Pengaruh Behavioral Motivation dan Accounting Information terhadap Pengambilan Keputusan Investasi Saham di Bursa Efek Indonesia dengan Neutral Information sebagai Variabel Moderating

Abstract

This study aims to determine and analyze the effect of Self-Image/Firm Image, Social Relevance, Advocate Recommendation, Personal Financial Needs, and Accounting Information on investment decision making on stock investors in North Sumatra. In addition, this study also aims to test whether Neutral Information is able to moderate the relationship between the five independent variables on investment decision making. This research uses a mixed methods approach, which is a combination of quantitative and qualitative methods. Quantitative data was collected through distributing questionnaires to 384 respondents of stock investors who are active in the North Sumatra region, while qualitative data was obtained through in-depth interviews with research informants, namely financial analysts from securities companies operating in North Sumatra totaling 3 people, managers of securities banks in North Sumatra totaling 2 people and generation Y and Z investors in North Sumatra totaling 2 people each. Quantitative data analysis was conducted using Partial Least Square Structural Equation Modeling (PLS-SEM) technique, while qualitative data was analyzed with the help of NVivo software. The results showed that the variables Self-Image/Firm Image, Personal Financial Needs, and Accounting Information proved to have a positive and significant effect on investment decision making. Conversely, Social Relevance and Advocate Recommendation have no significant effect. In terms of moderation, Neutral Information is proven to be able to moderate the influence of Self-Image/Firm Image, Social Relevance, and Advocate Recommendation on investment decision making significantly. However, Neutral Information is not able to moderate the influence of Personal Financial Needs or Accounting Information.