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Journal : Dinamika Pendidikan

Cognitive Biases in Investment Decision: Do Education and Income Make a Difference? Herlianti, Elva; Nugraha; Disman; Supriyatna, Yayat; Purnamasari, Imas
Dinamika Pendidikan Vol. 19 No. 2 (2024): Dinamika Pendidikan
Publisher : Economics Education Department Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/dp.v19i2.20991

Abstract

This study aims to extensively research the effects of cognitive biases on individual investment decisions. The population of this research is investors in Indonesia and the sampling technique used is random sampling, obtained 574 respondents from 34 provinces in Indonesia. Quantitative data were collected through structured questionnaires and analyzed using multiple linear regression and moderated-moderation model in the PROCESS Procedure for SPSS Version 4.1 by Hayes. Results indicate that herding bias has a negative influence, discouraging investors from following market trends, while loss aversion, framing, anchoring, and mental accounting positively impact investment decisions; these biases are moderated by demographic factors. The findings imply that demographic factors do not interact jointly but operate independently to impact investment behavior. This research is novel in its exploration of moderated-moderation effects to reveal nuanced interactions between cognitive biases and demographics in shaping investment decisions.
Co-Authors 10070215001, Rivaldi Al Ghifari Suherman 10070215077, Faisal Abdul Aziz 10070217086, Farhan Muhammad Rasyidi 10070219062, Aprilia Nurfaza Sahroni Abdul Rozak Adzrial Ramdhani Agustini, Kamelia Aprilia, Nurul Suci Desy Tri Anggarini Dewantara, Bachtiar Dewi Shofi Mulyati Dhika Dwi Nugraha Dicky Firmansyah Disman Dismane Djamaluddin Djamaludin Elfahmi, Ryan Erick Wahyudie Esi, Esi Fitriani Komara Fajar Alamsyah, Indra Gina Purnama Insany Gunardi Heris Hendriana Herlianti, Elva Hermawan, Harry Heryana, Toni Hirawati Oemar Husnulia Rahmi Dewi Ikaputera Waspada Ikaputera Waspada, Ikaputera Ikin Solikin Imas Purnamasari Jaya Sutista, Ade Jayawarsa, A.A. Ketut Kamdan Kanza Salsabila M. Arief Ramdhany M. Fauzi Ari Febrian Maharani Particia, Vinda Mardian Anggini Rachmawati Masyita Suherman, Maya Maya Sari Mayasari Moch. Irdi Mohamad Satori Muhammad Fadilah Nurjaman Muhammad Ilham Juardi Muhammad Iskandar Muhammad Rifqi Aditya MUHAMMAD YUSUF Mukhoyyaroh, Qiswatun Mutiara Annisa Tresna Ati Nanda Isnan Pauji Nur Rahman As'ad Perwito, Perwito Prihadi, M Dana Rahma Aulianisa Rahmatu Azzahra Rakhman, Ani Rakhmanita Rega Aditya Rengga Madya Pranata Reni Amaranti Reza Agustian Kusnadi Rizki Haddi Prayoga Rizqy Mawardi Sakti Aji Selamat Sendi Gustiandi Senny Luckyardi Shanika Layung Medal Wangi Shofi Mulyati, Dewi Siti Nurharlita Siti Siryana Sobana , Dadang Husen SUGIYANTO Tiara Putrirury Alamanda Utama, Wahyudayanto Vemy Suci Asih, Vemy Suci Widhi Ariyo Bimo Yanti Sri Rejeki Yayat Supriyatna Yulandri, Elsa Yusup Junaedi Zainol, Fakhrul Anwar Zulmi Chairul Ikhsani