Pengaruh Status Quo, Herding Behaviour, Representativeness Bias, Mental Accounting, serta Regret Aversion Bias terhadap Keputusan Investasi Investor Milenial di Kota Surabaya
DOI:
https://doi.org/10.26740/jim.v9n2.p779-793Keywords:
behavioral finance, investment decision, millennial investorAbstract
Investment activity in Indonesia steadily increases as more people become aware of the investment's value and potential returns. This study aims to determine the impact of status quo bias, herding behavior, representation, and mental accounting on the investment decisions of millennial investors in Surabaya. This study is conclusive because it used purposive and snowball sampling techniques to obtain samples by distributing online questionnaires”the research sample as many as 241 respondents. The analysis technique uses Structural Equation Model (SEM). This study focuses on millennial investors registered with the Indonesian Central Securities Depository (KSEI) and securities firms in Surabaya. The findings suggest that the variables status quo and regret aversion significantly bias investment decisions, whereas herding behavior, representativeness, and mental accounting do not affect investment decisions. Thus, this study can assist various parties, particularly millennial investors, pay more attention to their biases and be more cautious when making investment decisions
References
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Irjayanti, D., & Kurniawati, S. L. (2017). Pengaruh Literasi Keuangan, Representativeness, Familiarity, dan Persepsi Risiko Terhadap Pengambilan Keputusan Investasi Pada Investor Surabaya dan Sidoarjo. Jurnal Ilmu Manajemen, 5(9), 117.
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Lanka, S., & Kengatharan, N. (2014). The Influence of Behavioral Factors in Making Investment Decisions and Performance¯: Study on Investors of Colombo Stock Exchange , Sri Lanka. Asian Journal of Finance & Accounting, 6(1), 123. https://doi.org/10.5296/ajfa.v6i1.4893
Luong, L. P., & Ha, D. T. T. (2011). Behavioral Factors Influencing Individual Investors Decision-Making and Performance: A Survey at the Ho Chi Minh Stock Exchange. In Umea: Umea Universitet.
Madaan, G., & Singh, S. (2019). An analysis of behavioral biases in investment decision-making. International Journal of Financial Research, 10(4), 5567. https://doi.org/10.5430/ijfr.v10n4p55
Mahmood, T., Ayyub, R. M., Imran, M., Naeem, S., & Abbas, W. (2020). the Behavioral Analysis and Financial Performance of Individual Investors At Pakistan Stock Exchange. International Journal of Economics and Financial Issues, 10(5), 158164. https://doi.org/10.32479/ijefi.10112
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), 942953.
Noor, J. (2010). Metodologi Penelitian Skripsi, Tesis, Disertasi, dan Karya Ilmiah. Jakarta: Kencana Prenada Media Grup.
Nurdinda, W., Muslihat, A., & Putra, R. A. K. (2020). Pengaruh Regret Aversion Bias dan Risk Tolerance Bagi Investor Muda Jawa Barat terhadap Keputusan Investasi. Jurnal Akuntansi Dan Keuangan, 1(1), 3038. http://jurnal.poliupg.ac.id/index.php/akunsika
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Pompian, M. M. (2007). Behavioral Finance and Wealth Management How to Build Optimal Portfolios That Account for Investor Biases. In Financial Markets and Portfolio Management (Vol. 21, Issue 4). https://doi.org/10.1007/s11408-007-0065-3
Pradana, 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 (JIM), 6(3), 108117.
Pradikasari, E., & 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 (JIM), 6(4), 424434.
Prawirasasra, K. P., & Dialysa, F. (2015). Implikasi Behavioral Finance Pada Proses Pengambilan Keputusan Investasi Di Masa Pensiun. Jurnal Sekolah Tinggi Ilmu Ekonomi, 2136.
Priantinah, D., & Si, M. (2018). Mental Accounting Dalam Proses Pengambilan Keputusan Investasi. Jurnal Akuntansi, 6(1), 7587.
Pujiyanto, N., & Mahastanti, L. A. (2013). Regret Aversion Bias Dan Risk Tolerance Dalam Keputusan Investasi. Journal & Proceeding, 3(1), 281286.
