PENGARUH PERILAKU HEURISTIK TERHADAP KINERJA INVESTASI SAHAM DI INDONESIA

Abstract

ABSTRACT

Within the investment world itself, the growth of the capital market has been clearly described in the Indonesia Stock Exchange (IDX). Therefore, this study was conducted to determine whether heuristic behavior actually has a positive effect on investment. The independent variable in this research isanchoring, availability, overconfidence and representativeness, while the dependent variable is investment performance. Where this research collects data from 270 investment actors who have a period of more than 3 months in investing and this study uses the Structural Equation Model (SEM) method for testing. The results of this study found that overconfidence and representativeness had a significant positive effect on investment performance. Meanwhile, anchoring and availability do not have a significant effect on investment performance. So that the results of this study can be useful for investors in considering heuristic behavior which is closely related to investment decisions, in order to respond wisely. All of these studies used a questionnaire as a measure of anchoring, availability, overconfidence and representativeness. In the update of this study, this study focuses on stock investment so it is different from previous studies.

Keywords: anchoring; availability; investment performance; overconfidence; representativeness.

ABSTRAK

Di dalam dunia investasi itu sendiri pertumbuhan investasi saham telah dijabarkan secara jelas pada Bursa Efek Indonesia (BEI). Oleh karena itu, penelitian ini dilakukan untuk mengetahui apakah perilaku heuristik benar-benar berpengaruh positif terhadap investasi seseorang. Variabel independen pada penelitian ini adalah anchoring, availability, overconfidence dan representativeness sedangkan variabel dependen nya adalah investment performance. Dimana penelitian ini mengumpulkan data dari 270 pelaku investasi yang memiliki kurun waktu lebih dari 3 bulan dalam berinvestasi dan penelitian ini menggunakan metode Structural Equation Model (SEM) untuk pengujiannya. Hasil dari penelitian ini menemukan bahwa overconfidence dan representativeness berpengaruh positif signifikan terhadap investment performance. Sedangkan anchoring dan availability tidak berpengaruh signifikan terhadap investment performance. Hasil penelitian dapat berguna bagi para investor dalam mempertimbangkan perilaku heuristik yang erat kaitannya dengan keputusan berinvestasi, agar dapat menyikapinya dengan bijak. Seluruh penelitian ini menggunakan kuesioner sebagai pengukuran anchoring, availability, overconfidence dan representativeness.

Kata kunci: anchoring; availability; kinerja investasi; overconfidence; representativeness.