Pengaruh Faktor Perilaku Terhadap Pengambilan Keputusan Investor dalam Investasi Saham di Batam
Abstract
Investasi adalah komitmen seseorang dalam menempatkan dananya dengan harapan akan mendapatkan keuntungan. Investasi juga dikenal sebagai menanam modal. Menanam modal merupakan hal yang sering dikampanyekan untuk menarik investor dari dalam atau bahkan dari luar. Perilaku investor biasanya menyimpang dari alasan dan logika. Sehingga, investor menunjukkan berbagai perilaku yang mempengaruhi keputusan investasinya. Faktor perilaku yang diuji dalam penelitian ini yaitu overconfidence, market variable, loss aversion, dan herding. Penelitian ini memiliki tujuan untuk mengetahui apakah faktor perilaku berpengaruh dalam pengambilan keputusan investasi investor di Kota Batam. Penelitian ini menggunakan data angka dari kuesioner. Kuesioner dibuat dengan Google form dengan penggunaan skala likert sebagai pengukuran skala penelitian ini. Sampel penelitian ini sebanyak 330 responden dan diambil dengan metode non probability sampling dengan jenis purposive sampling dimana responden merupakan orang yang memiliki pengalaman dalam investasi saham di Kota Batam dan berumur diatas 17 tahun. Kemudian setelah terpenuhi, data dianalisis dengan teknik analisis regresi berganda dengan aplikasi SmartPLS. Hasil analisis membuktikan overconfidence, loss aversion, herding signifikan positif terhadap keputusan investasi investor di Kota Batam, tetapi market variable tidak signifikan positif terhadap keputusan investasi investor di Kota Batam.
Keywords:
Investasi, Investor, Faktor Perilaku
References
Addinpujoartanto, N. A., & Darmawan, S. (2020). Pengaruh Overconfidence, Regret Aversion, Loss Aversion, Dan Herding Bias Terhadap Keputusan Investasi Di Indonesia. Jurnal Riset Ekonomi Dan Bisnis, 13(3), 175. https://doi.org/10.26623/jreb.v13i3.2863
Afriani, D., & Halmawati, H. (2019). Pengaruh Cognitive Dissonance Bias, Overconfidence Bias Dan Herding Bias Terhadap Pengambilan Keputusan Investasi. Jurnal Eksplorasi Akuntansi, 1(4), 1650–1665. https://doi.org/10.24036/jea.v1i4.168
Aren, S., & Zengin, A. N. (2016). Influence of Financial Literacy and Risk Perception on Choice of Investment. Procedia - Social and Behavioral Sciences, 235(October), 656–663. https://doi.org/10.1016/j.sbspro.2016.11.047
Badri, R. E., & Putri, M. E. (2019). Analisis Pengaruh Anchoring Bias dan Loss Aversion Dalam Pengambilan Keputusan Investasi Di Kota Bandar Lampung. 7(April), 1–21.
Budiman, J., & Patricia. (2021). Pengaruh Overconfidence Bias , Herding Bias , Representativeness Bias , Loss Aversion dan Risk perception terhadap Investment Decision di Kota Batam Jumlah Investor Pasar Modal di Indonesia. CoMBInES, 1(1), 1979–1987.
Candy, C., & Vincent, K. (2021). Analisis Pengaruh Behavioural Finance Terhadap Pengambilan Keputusan Investasi Investor di Kepulauan Riau. Jesya (Jurnal Ekonomi & Ekonomi Syariah), 4(2), 864–873. https://doi.org/10.36778/jesya.v4i2.403
Cao, M. M., Nguyen, N.-T., & Tran, T.-T. (2021). Behavioral Factors on Individual Investors’ Decision Making and Investment Performance: A Survey from the Vietnam Stock Market. Journal of Asian Finance, Economics and Business, 8(3), 9.
Fahim, F., Ali, A., Khan, M. A., & Khan, R. A. (2019). Impact of Overconfidence on Investor ’ s Investment Decision : Moderating Role of Risk Perception and Religiosity-A Survey of Pakistan Stock Exchange. Jisr-Msse, 17(2), 85–96.
Iram, T., Bilal, D. A. R., & Dost, D. K. Bin. (2020). Behavioral Factors Affecting the Investment Decision of an Individual: A systematic Review. Journal of Xidian University, 14(8). https://doi.org/10.37896/jxu14.8/081
Javaira, Z., & Hassan, A. (2015). An examination of herding behavior in Pakistan stock market. International Journal of Emerging Markets, 10(3), 19.
