Pengaruh Herding Behaviour Dan Overconfidence Bias Terhadap Investment Decision Dengan Financial Literacy Sebagai Variabel Moderasi Di Kota Medan - Azzahra, Khairunnisa; Radiman, Radiman (Balance : Jurnal Akuntansi dan Manajemen, 2025)
Penelitian ini bertujuan untuk mengkaji dan menganalisis pengaruh herding behaviour dan overconfidence bias terhadap investment decision, dengan financial literacy sebagai variabel moderasi pada masyarakat di Kota Medan. Fenomena pengambilan keputusan investasi yang tidak sepenuhnya rasional akibat faktor psikologis menjadi fokus utama penelitian ini. Financial literacy diasumsikan mampu memperkuat atau memperlemah pengaruh faktor psikologis tersebut terhadap keputusan investasi. Pendekatan yang digunakan adalah kuantitatif, dengan teknik pengumpulan data melalui penyebaran kuesioner kepada 100 responden yang memiliki pendapatan sekitar Upah Minimum Kota (UMK) Medan. Jumlah sampel ditentukan menggunakan rumus Lameshow. Analisis data dilakukan dengan metode Structural Equation Modeling - Partial Least Squares (SEM-PLS) dan diolah menggunakan perangkat lunak SmartPLS versi 3.0, yang mencakup pengujian outer model, inner model, dan uji hipotesis. Hasil penelitian menunjukkan bahwa baik herding behaviour maupun overconfidence bias tidak berpengaruh signifikan terhadap investment decision. Namun, financial literacy terbukti memiliki pengaruh signifikan terhadap investment decision. Selain itu, financial literacy tidak memoderasi hubungan antara herding behaviour maupun overconfidence bias terhadap investment decision. Dengan demikian, literasi keuangan memiliki peran langsung terhadap keputusan investasi, namun tidak memperkuat maupun memperlemah pengaruh bias psikologis dalam konteks ini. his study aims to examine and analyze the influence of herding behaviour and overconfidence bias on investment decision-making, with financial literacy as a moderating variable among individuals in Medan City. The phenomenon of investment decisions that are not entirely rational due to psychological factors is the main focus of this research. Financial literacy is assumed to strengthen or weaken the influence of these psychological factors on investment decisions. A quantitative approach was used, with data collected through questionnaires distributed to 100 respondents with income levels around the regional minimum wage (UMK) of Medan City. The sample size was determined using the Lameshow formula. Data analysis was conducted using Structural Equation Modeling - Partial Least Squares (SEM-PLS), processed with SmartPLS version 3.0 software, including outer model testing, inner model analysis, and hypothesis testing. The results show that neither herding behaviour nor overconfidence bias significantly affect investment decisions. However, financial literacy has a significant direct effect on investment decisions. Furthermore, financial literacy does not moderate the relationship between herding behaviour or overconfidence bias and investment decisions. Thus, financial literacy plays a direct role in investment decision-making, but does not strengthen or weaken the influence of psychological biases in this context.