PENGARUH HERDING BEHAVIOR, HEURISTIK DAN PROSPEK TERHADAP KEPUTUSAN INVESTASI SAHAM DI KOTA MAKASSAR
Keywords:
Herding Behavior, Heuristics, Prospects, Investment DecisionsAbstract
This study aims to determine and analyze (1) The effect of Herding Behavior on investment decision making in Makassar City shares, (2) Heuristic influence on stock investment decision making in Makassar City, (3) Prospect Effect on stock investment decision making in Makassar City ( 4) Simultaneous influence of Herding Behavior, Heuristics and Prospects on Stock Investment Decisions in Makassar City.
This research was conducted on individual investors online on the Indonesia Stock Exchange in Makassar from March to July 2022. The population in this study was ±32,000. The sample in this study was 100 samples taken using the Slovin formula. The data analysis method used in this study was multiple regression analysis.
The results showed that (1) Herding Behavior partially positive but not significant effect on stock investment decisions in Makassar City, (2) Heuristics partially positive and significant effect on Stock Investment Decisions in Makassar City, (3) Prospects partially positive effect and significant to Stock Investment Decisions in Makassar City (4) Herding Behavior, Heuristics and Prospects simultaneously have a positive and significant effect on Stock Investment Decisions in Makassar City with a coefficient of determination of 68.7%.
References
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Barberis, N., & Thaler, R. (2003). Survei keuangan perilaku. Buku Pegangan Ekonomi Keuangan, Vol 1, 1053-1128.
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Creswell, J. W. (2012). Research Design: Pendekatan Kualitatif, Kuantitatif, dan Mixed (Pustaka Pe). Yogyakarta.
Evans, J. R., & Mathur, A. (2005). The value of online surveys. Internet Research. 13:195-219.
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Khalid, R., Javed, M. U., & Shahzad, K. (2018). Impact of behavioral biases on investment decision making with moderating role of financial literacy. Jinnah Business Review Vol. 6, No. 2, pp. 34-41.
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Kudryavtsev, A., Cohen, G., & Hon-Snir, S. (2012). "Rational" or "Intuitive": Are Behavioral Biases Correlated Across Stock Market Investors. Journal Contemporary Economics, 7(2), pp. 31-53.
Kumar, S., & Goyal, N. (2015). Behavioural biases in invesment decision making - a systematic literature review. Qualitative research in financial markets, 7(1), pp. 88- 108.
Kuncoro, M. (2001). Metode Kuantitatif: Teori dan Aplikasi untuk Bisnis dan Ekonomi. Yogyakarta: Unit Penerbit dan Percetakan AMP YKPN.
Kurniawan, A. (2014). Metode Riset untuk Ekonomi dan Bisnis. Bandung. Alfabeta.
Lai, M. (2001). Are Malaysian Investors Rational?. Journal of Psychology and Financial Markets. 2 (4) : 210–215.
Loris, Rico, Priandana. (2020). Pengaruh Representativeness, Availability, Anchoring, Risk Perception, Dan Herding Terhadap Keputusan Investasi Investor Syariah. Universitas Negeri Semarang.
Madaan, G., & Singh, S. (2019). An analysis of behavioral biases in investment decision- Mahmood, T., Ayyub, R. M., Imran, M., Naeem, S., & Abbas, W. (2020). the Behavioral Analysis and Financial Performance of Individual Investors At Pakistan Stock Exchange. International Journal of Economics and Financial Issues, 10(5), 158–164. https://doi.org/10.32479/ijefi.10112
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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.
Nada, S. (2013). Behavioural Factors Influencing Investment Decision Making: An Empirical Study of Palestine Stock Exchange, Gaza: The Islamic University.
Ngoc, L. T. B. (2014). Behavior Pattern of Individual Investors in Stock Market. International Journal of Business and Management, 9(1), 1–16. https://doi.org/10.5539/ijbm.v9n1p1
Nofsinger, Jhon, R. (2005). Psychologi of Investing. Second Edition. New Jersey. Precentice-Hall Inc.
Odean, T. (1999). Do investors trade too much?. Journal of American Economic Review, 89 (5) : 1279–1298.
Phan, K. C., & Zhou, J. (2014). Factors influencing individual investor behavior: An empirical study of the Vietnamese stock market. American Journal of Business and Management,pp. 77-94.
Pompian, Michael, M. (2006). Bihavioral Finance and Wealth Management. New York. John Wiley & Son Inc.
Prosad, J. M., Kapoor, S., & Sengupta, J. (2015). Theory of behavioral finance. Handbook of Research on Behavioral Finance and Investment Strategies: Decision Making in the Financial Industry.
Rabin, M. (2002). Inference by believers in the law of small numbers. Quarterly Journal of Economics, 117 (3) : 775−816.
Ramdani, F. N. (2016). Analisis Pengaruh Representativeness Bias dan Herding Behavior Terhadap Keputusan Investasi (Studi pada Mahasiswa di Yogyakarta). 4(1), 64–75. https://dspace.uii.ac.id/
Ranjbar, M., Abedini, B., & Jamali, M. (2014). Analyzing the Effective Behavioral Factors On the Investors' Performance in Tehran Stock Exchange (TSE). International Journal of Art & Humanity Science, 1(2), pp. 80-86.
