Pengaruh Risk Perception dan Motivasi Investasi terhadap Keputusan Investasi Saham (Studi pada Investor di Kota Medan)

Abstract

The development of the capital market in Indonesia has encouraged more people to invest in stocks, including in Medan City. However, investment decisions are not only influenced by economic conditions but also by psychological and motivational factors that shape how investors perceive risks and determine their investment strategies. Therefore, this study aims to analyze the effect of risk perception and investment motivation on stock investment decisions among investors in Medan City. This research aims to determine the extent to which risk perception and investment motivation partially and simultaneously influence investment decisions. By understanding these factors, it is expected to provide insights into the behavior of modern investors who are increasingly rational in managing risks and pursuing long-term financial goals. This study employs a quantitative research method with a survey approach. Data were collected through questionnaires distributed to 100 active stock investors in Medan City. The data analysis methods used include validity and reliability tests, classical assumption tests, multiple linear regression analysis, and hypothesis testing. The results show that risk perception (X1) and investment motivation (X2) have a positive and significant effect on investment decisions (Y), both partially and simultaneously. Investors with good risk perception tend to be more rational and cautious, while those with higher motivation demonstrate greater consistency and confidence in investing. The coefficient of determination test shows that the value of R is 0.660, R2 is 0.435, and Adjusted R Square is 0.423, indicating that the two independent variables contribute 42.3% to variations in investment decisions, while the remaining percentage is influenced by other factors outside the research model.