Pengaruh Herding Behavior, Cognitive Bias, dan Overconfidence Bias terhadap Keputusan Investasi

Adlina Hanum Pertiwi; Bagus Panuntun

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25 July 2023

Accepted

1 August 2023

Published

1 August 2023

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Abstract

Crazy Rich yang melakukan flexing membuat masyarakat cenderung melakukan herding behavior, cognitive bias dan overconfidence bias dalam pengambilan keputusan investasinya dan tidak sedikit masyarakat yang melakukan pinjaman online untuk berinvestasi. Tujuan dari penelitian ini untuk mengetahui pengaruh herding behavior, cognitive bias, dan overconfidence bias terhadap keputusan investasi. Penelitian ini menggunakan pendekatan kuantitatif dengan teknik purposive sampling menggunakan sampel penelitian sebanyak 310 mahasiswa sebagai responden. Analisis data yang dilakukan adalah dengan uji validitas, uji reliabilitas, uji r-square, dan analisis path coefficient untuk pengujian hipotesis dengan menggunakan aplikasi Smart-PLS. Hasil dari penelitian yang dilakukan menunjukkan bahwa herding behavior, cognitive bias, dan overconfidence bias berpengaruh positif dan signifikan terhadap keputusan investasi. Keterbatasan dalam penelitian ini adalah penggunaan tiga variabel yang umum dan penyebaran kuesioner yang kurang merata dalam rentang usia dam untuk penelitian selanjutnya sebaiknya dapat menambahkan variabel yang berkaitan dengan keputusan investasi dan memperluas cakupan responden penelitian.

Keywords

herding behavior cognitive bias overconfidence bias keputusan investasi

License

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Author Biographies

Adlina Hanum Pertiwi, Universitas Islam Indonesia

Bagus Panuntun, Universitas Islam Indonesia

How to Cite

Pertiwi, A. H., & Panuntun, B. (2023). Pengaruh Herding Behavior, Cognitive Bias, dan Overconfidence Bias terhadap Keputusan Investasi. Selekta Manajemen: Jurnal Mahasiswa Bisnis & Manajemen, 2(3), 112–129. Retrieved from https://journal.uii.ac.id/selma/article/view/29762

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References

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References

Ackert, L.F. dan Deaves, R. (2010) Behavioral Finance: Psychology, Decision-Making, and Markets. Diedit oleh J.W. Calhoun et al. Mason: South-Western Cengage Learning.

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.

Adil, M., Singh, Y. dan Ansari, M.S. (2022) “How financial literacy moderate the association between behaviour biases and investment decision?,” Asian Journal of Accounting Research, 7(1), hal. 17–30. Tersedia pada: https://doi.org/10.1108/AJAR-09-2020-0086.

Afriani, D. dan Halmawati, H. (2019) “PENGARUH COGNITIVE DISSONANCE BIAS, OVERCONFIDENCE BIASDAN HERDING BIAS TERHADAP PENGAMBILAN KEPUTUSAN INVESTASI (Studi Empiris Pada Mahasiswa Fakultas Ekonomi Universitas Negeri Padang Yang Melakukan Investasi Di Bursa Efek Indonesia),” Jurnal Eksplorasi Akuntansi, 1(4), hal. 1650–1665. Tersedia pada: https://doi.org/10.24036/jea.v1i4.168.

Ahmad, M. dan Shah, S.Z.A. (2022) “Overconfidence heuristic-driven bias in investment decision-making and performance: mediating effects of risk perception and moderating effects of financial literacy,” Journal of Economic and Administrative Sciences, 38(1), hal. 60–90. Tersedia pada: https://doi.org/10.1108/JEAS-07-2020-0116.

Andriani, D. (2021) PENGARUH BIAS KOGNITIF DAN BIAS EMOSIONAL TERHADAP KEPUTUSAN INVESTASI BERDASARKAN GENDER (Studi pada Dosen PTN di Kota Bandung). Universitas Pendidikan Indonesia. Tersedia pada: http://repository.upi.edu/66914/.

Azizah, N.S. (2020) “Pengaruh Literasi Keuangan, Gaya Hidup Pada Perilaku Keuangan Pada Generasi Milenial,” Prisma (Platform Riset Mahasiswa Akuntansi), 01(02), hal. 92–101. Tersedia pada: https://ojs.stiesa.ac.id/index.php/prisma/article/view/422.

