DAMPAK PERILAKU BIAS TERHADAP PENGAMBILAN KEPUTUSAN INVESTASI

Authors

  • Ana Mufidah Jember University
  • Nurshadrina Kartika Sari Institut Teknologi dan Sains Mandala
  • Intan Nurul Awaliyah Jember University
  • Nurhayati Nurhayati Jember University

DOI:

https://doi.org/10.32815/jibeka.v17i2.1542

Keywords:

Perilaku bias, akuntansi mental, keputusan investasi, investor

Abstract

Pengambilan keputusan dalam berinvestasi adalah hal yang penting untuk diperhatikan, karena jika investor salah dalam mengambil keputusan maka manfaat yang diharapkan tidak dapat diperoleh. Investor diasumsikan bersikap rasional dalam mengambil keputusan investasinya, namun faktanya seringkali dalam mengambil keputusan tersebut dipengaruhi perilaku bias yang disebabkan oleh faktor psikologis dan faktor keterbatasan individu. Investor seringkali memiliki perilaku yang menyimpang dari logika dan akal sehat, selain itu investor menampilkan banyak perilaku bias yang mempengaruhi proses pengambilan keputusan investasi. Proses emosional, kesalahan mental, dan ciri kepribadian individu memperumit investor dalam pengambilan keputusan investasi. Berinvestasi tidak sekedar menganalisis angka dan mengambil keputusan untuk membeli dan menjual berbagai aset dan surat berharga. Artikel ini adalah studi litaratur yang bertujuan untuk menyajikan perilaku bias yang mempengaruhi investor dalam mengambil keputusan dan kemudian diperoleh kerangka konsep terkait faktor psikologi, keterbatasan individu serta perilaku bias pada keputusan investasi oleh investor.

References

Aharoni, Y. (2011), “Behavioral Elements in Foreign Direct Investment Decisions”, in Ramamurti, R. and Hashai, N. (Eds.), The Future of Foreign Direct Investment and the Multinational Enterprise (Research in Global Strategic Management), Vol. 15, pp. 23-60.

Armansyah, R. F. (2021). Over confidence, mental accounting, and loss aversion in investment decision. Journal of Auditing, Finance, and Forensic Accounting, 9(1), 44-53.

Baker, K and Ricciardi, V (2014) . How Biases Affect Investor Behaviour. The European Financial Review. www.europeanfinancialreview.com

Devinney, T. (2011), “Bringing Managers' Decision Models into FDI Research”, in Ramamurti, R. and Hashai, N. (Eds.), The Future of Foreign Direct Investment and the Multinational Enterprise (Research in Global Strategic Management), Emerald Group.

Dewanti, Patriani W dkk. (2018). Mental Accounting dalam Proses Pengambilan Keputusan Investasi. Jurnal Akuntansi, Vol 6, No. 1, Hal. 75-87.

Gollier, C. and B. Salani´e (2006), ‘Individual decisions under risk, risk sharing and asset prices with regret’. Working paper (University of Toulouse).

Grinblatt, Mark dan Han, Bin. (2005). Prospect Theory, Mental Accounting and Momentum. Journal of Financial Economics (Elsevier). 78. Pp. 311-339.

Jain, J., N.Valia, and S. Gupta (2019), Evaluation of behavioral biases affecting investment decision making of individual equity investors by fuzzy analytic hierarchy process. Review of Behavioral Finance Vol. 12 No. 3, 2020 pp. 297-314 © Emerald Publishing Limited 1940-5979 DOI 10.1108/RBF-03-2019-0044.

Kahneman, D. and A. Tversky (1979), Prospect Theory: An Analysis of Decision Under Risk. Handbook of the Fundamentals of Financial Decision Making Downloaded from www.worldscientific.com.

Kahneman, D., P. Slovic, and A. Tversky (1982), Judgment Under Uncertainty: Heuristics and Biases. Cambridge: Cambridge University Press.

Kivetz, Ran. (1999). Advances in Research on Mental Acconting and Reson-Based Choice. Marketing Letters 10:3, pp. 249-266. Netherlands: Kluwer Academic Publisher.