Kartika, N., & Iramani, R. (2013). Pengaruh Overconfidence, Experience, Emotion Terhadap Risk Perception Dan Risk Attitude Pada Investor Pasar Modal Di Surabaya. Journal of Business and Banking, 3(2), 177. https://doi.org/10.14414/jbb.v3i2.235
Kartini, K., & Nugraha, N. F. (2015). Pengaruh Illusions of Control, Overconfidence Dan Emotion Terhadap Pengambilan Keputusan Investasi Pada Investor Di Yogyakarta. Ajie, 4(2), 114–122. https://doi.org/10.20885/ajie.vol4.iss2.art6
Logitama, A., Setiawan, L., & Hayat, A. (2021). Control Behaviors Affecing Investors Investment Decision Making ( Studies on Students at Higher Education South Kalimantan ). International Journal of Economics, Business, and Accounting Research, 5(1), 278–291. https://jurnal.stie-aas.ac.id/index.php/IJEBAR/article/download/2245/1030
Masomi, S. R., & Ghayekhloo. (2010). Consequences of human behaviors ’ in Economic : the Effects of Behavioral Factors in Investment decision making at Tehran Stock Exchange. International Conference on Business and Economics Research Vol.1, 1, 234–237.
Munira, M., Merawati, E. E., & Astuti, S. B. (2018). Pengaruh ROE dan DER terhadap Harga Saham Perusahaan Kertas di Bursa Efek Indonesia. JABE (Journal of Applied Business and Economic), 4(3), 191. https://doi.org/10.30998/jabe.v4i3.2478
Mutawally, F. W., & Haryono, N. A. (2019). Pengaruh Financial Literacy, Risk Perception, Behavioral Finance Dan Pengalaman Investasi Terhadap Keputusan Investasi Mahasiswa Surabaya. Jurnal Ilmu Manajemen (JIM), 7(4), 942–953.
Ngoc, L. T. B. (2013). Behavior Pattern of Individual Investors in Stock Market. International Journal of Business and Management, 9(1), 1–16. https://doi.org/10.5539/ijbm.v9n1p1
Permata, C. Y., & Mulyani, E. (2022). Pengaruh Informasi Akuntansi, Risk Perception dan Herding terhadap Keputusan Investasi. Jurnal Eksplorasi Akuntansi (JEA), 4(2), 311–323. http://jea.ppj.unp.ac.id/index.php/jea/index
Putra, I. P. S., Ananingtiyas, H., Sari, D. R., Dewi, A. S., & Silvy, M. (2016). Experienced Regret , dan Risk Tolerance pada Pemilihan Jenis Investasi. Journal of Business and Banking, 5(2), 271–282. https://doi.org/10.14414/jbb.v5i2.548
Putri, M. A., & Juwita, D. H. A. J. (2020). Pengaruh Overconfidence, loss aversionm dan Herding Terhadap Keputusan Investasi Emas Era Tahun Pertama Pandemi Covid-19. 19, 1–15.
Setiawan, Y. C., Atahau, A. D. R., & Robiyanto, R. (2018). Cognitive Dissonance Bias, Overconfidence Bias dan Herding Bias dalam Pengambilan Keputusan Investasi Saham. AFRE (Accounting and Financial Review), 1(1), 17–25. https://doi.org/10.26905/afr.v1i1.1745
Sulistyowati, N. W. (2015). Pengaruh Motivasi Ekstrinsik Dan Prestasi Belajar Akuntansi Terhadap Minat Investasi Dan Keputusan Investasi Mahasiswa FE Program Studi Akuntansi UNESA. Jurnal Ekonomi Pendidikan Dan Kewirausahaan, 3(1), 15.
Sundblad, E. L., Biel, A., & Gärling, T. (2007). Cognitive and affective risk judgements related to climate change. Journal of Environmental Psychology, 27(2), 97–106. https://doi.org/10.1016/j.jenvp.2007.01.003
Tanusdjaja, H. (2018). Keputusan Investasi Investor Individu Berdasarkan Kompetensi, Overconfidence, Dan Pendidikan. Jurnal Muara Ilmu Ekonomi Dan Bisnis, 2(1), 234. https://doi.org/10.24912/jmieb.v2i1.998
Trehan, at, A. (2017). A Study Of Existence Of Overconfidence Biases Among Investors Elk Asia Pacific Journals – Special Issue A Study Of Existence Of Overconfidence Biases Among Investors Decision Making Is Part Of Routine Life ; People Have To Take Variety Of Decisions , Prec. ELK Asia Pacific Journals, December 2016, 1–15.