Putri, & Hikmah. (2020). Pengaruh Financial Literacy, Overconvidence, regret Avertion Bias, dan Risk Tolerance terhadap Investment Decision di Kota Batam. Jurnal Ilmiah Maksitek, 5(2), 95109.
Putri, S., & Halmawati. (2020). Pengaruh Financial Literacy, Representativeness Bias, Dan Bias Optimisme Terhadap Pengambilan Keputusan Investasi. Jurnal Eksplorasi Akuntansi, 2(3), 29762991. http://jea.ppj.unp.ac.id/index.php/jea/issue/view/25
Ramdani, F. N. (2016). Analisis Pengaruh Representativeness Bias dan Herding Behaviour Terhadap Keputusan Investasi (Studi pada Mahasiswa di Yogyakarta). 4(1), 6475. https://dspace.uii.ac.id/
Ratnadi, N. M. D., Widanaputra, A. A. G. P., & Putra, I. N. W. A. (2020). Behavioral Factors Influencing Investment Decision-Making By College Student: An Empirical Study In Bali Province, Indonesia. International Journal of Scientific & Technology Research, 9(02), 13581368.
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Santi, F., Sahara, N. V., & Kamaludin. (2019a). Pengaruh Akuntansi Mental Terhadap Siswa Keputusan Investasi¯: Studi Di Investasi Galeri ( Gi ) Feb Universitas Bengkulu Dan Syariah. Jurnal Ilmiah Ekonomi Bisnis, 24(2), 116.
Santi, F., Sahara, N. V., & Kamaludin. (2019b). the Effect of Mental Accounting on StudentS Investment Decisions: a Study At Investment Gallery (Gi) Feb University of Bengkulu and Syariah Investment Gallery (Gis) Feb Iain Bengkulu. Journal of Business Economics, 24(2), 152167. https://doi.org/10.35760/eb.2019.v24i2.1907
Sari, P. M. (2015). Pengaruh Faktor Demografi dan Faktor Psikologis Terhadap Keputusan Investasi. Accounting Analysis Journal, 4(672013167), 018.
Sina, P. G. (2014). Representativeness Bias dan Demografi dalam Membuat Keputusan Keuangan. Jurnal Manajemen, 14(1), 425443. https://doi.org/10.1007/978-3-319-93224-8_24
Subash, R. (2012). Role of Behavioral Finance in Portfolio Investment Decisions: Evidence from India. Faculty of Social Science Institute of Economic Studies, 89. http://ies.fsv.cuni.cz/default/file/download/id/20803
Sukamulja, S., Meilita, A. Y. N., & Senoputri, D. (2019). Regret Aversion Bias, Mental Accounting, Overconfidence, and Risk Perception in Investment Decision Making on Generation Y Workers in Yogyakarta. International Journal of Economics and Management Studies, 6(7), 102110. https://doi.org/10.14445/23939125/ijems-v6i7p116
Syahyunan. (2015). Manajemen Keuangan 1 (Edisi Ketiga). Medan: USU Press.
Tandelilin, E. (2010). Portofolio dan Investasi: Teori dan aplikasi. Yogyakarta: Kanisius.
Ullah, S. (2015). An Empirical Study of Illusion of Control and Self-Serving Attribution Bias, Impact on Investors Decision Making: Moderating Role of Financial Literacy. Research Journal of Finance and Accounting, 6(19), 109118.
Umairah, P. (2012). Cognitive Bias dan Emotional Bias dalam Pengambilan Keputusan Investasi Portofolio. Jurnal Online Universitas Kristen Satya Wacana. http:repository.uksw.edu
Widanti, Afrima & Alfansi, L. (2013). Pengaruh Keterlibatan Fashion (Fashion Involvement) Terhadap Kepercayaan Merek (Brand Trust) Dengan Mediasi Hedonic Value Dan Utilitarian Value (Pada Konsumen Smartphone, Tablet Dan Laptop). Journal Consumer Research, 1, 45117.
