Pengaruh Financial Literacy, Herding Behavior dan Overconfidence terhadap Investment Decision
Authors: Valentina Novia , Pamungkas Ary Satria 
Published: November 2022

Indonesia mengalami lonjakan investor pada tahun 2021 sebanyak hampir dua kali dari jumlah investor sebelumnya. Meski investasi mulai digemari oleh masyarakat namun tidak semua investor mampu mengambil keputusan yang tepat dalam berinvestasi. Tingkat financial literacy yang dimiliki investor dapat menjadi salah satu faktor penentu keputusan investor dalam berinvestasi. Begitu pula dengan frekuensi herding behavior dan tingkat overconfidence yang dimiliki investor dapat turut memengaruhi kualitas keputusan investasi yang dipilih investor. Penelitian ini bertujuan untuk meneliti pengaruh dari financial literacy, herding behavior dan overconfidence terhadap investment decision. Penelitian ini menggunakan sebanyak 184 responden yang merupakan investor wanita dan berdomisili di Jakarta. Penelitian ini menggunakan SmartPLS versi 3.3.3 dan mengumpulkan data dengan membagikan kuesioner melalui Google Form. Penelitian ini mengolah data yang dimiliki menggunakan metode analisis data Structural Equation Modelling (SEM). Sampel diperoleh melalui teknik purposive sampling, dimana responden harus memenuhi kriteria yang telah ditetapkan sebelumnya. Kriteria dalam penelitian ini adalah investor harus berjenis kelamin wanita, berdomisili di Jakarta, telah berinvestasi di pasar modal selama minimal 1 tahun dan melakukan transaksi sebanyak minimal 2 kali. Hasil yang didapatkan dalam penelitian ini adalah financial literacy berpengaruh positif terhadap investment decision, herding behavior berpengaruh positif terhadap investment decision dan overconfidence berpengaruh positif terhadap investment decision.

 

In 2021, the growth Indonesian capital market has increased by almost twice than a year before. Event hough the society has started to aware and acknowledge about investation, not all investors could decide the right decision in investing. Investors’ financial literacy levels can be one of the determinant to decide their investment. Likewise, the frequency of herding behavior and the level of overconfidence owned by investors can also influence the quality of investment decisions that investors choose. This study aims to examine the effect of financial literacy, herding behavior and overconfidence on investment decisions. This study uses 184 respondents who are female investors who live in Jakarta. This study uses SmartPLS version 3.3.3 and collects data by distributing questionnaires through Google Form. This study processes the data using the Structural Equation Modeling (SEM) data analysis method. The sample was obtained through a purposive sampling technique, where respondents had to meet pre-set criteria. The criteria in this study are that the investor must be female, domiciled in Jakarta, have invested in the capital market for at least 1 year and have made a minimum of 2 transactions. The results obtained in this study are financial literacy has a positive effect on investment decisions, herding behavior has a positive effect on investment decisions and overconfidence has a positive effect on investment decisions.