Pengaruh mental accounting, regret aversion bias, herding bias, loss aversion, risk perception, dan financial literacy terhadap keputusan investasi investor generasi Z
DOI:
https://doi.org/10.26740/jim.v11n2.p457-472Keywords:
financial literacy, herding bias, mental accounting, regret aversion bias, risk perceptionAbstract
Investment activity in Indonesia has been increasing yearly, as shown by the increase in the number of investors during the Covid-19 pandemic. This study investigates the effect of mental accounting, regret bias, herding bias, loss aversion, risk perception, and financial literacy on the investment decisions of Generation Z investors in Surabaya during the Covid-19 pandemic. This study is causality conclusive and uses purposive sampling and snowball sampling for the techniques. Data is collected through online questionnaires and distributed among 229 respondents that fit the criteria: generation Z investors registered with the Indonesian Central Securities Depository (KSEI) and securities firms in Surabaya. The analytical method used in this study is the Structural Equation Model (SEM) with the AMOS program. The results of this study indicate that herding bias, risk perception, and financial literacy variables significantly affect investment decisions. In contrast, mental accounting, regret aversion bias and loss aversion variables do not significantly affect investment decisions. This research contributes to investors, especially Generation Z, so they can be more cautious, wiser, and better at making investment decisions.
References
Addinpujoartanto, N. A., & Darmawan, S. (2020). Pengaruh Overconfidence, Regret Aversion, Loss Aversion, dan Herding Bias terhadap Keputusan Investasi di Indonesia. Riset Ekonomi Dan Bisnis, 13(3), 175–187. https://doi.org/10.26623/jreb.v13i3.2863
Afriani, D., & Halmawati. (2019). Pengaruh Cognitive Dissonance Bias, Overconfidence Bias dan 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, Volume 1(Nomor 4), Halaman 1650-1665. https://doi.org/10.24036/jea.v1i4.168
Afriany, J., & Hakim, A. (2021). Pengaruh Terhadap Financial literacy, Resiko Toleransi, Kemampuan Manajemen Resiko Dalam Keputusan Investasi. 2(2), 170–176. https://doi.org/10.47065/ekuitas.v2i2.660
Aina, N. S. N., & Lutfi, L. (2019). The influence of risk perception, risk tolerance, overconfidence, and loss aversion towards investment decision making. Economics, Business, and Accounting Ventura, 21(3), 401–413. https://doi.org/10.14414/jebav.v21i3.1663
Al-rodhan, N. R. F. (2006). Program on the Geopolitical Implications of Globalization and Transnational Security Definitions of Globalization : A Comprehensive Overview and a Proposed Definition.
Anggraini, A., Zanaria, Y., & Rahayu, S. R. (2021). Pengaruh Financial literacy, Overconfidence, Modal Minimal, Pemahaman Investasi dan Risiko terhadap Mahasiswa Akuntansi Fakultas Ekonomi dan Bisnis Universitas Muhammadiyah Metro. 2(1), 245–255. https://doi.org/10.24127/akuntansi.v2i1.895
Armansyah, R. F. (2021). Overconfidence, Mental Accounting, and Loss Aversion. Auditing, Finance, and Forensic Accounting, 9(1), 44–53. https://doi.org/10.21107/jaffa.v9i1.10523
Atkinson, Adelea, & Messy, F.-A. (2011). Assessing financial literacy in 12 countries: an OECD/INFE international pilot exercise. Journal of Pension Economics and Finance, 10(4), 657-665. https://doi.org/10.1017/S1474747211000539
Budiman, I., Maulana, Z., & Kamal, S. (2021). Pengaruh Literacy Financial, Experienced Regret, dan Overconfidence terhadap Pengambilan Keputusan Investasi di Pasar Modal. 4(2), 321–330. https://doi.org/10.36407/jmsab.v4i2.282
Elhussein, N. H. A., & Abdelgadir, J. N. A. (2020). Behavioral Bias in Individual Investment Decisions: Is It a Common Phenomenon in Stock Markets? International Journal of Financial Research, 11(6), 25-36. https://doi.org/10.5430/ijfr.v11n6p25
Farizi, H., & Lah, S. (2013). Pengaruh Persepsi Kegunaan, Persepsi Kemudahan, Persepsi Risiko dan Kepercayaan Terhadap Minat Menggunakan Internet Banking. Jurnal Ekonomi Dan Bisnis, 2(1), 1-18.
Ferdinand, A. (2006). Metode Penelitian Manajemen: Pedoman Penelitian untuk Penulisan Skripsi, Tesis, dan Disertasi Ilmu Manajemen. Semarang: Badan Penerbit Universitas Diponegoro.
Fityani. (2015). Analisis investor herding behavior dengan multinomial logit regression pada BEI: Studi Kasus pada Saham LQ-45 Periode 2009-2014. Diponegoro Journal of Management, 4(3), 698–711.
