The The Influence of Financial Literacy, Risk Perception, Herding, Loss Aversion, Anchoring, And Income on Gold Investment Decisions at PT. Pegadaian (Persero)
Keywords:
Financial Literacy, Risk Perception, Herding, Loss Aversion, Anchoring, Income, Investment DecisionsAbstract
The investment interest in Indonesia is rising in line with the society's awareness on the benefit of investment, especially gold investment. Investors act rationally or irrationally in making investment decisions. The aim of this research is to study the effect of financial literacy, risk perception, herding, loss aversion, anchoring and income to the decision of gold investment at PT. Pegadaian. This is a quantity experiment with the customer of PT. Pegadaian who used the gold investment as a population and sample of this research. Using the accidental sampling technique, there are 100 respondents. Data collection using a direct and online questionnaire. The Structural equation model partial least square method with the SmartPLS 3.0 software used to analyze the data collected. The results show that financial literacy affects investment decisions. Respondents have a fairly high level of education and moderately high association of financial literacy. While the risk perception, herding, loss aversion, anchoring and income are not affecting the investment decisions.
References
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Budiman, J., & Ervina. (2020). Pendekatan Perilaku Keuangan Terhadap Keputusan Investasi Emas. Profit, 14(01), 63–68. https://doi.org/10.21776/ub.profit.2020.014.01.7
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Dihni, V. A. (2022). Apa Jenis Investasi yang Paling Banyak Diminati Masyarakat? Databoks.Katadata.Co.Id. https://databoks.katadata.co.id/datapublish/2022/01/13/apa-jenis-investasi-yang-paling-banyak-diminati-masyarakat
Fadila, N., Goso, G., Hamid, R. S., & Ukkas, I. (2022). Pengaruh Literasi Keuangan, Financial Technology, Persepsi Risiko, dan Locus of Control Terhadap Keputusan Investasi Pengusaha Muda. Owner, 6(2), 1633–1643. https://doi.org/10.33395/owner.v6i2.789
Fridana, I. O., & Asandimitra, N. (2020). Analisis Faktor Yang Memengaruhi Keputusan Investasi (Studi Pada Mahasiswi Di Surabaya). Jurnal Muara Ilmu Ekonomi Dan Bisnis, 4(2), 396. https://doi.org/10.24912/jmieb.v4i2.8729
Ghozali, I., & Latan, H. (2015). Konsep, Teknik, Aplikasi Menggunakan Smart PLS 3.0 Untuk Penelitian Empiris. Badan Penerbit Universitas Diponegoro.
Handoyo, S. D., Rispanto, & Widarno, B. (2019). Pengaruh Overconfidence, Illusion of Control, Anchoring, Loss Aversion Pada Pengambilan Keputusan Investasi Oleh Mahasiswa Unisri Sebagai Investor Pemula. Jurnal Akuntansi Dan Sistem Teknologi Informasi, 15, 411–421.
Jakpat.net. (2022). 2022 Investment Trend. Jakpat.Net. https://blog.jakpat.net/2022-investment-trend-jakpat-survey-report-2022/
Johan, Z. J. (2020). Investors with the Golden-i: Preference in Gold-i Investment. Journal of Emerging Economies and Islamic Research, 8(2), 40. https://doi.org/10.24191/jeeir.v8i2.8668
Kahneman, D., & Tversky, A. (1979). Prospect Theory: An Analysis of Decision under Risk. 47(2), 263–292. https://doi.org/https://doi.org/10.2307/1914185
Khairunizam, & Isbanah, Y. (2019). Pengaruh Financial Literacy Dan Behavioral Finance Factors Terhadap Keputusan Investasi. Jurnal Ilmu Manajemen, 7(2), 516–528.
Le Phuoc Luong., D. T. T. H. (2011). Behavioral Factors Influencing individual Investors’ Decision-Making And Performance :A Survey At The Ho Chi Minh Stock Exchange. Umeå School of Business, 1, 1–114.
