PENGARUH HEURISTIC BIAS TERHADAP KEPUTUSAN INVESTOR YANG DIMEDIASI SENTIMEN INVESTOR (STUDI KASUS INVESTOR YANG TERDAFTAR DI GALERI INVESTASI KOTA KENDARI) - Ririn Lestari; Muhammad Yusuf; Murini Murini (Mega Aktiva, 2025)
This study aims to examine the influence of availability bias and representativeness bias on investment decisions, with investment sentiment serving as a mediating variable among investors registered at Investment Galleries in Kendari City. This research is quantitative in nature and employs an exploratory research design. Data were collected through questionnaires distributed to investors at Investment Galleries in five universities in Kendari City. A purposive sampling technique was applied, resulting in a sample of 208 respondents. The data were analyzed using multivariate analysis with the Structural Equation Modeling–Partial Least Squares (SEM-PLS) approach. The findings reveal that: (1) availability bias has a negative and insignificant effect on investment decisions; (2) representativeness bias has a positive and significant effect on investment decisions; (3) investment sentiment has a positive and significant effect on investment decisions; (4) availability bias has a positive and significant effect on investment sentiment; (5) representativeness bias has a positive and significant effect on investment sentiment; (6) investment sentiment significantly mediates the relationship between availability bias and investment decisions; and (7) investment sentiment significantly mediates the relationship between representativeness bias and investment decisions among investors registered at Investment Galleries in Kendari City.ABSTRAKPenelitian ini bertujuan untuk mengetahui pengaruh availability bias dan representativeness bias terhadap keputusan investasi dengan sentimen investasi sebagai variabel mediasi pada Investor yang terdaftar di Galeri Investasi Kota Kendari. Penelitian ini adalah penelitian kuantitatif dengan desain penelitian eksplonatori. Penelitian ini adalah penelitian kuantitatif dengan metode pengumpulan data menggunakan kuesioner yang disebarluaskan kepada investor Galeri Investasi di 5 perguruan tinggi Kota Kendari. Pada penelitian ini, teknik purposive sampling digunakan dengan besaran jumlah sampel adalah sebanyak 208 orang responden. Adapun metode analisis adalah analisis multivariate menggunakan SEM-PLS. Berdasarkan hasilnya ditemukan bahwa : (1) availability bias berpengaruh negatif dan tidak signifikan terhadap keputusan investasi; (2) representativeness bias berpengaruh positif dan signifikan terhadap keputusan investasi; (3) sentimen investasi berpengaruh positif dan signifikan terhadap keputusan investasi; (4) availability bias berpengaruh positif dan signifikan terhadap sentimen investasi; (5) representativeness bias berpengaruh positif dan signifikan terhadap  sentimen investasi; (6) sentimen investasi berpengaruh signifikan dalam memediasi pengaruh antara availability bias terhadap keputusan investasi dan (7) sentimen investasi berpengaruh signifikan dalam memediasi pengaruh antara reprsentativeness bias terhadap keputusan investasi pada investor di Galeri Investasi Kota Kendari.