“…On the one hand, some studies discovered the presence of herding behavior in Indonesia stock market (Chiang & Zheng, 2010;Chiang et al 2013;Gunawan et al 2011;Putra et al 2017). On the other hand, herding behavior in Indonesia stock market has not been extensively analyzed (Purba & Faradynawati, 2011;Pangesti & Koesrindartoto, 2013;Ramadhan & Mahmud, 2016). Moreover, very little research has been done both in herding behavior in the Islamic stock market in Indonesia and Islamic markets in general, except for herding behavior in Islamic GCC stock market (Chaffai and Medhioub, 2018).…”