Herding of Financial and Non-Financial Listed Companies: The Case of Indonesia
Abstract
The capital market is susceptible to herding behavior due to various global crises in recent decades, potentially leading to stress in the stock market, including in Indonesia. The purpose of this study is to identify herd behavior, including asymmetric conditions during market-up and down from the finance and non-finance industry listed in the Indonesia Equity Market. This study employs a cross-sectional dispersion approach to capture herding by employing daily closing stock price data from January 2015 to December 2022. The findings denote that herding behavior was not observed in the finance or non-finance sectors either before or during the COVID-19 pandemic. The asymmetric herding test results reveal that herding behavior is only identified in the non-finance sectors when the market is down. These results could aid capital market authorities in anticipating collective actions to uphold stability in the Indonesia non-finance listed companies, particularly during periods of heightened volatility amidst market downturns.
Keywords: herding behavior, asymmetric herding, COVID-19 pandemic; finance and non-finance companies
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References
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Ah Mand, A., & Sifat, I. (2021). Static and regime-dependent herding behavior: An emerging market case study. Journal of Behavioral and Experimental Finance, 29(January). https://doi.org/10.1016/j.jbef.2021.100466
Aldeki, R. G. (2022). Herding behavior and financial market price behavior under the COVID-19 pandemic: implications for the Amman Stock Exchange. Journal of Enterprise and Development, 4(1), 137–155. https://doi.org/10.20414/jed.v4i1.5043
Aslam F., Ferreira P, Ali H, K. S. (2021). Herding behavior during the Covid‑19 pandemic: a comparison between Asian and European stock markets based on intraday multifractality. Eurasian Economic Review, 1–27. https://web-s-ebscohost-com.libproxy.ucl.ac.uk/ehost/pdfviewer/pdfviewer?vid=0&sid=e305abf4-35f3-4a93-b280-1d5675389c1c%40redis
Banerjee, A. V. (1992). A simple model of herd behavior. Quarterly Journal of Economics, 107(3), 797–817. https://doi.org/10.2307/2118364
Barberis, N., & Thaler, R. (2002). Working Paper Series A Survey of Behavioral Finance. NBER Working Paper Series, 2–67. http://www.nber.org/papers/w9222
Bikhchandani, S., Hirshleifer, D., & Welch, I. (1992). A theory of fads, fashion, custom, and cultural change as informational cascades. Journal of Political Economy, 100(5), 992–1026. https://doi.org/10.1086/261849
Bui, N. D., Nguyen, L. T. B., & Nguyen, N. T. T. (2015). Herd behavior in Southeast Asian stock markets - An empirical investigation. Acta Oeconomica, 65(3), 413–429. https://doi.org/10.1556/032.65.2015.3.4
Celik, S. (2013). Herd behavior in world stock markets: Evidence from quantile regression analysis. Iktisat Isletme ve Finans, 28(329), 75–96.
