Perilaku Bias Emosional dan Risk Tolerance dalam Pengambilan Keputusan Investasi
Abstract
Penelitian ini bertujuan untuk menginvestigasi pengaruh perilaku overconfidence, loss aversion, regret aversion, herding, dan risk tolerance terhadap keputusan investasi. Teori yang digunakan adalah teori prospect. Sampel penelitian terdiri dari investor pasar modal di Kota Makassar, Provinsi Sulawesi Selatan yang dipilih secara purposive. Total sampel sebanyak 157 responden. Metode pengumpulan data yang digunakan adalah survei menggunakan kuesioner dan dianalisis menggunakan regresi linear berganda. Hasil penelitian menunjukkan bahwa perilaku overconfidence dan regret aversion tidak memiliki pengaruh signifikan terhadap keputusan investasi, perilaku loss aversion memiliki pengaruh negatif dan signifikan terhadap keputusan investasi, serta perilaku herding dan risk tolerance memiliki pengaruh positif dan signifikan terhadap keputusan investasi. Investor perlu memerhatikan bias emosional agar meminimalisir kerugian di masa yang akan datang serta perlu membandingkan risiko dalam berinvestasi yang sesuai dengan tingkat risk tolerance investor.
Downloads
References
Ady, S. U., & Hidayat, A. (2019). Do Young Surabaya‘s Investors Make Rational Investment Decisions? International Journal of Scientific & Technology Research, 8(7), 319-322.
Ammann, M., Frey, R., & Verhofen, M. (2014). Do Newspaper Articles Predict Aggregate Stock Returns? Journal of Behavioral Finance, 15(3), 195-213.
Areiqat, A. Y., Abu-Rumman, A., Al-Alani, Y. S., & Alhorani, A. (2019). Impact of Behavioral Finance on Stock Investment Decisions Applied Study on a Sample of Investors at Amman Stock Exchange. Academy of Accounting and Financial Studies Journal, 23(2), 1-17.
Asri, M. (2015). Keuangan Keperilakuan (Pertama). Yogyakarta: BPFE-Yogyakarta.
Azouzi, M., & Anis, J. (2012). CEO Emotional Bias and Investment Decision, Bayesian Network Method. Management Science Letters, 2(4), 1259-1278.
Bahri, M. S. (2018). Pengaruh Risk Tolerance, Risk Perception dan Kecerdasan Spiritual terhadap Keputusan Investasi. Skripsi, STIE Perbanas SURABAYA.
Bakar, S., & Yi, A. N. C. (2016). The Impact of Psychological Factors on Investor’s Decision Making in Malaysian Stock Market: A Case of Klang Valley and Pahang. Procedia Economics and
Baker, H. K., & Ricciardi, V. (2014). How Biases Affect Investor Behaviour. The European Financial Review, 7-10.
Barberis, N., Mukherjee, A., & Wang, B. (2016). Prospect Theory and Stock Returns: An Empirical Test. The Review of Financial Studies, 29(11), 3068-3107.
Bashir, T., Rasheed, S., Raftar, S., Fatima, S., & Maqsood, S. (2013). Impact of Behavioral Biases on Investor Decision Making: Male vs Female. Journal of Business and Management, 10(3), 60-68.
Budiarto, A., & Susanti, S. (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). Jurnal Ilmu Manajemen (JIM), 5(2), 1-9.
Corzo, T., Prat, M., & Vaquero, E. (2014). Behavioral Finance in Joseph de la Vega's Confusion de Confusiones. Journal of Behavioral Finance, 15(4), 341-350.
Danepo, M. (2018). Pengaruh Bias Perilaku Investor terhadap Keputusan Investasi di Pasar Saham (Studi pada Bursa Efek Indonesia) (Tesis). Universitas Lampung.
Farooq, A., & Sajid, M. (2015). Factors Affecting Investment Decision Making: Evidence from Equity Fund Managers and Individual Investors in Pakistan. Research Journal of Finance and Accounting, 6(9), 2222-1697.
Ferdinand, A. (2014). Metode Penelitian Manajemen: Pedoman Penelitian untuk Penulisan Skripsi Tesis dan Disertasi Ilmu Manajemen. Universitas Diponegoro Press.
