PERAN BIAS PERILAKU DALAM MEMEDIASI PENGARUH LITERASI KEUANGAN DAN FAKTOR SOSIODEMOGRAFI TERHADAP KEPUTUSAN INVESTASI SAHAM
Abstract
Investasi merupakan kegiatan ekonomi yang melibatkan penanaman modal secara langsung maupun tidak langsung, sehingga pemiliki modal memiliki kesempatan untuk memperoleh keuntungan dari modal yang diamankan dimasa yang akan datang. Penelitian dilakukan untuk mengetahui peran yang diimiliki oleh bias perilaku dalam memediasi faktor-faktor pengambilan keputusan investasi saham. Populasi yang digunakan dalam penelitian ini adalah seluruh investor saham di Kota Denpasar, dengan jumlah sampel sebanyak 100 responden berdasarkan teknik purposive sampling. SEM PLS adalah teknik analisis yang digunakan dalam penelitian ini menggunakan aplkasi SmartPLS 4.0. Berdasarkan analisis di atas, didapatkan hasil bahwa literasi keuangan, faktor sosiodemogafi, serta bias perilaku berpengaruh positif signifikan terhadap keputusan investasi saham. Literasi keuangan dan faktor sosiodemografi dapat memepengaruhi bias perilaku investor. Sedangkan, pengaruh literasi keuangan dan faktor sosiodemografi terhadap keputusan investasi tidak dapat pengaruhi oleh bias perilaku secara tidak langsung. Dari penelitian ini, terlihat bahwa dalam membuat keputusan investasi saham, investor Kota Denpasar sudah mempertimbangkan literasi keuangan, faktor sosiodemografi, dan bias perilaku agar terhindar dari risiko investasi.
Investment is an economic activity that involves investing directly or indirectly, so that owners of capital have the opportunity to benefit from secured capital in the future. The research was conducted to determine the role that behavioral bias has in mediating the factors of stock investment decision making. The population used in this study were all stock investors in Denpasar City, with a total sample of 100 respondents based on a purposive sampling technique. SEM PLS is an analysis technique used in this study using the SmartPLS 4.0 application. Based on the analysis above, the results show that financial literacy, sociodemographic factors, and behavioral biases have a significant positive effect on stock investment decisions. Financial literacy and sociodemographic factors can influence investor behavior bias. Meanwhile, the effect of financial literacy and sociodemographic factors on investment decisions cannot be influenced by behavioral biases indirectly. From this study, it appears that in making stock investment decisions, Denpasar City investors have considered financial literacy, sociodemographic factors, and behavioral biases in order to avoid investment risks.
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References
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Putri, R. A., & Yuyun, I. (2020). Faktor-Faktor Yang Mempengarui Keputusan Investasi PadaInvestor Saham Di Surabaya. Jurnal Ilmu Manajemen, 8(1), 197–209.
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Adielyani, D., & Mawardi, W. (2020). The Influence of Overconfidence, Herding Behavior , and Risk Tolerance on Stock Investment Decisions : The Empirical Study of Millennial Investors in Semarang City. Jurnal Maksipreneur: Manajemen, Koperasi, Dan Entrepreneurship, 10(1), 89–101. Adioetomo, S. M., & Samosir, O. B. (2010). Dasar-dasar Demografi. Jakarta: Salembar Empat.
Ahmad, M., & Shah, S. Z. A. (2020). Overconfidenceheuristic-driven bias in investment decision-making and performance: mediating effects of risk perception and moderating effects of financial literacy. Journal of Economic and Administrative Sciences, 38(1), 60–90.
Al-Aziz, M. A., & Rinofah, R. (2021). Pengaruh Literasi Keuangan dan Faktor Demografi Terhadap Keputusan Investasi Mahasiswa FE Universitas Sarjanawiyata Tamansiswa. Jurnal Manajemen Dan Sains, 6(1), 81–87.
Aren, S., & Aydemir, S. D. (2015). The Factors Influencing Given Investment Choices of Individuals. Procedia -Social and Behavioral Sciences, 210, 126–135.
Ariani, S. et.al.(2016). Pengaruh Literasi Keuangan, Locus of Control, dan Etnis Terhadap Pengambilan Keputusan Investasi. Journal of Business and Banking, 5(2), 257–270.
Baihaqqy, M. R. I. et.al. (2020). The Effect of Financial Literacy on the Investment Decision. Budapest International Research and Critics Institute-Journal, 3(4), 3073–3083.
Baker, H. K., & FIlbeck, G. (2013). Paradigm Shifts in Finance-some Lessons from the Financial Crisis. The Eouropean Financial Review.
Baker, H. K. et.al.(2019). How financial literacy and demographic variables relate to behavioral biases. Managerial Finance, 45(1), 124–146.
