujuan untuk menganalisis pengaruh literasi keuangan terhadap partisipasi generasi Z di pasar modal Indonesia menggunakan metode regresi probit. Hasil dari penelitian menunjukkan bahwa literasi keuangan dan efek orang terdekat mempengaruhi keputusan generasi Z dalam berinvestasi di pasar modal.

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The increasing participation in capital market investment among young people, especially Generation Z aged 18-25, in recent years is a surprising phenomenon. This is because investing in the capital market is fairly a complex activity and is often associated with a high level of financial literacy. Financial literacy is often judged as one of the factors a person invests in the capital market. The higher the literacy rate, the higher the possibility that they will invest in the capital market. However, in many developing countries in the world including Indonesia, financial literacy is still quite low. On the other hand, the significant person effect factor is also considered a major factor for Generation Z in their decision making, including financial decisions. Therefore, this study aims to analyze the effect of financial literacy on the participation of Generation Z in the Indonesian capital market using the PROBIT regression method. The results of the study indicate that financial literacy and significant people affect the decisions of Generation Z in investing in the capital market."

"Era inklusi keuangan digital telah membawa masyarakat Indonesia untuk menjadi tertarik pada sektor keuangan dengan mengakses literatur keuangan. Di masa Pandemi Covid-19, menurut KSEI (2021), fenomena unik terjadi di mana harga saham yang turun namun jumlah investor individu yang didominasi kaum milenial justru meningkat. Penelitian ini bertujuan untuk mengkaji bias perilaku yang dapat mempengaruhi investor milenial Indonesia dalam proses pengambilan keputusan. Fokus utama penelitian ini adalah mengkaji kemungkinan pengaruh yang diberikan dari overconfidence, disposition effect, dan loss aversion yang dialami investor milenial Indonesia dalam pengambilan keputusan investasi selama Pandemi Covid-19, dengan juga mengkaji mediating effect untuk literatur keuangan. Dengan menggunakan purposive sampling, sebanyak 1.035 responden yang valid telah dikumpulkan dengan menggunakan kuesioner Google Form. Analisis Structural Equation Modeling (SEM) dilakukan sebagai metode kuantitatif yang dipilih untuk mengkaji kondisi tersebut. Overconfidence, disposition effect, dan loss aversion terbukti berpengaruh positif terhadap keputusan investasi bagi investor milenial Indonesia di masa Pandemi Covid-19. Selain itu, literatur keuangan juga terbukti menerima mediating effect dari overconfidence terhadap keputusan investasi, di atas semua variabel independen lainnya. Penelitian ini diyakini dapat memperluas wawasan investasi, terutama dalam hal proses pengambilan keputusan dan bias perilaku.

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Digital financial inclusion era has bringing up Indonesian people to gain interest in financial sector by accessing more resources to financial literature. During Pandemic Covid-19, referring to KSEI (2021), a unique phenomenon occurred where the price was going down but the numbers of individual investors, dominated by millennials, were increasing. This paper aimed to examine the behavioral biases that may influence Indonesian millennial investors during decision making process. The main focus is examining possibility of given effects from overconfidence, disposition effect, and loss aversion of the Indonesian millennial investors to investment decision making during Pandemic Covid-19, by also examining the mediating effect for financial literature. Using purposive sampling, a total of 1,035 valid respondents were collected using Google Form questionnaire. Structural Equation Modelling (SEM) analysis was conducted as the quantitative chosen method to examine the condition. Overconfidence, disposition effect, and loss aversion are proven to positively affect investment decisions for Millennial Investors during Pandemic Covid-19. Additionally, financial literature is also proven to receive the mediating effect from overconfidence to investment decision, over all other independent variables. This study is believed to broaden the investment insight, especially in terms of decision making process and behavioral bias."

"Penelitian ini bertujuan untuk menganalisis pengaruh corporate diversification terhadap keputusan struktur modal pada perusahaan non keuangan yang terdaftar di Bursa Efek Indonesia periode 2008-2012. Variabel independen dalam penelitian ini adalah total diversification, related dan unrelated diversification, sedangkan variabel dependennya adalah book leverage ratio, market leverage ratio, dan longterm market leverage ratio. Diversifikasi diukur dengan entropy index. Penelitian ini menggunakan uji analisis data panel dengan jumlah data observasi adalah 675.Penelitian ini membuktikan bahwa: 1) Terdapat pengaruh signifikan antara total diversification terhadap struktur modal yang diproksikan oleh longterm market leverage ratio. 2) Related diversification tidak signifikan berpengaruh terhadap struktur modal perusahaan. 3) Unrelated diversification juga tidak signifikan berpengaruh terhadap struktur modal perusahaan.

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This research aims to analyze the effect of corporate diversification on capital structure decision of non-financial companies listed on the Indonesian Stock Exchange in 2008-2012. Diversification is measured by entropy index. The independent variables are total diversification, related and unrelated diversification, while the dependent variables are book leverage ratio, market leverage and longterm market leverage ratio. This study uses panel data regression to test 675 observations.

This study shows that: 1) Total diversification have significant effect on capital structure which proxied by longterm market leverage ratio, 2) Related diversification doesn?t have significant effect on capital structure. 3) Unrelated diversification also doesn?t have significant effect on capital structure."

"Penelitian ini bertujuan untuk meneliti apakah diversifikasi perusahaan mempengaruhi tingkat pemegangan kas mereka. Dengan menggunakan data pada level perusahaan dan level segmen pada perusahaan non-keuangan yang terdaftar di Bursa Efek Indonesia pada periode 2007-2011. Pengolahan data menggunakan analisis regresi OLS dengan data cross section yang struktur datanya merupakan nilai variabel pada waktu yang sama dari beberapa perusahaan. Hasil penelitian ini menunjukkan bahwa diversifikasi perusahaan tidak mempengaruhi cash holdings secara signifikan. Namun, hubungan interdependensi antar segmen dan agency cost yang dinilai menjadi perbedaan karakteristik antara diversified firms dan focused firms, memberikan pengaruh signifikan terhadap tingkat pemegangan kas perusahaan.

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The purpose of this study is to investigate whether firm?s diversification affect their level of cash holdings. Using data on firm level and segment level on nonfinancial companies that listing on the Indonesia Stock Exchange in the period 2007-2011. The data were running using OLS regression analysis with cross section data which the data structure is the value of a variable at the same time from different companies.

Results of this study shows that diversification does not affect the company's cash holdings significantly. However, complementary effect among the segment and the agency cost that considered to be the characteristic differences between diversified firms and focused firms, have a significant effect on firm?s level of cash holdings."