Peran bias perilaku investor dalam proses pengambilan keputusan dan kinerja investasi

Roseline Mannuela Anwar; Hendry  Wijaya; Rita  Amelinda

doi:10.14414/jbb.v14i1.4618

Vol. 14 No. 1 (2024), Articles

Vol. 14 No. 1 (2024) Pages 39-57

Peran bias perilaku investor dalam proses pengambilan keputusan dan kinerja investasi

Roseline Mannuela Anwar⁺⁻
Hendry Wijaya⁺⁻
Rita Amelinda⁺⁻

Roseline Mannuela Anwar

Universitas Kristen Krida Wacana, Jakarta Barat, DKI Jakarta, Indonesia

Hendry Wijaya

Universitas Kristen Krida Wacana, Jakarta Barat, DKI Jakarta, Indonesia

Rita Amelinda

Universitas Kristen Krida Wacana, Jakarta Barat, DKI Jakarta, Indonesia

DOI: 10.14414/jbb.v14i1.4618

Published 2024-10-31

pdf

Keywords

Investment decisions
Heuristic bias
Herding bias
Investment performance

How to Cite

Anwar, R. M., Wijaya, H., & Amelinda, R. (2024). Peran bias perilaku investor dalam proses pengambilan keputusan dan kinerja investasi. Journal of Business & Banking, 14(1), 39-57. https://doi.org/10.14414/jbb.v14i1.4618

Abstract

This study aims to determine whether investor bias, including heuristic and herding biases, has an impact on investors’ investment behaviour, particularly in Indonesia. The sample was taken by purposive sampling, which is a non-probability sampling technique. This technique is used to identify respondents who have already made stock investments on the stock exchange. This study used 154 investor respondents, specifically those who started investing in stock from various range of age. The study employs path analysis using the Smart-PLS software tool for data analysis. The results of this study show that heuristic bias is proven to have a significant positive effect on investors’ investment decisions and performance. Furthermore, investment decisions are proven to mediate the effect of heuristic bias on investor investment performance. On the other hand, herding bias is not proven to have an effect on investor investment decisions and performance. In addition, investor investment decisions are also not proven to mediate the effect of herding bias on investor investment performance. Based on the results of this study, investors need to be aware of the role of heuristic bias to make more rational decisions that can ultimately improve investor investment performance.

References

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. https://doi.org/10.30588/jmp.v10i1.691

Ahmad, M., & Shah, S. Z. A. (2022). Overconfidence heuristic-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. https://doi.org/10.1108/jeas-07-2020-0116

Alwathainani, A. M. (2012). Consistent winners and losers. International Review of Economics and Finance, 21(1), 210–220. https://doi.org/10.1016/j.iref.2011.05.009

Ayu Wulandari, D., & Iramani, Rr. (2014). STUDI EXPERIENCED REGRET, RISK TOLERANCE, OVERCONFIDANCE DAN RISK PERCEPTION PADA PENGAMBILAN KEPUTUSAN INVESTASI. Journal of Business and Banking, 4(1). https://doi.org/10.14414/jbb.v4i1.293

Ben Ameur, H., Boujelbène, M., Prigent, J. L., & Triki, E. (2020). Optimal Portfolio Positioning on Multiple Assets Under Ambiguity. Computational Economics, 56(1), 21–57. https://doi.org/10.1007/s10614-019-09894-y

There are 45 references. More references >>

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. https://doi.org/10.30588/jmp.v10i1.691

Ahmad, M., & Shah, S. Z. A. (2022). Overconfidence heuristic-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. https://doi.org/10.1108/jeas-07-2020-0116

Alwathainani, A. M. (2012). Consistent winners and losers. International Review of Economics and Finance, 21(1), 210–220. https://doi.org/10.1016/j.iref.2011.05.009

Ayu Wulandari, D., & Iramani, Rr. (2014). STUDI EXPERIENCED REGRET, RISK TOLERANCE, OVERCONFIDANCE DAN RISK PERCEPTION PADA PENGAMBILAN KEPUTUSAN INVESTASI. Journal of Business and Banking, 4(1). https://doi.org/10.14414/jbb.v4i1.293

Ben Ameur, H., Boujelbène, M., Prigent, J. L., & Triki, E. (2020). Optimal Portfolio Positioning on Multiple Assets Under Ambiguity. Computational Economics, 56(1), 21–57. https://doi.org/10.1007/s10614-019-09894-y

Bouteska, A., & Regaieg, B. (2020). Loss aversion, overconfidence of investors and their impact on market performance evidence from the US stock markets. Journal of Economics, Finance and Administrative Science, 25(50), 451–478. https://doi.org/10.1108/JEFAS-07-2017-0081

Budiman, J., Limgestu, R., & Tri Sagianto, I. (2023). Perilaku keputusan investasi investor pasar saham Indonesia. Jurnal Ilmiah Akuntansi Dan Keuangan, 5(9). https://journal.ikopin.ac.id/index.php/fairvalue

Chandra, A., & Kumar, R. (2012). Chandra, Abhijeet and Chandra, Abhijeet and Kumar, Ravinder, Factors Influencing Indian Individual Investor Behaviour: Survey Evidence (October 17, 2011). Decision, 39(3), 141–167.