Budiarto, A., & Susanti. (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) Angga Budiarto. Jurnal Ilmu Manajemen, 5(2), 1–9.
Chatterjee, S. et.al. (2011). The Impact of Self-efficacy on Wealth Accumulation and Portfolio Choice. Applied Economics Letters, 18(7), 627–631.
Coskun, A. et.al. (2016). Impact of Financial Literacy on the Behavioral Biases of Individual Stock Investors: Evidence from Borsa Istanbul. Business and Economics Research Journal, 7(3), 1–1.
Fahmi, I. (2017). Pengantar Pasar Modal. Bandung: Alfabeta.Fama, E. F. (1970). Efficient Capital Markets: A Review of Theory And Empirical Work. The Journal of Finance, 25(2), 28–30.Management Research, 57, 174–184.Fitriarianti, B. (2018). Pengaruh Literasi Keuangan, Perilaku Keuangan dan Pendapatan Terhadap Keputusan Berinvestasi. Online Journal System UNPAM.
Hasanuh, N., & Putra, R. A. K. (2020). Influence of Financial Literacy and Financial Attitude on Personal Investment Decisions. In Advance in Business, Management and Enterpreneurship(pp. 424–428).
HC, R. H. K., & Gusaptono, R. H. (2020). The Impact of Financial Literacy on Investment Decisions Between Saving and Credit: Studies on Sharia Bank Customers in the Special Region of Yogyakarta. Journal of Economics and Business, 3(4), 1456–1463.
Hidayah, A. P. N. et.al. (2021). Pengaruh Literasi Keuangan, Perencanaan Keuangan dan Pendapatan terhadap Kesejahteraan Keuangan Guru Perempuan di Kota Denpasar. E-Jurnal Manajemen, 10(7), 672–693.
Humairo, Nurul., & Sartika, Farahiyah. (2021). Literasi Keuangan dan Faktor Sosiodemografi terhadap Keputusan Investasi melalui Bias Perilaku. Jurnal Ilmiah Manajemen Dan Bisnis, 22(2), 164-177.
Kawamura, T. et.al. (2021). Is Financial Literacy Dangerous? Financial Literacy, Behavioral Factors, and Financial Choices of Households. Journal of the Japanese and International Economies, 60, 1–19.
Kumar, S., & Goyal, N. (2016). Evidence on rationality and behavioural biases in investment decision making. Qualitative Research in Financial Markets, 8(4), 270–287.
Li, J. et.al. (2020). Financial literacy, household portfolio choice and investment return. Pacific Basin Finance Journal, 62(101370), 1–20.
Lubis, P., & Zulam, S. Bin. (2016). Analisis Faktor-Faktor yang Memengaruhi Permintaan Investasi di Indonesia. Jurnal Perspektif Ekonomi Darussalam, 2(2), 147–166.
Markowitz, H. (1952). Portfolio Selection. The Journal of Finance, 7(1), 77–91.
Mishra, K. C., & Metilda, M. J. (2015). A study on the impact of investment experience, gender, and level of education on overconfidenceand self-attribution bias. IIMB Management Review, 27(4), 228–239.
Muhaling, et.al. (2020). Peran Bias Perilaku Dalam Memediasi Pengaruh Faktor Demografi, Literasi Keuangan, dan Pendapatan Terhadap Keputusan Investasi Pada Investor Saham Sulawesi Tenggara. Jurnal Manajemen, Bisnis dan Organisasi, 4(2), 148-162
Natalia, Feshia., & Wiyanto, Hendra. (2019). Pengaruh Karakteristik Demografis Dan Literasi Keuangan Terhadap Keputusan Investasi Melalui Behavioral Biases.Jurnal Manajerial dan Kewirausahaan, 3(1), 214-255.
Noor, M. et.al. (2020). Investigation of Financial Inclusions, Financial Literation, and Financial Technology in Indonesia. Jurnal Perspektif Pembiayaan Dan Pembangunan Daerah, 8(3), 257–268.
Novianggie, V., & Asandimitra, N. (2019). The Influence of Behavioral Bias, Cognitive Bias, and Emotional Bias on Investment Decision for College Students with Financial Literacy as the Moderating Variable. International Journal of Academic Research in Accounting, Finance and Management Sciences, 9(2), 92–107.
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), 401–413.
Pompian, M. (2006). Behavioral Finance and Wealth Management: How to Build Investmenst Strategies That Account for Investor Biases. New York: John Wiley & Sons. Inc.
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.
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.
Prosad, J. M. et.al.(2015). Behavioral biases of Indian investors: a survey of Delhi-NCR region. In Qualitative Research in Financial Markets, 7.
