Pengaruh Financial Literacy, Overconfidence dan Herding Behaviour Terhadap Keputusan Investasi
Abstract
The study aimed to investigate the influence of financial literacy, overconfidence, and herding behavior on investment decisions in PT. Phillip Securitas Ambon Branch. It involved active investors who had invested in PT. Phillip Sekuritas Ambon Branch until 2023, with a sample size of 33 respondents. Data collection took place from April to June 2023, using questionnaires. The collected data were analyzed using the multiple regression method with SPSS 26.0, The results indicated that all three hypotheses were accepted. Financial literacy had a significant positive impact on investment decisions, overconfidence also had a significant positive effect, and herding behavior showed a positive but not significant effect on investment decisions in PT. Phillip Sekuritas Ambon Branch. The study suggests that investors should focus on improving their financial literacy, avoid making decisions based solely on emotions or excessive self-confidence, and strive to be rational in their investment decisions.
Downloads
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). https://doi.org/10.24036/jea.v1i4.168
Aristiwati, I. N., & Hidayatullah, S. K. (2021a). Pengaruh Herding dan Overconfidence Terhadap Keputusan Investasi (Studi pada Nasabah Emas Kantor Pegadaian Ungaran). Among Makarti, 14(1), 15–30. https://doi.org/10.52353/ama.v14i1.202
Baker, H. K., & Nofsinger, J. R. (2002). Psychological Biases of Investors. Financial Services Review, 11(2). https://www.proquest.com/docview/212053247?sourcetype=Scholarly%20Journals
Budiarto, A., & 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). https://ejournal.unesa.ac.id/index.php/jim/article/view/19441
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). https://doi.org/10.24912/jmieb.v4i2.8729
Handoyo, S. D., Rispanto, & Widarno, B. (2019). Pengaruh Overconfidence, Illusion of Control, Anchoring, Loss Aversion pada Pengambilan Keputusan Investasi oleh Mahasiswa Unisri Sebagai Investor Pemula. Jurnal Akuntansi Dan Sistem Teknologi Informasi, 15. https://ejurnal.unisri.ac.id/index.php/Akuntansi/article/view/3704
Hikmah, H., Siagian, M., & Siregar, P. (2020). Analisis Tingkat Literasi Keuangan, Experienced Regret, dan Risk Tolerance pada Keputusan Investasi di Batam. Jesya (Jurnal Ekonomi & Ekonomi Syariah), 3(1). https://doi.org/10.36778/jesya.v3i1.142
KSEI. (2021). Statistik Pasar Modal Indonesia. Ksei.Co.Id. https://www.ksei.co.id/files/Statistik_Publik_Desember_2021.pdf
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). https://doi.org/10.26740/jim.v9n2.p779-793
Margono, S. (2005). Metode Penelitian Pendidikan, Jakarta: Rineka Cipta, 1997. Subana, Drs, Statistik Pendidikan, Bandung: Pustaka Setia.
Matruty, D. J., Borolla, J. D., & Regar, E. (2021). Determinan Keputusan Mahasiswa Dalam Berinvestasi. PUBLIC POLICY (Jurnal Aplikasi Kebijakan Publik & Bisnis), 2(2). https://doi.org/10.51135/publicpolicy.v2.i2.p331-349
Muchammad Ichsan Kamil, Gatot Nazir Ahmad dan Umi Widyastuti, (2024). Determinan Keputusan Investasi; Studi pada Geberasi Sandwich, Journal of Business Application, 3(1), https://stia-saidperintah.e-journal.id/jba/article/view/272/167
Nababan, D., & Sadalia, I. (2013). Analisis Personal Financial literacy dan Financial Behavior Mahasiswa Strata I Fakultas Ekonomi Universitas Sumatera Utara. Media Informasi Manajemen, 1(1). https://garuda.kemdikbud.go.id/documents/detail/1432553
Otoritas Jasa Keuangan Republik Indonesoa. (2016). Peraturan Otoritas Jasa Keuangan Nomor 76 /POJK.07/2016. Peraturan Otoritas Jasa Keuangan, 53(9).
