Pengaruh myopic loss aversion terhadap perilaku investor dalam proses pengambilan keputusan investasi berisiko :: Studi eksperimental

WENDY, Prof. Dr. Marwan Asri, MBA

2008 | Tesis | S2 Manajemen

Mengacu pada teori keperilakuan keuangan, penelitian ini mencoba menganalisis adanya faktor psikologi yang memengaruhi perilaku para investor dalam proses pengambilan keputusan investasi berisiko berdasarkan teori myopic loss aversion. Di samping itu, eksperimen ini juga memperhatikan faktor gender. Penelitian ini menggunakan desain eksperimen campuran between-within group dengan matrik 2 x 2 (dua jenis perlakuan: frequent dan infrequent, dan dua kelompok partisipan: kelompok tidak berpengalaman dan kelompok berpengalaman). Hasil analisis menunjukkan adanya konsistensi ke dua kelompok partisipan terhadap teori myopic loss aversion. Selain itu, kelompok berpengalaman ternyata menunjukkan konsistensi yang lebih besar terhadap teori myopic loss aversion dibandingkan kelompok tidak berpengalaman. Temuan lain menunjukkan bahwa konsistensi kelompok tidak berpengalaman terhadap teori myopic loss aversion hanya terjadi pada beberapa ronde terakhir sebelum eksperimen selesai, sementara itu kelompok berpengalaman menunjukkan konsistensi mereka pada setiap ronde trading selama eksperimen berlangsung. Analisis terhadap variabel gender pada kelompok tidak berpengalaman menunjukkan bahwa partisipan laki-laki ternyata lebih berani mengambil keputusan investasi berisiko dibandingkan partisipan perempuan. Sementara itu, pada kelompok berpengalaman, ternyata keberanian partisipan laki-laki dan keberanian partisipan perempuan tidak menunjukkan perbedaan yang bermakna. Hal ini diyakini karena adanya faktor lain yang turut memengaruhi perilaku investor dalam proses pengambilan keputusan investasi berisiko seperti tingkat pendidikan formal, tingkat penghasilan, usia, dan pengalaman trading. Temuan lain menunjukkan adanya efek kejutan yang dialami para partisipan setelah menghadapi kemenangan/kekalahan pada ronde pertama pada saat diberikan perlakuan frequent.

Refering to the theory of behavioral finance, this research tries to investigate the existence of psychological factors that influence the investors behavior on the risky investment decision making process based on the myopic loss aversion theory. It is also concerned with the influence of gender factor in the risky investment decision making process. This research applied a combined experiment design of betweenwithin group with the matrix of 2 x 2 (two types of treatment: the frequent and the infrequent, and two groups of participants: the experienced and the inexperienced). The result shows that both groups of participants are consistent towards the myopic loss aversion theory. Besides, the first group which is represented by the investors, is more consistent towards this theory than the inexperienced group. The researcher also discovered that the consistency of the inexperienced group towards the myopic loss aversion theory is only happening on the few last rounds before the experiment ends, while the experienced group show their consistency in all rounds. The analysis towards the gender variable of the inexperienced group revealed that the male participants are braver in the decision making process of risky investments rather than the female participants. On the other hand, the behavior of either the male or female participants in the experienced group did not show any difference at all. The researcher also found that there are other factors which could also influence the investors behavior on the risky investment decision making process such as the level of formal education, level of income, age, and trading experiences. The researcher also discovered that there is a shock effect encountered by the participants after winning or losing on the first round, when administering the frequent treatment.

Kata Kunci : Keperilakuan keuangan,Myopic loss aversion, Behavior Finance, Myopic Loss Aversion, Frequent and Infrequent Treatments, Gender, and Shock Effect.