Dampak Behavioral Finance Terhadap Keputusan Investasi dengan Persepsi Risiko sebagai Variabel Moderasi Pada Masyarakat Kota Batam

  • Alice Alice Universitas Internasional Batam
  • Hery Haryanto
Keywords: Investment Decision, Behavioral Finance, Financial Literacy

Abstract

This study aims to analyze the effect of financial literacy, financial knowledge, overconfidence, financial behaviour, risk aversion and risk perception on investment decisions with risk perception as a moderating variable. The type of research used is quantitative with descriptive analysis research methods. The kind of data used is primary data, with data collection in the form of questionnaires distributed by researchers to bank customers in Batam City. The sample obtained from the results of the questionnaire distribution was 375 respondents using purposive sampling with Slovin's formula. The data analysis method uses a structural equation model with validity and reliability tests using the Smart PLS 3 application. The results of this study prove that there is a significant influence on investment decisions by financial literacy, financial knowledge, overconfidence, financial behaviour, risk aversion and risk perception, but the moderating variable does not have a significant effect.

 

Keywords: Investment Decision, Behavioral Finance, Financial Literacy

 

Abstrak

Penelitian ini bertujuan untuk menganalisis pengaruh dari literasi keuangan, pengetahuan keuangan, sikap terlalu percaya diri, perilaku keuangan, aversi risiko dan persepsi risiko terhadap keputusan investasi dengan persepsi risiko sebagai variabel moderasi. Jenis penelitian yang digunakan adalah kuantitatif dengan metode penelitian analisis deskriptif. Jenis data yang digunakan adalah data primer dengan metode pengumpulan data berupa kuisioner yang disebarkan oleh peneliti kepada kalangan nasabah bank di Kota Batam. Sampel yang didapatkan dari hasil penyebaran kuisioner adalah sebanyak 375 responden menggunakan purposive sampling dengan formula slovin. Metode analisis data menggunakan model persamaan structural dengan uji validitas dan reliabilitas menggunakan bantuan applikasi Smart PLS 3. Hasil dari penelitian ini menunjukkan pengaruh yang signifikan terhadap keputusan investasi oleh literasi keuangan, pengetahuan keuangan, sikap terlalu percaya diri, perilaku keuangan, aversi risiko dan persepsi risiko tetapi variabel moderasi tidak memberikan pengaruh yang signifikan.

 

Kata kunci: Keputusan Investasi, Perilaku Keuangan, Literasi Keuangan

References

Abidin, Z., Maupa, H., Alam, S., & Sobarsyah, M. (2020). Determinants of Financial Behavior in Young Investors’ Islamic Stock Investment Decisions in Indonesia. American International Journal of Business Management (AIJBM) ISSN, 3(11), 1–08. Retrieved from www.aijbm.com

Ademola, S. A., Musa, A. S., & Innocent, I. O. (2019). Moderating Effect of Risk Perception on Financial Knowledge, Literacy and Investment Decision. American International Journal of Economics and Finance Research, 1(1), 34–44. https://doi.org/10.46545 /aijefr.v1i1.60

Adil, M., Singh, Y., & Ansari, M. S. (2021). How financial literacy moderate the association between behaviour biases and investment decision? Asian Journal of Accounting Research, ahead-of-p(ahead-of-print). https://doi.org/10.1108/ajar-09-2020-0086

Alquraan, T., Alqisie, A., & Al Shorafa, A. (2016). Do Behavioral Finance Factors Influence Stock Investment Decisions of Individual Investors? (Evidences from Saudi Stock Market). American International Journal of Contemporary Research, 6(3), 159–169. Retrieved from www.aijcrnet.com

Aminatuzzahra’. (2014). Persepsi Pengaruh Pengetahuan Keuangan, Sikap Keuangan, Sosial Demografi terhadap Perilaku Keuangan dalam Pengambilan Keputusan Investasi individu (Studi Kasus Pada Mahasiswa Magister Manajemana Universitas Diponegoro). Jurnal Bisnis Strategi, 23(2), 70–96.

