Gender memoderasi overconfidence dan risk tolerance dalam keputusan investasi
Abstract
As the financial world continues to grow and develop, it is easier for investors to make investments. Investment is said to be successful if the investor is right in making decisions. The purpose of this study was to determine the relationship between overconfidence and risk tolerance variables in investment decisions in the capital market moderated by gender. The data in this study is primary data collected through online questionnaires and additional in-person interviews if possible, secondary data is data from KSEI, OJK, BI and several scientific articles used as references. The sample in this study is the millennial generation and Z generation in West Java Province. For the sample collection technique using Accidental Sampling with a total sample of 100 respondents. The analytical method uses Structural Equation Modeling (SEM) with SmartPLS software. The results showed that only the risk tolerance variable had an influence on investment decisions in the capital market, while other variables such as overconfidence had no influence on investment decisions in the capital market. Overconfidence, which is moderated by gender, also has no influence on investment decisions in the capital market, while risk tolerance, which is moderated by gender, also has no effect on investment decisions in the capital market.
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Sudirman, Wahyu Febri Ramadhan, And Anggun Pratiwi. “Overconfidence Bias Dalam Pengembilan Keputusan Investasi: Peran Perbedaan Gender.†Muhammadiyah Riau Accounting And Business Journal 3, No. 2 (2022): 081–092.
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Yaw Owusu, Godfred Matthew, Gabriel Korankye, Nana Yaw Mark Yankah, And Josephine Baaba Agyekum Donkor. “Financial Risk Tolerance and Its Determinants: The Perspective of Security Service Personnel in Ghana.†Borsa Istanbul Review (2023). https://doi.org/10.1016/j.bir.2023.02.005.
Almeida, José, And Tiago Cruz Gonçalves. “A Systematic Literature Review Of Investor Behavior In The Cryptocurrency Markets.†Journal Of Behavioral And Experimental Finance 37 (2023): 100785. Https://Doi.Org/10.1016/J.Jbef.2022.100785.
Altaf, Hadiya, And Anisa Jan. “Generational Theory Of Behavioral Biases In Investment Behavior.†Borsa Istanbul Review (2023). Https://Doi.Org/10.1016/J.Bir.2023.02.002.
Anggirani, Nidyayu. “Pengaruh Risk Tolerance, Overconfidence, Dan Literasi Keuangan Terhadap Pengambilan Keputusan Investasi Masyarakat Surabaya.†Eprints.Perbanas.Ac.Id (2017): 1–15.
Beer, Francisca M., And Joseph D. Wellman. “Implication Of Stigmatization On Investors Financial Risk Tolerance: The Case Of Gay Men.†Journal Of Behavioral And Experimental Finance 31 (2021): 100513. Https://Doi.Org/10.1016/J.Jbef.2021.100513.
Budiarto, Angga. “Pengaruh Financial Literacy, Overconfidence, Regret Aversion Bias, Danrisk Tolerance Terhadap Keputusan Investasi (Studi Pada Investor Pt. Sucorinvest Central Gani Galeri Investasi Bei Universitas Negeri Surabaya).†Jurnal Ilmu Manajemen (Jim) 5, No. 2 (2017): 1–9.
Cupák, A., Fessler, P, And A Schneebaum. “Gender Differences In Risky Asset Behavior: The Importance Of Self- Confidence And Financial Literacy.†Finance Research Letters (2021). Https://Doi.Org/10.1016/J.Frl.2020.101880.
Dewi, N.P.Y.P., And I.N Suarmanayasa. “Pengaruh Jenis Kelamin, Indeks Prestasi Kumulatif Serta Angkatan Terhadap Literasi Keuangan Mahasiswa.†Jurnal Manajemen 6, No. 2 (2020): 198–206.
Farizka, Siregar, And Tuti Anggraini. “Pengaruh Literasi Keuangan Syariah Dan Risk Tolerance Terhadap Perilaku Berinvestasi Di Bank Syariah Dengan Gender Sebagai Variabel Moderating.†Syntax Literate: Jurnal Ilmiah Indonesia 8, No. 1 (2023): 88–100.
Febriansyah, Wivan, Wida Purwidianti, Herni Justiana Astuti, And Restu Frida Utami. “Pengaruh Pengetahuan , Pengalaman Dan Financial Satisfaction Terhadap Keputusan Investasi : Gender Sebagai Variabel Moderasi†(2023): 3369–3380.
Fitriyani, Sari, And Saiful Anwar. “Pengaruh Herding, Experience Regret Dan Religiosity Terhadap Keputusan Investasi Saham Syariah Pada Investor Muslim Millennial Dengan Financial Literacy Sebagai Variabel Moderasi.†Jurnal Ekonomi Syariah Teori Dan Terapan 9, No. 1 (2022): 68.
Herawati, Nyoman Trisna, And Ni Wayan Yulianita Dewi. “The Effect Of Financial Literacy, Gender, And Students’ Income On Investment Intention: The Case Of Accounting Students†394, No. Icirad 2019 (2020): 133–138.
Hermansson, Cecilia, And Sara Jonsson. “The Impact Of Financial Literacy And Financial Interest On Risk Tolerance.†Journal Of Behavioral And Experimental Finance 29 (2021): 100450. Https://Doi.Org/10.1016/J.Jbef.2020.100450.
Juniantasari, Fira. “Pengaruh Risk Tolerance, Overconfidence Dan Motivasi Terhadap Keputusan Investasi Dalam Perspektif Ekonomi Islam†14, No. 1 (2021): 1–13.
Ksei. “Statistik Pasar Modal Indonesia.†Publikasi Pt Kustodian Sentral Efek Indonesia (2022): 1–6. Https://Www.Ksei.Co.Id/Publications/Demografi_Investor.
