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Abstrak :
Penelitian ini ditujukan untuk menganalisis keberadaan herding behavior di pasar saham Indonesia pasca penutupan broker summary selama jam bursa. Peneliti berfokus untuk mengungkapkan apakah masih ada indikasi indikasi herding behavior pasca penutupan broker summary selama jam bursa sejak 6 Desember 2021. Peneliti melakukan penelitian pada perusahaan-perusahaan yang masuk ke dalam indeks PEFINDO25 untuk periode 2021-2023 yang terdiri dari 53 perusahaan untuk keseluruhan periode. Hasil penelitian menunjukkan tidak adanya indikasi herding behavior pasca penutupan broker summary selama jam bursa. Hasil tersebut dapat dijadikan pertimbangan atas kebijakan penutupan broker summary telah efektif menurunkan herding behavior di pasar saham Indonesia. Dengan begitu, harapannya kedepan investor dan BEI dapat secara bersama-sama memajukan pasar saham Indonesia, terutama dalam menurunkan herding behavior di Indonesia. ......This study aims to analyze the presence of herding behavior on the Indonesian stock market after the closing of the broker summary during market hours. The researcher focuses on revealing whether there are any indications of herding behavior after the closing of the broker summary during stock exchange hours since December 6th 2021. The researcher conducted research on companies included in the PEFINDO25 index for the period 2021 - 2023 which consists of 53 companies for the entire period. The results showed that there was no indication of herding behavior after closing the broker summary during trading hours. These results can be used as a consideration for the policy of closing broker summaries which has effectively reduced herding behavior on the Indonesian stock market. That way, it is hoped that in the future investors and BEI can jointly advance the Indonesian stock market, especially in reducing herding behavior in Indonesia.

Abstrak :
Kehadiran behavioral finance telah dirasakan dalam aspek keuangan dan ekonomi, terutama dalam hal herding behavior. Semakin overconfident investor terkait pandangan mereka terhadap market outlook, semakin besar kemungkinan beta herding akan terjadi akibat bias persepsi investor. Penelitian ini menyelidiki return aset menggunakan konsep beta herding yang mengukur varians cross-sectional dalam beta akibat dari perubahan kepercayaan investor terhadap market outlook di pasar saham Indonesia. Penelitian ini menggunakan saham-saham yang terdaftar di Bursa Efek Indonesia (BEI) dari tahun 2015 – 2019. Beta herding diukur menggunakan beta herd measure yaitu varians cross-sectional dari beta lalu dihitung dengan coefficient standard error sehingga menghasilkan standardized beta. Kemudian analisis regresi linier berganda dilakukan untuk menyelidiki pengaruh faktor-faktor makroekonomi terhadap beta herd measure. Hasil penelitian menunjukkan bahwa tidak ditemukan bukti faktor-faktor makroekonomi memengaruhi beta herd measure secara signifikan dan beta herd measure tidak dapat dijelaskan dengan baik oleh faktor-faktor makroekonomi. Sehingga, disimpulkan bahwa faktor-faktor makroekonomi tidak memiliki pengaruh signifikan terhadap pengukuran beta herd measure di pasar saham Indonesia selama tahun 2015 – 2019. ......The presence of behavioral finance has been felt in numerous aspects, such as financial and economic, especially in herding behavior. The more overconfident investors are about their views regarding market outlook, the more likely beta herding will occur due to investors’ biased perceptions. This study aims to investigate asset returns using the concept of beta herding which measures the cross-sectional variance in beta due to changes in investors’ confidence on market outlook in the Indonesian stock market. This study was conducted using stocks listed in the Indonesia Stock Exchange (IDX) using time series data for 5 years from 2015 – 2019. Furthermore, beta herding was measured using the cross-sectional variance of beta and calculated by its adjusted standard error which resulted in standardized beta. Then, a multiple linear regression analysis was conducted to investigate the effects of macroeconomic factors on beta herd measure. The results of this study indicate that there is no evidence that the macroeconomic factors significantly affect the beta herd measure. In addition, it was found that the beta herd measure could not be explained well by macroeconomic factors. Thus, it can be concluded that macroeconomic factors variable did not significantly affect the beta herd measure variable in the Indonesian stock market during 2015 – 2019.