Ariani, S., Rahmah, P. A. A. A., Putri, Y. R., Rohmah, M., Budiningrum, A., & Lutfi, L. (2016). Pengaruh literasi keuangan, locus of control, dan etnis terhadap pengambilan keputusan investasi. Journal of Business & Banking, 5(2), 257. https://doi.org/10.14414 /jbb.v5i2.706

Arianti, B. F. (2018). The influence of Financial Literacy, Financial Behavior and Income on Investment Decision. Economic and Accounting Journal, 1, 1–10.

Asandimitra, N., Seno Aji, T., & Achmad Kautsar. (2019). Financial Behavior of Working Women in Investment Decision-Making. Information Management and Business Review, 11(2(I)), 10–20. https://doi.org/10.22610/imbr.v11i2(i).2878

Atmaningrum, S., Kanto, D. S., & Kisman, Z. (2021). Investment Decisions: The Results of Knowledge, Income, and Self-Control. Journal of Economics and Business, 4(1), 100–112. https://doi.org/10.31014/aior.1992.04.01.324

Azam, R. I. (2014). Impact of Psychological Factors on Investment Decision Making Mediating by Risk Perception : A Conceptual Study Impact of Psychological Factors on Investment Decision Making Mediating by Risk Perception : A Conceptual Study. Middle-East Journal of Scientific Research, 12 (January 2012), 789–795. https://doi.org/ 10.5829/idosi.mejsr.2012.12.6.1777

Badan Pusat Statistik Kota Batam. (2021). Hasil Sensus Penduduk Batam 2020, 1–11.

Bakar, S., & Yi, A. N. C. (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(October 2015), 319–328. https://doi.org/10.1016/s2212-5671(16)00040-x

Bappenas. (2021). Perkembangan Ekonomi Indonesia dan Dunia Triwulan I Tahun 2021. Bappenas, 5(1), 1–114.

Bebasari, N., & Istikomah, A. (2020). The Effect of Investment Motivation, Financial Literation, and Financial Behavior on Investment Decisions (Studies on Management Students at Pelita Bangsa University). Journal of Research in Business, Economics, and Education, 2(4), 842–851.

BPS. (2020). Pertumbuhan Ekonomi Kota Batam, (27), 1–13. Retrieved from https://batamkota.bps.go.id/indicator/52/307/1/pertumbuhan-ekonomi-kota-batam.html

Budiarto, A. (2017). Pengaruh Financial Literacy, Overconfidence, Regret Aversion Bias, dan Risk Tolerance terhadap Keputusan Investasi (Studi pada investor PT. Sucorinvest Central Gani Galeri Investasi BEI Universitas Negeri Surabaya). Jurnal Ilmu Manajemen (JIM), 5(2), 1–9.

Deb, S., & Singh, R. (2018). Dynamics of Risk Perception Towards Mutual Fund Investment Decisions. Iranian Journal of Management Studies, 11(2), 407–424. https://doi.org/10. 22059/ijms.2018.246392.672920

Desiyanti, R. (n.d.). 268045154, 122–134.

Dewi, I. M., & Purbawangsa, I. B. A. (2018). Pengaruh Literasi Keuangan, Pendapatan Serta Masa Bekerja Terhadap Perilaku Keputusan Investasi. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 7, 1867. https://doi.org/10.24843/eeb.2018.v07.i07.p04

Dinç Aydemir, S., & Aren, S. (2017). Do the effects of individual factors on financial risk-taking behavior diversify with financial literacy? Kybernetes, 46(10), 1706–1734. https://doi.org/10.1108/K-10-2016-0281

Farooq, A., Afzal, M., Sohail, N., & Sajid, M. (2015). Factors Affecting Investment Decision Making: Evidence from Equity Fund Managers and Individual Investors in Pakistan, 5, 62–69.

Gupta, Y., & Ahmed, S. (2016). The impact of psychological factors on investment decision making of investors: an empirical analysis, (November), 40–52.

Hair, Joseph F; C.Black, William;Babin, Barry J;Anderson, R. . (2019). Multivariate Data Analysis eighth edition.

