Preferensi Investor Terhadap Strategi Investasi di Pasar Modal
FACHRUDDIN ARROZY MUHAMMAD (Pembimbing: Dr. Jogiyanto HM., MBA.), Dr. Jogiyanto HM., MBA.
Abstrak
Penelitian ini menanggapi isu bahwa investasi sekuritas di pasar modal dipengaruhi oleh mental discounting process dan bervariasi antara investor yang satu dengan investor yang lain dalam menentukan tipe strategi investasi sekuritas yang tepat. Hal tersebut dilakukan karena investor mempunyai preferensi maksimalisasi utilitas pada income dalam subyektifitas discounted interest rate di tipe strategi investasi speculative, aggressive, core, dan foundation capital. Penggunaan domain strategi investasi ini dihipotesiskan bahwa preferensi subyektifitas discount interest rate antara domain strategi investasi mempunyai tingkat mean, variance dan model penjelas yang berbeda. Analisis dilakukan terhadap 303 investor yang dikelompokkan ke dalam 4 cluster yaitu strategi speculative, aggressive, core, dan foundation capital. Hasil penelitian menunjukkan bahwa preferensi subyektifitas discount interest rate antara domain strategi investasi mempunyai tingkat mean dan model penjelas yang berbeda, tetapi mempunyai variance yang sama sehingga dapat dikatakan preferensi subyektifitas discounted interest rate sama dengan preferensi risk investor. Hasil ini mengindikasikan bahwa maksimalisasi utilitas investor pada income diharapkan investor menerima keuntungan tertinggi dengan resiko yang sama. Pengaruh faktor turbulensi pasar pada kondisi pasar bearish, menunjukkan investor tidak mempunyai preferensi subyektifitas discounted interest rate. Hasil ini juga menunjukkan model domain strategi investasi speculative, aggressive, core, dan foundation capital berbeda antar grup dan ini konsisten dengan hasil dari penelitian Wahlund dan Gunnarsson (1996).
Kata kunci: Preferensi, subyektifitas discounted interest rate, maksimalisasi utilitas, strategi investasi.
abstract
This research response issue about securities investment in capital market were impacted by process mental discounting and various between one investor with the other investor in made type strategy securities investment were exactly. It was did because investor had utility maximal preference on income about discounted interest rate subjective in type investment strategy speculative, aggressive, core, and foundation capital. Using domain on investment strategy, it were hypothesized that discounted interest rate of subjective preference to escort domain investment strategy had level mean, variance, and explained model different. Analysis were based on 303 investor in 4 cluster were speculative strategy, aggressive strategy, core strategy, and foundation capital strategy as member of Masyarakat Investor Sekuritas Indonesia (MIST). The result show that discounted interest rate between domain investmen strategy have level mean and explained model different, but have not variance different as were told that subjective discounted interest rate preference equal with risk investor preference. This is indicate that utility maximal investor on income suggested to give optimal return with the
same as risk. The impact turbulence market factor on bearish condition, investor have not risk preference. This result too show model domain investment speculative, aggressive strategy, core strategy, and foundation capital strategy different among group and this consistent with result from Wahlund and Gunnarsson (1996).
Keywords: Preference, discounted interest rate subjective, utility maximal, investment strategy.
Kata Kunci : Preferensi, Strategi Investasi
