Journal Transnational Universal Studies

Behavioral Bias Analysis of Anchoring in Insider Trading: An Empirical Study Using the 52-Week High Indicator on the Ho Chi Minh Stock Exchange during the 2016-2025 Period

2026-05-19T07:47:25+00:00

This research examines the presence of anchoring bias in insider trading decisions among firms listed on the Ho Chi Minh Stock Exchange. The analysis employs monthly panel data from companies consistently included in the VN30 index over the period January 2016 to December 2025. Insider trading decisions are proxied by the Net Purchase Ratio (NPR), while the 52-week high ratio is used to capture anchoring behavior related to stock price movements. The empirical results show that the 52-week high ratio has a negative and statistically significant effect on NPR, with a coefficient of ?0.9866 and a p-value of 0.0007. This finding indicates that when stock prices approach their 52-week high levels, insiders tend to increase selling activity relative to buying. Conversely, when prices move away from this reference point, insiders are more inclined to engage in purchasing activity. The overall regression model is statistically significant, as indicated by an F-statistic probability of 0.0383, although the explanatory power remains relatively low, with an R-squared value of 0.0231. Furthermore, control variables including return, momentum, firm size, illiquidity, and turnover do not exhibit significant effects on insider trading decisions. Robustness testing confirms the consistency of the main findings. These results suggest that insider behavior is more strongly influenced by the relative position of stock prices to the 52-week high than by firm-specific characteristics. Overall, the findings provide evidence that insider trading decisions are not purely driven by private information, but are also shaped by behavioral biases, particularly anchoring to historical price levels.

Integrating Freight Distribution into Urban Rail Transit Networks: Hotspot and Accessibility Mapping in Greater Jakarta

2026-05-22T08:28:13+00:00

Urban freight transport in Jakarta remains heavily reliant on road-based networks, leading to severe traffic congestion and environmental degradation. Integrating freight distribution into existing passenger rail networks through Freight-on-Transit (FOT) concepts offers a sustainable alternative. This study aims to identify spatial urban freight demand hotspots within the Greater Jakarta Metropolitan Area (Jabodetabek) and evaluate their accessibility to commuter rail (KRL) stations for potential logistics node development. Utilizing one-day parcel delivery transaction data, K-Means clustering was applied to isolate 20 distinct demand centroids across major urban corridors. A network-based shortest path analysis via the Open-Source Routing Machine (OSRM) was subsequently conducted to measure actual road-network distances and compute accessibility scores for each hotspot–station pair. The findings reveal significant spatial heterogeneity in logistics demand. Several stations within dense urban corridors, notably Stasiun Angke (Cluster 19) and Stasiun Sudirman (Cluster 5), exhibited the highest potential for rail-integrated logistics due to high demand concentration and close physical proximity of under 3.2 km. Conversely, suburban clusters showed lower feasibility due to substantial network distances. This study provides a practical decision-support framework combining spatial data analytics and infrastructure routing, offering valuable insights for logistics operators and policymakers in planning rail-based micro-consolidation depots to improve last-mile delivery efficiency.

Analysis of Village Governments' Readiness for the Ministry of Communications and Information Technology Regulation on Operators of Public-Sector Electronic Systems

2026-05-22T08:29:02+00:00

Advances in information technology have prompted the government to implement electronic-based public services down to the village government level. One such effort is embodied in Minister of Communication and Digital Affairs Regulation (Peraturan Menteri Komunikasi dan Digital, Permenkomdigi) No. 5 of 2025 on the Implementation of Electronic Systems in the Public Sector. This study aims to analyze the readiness of the Dadap Village Government to implement this policy. The study employs a descriptive qualitative approach using data collection techniques of interviews, observations, and documentation, and applies Thomas R. Dye's public policy theory, which encompasses three dimensions: policy content, implementation context, and actors or stakeholders. The results indicate that the Dadap Village Government has a fairly good understanding of the objectives of the Permenkomdigi policy; however, the utilization of policy instruments such as the village website and official domain has not yet been optimized. Policy implementation remains influenced by the social conditions of the community, which exhibit varying levels of digital literacy, as well as budget constraints and technical and administrative challenges. Regarding the actors involved, the Village Head demonstrates strong support; however, the roles of village officials and the village's digital media have not been organized optimally. It can thus be concluded that the Dadap Village Government's readiness to implement the Permenkomdigi policy is in a transitional phase toward the digitalization of public services, and still requires strengthening in the technical, institutional, and community participation aspects.

Effectiveness of Website Management as A Means of Information and Public Services

2026-06-04T09:54:21+00:00

The development of information technology has positioned village websites as an important means of delivering digital-based information and public services. This study aims to analyse the effectiveness of the management of the Kedokan Bunder Wetan Village website as a medium for information dissemination and public service delivery. A qualitative approach with descriptive methods was employed, with data collected through interviews, observation, and documentation, involving village heads, website management staff, and community members as informants. Data analysis was conducted using Richard M. Steers' (1985) theory of organisational effectiveness, which encompasses three indicators: goal achievement, integration, and adaptation. The results show that the village website currently serves as a medium for publishing activity updates, village profiles, and budget transparency information. However, its use has not yet been effective, as it continues to face obstacles including irregular content updates, uneven socialisation of the website's functions, and limited public awareness of the website's existence. This study concludes that, in order for the village website to function effectively as a means of information dissemination and public service delivery, a strengthening of website management practices is necessary.

Human Resource Constraints and Delays in Public Services at Regionally Owned Enterprises (BUMD) (Study: Employee Performance Theory)

2026-05-22T08:27:38+00:00

The era of globalization and technological advancements has increased public demand for fast, accurate, and transparent public services. However, many government agencies still face challenges, including delays in service delivery. This study aims to identify the human resource (HR) limitations contributing to slow public service delivery at PDAM Tirta Darma Ayu. Using a qualitative descriptive approach, the data sources consist of primary and secondary data. Data collection techniques included observation, interviews, and documentation, encompassing documents, archives, and photographs. The results indicate that HR limitations, both in terms of quantity and quality, affect service effectiveness. Employees at the Juntinyuat service branch face challenges in completing tasks on time, caused by reliance on goods procurement processes and a lack of ongoing training. Although efforts have been made to improve service quality, customer complaints regarding delays persist. The conclusion of this study identifies the need for effective human resource management and training to improve employee performance, so that PDAM Tirta Darma Ayu can meet public expectations for fast and high-quality services, thereby enhancing public satisfaction and trust in the agency.