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Journal : Jurnal Aplikasi Bisnis dan Manajemen (JABM) E-Journal

Antecedent and Consequence Analysis of Investor Behavior Variables in Retail Shares on The Indonesian Stock Exchange Yuwono, Wisnu; Antalius, Yosep Deki; Ibrahim, Mukdad; Putra, Edy Yulianto; Marheni, Dewi Khornida
Jurnal Aplikasi Bisnis dan Manajemen Vol. 11 No. 2 (2025): JABM Vol. 11 No. 2, May 2025
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.11.2.391

Abstract

Background: The Indonesia Stock Exchange (IDX) over the last four years (2019-2022) shows an average increase in the number of investors of 60.91%. However, this did not significantly impact market capitalization, which grew 9.86%, and the average growth of the Jakarta Composite Index, which was only 3.03% over the last four years. The data is very interesting to analyze further regarding investor behavior in investing in the stock market.Purpose: This research aims to analyze the influence of financial knowledge, investment experience, information media, and social interaction on retail investor behavior and the influence of retail investor behavior on investment decisions. Design/methodology/approach: Research data was taken from 292 stock investors, using a purposive sampling technique. Data processing and analysis use Structural Equation Modeling (SEM) with Smart PLS 3.2.9. Finding/Result: The research results show that financial knowledge and information media do not have a significant effect on retail investor behavior. Investment experience and social interaction have a positive and significant effect on retail investor behavior. Retail investor behavior has a significant influence on investment decisions. Other findings show that investor behavior cannot mediate the relationship between the variables of financial knowledge, investment experience, information media, and social interaction on investment decisions. Conclusion: Financial knowledge and media information are no longer the basis of investor behavior, both of which have been replaced by more subjective factors, namely investment experience and social interaction. Investor behavior is also unable to mediate the relationship between the four variables and investment decisions.Originality/value (State of the art): This study is to investigates the relationship between fundamental aspects and subjective aspects on retail investor behavior and the influence of investor behavior on investment decisions, so that the authors develop new models in research. Fundamental aspects are no longer something interesting for investors because of less credible information, so they prefer to use experience and social interaction. The role of company managers is to provide more credible information through financial reports, and the need for information media management in encourage investors to invest. Keywords: investment decision, retail investor behavior, financial knowledge, investment experience, media information, social interaction
Co-Authors Abner O nesimus Sijabat Ade Olivia Agus Susanto Alex Alex Alfred Joven Angelina Wulan Juniarty Angellyn Lim Anmelrina Anmelrina Antalius, Yosep Deki Ardi Hermanto Arienda Gitty Ramadani Arienda Gitty Ramadani Ayu Purnama Calvin Calvin Candy Candy Candy Candy, Candy Cheristina, Cheristina Cindy Ellysa Cindy Ellysa Cing Mei Cruz II, Roque B. Darvin Darvin Desi Mulyati Dessy Aliandrina Dhifira Annisa Widyasari Dhifira Annisa Widyasari Dhifira Annisa Widyasari Diana Diana Diana Merliana Rahman Eddy Oktarianto Ellen Ellen Eni Valentina Enje Aprilla Erick, Erick Evelyn Evelyn Evelyn Fanesha Nissy Kusweanto Firman Adiyasa Fitri Sembiring Milala Grace Geovanni Gracia Melani Greece Agustin H, Andre Steven Hashim, Hanini Ilyana Che Helen Tan Hendry Hendry Heri Hartono Herman Herman Hery Haryanto Hery Haryanto Hesniati Hesniati Hesniati, Hesniati Ibrahim, Mukdad Isnaini Nuzula Agustin Jeffri Winardy Jenny, Jenny Jevfri Jevfri Jimmy Cung Joey Joey Jofia, Nurul Johny Budiman Joycelin Joycelin Julia Rahayu Putri Julianto Julianto Junita Junita Kelvin Kelvin Kwek Kendri Setiawan Kristina Kristina Kwek, Kelvin Laurent Aranathasya Selay Leonardo Christofher Lindawati Lindawati Lusi Lusi Lydia Desrita Marcelino Marcelino Marthin, Ricko Maudy Febrianna Meillverrani Erline Mellitania Surya Mentari Indah Sari Michelle Selvia Liu Milenia Ong Mirza Salman Pahlavi Muhammad Taufik Ong, Milenia Putra, Edy Yulianto Ramadani, Arienda Gitty Rano Ardiansyah Ratih Anggraini Ratih Anggraini, Ratih Ricky Wijaya Rieza Melinda Rivaldo Fariadi Ivanda Robin Robin Salim, Silvia Satya Satya Selvia Eka Marliana Sepbianto Sepbianto Serina, Serina Shellin Shellin Shelvi Shelvi Sherry Sherry, Sherry Shirley Feblicia Silvy Gresia Stella Yosephine Suryati Suryati Susanti Susanti Suwandi Suwandi Syelen Syelen Tazkia, Putri Tri Anggi Astuti Valentina, Cindy Vanni Valentina Veronica Veronica Viviani Viviani Wandi, Yulfis Widiyanti, Riski Wijaya, Cynthia Anna Wily Wily Winardy, Jeffri Wisnu Yuwono Yandi Suprapto Yanni Yanni Yulfiswandi, Yulfiswandi