Keywords: behavioral finance, herding behavior, information asymmetry, information cascades
AbstrakSecara konseptual, dalam jangka panjang pasar modal bersifat efisien bentuk kuat. Namun, dalam praktik, terdapat berbagai bentuk anomali pasar yang menurunkan akurasi dari hipotesis pasar efisien. Salah satu faktor yang diduga sebagai penyebab inefisiensi pasar yaitu perilaku kawanan (herding behavior). Investor berperilaku herd ketika mereka mengimitasi tindakan investor lain. Perilaku ini terjadi ketika terdapat interaksi yang terus-menerus di antara investor rasional yang menghalangi mereka untuk mencari informasi mengenai fundamental pasar. Penelitian ini memberikan wawasan baru dengan memasukkan asimetri informasi sebagai sebuah variabel moderasi. Penelitian ini menguji fenomena perilaku kawanan di Bursa Efek Indonesia sekaligus secara langsung menguji dampak dari asimetri informasi terhadap perilaku kawanan. Penelitian ini menggunakan tahun 2008 sebagai periode penelitian dengan menggunakan data harian atas saham-saham yang diperdagangkan secara aktif di pasar modal. Hasil penelitian ini menemukan bahwa investor cenderung untuk mengikuti konsensus pasar ketika terjadi perubahan harga pada tingkat rendah, namun ketika terdapat lonjakan harga yang besar, partisipan pasar bertindak secara independen dari investor lain. Menariknya, penelitian ini menemukan bahwa asimetri informasi merupakan kondisi yang diperlukan bagi keberadaan perilaku kawanan.Kata kunci: keuangan keperilakuan, perilaku kawanan, asimetri informasi, information cascades
Public sector organizations, namely governments, are described as “non-productive and inefficient organization”. This negative image of public sector organizations has arisen as a consequence of low public sector organization performance. Public sector performance improvement can be done by manipulating motivational dimensions of public service employee. This research aims to empirically test effect of public service motivation and organizational citizenship behavior (OCB) on organizational performance in the public sector of Indonesia. In addition, this study also focuses on individual factor of motivation, such as job satisfaction and organizational commitment. This paper employed 108 respondents that were sampled using convenient sampling. The result showed that there were positive significant influences of public service motivation and job satisfaction on organizational performance. Unfortunately, this study failed to give a proof that OCB influences organizational performance. Moreover, this study showed that there is differences level of motivational between men and women. On average, women have job satisfaction and public service motivation higher than men. This implies that women more satisfy at work than men, and women more likely to value intrinsic reward than men
This study aimed to investigate the effect of state ownership and foreign ownership of corporate risk taking as well as the control variable return on assets (ROA) and the size of the companies that influence the corporate risk taking. The sample of this study was 181 companies from non-financial companies listed on the Indonesia Stock Exchange in 2010-2013. The analysis technique used is multiple linear regression analysis. The results obtained are state ownership significant negative effect on the corporate risk taking and foreign ownership is significant positive effect on corporate risk taking. In the control variable is return on assets (ROA) significant positive effect on corporate risk taking and the size of the company significant negative effect on corporate risk taking.
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