Forlani, & Mullins. (2000). Perceived risk and choices in entrepreneurs’ new venture decisions. Journal of Business Venturing, 15(4), 305-322. https://doi.org/10.1016/S0883-9026(98)00017-2
Garman, E. T., & Forgue, R. E. (2010). Personal Finance International Edition. Canada: South-Western College Pub
Gumanti. (2011). Manajemen Investasi, Konsep, Teori dan Aplikasi. Jakarta: Mitra Wacana Media
Gupta, C. (2019). Regret aversion bias and financial risk tolerance. International Journal of Commerce and Management Research International, 5(2), 99–104. http://www.managejournal.com/archives/2019/vol5/issue2/5-1-47.
Harinck, F., Van Beest, I., Van Dijk, E., & Van Zeeland, M. (2012). Measurementinduced focusing and the magnitude of loss aversion: The difference between comparing gains to losses and losses to gains, 7(4), 462-471. https://doi.org/10.1017/S1930297500002795
Hirshleifer, D., & Teoh, S. H. (2003). Herd Behaviour and Cascading in Capital Markets: a Review and Synthesis, 9(1), 25-66. https://doi.org/https://doi.org/10.1111/1468-036X.00207
Hunguru, P., Sibanda, V., & Tadu, R. (2020). Determinants of Investment Decisions: A Study of Individual Investors on the Zimbabwe Stock Exchange. Applied Economics and Finance, 7(5), 38-53. https://doi.org/10.11114/aef.v7i5.4927
Junianto, Y., & Kohardinata, C. (2021). Financial literacy Effect and Fintech in Investment Decision Making. Primanomics : Jurnal Ekonomi & Bisnis, 18(3), 1-19. https://doi.org/10.31253/pe.v19i1.515
Kahneman, & Tversky. (2000). Choices, values, and frames (1st ed.). Cambridge University Press.
Kengatharan, & Kengatharan. (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), 1-23. https://doi.org/10.5296/ajfa.v6i1.4893
KSEI. (2021). Jumlah Investor Pasar Modal Meningkat Pesat selama Periode Januari-Agustus 2021. https://pasarmodal.ojk.go.id/News/Detail/20485 (diakses pada 27 September 2021).
Lestari, W. (2013). Religiusitas Dan Persepsi Risiko Dalam Pengambilan Keputusan Investasi Pada Perspektif Gender. Journal of Business and Banking, 3(2), 189-200. https://doi.org/10.14414/jbb.v3i2.236
Liu, Xiao. 2004. Empirical Studies of Consumer Online Shopping Behavior. Science Department of Information Systems, National University of Singapore.
Luong. (2011). Behavioral Factors Influencing Individual Investors’ Decision-Making and Performance: A Survey at the Ho Chi Minh Stock Exchange. Vietnam: Umea School of Business. Diakses dari www.diva-portal.org/smash/record.jsf?pid=diva2%3A423263&dswid=-6848
Luu. (2014). 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
Mahadevi, S. A., & Asandimitra, N. (2021). Pengaruh Status Quo, Herding Behaviour, Representativeness Bias, Mental Accounting, serta Regret Aversion Bias terhadap Keputusan Investasi Investor Millenial di Kota Surabaya. Jurnal Ilmu Manajemen, Volume 9(Nomor 2), 779-793. https://doi.org/10.26740/jim.v9n2
Mahastanti, L. (2012). Mental Accounting Dan Variabel Demografi : Sebuah Fenomena Pada Penggunaan Kartu Kredit. Kinerja Journal of Business and Economics, 16(2), 89–102. https://doi.org/10.24002/kinerja.v16i2.360
Masomi, S. R., & Ghayekhloo, S. (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, 1(1), 234–237.
Mutawally, F. W., & Asandimitra, N. (2019). Pengaruh Financial Literacy, Risk Perception, Behavioral Finance Dan Pengalaman Investasi Terhadap Keputusan Investasi Mahasiswa Surabaya. Jurnal Ilmu Manajemen (JIM), 7(4), 942–953.
OJK. (2016). 8. Buku Seri Literasi Keuangan Tingkat Perguruan Tinggi - Industri Keuangan Syariah. In Perencanaan Keuangan (pp. 1-30). Jakarta: Otoritas Jasa Keuangan.
Pompian. (2006). Behavioral Finance and Wealth Management. John Wiley & Sons, Inc.
Pratama, A. (2021). Jumlah Investor Pasar Modal Naik, Generasi Milenial dan Z Mendominasi. Okezone, 2. https://economy.okezone.com/read/2021/02/23/278/2367106/jumlah-investor-pasar-modal-naik-generasi-milenial-dan-z-mendominasi?page=1 (diakses pada 27 September 2021).
Putri, N. M. D. R., & Rahyuda, H. (2017). Pengaruh Tingkat Financial literacy dan Faktor Sosiodemografi terhadap Perilaku Keputusan Investasi Individu. 6(9), 3407–3434. https://doi.org/10.24843/EEB.2017.v06.i09.p09
Qasim, M., Hussain, R. Y., Mehboob, I., & Arshad, M. (2019). Impact of herding behavior and overconfidence bias on investors’ decision-making in Pakistan. Accounting, 5(2), 81–90. https://doi.org/10.5267/j.ac.2018.07.001
Ricciardi, & Simon. (2000). What is Behavioral Finance? Business, Education, and Technology Journal, 2(2), 1–9.