Wulandari, D. A., & Iramani, R. (2014). Studi Experienced Regret, Risk Tolerance, Overconfidance Dan Risk Perception Pada Pengambilan Keputusan Investasi. Journal of Business and Banking, 4(1), 55. https://doi.org/10.14414/jbb.v4i1.293
Ackert, L. F., & Deaves, R. (2010). Noor, J., 2010. Metodologi Penelitian Skripsi, Tesis, Disertasi, dan Karya Ilmiah. Jakarta: Kencana Prenada Media Grup.
Afriani, D., & Halmawati. (2019). Pengaruh cognitive dissonance bias, overconfidence bias dan herding bias terhadap pengambilan keputusan investasi. Jurnal Eksplorasi Akuntansi, 1(4), 16501665. http://jea.ppj.unp.ac.id/index.php/jea/issue/view/14
Akinkoye, E. Y., & Bankole, O. E. (2020). Effect of Emotional Biases on Investors Decision Making in Nigeria. International Journal of Business and Management Future, 4(1), 3339. https://doi.org/10.46281/ijbmf.v4i1.548
Bashir, D. T., Javed, A., Ali, U., Meer, U. I., & Naseem, M. M. (2013). Empirical Testing Of Heuristics Interrupting The Investors Rational Decision Making. European Scientific Journal, 9(28), 185191. https://doi.org/10.1109/GLSV.1998.665223
Brown, A. L., & Kagel, J. H. (2009). Behavior in a simplified stock market: The status quo bias, the disposition effect and the ostrich effect. Annals of Finance, 5(1), 114. https://doi.org/10.1007/s10436-007-0092-0
Budiarto, A. (2017). Pengaruh Financial Literacy, Overconfidence, Regret Aversion Bias, Dan Risk Tolerance Terhadap Keputusan Investasi (Studi Pada Investor Pt. Sucorinvest Central Gani Galeri Investasi Bei Universitas Negeri Surabaya) Angga Budiarto. Jurnal Ilmu Manajemen Volume, 05, 19.
Budiati, I., Susianto, Y., Adi, W. P., Ayuni, S., Reagan, H. A., Larasaty, P., Setiyawati, N., Pratiwi, A. I., & Saputri, V. G. (2018). Profil Generasi Milenial Indonesia. Jakarta: Kementerian Pemberdayaan Perempuan dan Perlindungan Anak
Budiman, J., & Ervina. (2020). Pendekatan Perilaku Keuangan Terhadap Keputusan Investasi Emas. Jurnal Profit, 14(1), 6368. https://www.kompasiana.com/dindaidho/585f69f074937358063966c0/investasi-emas
Fridana, I. O., & Asandimitra, N. (2020). Analisis Faktor Yang Memengaruhi Keputusan Investasi (Studi Pada Mahasiswi Di Surabaya). Jurnal Muara Ilmu Ekonomi Dan Bisnis, 4(2), 396. https://doi.org/10.24912/jmieb.v4i2.8729
Gozalie, S., & Anastasia, N. (2015). Pengaruh Perilaku Heuristics dan Herding Terhadap Pengambilan Keputusan Investasi Properti Hunian. Finesta, 3(2), 2832.
Gupta, C. (2019). Regret aversion bias and financial risk tolerance. International Journal of Commerce and Management Research International, 5(2), 99104.
Irjayanti, D., & Kurniawati, S. L. (2017). Pengaruh Literasi Keuangan, Representativeness, Familiarity, dan Persepsi Risiko Terhadap Pengambilan Keputusan Investasi Pada Investor Surabaya dan Sidoarjo. Jurnal Ilmu Manajemen, 5(9), 117.
Kahneman, D., & Tversky, A. (1979). Prospect Theory: An Analysis of Decision under Risk. The Econometric Society, 47(2), 263291.
Khalid, R., Javed, M. U., & Shahzad, K. (2018). Impact of Behavioral Biases on Investment Decision Making with Moderat- ing Role of Financial Literacy Literature Review Investment Decision. Jinnah Business Review, 6(2), 3441.
