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This paper aims to identify psychological factors that influence people to be involved in Ponzi and pyramid schemes.

A psychological approach to finance or behavioural finance is applied in this research because of the assumption that human beings are not always rational. The sample consisted of 98 investors in 11 cities in Indonesia who were or had invested in an investment program with a Ponzi or pyramid scheme. The snowball sampling technique was applied.

The conclusion is that optimism (emotional bias), confirmation bias, representativeness bias, framing bias and overconfidence (cognitive bias) positively influenced investment decisions related to Ponzi and pyramid schemes.

The novelty aspect of this research is the implementation of a behavioural finance perspective to answer and express the fascinating phenomenon of Ponzi and pyramid investment schemes.

In Indonesia, the Islamic Economics and Finance Sector is growing rapidly, but the literature on Islamic financial literacy is still minimal. This study aims to show research opportunities with the theme of Islamic financial literacy, especially inclusive Islamic financial planning through bibliometric analysis of Scopus and connected papers.

A comma separated value (CSV) file containing more than 2,000 references meta data was used for analysis on Vos Viewer in the period of 1963–2020. The grouping of network visualization maps is done using six keywords, namely, “Financial Literacy,” “Financial Inclusion,” “Islamic Financial Literacy,” “Financial Planning,” “Personal Finance” and “Household Finance.”

The findings complement the keywords that are generally used as references in the formation of theories regarding inclusive Islamic financial planning. After combining the “ris” file from the connected paper, the most used terms are financial knowledge, financial education, financial behavior, financial decision-making process, financial inclusion, risk sharing and financial discourse.

The proportion which planned to be applied in Indonesia will differentiate the inclusive Islamic financial planning framework from what has been done before. This study outlines the basis of the relevant literature review in the theme of Islamic financial literacy research, especially inclusive Islamic financial planning.

This study aims to determine antecedents of market discipline. A model was constructed by extending the theory of planned behavior (TPB) to explore the cognitive, psychological and social factors that influence the market discipline in the form of withdrawal behavior.

This study applied a quantitative approach by surveying 181 Indonesian retail investors in Sharia mutual funds, which were represented by civil servants. The samples were collected using the purposive sampling technique. This study used the partial least square–structural equation model to analyze the data.

The results revealed that the Islamic financial literacy, the attitudes toward withdrawal, the subjective norms and the perceived behavioral control had a positive significant effect on the withdrawal intention, whereas financial risk tolerance had an insignificant impact. Then, all the exogenous variables and intention to withdraw had a significant contribution in explaining market discipline. Contrary to the proposed hypothesis, the attitude toward withdrawal had a negative impact on market discipline. The structural model indicated that the TPB could be extended by adding some exogenous variables (i.e. Islamic financial literacy and financial risk tolerance) in determining the intention to withdraw and withdrawal behavior, which indicated the market discipline in Sharia mutual funds.

This study was limited to individual investors who work as civil servants. This study did not accommodate different demographic factors such as age and gender, which influence fund withdrawal behavior.

The government must focus on the inclusion of market discipline in Sharia mutual funds’ regulation to encourage the risk management disclosure, specifically that related to Sharia compliance.

Previous studies applied a traditional finance theory to predict market discipline, but this study contributes to filling the theoretical gap by explaining the market discipline from a behavioral finance perspective that was found in Sharia mutual funds.

The purpose of this study is to look at the factors that influence the success of Indonesian cooperatives.

This study employs a two-stage quantitative approach. Exploratory factor analysis (EFA) is used to determine the factors in the first step. The next step is to conduct a multivariate regression analysis to determine the impact of these factors on the cooperative success variable in Indonesia.

The components produced include Member Participation, Membership, Cooperative Governance Structure, Board of co-ops, Vertical Integration, Collective Action and Transaction Cost, according to the EFA results. A further study utilizing multiple regression techniques reveals that four elements, namely Member Participation, Board of Coops, Vertical Integration and Collective Action, have a major impact on the performance of Indonesian cooperatives.

Generalizations are impossible because of the small sample size and restricted responders. More studies are required, using a broader range of respondents and approaches.

The results of the study contributed both to the stakeholders of cooperatives and to the development of cooperative science specifically in the context of Indonesian cooperatives. Cooperative stakeholders in Indonesia must realize that members are owners and customers of their cooperative. This awareness must continue to be echoed by cooperatives to its members in various ways, so that commitment arises to members to be willing to participate and cooperate. Awareness of members to participate and cooperate ultimately affects the sustainability of cooperative businesses and impacts improving members' welfare beds.

The study's novelty lies in a more comprehensive model of Indonesian cooperative success.

The peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-02-2022-0078.