Examining the Relationship between Herding Behavior, Financial Literacy and Investment Decisions: A Survey on Millennial Generation in Jakarta

Essy Nur Nur Indrawati, Maya Sari, Sulastri Sulastri

Abstract


Jurnal ini bertujuan untuk menyelidiki hubungan antara perilaku herding, literasi keuangan, dan keputusan investasi di industri investasi. Metode penelitian yang digunakan adalah penelitian deskriptif dan verifikatif dengan unit analisis Generasi Milenial di Jakarta dengan jumlah populasi 28,3 juta jiwa dan sampel yang diambil sebanyak 66 responden dengan menggunakan purposive sampling yang menggunakan bantuan SPSS versi 25 for window. Hasil penelitian menunjukkan bahwa perilaku herding dan literasi keuangan berpengaruh positif terhadap keputusan investasi. Dengan memahami dinamika tersebut, Generasi Milenial khususnya di Jakarta dapat mengembangkan strategi dalam melakukan keputusan investasi saham.

Keywords


Financial Behavior, Herding Behavior, Financial Literacy, Investment Decision, Investment Industry, Stocks.

References


Adielyani, D., & Mawardi, W. (2020). The Influence of Overconfidence, Herding Behavior, and Risk Tolerance on Stock Investment Decisions: The Empirical Study of Millennial Investors in Semarang City. Jurnal Maksipreneur: Manajemen, Koperasi, Dan Entrepreneurship, 10(1), 89. https://doi.org/10.30588/jmp.v10i1.691

Adil, M., Singh, Y., & Ansari, M. S. (2021). How financial literacy moderate the association between behaviour biases and investment decision? Asian Journal of Accounting Research, ahead-of-p(ahead-of-print). https://doi.org/10.1108/ajar-09-2020-0086

Aktualitas.id. (2022). Tingkat Literasi Keuangan Milenial Indonesia Jauh dari Singapura. https://aktualitas.id/berita/2022/03/17/tingkat-literasi-keuangan-milenial-indonesia-jauh-dari-singapura/

Boadi, I., Doku, J. N., Osarfo, D., Mensah, S., & Ackah, P. (2019). Herding Behavior of Ghana Stock Market Participants : A Daily Analysis University of Professional Studies University of Professional Studies University of Professional Studies Siddique Abdul-Samad. 23(5).

Cao, M. M., Nguyen, N. T., & Tran, T. T. (2021). Behavioral Factors on Individual Investors’ Decision Making and Investment Performance: A Survey from the Vietnam Stock Market. Journal of Asian Finance, Economics and Business, 8(3), 845–853. https://doi.org/10.13106/jafeb.2021.vol8.no3.0845

Chairil, A., & Niangsih, F. F. (2020). Literasi Keuangan Dan Manajemen Keuangan Pribadi Mahasiswa Di Provinsi Bengkulu. The Manager Review Jurnal Ilmiah Ilmu Manajemen Dan Bisnis, 2(2), 67–98. https://ejournal.unib.ac.id/index.php/a46/article/view/16329

Chen, H., & Volpe, R. P. (1998). An Analysis of Personal Financial Literacy Among College Students. Journal of Consumer Marketing, 36(6), 858–868. https://doi.org/10.1108/JCM-01-2018-2514

Dewanti, P. W., & Pratiwi, A. A. (2021). The Effect of Heuristics, Herding Behavior, and Financial Literacy on Investment Decisions. Printing World, 282(1), 34–35. https://doi.org/10.5005/jp/books/10306_9

Firdaus, M. Y., Ayati, A., & Aprilia, P. (2022). THE EFFECT OF FINANCIAL LITERATURE, INCOME AND HERDING BIAS ON INVESTMENT DECISIONS (Study on Students of the Faculty of Economics and Business, Mercu Buana University, Jakarta). Indikator: Jurnal Ilmiah Manajemen Dan Bisnis, 6(1), 1. https://doi.org/10.22441/indikator.v6i1.13913

Halim, A., & Untung, R. (2005). Analisis Investasi Edisi kedua. Jakar- ta : Salemba Empat (2nd ed.). https://opac.perpusnas.go.id/DetailOpac.aspx?id=570593

Hassan Al-Tamimi, H. A., & Anood Bin Kalli, A. (2009). Financial literacy and investment decisions of UAE investors. Journal of Risk Finance, 10(5), 500–516. https://doi.org/10.1108/15265940911001402

Huang, C. C., Fang, S. C., Huang, S. M., Chang, S. C., & Fang, S. R. (2014). The impact of relational bonds on brand loyalty: The mediating effect of brand relationship quality. Managing Service Quality, 24(2), 184–204. https://doi.org/10.1108/MSQ-04-2013-0072

Katadata.co.id. (2022). Investor Pasar Modal Didominasi Milenial.

