PAST BEHAVIOUR, FINANCIAL LITERACY, AND INVESTMENT DECISION-MAKING PROCESS OF INDIVIDUAL INVESTORS
Main Article Content
Keywords
Financial Literacy, Investment Intentions, Past Behavior
Abstract
This study is a quantitative study that aims to determine the influence of past behavior, financial literacy, and investment decision-making processes on individual investor. The object in this study was an individual investor listed on the Indonesia Stock Exchange. The samples in this study were selected using purposive sampling techniques. There are 148 samples of investors domiciled in the Jabodetabek area. Primary data is obtained through answers from questionnaires distributed to individual investors and measured using scale of likert. Data is processed using AMOS software and research methods using SEM test analysis. The results showed that individual attitudes, behavioral control and capital market training influence the intention to invest. Financial literacy affects individual attitudes and behavioral control. While subjective norms and past behavior have no influence on the intention to invest in the capital market. This research has implications for securities companies, the Indonesia Stock Exchange, as well as issuers of public companies, and for investors.
References
Aristiwati, I. N., & Hidayatullah, S. K. (2021). Pengaruh Herding dan Overconfidence terhadap Keputusan Investasi (Studi Pada Nasabah Emas Kantor Pegadaian Ungaran). Jurnal Among Makarti, Vol. 14 No.1. https://doi.org/10.52353/ama.v14i1.202
Aswinda, S. (2013). Analisis Perilaku Keuangan Terhadap Keputusan Investasi Emas di Bank Syariah Mandiri Cabang Medan Kampung Baru. Universitas Sumatera Utara. 097019062.pdf (usu.ac.id)
Azhari, R., & Damingun. (2021). Pengaruh Bias Overconfidence Terhadap Keputusan Investasi di Pasar Modal. Borneo Student Research, 2(3), 2072–2081. https://journals.umkt.ac.id/index.php/bsr/article/download/1941/850/
Bertoldo, R., & Castro, P. (2016). The outer influence inside us: Exploring the relation between social and personal norms. Resources, Conservation and Recycling, 112, 45–53. https://doi.org/10.1016/j.resconrec.2016.03.020
Costa, A., Klotzle, M., & Pinto, A. C. F. (2019). Investor Behavior in ETF Markets: A Comparative Study Between the US and Emerging Markets. https://www.researchgate.net/publication/332684680
Deviyanti, E. A. P. L., Purnamawati, I. G. A., & Yasa, I. N. P. (2017). Pengaruh Norma Subjektif, Persepsi Return, dan Literasi Keuangan Terhadap Minat Mahasiswa untuk Berinvestasi Saham di Pasar Modal (Studi Pada Mahasiswa Jurusan Akuntansi Program S1 Universitas Pendidikan Ganesha) (Vol. 8, Issue 2). https://ejournal.undiksha.ac.id/index.php/S1ak/article/view/14298
Dewati, A. A. (2020). Pengaruh Pengetahuan Investasi, Kebijakan Modal Minimum, Pelatihan Pasarmodal, Motivasi Investasi, Return Investasi Dan Risiko Investasi Terhadap Minat Investasi Mahasiswa. Skripsi, 128.
https://dspace.uii.ac.id/bitstream/handle/123456789/23845/16312372%20Anggini%20Asmara%20D.pdf?sequence=1
Dewi, P. (2020). Pengaruh Edukasi Pasar Modal Terhadap Persepsi Risiko Dan Minat Berinvestasi Masyarakat. KRISNA: Kumpulan Riset Akuntansi, 12(1), 75–83. https://doi.org/10.22225/kr.12.1.1848.75-83
Fachrudin, K. R. (2018). Pengaruh Demografi Terhadap Faktor Internal Investor Individu dan Keputusan Investasi Saham Serta Investmen Perfomance (Studi Kasus Investor di Kota Medan). Universitas Sumatera Utara. https://repositori.usu.ac.id/handle/123456789/6409
Fahreza, M., & Surip, N. (2018). Pengaruh pengetahuan investasi, persepsi risiko, dan persepsi kontrol perilaku terhadap minat investasi saham. Jurnal SWOT, VIII(2), 346–361. https://publikasi.mercubuana.ac.id/index.php/swot/article/view/7038
Farikhoh, I. (2020). Pengaruh pengetahuan investasi, pelatihan pasar modal dan modal investasi terhadap keputusan berinvestasi dengan pengendalian diri sebgai variabel moderat. Jurusan pendidikan ekonomi fakultas ekonomi universitas negeri semarang 2020. 1–88. http://lib.unnes.ac.id/17468/1/7101409069.pdf
Ghozali, I. (2018). Aplikasi Analisis Multivariate dengan Program IBM SPSS 25. Semarang: Badan Penerbit Universitas Diponegoro
Hair, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2017). A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM) Second Edition (Second Edition). SAGE Publications, Inc.
