Dampak Perilaku Bias terhadap Keputusan Investasi Saham dengan Tipe Investor sebagai Variabel Moderasi : Studi Kasus pada Investor yang Berdomisili di Sumatera Utara

Abstract

The purpose of this study is to examine and analyze the influence of Overconfidence Bias, Representative Bias, Herding Bias, Disposition Effect, and Anchoring Bias on Investment Decisions, with Investor Type as a moderating variable among investors residing in North Sumatra. The population in this study consist of investors domiciled in North Sumatra, with the sampling technique employing purposive sampling based on specific criteria set by researcher. The sample size was determined using the Slovin formula, resulting in 400 participants. However, only 249 questionnaires were returned, and 235 samples met the eligibility criteria. The result show that Overconfidence Bias, Representative Bias, Herding Bias, Disposition Effect, and Anchoring Bias all have a positive and significant influence on the investment decisions of investors residing in North Sumatra. Meanwhile, Representative bias moderated by Investor Type has a negative effect on investment decisions. Anchoring Bias moderated by Investor Type has a positive and significant effect on investment decisions. Overconfidence Bias, Herding Bias, and Disposition Effect moderated by Investor Type do not have a significant effect on investment decisions among investors in the region.