Pengaruh Overconfidence Bias, Herding Behavior, Availability Bias, dan Anchoring Bias terhadap Keputusan Investasi Saham Investor di Kota Semarang

Riko Tresno Mulyo (Universitas Dian Nuswantoro)
Dwi Eko Waluyo (Universitas Dian Nuswantoro)
Dian Prawitasari (Universitas Dian Nuswantoro)
Vicky Oktavia (Universitas Dian Nuswantoro)

Jurnal Multidisiplin Indonesia
Vol. 4 No. 3 (2026): September: Jurnal Multidisiplin Indonesia

This study aims to examine the effects of Anchoring Bias, Availability Bias, Herding Behaviour, and Overconfidence Bias on stock investment decisions among investors residing in Semarang City, Indonesia. A quantitative research approach was employed, with data collected through an online questionnaire distributed via Google Forms using WhatsApp, Telegram, and Instagram. The sampling technique used was purposive sampling, involving stock investors who met the established research criteria. Data were analyzed using the Partial Least Squares–Structural Equation Modeling (PLS-SEM) approach with the assistance of SmartPLS software. The findings indicate that all independent variables have a positive and significant effect on investment decisions. Specifically, Anchoring Bias, Availability Bias, Herding Behaviour, and Overconfidence Bias each positively and significantly influence stock investment decisions. These findings demonstrate that behavioral biases play a significant role in shaping stock investment decisions. This study is expected to provide valuable insights for investors to strengthen rational analysis in investment decision-making and serve as a reference for future research in the field of behavioral finance.