Pengaruh Overconfidence Bias, Regret Aversion Bias dan Herding Bias Terhadap Investment Decision Making Pada Investor Saham DI Bursa Efek Indonesia
Adhi Kurniawan Ciptowening, I Wayan Nuka Lantara, M.Si., Ph.D.,
2023 | Tesis | S2 Manajemen
Penelitian ini
bertujuan menguji pengaruh variabel orverconfidence bias, regret aversion bias,
dan herding bias terhadap investment decision making. Populasi penelitian
adalah Masyarakat investor saham di Bursa Efek Indonesia (BEI). Sampel
penelitian berukuran 234 orang investor, dan diposisikan sebagai responden
penelitian. Metode convenience sampling digunakan untuk pengambilan sampel.
Data primer diperlukan untuk menguji hipotesis penelitian dikoleksi dari responden
dengan menggunakan instrumen kuesioner. Analisis data untuk menguji hipotesis menggunakan
model regresi linier berganda. Hasil pengujian hipotesis menunjukkan: (a)
variabel overconfidence bias mempunyai pengaruh positif signifikan, (b) regret
aversion bias tidak berpengaruh (c) herding bias tidak memiliki pengaruh pada
investment decision making. Pengaruh simultan dari model regresi diperoleh
koefisien determinasi sebesar 40,9%; dan sekitar 59,1%, keragaman variabel
investment decision making ditentukan oleh variabel-variabel di luar model
penelitian ini.
This study aims to examine the effect of overconfidence
bias, regret aversion bias, and herding bias on investment decision making. The
research population is the stock investor community in the Indonesia Stock
Exchange (IDX). The research sample size is 234 investors, and are positioned
as research respondents. Convenience sampling method was used for sampling.
Primary data needed to test the research hypothesis was collected from
respondents using a questionnaire instrument. Data analysis to test the
hypothesis using multiple linear regression models. The results of hypothesis testing
show: (a) the variable overconfidence bias has a significant positive effect,
(b) regret aversion bias has no effect, (c) herding bias has no effect. The
simultaneous effect of the regression model obtained a coefficient of
determination of 40.9%; and around 59.1%, the various influences on investment
decision making variables are determined by variables outside this research
model.
Kata Kunci : overconfidence bias, regret aversion bias, herding bias, investment decision making, investasi