Cognitive dan emotional bias dalam pengambilan keputusan investasi: dimediasi risk tolerance dan dimoderasi financial literacy

Heni Safitri, Mustaruddin Mustaruddin, Wendy Wendy, Giriati Giriati

Abstract


Tujuan atas studi ini ialah untuk mengkaji apakah kognitif bias yang dilihat dari representativeness dan mental accounting serta emosional bias yang dilihat dari overconfidence dan loss aversion memiliki hubungan terhadap keputusan investasi investor saham yang dimediasi oleh risk tolerance dan dimoderasi oleh financial literacy. Studi ini yakni penelitian survey. Sampel dimana dipergunakan pada studi ini sejumlah 150 responden dengan teknik random sampling. Analisis data mempergunakan SmartPLS untuk mengukur nilai outer loading, validity and reliability, R square, path coefficients, specific indirect effects, total effects. Hasil pengujian Structural Equation Model (SEM) menunjukkan bahwa risk tolerance bisa memediasi hubungan antara Overconfidence terhadap Investment Decision. Selain itu, risk tolerance juga bisa memediasi hubungan antara representativeness bias terhadap investment decision. Hasil pengujian juga menjelaskan bahwasanya variabel financial literacy bisa menguatkan hubungan antara variabel overconfidence terhadap investment decision.

Keywords


Representativeness; mental accounting; overconfidence; loss aversion; investment decision; risk tolerance; financial literacy

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DOI: https://doi.org/10.30872/jinv.v19i3.13553

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