Abstract:The rapid integration of financial technology (FinTech), artificial intelligence (AI), and social media has transformed global investment behavior, reshaping the psychological dynamics of modern investors. This paper examines…
mines how digital technologies amplify behavioral biases such as overconfidence, herding, and recency bias within contemporary financial markets. Using a descriptive qualitative approach supported by literature synthesis and case studies, it explores the interplay between investor psychology and technological systems. Findings indicate that while FinTech platforms democratize access to financial markets, their gamified features and algorithmic personalization reinforce impulsive and emotionally driven trading. AI-based advisory systems, though designed to enhance decision accuracy, often introduce automation bias and confirmation loops that distort rational judgment. Social media ecosystems further accelerate herding and emotional contagion by promoting conformity through peer validation and viral sentiment. The study highlights ethical and regulatory challenges associated with behavioral exploitation and algorithmic transparency, emphasizing the need for robust investor protection frameworks and behavioral literacy programs. Ultimately, it concludes that technology in finance must balance innovation with responsibility, ensuring that digital tools empower investors without amplifying cognitive biases or undermining market integrity.
Abstract:This study aims to analyze the determinants of Propensity to Indebtedness among civil servants (ASN) and employees/entrepreneurs in Indonesia. The main focus of the research includes the influence of financial behavior biases,…
iases, emotions, culture, and materialism on the tendency to incur debt, as well as how financial literacy, job security, and religiosity moderate these relationships. A quantitative approach was used in this study, employing an ex post facto design supported by a survey questionnaire. Primary data were collected through an online questionnaire distributed via Google Forms, with 400 respondents selected through simple random sampling. The results show that financial behavior biases, such as overconfidence and aversion regret, have a positive and significant effect on Propensity to Indebtedness. Emotions and culture also have significant influences, where emotional impulsivity and consumption-driven cultural values affect the tendency to incur debt. Materialism was found to strongly influence decisions to incur debt to fulfill lifestyle needs. Additionally, the moderating effect of financial literacy strengthens the relationship between financial behavior biases and Propensity to Indebtedness, indicating that better financial understanding helps individuals make wiser decisions. Job security also strengthens this relationship by providing emotional and financial stability. On the other hand, religiosity weakens the influence of emotions and materialism on Propensity to Indebtedness, although practical approaches are still needed to strengthen these effects. This research contributes academically by expanding insights into financial behavior and debt management, and it provides practical implications for the development of effective financial education programs aimed at improving financial literacy among Indonesian society.
Abstract:The purpose of the study is to examine the impact of behavioural biases (herding, mental accounting, and regret averson) on investment decisions. The authors further examine the moderation effect of financial literacy in…
the relationship between behaviour biases and investment decisions. The study considered a cross-sectional research design. For this survey, the data have been collected through a structured questionnaire from 215 government officials of BPK RI. To analyse the validity and reliability, the Pearson correlation and Cronbach’s alpha test have been taken into account respectively. For testing the hypothesis, hierarchical regression analysis has been used in the study. The results of the study reveal that research results also show that bias herding, mental accounting, and regrets on investment decisions have a positive and significant influence. Meanwhile, financial literacy on investment decisions has a negative and significant influence. Furthermore, herding bias is moderated by financial literacy on investment decisions and has a positive and significant influence. Meanwhile, mental accounting bias and regret aversion are moderated by financial literacy on investment decisions and have a negative and significant influence. Based on this present research finding, the study is more productive for the government officials and policymakers at the time of making an investment portfolio for the government officials based on their behavioural biases. The study recommends that investors need training programmes, workshops and seminars that enhance financial literacy and financial knowledge of government officials which helps them to overcome behavioural biases while making an investment decision. The current study aims to explore whether several behavioural biases can affect investment decisions. Moreover, the authors would like to examine whether these associations are moderated by financial literacy. In this sense, financial literacy might also play a substantial part in the prediction of investments. The current study might be of the first study that examines the moderation effect financial literacy amongst male and female investors.