Figner, B., & Weber, E. U. (2015). Personality and Risk Taking. In International Encyclopedia of the Social & Behavioral Sciences: Second Edition (pp. 809-813). Elsevier Inc.
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), 396-405.
Ghalandari, K., & Ghahremanpour, J. (2013). The Effect of Market Variables and Herding Effect on Investment Decision as Factor Influencing Investment Performance in Iran. Journal of Basic and Applied Scientific Research, 3(3), 313-318.
Godoi, C. K., Marcon, R., & Barbosa daSilva, A. (2005). Loss Aversion: A Qualitative Study in Behavioural Finance. Managerial Finance, 31(4), 46-56
Gozalie, S., & Anastasia, N. (2015). Pengaruh Perilaku Heuristics dan Herding terhadap Pengambilan Keputusan Investasi Properti Hunian. Finesta, 3(2), 28-32.
Gupta, Y., & Ahmed, S. (2017). The Impact of Behavioral Biases on Investor’s Behavior in Indian Stock Market. International Journal of Management and Social Science Research Review, 1(37).
Haigh, M. S., & List, J. A. (2005). Do Professional Traders Exhibit Myopic Loss Aversion? An Experimental Analysis. The Journal of Finance, 60(1), 523-534.
Hariharan, G., Chapman, K. S., & Domian, D. L. (2000). Risk Tolerance and Aset Allocation for Investors Nearing Retirement. Financial Services Review, 9(2), 159-170.
Jannah, W., & Ady, S. U. (2017). Analisis Fundamental, Suku Bunga, dan Overconfidence terhadap Pengambilan Keputusan Investasi pada Investor di Surabaya. Ekspektra: Jurnal Bisnis dan Manajemen,, 1(2), 138-155.
Kahneman, D., & Tversky, A. (2013). Prospect Theory: An Analysis of Decision Under Risk. In Handbook of the Fundamentals of Financial Decision Making: Part I, 99-127.
Kansal, P., & Singh, S. (2018). Determinants of Overconfidence Bias in Indian Stock Market. Qualitative Research in Financial Markets, 10(4), 381-394.
Kartini, K., & Nugraha, N. F. (2015). Pengaruh Illusions of Control, Overconfidence dan Emotion Terhadap Pengambilan Keputusan Investasi pada Investor di Yogyakarta. Asian Journal of Innovation and Entrepreneurship, 4(2), 114-122.
Khan, M. Z. 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.
Khan, M. T. I., Tan, S. H., & Chong, L. L. (2016). The Effects of Stated Preferences for Firm Characteristics, Optimism and Overconfidence on Trading Activities. International Journal of Bank Marketing, 34(7), 1114-1130.
Kufepaksi, M. (2016). Perilaku Penipuan Diri di Bursa Saham. Expert: Bandar Lampung.
Levy, J. S. (1992). An Introduction to Prospect Theory. Political Psychology, 13(2), 171-186.
Manuel, J., & Mathew, G. (2017). Impact of Cognitive Biases in Investment Decisions of Individual Investors in Stock Market. International Journal of Engineering Technology, 5(6), 531–538.
Nurdinda, W., Muslihat, A., & Putra, R. A. K. (2020). Pengaruh Regret Aversion Bias dan Risk Tolerance bagi Investor Muda Jawa Barat terhadap Keputusan Investasi. AKUNSIKA: Jurnal Akuntansi dan Keuangan, 1(1), 30-38.
Odean, T. (1998). Are Investors Reluctant to Realize Their Losses? The Journal of Finance, 53(5), 1775-1798.
Olsen, R. A. (1998). Behavioral Finance and Its Implications for Stock-Price Volatility. Financial Analysts Journal, 54(2), 10-18.
Paramita, R. S., Isbanah, Y., Kusumaningrum, T. M., Musdholifah, M., & Hartono, U. (2018). Young Investor Behavior: Implementation Theory of Planned Behavior. International Journal of Civil Engineering and Technology, 9(7), 733-746.
Pompian, M. M. (2011). Behavioral Finance and Wealth Management: How to Build Investment Strategies that Account for Investor Biases. John Wiley & Sons.
