KECENDERUNGAN RISIKO DAN KEPUTUSAN INVESTASI: ANALISIS EMPIRIS MENGGUNAKAN BIAS PERILAKU INVESTOR SAHAM DI KOTA SURABAYA

ANISA, NURUL (2026) KECENDERUNGAN RISIKO DAN KEPUTUSAN INVESTASI: ANALISIS EMPIRIS MENGGUNAKAN BIAS PERILAKU INVESTOR SAHAM DI KOTA SURABAYA. Undergraduate thesis, UPN Veteran Jawa Timur.

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Abstract

This study aims to analyze the influence of herding bias, overconfidence bias, representativeness bias, anchoring bias, mental accounting bias, loss aversion bias, and regret aversion bias on the investment decisions of stock investors in Surabaya, using risk propensity as a mediating variable. This study employs a quantitative approach with a sample of 155 stock investors in Surabaya selected using purposive sampling. Data analysis was conducted using Structural Equation Modeling (SEM) based on Partial Least Squares (PLS). The results of the study indicate that overconfidence bias, representativeness bias, anchoring bias, and regret aversion bias have a positive and significant effect on risk propensity, whereas herding bias, mental accounting bias, and loss aversion bias do not have a significant effect on risk propensity. Furthermore, overconfidence bias, representativeness bias, anchoring bias, and regret aversion bias have a positive and significant effect on investment decisions, whereas herding bias, mental accounting bias, and loss aversion bias do not have a significant effect on investment decisions. In addition, risk propensity has a positive and significant effect on investment decisions. The results of the mediation test indicate that risk propensity acts as a mediating variable in the relationship between overconfidence bias, representativeness bias, anchoring bias, and regret aversion bias and investment decisions. Conversely, risk propensity does not mediate the relationship between herding bias, mental accounting bias, and loss aversion bias and investment decisions. These findings indicate that risk propensity acts as a mechanism that explains how certain behavioral biases influence the investment decisions of stock investors in Surabaya, although not all behavioral biases influence investment decisions through risk propensity. Keywords: Behavioral Finance, Behavioral Biases, Risk Propensity, Investment Decisions.

Item Type:

Thesis (Undergraduate)

Contributors: