Pengaruh Overconfidence, Herding Bias, Loss Aversion dan Regret Aversion terhadap Keputusan Investasi di Pasar Modal pada Mahasiswa Gen Z
DOI:
https://doi.org/10.47065/arbitrase.v6i3.3056Keywords:
Overconfidence; Herding Bias; Loss Aversion; Regret Aversion; Investment Decision; StudentAbstract
The development of student participation in capital market activities highlights the importance of understanding the psychological factors that influence investment decisions. The purpose of this study is to analyse the extent to which behavioural biases consisting of overconfidence, herding bias, loss aversion, and regret aversion influence the investment decisions of students in Karawang. This study involved Karawang students who already had investment experience in the capital market, with a sample size of 96 respondents selected using the Lemeshow formula with purposive sampling according to specific criteria. Data was obtained through an online questionnaire using a Likert scale, which was then processed using the Partial Least Squares–Structural Equation Modelling (PLS-SEM) approach using the SmartPLS4 application. The results of the study indicate that the four behavioural biases have a positive and significant influence on the investment decisions of Karawang students. The research model is able to explain 85.8% of the variation in investment decisions, while the remaining 14.2% is influenced by other variables outside the research model. This research provides a theoretical contribution by supporting behavioural finance theory in the context of students as novice investors in the region. Practically, this research provides a basis for young investors to evaluate their own tendencies towards bias in decision-making, thereby minimising the potential for investment errors influenced by psychological factors.
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