<![CDATA[Seiring dengan meningkatnya jumlah investor di pasar modal Indonesia, menarik untuk mempelajari bagaimana investor membuat keputusan investasi. Pengambilan keputusan investor dipengaruhi oleh bias psikologi dalam diri manusia yang dijelaskan dalam literatur. Adanya kecenderungan di mana faktor psikologis seperti overconfidence, representativeness dan herding behavior juga mempengaruhi keputusan investasi. Perilaku bias banyak ditemui pada generasi milenial oleh karena umur yang terbilang muda dan dinilai mempunyai tingkat emosi yang tidak terkontrol dan tinggi sehingga dapat menyebabkan terlalu cepat dalam mengambil keputusan investasi. Penelitian ini bertujuan untuk menguji pengaruh overconfidence, representativeness dan herding behavior terhadap keputusan investasi saham. Populasi dalam penelitian ini merupakan seluruh generasi milenial berusia antara 20-40 tahun di Jakarta. Sampel yang dipilih sebanyak 100 partisipan yang mempunyai pengalaman investasi minimal 3 bulan di pasar modal. Desain penelitian adalah deskriptif. Jenis penelitian ini adalah kuantitatif. Teknik sampling dalam penelitian ini adalah purposive sampling. Terdapat dua tahapan dalam melakukan analisis, yaitu evaluasi model pengukuran dan evaluasi model struktural. Data dikumpulkan melalui kuesioner. Penelitian ini dilakukan dengan pendekatan SEM-PLS yang didukung oleh software SmartPLS 4.0.8.4. Hasil dalam penelitian ini ditemukan overconfidence dan representativeness berpengaruh positif dan signifikan terhadap keputusan investasi saham. Sedangkan herdingbehavior berpengaruh positif tidak signifikan terhadap keputusan investasi saham. As the number of investors in the Indonesian capital market increases, it is interesting to study how investors make investment decisions. Investor decision making is influenced by certain biases described in the literature. There is a trend in which psychological factors such as overconfidence, representativeness and herding behavior also influence investment decisions. Bias behavior is rife in the millennial generation because of their relatively young age and are considered to have uncontrolled and high emotional levels that can cause them to make investment decisions too quickly. This researche aims to examine the effect of overconfidence, representativeness and herding behavior on stock investment decisions. The population in this study is all millennials aged between 20-40 years in Jakarta. The selected sample was 100 participants who had at least 3 months of investment experience in the capital market. The research design is descriptive. This type of research is quantitative. The sampling technique in this study was purposive sampling. There are two stages in conducting the analysis, namely the evaluation of the measurement model and the evaluation of the structural model. Data was collected through a questionnaire. This research was conducted using the SEM-PLS approach supported by SmartPLS 4.0.8.4 software. The results in this study found that overconfidence and representativeness had a positive and significant effect on stock investment decisions. While herding behavior has no significant positive effect on investment decisions. This is because the herding behavior factor has not been tested to be significant on stock investment decisions.]]>
