Bias perilaku investor dalam mengambil keputusan berinvestasi
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Abstract
This research aims to analyze the existence of investment decision-making processes by
investors that are influenced by investment behavior bias variables and investor types as
variables that are thought to moderate the relationship between the investment decisionmaking process and investment behavior bias. The investment behavior bias in the study
focused on effect disposition behavior bias, habitual behavior bias following community,
and excessive trustyadirian behavior bias. The data used in this study is primary data
sourced from the results of surveys to investors who invested in stocks on the Indonesia
Stock Exchange (IDX) for more than one year. Questionnaires were distributed to
respondents and obtained as many as 350 answers of qualified respondents. Data analysis
used for hypothesis testing is structural equation modeling (SEM) analysis using smart
PLS 3 applications. The results showed that excessive risky behavior bias had a positive
and significant influence on the investment decision-making process. In addition, investor
type variables are proven to also moderate the direction of negative relationships between
habitual behavioral bias following the community in investors and the investment
decision-making process. The results of this study provide information that investment
behavior bias, especially excessive trust and community habits need to be wary of investors
because it can affect the investment decision-making process that may be able to make
irrational decision actions.
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