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Abstract
Tujuan dari dilakukannya penelitian ini adalah mengetahui dan menganalisis adakah pengaruh antara overconfidence, loss aversion, dan herding bias terhadap keputusan investasi di pasar modal oleh generasi Z. Penelitian ini menggunakan pendekatan kuantitatif dengan metode pengambilan sampel non-probablity sampling dan teknik purposive sampling. Sampel yang diteliti pada penelitian ini adalah seorang investor yang termasuk dalam generasi Z yang lahir pada tahun 1993-2005 dan aktif berinvestasi. Metode analisis data pada penelitian ini menggunakan metode SEM menggunakan software Smart-PLS. Tahapan uji yang dilakukan adalah uji validitas, uji reliabilitas, collinearity tes, path coefficient, dan uji R-square. Hasil dari penelitian yang dilakukan menunjukkan adanya pengaruh positif dan signifikan pada ketiga variabel dependen yaitu overconfidence, loss aversion, dan herding bias terhadap variabel independen yaitu keputusan investasi. Penelitian ini memiliki keterbatasan dalam penyebaran kuesioner dan diharapkan pada penelitian selanjutnya dapat melakukan perluasan responden.
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Copyright (c) 2022 Atiqoturrosyidah Humairo, Bagus Panuntun
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References
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- Bodie, Z., Kane, A. dan Marcus, A.J. (2014) Investments. 10 ed. New York: McGrawHill Education.
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- Khan, M.Z.U. (2017) “Impact of Availability Bias and Loss Aversion Bias on Investment Decision Making, Moderating Role of Risk Perception,” IMPACT: Journal of Modern Developments in General Management & Administration (IMPACT: JMDGMA), 1(1), hal. 17–28. Tersedia pada: http://www.impactjournals.us/download/archives/1-82-1502108083-3.man- Impact of Availability Bias and Loss Aversion Bias on Investment Decision Making.pdf.
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- Setiawan, Y.C., Atahau, A.D.R. dan Robiyanto (2018) “Cognitive Dissonance Bias, Overconfidence Bias dan Herding Bias dalam Pengambilan Keputusan Investasi Saham,” Accounting and Financial Review, 1(1), hal. 17–25. Tersedia pada: https://doi.org/10.26905/afr.v1i1.1745.
- Tandelilin, E. (2010) Portofolio dan Investasi : Teori dan Aplikasi. 1 ed. Yogyakarta: Kanisius.
- Tandelilin, E. (2014) Analisis Investasi dan Manajemen Portofolio. Yogyakarta: BPFE.
- Thaler, R.H. (1999) “Mental accounting matters,” Journal of Behavioral Decision Making, 12(3), hal. 183–206. Tersedia pada: https://doi.org/https://doi.org/10.1002/(SICI)1099-0771(199909)12:3<183::AID-BDM318>3.0.CO;2-F.
- Turner, A. (2015) “Generation Z: Technology and Social Interest,” The Journal of Individual Psychology, 71(2), hal. 103–113. Tersedia pada: https://doi.org/10.1353/jip.2015.0021.
- Wulandari, D.A. dan Iramani, R. (2014) “Studi Experienced Regret, Risk Tolerance, Overconfidance Dan Risk Perception Pada Pengambilan Keputusan Investasi,” Journal of Business and Banking, 4(1), hal. 55–66. Tersedia pada: https://doi.org/10.14414/jbb.v4i1.293.
References
Addinpujoartanto, N.A. dan Darmawan, S. (2020) “Pengaruh Overconfidence, Regret Aversion, Loss Aversion, Dan Herding Bias Terhadap Keputusan Investasi Di Indonesia.,” Jurnal Riset Ekonomi dan Bisnis, 13(3), hal. 175–187. Tersedia pada: https://doi.org/10.26623/jreb.v13i3.2863.
Areiqat, A.Y. et al. (2019) “Impact of behavioral finance on stock investment decisions applied study on a sample of investors at Amman Stock Exchange,” Academy of Accounting and Financial Studies Journal, 23(2), hal. 1–16. Tersedia pada: https://www.abacademies.org/abstract/impact-of-behavioral-finance-on-stock-investment-decisions-applied-study-on-a-sample-of-investors-at-amman-stock-exchang-8003.html.
Bakar, S. dan Yi, A.N.C. (2016) “The Impact of Psychological Factors on Investors’ Decision Making in Malaysian Stock Market: A Case of Klang Valley and Pahang,” in Procedia Economics and Finance. Amsterdam: Elsevier B.V., hal. 319–328. Tersedia pada: https://doi.org/https://doi.org/10.1016/S2212-5671(16)00040-X.
Bodie, Z., Kane, A. dan Marcus, A.J. (2014) Investments. 10 ed. New York: McGrawHill Education.