Vieira, E. F. S., & Pereira, M. S. V. (2015). Herding behaviour and sentiment: Evidence in a small European market. Revista de Contabilidad-Spanish Accounting Review, 18(1), 78–86. https://doi.org/10.1016/j.rcsar.2014.06.003
Wisudanto, & Baihaqi, F. R. (2016). Perilaku Loss Aversion Studi Kasus Pada Pasar Modal di Indonesia. Managing Local Resources to Compete in the Global Market, FMI 8 Palu, November, 1–12. https://www.researchgate.net/profile/Wisudanto-Soeroto/publication/310019577_PERILAKU_LOSS_AVERSION_STUDI_KASUS_PADA_PASAR_MODAL_DI_INDONESIA/links/582784bc08ae950ace6cd78b/PERILAKU-LOSS-AVERSION-STUDI-KASUS-PADA-PASAR-MODAL-DI-INDONESIA.pdf
Zat, M., & Khan, 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), 17–28. www.impactjournals.us
Afriani, D., & Halmawati, H. (2019). Pengaruh Cognitive Dissonance Bias, Overconfidence Bias Dan Herding Bias Terhadap Pengambilan Keputusan Investasi. Jurnal Eksplorasi Akuntansi, 1(4), 1650–1665. https://doi.org/10.24036/jea.v1i4.168
Aren, S., & Zengin, A. N. (2016). Influence of Financial Literacy and Risk Perception on Choice of Investment. Procedia - Social and Behavioral Sciences, 235(October), 656–663. https://doi.org/10.1016/j.sbspro.2016.11.047
Badri, R. E., & Putri, M. E. (2019). Analisis Pengaruh Anchoring Bias dan Loss Aversion Dalam Pengambilan Keputusan Investasi Di Kota Bandar Lampung. 7(April), 1–21.
Budiman, J., & Patricia. (2021). Pengaruh Overconfidence Bias , Herding Bias , Representativeness Bias , Loss Aversion dan Risk perception terhadap Investment Decision di Kota Batam Jumlah Investor Pasar Modal di Indonesia. CoMBInES, 1(1), 1979–1987.
Candy, C., & Vincent, K. (2021). Analisis Pengaruh Behavioural Finance Terhadap Pengambilan Keputusan Investasi Investor di Kepulauan Riau. Jesya (Jurnal Ekonomi & Ekonomi Syariah), 4(2), 864–873. https://doi.org/10.36778/jesya.v4i2.403
Cao, M. M., Nguyen, N.-T., & Tran, T.-T. (2021). Behavioral Factors on Individual Investors’ Decision Making and Investment Performance: A Survey from the Vietnam Stock Market. Journal of Asian Finance, Economics and Business, 8(3), 9.
Fahim, F., Ali, A., Khan, M. A., & Khan, R. A. (2019). Impact of Overconfidence on Investor ’ s Investment Decision : Moderating Role of Risk Perception and Religiosity-A Survey of Pakistan Stock Exchange. Jisr-Msse, 17(2), 85–96.
Iram, T., Bilal, D. A. R., & Dost, D. K. Bin. (2020). Behavioral Factors Affecting the Investment Decision of an Individual: A systematic Review. Journal of Xidian University, 14(8). https://doi.org/10.37896/jxu14.8/081
Javaira, Z., & Hassan, A. (2015). An examination of herding behavior in Pakistan stock market. International Journal of Emerging Markets, 10(3), 19.
Kartika, N., & Iramani, R. (2013). Pengaruh Overconfidence, Experience, Emotion Terhadap Risk Perception Dan Risk Attitude Pada Investor Pasar Modal Di Surabaya. Journal of Business and Banking, 3(2), 177. https://doi.org/10.14414/jbb.v3i2.235
Kartini, K., & Nugraha, N. F. (2015). Pengaruh Illusions of Control, Overconfidence Dan Emotion Terhadap Pengambilan Keputusan Investasi Pada Investor Di Yogyakarta. Ajie, 4(2), 114–122. https://doi.org/10.20885/ajie.vol4.iss2.art6
Logitama, A., Setiawan, L., & Hayat, A. (2021). Control Behaviors Affecing Investors Investment Decision Making ( Studies on Students at Higher Education South Kalimantan ). International Journal of Economics, Business, and Accounting Research, 5(1), 278–291. https://jurnal.stie-aas.ac.id/index.php/IJEBAR/article/download/2245/1030
Masomi, S. R., & Ghayekhloo. (2010). Consequences of human behaviors ’ in Economic : the Effects of Behavioral Factors in Investment decision making at Tehran Stock Exchange. International Conference on Business and Economics Research Vol.1, 1, 234–237.
