Determinan Keuangan Keperilakuan Heuristic dan Herding Analysis terhadap Keputusan Investasi Berbasis Syariah
Keywords:
Keywords: Representativeness, Overconfidence, Herding, Investment Decision
Abstract
Increasing investor interest in investing will certainly increase transaction activity in capital market, so that it will have an impact on the smooth running of company's operations. Business activities that run well and safely will increase the rate of economic growth. Relatively affordable investment capital as launched by Indonesia Stock Exchange since 2015 by holding the "Yuk Nabung Saham" campaign aimed at inviting investors to invest by buying stocks or other instruments on a regular basis at Capital Market. Throughout 2021, the growth in the number of investors has increased very significantly, especially for novice investors from millennial generation to invest in several sharia instruments. This study aims to examine heuristic bias (representativeness, overconvidence) and herding financial behavior models of sharia-based investment decisions for millennials in the West Java region. Quantitative research with a causal design was applied using a purposive sampling technique by collecting a questionnaire of 180 respondents. Meanwhile, the data analysis method uses the PLS software application. The results showed that financial variable representativeness behavior had a significant negative effect on investment decisions of millennial generation in West Java, while financial variables of overconfidence and herding behavior had a significant positive effect on investment decisions of millennial generation in the West Java region.
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Waweru, E. a. (2008). The effects of behavioral factors in investment decision-making: a survey of institutional investors operating at the Nairobi Stock Exchange. International Journal Business & Emerging Markets, 1(1), 25–41.
Wulandari&Iramani. (2014). Studi Experienced Regret, Risk Tolerance, Overconfidance Dan Risk Perception Pada Pengambilan Keputusan Investasi Dosen Ekonomi. Journal of Business and Banking, 4(1), 55. https://doi.org/10.14414/jbb.v4i1.293
Akinkoye&Bankole. (2020). Effect of Emotional Biases on Investor’s Decision Making in Nigeria. International Journal of Business and Management Future, 4(1), 33–39. https://doi.org/10.46281/ijbmf.v4i1.548
Bakar&Yi. (2016). The Impact of Psychological Factors on Investors’ Decision Making in Malaysian Stock Market: A Case of Klang Valley and Pahang. Procedia Economics and Finance, 35(December), 319–328. https://doi.org/10.1016/s2212-5671(16)00040-x
Budiati, E. a. (2018). Profil Generasi Milenial Indonesia. Kementerian Perempuan & BPS. www.freepik.com
Budiman&Ervina. (2020). Pendekatan Perilaku Keuangan Terhadap Keputusan Investasi Emas. Profit, 14(01), 63–68. https://doi.org/10.21776/ub.profit.2020.014.01.7
Capgemini Research Institute. (2020). World Fintech Report 2020. In Capgemini Research Institute.
Ghozali&Latan. (2015). PLS_Teknik&Aplikasi menggunakan program SmartPLS3.0 (2nd ed.). Badan Penerbit Universitas Diponegoro.
Gozalie&Anastasia. (2015). Pengaruh Perilaku Heuristics dan Herding Terhadap Pengambilan Keputusan Investasi Properti Hunian. Finesta, 3(2), 28–32.
Hair, E. a. (2010). Multivariate Data Analysis. In Pearson (Ed.), Pearson Prentice Hall (7th ed.). Pearson Prentice Hall. https://doi.org/10.3390/polym12123016
IDN. (2020). Indonesia Millennial Report 2020. In IDN Research Institute (Vol. 01, pp. 1–83). https://www.idntimes.com/indonesiamillennialreport2019
Isnaini&Fiona. (2021). Analisis Faktor-Faktor yang Mempengaruhi Pengambilan Keputusan Investasi Saham pada Investor Generasi Milenial di Kota Batam yang dengan Locus of Control sebagai Variabel Moderasi. CoMBInES-Conference on Management, Business, Innovation, Education and Social Sciences, 1(1), 2081–2098. https://journal.uib.ac.id/index.php/combines/article/view/4746
Jasmine&Jarot. (2022). Analisis Faktor-Fator yang Mempengaruhi Penggunaan Aplikasi Investasi Reksadana Online pada Generasi Millenial dan Generasi Z. ITEJ (Information Technology Engineering Journals), 7(1), 32–52. https://doi.org/10.24235/itej.v7i1.99
Khalid, et. a. (2018). Impact of Behavioral Biases on Investment Decision Making with Moderating Role of Financial Literacy. Jinnah Business Review, 6(2), 34–41. https://doi.org/10.53369/rkxa7855
Kishori&Kumar. (2016). A Study on Factors Influencing the Investors’ Decision Making in Stock Market with Special Reference to Indian Stock Market. International Journal of Management and Commerce Innovations, 4(1), 39–43. www.researchpublish.com
KSEI. (2021). Statistik Pasar Modal Indonesia Agustus 2021. In Kustodian Sentral Efek Indonesia (pp. 1–6). https://www.ksei.co.id/files/Statistik_Publik_Januari_2021.pdf
Lingesiya&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. https://doi.org/10.5296/ajfa.v6i1.4893
Luong, E. a. (2011). Behavioral Factors Influencing Individual Investor’s Decision Making (Thesis). Umea School of Business.
