Penentu Model Keputusan Investor Individu Terhadap Pengambilan Keputusan Investasi

Peter Ardiyan, Ignatia Lili Vedasiwi, Henny Setyo Lestari, Farah Margaretha Leon

Abstract


Abstract: The purpose of this research is to examine the impact of individual investor choice models on investment decisions and to assess the validity of behavioral theory. The Structural Equation Model (SEM) analysis approach was used with the SPSS AMOS program in this”quantitative research with a sample of 275 respondents. The”findings suggest that prior behavior has little bearing on future investment intentions. The intention to invest is influenced by attitudes, subjective norms, and perceived behavioral control. Attitude and perceived behavioral control are influenced by financial literacy. and attitude is unaffected by previous behavior The findings of this study can assist investors in better understanding the risk of stock market losses from the shares they have purchased. Furthermore, investors must gain a better understanding of finance, investment dangers, and how to manage investment risks on the stock exchange.

 

Abstrak: Penelitian ini bertujuan untuk menganalisis pengaruh model keputusan investor individu terhadap pengambilan keputusan investasi dan menguji validitas teori prilaku didalam penelitian ini. Pendekatan penelitian kuantitatif digunakan dalam penelitian ini dengan jumlah sampel 275 responden dan menggunakan metode analisis Structural Equation Model (SEM) dengan program SPSS AMOS. Hasil penelitian menunjukkan bahwa past behaviour tidak berpengaruh terhadap intention to invest. Attitude, subjective norms, perceived behavioural control berpengaruh terhadap intention to invest. Financial literacy berpengaruh terhadap attitude dan perceived behavioural control. serta past behaviour tidak berpengaruh terhadap attitude. Hasil penelitian ini dapat membantu investor untuk lebih mewaspadai risiko kerugian pasar saham dari saham yang dibeli. Selain itu, investor perlu lebih mengenal keuangan, risiko investasi, dan cara menghadapi risiko investasi di bursa.


Full Text:

PDF

References


Ajzen, I. (1985), “From intentions to actions: a theory of planned behaviour”, in Action Control, Springer Berlin Heidelberg, pp. 11-39.

Akhtar, F., & Das, N. (2019). Predictors of investment intention in Indian stock markets: Extending the theory of planned behaviour. International Journal of Bank Marketing, 37(1), 97–119. https://doi.org/10.1108/IJBM-08-2017-0167

Albaity, M., & Rahman, M. (2019). The intention to use Islamic banking: an exploratory study to measure Islamic financial literacy. International Journal of Emerging Markets, 14(5), 988–1012. https://doi.org/10.1108/IJOEM-05-2018-0218

Costa, D. F., Carvalho, F. de M., & Moreira, B. C. de M. (2019). Behavioral Economics and Behavioral Finance: a Bibliometric Analysis of the Scientific Fields. Journal of Economic Surveys, 33(1), 3–24. https://doi.org/10.1111/joes.12262

Ibrahim, Y., & Arshad, I. (2017). Examining the impact of product involvement, subjective norm and perceived behavioral control on investment intentions of individual investors in Pakistan. Investment Management and Financial Innovations, 14(4), 181–193. https://doi.org/10.21511/imfi.14(4).2017.15

Karamoy, H., & Tulung, J. E. (2020). The Effect of Banking Risk on Indonesian Regional Development Bank. Banks and Bank Systems, 15(2), 130-137

Koon, O., Chan, R. and Sharma, P. (2020), “Moderating effects of socio-cultural values on pro environmental behaviours”, Marketing Intelligence and Planning, available at: http://hdl.handle. net/20.500.11937/77684

Kovac, V.B., Cameron, D.L. and Høigaard, R. (2016), “The extended theory of planned behaviour and college grades: the role of cognition and past behaviour in the prediction of students’ academic intentions and achievements”, Educational Psychology, Vol. 36 No. 4, pp. 792-811.

Kumar, S., & Goyal, N. (2016). Evidence on rationality and behavioural biases in investment decision making. Qualitative Research in Financial Markets, 8(4), 270–287. https://doi.org/10.1108/QRFM-05-2016-0016

Mojambo, G. A., Tulung, J. E., & Saerang, R. T. (2020). The Influence of Top Management Team (TMT) Characteristics Toward Indonesian Banks Financial Performance During the Digital Era (2014-2018). JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi)., 7(1). 1-25

Mouna, A. and Anis, J. (2017), “Financial literacy in Tunisia: its determinants and its implications on investment behaviour”, Research in International Business and Finance, Vol. 39, Part A, pp. 568-577.

Mulyono, K. B. (2021). Decision Model for Saving Stocks Based on TPB and Financial Literacy. Dinamika Pendidikan, 16(1), 94–102. https://doi.org/10.15294/dp.v16i1.29164

Norman, P., Webb, T.L. and Millings, A. (2019), “Using the theory of planned behaviour and implementation intentions to reduce binge drinking in new university students”, Psychology and Health, Vol. 34 No. 4, pp. 478-496.

Rahadjeng, E. R., & Fiandari, Y. R. (2020). the Effect of Attitude, Subjective Norms and Control of Behavior Towards Intention in Share Investment. Manajemen Bisnis, 10(2), 17–25. https://doi.org/10.22219/jmb.v10i2.13616

Raut, R. K. (2020). Past behaviour, financial literacy and investment decision-making process of individual investors. International Journal of Emerging Markets, 15(6), 1243–1263. https://doi.org/10.1108/IJOEM-07-2018-0379

Raut, R. K., Das, N., & Kumar, R. (2018). Extending the theory of planned behaviour: Impact of past behavioural biases on the investment decision of Indian investors. Asian Journal of Business and Accounting, 11(1), 265–292. https://doi.org/10.22452/ajba.vol11no1.9

Raut, R.K. and Das, N. (2017), “Individual investors’ attitude towards online stock trading: some evidence from a developing country”, International Journal of Economics and Business Research, Vol. 14 Nos 3-4, pp. 254-267.

Sandberg, T., Hutter, R., Richetin, J. and Conner, M. (2016), “Testing the role of action and inaction anticipated regret on intentions and behaviour”, British Journal of Social Psychology, Vol. 55 No. 3, pp. 407-425.

Tomer, J. F. (2016). Investments in Human Capital to Remedy Decision-Making Errors. Integrating Human Capital with Human Development, 39–61. https://doi.org/10.1057/9781137456748_3




DOI: https://doi.org/10.35794/jmbi.v9i1.38730

Refbacks

  • There are currently no refbacks.


View My Stats

 

 Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.