EFEK INTERAKSI LITERASI KEUANGAN DALAM KEPUTUSAN INVESTASI: PENGUJIAN BIAS-BIAS PSIKOLOGI
Dublin Core
Title
EFEK INTERAKSI LITERASI KEUANGAN DALAM KEPUTUSAN INVESTASI: PENGUJIAN BIAS-BIAS PSIKOLOGI
Subject
psychological biases, behavioral finance, investment decisions, financial literacy, interaction effects
Description
This research aims to analyze psychological biases that occur when investors make risky investment
decisions. There are five behavioral factors analyzed (herding, overconfidence, disposition effect, conservatism, and availability). Financial literacy is used as moderator in analyzing the effect of those bahaviors towards risky investment decisions. This research examines four econometric equations in explaining financial literacy as a moderator. Interaction effect testing is carried out using moderating variable regression. The results show that psychological biases occur in making risky investment decisions. Herding behavior, overconfidence, disposition effect, and conservatism show a positive effect, while availability does not show a significant effect. Testing on the interaction model finds that financial literacy is able to reduce these psychological biases. This finding also explains the managerial implications that investors with high levels of financial literacy have the potential to experience relatively low psychological biases compared to investors with limited levels of financial literacy. In terms of limitations, this research uses a questionnaire survey that has not been able to
reveal aspects of investor behavior in a comprehensive manner. In addition, the number of
respondents who are more dominated by beginner investors also adds to the limitations in carrying
out the generalization.
decisions. There are five behavioral factors analyzed (herding, overconfidence, disposition effect, conservatism, and availability). Financial literacy is used as moderator in analyzing the effect of those bahaviors towards risky investment decisions. This research examines four econometric equations in explaining financial literacy as a moderator. Interaction effect testing is carried out using moderating variable regression. The results show that psychological biases occur in making risky investment decisions. Herding behavior, overconfidence, disposition effect, and conservatism show a positive effect, while availability does not show a significant effect. Testing on the interaction model finds that financial literacy is able to reduce these psychological biases. This finding also explains the managerial implications that investors with high levels of financial literacy have the potential to experience relatively low psychological biases compared to investors with limited levels of financial literacy. In terms of limitations, this research uses a questionnaire survey that has not been able to
reveal aspects of investor behavior in a comprehensive manner. In addition, the number of
respondents who are more dominated by beginner investors also adds to the limitations in carrying
out the generalization.
Creator
Wendy
Source
DOI : http://dx.doi.org/10.26418/jebik.v10i1.43403
Publisher
Univ. Tanjungpura
Date
29-04-2021
Contributor
Sri Wahyuni
Rights
P-ISSN : 2087-9954, E-ISSN : 2550-0066
Format
PDF
Language
Indonesian
Type
Text
Coverage
Jurnal Ekonomi Bisnis dan Kewirausahaan (JEBIK) Univ. Tanjungpura 2021
Files
Collection
Citation
Wendy, “EFEK INTERAKSI LITERASI KEUANGAN DALAM KEPUTUSAN INVESTASI: PENGUJIAN BIAS-BIAS PSIKOLOGI,” Repository Horizon University Indonesia, accessed February 5, 2025, https://repository.horizon.ac.id/items/show/5932.