Abstrak :
Jumlah investor saham di Indonesia semakin meningkat dari tahun ke tahun, dimana pada tahun 2022 investor didominasi oleh kelompok generasi milenial. Prinsip dasar ekonomi klasik menganggap bahwa keputusan investasi terbentuk secara rasional, namun teori perilaku keuangan menganggap terdapat bias psikologi yang dapat memengaruhi keputusan keuangan individu. Herding behavior merupakan salah satu bias psikologis dimana investor mengikuti perilaku investor lain walaupun mereka memiliki informasi pribadi. Walaupun begitu, faktor kognitif yang didasari tingkat literasi keuangan yang memadai dapat membuat keputusan keuangan individu lebih berhati-hati. Penelitian ini bertujuan untuk mengetahui hubungan antara literasi keuangan dan herding behavior. Pengukuran literasi keuangan menggunakan alat ukur literasi keuangan yang dikembangkan oleh Chen dan Volpe (1998) yang telah dimodifikasi dan diadaptasi ke dalam Bahasa Indonesia oleh Irwan (2019). Herding behavior diukur menggunakan alat ukur yang dikembangkan oleh Phan dan Zhou (2014) yang telah diadaptasi ke dalam Bahasa Indonesia oleh Putri (2019). Pengambilan data dilakukan dengan menyebarkan kuesioner secara online melalui media sosial. Penelitian berhasil menghimpun 159 partisipan dan menunjukkan hasil bahwa terdapat hubungan signifikan antara Literasi Keuangan dan Herding Behavior pada investor generasi milenial, Chi2(4, n = 159) = 17.156, p < .05, dengan medium effect size (V = 0,232). ......The number of stock investors in Indonesia has been increasing from year to year which in 2022 investors are being dominated by Millennial Generation. The basic principles of classical economics assumed that investment decisions are formed rationally, however, behavioural financial theory argued that there are psychological biases that can influence financial decisions. Herding behavior is a psychological bias in which investors follow the behavior of others investors regardless their personal information. Neverthless, cognitive factors which is based on an adequate level of financial literacy can make financial decisions more careful. This study aims to determine the relationship between financial literacy and herding behavior. Measurement of financial literacy was using a Financial Literacy measurement developed by Chen and Volpe (1998) which has been modified and adapted to Indonesian by Irwan (2019). Herding behavior measurement was using a measurement developed by Phan and Zhou (2014) which has been adapted to Indonesian by Putri (2019). Data collection carried out by distributing online questionnaires through social media. The study gathered 159 participants and the result showed that there is a significant relationship between Financial Literacy and Herding Behavior among millennial generation investors, Chi2(4, n = 159) = 17.156, p < .05, with medium effect size (V = 0,232).

Abstrak :
Penelitian ini bertujuan untuk menganalisis perilaku herding dan sentimen pasar sebelum dan sesudah penutupan kode domisili per 27 Juni 2022 oleh Bursa Efek Indonesia dengan tujuan untuk mengurangi perilaku herding. Teknik analisis yang digunakan adalah Cross Sectional Standard Deviation (CSSD) dan Cross Sectional Absolute Deviation (CSAD). Hasil analisis menunjukkan perilaku herding tidak terlihat pada periode sebelum dan sesudah penutupan kode domisili. Analisis dengan melihat kemunculan perilaku herding berdasarkan sentimen pasar juga tidak menunjukkan perilaku herding. Kondisi pasar secara keseluruhan setelah penutupan kode domisili menunjukkan adanya penurunan tingkat imbal hasil dan volatilitas yang cenderung stabil. ...... This study aims to analyze herding behavior and market sentiment before and after the closing of the domicile code on 27 June 2022 by the Indonesia Stock Exchange to reduce herding behavior. The analysis technique used Cross-Sectional Standard Deviation (CSSD) and Cross-Sectional Absolute Deviation (CSAD). The analysis results show that herding behavior is not seen before and after the domicile code closure. Analysis of the emergence of herding behavior based on market sentiment also does not show herding behavior. Overall market conditions after the closing of the domicile code indicate a decline in returns with stable volatility.

Abstrak :
ABSTRAK
Edukasi pasar modal menjadi prioritas regulator dalam melakukan pengembangan pasar modal di Indonesia. Penelitian dalam skripsi ini dilakukan dengan mempelajari perilaku mengikut herding yang dilakukan oleh 18 tipe investor detail melalui pengamatan terhadap pola aliran investasi bersih dalam transaksi perdagangan ekuitas saham di Bursa Efek Indonesia dengan pembentukan model Vector Autoregression VAR . Berdasarkan pengamatan data bulanan pada periode Januari 2010 s.d. Oktober 2016, diperoleh kesimpulan bahwa perilaku herding terdapat pada jenis investor asing dan investor domestik. Adapun fokus edukasi pasar modal sebaiknya dilakukan pada jenis investor domestik dana pensiun LPF , karena memiliki hubungan kausalitas dengan tingkat pengembalian IHSG, investor domestik individual LID dan investor domestik investment banking LIB karena menunjukkan pola herding terhadap investor asing.

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ABSTRACT
Capital market education has become the focus of Indonesian Capital Market Regulator in recent years. This study take focus on the analysis of herding behavior between 18 investor types in Indonesian Stock Exchange. During the observation through monthly data of Nett Investment Flow during January 2010 up until October 2016, this study concludes several outputs. Herding behavior exist between foreign investor and domestic investor type. Domestic capital market educations could give attention to domestic Pension Fund LPF due to its causality relationship to IHSG return. The focus could also be on domestic individual investor LID and domestic investment banking LIB investors since the forementioned types shows herding behavior towards foreign investors rsquo type.