Pengaruh Overconfidence, Herding dan Loss Aversion terhadap Investment Decision dengan Financial Literacy sebagai Variabel Mediasi
DOI:
https://doi.org/10.38035/jafm.v6i6.2909Keywords:
Overconfidence, Herding, Loss Aversion, Investment Decision, Financial LiteracyAbstract
Riset ini bertujuan untuk mengidentifikasi pengaruh overconfidence, herding, dan loss aversion terhadap investment decision dengan financial literacy sebagai variabel mediasi pada investor pasar modal di Kota Pontianak. Kajian ilmiah ini menerapkan pendekatan kuantitatif dengan mengaplikasikan teknik non-probability sampling melalui metode purposive sampling. Hubungan antarvariabel dianalisis dengan menerapkan metode Partial Least Squares-Structural Equation Modeling (PLS-SEM) diolah dengan SmartPLS versi 3.0. Hasil kajian ilmiah ini mengindikasikan hanya overconfidence dan financial literacy yang memengaruhi Investment Decision, sedangkan herding dan Loss Aversion tidak menunjukkan pengaruh terhadap investment decision. Selanjutnya, Overconfidence terbukti berpengaruh terhadap Financial Literacy, sementara Herding dan Loss Aversion tidak memiliki pengaruh terhadap Financial Literacy. Selain itu, Financial Literacy terbukti mampu memediasi hubungan antara Overconfidence dan Investment Decision, namun tidak berperan sebagai variabel mediasi pada hubungan Herding dan Loss Aversion terhadap Investment Decision.
References
Ajzen, I. (1991). The Theory of Planned Behavior.
Azizul Haq, R., Barata, B., & Utami, K. (2024). PENGUJIAN DECISION MAKING MODEL DENGAN MEDIASI FINANCIAL LITERACY DAN RISK TOLERANCE DALAM MEMPREDIKSI PERILAKU INVESTASI MAHASISWA. 4(6). Https://Transpublika.Co.Id/Ojs/Index.Php/Transekonomika
Cohen, J. (1992). A Power Primer. In Psychological Bulletin [Psycarticles (Vol. 112).
Firmansyah, Winarno, A., & Siswanto, E. (2023). The Influence Of Overconfidence Bias, Herding Effect, And Loss Aversion On Investment Decisions In The Capital Market With Financial Literacy As A Moderating Variable. Journal Of Business And Management Review, 4(11). Https://Doi.Org/10.47153/Jbmr411.8252023
Hair, J. F., Ringle, C. M., & Sarstedt, M. (2011). PLS-SEM: Indeed A Silver Bullet. Journal Of Marketing Theory And Practice, 19(2), 139–152. Https://Doi.Org/10.2753/MTP1069-6679190202
Humairo, A., & Panuntun, B. (2022). Perilaku Overconfidence, Loss Aversion, Dan Herding Bias Dalam Pengambilan Keputusan Investasi Pasar Modal Pada Generasi Z (Vol. 01, Issue 06). Https://Journal.Uii.Ac.Id/Selma/Index
Iola Kariza, C., & Ardana Reswari, R. (2023). PENGARUH EARNING PER SHARE (EPS), NET PROFIT MARGIN (NPM), PRICE TO BOOK VALUE (PBV) DAN RETURN ON ASSETS (ROA) TERHADAP RETURN SAHAM. E-JOURNAL EQUILIBRIUM MANAJEMEN.
Kasoga, P. S. (2021). Heuristic Biases And Investment Decisions: Multiple Mediation Mechanisms Of Risk Tolerance And Financial Literacy—A Survey At The Tanzania Stock Market. Journal Of Money And Business, 1(2), 102–116. Https://Doi.Org/10.1108/Jmb-10-2021-0037
Khornida Marheni, D., Ilyana Che Hashim, H., & Gitty Ramadani, A. (2025). THE PSYCHOLOGICAL AND EDUCATIONAL DRIVERS OF INVESTMENT DECISIONS: A STUDY ON GEN Y AND GEN Z IN BATAM CITY. In Arienda Gitty Ramadani JOURNAL OF MANAGEMENT Small And Medium Enterprises (SME’s) (Vol. 18, Issue 2).
