Pengaruh Bias Perilaku Terhadap Pengambilan Keputusan Investasi Saham Para Investor Pemula Di Kota Sidoarjo
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Oct 23, 2021
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Abstract
Investor saham di Kota Sidoarjo terus bertambah meskipun kondisi perekonomian masyarakat sedang terdampak hebat oleh COVID-19. Peningkatan jumlah investor di Sidoarjo ini menunjukkan bahwa terdapat banyak investor pemula yang bergabung ke dunia investasi. Investor pemula memiliki pengalaman serta pengetahuan mengenai pasar modal yang terbatas sehingga rentan terkena bias perilaku yang dapat menyebabkan mereka bertindak irasional dan mengakibatkan hasil investasi yang buruk. Tujuan penelitian ini yaitu mengetahui pengaruh bias perilaku yang kerap muncul pada investor diantaranya overconfidence bias, herding bias, dan representative bias terhadap keputusan investasi. Sampel dalam penelitian ini menggunakan teknik simple random sampling dan berjumlah 85 responden yang merupakan anggota dari Komunitas Investor Saham Pemula Region Sidoarjo. Data primer yang digunakan dalam penelitian diperoleh melalui kuesioner yang kemudian dianalisis dengan SmartPLS 3.0. Penelitian ini menemukan pengaruh positif pada overconfidence bias, herding bias, dan representative bias terhadap keputusan investasi para investor pemula di Kota Sidoarjo.
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This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
LPPM Politeknik Piksi Ganesha Indonesia
How to Cite
Berliana Viera Sabilla, & Tri Kartika Pertiwi. (2021). Pengaruh Bias Perilaku Terhadap Pengambilan Keputusan Investasi Saham Para Investor Pemula Di Kota Sidoarjo. Jurnal E-Bis, 5(2), 353-364. https://doi.org/10.37339/e-bis.v5i2.688
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Toma, F.-M. (2015). Behavioral Biases of the Investment Decisions of Romanian Investorson the Bucharest Stock Exchange. In Procedia Economics and Finance (Vol. 32). https://doi.org/10.1016/s2212-5671(15)01383-0
Waweru, N. M., Mwangi, G. G., & Parkinson, J. M. (2014). Behavioural factors influencing investment decisions in the Kenyan property market. International Journal of Business and Emerging Markets, 2008, Vol. 1, Issue 1, 24-41, 4(1), 26–49.
Wulandari, D. A., & Iramani, R. (2014). Studi Experienced Regret, Risk Tolerance, Overconfidance Dan Risk Perception Pada Pengambilan Keputusan Investasi. Journal of Business and
Dhall, R., & Singh, B. (2020). The COVID-19 Pandemic and Herding Behaviour: Evidence from India’s Stock Market. Millennial Asia, 11(3), 366–390. https://doi.org/10.1177/0976399620964635
Fridana, I. O., & Asandimitra, N. (2020). Analisis Faktor Yang Memengaruhi Keputusan Investasi (Studi Pada Mahasiswi Di Surabaya). In Jurnal Muara Ilmu Ekonomi dan Bisnis (Vol. 4). https://doi.org/10.24912/jmieb.v4i2.8729
Ghalandari, K., & Ghahremanpour, J. (2013). The Effect of Market Variables and Herding Effect on Investment Decision as Factor Influencing Investment Performance in Iran. J. Basic. Appl. Sci. Res, 3(3), 313–318.
Herlina, H., Hadianto, B., Winarto, J., & Suwarno, N. A. N. (2020). The Herding and Overconfidence Effect on the Decision of Individuals to Invest Stocks. In Journal of Economics and Business (Vol. 3). https://doi.org/10.31014/aior.1992.03.04.288
Irshad, S., Badshah, W., & Hakam, U. (2016). Effect of Representativeness Bias on Investment Decision Making. In Management and Administrative Sciences Review (Vol. 5).
