Herding behavior in the Pakistan stock exchange: Some new insights

Shah, Mohay Ud Din; Shah, Attaullah; Khan, Safi Ullah

doi:10.1016/j.ribaf.2017.07.022

Cited by 42 publications

(60 citation statements)

References 46 publications

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“…Berdasarkan analisis kami, perilaku herding terjadi hampir di seluruh belahan dunia. Mulai dari Benua Asia, perilaku herding terjadi di Vietnam (Vo & Phan, 2016, Pakistan (Shah, Shah, & Khan, 2017), India (Bhaduri & Mahapatra, 2013;Ganesh, Gopal, & Thiyagarajan, 2018), Cina (T. C. Chiang, Li, & Tan, 2010;Gong & Dai, 2017;Lan, 2014;Lao & Singh, 2011;Li, Liu, & Park, 2017;Yao, Ma, & He, 2014;Zheng, Li, & Chiang, 2017), Jepang (Cajueiro & Tabak, 2009;Zheng et al, 2017) Kallinterakis, & Komba, 2017). Lalu, Di Benua Eropa perilaku herding juga terjadi di Perancis (Khan, Hassairi, & VIVIANI, 2011;Litimi, 2017), Jerman (Khan et al, 2011), Italia (Khan et al, 2011), Inggris (Khan et al, 2011), Finlandia (Lindhe, 2012), Romania (Pop, 2013), Portugal (Leite, Machado-Santos, & Silva, 2018), Yunani (Messis & Zapranis, 2014), dan Rusia (Indārs, Savin, & Lublóy, 2019).…”

Section: Hasil Dan Pembahasanmentioning

confidence: 99%

“…Kami juga menemukan bukti kuat herding selama periode pergerakan harga menengah ke besar (Lee, 2017). Investor lebih cenderung melakukan herding selama periode krisis (Li et al, 2017;Litimi, 2017;Ouarda, Bouri, & Bernard, 2013;Shah et al, 2017). Kami juga menemukan bahwa herding pada industri lebih terasa di pasar yang menurun (Medhioub & Chaffai, 2018;Yao et al, 2014;Zheng et al, 2017).…”

Section: Hasil Dan Pembahasanunclassified

“…Berdasarkan analisis kami juga ditemukan bahwa ada hasil penelitian yang berlawanan hasilnya di negara-negara seperti Pakistan dan Cina. Penelitian di Bursa Efek Pakistan pada tahun 2004-2013 yang membuktikan adanya perilaku herding pada investor lebih cenderung mengikuti pasar selama periode krisis (Shah et al, 2017). Sedangkan berdasarkan hasil data stok harian dan bulanan dari Bursa Efek Karachi menunjukkan tidak adanya perilaku herding untuk periode 2002-2007 dan tidak menemukan dukungan untuk model penetapan harga aset rasional dan perilaku investor yang ditemukan tidak efisien.…”

Section: Hasil Dan Pembahasanunclassified

“…Kami sendiri menyimpulkan bahwa perbedaan hasil tersebut diakibatkan karena adanya perbedaan periode sampel penelitian. Pada penelitian (Shah et al, 2017), herding ditemukan di perusahaan besar dan cenderung tidak ditemukan pada perusahaan kecil. Lalu di Cina sendiri, beberapa hasil penelitian yang membuktikan adanya herding di pasar saham Cina menyimpulkan bahwa perilaku herding disebabkan oleh terjadinya krisis dan kondisi pasar yang bergejolak (Li et al, 2017;Zheng et al, 2017).…”

Section: Hasil Dan Pembahasanunclassified

“…Karena berdasarkan hasil penelitian terdapat pro dan kontra dimana ada pasar saham yang terindikasi herding pada saat terjadi krisis dan ada pasar saham yang tidak terindikasi herding saat terjadi krisis. Di Pakistan ditemukan bahwa investor lebih cenderung mengikuti pasar selama periode krisis (Shah et al, 2017). Herding juga hadir di pasar saham Perancis selama periode krisis yang terjadi dari 2000 hingga 2016 (Litimi, 2017).…”

Section: Hasil Dan Pembahasanunclassified

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Perilaku Herding Di Pasar Saham: Sebuah Kajian Literatur