Hendarto, K., Anastasia, N., & Basana, S. R. (2021). The Effect of Financial Literacy, Financial Risk Tolerance, and Financial Socialization Agents on Stock Investment Decision in The Millennial Generation. Petra International Journal of Business Studies, 4(1), 11–22. https://doi.org/10.9744/ijbs.4.1.11-22

Herawati, N. T., & Dewi, N. W. Y. (2020). The Effect of Financial Literacy, Gender, and Students’ Income on Investment Intention: The Case of Accounting Students, 394(Icirad 2019), 133–138. https://doi.org/10.2991/assehr.k.200115.022

Hutomo, A., Marditama, T., Limakrisna, N., Sentosa, I., Lee, J., & Yew, K. (2020). Green Human Resource Management, Customer Environmental Collaboration and the Enablers of Green Employee Empowerment: Enhanching an Environmental Performance, 1(2), 358–372. https://doi.org/10.38035/DIJEFA

Khan, A. R., Azeem, M., & Sarwar, S. (2017). Impact of Overconfidence and Loss Aversion Biases on Investment Decision : Moderating Role of Risk Perception. International Journal of Transformation in Accounting, Auditing & Taxation, 1(1), 23–35. Retrieved from http://management.eurekajournals.com/index.php/IJTAAT/article/view/93/225

KSEI. (2021). Statistik Pasar Modal. Ksei, (September), 1–6. Retrieved from https://www. ksei.co.id/publications/demografi_investor

Lestari, W. (2013). Religiusitas Dan Persepsi Risiko Dalam Pengambilan Keputusan Investasi Pada Perspektif Gender. Journal of Business and Banking, 3(2), 189. https:// doi.org/10.14414/jbb.v3i2.236

Masrurun, I., & Yanto, H. (2015). Determinan Perilaku Investor Individu Dalam Pengambilan Keputusan Investasi Saham. Accounting Analysis Journal, 4(4), 1–9.

Mubaraq, M. R., Airlangga, U., Anshori, M., Airlangga, U., Trihatmoko, H., & Airlangga, U. (2021). the Influence of Financial Knowledge and Risk Tolerance on Invevstment Decision Making, 10 (2), 140–153.

Mutawally, F. W., & Haryono, N. A. (2019). Pengaruh Financial Literacy, Risk Perception, Behavioral Finance Dan Pengalaman Investasi Terhadap Keputusan Investasi Mahasiswa Surabaya. Jurnal Ilmu Manajemen (JIM), 7(4), 942–953.

Nur Aini, N. S., & Lutfi, L. (2019). The influence of risk perception, risk tolerance, overconfidence, and loss aversion towards investment decision making. Journal of Economics, Business & Accountancy Ventura, 21(3), 401. https://doi.org/10.14414 /jebav.v21i3.1663

Otoritas Jasa Keuangan. (2019). Survei Nasional Literasi dan Inklusi Keuangan Indonesia 2019. Survey Report, 1–26. Retrieved from www.ojk.go.id

Pahlevi, R. W., & Oktaviani, I. I. (2018). Determinants of Individual Investor Behaviour in Stock Investment Decisions. AFRE (Accounting and Financial Review), 1(2), 53–61. https://doi.org/10.26905/afr.v1i2.2427

Pradhana, R. W. (2018). Pengaruh Financial Literacy, Cognitive Bias, Dan Emotional Bias Terhadap Keputusan Investasi (Studi Pada Investor Galeri Investasi Universitas Negeri Surabaya). Jurnal Ilmu Manajemen (JIM), 6(3), 108–117.

Pradikasari, E., & Isbanah, Y. (2018). Pengaruh Financial Literacy, Illusion of Control, Overconfidence, Risk Tolerance, dan Risk Perception Terhadap Keputusan Investasi Pada Mahasiswa di Kota Surabaya. Jurnal Ilmu Manajemen (JIM), 6(4), 424–434.

Putri, R. A., & Isbaniah, Y. (2020). Faktor-Faktor Yang Mempengarui Keputusan Investasi Pada Investor Saham Di Surabaya. Jurnal Ilmu Manajemen, Volume 8(Nomor 1), Halaman 197-209.