Ratnadi, N. M. D., Widanaputra, A. A. G. P., & Putra, I. N. W. A. (2020). Behavioral Factors Influencing Investment Decision-Making By College Student: An Empirical Study In Bali Province, Indonesia. International Journal of Scientific & Technology Research, 9(02), 1358– 1368.
Ritter, Jay, R. (2003). Behavioral Finance. Pasific-Basin Finance Journal. 11 : 429- 437.
Roscoe, J. T. (1975). Fundamental Research Statistics For The Behavioural Sciences (2nd ed.). Holt Rinehart & Winston.
Ross, S. A., Westerfield, R. W., Jordan, B. D., & Joseph Lim, R. T. (2016). Pengantar Keuangan Perusahaan: Fundamentals of Corporate Finance (edisi global asia buku 2). Salemba Empat.
Akinkoye, E. Y., & Bankole, O. E. (2020). Effect of Emotional Biases on Investor’s Decision Making in Nigeria. International Journal of Business and Management Future, 4(1), 33–39. https://doi.org/10.46281/ijbmf.v4i1.548
Anderson, A., Henker, J., and Owen,S. (2005). Limit Order Trading Behavior and Individual Investor Performance. The Journal of Behavioral Finance, 6(2) : 71-89.
Anggirani, N. A. (2017). Pengaruh risk tolerance, overconfidence dan literasi keuangan terhadap pengambilan keputusan investasi masyarakat Surabaya. Sekolah Tinggi Ilmu Ekonomi Perbanas Surabaya. Diakses dari eprints.perbanas.ac.id/2841/1/ARTIKEL% 20ILMIAH.pdf
Bakar, S., & Yi, A. N. C. (2015). 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 (2016), pp. 319 – 328.
Barber, B.M., and Odean, T. (2000). Trading is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors. The Journal of Finance, 55 (2) : 773–806.
Barberis, N., & Thaler, R. (2003). Survei keuangan perilaku. Buku Pegangan Ekonomi Keuangan, Vol 1, 1053-1128.
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).” Jurnal Ilmu Manajemen (JIM), 5(2), 1–9.
Chandra, A., & Kumar, R. (2011). Determinants of Individual Investor Behaviour: An Orthogonal Linear Transformation Approach. Munich Personal RePEc Archive, 29772(22), pp. 1-30.
Creswell, J. W. (2012). Research Design: Pendekatan Kualitatif, Kuantitatif, dan Mixed (Pustaka Pe). Yogyakarta.
Evans, J. R., & Mathur, A. (2005). The value of online surveys. Internet Research. 13:195-219.
Fama. (1970). “Efficient Capital Markets: A Review of Theory and Empirical Work.” The Journal of Finance, Vol.25, No.2, pp. 383-417.
Ferdinand, A. (2014). Metode Penelitian Manajemen. Semarang. BP UNDIP.
Ghozali, I. (2011). Aplikasi Analisi Multivariate dengan Program SPSS. Semarang. Badan Penerbit Universitas Diponegoro.
Gozalie, S., & Anastasia, N. (2015). Pengaruh Perilaku Heuristics dan Herding Behavior terhadap Pengambilan Keputusan Investasi Properti Hunian. Finesta, 3(2), pp. 28-32.
Hadi, S. (2006). Metodologi Penelitian Kuantitatif untuk Akuntansi dan Keuangan. Yogyakarta. Ekonisia.
Harjito, A., & Martono. (2012). Manajemen Keuangan Edisi Kedua. Yogyakarta. Ekonisia.
Hermalin, B. E., & Isen, A. M. (2000). The Effect of Affect on Economic and Strategic Decision Making, Los Angeles: University of Southern California Law School.
Husnan, S., & Pudjiastuti, E. (2012). Dasar-dasar Manajemen Keuangan. Yogyakarta. Unit Penerbit dan Percetakan (UPP STIM YKPN). IDX Fact Book, 2012, download di www.idx.co.id
Kahneman, D., & Tversky, A. (1979). Prospect Theory: An Analysis of Decision under Risk. The Econometric Society, 47(2), 263–291.
Kaustia. (2010). “Prospect Theory and Disposition Effect.” Journal of Financial and Quantitative Analysis, Vol. 45, No. 3, pp. 791-812.
Kengatharan, L., & Kengatharan, N. (2014). The influence of behavioral factors in making investment decisions and performance: Study of investors of Colombo Stock Exchange, Sri Lanka. Asian Journal of Finance & Accounting .
Khalid, R., Javed, M. U., & Shahzad, K. (2018). Impact of behavioral biases on investment decision making with moderating role of financial literacy. Jinnah Business Review Vol. 6, No. 2, pp. 34-41.
Khoidah, I., & Wijayanto, A. (2017). Management Analysis Journal Fenomena Anomali Pasar Di Bursa Efek Indonesia Dan Bursa Efek Singapura. Management Analysis Journal, 6(1).