Limarus, V. H., & Pamungkas, A. (2023). PENGARUH HERDING BEHAVIOR, LOSS AVERSION, DAN FINANCIAL LITERACY TERHADAP INVESTMENT DECISION. Jurnal Muara Ilmu Ekonomi Dan Bisnis, 7(2), 389–401. Https://Doi.Org/10.24912/Jmieb.V7i2.23380
Oktasari, D. P., Nurjaya, N., & Karyatun, S. (2023). Financial Literacy, Risk Perception, And Herding Effects On Investment Decisions. INTERNATIONAL JOURNAL OF RESEARCH AND SCIENTIFIC INNOVATION (IJRSI), Volume X. Https://Doi.Org/10.51244/IJRSI
Rahman Rahawarin, F. (2023). The Effect Of Loss Aversion Bias And Regret Aversion Bias On Financial Decisions With Financial Literacy As An Intervening Variable. Accounting And Finance Studies, 3(1), 301–314. Https://Doi.Org/10.47153/Afs31.5512023
Rifandra Adwitiya, & Abdurrahman, A. (2025). Pengaruh Financial Literacy Terhadap Investment Decision. AKUA: Jurnal Akuntansi Dan Keuangan, 4(2), 203–211. Https://Doi.Org/10.54259/Akua.V4i2.4200
Sari, N. P., & Wibowo, P. A. (2025). Halaman | 11 PENGARUH LITERASI KEUANGAN, RISIKO, MOTIVASI, OVERCONFIDENCE, HERDING DAN LOSS AVERSION TERHADAP KEPUTUSAN INVESTASI (Studi Kasus Pada Karyawan PT Kanindo Makmur Jaya 1). Https://Tinyurl.Com/Ufhtkrs
Sukma Ardini, F., Achyani S.E, D. F., & M.Si. (2023). THE INFLUENCE OF OVERCONFIDENCE, REGRET AVERSION, LOSS AVERSION, AND HERDING BEHAVIOR ON INVESTMENT DECISION IN THE CAPITAL MARKET WITH THE MODERATING ROLE OF RISK PERCEPTION IN GENERATION Z STUDENTS. International Journal Of Social Science & Economic Research, 08(05), 936–950. Https://Doi.Org/10.46609/Ijsser.2023.V08i05.001
Sulhia, B. A., Handajani, L., & Surasni, N. K. (2022). The Effect Of Financial Literacy, Herding Behaviour And Overconfidence On Investment Decisions In The Millennial Generation. Traektoriâ Nauki = Path Of Science. 2022, 8(7). Https://Doi.Org/10.22178/Pos.83-7
Thaler, R. H. (1999). Mental Accounting Matters. In Journal Of Behavioral Decision Making J. Behav. Dec. Making (Vol. 12, Issue 3).
Zalviwan, M., Haryono, T., & Sawitri, H. S. R. (2020). Investors Psychology On The Biased Investment Decision: The Mediating Effect Of Extra-Motivation To Invest. Jurnal Keuangan Dan Perbankan, 24(4). Https://Doi.Org/10.26905/Jkdp.V24i4.4837
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Graciella Dian Putri Ewanda, Cesy Iola Kariza, Muhammad Zalviwan
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish their manuscripts in this journal agree to the following conditions:
- The copyright on each article belongs to the author(s).
- The author acknowledges that the Journal of Accounting and Finance Management (JAFM) has the right to be the first to publish with a Creative Commons Attribution 4.0 International license (Attribution 4.0 International (CC BY 4.0).
- Authors can submit articles separately, arrange for the non-exclusive distribution of manuscripts that have been published in this journal into other versions (e.g., sent to the author's institutional repository, publication into books, etc.), by acknowledging that the manuscript has been published for the first time in the Journal of Accounting and Finance Management (JAFM).
