Analisis Dampak Perilaku Keuangan Terhadap Keputusan Investasi Cryptocurrencies pada Generasi Milenial di Indonesia
Analysis Impact of Financial Behavior on Cryptocurrencies Investment Decisions for The Millenial Generation in Indonesia
Abstract
Pengambilan keputusan memiliki peran penting dalam perilaku keuangan terutama terkait perilaku investor didasarkan pada berbagai bias psikologis, perilaku, volatilitas pasar dan peluang untuk memaksimalkan keuntungan. Investor seringkali bertindak secara tidak rasional dalam pengambilan keputusan suatu investasi terutama investor muda milenial yang lebih mengincar keuntungan dari volatilitas harga. Penelitian ini bertujuan menguji atau merumuskan hipotesis yang mempengaruhi pengambilan keputusan investor dari behavioral finance yang terdiri dari overconfidence, gambler’s fallacy, mental accounting, disposition effect, dan hindsight terhadap investment decision. Selain itu, studi ini juga menganalisa peran Risk perceptions sebagai variabel mediasi antara Overconfidence terhadap investment decision. Dengan menggunakan Teknik convenience sampling, didapatkan jumlah responden sebanyak 452 investor sebagai responden. Metode analisis data yang digunakan adalah Partial Least Squares – Structural Equation Modelling (PLS-SEM). Hasil penelitian menunjukkan bahwa gambler’s fallacy dan mental accounting berpengaruh signifikan terhadap investment decision. Lebih lanjut, studi ini juga membuktikan hubungan signifikan antara overconfidence terhadap investment decision dengan risk perceptions sebagai variabel mediasi.
Decision-making process plays a prominent role in financial behaviour, particularly about investor behaviour which is commonly based on enormous psychological biases, behaviour, market volatility and the opportunity to reach maximum return. Investors often have irrationality in main investment decisions, especially young millennials investors who are interested in profit gaining during the price volatility. This study aims to examine some variables which hypothetically influence the investment decision making. These variables are overconfidence, gambler’s fallacy, mental accounting, disposition effect, and hindsight. Further, this study also analyses the role of risk perceptions as a mediating variable between overconfidence and investment decision. Using a convenience sampling technique, the number of survey’s participants is 452 respondents. The data analysis method used is Partial Least Squares – Structural Equation Modelling (PLS-SEM). The results reveal that gambler’s fallacy and mental accounting have a significant effect on investment decisions. In addition, this study ascertains the significant role of risk perceptions as a mediating variable between overconfidence and investment decision.
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