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All Journal Jurnal Manajemen Maranatha
Andronius Purnomo
Program Studi Manajemen, Fakultas Bisnis dan Ekonomika, Universitas Surabaya
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Bias perilaku dan persepsi risiko dalam pembuatan keputusan investasi: Peran moderasi literasi keuangan Andronius Purnomo; Werner Ria Murhadi; Liliana Inggrit Wijaya
Jurnal Manajemen Maranatha Vol 24 No 2 (2025): Jurnal Manajemen Maranatha
Publisher : Universitas Kristen Maranatha

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.28932/jmm.v24i2.10288

Abstract

Behavioral finance highlights that investors frequently encounter errors in making investment decisions due to cognitive and emotional biases, leading to less-than-optimal investment outcomes. These biases are inherently challenging to overcome and significantly shape how decisions are made. The human brain often relies on shortcuts and emotional interpretations when processing information, resulting in flawed judgments. This research seeks to analyze and assess the impact of the disposition effect, herding behavior, overconfidence, and risk perception on investment decisions, while also investigating the moderating influence of financial literacy. Utilizing a non-probability sampling technique, the study involves 165 respondents and applies structural equation modeling (SEM) analyzed through SPSS AMOS. The results reveal that disposition effect, herding behavior, overconfidence, and risk perception have a substantial impact on investment decisions, whereas financial literacy does not notably moderate their effects on the decision-making process.
Co-Authors Liliana Inggrit Wijaya Werner Ria Murhadi