PENGARUH OVERCONFIDENCE BIAS TERHADAP KEPUTUSAN INVESTASI SAHAM YANG DIMODERASI OLEH ACTUAL & DIGITAL FINANCIAL LITERACY PADA INVESTOR MILENIAL SURABAYA

NFLUENCE OF BIAS OVERCONFIDENCE TOWARDS THE TRUST INVESTMENT MEDIATED BY ACTUAL & DIGITAL LITERACY OF THE SURABAYA MILLENNIAL INVESTORS

Surabaya sebagai potret perkembangan pasar modal di Jawa Timur bahkan nasional. Jawa Timur menjadi provinsi dengan tingkat pertumbuhan investor terbesar di Indonesia pada 2021.  Pemfokusan studi pada investor milenial memiliki urgensi tersendiri terkait dengan dominasi mereka di pasar modal Indonesia. Generasi milenial memiliki sejumlah karakteristik yang berkaitan dengan kondisi perilaku bias yang mungkin terjadi, pengetahuan keuangannya (actual financial literacy), dan literasi digital yang semua itu mempengaruhi pengambilan keputusan investasinya. Penelitian ini bertujuan untuk menganalisis peran moderasi actual financial literacy dan digital financial literacy pada overconfidence bias terhadap pengambilan keputusan investasi pada investor milenial di Surabaya.

Penelitian ini adalah jenis penelitian cross-sectional. Populasi penelitian ini ialah investor saham milenial, yaitu yang berdomisili di Surabaya dan lahir pada 1981-2000. Sampel penelitian sebanyak 114 responden yang diambil dengan convenience and purposive sampling technique. Data dianalisis dengan teknik Structural Equation Model – Partial Least Square (SEM-PLS) dan menggunakan bantuan software SmartPLS 3.

Hasil penelitian menunjukkan bahwa: (1) overconfidence bias tidak berpengaruh pada pengambilan keputusan investasi, (2) actual financial literacy berpengaruh pada pengambilan keputusan investasi, 3) actual financial literacy memoderasi pengaruh overconfidence bias terhadap pengambilan keputusan investasi, 4) digital financial literacy berpengaruh pada pengambilan keputusan investasi, dan 5) digital financial literacy tidak memoderasi pengaruh overconfidence bias terhadap pengambilan keputusan investasi. Hasil tersebut menjelaskan tentang interaksi actual financial literacy dengan overconfidence bias dan keberadaan digital financial literacy dapat mempengaruhi pengambilan keputusan investasi di investor milenial Surabaya.

Implikasi utama penelitian ini dapat diterapkan pada diri investor. Investor perlu meningkatkan metakognisi melalui pembelajaran keuangan secara mandiri maupun terbimbing karena interaksi overconfidence dan actual financial literacy berpengaruh terhadap pengambilan keputusan investasi mereka. Investor juga dapat terus belajar dan memahami aplikasi tradingnya melalui video tutorial aplikasi dari perusahaan sekuritasnya. Selain itu, investor dapat menerapkan disiplin karena kepribadian openness pada diri mereka dapat berdampak buruk. 

Surabaya as a portrait of capital market development in East Java and even nationally. East Java is the province with the largest growth rate of investor in Indonesia in 2021. The focus of the study on millennial investors has its own urgency related to their dominance in the Indonesian capital market. The millennial generation has a number of characteristics related to the conditions for possible biased behavior, their financial knowledge (actual financial literacy), and digital literacy, all of which affect their investment decision making. This study aims to analyze the moderating role of actual financial literacy and digital financial literacy on the overconfidence bias of making investment decisions among millennial investors in Surabaya.

This research is a type of cross-sectional research. The population of this study is millennial stock investors, namely those who are domiciled in Surabaya and born in 1981-2000. The research sample was 114 respondents who were taken by convenience and purposive sampling technique. Data were analyzed using the Structural Equation Model – Partial Least Square (SEM-PLS) technique and using SmartPLS 3 software.

The results showed that: (1) overconfidence bias has no effect on investment decision making, (2) actual financial literacy has an effect on investment decision making, 3) actual financial literacy moderates the effect of overconfidence bias on investment decision making, 4) digital financial literacy has an effect on investment decision making, and 5) digital financial literacy does not moderate the effect of overconfidence bias on investment decision making. These results explain the interaction of actual financial literacy with overconfidence bias and the existence of digital financial literacy can influence investment decision making in Surabaya millennial investors.

The main implications of this research can be applied to investors. Investors need to improve their metacognition through independent and guided financial learning because the interaction of overconfidence bias and actual financial literacy influences their investment decision making. Investors can also continue to learn and understand their trading applications through application video tutorials from the securities companies. In addition, investors can apply discipline because their openness personality can have a negative impact on investment decision making.