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"Penelitian ini bertujuan untuk meneliti hubungan, baik hubungan langsung maupun tidak langsung, antara variabel behavioral biases, seperti  disposition effect, herding behaviour, dan Islamic financial instrument bias terhadap keputusan investor untuk berinvestasi pada instrumen keuangan syariah melalui variabel risk perception  sebagai mediator. Penelitian ini dilakukan dengan mengumpukan data primer melalui self administered questionnaire. Sampel yang digunakan dalam penelitian adalah investor Gen X dan Gen Y di  pasar modal syariah yang berdomisili di wilayah Jabodetabek. Uji hipotesis dilakukan dengan metode structural equation modelling (SEM) melalui smart partial least squares (PLS). Hasil penelitian menunjukkan bahwa herding behaviour dan Islamic financial instrument bias berpengaruh positif signifikan terhadap keputusan investor untuk berinvestasi pada instrumen keuangan syariah. Disposition effect dan Islamic financial instrument bias berpengaruh positif dan signifikan terhadap risk perception. Sementara itu, risk perception tidak mampu memediasi hubungan seluruh variabel behavioral biases dengan keputusan investor untuk berinvestasi pada instrumen keuangan syariah. Secara umum, tidak terdapat perbedaan signifikan antara karakteristik gen X dan gen Y. Pada gen Y ditemukan bahwa herding behaviour memiliki pengaruh positif dan signifikan terhadap keputusan investor untuk berinvestasi pada instrumen keuangan syariah. Selain itu, disposition effect adalah faktor yang menjelaskan terjadinya risk perception. Kedua temuan ini tidak ditemukan pada perilaku gen X.

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This study aims to investigate the direct and indirect relationships between behavioral biases and investors' investing decisions to invest in Islamic financial instruments through the mediating role of risk perception. This research was conducted by collecting primary data through self-administered questionnaires. The samples used in the research were Gen X and Gen Y investors in the sharia capital market who live in the Jabodetabek area. Hypothesis testing was carried out using the structural equation modeling (SEM) method via smart partial least squares (PLS). The research results show that herding behavior and Islamic financial instruments can have a significant positive effect on investors' decisions to invest in Islamic financial instruments. The disposition effect and Islamic financial instruments can have a positive and significant effect on risk perception. Meanwhile, risk perception is unable to mediate the relationship between all behavioral bias variables and investors' decisions to invest in sharia financial instruments. In general, there is no significant difference between the characteristics of the gen  X and Y. In the gen Y, it was found that herding behavior has a positive and significant influence on investor decisions to invest in sharia financial instruments. Furthermore, the disposition effect is a factor that explains the occurrence of risk perception. Both of these findings were not found in the behavior of the gen X.

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"This study analyzes the financial performance and valuation of Telstra Corporation Ltd using key financial accounting theories and valuation models. The research applies Return on Equity (ROE) analysis, financial ratio benchmarking, and multiple valuation techniques—including the Abnormal Earnings Model (AEM), Free Cash Flow (FCF) Model, and Price-to-Earnings (P/E) Multiples—to assess Telstra’s intrinsic value and investment potential. The findings indicate that Telstra’s reported ROE of 25.43% in 2017 significantly exceeds the industry average, but this performance may be influenced by accounting policy choices, revenue recognition methods, and financial leverage. Ratio analysis further reveals that while Telstra demonstrates strong asset efficiency, its profit margins are lower than key competitors. The valuation results suggest that Telstra’s stock may be moderately undervalued, with the FCF model yielding the highest valuation estimate. Despite the potential upside, investment risks—including regulatory challenges from the National Broadband Network (NBN), competition, and financial leverage concerns—warrant a cautious investment stance. Based on a comprehensive financial analysis, this paper recommends a hold strategy for Telstra, emphasizing the need for continued monitoring of industry dynamics and financial performance.

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. Studi ini menganalisis kinerja keuangan dan valuasi Telstra Corporation Ltd dengan menerapkan teori akuntansi keuangan dan model valuasi utama. Penelitian ini menggunakan analisis Return on Equity (ROE), perbandingan rasio keuangan, serta berbagai teknik valuasi, termasuk Abnormal Earnings Model (AEM), Free Cash Flow (FCF) Model, dan Price-to-Earnings (P/E) Multiples, untuk menilai nilai intrinsik dan potensi investasi Telstra. Hasil penelitian menunjukkan bahwa ROE Telstra pada tahun 2017 mencapai 25,43%, jauh di atas rata-rata industri. Namun, angka ini dapat dipengaruhi oleh kebijakan akuntansi, metode pengakuan pendapatan, serta tingkat leverage keuangan perusahaan. Analisis rasio juga mengungkap bahwa meskipun Telstra memiliki efisiensi aset yang kuat, margin keuntungannya lebih rendah dibandingkan pesaing utama. Hasil valuasi menunjukkan bahwa saham Telstra mungkin sedikit terundervalued, dengan model FCF memberikan estimasi nilai tertinggi. Meskipun terdapat potensi kenaikan harga saham, risiko investasi seperti tantangan regulasi akibat implementasi National Broadband Network (NBN), persaingan ketat, dan risiko leverage keuangan perlu diperhatikan. Berdasarkan analisis keuangan yang komprehensif, penelitian ini merekomendasikan strategi hold untuk saham Telstra, dengan penekanan pada perlunya pemantauan berkelanjutan terhadap dinamika industri dan kinerja keuangan perusahaan."