Chang, C. L., McAleer, M., & Wang, Y. A. (2020). Herding behavior in energy stock markets during the Global Financial Crisis, SARS, and ongoing COVID-19*. Renewable and Sustainable Energy Reviews, 134(May), 110349. https://doi.org/10.1016/j.rser.2020.110349
Chang, E. C., Cheng, J. W., & Khorana, A. (2000). An examination of herd behavior in equity markets: An international perspective. Journal of Banking & Finance, 24, 1651–1679. https://doi.org/10.1016/S0378-4266(99)00096-5
Chen, T. (2013). Do Investors Herd in Global Stock Markets? Journal of Behavioral Finance, 14(3), 230–239. https://doi.org/10.1080/15427560.2013.819804
Chiang, T. C., & Zheng, D. (2010). An empirical analysis of herd behavior in global stock markets. Journal of Banking and Finance, 34(8), 1911–1921. https://doi.org/10.1016/j.jbankfin.2009.12.014
Christie, W. G., & Huang, R. D. (1995). Following the Pied Piper: Do Individual Returns Herd around the Market? Financial Analysts Journal, 51(4), 31–37. https://doi.org/10.2469/faj.v51.n4.1918
De Almeida, R. P., Costa, H. C., & da Costa, N. C. A. (2012). Herd Behavior in Latin American Stock Markets. Latin American Business Review, 13(2), 81–102. https://doi.org/10.1080/10978526.2012.700271
Demirer, R., & Kutan, A. M. (2006). Does herding behavior exist in Chinese stock markets? Journal of International Financial Markets, Institutions and Money, 16(2), 123–142. https://doi.org/10.1016/j.intfin.2005.01.002
Deng, X., Hung, S., & Qiao, Z. (2018). Mutual fund herding and stock price crashes. Journal of Banking and Finance, 94, 166–184. https://doi.org/10.1016/j.jbankfin.2018.07.014
Dey, A. L., & Siddiqui, A. (2020). India: COVID-19 response on banking and finance: Measures and reliefs by RBI. https://www.mondaq.com/india/operational-impacts- and-strategy/948636/covid-19-response-on-banking-and-finance-measures-and- reliefs-by-rbi
Dhall, R., & Singh, B. (2020). The COVID-19 Pandemic and Herding Behaviour: Evidence from India’s Stock Market. Millennial Asia, 11(3), 366–390. https://doi.org/10.1177/0976399620964635
Economou, F. (2020). Herding in frontier markets: evidence from the Balkan region. Review of Behavioral Finance, 12(2), 119–135. https://doi.org/10.1108/RBF-08-2018-0090
Economou, F., Gavriilidis, K., Goyal, A., & Kallinterakis, V. (2015). Herding dynamics in exchange groups: Evidence from Euronext. Journal of International Financial Markets, Institutions and Money, 34, 228–244. https://doi.org/10.1016/j.intfin.2014.11.013
Economou, F., Hassapis, C., & Philippas, N. (2018). Investors’ fear and herding in the stock market. Applied Economics, 50(34–35), 3654–3663. https://doi.org/10.1080/00036846.2018.1436145
Economou, F., Kostakis, A., & Philippas, N. (2011). Cross-country effects in herding behavior: Evidence from four south European markets. Journal of International Financial Markets, Institutions and Money, 21(3), 443–460. https://doi.org/10.1016/j.intfin.2011.01.005
Espinosa-Méndez, C., & Arias, J. (2021). Herding Behaviour in Australian stock market: Evidence on COVID-19 effect. Applied Economics Letters, 28(21), 1898–1901. https://doi.org/10.1080/13504851.2020.1854659
Fang, H., Chung, C. P., Lee, Y. H., & Yang, X. (2021). The Effect of COVID-19 on Herding Behavior in Eastern European Stock Markets. Frontiers in Public Health, 9(July), 1–9. https://doi.org/10.3389/fpubh.2021.695931
Gleason, K. C., Mathur, I., & Peterson, M. A. (2004). Analysis of intraday herding behavior among the sector ETFs. Journal of Empirical Finance, 11(5), 681–694. https://doi.org/10.1016/j.jempfin.2003.06.003
Gunawan, Wijayanto, H., Achsani, N. A., Ode, L., & Rahman, A. (2011). Pendeteksian Perilaku Herding Pada Pasar Saham Indonesia dan Asia Pasifik ( Detection of Herding Behavior on Indonesia and Asia Pacific Stock Market ). Forum Statistika Dan Komputasi, 16(2), 16–23.