Ningtyas

2020

JBME

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Abstrack : This article aims to prove the existence of herding behavior in a number of stock markets in various parts of the world and find out the factors that cause herding behavior. The method used in this article is a research library by taking data from 80 international journals and 4 local journals. The results of our analysis conclude that herding behavior occurs in almost all stock markets in the world. Factors that cause herding behavior include negative news sentiments towards stocks, incentives and career concerns owned by analysts, market risk and firm level uncertainty, market uncertainty, extreme market conditions, periods of high information flow, risk of volatility, analysis of more types of stocks small, economic / financial crisis, declining market conditions, rising interest rates, currency depreciation, poor information environment, and low quality disclosures. The limitation of this article is that the amount of data taken from the results of research in several stock markets is uneven, such as the lack of data retrieval from the stock market on the American continent Abstrak : Artikel ini bertujuan untuk membuktikan keberadaan perilaku herding di sejumlah pasar saham di berbagai belahan dunia dan mengetahui faktor-faktor penyebab perilaku herding. Metode yang digunakan dalam artikel ini adalah perpustakaan penelitian dengan mengambil data dari 80 jurnal internasional dan 4 jurnal lokal. Hasil analisis kami menyimpulkan bahwa perilaku herding terjadi di hampir semua pasar saham di dunia. Faktor-faktor yang menyebabkan perilaku herding meliputi sentimen berita negatif terhadap saham, insentif dan kekhawatiran karier yang dimiliki oleh analis, risiko pasar dan ketidakpastian tingkat perusahaan, ketidakpastian pasar, kondisi pasar ekstrem, periode arus informasi tinggi, risiko volatilitas, analisis jenis saham yang lebih kecil, terjadinya krisis ekonomi/keuangan, kondisi pasar yang menurun, kenaikan suku bunga, depresiasi mata uang, lingkungan informasi yang buruk, dan pengungkapan berkualitas rendah. Keterbatasan artikel ini adalah jumlah data yang diambil dari hasil penelitian di beberapa pasar saham tidak merata, seperti kurangnya pengambilan data dari pasar saham di benua Amerika.

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Section: Hasil Dan Pembahasanmentioning

confidence: 99%

Section: Hasil Dan Pembahasanunclassified

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Perilaku Herding Di Pasar Saham: Sebuah Kajian Literatur

Ningtyas

2020

JBME

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Do investors herd? An examination of Pakistan stock exchange

et al. 2020

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The study attempts to examine herding behaviour in Pakistan stock exchange and determine how herding behaviour responds to asymmetric market conditions. This study has employed CH model, CSSD & CSAD models, and State‐space model. We have used time series data for the period from 2000 to 2016, which include daily returns of KSE all share index and 890 firms listed on Pakistan stock exchange. The outcomes of the study not only reported significant evidence of herding behaviour in Pakistan stock market over the entire sample period but also found it to be more pronounced under extreme market conditions, market volatility and financial crisis. Further, it was found that herding behaviour increases before the crisis, whereas decreases at the time of crisis. Fund managers and investors need to take herding behaviour in to account to evaluate asset prices and require a large number of stocks for achieving a correlation of inferior degree in portfolios and same degree in diversification. In addition, funds herding can be used as a signal of managerial quality. Moreover, as herding implies that fund managers and investors react to regulatory changes in a similar way, which may prevent asset prices from reaching their fundamental values and further causes financial markets to become fragile and destabilize, thus policymakers should take measures to control herding.

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Application of human resource management's universal model: An examination of people versus institutions as barriers of internationalization for SMEs in a small developing country

Mendy

Rahman

2018

Thunderbird Intl Bus Rev

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Although the importance of people and institutions has been highlighted in multinational enterprise studies, the association between people, institutions, and the internationalization of small to medium-sized enterprise (SMEs) is an underexplored issue from the context of a small developing country. We examine theories subsumed under the Universal Model of human resource management (HRM) onto SMEs to study the hypothesized people and institutionally orientated barriers posed to SMEs' internationalization. Using quantitative analysis, the impacts of the barriers on internationalization are highlighted with particular attention to employer attractiveness. Following extant literature review, this study has used primary data collected through questionnaires from 212 Bangladeshi SMEs. We developed and validated the partial least square-based structural equation model (PLS-SEM) to assess the impacts and successfully framed people versus institutional barriers as a second-order hierarchical reflective model, which has not been done previously. Given their marginal significance over institutions, people-oriented cultural barriers should be included as an extension of the Universal Model to study SME internationalization.

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Herding behavior in the Pakistan stock exchange: Some new insights

Cited by 42 publications

References 46 publications

Perilaku Herding Di Pasar Saham: Sebuah Kajian Literatur

Perilaku Herding Di Pasar Saham: Sebuah Kajian Literatur

Do investors herd? An examination of Pakistan stock exchange

Application of human resource management's universal model: An examination of people versus institutions as barriers of internationalization for SMEs in a small developing country

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