Kontan, H. (2019). Akuntansi Mental. (https://kolom.kontan.co.id/news/akuntansi-mental/ Diakses pada 25 November 2020)
KSEI. (2019). 22 Tahun KSEI¯: Mendukung Pengembangan Infrastruktur Untuk Kenyamanan Investasi di Pasar Modal. 13. (https://www.ksei.co.id/ Diakses pada 16 November 2020)
KSEI. (2020). PT Kustodian Sentral Efek Indonesia. (https://www.ksei.co.id/ Diakses pada 16 November 2020)
Lanka, S., & Kengatharan, N. (2014). The Influence of Behavioral Factors in Making Investment Decisions and Performance¯: Study on Investors of Colombo Stock Exchange , Sri Lanka. Asian Journal of Finance & Accounting, 6(1), 123. https://doi.org/10.5296/ajfa.v6i1.4893
Luong, L. P., & Ha, D. T. T. (2011). Behavioral Factors Influencing Individual Investors Decision-Making and Performance: A Survey at the Ho Chi Minh Stock Exchange. In Umea: Umea Universitet.
Madaan, G., & Singh, S. (2019). An analysis of behavioral biases in investment decision-making. International Journal of Financial Research, 10(4), 5567. https://doi.org/10.5430/ijfr.v10n4p55
Mahmood, T., Ayyub, R. M., Imran, M., Naeem, S., & Abbas, W. (2020). the Behavioral Analysis and Financial Performance of Individual Investors At Pakistan Stock Exchange. International Journal of Economics and Financial Issues, 10(5), 158164. https://doi.org/10.32479/ijefi.10112
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), 942953.
Noor, J. (2010). Metodologi Penelitian Skripsi, Tesis, Disertasi, dan Karya Ilmiah. Jakarta: Kencana Prenada Media Grup.
Nurdinda, W., Muslihat, A., & Putra, R. A. K. (2020). Pengaruh Regret Aversion Bias dan Risk Tolerance Bagi Investor Muda Jawa Barat terhadap Keputusan Investasi. Jurnal Akuntansi Dan Keuangan, 1(1), 3038. http://jurnal.poliupg.ac.id/index.php/akunsika
Pompian, M. M. (2006). Behavioral Finance and Wealth Management How to Build Optimal Portfolios That Account for Investor Biases. Hoboken: John Wiley & Sons, Inc.
Pompian, M. M. (2007). Behavioral Finance and Wealth Management How to Build Optimal Portfolios That Account for Investor Biases. In Financial Markets and Portfolio Management (Vol. 21, Issue 4). https://doi.org/10.1007/s11408-007-0065-3
Pradana, 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 (JIM), 6(3), 108117.
Pradikasari, E., & 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 (JIM), 6(4), 424434.
Prawirasasra, K. P., & Dialysa, F. (2015). Implikasi Behavioral Finance Pada Proses Pengambilan Keputusan Investasi Di Masa Pensiun. Jurnal Sekolah Tinggi Ilmu Ekonomi, 2136.
Priantinah, D., & Si, M. (2018). Mental Accounting Dalam Proses Pengambilan Keputusan Investasi. Jurnal Akuntansi, 6(1), 7587.
Pujiyanto, N., & Mahastanti, L. A. (2013). Regret Aversion Bias Dan Risk Tolerance Dalam Keputusan Investasi. Journal & Proceeding, 3(1), 281286.
Putri, & Hikmah. (2020). Pengaruh Financial Literacy, Overconvidence, regret Avertion Bias, dan Risk Tolerance terhadap Investment Decision di Kota Batam. Jurnal Ilmiah Maksitek, 5(2), 95109.
Putri, S., & Halmawati. (2020). Pengaruh Financial Literacy, Representativeness Bias, Dan Bias Optimisme Terhadap Pengambilan Keputusan Investasi. Jurnal Eksplorasi Akuntansi, 2(3), 29762991. http://jea.ppj.unp.ac.id/index.php/jea/issue/view/25
Ramdani, F. N. (2016). Analisis Pengaruh Representativeness Bias dan Herding Behaviour Terhadap Keputusan Investasi (Studi pada Mahasiswa di Yogyakarta). 4(1), 6475. https://dspace.uii.ac.id/
Ratnadi, N. M. D., Widanaputra, A. A. G. P., & Putra, I. N. W. A. (2020). Behavioral Factors Influencing Investment Decision-Making By College Student: An Empirical Study In Bali Province, Indonesia. International Journal of Scientific & Technology Research, 9(02), 13581368.