Huang, T. C., & Wang, K. Y. (2017). Investors’ Fear and Herding Behavior: Evidence from the Taiwan Stock Market. Emerging Markets Finance and Trade, 53(10), 2259–2278. https://doi.org/10.1080/1540496X.2016.1258357
Hwang, S., & Salmon, M. (2004). Market stress and herding. Journal of Empirical Finance, 11(4), 585–616. https://doi.org/10.1016/j.jempfin.2004.04.003
Javaira, Z., & Hassan, A. (2015). An examination of herding behavior in the Pakistani stock market. International Journal of Emerging Markets, 10(3), 474–490. https://www.emerald.com/insight/content/doi/10.1108/IJoEM-07-2011-0064
Keynes, J. M. (1936). The General Theory of Employment, Interest and Money. In England: Cambridge University Press. https://doi.org/10.2307/2278703
Komalasari, P. T., Asri, M., Purwanto, B. M., & Setiyono, B. (2021). Herding behavior in the capital market: What do we know and what is next? In Management Review Quarterly (Vol. 72, Issue 3). Springer International Publishing. https://doi.org/10.1007/s11301-021-00212-1
Koputra, T., & Mahadwartha, P. A. (2021). Herding Behavior Detection: Bullish and Bearish Cases. Proceedings of the 18th International Symposium on Management (INSYMA 2021), 180(Insyma). https://doi.org/10.2991/aebmr.k.210628.003
Le Bon, G. (1895). The crowd: a study of the popular mind. International Relation and Security Network, 1–94.
Litimi, H., BenSaïda, A., & Bouraoui, O. (2016). Herding and excessive risk in the American stock market: A sectoral analysis. Research in International Business and Finance, 38, 6–21. https://doi.org/10.1016/j.ribaf.2016.03.008
Mishra, P. K., & Mishra, S. K. (2023). Do Banking and Financial Services Sectors Show Herding Behaviour in the Indian Stock Market Amid COVID-19 Pandemic? Insights from Quantile Regression Approach. Millennial Asia, 14(1), 54–84. https://doi.org/10.1177/09763996211032356
Mobarek, A., Mollah, S., & Keasey, K. (2014). A cross-country analysis of herd behavior in Europe. Journal of International Financial Markets, Institutions and Money, 32(1), 107–127. https://doi.org/10.1016/j.intfin.2014.05.008
Neal, R., & Wheatley, S. M. (1998). Do Measures of Investor Sentiment Predict Returns ? Author ( s ): Robert Neal and Simon M . Wheatley Source : The Journal of Financial and Quantitative Analysis, Vol . 33, No. 4 ( Dec ., 1998 ), pp . Business Administration. Journal of Financial and Quantitative Analysis, 33(4), 523–547.
Noviliya, S. H., & Prasetiono, P. (2017). Analisis Pendeteksian Herding Behaviour Pada Bursa Saham Emerging Dan Developed Market Asia (Negara. 6(1992), 1–11. http://ejournal-s1.undip.ac.id/index.php/dbr
Padungsaksawasdi, C. (2020). Herd behavior and firm-specific information. Cogent Economics and Finance, 8(1). https://doi.org/10.1080/23322039.2020.1844399
Philippas, N., Economou, F., Babalos, V., & Kostakis, A. (2013). Herding behavior in REITs: Novel tests and the role of financial crisis. International Review of Financial Analysis, 29, 166–174. https://doi.org/10.1016/j.irfa.2013.01.004
Poterba, J. M. (2001). The Rise of ‘Equity Culture’: U.S. Stock Ownership Patterns, 1989–1998. http://econ-www.mit.edu/faculty/?prof%0Aid=poterba&type=%0Apaper
Prechter, R. R. (2001). Unconscious Herding Behavior as the Psychological Basis of Financial Market Trends and Patterns. Journal of Psychology and Financial Markets, 2(3), 120–125. https://doi.org/10.1207/s15327760jpfm0203_1
Prechter, R. R., & Parker, W. D. (2007). The Financial/Economic Dichotomy in Social Behavioral Dynamics: The Socionomic Perspective. Journal of Behavioral Finance, 8(2), 84–108. https://doi.org/10.1080/15427560701381028
Rahman, R. E., & Ermawati. (2019). Analysis Herding Behavior di Pasar Saham : Studi Kasus ASEAN-5 + US. Bank Indonesia, 1–21.
