Peranan Persepsi Risiko dalam Memediasi Pengaruh Bias Perilaku terhadap Keputusan Investasi pada Generasi Z di Indonesia
DOI:
https://doi.org/10.38035/jmpis.v7i1.6616Keywords:
Disposition Effect, Herding Bias, Overconfidence, Blue-chip Stocks, Risk Perception, Investment DecisionAbstract
Penelitian ini didasari oleh meningkatnya jumlah investor ritel, khususnya Generasi Z di Indonesia yang didorong oleh kemudahan akses platform digital serta kesadaran akan pentingnya pengelolaan keuangan. Namun, pengambilan keputusan investasi sering dipengaruhi oleh bias perilaku yang dapat menurunkan tingkat rasionalitas, sementara persepsi risiko berpotensi memperkuat atau melemahkan dampak bias perilaku terhadap keputusan investasi. Penelitian ini bertujuan untuk menguji peranan persepsi risiko dalam memediasi pengaruh bias perilaku terhadap keputusan investasi pada Generasi Z di Indonesia. Data penelitian dianalisis menggunakan metode Partial Least Squares-Structural Equation Modeling (PLS-SEM) melalui perangkat lunak SmartPLS dengan 250 responden yang diperoleh melalui teknik purposive sampling. Hasil penelitian menunjukkan bahwa persepsi risiko memediasi hubungan antara disposition effect, herding bias, dan overconfidence dengan keputusan investasi. Variabel tersebut memiliki pengaruh langsung terhadap persepsi risiko dan terhadap keputusan investasi, sedangkan blue-chip stocks tidak berpengaruh signifikan secara langsung. Studi ini diharapkan dapat memberikan pemahaman mendalam mengenai pengaruh bias perilaku, serta menunjukkan pentingnya edukasi dan strategi mitigasi untuk meningkatkan rasionalitas investor di Indonesia.
References
Ahmed, Z., Rasool, S., Saleem, Q., Khan, M. A., & Kanwal, S. (2022). Mediating Role of Risk Perception Between Behavioral Biases and Investor’s Investment Decisions. SAGE Open, 12(2). https://doi.org/10.1177/21582440221097394
Almansour, B. Y., Elkrghli, S., & Almansour, A. Y. (2023). Behavioral finance factors and investment decisions: A mediating role of risk perception. Cogent Economics and Finance, 11(2). https://doi.org/10.1080/23322039.2023.2239032
Arie Wibowo, M., Khusniyah Indrawati, N., & Aisjah, S. (2023). The impact of overconfidence and herding bias on stock investment decisions mediated by risk perception. International Journal of Research in Business and Social Science (2147- 4478), 12(5), 174–184. https://doi.org/10.20525/ijrbs.v12i5.2663
Bakar, S., & Yi, A. N. C. (2016). The Impact of Psychological Factors on Investors’ Decision Making in Malaysian Stock Market: A Case of Klang Valley and Pahang. Procedia Economics and Finance, 35, 319–328. https://doi.org/10.1016/s2212-5671(16)00040-x
Çal, B., & Lambkin, M. (2017). Stock exchange brands as an influence on investor behavior. International Journal of Bank Marketing, 35(3), 391–410. https://doi.org/10.1108/IJBM-05-2016-0072
Ghozali, I. (2016). Aplikasi Analisis Multivariete SPSS 23.
H M, R., K B, N., K, B., & R, S. (2025). Decoding behavioral biases: Exploring the mediating role of risk perception in shaping investment decisions. International Journal of Innovative Research and Scientific Studies, 8(4), 1750–1758. https://doi.org/10.53894/ijirss.v8i4.8219
Hair, J. , B. W. , B. B. , & A. R. (2014). Hair 2014 Multivariate Data Analysis. https://www.drnishikantjha.com/papersCollection/Multivariate%20Data%20Analysis.pdf
Hair, J. F., Hult, G. T. M., & Ringle, C. M. (2017). A primer on partial least squares structural equation modeling (PLS-SEM).
Hair, J. F., Risher, J. J., Sarstedt, M., & Ringle, C. M. (2019). When to use and how to report the results of PLS-SEM. European Business Review, 31(1), 2–24. https://doi.org/10.1108/EBR-11-2018-0203
Hardani, Auliya, N. H., Andriani, H., Fardani, R. A., Ustiawaty, J., Utami, E. F., Sukmana, D. J., & Istiqomah, R. R. (2020). Buku Metode Penelitian Kualitatif. In Revista Brasileira de Linguística Aplicada (Vol. 5, Issue 1).
