Causality of Financial Literacy and Non-Financial Information to Investment Decisions (Experimental Study)
Abstract
The Covid-19 outbreak has hit various sectors of the economy, such as the capital market. The decline in IHSG made the number of investors increase to 15.96%. However, the increase in the number of investors is not supported by good financial literacy and sufficient non-financial information. If it is associated with signal theory, a person will react when he hears certain information that has an impact on his investment decisions. The purpose of this study is to test the main effect and interaction effect of financial literacy variables and non-financial information on investment decisions using experimental study research methods. This study used a factorial pattern of 2 x 2 between-subject and the sample used was 5th semester students. The data analysis technique will use Analysis of Variance (ANOVA) The results of the main effect state that the two variables have an influence on investment decisions while the interaction effect does not occur between the two variables on investment decisions.
Keywords: Financial Literacy; Non-Financial Information; Financial Decisions
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References
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Yundari, T., & Artati, D. (2021). Analisis Literasi Keuangan, Perilaku Keuangan, Dan Pendapatan Terhadap Keputusan Investasi (Studi Kasus pada Karyawan Swasta di Kecamatan Sruweng Kabupaten Kebumen). Jurnal Ilmiah Mahasiswa Manajemen, Bisnis Dan Akuntansi (JIMMBA), 3(3), 609–622.
Yuwono, W. (2020). Keputusan Investasi Di Pasar Modal. SEIKO Journal of Management & Business, 3(3), 143–155.
Adil, M. (2021). How Financial Literacy Moderate The Association Between Behaviour Biases And Investment Decision? Asian Journal OfAccounting Research.
Alvia, L., dan D. S. (2009). Pengujian efek resensi dan pengetahuan pada penyajian informasi analisis fundamental & teknis: studi eksperimen pada pengambilan keputusan investasi saham.
Angraeni, A., & Almilia, L. S. (2017). 923-Article Text-2700-3-10-20180821. 20(1), 145–168.
Bruns, W. J. J. (1968). Accounting Information and Decision Making: Some Behavioral Hypoyheses. The Accounting Review, 469–480.
Darmayanti, N., Mildawati, T., & Dwi Susilowati, F. (2021). Dampak Covid-19 Terhadap Perubahan Harga Dan Return Saham. EKUITAS (Jurnal Ekonomi Dan Keuangan), 4(4), 462–480. https://doi.org/10.24034/j25485024.y2020.v4.i4.4624
Dison, A. (2020). Pengaruh Infromasi Non Keuangan Terhadap Keputusan Investasi di Bursa Efek Indonesia. Costing: Journal Of Economic, Business, Adn Accounting, 8(75), 147–154. https://doi.org/10.1016/j.jnc.2020.125798%0Ahttps://doi.org/10.1016/j.smr.2020.02.002%0Ahttp://www.ncbi.nlm.nih.gov/pubmed/810049%0Ahttp://doi.wiley.com/10.1002/anie.197505391%0Ahttp://www.sciencedirect.com/science/article/pii/B9780857090409500205%0Ahttp:
Faalih, M. F. (2020). Pengaruh iterasi Keuangan dan Faktor Demografi terhadap Keputusan Investasi (Studi pada Mahasiswa Fakultas Ekonomi dan Bisnis Universitas Brawijaya Malang). Jurnal Ilmiah Mahasiswa FEB, 9(1).
Ghozali, I. (2006). Aplikasi Analisis Multivariate Dengan Program SPSS. Badan Penerbit Universitas Diponegoro.
Gunaasih, S. A. P. P. (2015). Pengaruh Earning Surprise Positif Terhadap Reaksi Pasar. Jurnal Akuntansi, 4(1), 54–65. http://jurnal.kwikkiangie.ac.id/index.php/JA/article/view/530
Hamza, N. (2019). Impact Financial Literacy onInvestmentDecisions: The Mediating Effect of Big-Five Personality Traits Model. Market Forces College of Management Sciiences, 4 (1), 42–60.
Hanifah, F., Sudarno, & Noviani, L. (2022). Pengaruh Literasi Keuangan Terhadap Keputusan Investasi Mahasiswa Universitas Sebelas Maret (UNS) di Pasar Modal Dimoderasi oleh Persepsi Risiko. Prospek, 1(1), 194–203.
Hassan Al-Tamimi, H. A., & Anood Bin Kalli, A. (2009). Financial literacy and investment decisions of UAE investors. Journal of Risk Finance, 10(5), 500–516. https://doi.org/10.1108/15265940911001402
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
Jogiyanto, H. (2015). Studi peristiwa : menguji reaksi pasar modal akibat suatu peristiwa (1st ed.). BPFE.