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/10.1016/S2212-5671(16)00040-X.

Baker, H.K. dan Puttonen, V. (2017) “How Behavioral Biases Can Hurt Your Investing,” in Investment Traps Exposed. Emerald Publishing Limited, hal. 107–145. Tersedia pada: https://doi.org/10.1108/978-1-78714-252-720171004.

Bikhchandani, S. dan Sharma, S. (2000) Herd Behavior in Financial Markets: A Review. OO/48. Washington, D.C. Tersedia pada: https://doi.org/10.5089/9781451846737.001.

Budiarto, A. dan Susanti (2017) “PENGARUH FINANCIAL LITERACY, OVERCONFIDENCE, REGRET AVERSION BIAS, DANRISK TOLERANCE TERHADAP KEPUTUSAN INVESTASI (Studi pada investor PT. Sucorinvest Central Gani Galeri Investasi BEI Universitas Negeri Surabaya),” Jurnal Ilmu Manajemen, 5(2), hal. 1–9. Tersedia pada: https://ejournal.unesa.ac.id/index.php/jim/article/view/19441.

Chaudhary, A.K. (2013) “Impact of Behavioral Finance in Investment Decisions and Strategies - A Fresh Approach,” International Journal of Management Research and Business Strategy, 2(2), hal. 85–92. Tersedia pada: https://citeseerx.ist.psu.edu/document?repid=rep1&type=pdf&doi=f5712ecea9cd5f7dd0682823592a733100113370.

Fitriarianti, B. (2018) “Pengaruh Literasi Keuangan, Perilaku Keuangan dan Pendapatan terhadap Keputusan Berinvestasi,” Proseding Seminar Nasional Akuntansi: Seminar Nasional I Universitas Pamulang, 1(1), hal. 1–15. Tersedia pada: http://openjournal.unpam.ac.id/index.php/SNU/article/view/941.

Ghozali, I. (2013) Aplikasi Analisis Multivariate dengan Program IBM SPSS 21 Update PLS Regresi. Semarang: Badan Penerbit Universitas. Diponegoro.

Gupta, S. dan Shrivastava, M. (2022) “Herding and loss aversion in stock markets: mediating role of fear of missing out (FOMO) in retail investors,” International Journal of Emerging Markets, 17(7), hal. 1720–1737. Tersedia pada: https://doi.org/10.1108/IJOEM-08-2020-0933.

Hair, J. et al. (2017) “An updated and expanded assessment of PLS-SEM in information systems research,” Industrial Management & Data Systems, 117(3), hal. 442–458. Tersedia pada: https://doi.org/10.1108/IMDS-04-2016-0130.

Humairo, A. dan Panuntun, B. (2022) “Perilaku Overconfidence, Loss Aversion, dan Herding Bias dalam Pengambilan Keputusan Investasi Pasar Modal pada Generasi Z,” Selekta Manajemen: Jurnal Mahasiswa Bisnis & Manajemen, 1(6), hal. 213–226. Tersedia pada: https://journal.uii.ac.id/selma/article/view/27154.

Al Ibrahim, M.H. dan Adib, N. (2018) “Perilaku Investor Individu dalam Pengambilan Keputusan Investasi Saham (Studi Kasus Pada Investor Saham Individu di Malang),” Jurnal Ilmiah Mahasiswa FEB Universitas Brawijaya, 7(1), hal. 1–9. Tersedia pada: https://jimfeb.ub.ac.id/index.php/jimfeb/article/view/5431.

Ishfaq, M. et al. (2020) “Cognitive Bias and the Extraversion Personality Shaping the Behavior of Investors,” Frontiers in Psychology, 11, hal. 1–11. Tersedia pada: https://doi.org/10.3389/fpsyg.2020.556506.

Javed, H., Bagh, T. dan Razzaq, S. (2017) “Herding Effects, Over Confidence, Availability Bias and Representativeness as Behavioral Determinants of Perceived Investment Performance: An Empirical Evidence from Pakistan Stock Exchange (PSX),” Journal of Global Economics, 6(1), hal. 1000275. Tersedia pada: https://www.hilarispublisher.com/abstract/herding-effects-over-confidence-availability-bias-and-representativeness-as-behavioral-determinants-of-perceived-investm-32598.html.