Leiwakabessy, A., Patty, M., & Titioka, B. M. (2021). Faktor Psikologis Investor Millenial Dalam Pengambilan Keputusan Investasi Saham (Studi Empiris Pada Investor Millenial di Kota Ambon). Jurnal Akuntansi Dan Pajak, 22(2), 476. https://doi.org/10.29040/jap.v22i2.3318
Lusiana, M. G., Suhendra, M., Santoso, S. L., & ... (2021). Minigold: Trend Baru Investasi Emas Di Masa Pandemi. … Nasional Riset Pasar ….
Mertha Dewi, I., & Purbawangsa, I. B. A. (2018). Pengaruh Literasi Keuangan, Pendapatan Serta Masa Bekerja Terhadap Perilaku Keputusan Investasi. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 7, 1867. https://doi.org/10.24843/eeb.2018.v07.i07.p04
Mutawally, F. W., & Haryono, N. A. (2019). Pengaruh Financial Literacy, Risk Perception, Behavioral Finance Dan Pengalaman Investasi Terhadap Keputusan Investasi Mahasiswa Surabaya. Jurnal Ilmu Manajemen (JIM), 7(4), 942–953.
Novianggie, V., & Asandimitra, N. (2019). The Influence of Behavioral Bias, Cognitive Bias, and Emotional Bias on Investment Decision for College Students with Financial Literacy as the Moderating Variable. International Journal of Academic Research in Accounting, Finance and Management Sciences, 9(June), 92–107. https://doi.org/10.6007/IJARAFMS/v9-i2/6044
Nur Aini, N. S., & Lutfi, L. (2019). The influence of risk perception, risk tolerance, overconfidence, and loss aversion towards investment decision making. Journal of Economics, Business & Accountancy Ventura, 21(3), 401. https://doi.org/10.14414/jebav.v21i3.1663
Pegadaian.co.id. (2018). The Gade Clean and Gold Hadir di Gresik. Pegadaian.Co.Id. https://www.pegadaian.co.id/berita/detail/67/the-gade-clean-and-gold-hadir-di-gresik
Pegadaian.co.id. (2022). Pegadaian Tabungan Emas. Pegadaian.Co.Id. https://www.pegadaian.co.id/produk/tabungan-emas
Pompian, M. (2006). Behavioral Finance and Wealth Management t – How to Build Optimal Portfolios That Account for Investor Biases. (John Wiley).
Pradhana, R. W. (2018). Pengaruh Financial Literacy, Cognitive Bias, Dan Emotional Bias Terhadap Keputusan Investasi (Studi Pada Investor Galeri Investasi Universitas Negeri Surabaya). Jurnal Ilmu Manajemen, 6(3), 108–117.
Pradikasari, E., & Isbanah, Y. (2018). Pengaruh Financial Literacy, Illusion of Control, Overconfidence, Risk Tolerance, dan Risk Perception Terhadap Keputusan Investasi Pada Mahasiswa di Kota Surabaya. Jurnal Ilmu Manajemen (JIM), 6(4), 424–434.
Puspawati, D., & Yohanda, A. R. (2022). Bias Perilaku Pada Keputusan Investasi Generasi Muda. Akuntabilitas, 16(1), 41–60. https://doi.org/10.29259/ja.v16i1.15724
Putri, K. A. S., & Andayani, S. (2022). Literasi Keuangan dan Pendapatan Terhadap Keputusan Investasi Mahasiswa dengan Perilaku Keuangan Sebagai Variabel Intervening. Journal of Management and Bussines, 4, 1075–1089. https://doi.org/10.31539/jomb.v4i2.4715
Putri, M. A., & Juwita, H. A. J. (2021). Pengaruh Overconfidence, Loss Aversion, dan Herding terhadap Keputusan Investasi Emas Era Tahun Pertama Pandemi Covid-19. Made Amanda Putri, 19, 1–15.
