<![CDATA[Village-Owned Enterprises (BUMDes) are established to improve the village economy by exploring and developing the potential available within the village. One of the challenges faced by BUMDes is capital availability, which is essential for business development and achieving common goals. This study aims to analyze the influence of Cognitive Bias and emotional bias on investment decisions, with reward-based investment balance as a mediating variable. The study employed a sample of 295 respondents from 102 BUMDes located across the Surakarta Residency. The sampling method used a combination of purposive sampling and cluster sampling, in which the selected BUMDes represented their respective regions and had investors from the community or community groups. Data were collected from BUMDes located in six regencies within the Surakarta Residency, excluding the City of Surakarta. The data were analyzed using Structural Equation Modeling (SEM) with the Analysis of Moment Structures (AMOS) program. The results indicate that Cognitive Bias and emotional bias significantly influence reward-based investment balance and investment decisions. Furthermore, reward-based investment balance significantly influences investment decisions. The findings also demonstrate that reward-based investment balance mediates the effects of Cognitive Bias and emotional bias on investment decisions.]]>
Copyrights © 2026
