Behavioral Biases in Investment Decisions: A Mixed-Methods Study on Retail Investors in Emerging Markets
(Ahmad Ashifuddin Aqham, Eny Endaryati, Vivi Kumalasari Subroto, Robby Andika Kusumajaya)
DOI : 10.51903/jmi.v3i3.63
- Volume: 3,
Issue: 3,
Sitasi : 0 30-Dec-2024
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| Last.23-Jul-2025
Abstrak:
Retail investment in emerging markets has experienced rapid growth, driven by technological advancements and increasing public awareness of financial management. However, behavioral biases often influence retail investment decision-making, such as overconfidence and herding, which can undermine portfolio performance. This study aims to identify the key behavioral biases affecting retail investors' decision-making in emerging markets and analyze their impact on investment performance. A mixed-methods approach was employed, combining a quantitative survey of 200 retail investors with in-depth interviews to gain qualitative insights. The results reveal that overconfidence bias dominates, with a prevalence of 70%, followed by herding bias at 50%, anchoring at 40%, and loss aversion at 60%. Overconfidence bias showed a significant positive correlation with investment returns (r = 0.65, p < 0.01), while herding (r = -0.48, p < 0.03), anchoring (r = -0.35, p < 0.05), and loss aversion (r = -0.60, p < 0.02) had negative impacts on portfolio performance. This research contributes to the behavioral finance literature by highlighting the unique conditions of emerging markets, such as low financial literacy and limited access to information, which exacerbate the effects of behavioral biases. As a practical implication, the development of behavioral finance-based educational programs is recommended to help investors understand and manage these biases. Furthermore, future research is encouraged to explore the use of alternative data, such as social media, to monitor behavioral trends in real-time
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2024 |
SISTEM INFORMASI PEMBELAJARAN DIGITAL BERBASIS WEB PADA MATERI PEMBELAJARAN BASIS DATA KELAS XI RPL SMK PEMBANGUNAN AMPEL
(Indra Ava Dianta, Ahmad Ashifuddin Aqham, Budi Hartono, Sri Lestari)
DOI : 10.51903/jtikp.v14i2.791
- Volume: 14,
Issue: 2,
Sitasi : 0 01-Sep-2023
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| Last.23-Jul-2025
Abstrak:
Ampel Development Vocational School is a private vocational high school located on JL. Baru Kaligentong Village, Gladagsari District, Boyolali Regency. Ampel Development Vocational School has 3 majors, namely RPL (Software Engineering), AK (Accounting), and TBSM (Motorcycle Engineering and Business). The implementation of the learning activity process at the Development Vocational School is still conventional.
The aim of this research is to create a web-based digital learning information system that can support the student learning process at Ampel Development Vocational School. The system development method used is R&D (Research and Development) and uses Unifield Modeling Language (UML) modeling using Use Case Diagrams, Activity Diagrams.
The results of this research are able to support the teaching and learning process at Ampel Development Vocational School by using a web-based digital learning information system that can be used by teachers and students by accessing it via the internet.
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2023 |
IMPLEMENTASI VARIABLE COSTING METHOD PADA SISTEM INFORMASI AKUNTANSI PENENTUAN HPP PADA UMKM KERIPIK TEMPE DESA LEBO
(Munifah, Ahmad Ashifuddin Aqham, Eko Siswanto, Indah Dwi Astutik)
DOI : 10.51903/kompak.v16i1.900
- Volume: 16,
Issue: 1,
Sitasi : 0 01-Jul-2023
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| Last.23-Jul-2025
Abstrak:
Cost of goods manufactured (COGM) is an important component of making a product, because knowing the COGM of a product can be used as a reference to determine the profit margin of a product. Without knowing the COGM of a product, we will be confused in determining the selling price. The COGM calculation is very influential for the sale of a product whether the product is experiencing a profit or loss.
This study aims to determine the COGM calculations that have been carried out by MSMEs are in accordance with COGM accounting calculations or are still only limited to manual calculations. In addition, the main objective of this study is to design an accounting system for determining COGM in the Tempe Chips Industry in determining the cost of production and to apply a variable costing method to determine the cost of goods manufactured in SMEs so that the correct cost of production can be presented.
The results of this study indicate that based on Cost of goods manufactured calculations carried out by MSME actors it is still very low so it is necessary to revamp the HPP calculations in accordance with accounting standards. Based on the evaluation of the old system, the author wishes to offer a new system, namely the Information System for Determining the Cost of Production of Tempe Chips SMEs which is expected to be an alternative in solving problems that are being faced by business owners. This new system makes it easy for users related to the process of recording data into the database, so that related parties can easily operate.
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2023 |
METODE ENTERPRISE ARCHITECTURE PLANNING DALAM SISTEM INFORMASI PENGELOLAAN DATA INVENTARIS
(Ahmad Ashifuddin Aqham, Edy Siswanto, Dendy Kurniawan)
DOI : 10.51903/jtikp.v14i1.555
- Volume: 14,
Issue: 1,
Sitasi : 0 01-Mar-2023
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| Last.23-Jul-2025
Abstrak:
Schools are formal government-owned or private institutions engaged in education, which are held for the community and aim to educate knowledge, self-development, skills and abilities. SMP Negeri 04 Cepiring is the first level educational institution that was established in 1998. So far, school inventory data processing has used MS. Word and MS Excel however, the process takes a long time so it is less effective and efficient. SMP Negeri 04 Cepiring requires an inventory data processing management information system to solve this problem. Inventory data processing information system was built using Enterprise Architecture Planning and using BDMS MySQL as database. The resulting inventory data processing management information system can perform data processing such as entry and exit data, data destruction, mutation or changes that are more accurate.