Jain, J., Walia, N., & Gupta, S. (2019). Evaluation of behavioral biases affecting investment decision making of individual equity investors by fuzzy analytic hierarchy process. In Review of Behavioral Finance (Vol. 12). https://doi.org/10.1108/RBF-03-2019-0044
Kumar, S., & Goyal, N. (2015). Behavioural biases in investment decision making – a systematic literature review. In Qualitative Research in Financial Markets (Vol. 7). https://doi.org/10.1108/QRFM-07-2014-0022
Metawa, N., Hassan, M. K., Metawa, S., & Safa, M. F. (2018). Impact of behavioral factors on investors’ financial decisions: case of the Egyptian stock market. In International Journal of Islamic and Middle Eastern Finance and Management (Vol. 12). https://doi.org/10.1108/IMEFM-12-2017-0333
Mittal, S. K. (2019). Behavior biases and investment decision: theoretical and research framework. In Qualitative Research in Financial Markets. https://doi.org/10.1108/QRFM-09-2017-0085
Onsomu, N. Z. (2014). The impact of behavioral biases on investor decisions in Kenya: male vs female. In International Journal of Research in Humanities, Arts and Literature (Vol. 2).
Pertiwi, T. K., Yuniningsih, Y., & Anwar, M. (2019). The biased factors of investor’s behavior in stock exchange trading. In Management Science Letters (Vol. 9). https://doi.org/10.5267/j.msl.2019.3.005
Pompian, M. M. (2006). Behavioral Finance and Wealth Management: How to Build Optimal Portfolios That Account for Investor Biases. In John Wiley & Sons, Inc.,, Hoboken, New Jersey (Vol. 21). https://doi.org/10.1007/s11408-007-0065-3
Raheja, S., & Dhiman, B. (2020). How do emotional intelligence and behavioral biases of investors determine their investment decisions? In Rajagiri Management Journal (Vol. 14). https://doi.org/10.1108/ramj-12-2019-0027
Riaz, S., Riaz Ahmed, P., Parkash, R., & Javed Ahmad, M. (2020). Determinants of Stock Market Investors’ Behavior in COVID-19: A Study on the Pakistan Stock Exchange. In International Journal of Disaster Recovery and Business Continuity (Vol. 11).
Sabir, S. A., Mohammad, H. Bin, & Shahar, H. B. K. (2019). The role of overconfidence and past investment experience in herding behaviour with a moderating effect of financial literacy: Evidence from pakistan stock exchange. Asian Economic and Financial Review, 9(4), 480–490. https://doi.org/10.18488/journal.aefr.2019.94.480.490
Setiawan, Y. C., Atahau, A. D. R., & Robiyanto, R. (2018). Cognitive Dissonance Bias, Overconfidence Bias dan Herding Bias dalam Pengambilan Keputusan Investasi Saham. In AFRE (Accounting and Financial Review) (Vol. 1). https://doi.org/10.26905/afr.v1i1.1745
Subash, R. (2012). Role of Behavioral Finance in Portfolio Investment Decisions: Evidence from India. In Faculty of Social Science Institute of Economic Studies. Retrieved from http://ies.fsv.cuni.cz/default/file/download/id/20803
Toma, F.-M. (2015). Behavioral Biases of the Investment Decisions of Romanian Investorson the Bucharest Stock Exchange. In Procedia Economics and Finance (Vol. 32). https://doi.org/10.1016/s2212-5671(15)01383-0
Waweru, N. M., Mwangi, G. G., & Parkinson, J. M. (2014). Behavioural factors influencing investment decisions in the Kenyan property market. International Journal of Business and Emerging Markets, 2008, Vol. 1, Issue 1, 24-41, 4(1), 26–49.
Wulandari, D. A., & Iramani, R. (2014). Studi Experienced Regret, Risk Tolerance, Overconfidance Dan Risk Perception Pada Pengambilan Keputusan Investasi. Journal of Business and