Lathifatunnisa, And Asri Nur Wahyuni. “Pengaruh Faktor Demografi, Risk Tolerance Dan Overconfidence Terhadap Pengambilan Keputusan Investasi Mahasiswa Di Kota Pekalongan.†Jurnal Bisnis Terapan 5, No. 2 (2021): 203–216.
Li, Na, And Özge Okur. “Economic Analysis Of Energy Communities: Investment Options And Cost Allocation.†Applied Energy 336, No. January (2023).
Majewski, Sebastian, And Aleksandra Majewska. “Behavioral Portfolio As A Tool Supporting Investment Decisions.†Procedia Computer Science 207 (2022): 1713–1722. Https://Doi.Org/10.1016/J.Procs.2022.09.229.
Masruroh, Dewi, Rida Perwita Sari, Fakultas Ekonomi Dan Bisnis, Universitas Pembangunan Nasional, Jawa Timur, Informasi Artikel, Kata Kunci, Risiko Toleransi, Literasi Keuangan, And Dan Keputusan Berinvestasi. “Pengaruh Risk Tolerance Terhadap Keputusan Mahasiswa Surabaya Berinvestasi Dengan Financial Literacy Sebagai Variabel Moderasi.†Jurnal Akuntansi Dan Ekonomi 6, No. 3 (2021): 32–39.
Putra, And Cipta. “Pengaruh Literasi Keuangan, Jenis Kelamin, Dan Pendapatan Terhadap Keputusan Investasi Karyawan Lembaga Perkreditan Desa Kecamatan Gerokgak.†Jurnal Manajemen Dan Bisnis 4, No. 3 (2022): 278–287.
Quan, Peng, Lisheng He, Tianxin Mao, Zhuo Fang, Yao Deng, Yu Pan, Xiaocui Zhang, Et Al. “Cerebellum Anatomy Predicts Individual Risk-Taking Behavior And Risk Tolerance.†Neuroimage 254, No. November 2021 (2022): 119148. Https://Doi.Org/10.1016/J.Neuroimage.2022.119148.
Radi Rinandiyana, Lucky, Alfin Nur Fahmi, Deasy Lestary Kusnandar, And Fakultas Ekonomi Dan Bisnis Universitas Siliwangi. “Experienced Regret Dan Risk Tolerance Dalam Membentuk Perilaku Perdagangan Saham.†Forum Ekonomi 22, No. 1 (2020): 44–48. Http://Journal.Feb.Unmul.Ac.Id/Index.Php/Forumekonomi.
Rahko, Jaana. “The Effects Of Environmental Investments On The Economic Performance Of Industrial Plants – Evidence From Finland.†Journal Of Cleaner Production 394, No. September 2022 (2023): 136142. Https://Doi.Org/10.1016/J.Jclepro.2023.136142.
Rzeszutek, Marcin, Antoine Godin, Adam Szyszka, And Stanislas Augier. “Managerial Overconfidence In Initial Public Offering Decisions And Its Impact On Macrodynamics And Financial Stability: Analysis Using An Agent-Based Model.†Journal Of Economic Dynamics And Control 118 (2020).
Shah, S. Z. A., Ahmad, M, And F. Mahmood. “Heuristic Biases In Investment Decision-Making And Perceived Market Efficiency: A Survey At The Pakistan Stock Exchange.†Qualitative Research In Financial Markets 10 (2018): 85–110. Https://Doi.Org/10.1108/Qrfm-04-2017-0033.
Sudirman, Wahyu Febri Ramadhan, And Anggun Pratiwi. “Overconfidence Bias Dalam Pengembilan Keputusan Investasi: Peran Perbedaan Gender.†Muhammadiyah Riau Accounting And Business Journal 3, No. 2 (2022): 081–092.
Suparyanto Dan Rosad (2015. “Pengaruh Literasi Keuangan Dan Pendapatan Terhadap Keputusan Investasi (Studi Kasus Karyawan Pt. Pertamina (Persero) Mor I Medan).†Suparyanto Dan Rosad (2015 5, No. 3 (2020): 248–253.
Utsman, M A. “Analisis Pengaruh Risk Tolerance, Financial Attitude Dan Literasi Keuangan Syariah Terhadap Keputusan Investasi Saham Syariah (Studi Kasus: Investor Millenial).†Jurnal Ilmiah Mahasiswa Feb (2021). Https://Jimfeb.Ub.Ac.Id/Index.Php/Jimfeb/Article/View/7643.
Yaw Owusu, Godfred Matthew, Gabriel Korankye, Nana Yaw Mark Yankah, And Josephine Baaba Agyekum Donkor. “Financial Risk Tolerance and Its Determinants: The Perspective of Security Service Personnel in Ghana.†Borsa Istanbul Review (2023). https://doi.org/10.1016/j.bir.2023.02.005.
Published
2023-06-24
How to Cite
MULYANA, Ayang; SOLEHA, Erin; SELLINA, Sesri.
Gender memoderasi overconfidence dan risk tolerance dalam keputusan investasi.
REVITALISASI : Jurnal Ilmu Manajemen, [S.l.], v. 12, n. 1, p. 91-99, june 2023.
ISSN 2657-1684.
Available at: <https://ejournal.uniska-kediri.ac.id/index.php/Revitalisasi/article/view/3828>. Date accessed: 21 dec. 2024.
doi: https://doi.org/10.32503/revitalisasi.v12i1.3828.
Section
Articles
This work is licensed under a Creative Commons Attribution 4.0 International License.
This work is licensed under a Creative Commons Attribution 4.0 International License