Abstract:The global paradigm shift in waste governance towards a circular economy has driven the adoption of Community-Based Solid Waste Management (CBSWM), widely manifested in Indonesia through the Waste Bank initiative. Although…
gh theoretically designed as an ecological mitigation instrument and a catalyst for economic empowerment, previous literature remains dominated by techno-ecological and urban biases. These studies often overlook the structural dynamics of community empowerment in areas lacking established recycling infrastructure. This study aims to fill this gap by investigating the economic empowerment mechanisms and institutional resilience of the Berseri Waste Bank in Bengkalis Regency, a coastal-island area facing logistical disruption constraints. This study employed a qualitative approach with a case study design, involving 10 multi-actor informants (government, managers, customers, and community leaders) selected through purposive and snowball sampling. Data were collected via in-depth interviews, observations, and document reviews, with data credibility ensured through source and method triangulation. The results reveal four main findings: (1) increased environmental awareness that reduces open burning practices; (2) increased real household income; (3) the emergence of micro-scale circular logistics practices; and (4) community participation heavily driven by social capital (trust and local leadership). Theoretically, this study extends the application of circular economy theory by proving its viability at the micro-community level in geographically isolated regions. As a practical implication, this study recommends that local governments formally recognize waste banks as legitimate circular economy entities and provide policy interventions in the form of coastal transportation logistics subsidies
Abstract:This systematic literature review explores the interconnected dimensions of digital innovation, gender equality, and sustainability in women-owned small and medium-sized enterprises (SMEs). The primary aim is to synthesize…
ze existing knowledge to address integration challenges these enterprises face. The researchers analyzed 436 peer-reviewed articles from the Scopus database, published between 2010 and 2025, using bibliometric and qualitative thematic techniques based on the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) methodology. Findings highlight that digital innovation significantly enhances market access, operational efficiency, and resource mobilization, empowering women entrepreneurs to overcome structural barriers. Gender equality initiatives play a crucial role in creating supportive ecosystems, promoting diverse leadership styles, and fostering inclusive organizational cultures conducive to sustainable business practices. Thematic analyses reveal specific success factors including robust social networks, targeted mentorship programs, and inclusive financial mechanisms. However, systemic barriers persist, notably limited access to capital, entrenched sociocultural biases, and insufficient digital literacy. Methodologically, research predominantly utilizes quantitative approaches, suggesting a need for integrated mixed-method frameworks to better capture nuanced entrepreneurial experiences. Geographical disparities indicate that women entrepreneurs face different challenges and opportunities across developed and developing contexts, underscoring the necessity for context-specific policy interventions. This review adds to our understanding by combining ideas from entrepreneurial ecosystem perspectives, Gender Empowerment Theories, and the Resource-Based View, providing a complete look at sustainable, fair, and digitally innovative business practices. Future research should focus on intersectional methodologies, longitudinal studies, and comparative analyses across diverse contexts.
Abstract:This study aims to analyze the role of perceived usefulness (PU) and perceived ease of use (PEOU) in mediating the relationship between financial behavioral biases—namely financial literacy (FL), overconfidence (OC), and…
nd risk tolerance (RT)—and Bitcoin investment decisions among Generation Z in Indonesia, using the Tokocrypto and Indodax platforms. Employing a quantitative approach with a survey of 360 active Generation Z investors, data were analyzed using Structural Equation Modeling-Partial Least Squares (SEM-PLS). The findings indicate that financial literacy, risk tolerance, PU, and PEOU have a direct positive and significant effect on Bitcoin investment decisions. Overconfidence, however, showed no significant direct effect. Furthermore, PU and PEOU partially mediated the relationships between financial literacy and investment decisions, as well as between risk tolerance and investment decisions. Notably, PEOU emerged as the strongest mediating pathway, particularly for risk tolerance. Conversely, neither PU nor PEOU mediated the relationship between overconfidence and investment decisions. This research contributes theoretically by integrating Behavioral Finance theory with the Technology Acceptance Model (TAM) in the context of high-risk digital assets. Practically, it offers insights for platform developers to enhance user experience and design targeted financial education, and for regulators to formulate behaviorally-informed investor protection policies.
Abstract:The participation of women in various spheres of life has witnessed significant progress; however, it is undeniable that patriarchal culture remains deeply entrenched and continues to reproduce discriminatory practices and…
nd violence against women, including through religious interpretation. In many instances, religion inadvertently reinforces gender inequality through scriptural interpretations that are predominantly shaped by male perspectives and patriarchal structures. Therefore, a hermeneutical approach is required, one capable of deconstructing such biases and rearticulating the voices of women in a just manner. This study aims to interpret Song of Songs 3:1-5 through the lens of feminist literary criticism, specifically employing the “woman as reader” approach developed by Elaine Showalter. This approach emphasizes the experiences, voices, and agency of women as subjects within the text. Through the stages of interpretation, narrative deconstruction, and critical evaluation, the analysis reveals that the female character in this passage is portrayed as an autonomous individual who demonstrates initiative and actively expresses her love and longing. This representation subtly challenges patriarchal constructions that traditionally position women as passive objects in gender relations. On the other hand, the text also opens a reflective space to examine how women, consciously or unconsciously, may contribute to the perpetuation of systems that oppress them. Consequently, a feminist reading of Song of Songs not only unveils the emancipatory potential within the biblical text but also offers a critical and transformative hermeneutical framework. This represents an effort to reclaim a gender-just theological space and to reimagine sacred scripture as a site of both spiritual and social struggle toward justice and equality.