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2023 |
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2023 |
APPLICATION FOR DIAGNOSTIC DENTAL AND MOUTH DISEASE USING FORWARD CHAINING METHOD
(Eko Siswanto, Ahmad Ashifuddin Aqham, Toni Wijanarko Adi Putra)
DOI : 10.51903/jtikp.v13i2.334
- Volume: 13,
Issue: 2,
Sitasi : 0 01-Sep-2022
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| Last.23-Jul-2025
Abstrak:
The mouth is the entrance to the digestive system and contains accessory organs that are in the early stages of digestion, while teeth are made of a very hard material, namely dentin. (Indah Irma & Ayu Intan, 2013. Many people complain of pain in the teeth and mouth due to lack of hygiene in maintaining the health of this organ. So when people are attacked by dental and oral diseases, people try to do their own treatment, for example buying toothache medicine in the shop. According to Turban (in Vincent, 2011) an expert system is a system that uses human knowledge where this knowledge is entered into a computer and then used to solve problems that usually require human expertise or expertise. The method used is the forward chaining method, namely forward chaining starting from a set of facts (there are) by looking for rules that match the assumptions/hypotheses that exist towards conclusions (Siswanto 2010).
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2022 |
PENERAPAN LOGIKA ALGORITMA PADA PROTOTIPE DATA BINER UNTUK GENERATOR KARTU FPGA
(Indra Ava Dianta, Ahmad Ashifuddin Aqham)
DOI : 10.55606/jupikom.v1i2.358
- Volume: 1,
Issue: 2,
Sitasi : 0 31-May-2022
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| Last.19-Aug-2025
Abstrak:
The LFSR-based binary data sequence generator technique is used in various cryptographic applications and to design encoders / decoders in different communication channels. It is more important to test and verify by implementing on any hardware to get better effective results. Since FPGA is used to implement logical functions for faster prototype development, the existing LFSR design in the FPGA needs to be implemented to test and verify simulation and synthesis results between different lengths. The total number of random states generated in the LFSR depends on the feedback polynomial. The binary data generator is implemented using the LFSR shift register. This is a 23-bit shift register. The Random Number Generator allows you to generate random numbers of any length. The maximum length is 223−1
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2022 |
Sistem Informasi Arus Kas Berbasis Multiuser Pada PT Xpresindo Logistik Utama Semarang
(Iwan Koerniawan, Ahmad Ashifuddin Aqham, Sri Wahyuni)
DOI : 10.55606/jitek.v2i1.202
- Volume: 2,
Issue: 1,
Sitasi : 0 01-Apr-2022
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| Last.19-Aug-2025
Abstrak:
PT. Xpresindo Logistik Utama Semarang Branch is a service company engaged in the expedition/delivery of goods located at Jalan Abdulrahman Saleh number 89a Semarang. Cash data processing system at PT. Xpresindo Logistik Utama Semarang Branch is simple/single, so it cannot be accessed simultaneously by other interested parties (in this case is marketing which requires an amount of money for each truck).
There is still a difference between the report on the amount of road money contained in the cash flow report and the report on the amount of road money in revenue (marketing reports), this is because if there is additional road money or other costs (unloading, mell, etc.) -other) cannot be automatically added to the income statement data, and this greatly affects the accuracy of calculating the amount of profit earned by the company.
The research method used is the System Development Life Cycle (SDLC) which includes planning, analysis, design, implementation and use. The new system created using MySQL Server database and Microsoft Visual Basic 6.0 Multiuser-based information system is expected to increase work productivity because it is more effective and efficient because it can be accessed by many interested parties without being limited by distance and time.
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2022 |
Sistem Informasi Akuntansi Laporan Laba Bersih dengan Metode Single Step
(Ahmad Ashifuddin Aqham, Munifah, Haris Ihsanil Huda, Ira Yuliani Santoso)
DOI : 10.51903/jtikp.v13i1.308
- Volume: 13,
Issue: 1,
Sitasi : 0 08-Mar-2022
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| Last.23-Jul-2025
Abstrak:
Pembuatan laporan laba bersih menggunakan sistem pencatatan data yang sudah terkomputerisasi tetapi masih menggunakan software Ms. Excel, yang mengakibatkan lambatnya proses pembuatan laporan laba bersih karena harus membuat data baru setiap bulannya. Kemudian format penyusunan laporan laba bersih belum memenuhi standar akuntansi sehingga beresiko terjadi kesalahan perhitungan. Selain itu sistem yang ada belum memiliki pembatasan hak akses yang jelas sehingga keamanan data rendah, serta belum adanya database sebagai media penyimpanan yang terorganisir. Di dalam penelitian ini metode yang digunakan adalah metode Single Step, dibuat menggunakan bahasa pemrograman PHP (Hypertext Preprocessor) dan database MySQL.
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2022 |
Pelatihan Sistem Informasi Terkait Media Pembelajaran Daring di Era pandemic Covid-19 (TK Banin 58 Salatiga)
(Indra Ava Dianta, Ahmad Ashifuddin Aqham, Eko Siswanto)
DOI : 10.55606/jpkmi.v1i3.123
- Volume: 1,
Issue: 3,
Sitasi : 0 25-Nov-2021
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| Last.19-Aug-2025
Abstrak:
The purpose of this service is to provide counseling and training on the application of information systems in good schools, understand the making of online learning media, be able to apply the knowledge gained and be involved in managing school learning media as a learning tool. to provide an entrepreneurial mindset or entrepreneurship. With this training program, it is hoped that educators can implement the knowledge and information obtained to support the teaching and learning process.
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2021 |