Robert A. Olsen. (1998). Behavioral Finance and Its Implications for Stock-Price Volatility. Financial Analysts Journal, 54(2), 10–18.
Robin, R., & Angelina, V. (2020). Analysis of the Impact of Anchoring, Herding Bias, Overconfidence and Ethical Consideration Towards Investment Decision. JIMFE (Jurnal Ilmiah Manajemen Fakultas Ekonomi), 6(2), 253-264. Inpress. https://doi.org/10.34203/jimfe.v6i2.2558
Santi, Fitri, Sahara, & Kamaludin. (2019). The Effect of Mental Accounting on Student’S 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), 137-152. http://dx.doi.org/10.35760/eb.2019.v24i2.1907
Saputro, R. E. H., & Lestari, D. (2019). Effect of Financial literacy and Risk Perception on Student Investment Decisions. 03(2018), 107–132. https://doi.org/10.37715/rme.v3i2.1237
Setiawan, Y. C., Dorkas, A., & Atahau, R. (2018). Cognitive Dissonance Bias , Overconfidence Bias dan Herding Bias dalam Pengambilan Keputusan Investasi Saham. 1(1), 17–25. https://doi.org/26.82017/JKP.2017.001
Subramaniam, A., & Velnampy, T. (2017). The Role of Behavioural Factors in the Investment Decisions of Household Investors. International Journal of Accounting and Financial Reporting, 7(1), 392-412. https://doi.org/10.5296/ijafr.v7i1.11421
Sugiyono. (2017). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Bandung: Alfabeta.
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), 102–110. https://doi.org/10.14445/23939125/ijems-v6i7p116
Sutrisno, E. (2013). Manajemen Sumber Daya Manusia (1st ed.). Jakarta: Kencana.
Sutrisno, H. (1991). Analisis Butir untuk Instrumen Angket, Tes, dan Skala Nilai. Yogyakarta: FP UGM.
Tandelilin, E. (2017). Pasar Modal Manajemen Portofolio & Investasi. Yogyakarta: PT. Kanisius.
Thaler, R. H. (2019). Mental accounting matters. Choices, Values, and Frames, 206(September 1998), 241–268. https://doi.org/10.1017/CBO9780511803475.015
Ullah. (2015). An Empirical Study of Illusion of Control and Self-Serving Attribution Bias, Impact on Investor ’ s Decision Making : Moderating Role of Financial Literacy. Journal of Finance and Accounting, 6(19), 109–118.
Waweru, N. M., Mwangi, G. G., & Parkinson, J. M. (2014). Behavioural factors influencing investment decisions in the Kenyan property market. Afro-Asian Journal of Finance and Accounting, 4(1), 26–49. https://doi.org/10.1504/AAJFA.2014.059500
Widayati, I. (2012). Faktor-Faktor yang Memengaruhi Literasi Finansial Mahasiswa. Assets Jurnal Akuntansi Dan Pendidikan, 1(1), 89-99. https://doi.org/10.25273/jap.v1i1.527
Wulandari, D. A. (2014). Studi Experienced Regret , Risk Tolerance , Overconfidence. 4(1), 55–66. https://doi.org/http://dx.doi.org/10.14414/jbb.v4i1.293
Yohnson. (2008). Regret Aversion Bias dan Risk Tolerance Investor Muda Jakarta dan Surabaya. Jurnal Manajemen Dan Kewirausahaan, 10(2), pp.163-168. https://doi.org/https://doi.org/10.9744/jmk.10.2.pp.%20163-168
Yolanda, Y., & Tasman, A. (2020). Pengaruh Financial literacy dan Risk Perception terhadap Keputusan Investasi Generasi Millennial Kota Padang. 3(1), 144–154. https://doi.org/10.24036/jmpe.v3i1.8533
Yusnidar, Samsir, & Restuti, S. (2014). Pengaruh Kepercayaan dan Persepsi Resiko Terhadap Minat Beli dan Keputusan Pembelian. Jurnal Sosial Ekonomi Pembangunan, IV(12), 311–329.
Zakaria, S. A. S., Brewer, G., & Gajendran, T. (2011). Key Performance Indicators (KPIs) in the Public Sector: A Study in Malaysia. Journal of Asian Social Science, 7(7), 102-107. https://doi.org/10.5539/ass.v7n7p102.
Zhang, C. Y., & Sussman, A. B. (2018). The Role of Mental Accounting in Household Spending and Investing Decisions. In Client Psychology (Issue March). https://doi.org/10.1002/9781119440895.ch6
Downloads
Published
How to Cite
Issue
Section
License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons:Attribution-NonCommercial 4.0 International License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.