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Abstract
Penelitian ini berfokus pada pengaruh familiarity bias terhadap keputusan investasi mahasiswa Fakultas Bisnis dan Ekonomika Universitas Islam Indonesia (FBE UII) di pasar modal. Penelitian ini menggunakan pendekatan kuantitatif melalui survei dengan kuesioner yang didistribusikan secara daring kepada mahasiswa FBE UII angkatan 2020-2023. Sampel yang dipilih adalah mahasiswa yang pernah atau sedang melakukan investasi di pasar modal. Partial least square structural equation modeling (PLS-SEM) digunakan untuk menganalisis data yang diperoleh. Hasil penelitian menunjukkan bahwa familiarity bias memiliki pengaruh signifikan dan positif terhadap keputusan investasi di pasar modal. Investor yang kurang berpengalaman cenderung memilih perusahaan atau sektor yang dikenal baik (familiar) saat berinvestasi di pasar modal, meski tanpa analisis mendalam. Oleh karena itu, perlu pendekatan analitis yang lebih objektif untuk meningkatkan kualitas keputusan investasi. Penelitian ini memberikan kontribusi terhadap bidang behavioral finance dengan menunjukkan bagaimana familiarity bias memengaruhi keputusan investasi individu.
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References
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References
Berthet, V. (2022) “The Impact of Cognitive Biases on Professionals’ Decision-Making: A Review of Four Occupational Areas,” Frontiers in Psychology, 12, hal. 802439. Tersedia pada: https://doi.org/10.3389/fpsyg.2021.802439.
Bhandari, H.N. et al. (2022) “Predicting stock market index using LSTM,” Machine Learning with Applications, 9, hal. 100320. Tersedia pada: https://doi.org/10.1016/j.mlwa.2022.100320.
Bulipopova, E., Zhdanov, V. dan Simonov, A. (2014) “Do investors hold that they know? Impact of familiarity bias on investor’s reluctance to realize losses: Experimental approach,” Finance Research Letters, 11(4), hal. 463–469. Tersedia pada: https://doi.org/10.1016/j.frl.2014.10.003.
Dhar, R. dan Zhu, N. (2006) “Up Close and Personal: Investor Sophistication and the Disposition Effect,” Management Science, 52(5), hal. 726–740. Tersedia pada: https://doi.org/10.1287/mnsc.1040.0473.
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 (IJMDA), 1(2), hal. 107–123. Tersedia pada: https://doi.org/10.1504/IJMDA.2017.087624.
Herlina et al. (2020) “The Herding and Overconfidence Effect on the Decision of Individuals to Invest Stocks,” Journal of Economics and Business, 3(4), hal. 1387–1397. Tersedia pada: https://doi.org/10.31014/aior.1992.03.04.288.
Jagongo, A. dan Mutswenje, V.S. (2014) “A Survey of the Factors Influencing Investment Decisions: The Case of Individual Investors at the NSE,” International Journal of Humanities and Social Science, 4(4), hal. 92–102. Tersedia pada: https://www.ijhssnet.com/journals/Vol_4_No_4_Special_Issue_February_2014/11.pdf.
Lei, S. dan Mathers, A.M. (2024) “Familiarity bias in direct stock investment by individual investors,” Review of Behavioral Finance, 16(3), hal. 551–579. Tersedia pada: https://doi.org/10.1108/RBF-03-2023-0074.
Nurcahya, S.A. dan Maharani, S.N. (2021) “Investor Competence and Decision Familiarity Bias Analysis for Portfolio Diversification,” in Proceedings of the First International Conference on Economics, Business and Social Humanities, ICONEBS 2020. Madiun: EAI. Tersedia pada: https://doi.org/10.4108/eai.4-11-2020.2304562.
Riedl, A. dan Smeets, P. (2017) “Why Do Investors Hold Socially Responsible Mutual Funds?,” The Journal of Finance, 72(6), hal. 2505–2550. Tersedia pada: https://doi.org/10.1111/jofi.12547.
Sukirno, S. (2016) Makroekonomi: Teori Pengantar. 3 ed. Jakarta: Rajawali Pers.
Tandio, T. dan Widanaputra, A.A.G.P. (2016) “PENGARUH PELATIHAN PASAR MODAL, RETURN, PERSEPSI RISIKO, GENDER, DAN KEMAJUAN TEKNOLOGI PADA MINAT INVESTASI MAHASISWA,” E-Jurnal Akuntansi Universitas Udayana, 16(3), hal. 2316–2341. Tersedia pada: https://ojs.unud.ac.id/index.php/akuntansi/article/download/21199/15415.
Toma, F.-M. (2015) “Behavioral Biases of the Investment Decisions of Romanian Investorson the Bucharest Stock Exchange,” in Procedia Economics and Finance. Amsterdam: Elsevier B.V., hal. 200–207. Tersedia pada: https://doi.org/10.1016/S2212-5671(15)01383-0.
Waweru, N.M., Mwangi, G.G. dan Parkinson, J.M. (2014) “Behavioural factors influencing investment decisions in the Kenyan property market,” Afro-Asian Journal of Finance and Accounting, 4(1), hal. 26–49. Tersedia pada: https://doi.org/10.1504/AAJFA.2014.059500.
Weixiang, S. et al. (2022) “An empirical assessment of financial literacy and behavioral biases on investment decision: Fresh evidence from small investor perception,” Frontiers in Psychology, 13, hal. 977444. Tersedia pada: https://doi.org/10.3389/fpsyg.2022.977444.