Chang, E. C., Lin, T. C., Luo, Y., & Ren, J. (2019). Ex-day returns of stock distributions: An anchoring explanation. Management Science, 65(3), 1076–1095. https://doi.org/10.1287/mnsc.2017.2843

Chang, H. H. (2014). An Investigation of Psychological Factors Inluencing Investment Decision Making. Indonesian Capital Market Review, 2(2). https://doi.org/10.21002/icmr.v2i2.3660

Fachrudin, K. R., Lumbanraja, P., Sadalia, I., & Lubis, A. N. (2017). Analysis of heuristic behavior on investment decision. International Journal of Economic Research, 14(20), 297–309.

Fama, E. F. (1970). Efficient Capital Markets : A Review of Theory and Empirical. The Journal of Finance, 25(2), 383–417.

Galariotis, E. C., Krokida, S. I., & Spyrou, S. I. (2016). Bond market investor herding: Evidence from the European financial crisis. International Review of Financial Analysis, 48, 367–375. https://doi.org/10.1016/j.irfa.2015.01.001

Gavrilakis, N., & Floros, C. (2022). The impact of heuristic and herding biases on portfolio construction and performance: the case of Greece. Review of Behavioral Finance, 14(3), 436–462. https://doi.org/10.1108/RBF-11-2020-0295

Goyal, P., Gupta, P., & Yadav, V. (2023). Antecedents to heuristics: decoding the role of herding and prospect theory for Indian millennial investors. Review of Behavioral Finance, 15(1), 79–102. https://doi.org/10.1108/RBF-04-2021-0073

Im, M., & Oh, J. E. (2016). Effect of emotion regulation as a de-biasing mechanism on overconfidence in investment behavior. Journal of Financial Services Marketing, 21(3), 209–225. https://doi.org/10.1057/s41264-016-0003-4

Jain, J., Walia, N., & Gupta, S. (2020). Evaluation of behavioral biases affecting investment decision making of individual equity investors by fuzzy analytic hierarchy process. Review of Behavioral Finance, 12(3), 297–314. https://doi.org/10.1108/RBF-03-2019-0044

Jain, J., Walia, N., Singla, H., Singh, S., Sood, K., & Grima, S. (2023). Heuristic Biases as Mental Shortcuts to Investment Decision-Making: A Mediation Analysis of Risk Perception. Risks, 11(4). https://doi.org/10.3390/risks11040072

Jan, N., Jain, V., Li, Z., Sattar, J., & Tongkachok, K. (2022). Post-COVID-19 investor psychology and individual investment decision: A moderating role of information availability. Frontiers in Psychology, 13. https://doi.org/10.3389/fpsyg.2022.846088

Kaestner, M. (2006). Anomalous Price Behavior Following Earnings Surprises: Does Representativeness Cause Overreaction? Finance, Vol. 27(2), 5–31. https://doi.org/10.3917/fina.272.0005

Kasoga, P. S. (2021). Heuristic biases and investment decisions: multiple mediation mechanisms of risk tolerance and financial literacy—a survey at the Tanzania stock market. Journal of Money and Business, 1(2), 102–116. https://doi.org/10.1108/JMB-10-2021-0037

Kengatharan, L., & Kengatharan, N. (2014). The Influence of Behavioral Factors in Making Investment Decisions and Performance: Study on Investors of Colombo Stock Exchange, Sri Lanka. Asian Journal of Finance & Accounting, 6(1), 1. https://doi.org/10.5296/ajfa.v6i1.4893

Khan, I., Afeef, M., Jan, S., & Ihsan, A. (2020). The impact of heuristic biases on investors’ investment decision in Pakistan stock market: moderating role of long term orientation. Qualitative Research in Financial Markets, 13(2), 252–274. https://doi.org/10.1108/QRFM-03-2020-0028

Kiymaz, H., Öztürkkal, B., & Akkemik, K. A. (2016). Behavioral biases of finance professionals: Turkish evidence. Journal of Behavioral and Experimental Finance, 12, 101–111. https://doi.org/10.1016/j.jbef.2016.10.001

Kumaran, S. (2013). Impact of Personal Epistemology, Heuristics and Personal Attributes on Investment Decisions. International Journal of Financial Research, 4(3), 62–69. https://doi.org/10.5430/ijfr.v4n3p62

Kumar, S., & Goyal, N. (2015). Behavioural biases in investment decision making – a systematic literature review. Qualitative Research in Financial Markets, 7(1), 88–108. https://doi.org/10.1108/QRFM-07-2014-0022

Lee, A. Y., Liu, Y., Roll, R., Subrahmanyam, A., Lee, Y., Liu, Y., & Roll, R. (2016). Order Imbalances and Market Efficiency : Evidence from the Taiwan Stock Exchange Published by : Cambridge University Press on behalf of the University of Washington School of Business Administration Stable URL : http://www.jstor.org/stable/30031858 Order . 39(2), 327–341.