Resindra, M. R. D., & Lubis, A. W. (2022). The impact of COVID-19 on investors’ herding behavior in the ASEAN-5 stock market. Contemporary Research on Management and Business, 1, 144–147. https://doi.org/10.1201/9781003295952-37
Sadewo, R. A. J., & Cahyaningdyah, D. (2022). Investor Herding Behavior in Extreme Conditions During Covid-19: Study On Indonesian Stock Market. Management Analysis Journal, 11(1), 22–29. https://doi.org/10.15294/maj.v11i1.53484
Spyrou, S. (2013). Herding in financial markets: A review of the literature. Review of Behavioral Finance, 5(2), 175–194. https://doi.org/10.1108/RBF-02-2013-0009
Tan, L., Chiang, T. C., Mason, J. R., & Nelling, E. (2008). Herding behavior in Chinese stock markets: An examination of A and B shares. Pacific Basin Finance Journal, 16(1–2), 61–77. https://doi.org/10.1016/j.pacfin.2007.04.004
Veblen, T. (1899). The theory of the leisure class. In New York Oxford: University Press. https://doi.org/10.4337/9781788973939.the.theory.leisure
Vidya, C. T., Ravichandran, R., & Deorukhkar, A. (2023). Exploring the effect of COVID-19 on herding in Asian financial markets. MethodsX, 10(December 2022), 101961. https://doi.org/10.1016/j.mex.2022.101961
Warganegara, S. F. A., & Warganegara, D. L. (2022). Herding behavior in the Indonesia stock exchange around the covid-19 pandemic. Fair Value: Jurnal Ilmiah Akuntansi Dan Keuangan, 4(11), 4912–4921. https://doi.org/10.32670/fairvalue.v4i11.1822
Welch, I. (2000). Herding among Security Analysts. Journal of Financial Economics, 58, 369–396. https://doi.org/10.2469/dig.v31.n2.857
Youssef, M. (2022). Do Oil Prices and Financial Indicators Drive the Herding Behavior in Commodity Markets? Journal of Behavioral Finance, 23(1), 58–72. https://doi.org/10.1080/15427560.2020.1841193
Ah Mand, A., & Sifat, I. (2021). Static and regime-dependent herding behavior: An emerging market case study. Journal of Behavioral and Experimental Finance, 29(January). https://doi.org/10.1016/j.jbef.2021.100466
Aldeki, R. G. (2022). Herding behavior and financial market price behavior under the COVID-19 pandemic: implications for the Amman Stock Exchange. Journal of Enterprise and Development, 4(1), 137–155. https://doi.org/10.20414/jed.v4i1.5043
Aslam F., Ferreira P, Ali H, K. S. (2021). Herding behavior during the Covid‑19 pandemic: a comparison between Asian and European stock markets based on intraday multifractality. Eurasian Economic Review, 1–27. https://web-s-ebscohost-com.libproxy.ucl.ac.uk/ehost/pdfviewer/pdfviewer?vid=0&sid=e305abf4-35f3-4a93-b280-1d5675389c1c%40redis
Banerjee, A. V. (1992). A simple model of herd behavior. Quarterly Journal of Economics, 107(3), 797–817. https://doi.org/10.2307/2118364
Barberis, N., & Thaler, R. (2002). Working Paper Series A Survey of Behavioral Finance. NBER Working Paper Series, 2–67. http://www.nber.org/papers/w9222
Bikhchandani, S., Hirshleifer, D., & Welch, I. (1992). A theory of fads, fashion, custom, and cultural change as informational cascades. Journal of Political Economy, 100(5), 992–1026. https://doi.org/10.1086/261849
Bui, N. D., Nguyen, L. T. B., & Nguyen, N. T. T. (2015). Herd behavior in Southeast Asian stock markets - An empirical investigation. Acta Oeconomica, 65(3), 413–429. https://doi.org/10.1556/032.65.2015.3.4
Celik, S. (2013). Herd behavior in world stock markets: Evidence from quantile regression analysis. Iktisat Isletme ve Finans, 28(329), 75–96.