Munira, M., Merawati, E. E., & Astuti, S. B. (2018). Pengaruh ROE dan DER terhadap Harga Saham Perusahaan Kertas di Bursa Efek Indonesia. JABE (Journal of Applied Business and Economic), 4(3), 191. https://doi.org/10.30998/jabe.v4i3.2478
Mutawally, F. W., & Haryono, N. A. (2019). Pengaruh Financial Literacy, Risk Perception, Behavioral Finance Dan Pengalaman Investasi Terhadap Keputusan Investasi Mahasiswa Surabaya. Jurnal Ilmu Manajemen (JIM), 7(4), 942–953.
Ngoc, L. T. B. (2013). Behavior Pattern of Individual Investors in Stock Market. International Journal of Business and Management, 9(1), 1–16. https://doi.org/10.5539/ijbm.v9n1p1
Permata, C. Y., & Mulyani, E. (2022). Pengaruh Informasi Akuntansi, Risk Perception dan Herding terhadap Keputusan Investasi. Jurnal Eksplorasi Akuntansi (JEA), 4(2), 311–323. http://jea.ppj.unp.ac.id/index.php/jea/index
Putra, I. P. S., Ananingtiyas, H., Sari, D. R., Dewi, A. S., & Silvy, M. (2016). Experienced Regret , dan Risk Tolerance pada Pemilihan Jenis Investasi. Journal of Business and Banking, 5(2), 271–282. https://doi.org/10.14414/jbb.v5i2.548
Putri, M. A., & Juwita, D. H. A. J. (2020). Pengaruh Overconfidence, loss aversionm dan Herding Terhadap Keputusan Investasi Emas Era Tahun Pertama Pandemi Covid-19. 19, 1–15.
Setiawan, Y. C., Atahau, A. D. R., & Robiyanto, R. (2018). Cognitive Dissonance Bias, Overconfidence Bias dan Herding Bias dalam Pengambilan Keputusan Investasi Saham. AFRE (Accounting and Financial Review), 1(1), 17–25. https://doi.org/10.26905/afr.v1i1.1745
Sulistyowati, N. W. (2015). Pengaruh Motivasi Ekstrinsik Dan Prestasi Belajar Akuntansi Terhadap Minat Investasi Dan Keputusan Investasi Mahasiswa FE Program Studi Akuntansi UNESA. Jurnal Ekonomi Pendidikan Dan Kewirausahaan, 3(1), 15.
Sundblad, E. L., Biel, A., & Gärling, T. (2007). Cognitive and affective risk judgements related to climate change. Journal of Environmental Psychology, 27(2), 97–106. https://doi.org/10.1016/j.jenvp.2007.01.003
Tanusdjaja, H. (2018). Keputusan Investasi Investor Individu Berdasarkan Kompetensi, Overconfidence, Dan Pendidikan. Jurnal Muara Ilmu Ekonomi Dan Bisnis, 2(1), 234. https://doi.org/10.24912/jmieb.v2i1.998
Trehan, at, A. (2017). A Study Of Existence Of Overconfidence Biases Among Investors Elk Asia Pacific Journals – Special Issue A Study Of Existence Of Overconfidence Biases Among Investors Decision Making Is Part Of Routine Life ; People Have To Take Variety Of Decisions , Prec. ELK Asia Pacific Journals, December 2016, 1–15.
Vieira, E. F. S., & Pereira, M. S. V. (2015). Herding behaviour and sentiment: Evidence in a small European market. Revista de Contabilidad-Spanish Accounting Review, 18(1), 78–86. https://doi.org/10.1016/j.rcsar.2014.06.003
Wisudanto, & Baihaqi, F. R. (2016). Perilaku Loss Aversion Studi Kasus Pada Pasar Modal di Indonesia. Managing Local Resources to Compete in the Global Market, FMI 8 Palu, November, 1–12. https://www.researchgate.net/profile/Wisudanto-Soeroto/publication/310019577_PERILAKU_LOSS_AVERSION_STUDI_KASUS_PADA_PASAR_MODAL_DI_INDONESIA/links/582784bc08ae950ace6cd78b/PERILAKU-LOSS-AVERSION-STUDI-KASUS-PADA-PASAR-MODAL-DI-INDONESIA.pdf
Zat, M., & Khan, 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), 17–28. www.impactjournals.us
Published
2023-01-01
Section
Articles
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