Ming-ming, L. A. I., Siow-hooi, T. A. N., & Lee-lee, C. (2016). the Novice Versus the Experienced Investors : Insights Into the Work of the Investment Behavior. 13, 207–215.

Putra, I. P. S., Ananingtiyas, H., Sari, D. R., Dewi, A. S., & Silvy, M. (2016). Pengaruh tingkat literasi keuangan, experienced regret, dan risk tolerance pada pemilihan jenis investasi. Journal of Business & Banking, 5(2). https://doi.org/10.14414/jbb.v5i2.707

Qasim, M., Hussain, R. Y., Mehboob, I., & Arshad, M. (2019). Impact of herding behavior and overconfidence bias on investors’ decision-making in Pakistan. Accounting, 5(2), 81–90. https://doi.org/10.5267/j.ac.2018.7.001

Rahman, M., & Gan, S. S. (2020). Generation Y investment decision: an analysis using behavioural factors. Managerial Finance, 46(8), 1023–1041. https://doi.org/10.1108/MF-10-2018-0534

Raut, R. K., Das, N., & Mishra, R. (2020). Behaviour of Individual Investors in Stock Market Trading: Evidence from India. Global Business Review, 21(3), 818–833. https://doi.org/10.1177/0972150918778915

Rompotis, G. G. (2018). Herding Behavior among Exchange-Traded Funds. Journal of Behavioral Finance, 19(4), 483–497. https://doi.org/10.1080/15427560.2018.1431886

Rozak, A., & Amalia, T. F. (2023). Study of heuristic bias and herding financial behavior model on sharia-based investment decisions for millennial generation. Enrichment : Journal of Management, 13(1), 504–513. https://doi.org/10.35335/enrichment.v13i1.1257

Sanchez, C., & Dunning, D. (2023). Are experts overconfident?: An interdisciplinary review. Research in Organizational Behavior, 43(2). https://doi.org/10.1016/j.riob.2023.100195

Sarstedt, M., Ringle, C. M., & Hair, J. F. (2020). Handbook of Market Research. In Handbook of Market Research (Issue July). https://doi.org/10.1007/978-3-319-05542-8

Sudirman, W. F. R., Winario, M., Priyatno, A. M., & Assyifa, Z. (2023a). Risk Tolerance: Heuristic Bias Towards Investment Decision Making. Jurnal Manajemen Teori Dan Terapan | Journal of Theory and Applied Management, 16(2), 266–279. https://doi.org/10.20473/jmtt.v16i2.47471

Sudirman, W. F. R., Winario, M., Priyatno, A. M., & Assyifa, Z. (2023b). Risk Tolerance: Heuristic Bias Towards Investment Decision Making. Jurnal Manajemen Teori Dan Terapan | Journal of Theory and Applied Management, 16(2), 266–279. https://doi.org/10.20473/jmtt.v16i2.47471

Theressa, T. D., & Armansyah, R. F. (2022). Pengaruh herding, overconfidence, dan endowment bias pada keputusan investasi investor pasar modal. Journal of Business and Banking, 12(1). https://doi.org/10.14414/jbb.v12i1.2989

Tversky, Amos., & Kahneman, Daniel. (1970). The inference of intentions from moves in the Prisoner’s Dilemma game. Journal of Experimental Social Psychology, 6(4), 401–419. https://doi.org/10.1016/0022-1031(70)90052-1

Ullah Malik, K., Shaukat Malik, M., Irfan, M., & Mehdi, H. (2022). The Role of Heuristic Factors in Investment Performance: Exploring the Market Anomalies in a Volatile Environment. Apuntes Del Cenes, 41(73), 61–82. https://doi.org/10.19053/01203053.v41.n73.2022.13025

Vitmiasih, V., Maharani, S. N., & Narullia, D. (2021). Pengambilan Keputusan Investasi Rasional: Suatu Tinjauan dari Dampak Perilaku Representativeness Bias dan Hearding Effect. Jati: Jurnal Akuntansi Terapan Indonesia, 4(1), 1–13. https://doi.org/10.18196/jati.v4i1.9255

Vuković, M., & Pivac, S. (2023). The impact of behavioral factors on investment decisions and investment performance in Croatian stock market. Managerial Finance. https://doi.org/10.1108/MF-01-2023-0068

Xia, Y., & Madni, G. R. (2024). Unleashing the behavioral factors affecting the decision making of Chinese investors in stock markets. PLOS ONE, 19(2). https://doi.org/10.1371/journal.pone.0298797

Zat, M., & Khan, U. (2017). Articles can be downloaded from www.impactjournals.us IMPACT OF AVAILABILITY BIAS AND LOSS AVERSION BIAS ON INVESTMENT DECISION MAKING, MODERATING ROLE OF RISK PERCEPTION. IMPACT: Journal of Modern Developments in General Management & Administration (IMPACT: JMDGMA), 1(1), 17–28.

This work is licensed under a Creative Commons Attribution 4.0 International License.

Peran bias perilaku investor dalam proses pengambilan keputusan dan kinerja investasi

Keywords

How to Cite

Download Citation

Abstract

References