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All Journal JAKPI HUMAN FALAH: Jurnal Ekonomi dan Bisnis Islam Jurnal Masharif al-Syariah: Jurnal Ekonomi dan Perbankan Syariah MALIA Iqtishoduna: Jurnal Ekonomi Islam HUKUMAH: Jurnal Hukum Islam Al-Kharaj: Journal of Islamic Economic and Business Jurnal Penelitian Ekonomi Akuntansi (JENSI) Budapest International Research and Critics Institute-Journal (BIRCI-Journal): Humanities and Social Sciences International Journal Of Science, Technology & Management (IJSTM) JIKEM: Jurnal Ilmu Komputer, Ekonomi dan Manajemen International Journal of Educational Review, Law And Social Sciences (IJERLAS) MANAJEMEN International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) Proceeding International Seminar of Islamic Studies el-Amwal Jurnal Manajemen, Organisasi, Dan Bisnis Media Ekonomi International Review of Practical Innovation, Technology and Green Energy (IRPITAGE) International Journal of Economics (IJEC) Jurnal Publikasi Ilmu Manajemen Paradoks : Jurnal Ilmu Ekonomi Manajemen Kreatif Jurnal Trending: Jurnal Manajemen dan Ekonomi Jurnal Riset Manajemen dan Ekonomi Gudang Jurnal Multidisiplin Ilmu Jurnal Nuansa: Publikasi Ilmu Manajemen dan Ekonomi Syariah JURNAL ILMIAH GEMA PERENCANA IIJSE Journal of Islamic Economics and Finance Sharia Economic and Management Business Journal (SEMBJ) JESKaPe: Jurnal Ekonomi Syariah, Akuntansi dan Perbankan Jurnal Ilmiah Mahasiswa Journal of Development Economics and Digitalization, Tourism Economics (JDEDTE) Jurnal Ad'ministrare: Jurnal Pemikirian Ilmiah dan Pendidikan Administrasi Perkantoran LAN TABUR: JURNAL EKONOMI SYARIAH Jurnal Ekonomi, Manajemen Pariwisata dan Perhotelan Brilliant International Journal of Management and Tourism Jurnal At-Tanmiyah Ekonomi dan Bisnis Islam
Andri Soemitra
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Cognitive and Emotional Biases in Investment Decisions: An Analysis of Muslim Investor Behavior in the Sharia Stock Market Rani Febriyanni; Andri Soemitra; Isnaini Harahap
Sharia Economic and Management Business Journal (SEMBJ) Vol. 6 No. 3 (2025): October
Publisher : Yayasan Darussalam Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62159/sembj.v6i3.2196

Abstract

Background: This study investigates the influence of cognitive and emotional biases on investment decisions in the Indonesian Sharia stock market. Method: Using a mixed-method approach with a sequential explanatory strategy, quantitative data were analyzed with Structural Equation Modeling-Partial Least Squares (SEM-PLS), followed by qualitative insights through interviews, observations, and documentation. Results: The findings reveal that emotional bias indirectly affects investment decisions through investor behavior, while cognitive bias also shows a significant influence. Investor behavior plays a crucial mediating role, reflecting how biases are translated into real investment actions. Sharia-based investors tend to be more cautious and guided by religious values, which function as a filter in decision-making, yet they remain vulnerable to emotional factors such as overreaction and herd behavior. Institutional investors appear more systematic in managing biases compared to individual investors, who are more easily influenced by emotions. The study highlights the importance of behavioral factors in shaping investment decisions in Sharia markets, suggesting that financial literacy, investor education, and long-term strategies are essential to minimize the negative effects of cognitive and emotional biases. Conclusion: These findings contribute to understanding investor psychology in Islamic finance and provide insights for regulators and practitioners to strengthen market stability.
Co-Authors , Wilchan Robain Ade Khadijatul Z. Hrp Ahmad Arifin Alfioni Saragih Alivia Azzahra Amalia, Alfi Amin Al Jawi Angga Dwi Prasetyo Anggi Pratiwi Sitorus Aninda Mahfadillah Arifin Fauzi Lubis Arpizal Asmuni Asmuni Azhari Akmal Tarigan Burhanuddin Chairani, Mira Dharma, Budi Didik Gunawan Elida Barus Elida Elfi Barus Elma Fadilah Ermi Suhartyni Faisal Fitri Fitriyani Panjaitan Harahap, Muhammad Ikhsan Harahap, Ramadhan Hastuti Olivia Imsar Intan Sari Tanjung Iskandar Muda Isnaini Harahap Isra Hayati Lukman Hamdani M. Shabri Abd. Majid M. Yasir Nasution M. Ziqhri Anhar Nst M.Yasir Nasution Maryam Batubara Muflihul Fadhil Muhammad Lutfhi Perdana Siregar Muhammad Ridwan Muhammad Salman Muhammad Salman Muhammad Syukri Albani Muhammad Taufiq Mustapa  Khamal  Rokan Muthia Aisyah Najlah Kholilah Nasution Novita Octavia Novita Sari Pulungan Nur Haqqul Hisyam Al Ma’shum Nurhajijah Nurlaila Nurma Sari Nurul Izzah Nurulfah Satria Dewi Nurwani Nurwani Oktavera Rizki Putra, Yunanda Eka Rahmat Rani Febriyanni Rifki Ismal Rifky Ismal Rukiah Rukiah Lubis Santi Arafah Siti Aisyah Sovy Muti Ardianty Hasibuan Suci Citra Pratiwi Daulay Susi Herawati Syilvana Dwi Novianti Tambunan, Khairina Tedi Hermansyah Tuti Anggraini Wahyu Haji Muharram Yoserizal Yusrizal Zuhrinal M. Nawawi