FAKTOR-FAKTOR YANG MEMPENGARUHI PERILAKU OVER-CONFIDENCE INVESTOR SAHAM DI YOGYAKARTA

Authors

  • Kartini Kartini
  • Dwika Apriliani Setiawan

DOI:

https://doi.org/10.32477/jrm.v4i1.63

Keywords:

Behavioral Finance, Overconfidence, Age, Gender, Experience, Past Performance, Advices, Management Qualifications, Investor Shares in Yogyakarta

Abstract

This study aims to determine the factors that influence the behavior of investor overconfidence in Yogyakarta. This study uses questionnaire distributed to 100 randomly selected respondents. A total of 80 questionnaires were used, hile the other 20 were disqualified because of unallocated or incomplete answers. The data were processed using SPSS measuring devices stepwise regression. This research gets the result and overconfidence of investor is influenced by variables advice, while age, gender, experience, past performance and management qualifications not influence toward overconfidence investor

Author Biographies

Kartini Kartini

Fakultas Ekonomi Universitas Islam Indonesia Yogyakarta

Dwika Apriliani Setiawan

Alumni Fakultas Ekonomi Universitas Islam Indonesia Yogyakarta

References

Alrabadi, D.W., M.A. Al-Gharaibeh and Z.M.Zurigat (2011), “W hat Makes Investors Overconfidence? Evidence From Amman Sto ck Exch ange ”, European Journal of Economics, Finance And Administrative Sciences, Issue 43.

Asri, M. (2013), Keuangan Keperilakuan, Yogyakarta: BPFE.

Azwar, S. (1995), Sikap Manusia: Teori dan Pengukurannya, Yogyakarta: Pustaka Pelajar.

Barber, B.M. and T.Odean (2001), “Boys Will Be Boys: Gender, Overconfidence, and Common Stock Investment”, Quarterly Journal of Economics, (141): 261-289.

Barberis, N. and R.Thaler (2002), “A Survey of Behavioral Finance”, NBER Working Paper, (9222): 2-15.

Bhandari, G. and R.Deaves (2006), “The Demographics of Overconfidence”, Journal of Behavioral Finance,7 (1): 5-11.

Bashir, T., Safia, F., Irum, S., Waqas, A., and Ghullam, J. (2013), “Impact of Demographics and Personality traits on Confidence level: Determinants of Ove rconf ide nce (Eviden ce f rom Employees and Students)”, IOSR Journal of Business and Management, Vol. 10, Isuue 1, pp 58-67.

Bhandari, G and R.Deaves (2006), “The Demographics of Overconfidence”, Journal of Behavioral finance,7 (1): 5-11.

Christanti, N and L.A.Mahastanti (2011), “Faktor-faktor Yang Dipertimbangkan Investor Dalam Melakukan Investasi”, Jurnal Manajemen Teori dan Terapan I, Tahun 4, (3): 37-50.

Gervais, S and T.Odean (2001), “Learning To Be Overconfidence”, Review of Financial Studies, 14 (1): 1-27.

Ghozali, I. (2006), “Aplikasi Analisis Multivariate dengan Program SPSS”, Semarang: Badan Penerbit Universitas Diponegoro.

Glaser, M. and M.Weber (2005), “Overconfidence of Professionals and Lay Men: Individual Diff erence Within and Between Task?”, Working Paper, University of Mannheim, 2-27.

________ (2003), “Overconfidence and Trading Volume”, Working Paper, Universitat Mannheim, 9-36.

Graham, J.R., C.R.Harvey and H.Huang (2005 ), “Investor Comepete nce, Trading Frequency and Home Bias”, NBER Working Paper, (11426): 2-27.

Griffin, D. and A. Tversky (1992), “The Weighing of Evidence and the Determinants of Confidence”, Cognitive Psycology, 3 24: 411-435.

Hartono, J. (2007). Teori Portofolio dan Analisis Investasi Edisi 5. Yogyakarta: BPFE.

________ (2013), Teori Portofolio dan Analisis Investasi Edisi Ketujuh. Yogyakarta: BPFE.

Hermalin, B.E dan A.M. Isen (2000), The Effect of Affect on Economic and Strategic Decision Making. Johnson Graduate School of Management, Cornell University Working Paper, 1-19.