Kimeu, C., Anyango, W., & Rotich, G. (2016). Behavioural Factors Influencing Invesment Decisions Among Individual Investors in Nairobi Securities Exchange. Journal of Business and Change Management, 3(4), pp. 1243-1258.
Kudryavtsev, A., & Cohen, G. (2010). Illusion of relevance: Anchoring in economic and financial knowledge. International Journal of Economics and Research, vol 1, 86-101.
Kudryavtsev, A., Cohen, G., & Hon-Snir, S. (2012). "Rational" or "Intuitive": Are Behavioral Biases Correlated Across Stock Market Investors. Journal Contemporary Economics, 7(2), pp. 31-53.
Kumar, S., & Goyal, N. (2015). Behavioural biases in invesment decision making - a systematic literature review. Qualitative research in financial markets, 7(1), pp. 88- 108.
Kuncoro, M. (2001). Metode Kuantitatif: Teori dan Aplikasi untuk Bisnis dan Ekonomi. Yogyakarta: Unit Penerbit dan Percetakan AMP YKPN.
Kurniawan, A. (2014). Metode Riset untuk Ekonomi dan Bisnis. Bandung. Alfabeta.
Lai, M. (2001). Are Malaysian Investors Rational?. Journal of Psychology and Financial Markets. 2 (4) : 210–215.
Loris, Rico, Priandana. (2020). Pengaruh Representativeness, Availability, Anchoring, Risk Perception, Dan Herding Terhadap Keputusan Investasi Investor Syariah. Universitas Negeri Semarang.
Madaan, G., & Singh, S. (2019). An analysis of behavioral biases in investment decision- Mahmood, T., Ayyub, R. M., Imran, M., Naeem, S., & Abbas, W. (2020). the Behavioral Analysis and Financial Performance of Individual Investors At Pakistan Stock Exchange. International Journal of Economics and Financial Issues, 10(5), 158–164. https://doi.org/10.32479/ijefi.10112
Manurung, A. H. (2006). Kemana Investasi? Kiat dan Panduan Investasi Keuangan di Indonesia. Jakarta. Penerbit Buku Kompas.
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.
Nada, S. (2013). Behavioural Factors Influencing Investment Decision Making: An Empirical Study of Palestine Stock Exchange, Gaza: The Islamic University.
Ngoc, L. T. B. (2014). Behavior Pattern of Individual Investors in Stock Market. International Journal of Business and Management, 9(1), 1–16. https://doi.org/10.5539/ijbm.v9n1p1
Nofsinger, Jhon, R. (2005). Psychologi of Investing. Second Edition. New Jersey. Precentice-Hall Inc.
Odean, T. (1999). Do investors trade too much?. Journal of American Economic Review, 89 (5) : 1279–1298.
Phan, K. C., & Zhou, J. (2014). Factors influencing individual investor behavior: An empirical study of the Vietnamese stock market. American Journal of Business and Management,pp. 77-94.
Pompian, Michael, M. (2006). Bihavioral Finance and Wealth Management. New York. John Wiley & Son Inc.
Prosad, J. M., Kapoor, S., & Sengupta, J. (2015). Theory of behavioral finance. Handbook of Research on Behavioral Finance and Investment Strategies: Decision Making in the Financial Industry.
Rabin, M. (2002). Inference by believers in the law of small numbers. Quarterly Journal of Economics, 117 (3) : 775−816.
Ramdani, F. N. (2016). Analisis Pengaruh Representativeness Bias dan Herding Behavior Terhadap Keputusan Investasi (Studi pada Mahasiswa di Yogyakarta). 4(1), 64–75. https://dspace.uii.ac.id/
Ranjbar, M., Abedini, B., & Jamali, M. (2014). Analyzing the Effective Behavioral Factors On the Investors' Performance in Tehran Stock Exchange (TSE). International Journal of Art & Humanity Science, 1(2), pp. 80-86.
Ratnadi, N. M. D., Widanaputra, A. A. G. P., & Putra, I. N. W. A. (2020). Behavioral Factors Influencing Investment Decision-Making By College Student: An Empirical Study In Bali Province, Indonesia. International Journal of Scientific & Technology Research, 9(02), 1358– 1368.
Ritter, Jay, R. (2003). Behavioral Finance. Pasific-Basin Finance Journal. 11 : 429- 437.
Roscoe, J. T. (1975). Fundamental Research Statistics For The Behavioural Sciences (2nd ed.). Holt Rinehart & Winston.
Ross, S. A., Westerfield, R. W., Jordan, B. D., & Joseph Lim, R. T. (2016). Pengantar Keuangan Perusahaan: Fundamentals of Corporate Finance (edisi global asia buku 2). Salemba Empat.
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Published
2023-06-19
How to Cite
Syarif, D. R., Mas’ud, M., & Abidin, Z. (2023). PENGARUH HERDING BEHAVIOR, HEURISTIK DAN PROSPEK TERHADAP KEPUTUSAN INVESTASI SAHAM DI KOTA MAKASSAR. Jurnal Magister Manajemen Nobel Indonesia, 4(3), 541–555. Retrieved from https://e-jurnal.nobel.ac.id/index.php/JMMNI/article/view/3924
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