Chang, C. L., McAleer, M., & Wang, Y. A. (2020). Herding behavior in energy stock markets during the Global Financial Crisis, SARS, and ongoing COVID-19*. Renewable and Sustainable Energy Reviews, 134(May), 110349. https://doi.org/10.1016/j.rser.2020.110349
Chang, E. C., Cheng, J. W., & Khorana, A. (2000). An examination of herd behavior in equity markets: An international perspective. Journal of Banking & Finance, 24, 1651–1679. https://doi.org/10.1016/S0378-4266(99)00096-5
Chen, T. (2013). Do Investors Herd in Global Stock Markets? Journal of Behavioral Finance, 14(3), 230–239. https://doi.org/10.1080/15427560.2013.819804
Chiang, T. C., & Zheng, D. (2010). An empirical analysis of herd behavior in global stock markets. Journal of Banking and Finance, 34(8), 1911–1921. https://doi.org/10.1016/j.jbankfin.2009.12.014
Christie, W. G., & Huang, R. D. (1995). Following the Pied Piper: Do Individual Returns Herd around the Market? Financial Analysts Journal, 51(4), 31–37. https://doi.org/10.2469/faj.v51.n4.1918
De Almeida, R. P., Costa, H. C., & da Costa, N. C. A. (2012). Herd Behavior in Latin American Stock Markets. Latin American Business Review, 13(2), 81–102. https://doi.org/10.1080/10978526.2012.700271
Demirer, R., & Kutan, A. M. (2006). Does herding behavior exist in Chinese stock markets? Journal of International Financial Markets, Institutions and Money, 16(2), 123–142. https://doi.org/10.1016/j.intfin.2005.01.002
Deng, X., Hung, S., & Qiao, Z. (2018). Mutual fund herding and stock price crashes. Journal of Banking and Finance, 94, 166–184. https://doi.org/10.1016/j.jbankfin.2018.07.014
Dey, A. L., & Siddiqui, A. (2020). India: COVID-19 response on banking and finance: Measures and reliefs by RBI. https://www.mondaq.com/india/operational-impacts- and-strategy/948636/covid-19-response-on-banking-and-finance-measures-and- reliefs-by-rbi
Dhall, R., & Singh, B. (2020). The COVID-19 Pandemic and Herding Behaviour: Evidence from India’s Stock Market. Millennial Asia, 11(3), 366–390. https://doi.org/10.1177/0976399620964635
Economou, F. (2020). Herding in frontier markets: evidence from the Balkan region. Review of Behavioral Finance, 12(2), 119–135. https://doi.org/10.1108/RBF-08-2018-0090
Economou, F., Gavriilidis, K., Goyal, A., & Kallinterakis, V. (2015). Herding dynamics in exchange groups: Evidence from Euronext. Journal of International Financial Markets, Institutions and Money, 34, 228–244. https://doi.org/10.1016/j.intfin.2014.11.013
Economou, F., Hassapis, C., & Philippas, N. (2018). Investors’ fear and herding in the stock market. Applied Economics, 50(34–35), 3654–3663. https://doi.org/10.1080/00036846.2018.1436145
Economou, F., Kostakis, A., & Philippas, N. (2011). Cross-country effects in herding behavior: Evidence from four south European markets. Journal of International Financial Markets, Institutions and Money, 21(3), 443–460. https://doi.org/10.1016/j.intfin.2011.01.005
Espinosa-Méndez, C., & Arias, J. (2021). Herding Behaviour in Australian stock market: Evidence on COVID-19 effect. Applied Economics Letters, 28(21), 1898–1901. https://doi.org/10.1080/13504851.2020.1854659
Fang, H., Chung, C. P., Lee, Y. H., & Yang, X. (2021). The Effect of COVID-19 on Herding Behavior in Eastern European Stock Markets. Frontiers in Public Health, 9(July), 1–9. https://doi.org/10.3389/fpubh.2021.695931
Gleason, K. C., Mathur, I., & Peterson, M. A. (2004). Analysis of intraday herding behavior among the sector ETFs. Journal of Empirical Finance, 11(5), 681–694. https://doi.org/10.1016/j.jempfin.2003.06.003
Gunawan, Wijayanto, H., Achsani, N. A., Ode, L., & Rahman, A. (2011). Pendeteksian Perilaku Herding Pada Pasar Saham Indonesia dan Asia Pasifik ( Detection of Herding Behavior on Indonesia and Asia Pacific Stock Market ). Forum Statistika Dan Komputasi, 16(2), 16–23.
