Ferry Jie

Capital market functions as a mediator between parties who have excess funds that is, investors and those who need the funds that is, emitents. Decision to sell and buy shares of a financial asset is very strategic decision for investors because it is associated with the chances of return to be earned in the future. The objective of this paper is to investigate the investor’s psychology on buying and selling common stock in the stock exchange in emerging market. The specific purpose of this research is to provide the simultaneous empirical evidence about the perception of risk, psychology aspects towards the confidence and performance. The sample consists of 100 individual investors in Palembang, South Sumatera, Indonesia. The data were collected during March-May 2016 using questionnaire. Research findings show that perception of risk and psychology significantly affect confidence. Furthermore, confidence has a significantly positive impact on performance. This research has not been explained entirely towards the investor’s psychological behavior aspects, so the additional variable may be needed as the full reflection of investor’s psychology. The further research may use experimental study, starts from buying stocks, and factors that can be considered in selling stock.

The purpose of this paper is to provide an analytical analysis of cointegration between Europe and the other significant trading partners, namely US, China, Japan and Australia, for the period from January 1, 2010 to December 30, 2016. This captures the impact of the sovereign European debt crisis and the Greek crisis. A range of parametric techniques were adopted including Johansen cointegration analysis, Vector Error Correction Model and Granger causality. The results of the crisis Granger causality test during the European sovereign crisis implies the highest influence to be that of the US and Japanese stock market over the other four markets. Overall, found that the Asia-Pacific region plus the US stay closely related to each other, while European countries influence all the studied markets except each other. For the post-crisis sub-period, the Granger causality is slightly different. It is observable that the UK and Germany are influencing all the markets. This is probably due to the recent Brexit referendum outcome and potential consequences not only for the EU, but also for the rest of the world too. Overall, the Granger outcome shows the dependence between Europe and other global markets, but there is no European interdependence during the sovereign debt crisis period. It may be concluded that there is a separation of Asian markets from the European markets and even though cointegration exists, the relationship is rather weak.

The government bond (GB) has become the most attractive investment portfolio option, even though many macroeconomic factors affect the bond yield. This paper aims to investigate the determining factor of local currency government bond yield by considering the inflation rate, credit default swap, stock market index, exchange rate, and volatility index. This study used 240 data panel from the Bloomberg stock market in the form of data panel covering Southeast developing countries, namely Indonesia, Thailand, Malaysia, and the Philippines, for five years or sixty months from January 2015 to December 2019. Data analysis used recursive models and multivariate regression techniques using EViews software. The random effect model results revealed that change in the foreign exchange rate and volatility indexes affected, partially and simultaneously, the changes in the stock market index. The result also showed that changes in the stock market index, inflation rate, and credit default swap affected, partially and simultaneously, government bond yield changes. These results suggest that the government bond yield could be managed by controlling volatility index, foreign exchange rate, stock market index, inflation rates, and credit default swaps. This finding could provide an insight into the policymaker and fiscal authority on managing the risk of government bonds under control during high volatility or even making it reasonably lower. This result could contribute to the current research in the field of financial management.

Acknowledgment
It is the author’s pleasure to thank Muhammad Aulia SE MSc CSA® from the Ministry of Finance of Republic Indonesia, for his invaluable contribution to encourage this study and also to share the data required for this paper. He also delivers essential insights into improving the quality of this work. This research received no specific grant from any funding agency in the public, commercial, or not-for-profit sectors.

Global competition has forced companies, including small and medium enterprises (SMEs), to improve their competitive advantage. Supply chain management practices are the ways to improve the competitive advantage, particularly in the global competition context. However, there is still doubt SMEs can compete globally, considering they face limited resources, skilled workforce, and business networks. Therefore, this study aims to examine the influence of supply chain management practices, covering cross-functional integration, partnership, responsiveness, and resilience. Moreover, this study has examined which practices dominate in improving competitive advantage. The quantitative study involved 445 SMEs located in East Java, Indonesia. The respondents are supervisors or higher levels and work in departments related to supply chain management, as they can provide the relevant information and possess complete knowledge of management practices. The data were collected via a questionnaire designed with a five-point Likert scale. The responses were analyzed using SmartPLS software 4.0. The results show that cross-function integration improves supply chain partnership, responsiveness, and resilience (β = 0.705, 0.382, 0.324; t-value = 25.177, 6.697, 5.783). Supply chain partnerships affect supply chain responsiveness, resilience, and competitive advantage (β = 0.327, 0.257, 0.249; t-value = 5.933, 4.536, 5.651). Moreover, supply chain responsiveness improves supply chain resilience and competitive advantage (β = 0.285, 0.106; t-value = 5.690, 2.099). Supply chain resilience improves competitive advantage (β = 0.435 and t-value = 8.987). SMEs can enhance their competitive advantage by integrating their internal cross-functional integration and adopting supply chain partnership, responsiveness, and resilience.

Acknowledgments
The authors would like to thank DIKTI 2023 and Research and Community Outreach Petra Christian University for providing the grant to fund this research.