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Author

Toni Heryana

2 papers indexed here

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Open access Aug 2026

Stock Market Reaction to the Launch of the Indonesian Sovereign Wealth Fund: Evidence from Indonesian State-Owned Banks

This study aims to analyze the Indonesian capital market's response to the launch of Indonesian Wealth Fund (Danantara) as a strategic initiative of the government's fiscal digitalization on February 24, 2025, focusing on the shares of major state-owned banks, namely BBRI, BMRI, BBNI, and BBTN. This study examines five...

C. Wijayangka, Nugraha Nugraha, Maya Sari et al. · 0 citations
Open access Sep 2026

Moderating Effect of Foreign Capital Flow on Investor Sentiment and Stock Returns in ASEAN

Background: ASEAN capital markets exhibit persistent return volatility that is inconsistent with macroeconomic fundamentals, suggesting the influence of behavioral and structural factors beyond the Efficient Market Hypothesis (EMH). Objective: This study examines the direct effect of investor sentiment on stock returns...

Hadi Ahmad Sukardi, Nugraha Nugraha, Toni Heryana et al. · 0 citations

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