Huang, T. C., & Wang, K. Y. (2017). Investors’ Fear and Herding Behavior: Evidence from the Taiwan Stock Market. Emerging Markets Finance and Trade, 53(10), 2259–2278. https://doi.org/10.1080/1540496X.2016.1258357
Hwang, S., & Salmon, M. (2004). Market stress and herding. Journal of Empirical Finance, 11(4), 585–616. https://doi.org/10.1016/j.jempfin.2004.04.003
Javaira, Z., & Hassan, A. (2015). An examination of herding behavior in the Pakistani stock market. International Journal of Emerging Markets, 10(3), 474–490. https://www.emerald.com/insight/content/doi/10.1108/IJoEM-07-2011-0064
Keynes, J. M. (1936). The General Theory of Employment, Interest and Money. In England: Cambridge University Press. https://doi.org/10.2307/2278703
Komalasari, P. T., Asri, M., Purwanto, B. M., & Setiyono, B. (2021). Herding behavior in the capital market: What do we know and what is next? In Management Review Quarterly (Vol. 72, Issue 3). Springer International Publishing. https://doi.org/10.1007/s11301-021-00212-1
Koputra, T., & Mahadwartha, P. A. (2021). Herding Behavior Detection: Bullish and Bearish Cases. Proceedings of the 18th International Symposium on Management (INSYMA 2021), 180(Insyma). https://doi.org/10.2991/aebmr.k.210628.003
Le Bon, G. (1895). The crowd: a study of the popular mind. International Relation and Security Network, 1–94.
Litimi, H., BenSaïda, A., & Bouraoui, O. (2016). Herding and excessive risk in the American stock market: A sectoral analysis. Research in International Business and Finance, 38, 6–21. https://doi.org/10.1016/j.ribaf.2016.03.008
Mishra, P. K., & Mishra, S. K. (2023). Do Banking and Financial Services Sectors Show Herding Behaviour in the Indian Stock Market Amid COVID-19 Pandemic? Insights from Quantile Regression Approach. Millennial Asia, 14(1), 54–84. https://doi.org/10.1177/09763996211032356
Mobarek, A., Mollah, S., & Keasey, K. (2014). A cross-country analysis of herd behavior in Europe. Journal of International Financial Markets, Institutions and Money, 32(1), 107–127. https://doi.org/10.1016/j.intfin.2014.05.008
Neal, R., & Wheatley, S. M. (1998). Do Measures of Investor Sentiment Predict Returns ? Author ( s ): Robert Neal and Simon M . Wheatley Source : The Journal of Financial and Quantitative Analysis, Vol . 33, No. 4 ( Dec ., 1998 ), pp . Business Administration. Journal of Financial and Quantitative Analysis, 33(4), 523–547.
