Yustiawan, Arealdo Robiq (2025) PENGARUH PERILAKU HERDING DAN OVERCONFIDENCE TERHADAP KEPUTUSAN INVESTASI DENGAN RISK PERCEPTION SEBAGAI VARIABEL MODERASI PADA INVESTOR DI SURABAYA. Undergraduate thesis, UPN Veteran Jawa Timur.
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Abstract
In the context of modern society, the capital market has become one of the investment facilities that is in demand, especially by young people in Surabaya. Despite the increase in the number of investor participation every year, many investment decisions are still influenced by irrational factors. Novice investors often show psychological biases such as herding, which is the tendency to follow the majority's decisions without in-depth analysis, as well as overconfidence, which is excessive confidence in personal judgment abilities. On the other hand, risk perception plays an important role as a counterbalance in encouraging more rational and careful decision-making. This study aims to examine how herding and overconfidence affect investment decisions, with risk perception as a moderation variable. Based on the Theory of Planned Behavior (TPB), this study explores the role of attitudes, social norms, and perceptions of control over investor behavior in the competitive market landscape in Surabaya. The results of the study show that herding and overconfidence behaviors have a contribution to investment decisions, Risk perception is proven to moderate the influence of overconfidence on investment decisions, which means investors with high risk awareness tend to be more rational despite having a tendency to overconfidence. However, risk perception did not moderate the relationship between herding and investment decisions, suggesting that the urge to follow the majority was still strong even in investors with high risk perception. These findings underscore the importance of education about risk and psychological bias in shaping wiser investment decisions. Keywords: Herding; Overconfidence; Investment Decisions; Risk Perception; Theory of Planned Behavior.
| Item Type: | Thesis (Undergraduate) | ||||||||
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| Subjects: | H Social Sciences > HG Finance > HG4501-6051 Investment, capital formation, speculation | ||||||||
| Divisions: | Faculty of Economic > Departement of Management | ||||||||
| Depositing User: | Arealdo Robiq Yustiawan | ||||||||
| Date Deposited: | 18 Jun 2025 08:15 | ||||||||
| Last Modified: | 18 Jun 2025 08:15 | ||||||||
| URI: | https://repository.upnjatim.ac.id/id/eprint/38345 |
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