Pradhana, 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), 108-117.
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), 424-434.
Pratiwi, N. P. A. I. (2016). Pengaruh Literasi Keuangan, Percaya Diri Berlebih, dan Toleransi Risiko pada Pengambilan Keputusan Investasi Masyarakat Sidoarjo. (Skripsi). STIE Perbanas Surabaya.
Putra, I. P. S., Ananingtiyas, H., Sari, D. R., Dewi, A. S., & Silvy, M. (2016). Pengaruh Tingkat Literasi Keuangan, Experienced Regret, dan Risk Tolerance pada Pemilihan Jenis Investasi. Journal of Business and Banking, 5(2), 271-282.
Putri, F. K., Bramanti, W. G., & Hakim, M. S. (2017). Pengaruh Faktor Kepribadian Terhadap Toleransi Risiko Keputusan Investasi Saham. Jurnal Teknik ITS, 6(1), 7-11.
Putri, R. A., & Isbanah, Y. (2020). Faktor-Faktor yang Mempengaruhi Keputusan Investasi pada Investor Saham di Surabaya. Jurnal Ilmu Manajemen, 8(1), 197– 209.
Rakhmatulloh, A. D., & Asandimitra, N. (2019). Pengaruh Overconfidence, Accounting Information, dan Behavioural Motivation terhadap Keputusan Investasi di Kota Surabaya. Jurnal Ilmu Manajemen (JIM), 7(3), 796-806.
Ramdani, F. N. (2018). Analisis Pengaruh Representativeness Bias dan Herding Behavior dalam Pengambilan Keputusan Investasi (Studi pada Mahasiswa di Yogyakarta) (Skripsi). Universitas Islam Indonesia.
Safitri, K. (2020). BEI Catat Jumlah Investor Pasar Modal Naik 42 Persen pada 2020. Retrieved November 12, 2021, from https://money.kompas.com/read/2020/12/01/150325726/bei-catat-jumlah-investor-pasar-modal-naik-42-persen-pada-2020.
Salvatore, T., & Esra, M. A. (2020). Pengaruh Overconfidence, Herding, Regret Aversion, dan Risk Tolerance terhadap Pengambilan Keputusan Investasi Investor. Jurnal Manajemen, 10(1), 48-56.
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).
Singh, T., & Sikarwar, G. S. (2015). The Influence of Investor Psychology on Regret Aversion. Global Journal of Management And Business Research, 15(2), 55-69.
Subash, R. (2012). Role of Behavioral Finance in Portfolio Investment Decisions: Evidence from India (Diploma Thesis). Charles University.
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.
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.
Thaler, R. H., Tversky, A., Kahneman, D., & Schwartz, A. (1997). The Effect of Myopia and Loss Aversion on Risk Taking: An Experimental Test. The Quarterly Journal of Economics, 112(2), 647-661.
Vijaya, E. (2014). An Empirical Analysis of Influential Factors on Investment Behaviour of Retail Investors’ in Indian Stock Market: A Behavioural Perspective. International Journal in Management and Social Science, 2(12), 296-308.
Virigineni, M., & Rao, M. B. (2017). Contemporary Developments in Behavioural Finance. International Journal of Economics and Financial Issues, 7(1), 448-459.
Wardani, A. K., & Lutfi, L. (2017). Pengaruh Literasi Keuangan, Experienced Regret, Risk Tolerance, dan Motivasi pada Keputusan Investasi Keluarga dalam Perspektif Masyarakat Bali. Journal of Business and Banking, 6(2), 195-214.
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), 55-66.
Yao, R., & Curl, A. L. (2011). Do Market Returns Influence Risk Tolerance? Evidence from Panel Data. Journal of Family and Economic Issues, 32(3), 532-544.
Yulianis, N., & Sulistyowati, E. (2021). The Effect of Financial Literacy, Overconfidence, and Risk Tolerance on Investment Decision. Journal of Economics, Business, and Government Challenges, 4(1), 61-71.
Copyright (c) 2022 Muhammadiyah Riau Accounting and Business Journal
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 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 License that allows others to share the work with an acknowledgment 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 acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work
Abstract views: 563 , 
PDF downloads: 646
