OBJECTIVE - COVID-19 pandemic is a very dangerous virus and is happening all over the world. Like other viruses: H1N1, Ebola virus, and Spain flu, it causes many changes in society, social and economic life. One of the things that happened when facing a virus was Panic buying which was caused by fear of the spread of this virus. Therefore, this research will find out the factors that influence panic buying and will test whether information from the surrounding, spending self-control and uncertainty avoidance can reduce panic buying. This research will make a comparison between two countries, namely Taiwan and Indonesia to test consumer behavior when panic buying in the two countries.
METHODS – Conduct the survey in Indonesia and Taiwan and do the analysis using SmartPLS 3 software.
FINDING – The findings found that, there is the significance of Anxiety, Stress to Fear of COVID-19 and current research also shows that there is a significance relationship between Fear of COVID-19 to Panic buying. The result of moderation effect implied that strong Information Conformity can lead to increasing of Anxiety towards Fear, therefore positive information is very correlative with the inner emotional of human being.
ORIGINALITY/VALUE – cross-cultural study between Indonesia and Taiwan has been conducted in the context of Panic Buying and provide firms and scholar with the new insight to assess the consumer behaviour in crisis situation.

Abstract i
Table of Contents ii
List of Tables iv
List of Figures v
Chapter 1 Introduction 1
1.1 Research Background 1
1.2 Research Gap 2
1.3 Research Purpose and Research Question 3
1.4 Significance of the Research 3
Chapter 2 Literature Review 5
2.1 COVID-19 5
2.2 Anxiety COVID-19 8
2.3 Stress COVID-19 9
2.4 Fear of COVID-19 10
2.5 Panic buying 11
2.6 Information conformity 13
2.7 Spending Self-Control 14
2.8 Uncertainty Avoidance 15
Chapter 3 Hypotheses Development and Research Framework 19
3.1 Research Framework 19
3.2 Hypothesis development 20
3.2.1 Direct effect of Anxiety (AN-19) on Fear of COVID-19 (FC-19) 20
3.2.2 Fear of COVID-19 (FC-19) and Panic Buying (PB) 22
3.2.3 Information Conformity (IC) as Moderator 23
3.2.4 Spending self-control (SSC) as moderator 24
3.1.5 Uncertainty Avoidance (UA) as moderator 25
Chapter 4 Methodology and Data Analysis 29
4.1 Research Methodology 29
4.2 Data collection 29
Chapter 5 Data Analysis and Result 35
5.1 Accuracy Analysis 35
5.2 Hypotheses Analysis: Direct Effect 42
5.3 Hypotheses Analysis: Moderating Effects 43
5.4 Hypothesis Analysis (Multi Group Analysis) 45
Chapter 6 Discussion 47
6.1 General Discussion 47
6.2 Research Implication 51
6.3 Theoretical implications 51
6.4 Managerial Implication 53
6.5 Limitation and future research 54
Conclusion 55
Reference 57
Appendix 73
A. English Version 73
B. Chinese Version 78
C. Indonesian Version 82

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