Kurniawan, H., Nurwati, S. dan Sarlawa, R. (2020) “Pengaruh Literasi Keuangan terhadap Keputusan Keuangan dan Perilaku Keuangan sebagai Variabel Intervening Mahasiswa Fakultas Ekonomi dan Bisnis Universitas Palangka Raya,” Jurnal Manajemen Sains dan Organisasi, 1(1), hal. 50–63. Tersedia pada: https://e-journal.upr.ac.id/index.php/jmso/article/view/2372.

Lubis, A.N. et al. (2013) Perilaku Investor Keuangan. Medan: USU Press.

Musyaffi, A.M., Khairunnisa, H. dan Respati, D.K. (2022) Konsep Dasar Structural Equation Model Partial Least Square SEM-PLS Menggunakan SmartPLS. Tangerang Selatan: Pascal Books.

Novaesar, I.K. (2022) Pengaruh Literasi Keuangan, Bias Kognitif, Bias Emosi, Informasi Akuntansi, Dan Overreaction Terhadap Keputusan Investasi. Universitas Katholik Soegijapranata. Tersedia pada: http://repository.unika.ac.id/29920/.

Nugroho, N.S. dan Panuntun, B. (2022) “Pengaruh Financial Knowledge , Financial Skills , dan Income Terhadap Financial Management Behavior Generasi Z,” Selekta Manajemen: Jurnal Mahasiswa Bisnis & Manajemen, 1(1), hal. 189–207. Tersedia pada: https://journal.uii.ac.id/selma/article/view/23806.

Nurhidayanti, I. (2022) Pengaruh Cognitive Dissonance Bias dan Mental Accounting dalam Pengambilan Keputusan Investasi Asset Cryptocurrency: Suatu Studi Eksperimental. Universitas Pendidikan Indonesia. Tersedia pada: http://repository.upi.edu/84972/.

Paramita, R.S., Isbanah, Y. dan Purwohandoko (2018) “Bias Kognitif dan Kepribadian Individu: Studi Perilaku Investor Muda,” Jurnal Riset Manajemen Sains Indonesia, 9(2), hal. 214–235. Tersedia pada: https://journal.unj.ac.id/unj/index.php/jrmsi/article/view/5770.

Park, B.-J. dan Kim, M.-J. (2017) A Dynamic Measure of Intentional Herd Behavior in Financial Markets. 82025. Munich. Tersedia pada: https://mpra.ub.uni-muenchen.de/82025/.

Pompian, M.M. (2006) Behavioral Finance and Wealth Management: How to Build Optimal Portfolios That Account for Investor Biases. Hoboken: John Wiley & Sons, Inc.

PPID IPB (2022) IPB University Usut Kasus Pinjol Mahasiswa, Rektor: Ada Dugaan Penipuan, PPID IPB. Tersedia pada: https://ppid.ipb.ac.id/ipb-university-usut-kasus-pinjol-mahasiswa-rektor-ada-dugaan-penipuan/ (Diakses: 24 Juli 2023).

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://ejournal.unesa.ac.id/index.php/jim/article/view/23849.

Pradikasari, E. dan Isbanah, Y. (2018) “Pengaruh Financial Literacy, Illusion of Control, Overconfidence, Risk Tolerance, dan Risk Perception terhadap Keputusan Investasi pada Mahasiswa di Kota Surabaya,” Jurnal Ilmu Manajemen, 6(4), hal. 424–434. Tersedia pada: https://ejournal.unesa.ac.id/index.php/jim/article/view/24408.

Pratama, A.O. et al. (2020) “Pengaruh Faktor Perilaku Investor Saham Terhadap Keputusan Investasi di Bursa Efek Indonesia,” Moneter: Jurnal Akuntansi dan Keuangan, 7(2), hal. 170–179. Tersedia pada: https://doi.org/10.31294/moneter.v7i2.8659.

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Pengaruh Herding Behavior, Cognitive Bias, dan Overconfidence Bias terhadap Keputusan Investasi

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Adlina Hanum Pertiwi, Universitas Islam Indonesia

Bagus Panuntun, Universitas Islam Indonesia

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