Madaan&Singh. (2019). An analysis of behavioral biases in investment decision-making. International Journal of Financial Research, 10(4), 55–67. https://doi.org/10.5430/ijfr.v10n4p55
Mahmood, E. a. (2020). The Behavioral Analysis and Financial Performance of Individual Investors At Pakistan Stock Exchange. International Journal of Economics and Financial Issues, 10(5), 158–164. https://doi.org/10.32479/ijefi.10112
Nofsinger, J. R. (2016). The Psychology of Investing. In Routledge (Taylor&Francis Group). Routledge (Taylor&Francis Group). https://doi.org/10.4324/9781315506579
Novianggie&Asandimitra. (2019). The Influence of Behavioral Bias, Cognitive Bias, and Emotional Bias on Investment Decision for College Students with Financial Literacy as the Moderating Variable. International Journal of Academic Research in Accounting, Finance and Management Sciences, 9(June), 92–107. https://doi.org/10.6007/IJARAFMS/v9-i2/6044
Paramita, E. a. (2018). Bias Kognitif Dan Kepribadian Individu: Studi Perilaku Investor Muda. JRMSI - Jurnal Riset Manajemen Sains Indonesia, 9(2), 214–235.
Pompian, M. M. (2011). Behavioral finance and wealth management: How to build investment strategies that account for investor biases. In John Wiley & Sons Ltd. Wiley Finance Publications. https://doi.org/10.1002/9781119202400
Rahadi&Dewi. (2020). A Conceptual Study of Technology Adoption of Online Mutual Fund Investment Platform. European Journal of Business and Management Research, 5(3), 1–5. https://doi.org/10.24018/ejbmr.2020.5.3.334
Rahadi, E. a. (2021). Adoption Analysis of Online Mutual Fund Investment Platform for Millennials in Indonesia. Review of Integrative Business and Economics Research, 10(October), 74–81.
Ramdani. (2018). ANALISIS PENGARUH REPRESENTATIVENESS BIAS DAN HERDING BEHAVIOR DALAM PENGAMBILAN KEPUTUSAN INVESTASI [Universitas Islam Indonesia]. In Universitas Islam Indonesia. http://forschungsunion.de/pdf/industrie_4_0_umsetzungsempfehlungen.pdf%0Ahttps://www.dfki.de/fileadmin/user_upload/import/9744_171012-KI-Gipfelpapier-online.pdf%0Ahttps://www.bitkom.org/ sites/default/files/ pdf/Presse/Anhaenge-an-PIs/ 2018/180607 -Bitkom-KPM
Rasheed, E. a. (2018). Factors influencing investor’s decision making in Pakistan. Review of Behavioral Finance, 10(1), 70–87. https://doi.org/10.1108/rbf-05-2016-0028
Ratnadi, E. a. (2020). Behavioral factors influencing investment decision-making by college student: An empirical study in Bali Province, Indonesia. International Journal of Scientific and Technology Research, 9(2), 1358–1368.
S.Putri&Halmawati. (2020). PENGARUH FINANCIAL LITERACY, REPRESENTATIVENESS BIAS, DAN BIAS OPTIMISME TERHADAP PENGAMBILAN KEPUTUSAN INVESTASI. Jurnal Eksplorasi Akuntansi, 2(3), 2976–2991.
Shefrin, H. et. a. (2017). Estimating Sentiment, Risk Aversion, and Time Preference from Behavioral Pricing Kernel Theory * Estimating Sentiment, Risk Aversion, and Time Preference from Behavioral Pricing Kernel Theory.
Subash. (2012). Role of Behavioral Finance in Portfolio Investment Decisions: Evidence from India. Faculty of Social Science Institute of Economic Studies, 8-9Dash, M. K. (2010). Factors Influencing Investm. http://ies.fsv.cuni.cz/default/file/download/id/20803
Syifa&Nadia. (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. https://doi.org/10.26740/jim.v9n2.p779-793
Theng, E. a. (2019). HOW INVESTOR’S BEHAVIOUR TOWARDS INVESTMENT DECISION? PLSSEM APPROACH. In Universiti Tuanku Abdul Rahman.
Waweru, E. a. (2008). The effects of behavioral factors in investment decision-making: a survey of institutional investors operating at the Nairobi Stock Exchange. International Journal Business & Emerging Markets, 1(1), 25–41.
Wulandari&Iramani. (2014). Studi Experienced Regret, Risk Tolerance, Overconfidance Dan Risk Perception Pada Pengambilan Keputusan Investasi Dosen Ekonomi. Journal of Business and Banking, 4(1), 55. https://doi.org/10.14414/jbb.v4i1.293
Published
2023-12-07
How to Cite
Rozak, A., Nugraha, N., & Sari, M. (2023). Determinan Keuangan Keperilakuan Heuristic dan Herding Analysis terhadap Keputusan Investasi Berbasis Syariah. Jurnal Manajemen Dan Keuangan, 12(2), 266-281. https://doi.org/10.33059/jmk.v12i2.6821
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