Handayani Puspita Sari, S., Muhdir, I., Soegandar, D., Ghafur Wibowo, M., Ekonomi Syariah, M., Ekonomi dan Bisnis Islam, F., Sunan Kalijaga, U., Fakultas Ekonomi dan Bisnis, D., sitasi, S., & Faktor-Faktor Psikologi Terhadap Keputusan Investasi Saham Syariah Di Yogyakarta, P. (2021). Pengaruh Faktor-Faktor Psikologi Terhadap Keputusan Investasi Saham Syariah Di Yogyakarta. Jurnal Ilmiah Ekonomi Islam, 7(03), 1581–1593.
https://doi.org/10.29040/jiei.v7i3.3149
Humairo, N., & Sartika, F. (2021). Literasi Keuangan dan Faktor Sosiodemografi terhadap Keputusan Investasi melalui Bias Perilaku. Jurnal Ilmiah Manajemen Dan Bisnis, 22(2), 164–177. https://doi.org/10.30596/jimb.v22i2.7766
Khawaja, M. J., & Alharbi, Z. N. (2021). Factors influencing investor behavior: an empirical study of Saudi Stock Market. International Journal of Social Economics, 48(4), 587–601. https://doi.org/10.1108/IJSE-07-2020-0496
Kim, S.H., Lee, K. and Fairhurst, A. (2017), “The review of ‘green’ research in hospitality, 2000-2014: current trends and future research directions”, International Journal of Contemporary Hospitality Management, Vol. 29 No. 1, pp. 226-247. https://www.researchgate.net/publication/312667982
Koon, O., Chan, R. and Sharma, P. (2020), “Moderating effects of socio-cultural values on pro- environmental behaviours”, Marketing Intelligence and Planning, available at: http://hdl.handle. net/20.500.11937/77684 (accessed 5 February 2020). https://www.researchgate.net/publication/338801650_Moderating_effects_of_socio-cultural_values_on_pro-environmental_behaviors
Kurniawan, J. Y., Malelak, M. I., & Astuti, D. (2020). Pengaruh Attitude, Subjective Norm, Past Behavior, Dan Perceived Control Terhadap Budgeting Intention Mahasiswa Di Surabaya. International Journal of Financial and Investment Studies (IJFIS), 1(1), 21–29. https://doi.org/10.9744/ijfis.1.1.21-29
Moore, D. L. (2003). Survey of Financial Literacy in Washington State: Knowledge, behavior, Attitudes, and Experiences. In Social & Eco. https://doi.org/10.13140/2.1.4729.4722
Muniroh, U. L. (2021). Pengaruh Pelatihan Pasar Modal, Risiko, Return dan Literasi Keuangan Terhadap Minat Berinvestasi (Studi Kasus Mahasiswa Fakultas Ekonomi Perguruan Tinggi Swasta se-Ponorogo). Universitas Muhammadiyah Ponorogo. http://eprints.umpo.ac.id/7658/
Norman, P., Webb, T.L. and Millings, A. (2019), “Using the theory of planned behaviour and implementation intentions to reduce binge drinking in new university students”, Psychology and Health, Vol. 34 No. 4, pp. 478-496. https://shura.shu.ac.uk/27726/11/MillingsUsing_Theory_Planned%28AM%29.pdf
Ramdani, F. N. (2018). Analisis Pengaruh Representativeness Bias dan Herding Behavior Terhadap Keputusan Investasi (Studi Pada Mahasiswa di Yogyakarta). Fakultas Ekonomi Universitas Islam Indonesia, 1–16.