Hastings, J. S., Madrian, B. C., & Skimmyhorn, W. L. (2013). Financial literacy, financial education, and economic outcomes. In Annual Review of Economics (Vol. 5, pp. 347–373). https://doi.org/10.1146/annurev-economics-082312-125807
Haymans Manurung, A. (2012). Teori Perilaku Keuangan (Behaviour Finance) 1.
Likert, R. (1932). “Technique for the Measurement of Attitudes, A.” Encyclopedia of Research Design. https://doi.org/10.4135/9781412961288.n454
Mulia Rachman, K., & Sukmadilaga, C. (2022). Influence of Robo Advisory in Investment Decision. Journal of Digital Innovation Studies, 1–20. https://doi.org/10.24198/digits.v1i1.37806
Odean, T., Barber, B., Klein, P., Leland, H., Lyons, R., Modest, D., Nofsinger, J., Poterba, J., Rubinstein, M., Ruud, P., Sansing, R., Thaler, R., & Trueman, B. (1998). Are Investors Reluctant to Realize Their Losses? In THE JOURNAL OF FINANCE •: Vol. LIII (Issue 5).
Paramita, R. S., & Isbanah, Y. (2018). BIAS KOGNITIF DAN KEPRIBADIAN INDIVIDU: STUDI PERILAKU INVESTOR MUDA DI SURABAYA. Jurnal Riset Manajemen Sains Indonesia (JRMSI) |, 9(2), 2301–8313. https://doi.org/10.21009/JRMSI
Pompian, M. M. (2006). Behavioral Finance and Wealth Management How to Build Optimal Portfolios That Account for Investor Biases.
Purwidianti, W., Rahmawati, I. Y., & Dwiyanti, R. (2023). Overconfidence and Herding Bias on Investment Decisions the Role of Risk Perception as a Mediator. Asian Journal of Economics, Business and Accounting, 23(18), 36–45. https://doi.org/10.9734/ajeba/2023/v23i181056
Rashid, A., Fayyaz, M., & Karim, M. (2019). Investor sentiment, momentum, and stock returns: an examination for direct and indirect effects. Economic Research-Ekonomska Istrazivanja , 32(1), 2638–2656. https://doi.org/10.1080/1331677X.2019.1650652
S. Davcik, N. (2014). The use and misuse of structural equation modeling in management research: A review and critique. Journal of Advances in Management Research, 11(1), 47–81. https://doi.org/10.1108/JAMR-07-2013-0043
Shefrin, H. (2002). Beyond Greed and Fear. In Beyond Greed and Fear. Oxford University PressNew York. https://doi.org/10.1093/0195161211.001.0001
Shefrin, H., & Statman, M. (1985). The Disposition to Sell Winners too Early and Ride Losers too Long. https://www.researchgate.net/publication/313248569
Trifan, R. (2020). Behavioural biases and stock market reaction: Evidence from six post-communist countries. Ekonomicky Casopis, 68(8), 811–826. https://doi.org/10.31577/ekoncas.2020.08.03
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 Febiola Felicia, Liliana Inggrit Wijaya, Deddy Marciano
This work is licensed under a Creative Commons Attribution 4.0 International License.
Hak cipta :
Penulis yang mempublikasikan manuskripnya di jurnal ini menyetujui ketentuan berikut:
- Hak cipta pada setiap artikel adalah milik penulis.
- Penulis mengakui bahwa Jurnal Manajemen Pendidikan dan Ilmu Sosial (JMPIS) berhak menjadi yang pertama menerbitkan dengan lisensi Creative Commons Attribution 4.0 International (Attribution 4.0 International CC BY 4.0) .
- Penulis dapat mengirimkan artikel secara terpisah, mengatur distribusi non-eksklusif manuskrip yang telah diterbitkan dalam jurnal ini ke versi lain (misalnya, dikirim ke repositori institusi penulis, publikasi ke dalam buku, dll.), dengan mengakui bahwa manuskrip telah diterbitkan pertama kali di Jurnal Manajemen Pendidikan dan Ilmu Sosial (JMPIS).
