Peran bias perilaku investor dalam proses pengambilan keputusan dan kinerja investasi

Authors

  • 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:

https://doi.org/10.14414/jbb.v14i1.4618

Keywords:

Investment decisions, Heuristic bias, Herding bias, Investment performance

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.

Author Biographies

  • Roseline Mannuela Anwar, Universitas Kristen Krida Wacana, Jakarta Barat, DKI Jakarta, Indonesia

    Roseline Mannuela Anwar is a lecturer at the Management Study Program Faculty of Economics and Business, Krida Wacana Christian University (Ukrida), Jakarta, Indonesia. She earned a Bachelor degree in Economics from Krida Wacana Christian University (Ukrida) and a Master degree in Management Science with a focus on Financial Management from University of Indonesia. Her areas of expertise include teaching undergraduate courses in Statistics for Business and Financial Management. Her current research mainly focuses on behavioral finance especially on the investor behavior in the capital markets, and also Corporate Finance. Author’s contact detail: Faculty of Economics and Business; Universitas Kristen Krida Wacana; Jl. Tanjung Duren Raya no. 4, Jakarta Barat; +6281281863566; roseline.anwar@ukrida.ac.id    

  • Hendry Wijaya, Universitas Kristen Krida Wacana, Jakarta Barat, DKI Jakarta, Indonesia

    Hendry Wijaya is a guest lecturer at the Faculty of Economics and Business, Krida Wacana Christian University (Ukrida), Jakarta, Indonesia. He earned a Bachelor degree in Economics with a major in Financial Management and a Master degree in Management with a focus on Financial Management from Krida Wacana Christian University (Ukrida). He is currently a professional at Sucor Sekuritas, one of Indonesia's leading securities firms, where he focuses on capital market analysis and provides top-tier investment services and solutions for clients. Author’s contact detail: Faculty of Economics and Business; Universitas Kristen Krida Wacana; Jl Tanjung Duren Raya no 4, Jakarta, Indonesia; +6285695885673; hendry1605@gmail.com   

  • Rita Amelinda, Universitas Kristen Krida Wacana, Jakarta Barat, DKI Jakarta, Indonesia

    Rita Amelinda is a lecturer at the Management Study Program in the Faculty of Economics and Business, Krida Wacana Christian University (Ukrida), Jakarta, Indonesia. She earned her bachelor's degree in Financial Management and her Master of Management degree, both from Tarumanagara University. Her research primarily focuses on corporate finance and behavioral finance. She is also a speaker on Financial Literacy and Financial Planning at various private and public schools. Additionally, she is the Founder and Director of Gapai Mimpi Organization and she also has experience in budgeting and corporate finance in company. Author’s contact detail: Faculty of Economics and Business; Krida Wacana Christian University; Jl. Tanjung Duren Raya No. 4, Jakarta, Indonesia; +6281932932366; rita.amelinda@ukrida.ac.id

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Published

2024-10-31

Issue

Vol. 14 No. 1: May-October 2024

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Articles

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Copyright (c) 2024 Roseline Mannuela Anwar, Hendry Wijaya, Rita Amelinda

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How to Cite

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

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