KSEI. (2022). Didominasi Milenial dan Gen Z, Jumlah Investor Saham Tembus 4 Juta. https://www.ksei.co.id/files/uploads/press_releases/press_file/id-id/208_berita_pers_didominasi_milenial_dan_gen_z_jumlah_investor_saham_tembus_4_juta_20220725182203.pdf
Kumar, S., Watung, C., Eunike, J., & Liunata, L. (2017). The Influence of Literacy towards Financial Behavior and Its Implication on Financial Decision: A Survey of President University Student in Cikarang-Bekasi. FIRM: Journal of Management Studies, 2(1), 14–23.
Nada, D. Q., & Syaiful, S. (2022). Faktor-Faktor Yang Mempengaruhi Minat Mahasiswa Berinvestasi Di Pasar Modal Pada Masa Pandemi Covid-19. Maksimum, 12(1), 42. https://doi.org/10.26714/mki.12.1.2022.42-52
Nahartyo, E. (2012). Desain Dan Implementasi Riset Eksperimen. UPP STIM YKPN.
Naveed, M., Ali, S., Iqbal, K., & Sohail, M. K. (2020). Role of financial and non-financial information in determining individual investor investment decision: a signaling perspective. South Asian Journal of Business Studies, 9(2), 261–278. https://doi.org/10.1108/SAJBS-09-2019-0168
Nofriani, S., & Harahap, A. R. (2022). Faktor-Faktor Yang Mempengaruhi Daya Tarik Calon Investor Pada Pasar Modal. Jurnal Akuntansi Kompetif, 5(2), 162–165.
OJK. (2013). Edukasi dan Perlindungan Konsumen. https://www.ojk.go.id/id/kanal/edukasi-dan-perlindungankonsumen/
OJK. (2022). Indeks Literasi dan Inklusi Keuangan Masyarakat Meningkat. https://www.ojk.go.id/id/berita-dan-kegiatan/siaran-pers/Pages/Indeks-Literasi-dan-Inklusi-Keuangan-Masyarakat-Meningkat.aspx
Putri, L. P. (2021). Pengaruh Literasi Keuangan Terhadap Keputusan Investasi Melalui Perilaku Keuangan Sebagai Variabel Moderating. Seminar Nasional Teknologi Edukasi Sosial Dan Humaniora, 1(1), 769–775.
Qu, J.-M., Cao, B., & Chen, R.-C. (2020). COVID-19: The essentials of prevention and treatment. Elsevier Inc.
Sekaranti, N. A., & Juliarto, A. (2022). Analisis Manajemen Laba Dan Relevansi Nilai Laba Sebelum Dan Selama Pandemi Covid-19. Diponegoro Journal of Accounting, 11(2021), 1–13. https://ejournal3.undip.ac.id/index.php/accounting/article/view/36391%0Ahttps://ejournal3.undip.ac.id/index.php/accounting/article/download/36391/27991
Septyato, D., & Adhikara, A. (2013). Perilaku Investor Individu dalam Pengambilan Keputusan Investasi Sekuritas di Bursa Efek Indonesia (BEI). Journal & Proceeding FEB UNSOED, 3(1), 425–437.
Suganda, T. R. (2018). Teori dan Pembahasan Reaksi Pasar Modal Indonesia. Seribu Bintang.
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. https://doi.org/10.23887/jiah.v10i2.25574
Wahyuni, S, dan J. H. (2012). Reminder effect and anchoring-adjustment in earnings announcement: Implementation of prior-period benchmark disclosure strategy. Journal of Indonesian Economy & Business, 27 (3), 390–405.
Yundari, T., & Artati, D. (2021). Analisis Literasi Keuangan, Perilaku Keuangan, Dan Pendapatan Terhadap Keputusan Investasi (Studi Kasus pada Karyawan Swasta di Kecamatan Sruweng Kabupaten Kebumen). Jurnal Ilmiah Mahasiswa Manajemen, Bisnis Dan Akuntansi (JIMMBA), 3(3), 609–622.
Yuwono, W. (2020). Keputusan Investasi Di Pasar Modal. SEIKO Journal of Management & Business, 3(3), 143–155.
Published
2023-02-26
How to Cite
ALFIYAN, Ahmad; ABDANI, Fadlil.
Causality of Financial Literacy and Non-Financial Information to Investment Decisions (Experimental Study).
E-Jurnal Akuntansi, [S.l.], v. 33, n. 2, p. 395-409, feb. 2023.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/97123>. Date accessed: 24 apr. 2024.
doi: https://doi.org/10.24843/EJA.2023.v33.i02.p08.
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