Gadjah Mada International Journal of Business
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Do Financial Knowledge and e-Payment Awareness Affect Saving and Spending Behavior? The Mediating Role of Financial Risk Tolerance
Full text linkThis study investigates the role of financial risk tolerance in mediating the impact of financial knowledge and e-payment awareness on saving and spending behavior. A total of 400 questionnaires were distributed, with 396 completed by respondents and used for analysis. This research employs partial least squares-based structural equation modeling (PLS-SEM) to validate and estimate the proposed research models, with Smart- PLS software analyzing the data and estimating the relationships between its latent variables. Our study’s estimation provides evidence of the positive and significant role of financial risk tolerance in mediating the impact of financial knowledge and e-payment awareness on spending and saving behavior. This study also reveals differences in the level of financial risk tolerance between male and female participants. Furthermore, the analysis results indicate that most younger people have a risk tolerance level (i.e., risk profile) that falls into the medium (i.e., risk-averse) category in terms of risk speculation, invest- ment risk, and financial risk evaluation
Do Consumers Perceive Impulsive Buying and Pain of Payment? E-Commerce Transactions Using Pay Later, E-Wallet, and Cash-On-Delivery
Full text linkThis study investigates how modern payment options, pay-later, e-wallets, and COD affect online shopping behavior, specifically on impulsive purchases and the feeling of regret after spending, known as the pain of payment. While numerous studies have individually assessed the impact of these payment modalities, there was a paucity of research examining the combined effect of these three contemporary payment methods within experimental frameworks. This study also examines whether buying groceries or fashion items influences these behaviors. The research involved 162 consumers divided into 6 groups based on the type of payment method (pay-later, e-wallet, cash-on-delivery) and type of products (grocery and fashion). The study found that the chosen payment method has no significant impact on impulsive buying behavior. However, customers are more likely to purchase fashion items impulsively than groceries. The pay-later option, especially for fashion items, led to the most impulsive buying and the strongest feeling of payment regret. On the other hand, using COD for fashion items was the least popular, and e-wallets generally led to lower overall spending. The study also found that people spend more time shopping for groceries than fashion. Both thought processes and emotions influenced the decision to buy. Interestingly, paying with COD helped improve self-control and reduce negative feelings. Based on the control theory of self-regulation, this research provides insights into managing spending and achieving customer financial goals, highlighting the connection between payment options, impulsive buying, and consumer well-being.
Machine Learning vs. Human Investors: Analyzing Adaptive Herding Behavior in U.S. Stocks vs. Shariah-Compliant Stocks in Malaysia and Indonesia
No full textThis study examined the effectiveness of machine learning models in capturing adaptive herding behavior in the U.S., Malaysia, and Indonesia. Utilizing data from January 2010 to December 2023, the study incorporates market sentiment (Thomson Reuters MarketPsych indices), news sentiment (Bloomberg sentiment analysis), and investor happiness measures (Hedonometer). The methodology employs both static and adaptive herding analyses using the CSAD approach, enhanced by real-time sentiment analysis and various machine learning models, including single- and multi-layer neural networks. The results indicate significant differences in herding behavior across the three markets, with machine learning models demonstrating superior performance in capturing herding behavior and faster normalization after major macroeconomic events than traditional methods. These findings highlight the potential of machine learning models to challenge the static assumptions of the efficient market hypothesis and provide insights for designing better trading algorithms by considering the impact of market sentiment, news sentiment, and investor happiness
Behavioral Intention to Use Artificial Intelligence (AI) Among Accounting Students: Evaluating the Effect of Job Relevance
No full textThis research meticulously evaluates the influence of job relevance on accounting undergraduates' behavioral intentions toward utilizing artificial intelligence (AI), scrutinizing the mediating role of perceived usefulness. Anchored in the extended technology acceptance model (TAM), this study employs a cross-sectional, survey-based methodology to gather data from 136 undergraduate students across various public and private Malaysian universities. The empirical evidence elucidates that job relevance positively influences the students’ behavioral intentions regarding AI integration. In tandem, perceived usefulness emerges as a significant mediator, revealing its critical role in this relationship, thus manifesting a partial mediation effect. The findings highlight the necessity of strategically reconfiguring accounting education curricula to incorporate pedagogical approaches aligned with the influential factors of job relevance and perceived usefulness, thereby intensifying students’ intentions to engage with AI in academic and professional settings. Such an educational evolution is paramount, equipping accounting students with the requisite competencies and insights to navigate the accounting profession’s rapidly transforming, technologically driven landscape
Attitudinal Factors Influencing Digital Collaborative Consumption Among Internet Users: A Confirmatory Study in Indonesia
Full text linkThere has been a substantial surge in people participating in collaborative consumption (CC) over the past few years, particularly on digital platforms. This phenomenon has encouraged some researchers to explore the motivational factors affecting user intention to use CC. However, the previous research has predominantly concentrated on identifying these factors in the context of CC service, with limited attention specifying the digital platform where the interaction among users is different. Hwang and Griffiths's model of intention that predicts the behavioral intention of millennials' participation in CC is unique in a way that it recognizes both attitude and empathy as the main factors affecting intention to use a CC platform. The model could be relevant for CC, as it covers different values such as utilitarian, hedonic, and symbolic values. This study has developed a model to make it comprehensive by adding several factors from past research: perceived behavioral control and online initial trust. We tested the model in the Indonesian context using partial least squares regression. One of the world’s most populous countries, In- donesia provides a thought-provoking digital CC practice opportunity. The results show that empathy and online initial trust are not significant predictors of intention to partic- ipate in CC. In addition, utilitarian value is not a significant predictor of attitude toward participating in CC. Thus, attitude is the critical factor affecting intention to participate in CC, and perceived usefulness, perceived ease of use, and hedonic and symbolic values are significant predictors of the effect of attitude on participation in CC. This study can provide valuable insight for those startup practitioners who create this type of business model, characterized by its rapid change and volatile nature. The results could play a role in guiding marketers specializing in CC to enhance their apps using effective tactics or strategies, thereby improving the customer’s participation on their platfor
