Pengaruh Bias Perilaku Terhadap Pengambilan Keputusan Investasi Saham Para Investor Pemula Di Kota Sidoarjo

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.

Determination Analysis of Investment Decision-Making

“…As a result, those who act with overconfidence, have confidence in the investments they make, are unaware of the risks they will face, and there is no support of the most relevant knowledge and information, so that it can mislead the public, that they also do not have good skills in investing, many people make mistakes in making the right investment decisions and fall into the trap of fraudsters in the name of investment. This research is in line with the research of Hesniati & Dedy (2021) states that overconfidence bias has a significant positive effect on investment decisions, reinforced by Aigbovo & Ilaboya (2019), Berliana (2021), Sabilla & Pertiwi (2021), Feriyana et al ( 2020), Supriadi (2022) and Handoyo et al (2019).…”

“…Therefore, harnessing overconfidence bias in a measured manner can potentially enhance investment decisions by encouraging individuals to act on their convictions when warranted. Research conducted by Hesniati & Dedy (2021) states that overconfidence bias has a significant positive effect on investment decisions, reinforced by Aigbovo & Ilaboya (2019), Sabilla & Pertiwi (2021), Feriyana et al (2020), and Handoyo et al (2019. H1: Overconfidence bias positively affects investment decisions.…”

The Influence of Overconfidence Bias, Herding Effect, and Loss Aversion on Investment Decisions in The Capital Market with Financial Literacy as A Moderating Variable

“…They value companies as potential investments and tend to over-trade, thereby underestimating the risks that may arise Afriani & Halmawati, (2019). People affected by overconfidence bias do not understand the limits of their knowledge and therefore feel that their knowledge is the best and most accurate Sabilla, (2021). People who have excessive selfconfidence will be more courageous in making investment decisions, and vice versa, people who have low self-confidence will be less courageous in making decisions.…”

“…Overconfidence bias for Generation Z novice investors is based on various reasons, one of which is an excessive level of confidence when making investment decisions, as well as the limited information they obtain. (Berliana et al, 2021) stated that people who are affected by overconfidence bias do not understand the limits of their knowledge and therefore they feel that the knowledge they have is the best and most accurate knowledge. Overconfidence bias can occur in novice investors or young investors because they prefer risk and they immediately want to make investment decisions quickly without going through a process of analysis and gathering enough information.…”

Impact of Behavioral Biases on Investors’ Stock Trading Decisions: A Comprehensive Quantitative Analysis

“…Behavioral bias, often called irrational behavior, is how a person evaluates a situation, leading to perceptual alterations, errors in considering circumstances, and illogical interpretations. Behavioral bias can drive investors to act irrationally, harming their investments and leading to losses rather than gains profits (3) . Due to rapid shifts in security prices and the influence of psychological and behavioral manifests on investor choices, investment behavior has evolved.…”