Ross, S. A., Westerfield, R. W., Jordan, B. D., & Joseph Lim, R. T. (2016). Pengantar Keuangan Perusahaan: Fundamentals of Corporate Finance (edisi global asia buku 2). Salemba Empat.
Santi, F., Sahara, N. V., & Kamaludin. (2019a). Pengaruh Akuntansi Mental Terhadap Siswa Keputusan Investasi¯: Studi Di Investasi Galeri ( Gi ) Feb Universitas Bengkulu Dan Syariah. Jurnal Ilmiah Ekonomi Bisnis, 24(2), 116.
Santi, F., Sahara, N. V., & Kamaludin. (2019b). the Effect of Mental Accounting on StudentS Investment Decisions: a Study At Investment Gallery (Gi) Feb University of Bengkulu and Syariah Investment Gallery (Gis) Feb Iain Bengkulu. Journal of Business Economics, 24(2), 152167. https://doi.org/10.35760/eb.2019.v24i2.1907
Sari, P. M. (2015). Pengaruh Faktor Demografi dan Faktor Psikologis Terhadap Keputusan Investasi. Accounting Analysis Journal, 4(672013167), 018.
Sina, P. G. (2014). Representativeness Bias dan Demografi dalam Membuat Keputusan Keuangan. Jurnal Manajemen, 14(1), 425443. https://doi.org/10.1007/978-3-319-93224-8_24
Subash, R. (2012). Role of Behavioral Finance in Portfolio Investment Decisions: Evidence from India. Faculty of Social Science Institute of Economic Studies, 89. http://ies.fsv.cuni.cz/default/file/download/id/20803
Sukamulja, S., Meilita, A. Y. N., & Senoputri, D. (2019). Regret Aversion Bias, Mental Accounting, Overconfidence, and Risk Perception in Investment Decision Making on Generation Y Workers in Yogyakarta. International Journal of Economics and Management Studies, 6(7), 102110. https://doi.org/10.14445/23939125/ijems-v6i7p116
Syahyunan. (2015). Manajemen Keuangan 1 (Edisi Ketiga). Medan: USU Press.
Tandelilin, E. (2010). Portofolio dan Investasi: Teori dan aplikasi. Yogyakarta: Kanisius.
Ullah, S. (2015). An Empirical Study of Illusion of Control and Self-Serving Attribution Bias, Impact on Investors Decision Making: Moderating Role of Financial Literacy. Research Journal of Finance and Accounting, 6(19), 109118.
Umairah, P. (2012). Cognitive Bias dan Emotional Bias dalam Pengambilan Keputusan Investasi Portofolio. Jurnal Online Universitas Kristen Satya Wacana. http:repository.uksw.edu
Widanti, Afrima & Alfansi, L. (2013). Pengaruh Keterlibatan Fashion (Fashion Involvement) Terhadap Kepercayaan Merek (Brand Trust) Dengan Mediasi Hedonic Value Dan Utilitarian Value (Pada Konsumen Smartphone, Tablet Dan Laptop). Journal Consumer Research, 1, 45117.
Wulandari, D. A., & Iramani, R. (2014). Studi Experienced Regret, Risk Tolerance, Overconfidance Dan Risk Perception Pada Pengambilan Keputusan Investasi. Journal of Business and Banking, 4(1), 55. https://doi.org/10.14414/jbb.v4i1.293
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2021-06-30
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Mahadevi, S. A., & Haryono, N. A. (2021). Pengaruh Status Quo, Herding Behaviour, Representativeness Bias, Mental Accounting, serta Regret Aversion Bias terhadap Keputusan Investasi Investor Milenial di Kota Surabaya. Jurnal Ilmu Manajemen, 9(2), 779–793. https://doi.org/10.26740/jim.v9n2.p779-793
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