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All Journal Jurnal Management Risiko dan Keuangan
Putradia, Mikhael Kefas
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Decision Sciences, Operations Research & Management

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Behavioral Biases in the Crypto Market: Disposition, Herding, and Heuristic Effects on Investment Decisions Putradia, Mikhael Kefas; Ratnawati, Kusuma
Jurnal Management Risiko dan Keuangan Vol. 4 No. 4 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2025.04.4.02

Abstract

This study aims to analyze the influence of disposition bias, herding bias, and heuristics on the investment decisions of cryptocurrency investors in Malang City. The rapid growth of young investors in the digital asset market particularly in the highly volatile cryptocurrency sector highlights the importance of understanding behavioral biases due to their impact on investment decisions. This explanatory quantitative study uses primary data obtained through an online questionnaire distributed to 177 cryptocurrency investors domiciled in Malang City. The results of the analysis using Partial Least Squares (PLS) in SmartPLS show that all three independent variables disposition bias, herding bias, and heuristics have a significant influence on investment decisions. This finding indicates that psychological biases play a crucial role in investment decision-making, especially in the context of high-risk assets. This study contributes to the development of behavioral finance theory and provides insights for investors, industry players, and regulators in designing educational strategies and policies that better align with the characteristics and behaviors of young investors.
Co-Authors Kusuma Ratnawati