Pompian, M. M. (2011). Behavioral Finance and Wealth Management: How to Build Investment Strategies that Account for Investor Biases. In Behavioral Finance and Wealth Management: How to Build Investment Strategies That Account for Investor Biases. https://doi.org/10.1002/9781119202400
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). https://ejournal.unesa.ac.id/index.php/jim/article/view/24408
Putri, W. W., Hamidi, M., Manajemen, D. M., Ekonomi, F., & Andalas, U. (2019). Pengaruh Literasi Keuangan, Efikasi Keuangan, dan Faktor Demografi Terhadap Pengambilan Keputusan Investasi (Studi Kasus pada Mahasiswa Magister Manajemen). Jim.Unsyiah.Ac.Id, 4(1). https://jim.usk.ac.id/EKM/article/view/10703
Ramdani, F. N. (2018). Analisis Pengaruh Representativeness Bias dan Herding Behavior Terhadap Keputusan Investasi (Studi pada Mahasiswa di Yogyakarta). Bisnis, 1999(December). https://dspace.uii.ac.id/bitstream/handle/123456789/10549/JURNAL%20FEBI.pdf?sequence=2&isAllowed=y
Rasyid, R., Linda, M. R., Patrisia, D., Fitra, H., & Susanti, Y. (2018). The Effect of the Locus of Control, Financial Knowledge and Income on Investment Decisions. https://doi.org/10.2991/piceeba-18.2018.55
Rizka Afifa Idelia, Gatot Nazir Ahmad & Muhammad Edo Suryawan Sirega, (2023). Pengaruh Financial Attitude, Financial Socialization dan Financial Experience Terhadap Perilaku Manajemen Keuangan, Journal of Business Application, 2(2), https://stia-saidperintah.e-journal.id/jba/article/view/193/129
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. https://jurnal.kwikkiangie.ac.id/index.php/JM/article/view/699
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). https://doi.org/10.26905/afr.v1i1.1745
Siahaan, S. A. N. (2022). Pengaruh Financial literacy dan Behavioral Finance Factors Terhadap Keputusan Investasi. In הארץ (Issue 8.5.2017). https://prosiding-old.pnj.ac.id/index.php/snampnj/article/download/5874/2937
Sihombing, Y. R., & Prameswary, R. S. A. (2023). The Effect of Overconfidence Bias and Representativeness Bias on Investment Decision with Risk Tolerance as Mediating Variable. Indikator: Jurnal Ilmiah Manajemen Dan Bisnis, 7(1). https://doi.org/10.22441/indikator.v7i1.18396
Valentina, N., & Pamungkas, A. S. (2022). Pengaruh Financial literacy, Herding behavior dan Overconfidence terhadap Investment Decision. Jurnal Manajerial Dan Kewirausahaan, 4(4). https://doi.org/10.24912/jmk.v4i4.20535
Wulandari. (2014). Studi Experienced Regret, Risk Tolerance, Overconfidance dan Risk Perception pada Pengambilan Keputusan Investasi Dosen Ekonomi.Journal of Business and Banking, Volume 4. In Journal of Business and Banking (Vol. 4, Issue 1). https://journal.perbanas.ac.id/index.php/jbb/article/viewFile/293/231
Copyright (c) 2024 author(s)
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors whose manuscripts are published in the Journal of Public Policy must agree to the following terms;
- Publication rights for all manuscript materials published are held by the editorial board with the author's consent.
- The legal formalities for digital access to the Journal of Public Policy are subject to the Creative Commons Attribution Sharealike (CC BY SA) license, which means the Journal of Public Policy has the right to store, redistribute, reformat, manage in a database, maintain, and publish the manuscript without seeking permission from the author as long as the author's name is included as the copyright owner.
- Published manuscripts are open access for the purpose of disseminating research results. Besides this purpose, the editorial board is not responsible for copyright law violations.