Madaan,G and Singh,S (2019). An Analysis of Behavioral Biases in Investment Decision-Making. International Journal of Financial Research Vol. 10, No. 4; 2019. Hal: 55-67. doi:10.5430/ijfr.v10n4p55

Mahadevi, SA dan Asandimitra, N (2021). Pengaruh Status Quo, Herding Behaviour, Representativeness Bias, Mental Accounting, Serta Regret Aversion Bias Terhadap Keputusan Investasi Investor Milenial Di Kota Surabaya. Jurnal Ilmu Manajemen Volume 9 Nomor 2, Hal. 779-793. ISSN (Online): 2549-192X. https://doi.org/10.26740/jim.v9n2.p779-793

Mittal, SK (2018). Behavior biases and investment decision: theoretical and research framework. Qualitative Research in Financial Markets © Emerald Publishing Limited 1755-4179. DOI 10.1108/QRFM-09-2017-0085

Onsomu, N.Z (2014). The Impact Of Behavioral Biases On Investor Decisions in Kenya Male VS Female. IMPACT: International Journal of Research in Humanities, Arts and Literature (IMPACT: IJRHAL) ISSN(E): 2321-8878; ISSN(P): 2347-4564 Vol. 2, Issue 6, Jun 2014, 87-92 © Impact Journals.

Pradhana, RW (2018). Pengaruh Financial Literacy, Cognitive Bias, Dan Emotional Bias Terhadap Keputusan Investasi (Studi Pada Investor Galeri Investasi Universitas Negeri Surabaya). Jurnal Ilmu Manajemen Vol. 6 No. 3 . ISSN (Online): 2549-192X. https://jurnalmahasiswa.unesa.ac.id/index.php/jim/issue/view/1501. DOI: https://doi.org/10.26740/jim.v6n3.

Sari, Ratna Candra. (2018). Akuntansi Keperilakuan Teori dan Implikasi. Yogyakarta: Andi. ISBN: 978-979-29-7038-8.

Shefrin, H. and M. Statman (1984), ‘Explaining investor preference for cash dividends’. Journal of Financial Economics 13, 253–282.

Shefrin, H. and M. Statman (1985), ‘The disposition to sell winners too early and ride losers too long: theory and evidence’. Journal of Finance 40, 777–790.

Shefrin, H (2010). Behavioralizing Finance. Foundations and TrendsR in Finance Vol. 4, Nos. 1–2 (2009) 1–184 c 2010 H. Shefrin DOI: 10.1561/0500000030.

Rospitadewi, Elen dan Efferin, Sujoko. 2017. Mental Accounting dan Ilusi Kebahagiaan: Memahami Pikiran dan Implikasinya bagi Akuntansi. Jurnal Akuntansi Multiparadigma (JAMAL), Vol. 8, No. 1, Hal. 1-227.

Thaler, Richard H. (1999). Mental Accounting Matters. Journal of Behavioral Decision Making 12: 183-206.

Thaler, Richard H. (2008). Mental Accounting and Consumer Choice. Marketing Science 27(1):15-25. http:// dx.doi.org/10.1287/mksc.1070.0330

Zahn, A.S. (2016). "Reflective and Cognitive Perspectives on International Capital Budgeting", critical perspectives on international business, Vol. 12 Iss 2 pp. http://dx.doi.org/10.1108/cpoib-02-2013-0006.

Zhang CY, Sussman AB. (2018). Perspectives on mental accounting: An exploration of budgeting and investing. Financial Planning Review. 2018;1:e1011. https://doi.org/10.1002/cfp2.1011

Zhang, C. Yiwei and Sussman, Abigail B. 2017. The Role of Mental Accounting in Household Spending and Investing Decisions (December 4, 2017). Forthcoming in C. Chaffin (Ed.), Client Psychology. New York: Wiley, Chicago Booth Research Paper No. 19-07, Available at SSRN: https://ssrn.com/abstract=3051415

Downloads

Published

10-07-2023

How to Cite

Mufidah, A., Sari, N. K., Awaliyah, I. N., & Nurhayati, N. (2023). DAMPAK PERILAKU BIAS TERHADAP PENGAMBILAN KEPUTUSAN INVESTASI. Jurnal Ilmiah Bisnis Dan Ekonomi Asia, 17(2), 196–211. https://doi.org/10.32815/jibeka.v17i2.1542

Issue

Vol. 17 No. 2 (2023): Jurnal Ilmiah Bisnis dan Ekonomi Asia

Section

Articles

License

Jurnal Ilmiah Bisnis dan Ekonomi Asia is Open Access which means makes all of the content of the article in this journal available for free to the public. Any part of the manuscripts in this journal can be downloaded, shared, mixed, reused, and processed by the public. However, they should acknowledge the author and share with the same license selected by the journal manager.