Radargresik.id. (2021). Pegadaian Gandeng Pemkab Gresik Ajak Masyarakat Nabung Emas. Radargresik.Id. https://radargresik.jawapos.com/ekonomi-bisnis/23/09/2021/pegadaian-gandeng-pemkab-gresik-ajak-masyarakat-nabung-emas/
Respati, A. R. (2022). Jumlah Nasabah Tabungan Emas Pegadaian Capai 5,3 Juta Orang per Agustus 2022. Kompas.Com. https://money.kompas.com/read/2022/09/30/090000026/jumlah-nasabah-tabungan-emas-pegadaian-capai-5-3-juta-orang-per-agustus-2022
Safitri, L. A., & D, Y. R. (2021). Pengaruh herding, pendapatan dan usia terhadap keputusan investasi pada emas. Jurnal Fokus Ekonomi, 16(1), 1–19.
Safryani, U., Aziz, A., & Triwahyuningtyas, N. (2020). Analisis Literasi Keuangan, Perilaku Keuangan, Dan Pendapatan Terhadap Keputusan Investasi. Jurnal Ilmiah Akuntansi Kesatuan, 8(3), 319–332. https://doi.org/10.37641/jiakes.v8i3.384
Sartika, U. (2017). Pengaruh Inflasi, Tingkat Suku Bunga, Kurs, Harga Minyak Dunia Dan Harga Emas Dunia Terhadap Ihsg Dan Jii Di Bursa Efek Indonesia. BALANCE Jurnal Akuntansi Dan Bisnis, 2(2), 285. https://doi.org/10.32502/jab.v2i2.1180
Shiller, R. J. (1987). Investor Behavior in the October 1987 Stock Market Crash: Survey Evidence. NBER Working Paper, 20(August), 146–146.
Subash, R. (2012). Role of Behavioral Finance in Portfolio Investment Decisions: Evidence from India. Faculty of Social Science Institute of Economic Studies, 8-9Dash, M. K. (2010). Factors Influencing Investm.
Subramaniam, A., & Velnampy, T. (2017). The Role of Behavioural Factors in the Investment Decisions of Household Investors. International Journal of Accounting and Financial Reporting, 7(1), 392. https://doi.org/10.5296/ijafr.v7i1.11421
Upadana, I. W. Y. A., & Herawati, N. T. (2020). Pengaruh Literasi Keuangan dan Perilaku Keuangan terhadap Keputusan Investasi Mahasiswa. Jurnal Ilmiah Akuntansi Dan Humanika, 10(2), 126. https://doi.org/10.23887/jiah.v10i2.25574
Waweru, N. M., Munyoki, E., & Uliana, E. (2008). The effects of behavioural factors in investment decision-making: a survey of institutional investors operating at the Nairobi Stock Exchange. International Journal of Business and Emerging Markets, 1(1), 24. https://doi.org/10.1504/ijbem.2008.019243
Yolanda, Y., & Tasman, A. (2020). Pengaruh Financial Literacy dan Risk Perception terhadap Keputusan Investasi Generasi Millennial Kota Padang. Jurnal Ecogen, 3(1), 144. https://doi.org/10.24036/jmpe.v3i1.8533
Yundari T, & Artati D. (2021). Analisis Pengaruh Literasi Keuangan, Perilaku Keuangandan Pendapatan Terhadap Keputusan Investasi (Studi Kasus pada Karyawan Swasta di Kecamatan SruwengKabupaten Kebumen). Jurnal Ilmiah Mahasiswa Manajemen, Bisnis Dan Akuntansi, 3(3), 609–622.
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Published
2024-11-16
How to Cite
Lestari, F. I., & Isbanah, Y. (2024). The The Influence of Financial Literacy, Risk Perception, Herding, Loss Aversion, Anchoring, And Income on Gold Investment Decisions at PT. Pegadaian (Persero). International Student Conference on Business, Education, Economics, Accounting, and Management (ISC-BEAM), 2(1), 497–516. Retrieved from https://journal.unj.ac.id/unj/index.php/isc-beam/article/view/46697
