Pengaruh Behavioral Factors Terhadap Keputusan Investasi Saham di Indonesia

Impact of Behavioral Factors on Stock Investment Decisions in Indonesia

Penelitian ini dilakukan dengan tujuan untuk mengetahui ada tidaknya pengaruh faktor perilaku (behavior factors) terhadap keputusan investasi di pasar saham Indonesia. Penelitian ini merupakan penelitian kuantitatif dengan pendekatan kausalitas. Populasi dalam penelitian ini adalah investor yang terdaftar di KSEI dengan sampel sebanyak 395 responden yang diambil menggunakan teknik purposive sampling. Data yang digunakan adalah data primer yang dikumpulkan melalui penyebaran kuesioner. Data yang telah dikumpulkan selanjutnya diolah dan dianalisis menggunakan regresi linier berganda.

Hasil penelitian menunjukkan bahwa variabel overconfidence  berpengaruh terhadap pilihan berinvestasi di Indonesia. Variabel sentement investor secara parsial memiliki dampak atas keputusan berinvestasi sesuai Planned Behavior Theory, dimana seseorang berinvestasi berdasarkan norma subjektif. Dalam penelitian ini, variabel herding behavior  memiliki dampak positif yang cukup besar terhadap keputusan investasi saham di Indonesia. Berdasarkan hasil penelitian tersebut variabel overconfidence, sentiment investor, herding behavior berpengaruh secara positif terhadap keputusan investasi saham di Indonesia.

This study was conducted with the aim of determining whether or not there is an influence of behavioral factors on investment decisions in the Indonesian stock market. This research is a quantitative research with a causality approach. The population in this study is investors registered in KSEI with a sample of 400 respondents taken using purposive sampling technique. The data used are primary data collected through the distribution of questionnaires. The data that has been collected is then processed and analyzed using multiple linear regression.

The results showed that the overconfidence variable affects the choice of investing in Indonesia. Investor sentiment variables partially have an impact on investment decisions according to Planned Behavior Theory, where someone invests based on subjective norms. In this study, the herding behavior variable had a considerable positive impact on stock investment decisions in Indonesia. Based on the results of this study, the variables of overconfidence, investor sentiment, herding behavior have a positive effect on stock investment decisions in Indonesia.