Source: Untar Public Relations – VC
Amerta Mardjono officially earned his doctorate as the 27th graduate of the Doctoral Program in Management Science at Universitas Tarumanagara (Untar) after successfully defending his dissertation during an open examination at Campus I of Untar on Wednesday (17/6/2026).
Amerta graduated after defending his dissertation titled “The Influence of CEO Overconfidence on the Financial Performance of Digital Banks in Indonesia, with Strategic Risk-Taking as a Mediating Variable and CEO Characteristics as Moderating Variables.”
The research was motivated by the rapid digital transformation that has driven the growth of digital banks as one of the key players in Indonesia’s financial industry. Amerta examined how the psychological characteristics of a CEO can influence strategic decision-making and, in turn, affect a company’s financial performance.
Grounded in the Upper Echelons Theory, Agency Theory, and Stakeholder Theory, the study analyzed the relationship between CEO overconfidence, strategic risk-taking, and financial performance. The research also examined the role of CEO characteristics, particularly age and gender, in strengthening or weakening these relationships.
Dr. Amerta presents his dissertation before the panel of examiners // Doc: Untar Public Relations – VC
“The findings indicate that CEO overconfidence has a positive and significant effect on strategic risk-taking and directly improves a company’s financial performance,” said Amerta, who currently serves as Senior Country Officer at the International Finance Corporation.
However, strategic risk-taking was found to have a negative and significant effect on financial performance. These findings suggest that strategic risk-taking serves as a mechanism that translates the negative effects of CEO overconfidence on company performance, resulting in a pattern of inconsistent mediation.
Regarding the moderating variables, CEO age was not found to have a significant effect. In contrast, CEO gender strengthened the relationship between CEO overconfidence and strategic risk-taking, while also amplifying the negative impact of strategic risk-taking on financial performance in companies led by male CEOs.
Before Main Promoter Prof. Dr. Haris Maupa, S.E., M.Si. and Co-Promoter Prof. Dr. Ignatius Roni Setyawan, S.E., M.Si., Amerta emphasized that his findings demonstrate the importance of behavioral governance and strategic risk management in the digital banking industry. The study is expected to serve as a reference for companies in understanding the influence of leadership characteristics on organizational performance in the era of digital transformation. (VC/YS)