https://dspace.uii.ac.id/bitstream/handle/123456789/10549/JURNAL%20FEBI.pdf?sequence=2&isAllowed=y
Raut, R. K. (2020). Past behaviour, financial literacy and investment decision-making process of individual investors. International Journal of Emerging Markets, 15(6), 1243–1263. https://doi.org/10.1108/IJOEM-07-2018-0379
Phan, C.K. and Zhou, J. (2014) “Vietnamese individual investors’ behaviour in the stock market: an exploratory study”, Research Journal of Social Science and Management, Vol. 3 No. 12, pp. 46-54.
https://www.theinternationaljournal.org/ojs/index.php?journal=tij&page=article&op=download&path%5B%5D=2778&path%5B%5D=pdf
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
Sivaramakrishnan, S., Srivastava, M., & Rastogi, A. (2017). Attitudinal factors, financial literacy, and stock market participation. International Journal of Bank Marketing, 35(5), 818–841. https://doi.org/10.1108/IJBM-01-2016-0012
Sriatun, S., & Indarto, I. (2017). Perilaku Investasi Sektor Keuangan Di Kalangan Pegawai Negeri Sipil : Pengembangan Theory Planned of Behavior. Jurnal Riset Ekonomi Dan Bisnis, 10(3), 202. https://doi.org/10.26623/jreb.v10i3.880
Sugiyanto. (2020). Determinasi Investor Ritel dalam Memilih Saham Syariah di Bursa Efek Indonesia. Universitaws Islam Negeri Syarief Hidayatullah. SUGIYANTO - SPs.pdf (uinjkt.ac.id)
Thomas, A. and Spataro, L. (2018), “Financial literacy, human capital and stock market participation in Europe”, Journal of Family and Economic Issues, Vol. 39 No. 4, pp. 532-550.http://dspace.iimk.ac.in/xmlui/bitstream/handle/2259/976/Article.pdf?sequence=1&isAllowed=y
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
Wan, G. I. S., & Ovami, D. C. (2019). Pengaruh Motivasi dan Literasi Keuangan Terhadap Minat Berinvestasi Pada Pasar Modal Syariah (Studi Kasus Mahasiswa Universitas Muhammadiyah Sumatera Utara). National Conference on Applied Business,Education, & Technology (NCABET), 80–91. https://doi.org/10.46306/ncabet.v l i l
Wibowo, A., & Purwohandoko. (2019). Pengaruh Pengetahuan Investasi, Kebijakan Modal Minimal Investasi, dan Pelatihan Pasar Modal Terhadap Minat Investasi (Studi Kasus Mahasiswa FE Unesa Yang Terdaftar Di Galeri Investasi FE Unesa). Jurnal Ilmu Manajemen, 7, 192–201. https://ejournal.unesa.ac.id/index.php/jim/article/download/25386/23267
Aswinda, S. (2013). Analisis Perilaku Keuangan Terhadap Keputusan Investasi Emas di Bank Syariah Mandiri Cabang Medan Kampung Baru. Universitas Sumatera Utara. 097019062.pdf (usu.ac.id)
Azhari, R., & Damingun. (2021). Pengaruh Bias Overconfidence Terhadap Keputusan Investasi di Pasar Modal. Borneo Student Research, 2(3), 2072–2081. https://journals.umkt.ac.id/index.php/bsr/article/download/1941/850/
Bertoldo, R., & Castro, P. (2016). The outer influence inside us: Exploring the relation between social and personal norms. Resources, Conservation and Recycling, 112, 45–53. https://doi.org/10.1016/j.resconrec.2016.03.020
Costa, A., Klotzle, M., & Pinto, A. C. F. (2019). Investor Behavior in ETF Markets: A Comparative Study Between the US and Emerging Markets. https://www.researchgate.net/publication/332684680
Deviyanti, E. A. P. L., Purnamawati, I. G. A., & Yasa, I. N. P. (2017). Pengaruh Norma Subjektif, Persepsi Return, dan Literasi Keuangan Terhadap Minat Mahasiswa untuk Berinvestasi Saham di Pasar Modal (Studi Pada Mahasiswa Jurusan Akuntansi Program S1 Universitas Pendidikan Ganesha) (Vol. 8, Issue 2). https://ejournal.undiksha.ac.id/index.php/S1ak/article/view/14298
Dewati, A. A. (2020). Pengaruh Pengetahuan Investasi, Kebijakan Modal Minimum, Pelatihan Pasarmodal, Motivasi Investasi, Return Investasi Dan Risiko Investasi Terhadap Minat Investasi Mahasiswa. Skripsi, 128.