Noviliya, S. H., & Prasetiono, P. (2017). Analisis Pendeteksian Herding Behaviour Pada Bursa Saham Emerging Dan Developed Market Asia (Negara. 6(1992), 1–11. http://ejournal-s1.undip.ac.id/index.php/dbr
Padungsaksawasdi, C. (2020). Herd behavior and firm-specific information. Cogent Economics and Finance, 8(1). https://doi.org/10.1080/23322039.2020.1844399
Philippas, N., Economou, F., Babalos, V., & Kostakis, A. (2013). Herding behavior in REITs: Novel tests and the role of financial crisis. International Review of Financial Analysis, 29, 166–174. https://doi.org/10.1016/j.irfa.2013.01.004
Poterba, J. M. (2001). The Rise of ‘Equity Culture’: U.S. Stock Ownership Patterns, 1989–1998. http://econ-www.mit.edu/faculty/?prof%0Aid=poterba&type=%0Apaper
Prechter, R. R. (2001). Unconscious Herding Behavior as the Psychological Basis of Financial Market Trends and Patterns. Journal of Psychology and Financial Markets, 2(3), 120–125. https://doi.org/10.1207/s15327760jpfm0203_1
Prechter, R. R., & Parker, W. D. (2007). The Financial/Economic Dichotomy in Social Behavioral Dynamics: The Socionomic Perspective. Journal of Behavioral Finance, 8(2), 84–108. https://doi.org/10.1080/15427560701381028
Rahman, R. E., & Ermawati. (2019). Analysis Herding Behavior di Pasar Saham : Studi Kasus ASEAN-5 + US. Bank Indonesia, 1–21.
Resindra, M. R. D., & Lubis, A. W. (2022). The impact of COVID-19 on investors’ herding behavior in the ASEAN-5 stock market. Contemporary Research on Management and Business, 1, 144–147. https://doi.org/10.1201/9781003295952-37
Sadewo, R. A. J., & Cahyaningdyah, D. (2022). Investor Herding Behavior in Extreme Conditions During Covid-19: Study On Indonesian Stock Market. Management Analysis Journal, 11(1), 22–29. https://doi.org/10.15294/maj.v11i1.53484
Spyrou, S. (2013). Herding in financial markets: A review of the literature. Review of Behavioral Finance, 5(2), 175–194. https://doi.org/10.1108/RBF-02-2013-0009
Tan, L., Chiang, T. C., Mason, J. R., & Nelling, E. (2008). Herding behavior in Chinese stock markets: An examination of A and B shares. Pacific Basin Finance Journal, 16(1–2), 61–77. https://doi.org/10.1016/j.pacfin.2007.04.004
Veblen, T. (1899). The theory of the leisure class. In New York Oxford: University Press. https://doi.org/10.4337/9781788973939.the.theory.leisure
Vidya, C. T., Ravichandran, R., & Deorukhkar, A. (2023). Exploring the effect of COVID-19 on herding in Asian financial markets. MethodsX, 10(December 2022), 101961. https://doi.org/10.1016/j.mex.2022.101961
Warganegara, S. F. A., & Warganegara, D. L. (2022). Herding behavior in the Indonesia stock exchange around the covid-19 pandemic. Fair Value: Jurnal Ilmiah Akuntansi Dan Keuangan, 4(11), 4912–4921. https://doi.org/10.32670/fairvalue.v4i11.1822
Welch, I. (2000). Herding among Security Analysts. Journal of Financial Economics, 58, 369–396. https://doi.org/10.2469/dig.v31.n2.857
Youssef, M. (2022). Do Oil Prices and Financial Indicators Drive the Herding Behavior in Commodity Markets? Journal of Behavioral Finance, 23(1), 58–72. https://doi.org/10.1080/15427560.2020.1841193
Published
2024-10-11
How to Cite
GUSNI, Gusni; DIRGANTARI, Puspo Dewi; PESAKOVIC, Gordana.
Herding of Financial and Non-Financial Listed Companies: The Case of Indonesia.
Jurnal Ilmiah Akuntansi dan Bisnis, [S.l.], v. 19, n. 2, oct. 2024.
ISSN 2303-1018.
Available at: <https://ojs.unud.ac.id/index.php/jiab/article/view/113666>. Date accessed: 21 nov. 2024.
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