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p-Index From 2020 - 2025
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All Journal International Journal of Application on Economics and Business
Wijoyo, Fanny
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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OVERCONFIDENCE BIAS IN INVESTMENT DECISIONS ON INDONESIAN STOCK MARKET Wijoyo, Fanny; Arifin, Agus Zainul
International Journal of Application on Economics and Business Vol. 2 No. 2 (2024): May 2024
Publisher : Graduate Program of Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/ijaeb.v2i2.3430-3439

Abstract

The investor’s growth on the Indonesian Stock Exchange for the period 2020 to January 2023 is quite significant. However, this growth was accompanied by a tendency towards overconfident bias. This behavior’s increase errors in investment decision making: increasing risk and reducing returns. The aim of this research is to verify the relationship between neuroticism, conscientiousness, and openness traits on the overconfidence behavioral bias to stock investors using The Big Five Personality approach. The research uses primary data on stock investors in Indonesia with total 483 respondent. Data analysis method used the SEM-PLS version 4.0. The research results prove that neuroticism and conscientiousness traits have a positive effect on overconfidence bias. Other evidence shows, that openness has a negative effect on overconfidence bias. This evidence applies to both male and female investors.
EXPLORING HOW GENDER MODERATES THE EFFECT OF PERSONALITY TRAITS ON OVERCONFIDENCE BIAS AMONG INVESTORS IN THE INDONESIAN STOCK MARKET Natsir, Khairina; Arifin, Agus Zainul; Wijoyo, Fanny
International Journal of Application on Economics and Business Vol. 3 No. 3 (2025): Agustus 2025
Publisher : Graduate Program of Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/ijaeb.v3i3.1175-1188

Abstract

This research aims to explore the impact of investor personality traits towards overconfidence bias in investment behaviors. Additionally, it examines whether gender differences serve as a moderating factor. The study focuses on three main variables: personality traits, gender, and overconfidence bias. Data for the study is gathered through a primary data collection method using an online questionnaire, distributed via Google Forms. This questionnaire incorporates relevant indicators that effectively represent the variables under investigation and is disseminated across social media platforms, including WhatsApp, Facebook, Instagram, Twitter, and Telegram, to broaden respondent reach. The sample consists of individual stock investors in Indonesia, selected through non-probability sampling. For statistical analysis, Structural Equation Modeling is employed using the SmartPLS software, applying the Partial Least Squares (PLS-SEM) approach based on variance. The evaluation includes an Outer Model Assessment (validity and reliability testing) and an Inner Model Assessment, which involves R-square, Q-square, and Goodness of Fit tests, alongside hypothesis testing. According to this study, neuroticism and conscientiousness positively contribute to overconfidence bias in both genders, while openness has a negative effect on this bias among male and female investors alike. The findings of this study imply that understanding investors' personality traits, such as neuroticism, conscientiousness, extraversion, and openness, is essential for tailoring investment strategies and mitigating overconfidence bias. Financial education focusing on self-awareness and emotional management is crucial to helping investors make more rational decisions and avoid unnecessary risks.
Co-Authors Arifin, Agus Zainul Khairina Natsir, Khairina