Ghalandari, K. dan Ghahremanpour, J. (2013) “The Effect of Market Variables and Herding Effect on Investment Decision as Factor Influencing Investment Performance in Iran,” Journal of Basic and Applied Scientific Research, 3(3), hal. 313–318. Tersedia pada: https://www.textroad.com/pdf/JBASR/J. Basic. Appl. Sci. Res., 3(3)313-318, 2013.pdf.
Hair Jr., J.F. et al. (2017) “PLS-SEM or CB-SEM: updated guidelines on which method to use,” International Journal of Multivariate Data Analysis, 1(2), hal. 107. Tersedia pada: https://doi.org/10.1504/ijmda.2017.10008574.
Harinck, F. et al. (2012) “Measurement-induced focusing and the magnitude of loss aversion: The difference between comparing gains to losses and losses to gains,” Judgment and Decision Making. 2023/01/01, 7(4), hal. 462–471. Tersedia pada: https://doi.org/DOI: 10.1017/S1930297500002795.
Kafayat, A. (2014) “Interrelationship of biases: effect investment decisions ultimately,” Theoretical and Applied Economics, 21(6(595)), hal. 85–110. Tersedia pada: http://store.ectap.ro/articole/995.pdf.
Kartini, K. dan Nugraha, N.F. (2015) “Pengaruh Illusions of Control, Overconfidence dan Emotion terhadap Pengambilan Keputusan Investasi pada Investor di Yogyakarta,” Asian Journal of Innovation and Entrepreneurship, 4(2), hal. 115–123. Tersedia pada: https://doi.org/10.20885/ajie.vol4.iss2.art6.
Khan, M.Z.U. (2017) “Impact of Availability Bias and Loss Aversion Bias on Investment Decision Making, Moderating Role of Risk Perception,” IMPACT: Journal of Modern Developments in General Management & Administration (IMPACT: JMDGMA), 1(1), hal. 17–28. Tersedia pada: http://www.impactjournals.us/download/archives/1-82-1502108083-3.man- Impact of Availability Bias and Loss Aversion Bias on Investment Decision Making.pdf.
Kustodian Sentral Efek Indonesia (2022) Investor Pasar Modal Tembus 10 Juta. Jakarta. Tersedia pada: https://www.idxchannel.com/market-news/tumbuh-pesat-jumlah-investor-saham-di-bei-bertambah-satu-juta-di-2021.
Lintner, G. (1998) “Behavioral Finance: Why Investors Make Bad Decisions,” The Planner, 13(1), hal. 1–8.
Pradhana, R.W. (2018) “Pengaruh Financial Literacy, Cognitive Bias, Dan Emotional Bias Terhadap Keputusan Investasi (Studi Pada Investor Galeri Investasi Universitas Negeri Surabaya),” Jurnal Ilmu Manajemen, 6(3), hal. 108–117. Tersedia pada: https://jurnalmahasiswa.unesa.ac.id/index.php/jim/article/view/23849.
Roscoe, J.T. (1975) Fundamental Research Statistics for the Behavioral Sciences, Volume 2. Ann Arbor: Holt, Rinehart and Winston. Tersedia pada: https://doi.org/0030919347, 9780030919343.
Setiawan, Y.C., Atahau, A.D.R. dan Robiyanto (2018) “Cognitive Dissonance Bias, Overconfidence Bias dan Herding Bias dalam Pengambilan Keputusan Investasi Saham,” Accounting and Financial Review, 1(1), hal. 17–25. Tersedia pada: https://doi.org/10.26905/afr.v1i1.1745.
Tandelilin, E. (2010) Portofolio dan Investasi : Teori dan Aplikasi. 1 ed. Yogyakarta: Kanisius.
Tandelilin, E. (2014) Analisis Investasi dan Manajemen Portofolio. Yogyakarta: BPFE.
Thaler, R.H. (1999) “Mental accounting matters,” Journal of Behavioral Decision Making, 12(3), hal. 183–206. Tersedia pada: https://doi.org/https://doi.org/10.1002/(SICI)1099-0771(199909)12:3<183::AID-BDM318>3.0.CO;2-F.
Turner, A. (2015) “Generation Z: Technology and Social Interest,” The Journal of Individual Psychology, 71(2), hal. 103–113. Tersedia pada: https://doi.org/10.1353/jip.2015.0021.
Wulandari, D.A. dan Iramani, R. (2014) “Studi Experienced Regret, Risk Tolerance, Overconfidance Dan Risk Perception Pada Pengambilan Keputusan Investasi,” Journal of Business and Banking, 4(1), hal. 55–66. Tersedia pada: https://doi.org/10.14414/jbb.v4i1.293.