Dissertation of Bambang Leo Handoko
Introduction
On Monday, 21 September 2026, The Dissertation Defense for the Doctor of Research in Management (DRM) program of Bambang Leo Handoko [2640136703], entitled “Role of Traits, Influencer Credibility, Social Influence, Heuristic Bias, Herding Behavior on Cryptocurrency Investment Decision with Mediation of Risk Tolerance,” was conducted at Room B0301, BINUS @Alamsutera Campus
The dissertation defense was chaired by Prof. Dr. Mts. Arief, M.M., MBA., CPM. , who served as the chair of the examination committee and an examiner. The session was also attended by the supervisory committee and the board of examiners, who provided academic evaluation and feedback on the dissertation presented. The supervisory committee consisted of Prof. Dezie Leonarda Warganegara, Ph.D, as the Promoter (Supervisor), accompanied by Prof. Dr. Arta Moro Sundjaja, S.Kom., S.E., M.M., CDMS as Co-Promoter I, and Evelyn Hendriana, S.E., M.Si., Ph.D, as Co-Promoter II. Meanwhile, the board of examiners comprised Prof. Ir. Yanthi Rumbina Ianova Hutagaol, M.Acc., Ph.D, as Examiner I and Dr. Sri Bramantoro Abdinagoro as Examiner II and Prof. Dr. Ir. Chairy, S.E., M.M as Examiner III
During the defense, the supervisors and examiners raised various questions, provided constructive feedback, and conducted a comprehensive academic evaluation to assess the depth of the research and the scholarly contribution of the dissertation.
Dissertation Summary
This study investigates how psychological and social factors influence cryptocurrency investment decisions through the mediating role of risk tolerance. Drawing on the Stimulus-Organism-Response (SOR) framework and integrating behavioral finance theory, trait theory, source credibility theory, and social influence theory, the study develops a comprehensive model to explain investor behavior in the highly volatile cryptocurrency market.
Based on data collected from 367 cryptocurrency investors and analyzed using the PLS-SEM approach, the findings reveal that investor personality traits, particularly openness, extraversion, and conscientiousness, contribute to the formation of heuristic bias, which refers to the tendency to rely on cognitive shortcuts when making investment decisions. In contrast, influencer credibility and social influence were found to significantly encourage herding behavior, defined as the tendency of investors to follow the actions and decisions of the majority.
One of the study’s key findings is that heuristic bias is the strongest predictor of cryptocurrency investment decisions, exerting a greater influence than herding behavior. This suggests investors are driven more by their own perceptions, intuitions, and cognitive judgments than by following market trends or crowd behavior. In addition, both heuristic bias and herding behavior significantly increased risk tolerance, or investors’ willingness to accept investment-related risks.
The study also highlights risk tolerance as a critical mediating variable. Investors who exhibit stronger heuristic bias or herding behavior tend to develop higher levels of risk tolerance, which in turn encourages them to invest in cryptocurrency. Therefore, investment decisions are influenced not only directly by psychological and social factors but also indirectly through an increased willingness to accept uncertainty and market risk.
Overall, the study demonstrates that cryptocurrency investment behavior is shaped by a complex interaction of individual personality traits, influencer influence, social pressure, cognitive biases, herding behavior, and risk tolerance. These findings advance behavioral finance literature and offer practical implications for investors, influencers, investment platforms, and regulators seeking to better understand decision-making in high-risk digital asset markets.
Authours Biography
Bambang Leo Handoko was born in Cirebon, West Java, in 1985. He earned a Bachelor’s Degree in Economics and a Master’s Degree in Management from Kalbis Institute Jakarta, as well as a Master of Science (M.Sc.) in Accounting from Trisakti University. He is currently a doctoral candidate in the Doctor of Research in Management (DRM) program at Bina Nusantara University.
In his academic career, he serves as a Lecturer and Subject Content Coordinator in the Accounting Program, School of Accounting, Bina Nusantara University. His professional experience includes roles as an external auditor at a public accounting firm, an internal auditor across various organizations, and an expert auditor staff member in the Vital Object Security (PAM OBVIT) Unit of the Indonesian National Police Headquarters. His research interests and areas of expertise focus on financial forensic auditing, financial technology (fintech), and cryptocurrency.
Publication
During his doctoral studies in the DRM programme, he has successfully published two internationally recognised scholarly articles, namely:
Paper title: Exploring The Role of Innovation Attributes on Mobile Gamification Adoption Among Lecturers
Journal Name: IEEE explore
Link: https://ieeexplore.ieee.org/document/10751287
Paper title: Psychological Traits, Social Influence, and Behavioural Bias in Cryptocurrency Investment Decisions: An SOR-Based Mediation Model
Journal Name: Journal of Risk and Financial Management
Link: https://www.mdpi.com/1911-8074/19/5/343
Paper title: Integrating Traits, Influencer Credibility, Social Influence, and Behavioural Bias to Cryptocurrency Investment Decision: An SOR-Based Mediation Model
Journal Name: Europe PMC
Link: https://europepmc.org/article/ppr/ppr1163901