PENGARUH HEURISTIC DAN OVERCONFIDENCE BIAS TERHADAP PENGAMBILAN KEPUTUSAN INVESTASI DIMEDIASI SENTIMEN PASAR (Studi pada Investor Pasar Fisik Emas Digital di JFX)

Prihanto, Agung Pangestu (2024) PENGARUH HEURISTIC DAN OVERCONFIDENCE BIAS TERHADAP PENGAMBILAN KEPUTUSAN INVESTASI DIMEDIASI SENTIMEN PASAR (Studi pada Investor Pasar Fisik Emas Digital di JFX). S2 thesis, Universitas Mercu Buana Jakarta - Menteng.

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Abstract

This study aims to analyze the influence of heuristics on investment decision-making through market sentiment and the influence of overconfidence biases on investment decision-making through market sentiment. The population in this research consists of active investors in the digital gold physical market at JFX from July to December 2023, totaling 5,628. A sample of 200 respondents was selected using the convenience sampling technique. The data analysis method employed is structural equation modeling (SEM) with a partial least squares (PLS) approach. The study shows that heuristics do not affect investment decision-making, either directly or through market sentiment. In contrast, overconfidence bias has a positive and significant influence on investment decision-making, both directly and through market sentiment. These findings indicate that although heuristics are often used by investors, they do not impact investment decisions. On the other hand, overconfidence bias, which reflects an excessive belief in one's abilities, has a positive and significant effect on investment decisions, and market sentiment is able to mediate the influence of overconfidence bias on investment decision-making. Penelitian ini bertujuan untuk menganalisa pengaruh Heuristic terhadap pengambilan keputusan investasi melalui sentimen pasar, pengaruh Overconfidence Bias terhadap pengambilan keputusan investasi melalui sentimen pasar. Populasi dalam penelitian ini adalah jumlah investor aktif pasar fisik emas digital di JFX dari bulan Juli sampe dengan bulan Desember Tahun 2023 yaitu sebesar 5.628, pengambilan sampel menggunakan teknik Convenience Sampling sebanyak 200 responden. Metode analisis data menggunakan Structural Equation Modelling (SEM) dengan pendekatan PLS (Partial Least Square). Studi menunjukkan Heuristic tidak berpengaruh terhadap pengambilan Keputusan investasi baik secara langsung maupun melalui sentimen pasar. Sebaliknya Overconfidence Bias memiliki pengaruh positif signifikan terhadap pengambilan keputusan investasi baik secara langsung maupun melalui sentimen pasar. Temuan ini menunjukkan bahwa meskipun Heuristic sering digunakan oleh investor, Heuristic tidak berpengaruh pada Keputusan investasi. Sebaliknya Overconfidence Bias, yang mencerminkan keyakinan berlebihan terhadap kemampuan pribadi, secara positif signifikan berpengaruh terhadap Keputusan investasi dan sentimen pasar mampu memediasi pengaruh overconfidence bias terhadap keputusan investasi.

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