The Effect of Celebrity Endorsement on Gender-Based Conspicuous Consumption
No full textThis study explores the irrational aspects of consumer behavior, focusing on conspicuous consumption driven by the pursuit of status and self-expression. It examines how consumers emulate celebrities based on key dimensions of celebrity endorsement—attractiveness, expertise, and credibility—and how these factors vary between genders. The research presents a conceptual framework that integrates conspicuous consumption with celebrity endorsement dimensions, supported by an extensive literature review. Data were collected from 403 participants belonging to the Y and Z generations through online surveys and analyzed using SPSS and AMOS software. The results reveal gender-specific differences in the influence of celebrity endorsement dimensions on conspicuous consumption. For female consumers, celebrity attractiveness and credibility significantly enhance conspicuous consumption, whereas expertise has a mitigating effect. In contrast, male consumers are primarily influenced by celebrity attractiveness. The study concludes that the allure of celebrities, as reflected in their attractiveness and credibility, promotes conspicuous consumption, while their expertise can diminish it. These findings provide valuable insights for businesses leveraging celebrity endorsements, particularly in gender-targeted marketing strategies, highlighting the importance of tailoring approaches based on consumer gender to maximize impact
Indonesian, Korean, and French Sheet Masks: Three Alternatives in a Hybrid Choice Model of Indonesian Women's Choice Decision
Full text linkWomen's choice decision has gained lots of attention in the literature, particularly regarding how they evaluate attributes that are similarly important. The Indonesian skincare market is one of the most attractive markets, not only for local but also global producers of skincare products. This paper aims to provide an in-depth analysis of factors that affect Indonesians when they choose facial sheet masks (SM) from three countries—Indonesia, South Korea, and France—and to examine respondents' preferences with regard to local or imported SM products. This study used a mixed method, starting with exploratory research to find the levels of attribute for each alternative. A hybrid choice model is later established with Python Biogeme to find significant factors, demand elasticities, and willingness to pay. From its exploratory research, this study ascertained several attributes such as price, packaging, quality, brand, refreshing effect, halal essence, and attitudes. This study found that price, quality, refreshing effect, halal essence, and attitude significantly influence SM choice decisions from the discrete choice. The results fill a gap in the literature by comprehensively examining product properties and attitudes that affect women's decisions regarding skincare products. It also contributes—particularly for the skincare industry and marketers—to further improve the SM market share, particularly in the Indonesian and Southeast Asian markets
MSME Loan Composition, Financial Stability, and Government Ownership: Evidence from Indonesia’s Banking Sector
No full textThe Indonesian government has promoted growth in MSMEs (micro, small, and medium enterprises) by targeting banks to allocate at least 30% by Q2 2022 of their loan portfolios to MSMEs. However, by Q4 2022, this target had not been met, partly due to the high credit risk and information asymmetry in the MSME sector. While past studies often suggest that MSME lending improves bank stability, this study finds otherwise. Using panel data from 96 banks between Q1 2019 and Q4 2022 and applying the GMM method, the result shows that a higher MSME loan share tends to reduce bank stability. Interestingly, when government ownership is considered, the effect turns positive, suggesting that government-owned banks may manage MSME risks better. This may be due to stronger oversight, policy support, their experience with development-focused lending, a broader business focus beyond profits, and their role as agents of change in supporting financial inclusion and economic stability. These findings suggest the need for better MSME policy alignment, risk mitigation tools, and a centralized MSME database to balance financial inclusion with banking sector stability.
Learning Orientation and Export Performance in Nigeria: The Moderating Effect of Export Knowledge
Full text linkThis study explores the influence of learning orientation as an antecedent of SME export performance among Nigerian SMEs through the moderating role of export knowledge. This article opted for descriptive research using a survey design to collect data from owners or managers of exporting SMEs in Nigeria. Two hundred seventy-eight (278) respondents participated in this study using a convenient sampling technique; partial least square structural equation modeling (PLS-SEM) was utilized for data estimation. The results established that learning orientation positively affects SMEs' export performance. In addition, export knowledge significantly moderates the relationship between learning orientation and export performance. The article contributes by broadening the body of knowledge and providing invaluable information for understanding SMEs' export performance determinants in developing economies like Nigeria, as recommended by scholars. It also contributes to the recent streams of empirical investigation that seek to enhance the comprehension of the resources needed for successful export operations
Ex-Military Commissioners and Firm Performance: The Case of Indonesia Manufacturing Companies
Full text linkThis investigation relates to the new corporate governance (CG) suggestions that using ex-military commissioners can lead to better firm performance. Quantitative analysis was used to analyze the sample of manufacturing sector public companies. The data comprised 906 firm-years (from 2016 to 2021). This study shows that companies whose CG practices involve employing ex-military officers exhibit high firm performance levels. This study emphasizes the value of using a configurational analytical approach to explore firm jointly- and country-specific CG practices that engage firms to achieve the necessary level of performance. The current study calls policymakers’ attention to evalu- ating the current state of regulatory and competitive development in their countries and establishing policies in line with that assessment. The methodology provides connec- tions between firm performance and CG with retired military commissioners. This study broadens the focus of CG studies to provide effective solutions for practitioners, especially Indonesian manufacturing firms. It also highlights the importance of ex-military commis- sioners in a particular company sector and CG procedures specific to a particular nation. It encourages enterprises to reach the desired level of performance. The research impli- cation relates to good governance in board diversity using ex-military as independent commissioners for supervisory roles