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All Journal JRMSI - Jurnal Riset Manajemen Sains Indonesia IRJE (Indonesian Research Journal in Education) Journal of Education Technology OIKOS: Jurnal Kajian Pendidikan Ekonomi dan Ilmu Ekonomi Buana Ilmu Edukasi IPS Jurnal Ilmiah Akuntansi Kesatuan These proceedings represent the work of researchers participating in The International Conference on Elementary Education (ICEE) which is being hosted by the Elementary Education Study Programme School of Postgraduate Studies, Universitas Pendidikan Journal for Lesson and Learning Studies JIPMukjt:Jurnal Ilmu Pendidikan Muhammadiyah Kramat Djati International Journal Administration, Business & Organization Dinamika Pendidikan
Disman
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Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Mathematics Social Sciences Other

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Journal : Dinamika Pendidikan

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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 Abdul Azis Wahab Amalia Nabila Salim Anik Widiastuti Atep Sujana Baskara, Agus Dewantara, Bachtiar Dodi Eeng Ahman, Eeng Fajar Utomo, Fajar Hema Halimatusyadiah Heny Hendrayati Herlianti, Elva Ikaputera Waspada Imas Purnamasari Ismaul Fitroh Kokom Komalasari Latif, Brilian Sejatining Listiana, Amalia M. Arief Ramdhany Mamat Ruhimat, Mamat Maula, Afief Maula Novendra Maya Sari MUHAMMAD YUSUF Munawar, Asep Nana Supriatna Nugraha Rismawati, Dede Saripudin, Didin Siti Nurbayani Suryana Syarif Alamsyah Wahyu Sopandi Yasir Maulana Yayat Supriyatna