Dissertation Examination of Fredella Colline

20 Mar 2025

On Wednesday, 12 March 2025, a Dissertation Examination for a DRM on behalf of Fredella Colline [2440127155] entitled “THE IMPACT OF INVESTOR SOPHISTICATION, SOCIAL MEDIA INFLUENCE AND MARKET CONDITION ON INVESMENT SATISFACTION MEDIATED BY HERDING BEHAVIOR, INVESTMENT RETURN AND RISK (A Study of Young Investors in the Indonesian Stock Exchange)” was held in Anggrek Campus, Bina Nusantara University.

The dissertation examination was led by Prof. Dr. Ir. Mohammad Hamsal, MSE., MQM., M.B.A., CISCP, CPOD and attended by a team of promotors and examiners. There were three promotors in attendance with Prof. Toto Rusmanto, M.Comm, Ph.D., CAPM., CMA as a Promotor, Prof. Dezie Leonarda Warganegara, Ph.D as Co-Promotor 1, and Prof. Ir. Yanthi Rumbina Ianova Hutagaol, M.Acc., Ph.D as Co-Promotor 2. There were also examiners present, with Prof. Idris Gautama So, S.E., S.Kom., M.M., Ph.D. as Examiner 1, Rosaline Tandiono, S.E., M.Com.., Ph.D., CertDA as Examiner 2, and Dr. Dolly Adolina Prameswari, S.E., M.M as Examiner 3. Dr. Antony Japari, SE, MM was also present during this dissertation examination.

DISSERTATION SUMMARY

This study aims to examine the impact of perceived investor competence, social media influence, and market conditions on investment satisfaction, mediated by herding behavior. It also seeks to investigate the mediating effects of perceived investment outcomes and investment risk on the relationship between herding behavior and investment satisfaction. The study was conducted among young investors in Indonesia with a sample size of 401 respondents. A quantitative approach was used, with data collected via a questionnaire distributed through Google Forms. Data analysis was performed using the Structural Equation Modeling–Partial Least Squares (SEM-PLS) method with SMART PLS 4 software. The results show that perceived investor competence and social media influence significantly affect herding behavior, while market conditions do not have a significant effect. However, herding behavior has a significantly positive impact on perceived investment outcomes and investment risk. Perceived investment outcomes have a significant positive effect on investment satisfaction, whereas herding behavior and investment risk do not significantly influence investment satisfaction.

In terms of mediation, herding behavior does not mediate the effects of perceived investor competence, social media influence, or market conditions on investment satisfaction. On the other hand, perceived investment outcomes can mediate the effect of herding behavior on investment satisfaction. Perceived investment risk does not serve as a mediator in this relationship. The implications of this study suggest that herding behavior is not always detrimental. Although often regarded as a behavioral bias in behavioral finance theory, the findings of this study indicate a positive impact—namely, that herding behavior can enhance perceived investment outcomes. Competent investors are not necessarily immune to herding behavior, but it can have positive effects when exhibited by knowledgeable and experienced investors. Even skilled investors may engage in herding behavior, particularly when lacking access to the latest market information.

Future researchers are encouraged to explore additional factors influencing investment satisfaction beyond those examined in this study. Additionally, governments should continue to promote financial literacy, particularly among investors, as it can enhance perceived investor competence and ultimately improve investor performance and satisfaction.

BACKGROUND

Fredella Colline is a lecturer and experienced practitioner in the field of finance. She completed her Bachelor’s degree in Accounting in 2007 and her Master’s in Management with a concentration in Finance in 2009 at Parahyangan Catholic University in Bandung. She served as a lecturer in the Accounting Department at Parahyangan Catholic University from 2007 to 2013 and has been a lecturer in the Management Study Program at UKRIDA since 2013. Throughout her academic career, she has held various administrative roles, including Faculty Secretary, Study Program Secretary, Head of the Management Study Program, and Secretary of the Master of Management Program at FEB UKRIDA.

Fredella teaches a wide range of subjects, such as Basic Financial Accounting, Financial Accounting Practices, Computer Applications Practices, Information Processing Practices, Financial Management, Statistics, Entrepreneurship, and Foreign Language for Business (Business Chinese). She is also the author of a Mandarin textbook titled 汉语教程 (Hànyǔ Jiàochéng). Her certifications include the University of Cambridge Certificate in English (FCE-ESOL Examination), Chinese Proficiency Test (HSK) Level 4, Certified Financial Planner® (CFP®), Professional Financial Modeler (PFM), Certified Human Capital Professional – Advanced (CHCP-A), and Assistant Professor (officially appointed with the academic rank of Lektor 300 / Penata Tk.1, grade IIID). She also holds a teaching certificate for Mandarin Pronunciation (BPMP) – Han Yu Pin Yin and Church Service Usher and Worship Leader class.

Among her notable achievements are the Best Achiever of the ACC White Belt Training Program (Quality Training) from Astra Credit Companies, Jakarta (2007), and Best Graduate of the Master of Management Program at Parahyangan Catholic University (2009).

PUBLICATION

Below are some publications that Fredella Colline took part in during his enrollment in the Doctoral program: