Yogyakarta, December 10th, 2021
The Master of Science and Doctoral Program (MD) FEB UGM has held an open examination for doctoral promotion in Management Science for Ph.D. candidate Elok Pakaryaningsih. Mr. Suyanto, S.E., M.B.A., Ph.D., Deputy Dean for Finance, Assets, and Human Resources, acted as Chair of the Session. In the Open Examination, presented Prof. Marwan Asri, M.B.A., Ph.D. as the promoter and Kusdhianto Setiawan, Sivilekonom, Ph.D. and Eddy Junarsin, M.B.A., Ph.D. as co-promoter. In addition, the assessment team was also present which included I Wayan Nuka Lantara, M.Sc., Ph.D. and Bowo Setiyono, M.Com., Ph.D. The team of examiners in this trial was Prof. Eduardus Tandelilin, M.B.A., Ph.D., and Prof. Mamduh Hanafi, M.B.A., Ph.D. Also attending were the families of the doctoral candidates, working relatives from Duta Wacana Christian University (UKDW), and guests.
The open doctoral promotion examination was opened by the chairman of the session and then given chances to the promoter, co-promoter, assessment team, and examiner team to ask questions related to the dissertation that has been done. The Ph.D. candidate was able to answer questions well and fluently and defended the arguments for her dissertation entitled “Herding and the Effect of Reference Groups in the Cash Deposit Market and Stock Market, in Financial Crisis Events: A Study on Prospect Theory and Behavioral Contagion Theory,” so that she successfully graduated with the predicate “very satisfying.”
For information, Dr. Elok Pakaryaningsih researched the field of behavioral finance regarding examined prospect theory and behavioral contagion theory using laboratory experiment method, which is the value of novelty in her dissertation. This study uses two market segments, namely the cash deposit market and the stock market, which examined under conditions of the financial crisis. The purpose of this study was to determine whether behavioral transmission occurred in the cash deposit market to the stock market against the backdrop of the financial crisis. Based on the theory, the behavioral transmission during a financial crisis in an economy-based banking country starts from herding in the banking sector, then spreads to other sectors, especially the stock market.
In her research, she explored the behavioral side and then used the laboratory experiment method. The influence of the reference group also tested. In this study, there are three stages of testing (study 1-3), namely the cash deposit market, the stock market, and both markets. Based on the results of the study, it was found that herding occurred in both markets, namely the cash deposit market and the stock market, especially when there was a reference group. This means that what happens in the cash deposit market is also imitated by participants in the stock market. Thus, there was an influence of reference groups on the transmission of participant behavior from the cash deposit market to the stock market.
The lecture at the Faculty of Business at the Universitas Kristen Duta Wacana officially holds the 5378th doctoral degree who passed the exam at Universitas Gadjah Mada and the 307th who passed the exam at FEB UGM. Prof. Marwan Asri, M.B.A., Ph.D., as the promoter congratulated Dr. Elok and stated that her graduation from this doctoral program is a milestone towards her further contribution as an academic and carrying out various tri dharma activities in higher education. He ordered keeping the communication with the alma mater for the sake of synergies in various things going forward for the benefit. Keeping the name of the alma mater is also an obligation. (Y)
