Pengaruh Herding, Overconfidence, dan Anchoring terhadap Investment Decision melalui Risk Perception
DOI:
https://doi.org/10.24269/asset.v9i1.13828Keywords:
Herding, Overconfidence, Anchoring, Risk Perception, Investment DecisionAbstract
Perkembangan pasar modal yang pesat mendorong meningkatnya partisipasi investor muda, khususnya pelajar, namun Keputusan Investasi tidak selalu didasarkan pada pertimbangan rasional melainkan juga dipengaruhi oleh faktor psikologis. Penelitian ini bertujuan untuk menganalisis pengaruh Herding , Overconfident , dan Anchoring terhadap Keputusan Investasi dengan Risk Perception sebagai variabel mediasi pada mahasiswa Fakultas Ekonomi di Surabaya. Penelitian ini menggunakan pendekatan kuantitatif dengan teknik purposive sampling terhadap sebanyak 150 responden. Data dianalisis menggunakan metode Partial Least Square (PLS) . Hasil penelitian menunjukkan bahwa Herding , Overconfident , dan Anchoring berpengaruh terhadap Risk Perception , serta Risk Perception berpengaruh terhadap keputusan investasi. Selain itu, Persepsi Risiko mampu memediasi pengaruh bias ketiga perilaku tersebut terhadap keputusan investasi. Temuan ini menunjukkan bahwa faktor psikologis memiliki peran penting dalam membentuk persepsi risiko yang pada akhirnya mempengaruhi Keputusan Investasi siswa. Oleh karena itu, pemahaman terhadap bias perilaku dan pengelolaan risiko menjadi penting guna menghasilkan Keputusan Investasi yang lebih rasional.
Downloads
References
Agustina & Mardiana. (2020). The Effect of Financial Knowledge and Financial Attitude on Financial
Management Behavior Mediated with Locus of Control. 4(3), 273–284.
Ahmad, M., Zulfiqar, S., & Shah, A. (2020). Overconfidence heuristic-driven bias in investment
decision-making and performance : mediating effects of risk perception and moderating effects
of financial literacy. https://doi.org/10.1108/JEAS-07-2020-0116
Ahmed, Z., Rasool, S., Saleem, Q., Khan, M. A., & Kanwal, S. (2022). Mediating Role of Risk Perception
Between Behavioral Biases and Investor ’ s Investment Decisions.
https://doi.org/10.1177/21582440221097394
Almansour, B. Y., Elkrghli, S., & Almansour, A. Y. (2023). Behavioral finance factors and investment
decisions : A mediating role of risk perception Behavioral finance factors and investment
decisions : A mediating role of risk perception. Cogent Economics & Finance, 11(2).
https://doi.org/10.1080/23322039.2023.2239032
Barberis, N. (2003). A SURVEY OF BEHAVIORAL FINANCE °.
Fatiha, F. N., & Mardiana, M. (2025). Department of Management, Faculty of Economics, Universitas
Islam Negeri Maulana Malik Ibrahim Malang - Indonesia. 18(3), 4–11.
Febriani, G., & Thahira, A. (2026). Pengaruh Influencer , Online Innovation , dan Media Sosial Tiktok
terhadap Keputusan Pembelian Produk Fashion yang dilakukan oleh Gen Z di Kota Tasikmalaya.
ASSET: Jurnal Manajemen Dan Bisnis, 1(1).
Hair, J. F. (2022). A Primer on Partial Least Squares Structural Equation Modeling. Long Range
Planning, 46(1–2), 184–185. https://doi.org/10.1016/j.lrp.2013.01.002
Jain, J., Walia, N., Singla, H., Singh, S., Sood, K., & Grima, S. (2023). Heuristic Biases as Mental
Shortcuts to Investment Decision-Making: A Mediation Analysis of Risk Perception. Risks, 11(4),
1–22. https://doi.org/10.3390/risks11040072
Mahmood, F., Arshad, R., Khan, S., Afzal, A., & Bashir, M. (2024). Acta Psychologica Impact of
behavioral biases on investment decisions and the moderation effect of financial literacy ; an
evidence of Pakistan. Acta Psychologica, 247(April), 104303.
https://doi.org/10.1016/j.actpsy.2024.104303
Marciano, D., Wijaya, L. I., & Sugianto, L. L. (2025). The effect of behavioral factors on investment
decision towards stock market between Indonesia , Japan , and Thailand. 29(2), 179–193.
https://doi.org/10.20885/jsb.vol29.iss2.art4
16
Asset: Jurnal Ilmiah Bidang Manajemen dan Bisnis Vol. x, No. x (20xx): June, pp. xx-xx
Mardiana, M. (2021). Gender in Investment on Firm the Value of Firm ( Consumer Goods Industry
Sector Companies Listed on the IDX ). 529(Iconetos 2020), 707–712.
Muntiah, N. S., Tama, R. A., & Wafirotin, K. Z. (2022). Pengaruh Pendapatan, Literasi Keuangan, dan
Inklusi Keuangan Terhadap Minat Investasi di Masa Pandemi Covid-19 (Studi Kasus Pada
Komunitas Investor Saham Pemula (ISP) Tahun 2021). ASSET: Jurnal Manajemen Dan Bisnis,
5(2). https://doi.org/10.24269/asset.v5i2.5631
Purwidianti, W., Rahmawati, I. Y., & Dwiyanti, R. (2023). Overconfidence and Herding Bias on
Investment Decisions the Role of Risk Perception as a Mediator. Asian Journal of Economics,
Business and Accounting, 23(18), 36–45. https://doi.org/10.9734/ajeba/2023/v23i181056
Ricciardi, V., & Simon, H. K. (2000). What is Behavioral Finance ? 1–9.
Ritter, J. R. (2003). Behavioral finance. 11(July 2002), 429–437. https://doi.org/10.1016/S0927-
538X(03)00048-9
Septi, N., Ainia, N., & Lutfi, L. (2019). The influence of risk perception , risk tolerance , overconfidence
, and loss aversion towards investment decision making. 21(3), 401–413.
Shefrin, H. (2009). Behavioralizing finance. Foundations and Trends in Finance, 4(1–2), 1–184.
https://doi.org/10.1561/0500000030
Sreeramulu, P. D. (2025). THE INFLUENCE OF SPECIFIC BEHAVIOURAL BIASES ON RISK PERCEPTION.
23(10), 1573–1584.
Sugiyono. (2023). Metode Penelitian Kuantitatif, Kualitatif dan R&D. In Bandung: Alfabeta.
Thariq & Mardiana. (2026). FOMO , Overconfidence , and Influencers : Key Drivers of Cryptocurrency
Investment Behavior. 10(April), 1036–1048.
https://doi.org/https://doi.org/10.33395/owner.v10i2.3237
Wahyudi, A., Gama, S., Putu, N., & Astiti, Y. (2023). Biased Behavior and Stock Investment Decisions
of Investors in Bali , Indonesia. (2016), 123–135.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 evan rozaq, mardiana
This work is licensed under a Creative Commons Attribution 4.0 International License.
License
Use of the article will be governed by the Creative Commons Attribution license as currently published under the Creative Commons Attribution 4.0 International License (Attribution 4.0 International (CC BY 4.0).
This license permits anyone to copy and redistribute this material in any form or format, compose, modify, and make derivatives of this material for any purpose, including commercial purposes, as long as they give credit to the author for the original work.
.png)
