Pengaruh Literasi Keuangan, Perilaku Keuangan, Herding Behavior, Risk Tolerance, dan Overconfidence terhadap Keputusan Investasi Pasar Modal (Studi Kasus pada Mahasiswa Universitas Muhammadiyah Surakarta)
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Apr 10, 2024
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Herding Behavior, Capital Market Investment Decisions, Financial Literacy, Overconfidence, Financial Behavior, Risk Tolerance
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Abstract
The purpose of this study was to analyze the effect of financial literacy, financial behavior, herding behavior, risk tolerance, and overconfidence on capital market investment decisions (case study on students of Universitas Muhammadiyah Surakarta). This type of research is quantitative. The population used in this study were Accounting students at Universitas Muhammadiyah Surakarta in the class of 2020. This study uses a sample withdrawal method, namely the NonProbability Sampling method using Purposive Sampling technique. The number of samples used in this study were 311 respondents. The data in this study are primary data. The data analysis techniques used are validity test, reliability test, normality test, multicollinearity test, heteroscedasticity test, multiple linear regression analysis test, and hypothesis testing. The result of this study is that financial literacy has no significant effect on investment decision making. A person's financial behavior does not affect his investment decisions. Herding behavior has a significant effect on investment decisions. Risk tolerance affects investment decision making. Overconfidence affects investment decision making.
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Dewanti, A. P. R., & Triyono. (2024). Pengaruh Literasi Keuangan, Perilaku Keuangan, Herding Behavior, Risk Tolerance, dan Overconfidence terhadap Keputusan Investasi Pasar Modal (Studi Kasus pada Mahasiswa Universitas Muhammadiyah Surakarta). Jurnal EMT KITA, 8(2), 672–687. https://doi.org/10.35870/emt.v8i2.2396
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Wulandari, D. A. (2014). Studi Experienced Regret, Risk Tolerance, Overconfidance Dan Risk Perception Pada Pengambilan Keputusan Investasi. Journal of Business &Amp; Banking, 4(1), 55–66.
Anggraini, A. (2022). Pengaruh Perilaku, Sikap Keuangan, Gaya Hidup, Pengetahuan Keuangan, Pendapatan dan Kontrol Diri Terhadap Keputusan Berinvestasi Karyawan Usia Produktif di Jakarta. YUME : Journal of Management, 5(3), 51–61. doi: 10.37531/yume.vxix.45674.
Arianti, B. F. (2020). Pengaruh Pendapatan Dan Perilaku Keuangan Terhadap Literasi Keuangan Melalui Keputusan Berinvestasi Sebagai Variabel Intervening. Jurnal Akutansi, 10(1), 13–36.
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, 319–328. doi: 10.1016/s2212-5671(16)00040-x.
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 Volume, 5(2), 1–9.
Darmadji, T., & Hendi, M. F. (2012). Pasar Modal di Indonesia: Pendekatan Tanya Jawab. Jakarta: Salemba Empat.
Dewi, N. P. P. K., & Krisnawati, A. (2020). Pengaruh financial literacy, risk tolerance dan overconfidence terhadap pengambilan keputusan investasi pada usia produktif di kota bandung. Jurnal Mitra Manajemen, 4(2), 236–250.
Fauziah, L. N. (2019). Analisis pengaruh tingkat literasi keuangan dan religiusitas terhadap keputusan investasi: Studi pada mahasiswa Fakultas Ekonomi UIN Maulana Malik Ibrahim Malang. Universitas Islam Negeri Maulana Malik Ibrahim.
Hasibuan, B. K., Lubis, Y. M., & Altsani, W. H. (2017). Financial Literacy and Financial Behavior as a Measure of Financial Satisfaction. In Proceedings of the 1st Economics and Business International Conference 2017 (EBIC 2017).
Herlianto, D. (2015). Manajemen Investasi Plus Jurus Mendeteksi Investasi Bodong. Yogyakarta: Gosyen Publishing.
Laily, N. (2016). Pengaruh Literasi Keuangan Terhadap Perilaku Mahasiswa Dalam Mengelola Keuangan. JABE (Journal of Accounting and Business Education), 1(4).
Lakshmi. (2016). Assessing the linkage behavioral traits and investment decisions using SEM approach. International Journal of Economic and Management, 7(2), 221–241.
Lao, P., & Singh, H. (2011). Herding Behaviour in the Chinese and Indian Stock Markets. SSRN Electronic Journal, 22(6).
Listiani, E., & Soleha, E. (2023). Literasi Keuangan, Risk Tolerance dan Overconfidence Terhadap Keputusan Investasi pada Pekerja di Kawasan Industri Cikarang. Journal of Management and Bussines (JOMB), 5(2), 983–993. doi: 10.31539/jomb.v5i2.6271.
Mahardhika, M. D., & Asandimitra, N. (2023). Pengaruh overconfidence, risk tolerance, return, financial literacy, financial technology terhadap keputusan investasi. Jurnal Ilmu Manajemen, 11(3), 602–613.
Pertiwi, A. H., & Panuntun, B. (2023). Pengaruh Herding Behavior, Cognitive Bias, dan Overconfidence Bias terhadap Keputusan Investasi. Selekta Manajemen: Jurnal Mahasiswa Bisnis & Manajemen, 2(3), 112–129.
Pradnyani, L. G. R. R., & Sujana, I. K. (2023). Literasi Keuangan, Perilaku Keuangan, Overconfidence dan Keputusan Investasi. E-Jurnal Akuntansi, 33(5).
Pranyoto, E., Susanti, & Septiyani. (2020). Herding Behavior, Experienced Regret Dan Keputusan Investasi Pada Bitcoin. Jurnal Bisnis Darmajaya, 6(1), 29–43.
Siregar, D. K., & Anggraeni, D. R. (2022). Pengaruh Literasi Keuangan Dan Perilaku Keuangan Terhadap Keputusan Investasi Mahasiswa. Bussman Journal : Indonesian Journal of Business and Management, 2(1), 96–112.
Sugiyono. (2019). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Bandung: CV Alfabeta.
Sun, S., & Lestari, E. (2022). Analisis Pengaruh Literasi Keuangan (Financial Literacy), Pengetahuan Investasi (Investment Knowledge), Motivasi Investasi (Investment Motivation) Dan Pendapatan (Income) Terhadap Keputusan Investasi Pada Masyarakat Di Batam. Jurnal Akuntansi AKUNESA, 10(3), 101–114.
Tan, I. (2009). Mengenal peluang dibalik permainan saham derivatif. Yogyakarta: Andi.
Tandelilin, E. (2017). Pasar Modal “Manajemen Portofolio dan Investasi. Yogyakarta: PT. Kanisius.
Wulandari, D. A. (2014). Studi Experienced Regret, Risk Tolerance, Overconfidance Dan Risk Perception Pada Pengambilan Keputusan Investasi. Journal of Business &Amp; Banking, 4(1), 55–66.