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Investor Herding Behavior in Extreme Conditions During Covid-19: Study On Indonesian Stock Market

Management Analysis Journal · Vol. 11 No. 1 (2022) · hlm. 22–29

DOI
10.15294/maj.v11i1.53484
ISSN
2502-1451, 2252-6552
Terbit
2022-03-29
Penerbit
Universitas Negeri Semarang
Bahasa
eng

Abstrak

Herding behavior as a financial behavior bias is defined as the tendency of investors to imitate other decisions without prudent consideration. The aim of this paper is to analyze the effect of investor herding behavior in extreme market conditions during Covid-19 pandemic on the Indonesia Stock Market. The data used in this study is cross-sectional absolute deviation of stock return and market return. The samples included in the research criteria were 80 companies. The samples were analyzed using CCK2000 method and robustness test using Tan 2008 method with help of the Eviews 12 application. The empirical results of this study found the effect of investor herding behavior during extreme conditions of Covid-19 pandemic (general model) and during bearish market period. Meanwhile, no effect of herding behavior was found during bullish market period on the Indonesian Stock Market. Two of the four robustness test models are robust.

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  • State University of Semarang
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Rekan penulisOrganisasiArtikel bersama
Kris Brantas AbiprayuState University of Semarang2
Muhammad Anri Dwi WinantoState University of Semarang1
Endah Prapti LestariState University of Semarang1
Nanang Dwi PraatmanaState University of Semarang1
Kartika Dwi Chandra SariState University of Semarang1
AthoillahState University of Semarang1
Salsabila Nadianisa MarutoState University of Semarang1
M. Iqrar Nusa BhaktiState University of Semarang1
Andhi WijayantoState University of Semarang1
Erisa Aprilia WicaksariState University of Semarang1
Syam WidiaState University of Semarang1
Ervina Ratna NingsihState University of Semarang1
Annisa MarliawatiState University of Semarang1
Andi Septian NajibState University of Semarang1
Okti WitasariState University of Semarang1

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Sumber metadata: OAI-PMH (metadata jurnal) https://journal.unnes.ac.id/sju/index.php/maj/oai, pertama di-harvest 6 Nov 2026, terakhir terlihat 6 Nov 2026.
Metadata asli (oai_dc) 
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	<dc:title xml:lang="en-US">Investor Herding Behavior in Extreme Conditions During Covid-19: Study On Indonesian Stock Market</dc:title>
	<dc:creator>Sadewo, Rizal Abdul Jabbar</dc:creator>
	<dc:creator>Cahyaningdyah, Dwi</dc:creator>
	<dc:description xml:lang="en-US">Herding behavior as a financial behavior bias is defined as the tendency of investors to imitate other decisions without prudent consideration. The aim of this paper is to analyze the effect of investor herding behavior in extreme market conditions during Covid-19 pandemic on the Indonesia Stock Market. The data used in this study is cross-sectional absolute deviation of stock return and market return. The samples included in the research criteria were 80 companies. The samples were analyzed using CCK2000 method and robustness test using Tan 2008 method with help of the Eviews 12 application. The empirical results of this study found the effect of investor herding behavior during extreme conditions of Covid-19 pandemic (general model) and during bearish market period. Meanwhile, no effect of herding behavior was found during bullish market period on the Indonesian Stock Market. Two of the four robustness test models are robust.</dc:description>
	<dc:publisher xml:lang="en-US">Universitas Negeri Semarang</dc:publisher>
	<dc:date>2022-03-29</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en-US">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://journal.unnes.ac.id/sju/maj/article/view/53484</dc:identifier>
	<dc:identifier>10.15294/maj.v11i1.53484</dc:identifier>
	<dc:source xml:lang="en-US">Management Analysis Journal; Vol 11 No 1 (2022): Management Analysis Journal; 22-29</dc:source>
	<dc:source>2502-1451</dc:source>
	<dc:source>2252-6552</dc:source>
	<dc:source>10.15294/maj.v11i1</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.unnes.ac.id/sju/maj/article/view/53484/21382</dc:relation>
	<dc:rights xml:lang="en-US">Copyright (c) 2022 Management Analysis Journal</dc:rights>
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