Putri, D. R., & Rahyuda, H. (2017). Pengaruh Tingkat Financial Literasi dan Faktor Sosiodemografi terhadap Perilaku Keputusan Investasi Individu. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 6(9), 3407–3434.
Putri, P. T., & Simanjuntak, M. (2020). The Role of Motivation, Locus of Control and Financial Literacy on Women Investment Decisions Across Generations. Journal of Consumer Sciences, 5(2), 102–123.
Putri, R. A., & Yuyun, I. (2020). Faktor-Faktor Yang Mempengarui Keputusan Investasi PadaInvestor Saham Di Surabaya. Jurnal Ilmu Manajemen, 8(1), 197–209.
Putri, W. W., & Hamidi, M. (2019). Pengaruh Literasi Keuangan, Efikasi Keuangan, Dan Faktor Demografi Terhadap Pengambilan Keputusan Investasi (Studi Kasus pada Mahasiswa Magister ManajemenFakultas Ekonomi Universitas Andalas Padang). Jurnal Ilmiah Mahasiswa Ekonomi Manajemen, 4(1), 398–412.
Rahyuda, K. (2017). Metode Penelitian Bisnis. Denpasar: Udayana University Press.
Ramdani, F. N. (2018). Analisis Pengaruh RepresentativenessBias dan Herding Behavior terhadap Keputusan Investasi.
Rebellow, A. M., & Suri, P. (2019). Role of Demographic Factors on Decision-Making Styles of Indian Corporate Executives-Public and Private Sectors. Journal of Management Information and Decision Sciences, 22(3), 308–321.
Roestanto, A. (2017). Literasi Keuangan. Yogyakarta: Grup Relasi Inti Media.
Safryani, U. et.al(2020). Analisis Literasi Keuangan, Perilaku Keuangan, Dan Pendapatan TerhadapKeputusan Investasi. Jurnal Ilmiah Akuntansi Kesatuan, 8(3), 319–332.
Sekaran, U., & Bougie, R. (2016). Research Methods for Business(Seventh Ed). West Sussex: Wiley.
Shiller, R. J. (2015). Irational Exuberance. New Jersey: Princeton University Press.
Stella M. (2018). Influences of Demographic Factors of Individual Investors on Marketable Securities. International Journal of Management, 8(12), 313–323.
Sugiyono. (2018). Metode Penelitian Manajemen(ke-6). Bandung: Alfabeta.
Suprasta, N., & Nuryasman, M.(2020). Faktor-Faktor Yang Mempengaruhi Pengambilan Keputusan Investasi Saham. Jurnal Ekonomi, 25(2), 251–269. Takeda, K. et.al(2013). Investment Literacy and Individual Investor Biases: Survey Evidence in the Japanese Stock Market. The Review of Socionetwork Strategies, 7(1), 31–42.
Tandelilin, E. (2017). Pasar Modal Manajemen Portofolio & Investasi. Yogyakarta: PT Kanisius.
Usman, D. N., & Wulandari, P. P. (2019). Pengaruh Faktor-Faktor Psikologis terhadap Keputusan Individual Investasi Saham di Pulau Jawa. Jurnal Ilmiah Mahasiswa FEB, 8(1), 1–28.
Violeta, J., & Linawati, N. (2019). Pengaruh Anger Traits, Anxiety Traits, Dan Faktor Demografi Terhadap Keputusan Investasi. Jurnal Manajemen Pemasaran, 12(2), 89-96.
Widoatmodjo, S. (2012). Cara Sehat Investasi di Pasar Modal. Jakarta: PT Jurnalindo Aksara Grafika.
Windayani, F. S., & Krisnawati, A. (2019). Analisis Pengaruh Faktor Demografi Terhadap Literasi Keuangan dan Keputusan Investasi di Pasar Modal (Studi Kasus pada Investor yang Terdaftar di Galeri Investasi Bursa Efek Indonesia Telkom University pada tahun 2014-2018). E-Proceeding of Management, 6(1), 174–181.
Published
2023-08-30
How to Cite
JAYATI, Nyoman Devi Novita Sri; WIKSUANA, I Gst. Bgs.; JATRA, I Made.
PERAN BIAS PERILAKU DALAM MEMEDIASI PENGARUH LITERASI KEUANGAN DAN FAKTOR SOSIODEMOGRAFI TERHADAP KEPUTUSAN INVESTASI SAHAM.
E-Jurnal Manajemen, [S.l.], v. 12, n. 8, p. 778 - 797, aug. 2023.
ISSN 2302-8912.
Available at: <https://ojs.unud.ac.id/index.php/manajemen/article/view/102944>. Date accessed: 10 may 2025.
doi: https://doi.org/10.24843/EJMUNUD.2023.v12.i08.p02.
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