Hurlock, E.B. (2004), Developmental Phsychology A Life Span Approach Throughout the Fifth Edition, Erland, London.

http://www.harianjogja.com/baca/2016/05/ 11/pasar-modal-diy-banyak-sahamt idu r-in ve st o r-dimint a -leb ih -jeli- 718251.

Kahneman, D. and A. Tversky (1973), “Availability: A Heuristic for Judging Frequency and Probibality”, Cognitive Psychology, (5): 207-232.

Kartika, N and Rr. Iramani (2013), “Pengaruh Overconfidence, Experience, Emotion Terhadap Risk Perception Dan Risk Attitude Pada Investor Pasar Modal Di Surabaya”, Journal of Business and Banking, 3 (2): 177-188.

Kartikasari, N., B. Subroto and A.F. Rahman (2013), “Perbedaan Tujuan Auditor Atas Tingkat Overconfidence Pertimbangan Auditor (Studi Eksperimental)”, Jurnal Ekonomi dan Keuangan, 17 (2): 239- 252.

Machiejovsky, B and E.Kirchler (2001), “Simulation Over and Under-confidence: Evidence from Experimental Asset Martkets”, Journal of Behavioral finance, 2-18.

Menkhoff, L., M.Schmeling and U.Schmidt (2010), “Overconfidence, Experience and Professionalism: An Experimental Study”, Kiel Working Paper, (1612): 2-11.

Mittal, M and R.K.Vyas (2009), “Does Irrationality in Investment Decisions Vary with Income”, Journal of Behavioral Finance, 6 (1).

Odean, T. (1998), “Volume, Volatility, Price and Profits When All Traders Are Above Average”, Journal of Finance, 53 (6): 1888-1930.

________(1999), “Do Investor Trade Too Much?”, American Economics Review, 89 (5): 1279-1296.

Pompian, M.M (2006), Behavioral finance and Wealth Management. New York: John Wiley & Sons, Inc.

Prince, M. (1993), “Women, Men and Money Styles”, Journal of Economics Psycology, 14 (1): 175-182.

Rawlings, D.O., S.G Pantula and D.A Dickey (1998), “Applied Regression Analysis: A Research Tool”, Second Edition, New York: Springer.

Ricciardi, V. and H.K. Simon (2000), “What is Behavioral finance?”, Business, Education and Technology Journal Fall 2000, 1-8.

Riley, W. B. and K. V. Chow (1992), “asset Allocation and Individual Risk Aversion”, Financial Analysis Journal, 6 (48): 32- 37.

Santoso, S. (2010), Statistik Multivariate Konsep dan Aplikasi dengan SPSS, Jakarta: PT. Elex Media Komputindo.

Shefrin, H. and M. Statman (2000), “Behavioral Portofolio Theory”, Journal of Financial and Quantitative Analysis, 35 (20): 127-150.

Sudarmanto, R.G. (2005), Analisis Regresi Lin ear Gand a De ngan SPS S, Yogyakarta: Graha Ilmu.

Sudjaya (2000), Metode Statistika, Bandung: Gramedia Pustaka Utama.

Sugiyono (2010), Metode Penelitian Bisnis, Bandung: CV. Alfabeta.

Suryadi, A. and E. Idris (2004), Kesetaraan Gender dalam Bidang Pendidikan, Bandung: PT. Genesindo.

Sutomo, J. (2013), “Apa Yang Membuat Investor Overconfidence? Pada PT. Trijaya Pratama Futures, Surabaya”, Skripsi Tidak Diterbitkan, Surabaya: Universitas Kristen Satya Wacana.

Trinugroho, I. and Sembel, R (2011), “Overconvidence and Excessive Trading Behavior”, International Journal of Business and Management, Vol.6 (7), 147-152.

Zaidi and Tauni, M. Z. (2012), “Influence of Investor’s Personality traits and Demographics on Overconfidence Bias”, Interdisiplinary Journal of Contemporary Research In Business, 4 (6).

Downloads

Published

07-01-2019

How to Cite

Kartini, K., & Setiawan, D. A. (2019). FAKTOR-FAKTOR YANG MEMPENGARUHI PERILAKU OVER-CONFIDENCE INVESTOR SAHAM DI YOGYAKARTA. Jurnal Riset Manajemen Sekolah Tinggi Ilmu Ekonomi Widya Wiwaha Program Magister Manajemen, 4(1), 36–46. https://doi.org/10.32477/jrm.v4i1.63