Khairunizam, & Isbanah, Y. (2019). Pengaruh Financial Literacy Dan Behavioral Finance Factors Terhadap Keputusan Investasi (Studi Terhadap Investor Saham Syariah Pada Galeri Investasi Syariah Uin Sunan Ampel Surabaya). Jurnal Ilmu Manajemen Fakultas Ekonomi Universitas Negeri Surabaya, 7(2), 516–528. https://ejournal.unesa.ac.id/index.php/jim/article/view/28178

Khan, D. (2020). Cognitive Driven Biases, Investment Decision Making: The Moderating Role of Financial Literacy. SSRN Electronic Journal, 1–25. https://doi.org/10.2139/ssrn.3514086

KSEI. (2022). Didominasi Milenial dan Gen Z , Jumlah Investor Saham Tembus 4 Juta.

Kumar, B. A., & Dani, A. S. (2021). How does the popularity of an equity and Mutual Fund impact investment decisions ? 2, 15–26.

Mitra, A. (2021). Investigating the factors influencing investment decision: An empirical study in Gujarat, India. AIP Conference Proceedings, 2378, 1–5. https://doi.org/10.1063/5.0058230

Mutawally, F. W., & Haryono, N. A. (2019). Pengaruh Financial Literacy, Risk Perception, Behavioral Finance Dan Pengalaman Investasi Terhadap Keputusan Investasi Mahasiswa Surabaya. Jurnal Ilmu Manajemen (JIM), 7(4), 942–953.

Nugroho, A. (2022). POTENSI REKSA DANA MENJADI PRIMADONA INVESTOR MUDA.

Ocansey, T. F. (2022). Decisions Among Households in Greater. November 2021.

Pamuji, R. A., & Hidayati, L. N. (2021). The Effect Of Financial Literacy, Demographic Factors, And Herding Behavior On Student Invesment Decisions.

Prasad, S., Kiran, R., & Sharma, R. K. (2021). Behavioural, Socio-economic Factors, Financial Literacy and Investment Decisions: Are Men More Rational and Women More Emotional? The Indian Economic Journal, 69(1), 66–87. https://doi.org/10.1177/0019466220987023

Pratiwi, W., Tanjungpura, U., Tanjungpura, U., & Tanjungpura, U. (2020). the Effect of Overconfidence and Herding on Perceptions of Investment Performance in the Capital Market With Investment Decisions As Mediation and Financial Literacy. Journal of Accounting and Finance in Emerging Economies, 4(3), 100–112. https://feb.untan.ac.id/wp-content/uploads/2021/03/10.pdf

Putri, S. (2020). Alasan Mengapa 90% Trader Saham di Indonesia Gagal. https://ajaib.co.id/berbagai-alasan-mengapa-90-trader-saham-indonesia-gagal/

Rahmah, R., & Disman, D. (2022). The Effect of Financial Behavior on Investment Decisions in the Millennial Generation Group. Proceedings of the 4th Social and Humanities Research Symposium (SoRes 2021), 658(7), 1030–1039. https://doi.org/10.2991/assehr.k.220407.108

Sarmad, I., & Ali, R. (2023). How Does Customer Advocacy Influence Brand Loyalty? A Serial Mediation of Brand Relationship Quality and Brand Trust. Pakistan Journal of Commerce and Social Science, 17(1), 191–213.

Senda, D. A., Rahayu, C. W. E., & Tri Rahmawati, C. H. (2020). The Effect of Financial Literacy Level and Demographic Factors on Investment Decision. Media Ekonomi Dan Manajemen, 35(1), 100. https://doi.org/10.24856/mem.v35i1.1246

Tabassum, D. S., Soomro, I. A., Ahmed, S., Alwi, D. S. K. K., & Siddiqui, I. H. (2021). BEHAVIORAL FACTORS AFFECTING INVESTMENT DECISION-MAKING BEHAVIOR IN A MODERATING ROLE OF FINANCIAL LITERACY : A C ... INVESTMENT DECISION-MAKING BEHAVIOR LITERACY : A CASE STUDY OF LOCAL. 12.

Yulianis, N., & Sulistyowati, E. (2021). The Effect Of Financial Literacy, Overconfidence, And Risk Tolerance On Investment Decision. Journal of Economics, Business, and Government Challenges, 4(1), 61–71. https://doi.org/10.33005/ebgc.v4i1.172

Zunaida, D. (2018). Identification of Perceptions of Investment Tendency as a Response to Issue of Monkey Business to the University Students in Malang (Identifikasi Kecenderungan Persepsi Investasi sebagai Respon Isu Investasi Bodong pada Mahasiswa di Malang). Journal Pekommas, 3(1), 53. https://doi.org/10.30818/jpkm.2018.2030106




DOI: https://doi.org/10.17509/strategic.v23i2.61303

Refbacks

  • There are currently no refbacks.


Copyright (c) 2023 Universitas Pendidikan Indonesia

Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Creative Commons License

Strategic: Jurnal Pendidikan Manajemen Bisnis is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License

View My Stats