Qureshi, S. A., Rehman, K. ur, & Hunjra, A. I. (2012). Factors Affecting Investment Decision Making of Equity Fund Managers Factors Affecting Investment Decision Making of Equity Fund Managers. Wulfenia Journal, 19(10), 280–291. Retrieved from http://mpra.ub.uni-muenchen.de/60783/

Rasuma Putri, N. M. D., & Rahyuda, H. (2017). Pengaruh Tingkat Financial Literacy Dan Faktor Sosiodemografi Terhadap Perilaku Keputusan Investasi Individu. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 9, 3407. https://doi.org/10.24843/eeb.2017. v06.i09.p09

Rizkiana , Y. P., & Kartini. (2017). Analisis Tingkat Financial Literacy dan Financial Behavior Mahasiswa S-1 Fakultas Ekonomi Universitas Islam Indonesia. Efektif Journal Ekonomi Dan Bisnis, 7(1), 76–99. Retrieved from http://e-journal.janabadra.ac.id/index. php/jurnalefektif/article/view/249/214

Rustan, D. M. (2021). Financial Literacy , Financial Behavior and Financial Attitudes Towards Investment Decisions and Firm Bankruptcy. Jurnal Ilmiah Akuntansi, 4 (1), 79–87.

Safryani, U., Aziz, A., & Triwahyuningtyas, N. (2020). Analisis Literasi Keuangan, Perilaku Keuangan, Dan Pendapatan Terhadap Keputusan Investasi. Jurnal Ilmiah Akuntansi Kesatuan, 8(3), 319–332. https://doi.org/10.37641/jiakes.v8i3.384

Samsuri, A., Ismiyanti, F., & Narsa, I. M. (2019). The effects of risk tolerance and financial literacy to investment intentions. International Journal of Innovation, Creativity and Change, 10(6), 280–294.

Setiawan, Y. C., Atahau, A. D. R., & Robiyanto, R. (2018). Cognitive Dissonance Bias, Overconfidence Bias dan Herding Bias dalam Pengambilan Keputusan Investasi Saham. AFRE (Accounting and Financial Review), 1(1), 17–25. https://doi.org/10.26905/afr. v1i1.1745

Sindhu, K. ., & Kumar, D. S. R. (2014). Influence of Risk Perception of Investors on Investment Decisions: An Empirical Analysis. Journal of Finance and Bank Management, 2(2), 15–25.

Sumtoro, A., & Anastasia, N. (2015). Perilaku Keuangan dalam Pengambilan Keputusan Berinvestasi Properti Apartemen di Surabaya. Finesta, 3(1), 1–6. Retrieved from https://www.academia.edu/20684844/Perilaku_Keuangan_Dalam_Pengambilan_Keputusan_Berinvestasi_Properti_Residensial_di_Surabaya

Susdiani, L. (2017). Pengaruh Financial Literacy dan Financial Experience Terhadap Perilaku Perencanaan Investasi PNS Di Kota Padang. Jurnal Pembangunan Nagari, 2(1), 61–74.

Tarora, H., & Juwita, R. (2016). Keputusan Investasi (Studi Kasus Nasabah Asuransi Generali Indonesia Cabang Palembang). Ekonomi Manajemen STIE Multi Data Palembang, (x), 1–10.

Upadana, I. W. Y. A., & Herawati, N. T (2020). Pengaruh Literasi Keuangan dan Perilaku Keuangan Terhadap Keputusan Investasi Mahasiswa. Jurnal Ilmiah Akuntansi Dan Humanika, 10(2), 126–135. Retrieved from https://ejournal.undiksha.ac.id/index.php /JJA/article/view/25574

Wulandari, A. D., & Iramani, R. (2014). Studi Experienced Regret, Risk Tolerance, Overconfidance Dan Risk Perception Pada Pengambilan Keputusan Investasi. Journal of Business and Banking, 4(1), 55. https://doi.org/10.14414/jbb.v4i1.293

Copyright Disclaimer

Copyright for this article is retained by the author(s), with first publication rights granted to the journal.

Published
2022-09-24
How to Cite
Alice, A., & Haryanto, H. (2022). Dampak Behavioral Finance Terhadap Keputusan Investasi dengan Persepsi Risiko sebagai Variabel Moderasi Pada Masyarakat Kota Batam. MBIA, 21(2), 159–173. https://doi.org/10.33557/mbia.v21i2.1852
Section
Articles
Abstract viewed = 206 times
pdf : 180 times