The Influence of Availability Bias, Herding Bias, Disposition Effect, and Overconfidence on Investment Decisions through Risk Perception

Yandi Suprapto (Universitas Internasional Batam, Indonesia)
Fathir Suria Marika Putri (Universitas Internasional Batam, Indonesia)
Candy (Universitas Internasional Batam, Indonesia)

JURNAL ECONOMINA
Vol. 5 No. 9 (2026): JURNAL ECONOMINA, September 2026

The purpose of this study is to investigate how generation X, Y, and Z investors in Batam City are related to availability bias , disposition effect , herding bias , overconfidence bias , risk perception , and investment decisions . After 410 people were selected through purposive sampling technique , the data were processed using PLS-SEM method. The results show that overconfidence , herding bias , disposition effect, and risk perception have a positive impact on investment decisions . In contrast, availability bias has no direct impact. In addition, the results of the study show that risk perception serves as a link between availability bias , herding bias , and overconfidence . bias with investment decision , however, the disposition effect with investment decision is not significant.