PENGARUH STATUS QUO, HERDING BEHAVIOUR, REPRESENTATIVENESS BIAS, MENTAL ACCOUNTING, SERTA REGRET AVERSION BIAS TERHADAP KEPUTUSAN INVESTASI INVESTOR MILENIAL DI KOTA SURABAYA

THE EFFECT OF STATUS QUO, HERDING BEHAVIOR, REPRESENTATIVENESS BIAS, MENTAL ACCOUNTING, AND REGRET AVERSION BIAS ON MILLENIAL INVESTORS IN THE CITY OF SURABAYA

Aktivitas investasi di Indonesia terus menerus meningkat seiring semakin banyak orang yang menyadari pentingnya investasi dan tingkat return yang didapatkan. Penelitian ini bertujuan untuk mengetahui pengaruh dari status quo bias, herding behavior, representativeness, mental accounting, serta regret aversion bias terhadap keputusan investasi investor milenial di Surabaya. Penelitian ini termasuk kedalam konklusif karena menggunakan teknik purposive dan snowball sampling untuk mendapatkan sampel dengan cara mendistribusikan  kuesioner secara online—sampel penelitian sebanyak 241 responden. Teknik analisis menggunakan Struktural Model Persamaan (SEM). Penelitian ini berfokus pada investor milenial yang terdaftar di Indonesian Central Kustodian Efek (KSEI) dan perusahaan efek di Surabaya. Hasil penelitian menunjukkan bahwa variabel status quo dan regret aversion bias secara signifikan berpengaruh terhadap keputusan investasi, sedangkan perilakuherding behavior, representation, mental accounting tidak berpengaruh terhadap keputusan investasi. Dengan demikian, penelitian ini dapat membantu berbagai pihak, khususnya investor milenial, untuk lebih memperhatikan bias mereka dan lebih berhati-hati saat membuat keputusan investasi.

Investment activity in Indonesia steadily increases as more people become aware of the investment's value and potential returns. This study aims to determine the impact of status quo bias, herding behavior, representativeness, mental accounting and regret aversion bias on the investment decisions of millennial investors in Surabaya. This study is conclusive because it used purposive and snowball sampling techniques to obtain samples by distributing online questionnaires—the research sample as many as 241 respondents. The analysis technique uses Structural Equation Model (SEM). This study focuses on millennial investors registered with the Indonesian Central Securities Depository (KSEI) and securities firms in Surabaya. The findings suggest that the variables status quo and regret aversion significantly bias investment decisions, whereas herding behavior, representativeness, and mental accounting do not affect investment decisions. Thus, this study can assist various parties, particularly millennial investors, pay more attention to their biases and be more cautious when making investment decisions.