The purposes of this research were to understand and analyze the behavior of the psychological bias experienced by investors in making investment decisions. Psychological bias experienced by investors led to wrong decision making and fatal losses. This research used qualitative interpretive phenomenology method to understand the phenomenon of decision making based on the perspective of investors. The result showed that: (1) The phenomenon of cognitive bias and psychological bias behavior occur in nearly all informants, (2) The Psychology bias could be divided by two types, namely: expected emotion bias behavior and immediate emotion bias behavior, (3) experience, knowledge of the capital markets and the management of good emotions determine the level of psychological stability and reduce bias behavior that could be raising the return.

The purpose of this paper is to analyze the importance of quality in university governance in Indonesia. The researcher designed this study with an approach of qualitative research approach with Focus Group Discussion (FGD) method. Participants come from 25 universities throughout Indonesia. Participants are leaders of higher education ranging from the head of the study program to the rector. The result of the focus group discussion shows that the quality of higher education will decrease if there is the scarcity of qualified lecturers. Declining quality of higher education will affect the number of students. Finally, if the student decline happens continuously, then higher education can close. So quality is a top priority in university governance.

In light of the rapidly growing industrialization in BRICS and G7 regions, thorough energy, financials, and environmental analyses are essential for sustainable financial development in these countries. In this context, this work analyzes the relationship between energy, financial, and environmental sustainability and the regions’ social performance. Data from 2000 to 2017 is analyzed through a data envelopment analysis (DEA) like a composite index. Results show China and Brazil’s better performance in the region, with a sustainability score of 0.96, India was the third, followed by South Africa and Russia. Japan, the UK, and the USA were the most energy-efficient countries for five consecutive years. A 0.18%, 0.27%, 0.22%, 0.09%, 0.31%, and 0.32% reduction in carbon emission is observed with a 1% increase in R&D costs by Canada, France, Germany, Italy, Japan, and the USA, respectively. This work contributes to the existing literature regarding an eco-friendly sustainable policy design for the G7 countries based on multiple indicators.

Number of informants as many as 5 informants obtained using conditio sine qua non method. The result of the research showed that (1) The Indonesian capital market had not functioned optimally to improved the economy of Indonesian society because most of the investors were foreign investors who felt the benefit of their existenced. (2 Indonesia's capital market was a weak form level,who made Investors difficult to got a return based on historical information and random walk stocks so that the use of technical analysis was less useful (3) Efficient market hypothesys assumed Rational Economic Man (REM) which was very difficult to applied because in reality investor behavior was not rational So the appropriated assumption was Behaviorally Bias Men (BBM). Keyword : case study, investor behavior, behavioral finance, investment's psychology PENDAHULUANPerilaku Investor masih merupakan sesuatu yang menarik untuk di kaji. Keputusan investasi seringkali dilakukan oleh investor bukan berdasarkan faktor fundamental, melainkan mengikuti perilaku sebagian besar orang di pasar.Penelitian tentang perilaku investor ini dimotivasi oleh adanya fenomena bahwa kebanyakan investor melakukan transaksi dalam jangka pendek, yang sangat dipengaruhi oleh faktor psikologis (Ady, 2013). Odean (1999 dalam Thaler, 2000 menunjukkan bahwa transaksi berlebihan dapat membatasi keuntungan berinvestasi, sedangkan Buffet dalam Hagstrom (2010) menunjukkan perilaku overtrading cenderung mengurangi keuntungan berinvestasi dan beratnya beban psikologis. Sementara di sisi teori manajemen keuangan, investasi adalah komitmen atas sejumlah dana terhadap satu atau lebih asset yang akan dipegang selama beberapa waktu ke depan/jangka panjang (Jones, 1998) dengan asumsi pasar modal efisien.Hipotesis pasar efisien (Fama, 1970) menunjukkan bahwa harga saham di pasar modal mencerminkan semua informasi yang relevan. Pemahaman terhadap pasar modal yang efisien akan membawa pengaruh yang cukup besar terhadap cara melakukan analisis

The purposes of this research were to understand and analyze the behavior of the psychological bias experienced by investors in making investment decisions. Psychological bias experienced by investors led to wrong decision making and fatal losses. This research used qualitative interpretive phenomenology method to understand the phenomenon of decision making based on the perspective of investors. The result showed that: (1) The phenomenon of cognitive bias and psychological bias behavior occur in nearly all informants, (2) The Psychology bias could be divided by two types, namely: expected emotion bias behavior and immediate emotion bias behavior, (3) experience, knowledge of the capital markets and the management of good emotions determine the level of psychological stability and reduce bias behavior that could be raising the return.