Perilaku Herding Di Pasar Saham: Sebuah Kajian Literatur

Abstract

Abstrack : This article aims to prove the existence of herding behavior in a number of stock markets in various parts of the world and find out the factors that cause herding behavior. The method used in this article is a research library by taking data from 80 international journals and 4 local journals. The results of our analysis conclude that herding behavior occurs in almost all stock markets in the world. Factors that cause herding behavior include negative news sentiments towards stocks, incentives and career concerns owned by analysts, market risk and firm level uncertainty, market uncertainty, extreme market conditions, periods of high information flow, risk of volatility, analysis of more types of stocks small, economic / financial crisis, declining market conditions, rising interest rates, currency depreciation, poor information environment, and low quality disclosures. The limitation of this article is that the amount of data taken from the results of research in several stock markets is uneven, such as the lack of data retrieval from the stock market on the American continent Abstrak : Artikel ini bertujuan untuk membuktikan keberadaan perilaku herding di sejumlah pasar saham di berbagai belahan dunia dan mengetahui faktor-faktor penyebab perilaku herding. Metode yang digunakan dalam artikel ini adalah perpustakaan penelitian dengan mengambil data dari 80 jurnal internasional dan 4 jurnal lokal. Hasil analisis kami menyimpulkan bahwa perilaku herding terjadi di hampir semua pasar saham di dunia. Faktor-faktor yang menyebabkan perilaku herding meliputi sentimen berita negatif terhadap saham, insentif dan kekhawatiran karier yang dimiliki oleh analis, risiko pasar dan ketidakpastian tingkat perusahaan, ketidakpastian pasar, kondisi pasar ekstrem, periode arus informasi tinggi, risiko volatilitas, analisis jenis saham yang lebih kecil, terjadinya krisis ekonomi/keuangan, kondisi pasar yang menurun, kenaikan suku bunga, depresiasi mata uang, lingkungan informasi yang buruk, dan pengungkapan berkualitas rendah. Keterbatasan artikel ini adalah jumlah data yang diambil dari hasil penelitian di beberapa pasar saham tidak merata, seperti kurangnya pengambilan data dari pasar saham di benua Amerika.

Herding Behavior in the Sharia Capital Market on Investment Decisions

“…Instead, they conformed to market sentiment or heavily depended on the actions of fellow investors, leading them to engage in selling or buying decisions (Choi & Yoon, 2020). Specifically, herding behaviour seemed to be primarily motivated by market uncertainty, exceptional market situations, and phases characterized by a high influx of information (Arjoon et al 2020;Rahayu et al 2020).…”