https://dspace.uii.ac.id/bitstream/handle/123456789/23845/16312372%20Anggini%20Asmara%20D.pdf?sequence=1
Dewi, P. (2020). Pengaruh Edukasi Pasar Modal Terhadap Persepsi Risiko Dan Minat Berinvestasi Masyarakat. KRISNA: Kumpulan Riset Akuntansi, 12(1), 75–83. https://doi.org/10.22225/kr.12.1.1848.75-83
Fachrudin, K. R. (2018). Pengaruh Demografi Terhadap Faktor Internal Investor Individu dan Keputusan Investasi Saham Serta Investmen Perfomance (Studi Kasus Investor di Kota Medan). Universitas Sumatera Utara. https://repositori.usu.ac.id/handle/123456789/6409
Fahreza, M., & Surip, N. (2018). Pengaruh pengetahuan investasi, persepsi risiko, dan persepsi kontrol perilaku terhadap minat investasi saham. Jurnal SWOT, VIII(2), 346–361. https://publikasi.mercubuana.ac.id/index.php/swot/article/view/7038
Farikhoh, I. (2020). Pengaruh pengetahuan investasi, pelatihan pasar modal dan modal investasi terhadap keputusan berinvestasi dengan pengendalian diri sebgai variabel moderat. Jurusan pendidikan ekonomi fakultas ekonomi universitas negeri semarang 2020. 1–88. http://lib.unnes.ac.id/17468/1/7101409069.pdf
Ghozali, I. (2018). Aplikasi Analisis Multivariate dengan Program IBM SPSS 25. Semarang: Badan Penerbit Universitas Diponegoro
Hair, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2017). A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM) Second Edition (Second Edition). SAGE Publications, Inc.
Handayani Puspita Sari, S., Muhdir, I., Soegandar, D., Ghafur Wibowo, M., Ekonomi Syariah, M., Ekonomi dan Bisnis Islam, F., Sunan Kalijaga, U., Fakultas Ekonomi dan Bisnis, D., sitasi, S., & Faktor-Faktor Psikologi Terhadap Keputusan Investasi Saham Syariah Di Yogyakarta, P. (2021). Pengaruh Faktor-Faktor Psikologi Terhadap Keputusan Investasi Saham Syariah Di Yogyakarta. Jurnal Ilmiah Ekonomi Islam, 7(03), 1581–1593.
https://doi.org/10.29040/jiei.v7i3.3149
Humairo, N., & Sartika, F. (2021). Literasi Keuangan dan Faktor Sosiodemografi terhadap Keputusan Investasi melalui Bias Perilaku. Jurnal Ilmiah Manajemen Dan Bisnis, 22(2), 164–177. https://doi.org/10.30596/jimb.v22i2.7766
Khawaja, M. J., & Alharbi, Z. N. (2021). Factors influencing investor behavior: an empirical study of Saudi Stock Market. International Journal of Social Economics, 48(4), 587–601. https://doi.org/10.1108/IJSE-07-2020-0496
Kim, S.H., Lee, K. and Fairhurst, A. (2017), “The review of ‘green’ research in hospitality, 2000-2014: current trends and future research directions”, International Journal of Contemporary Hospitality Management, Vol. 29 No. 1, pp. 226-247. https://www.researchgate.net/publication/312667982
Koon, O., Chan, R. and Sharma, P. (2020), “Moderating effects of socio-cultural values on pro- environmental behaviours”, Marketing Intelligence and Planning, available at: http://hdl.handle. net/20.500.11937/77684 (accessed 5 February 2020). https://www.researchgate.net/publication/338801650_Moderating_effects_of_socio-cultural_values_on_pro-environmental_behaviors
Kurniawan, J. Y., Malelak, M. I., & Astuti, D. (2020). Pengaruh Attitude, Subjective Norm, Past Behavior, Dan Perceived Control Terhadap Budgeting Intention Mahasiswa Di Surabaya. International Journal of Financial and Investment Studies (IJFIS), 1(1), 21–29. https://doi.org/10.9744/ijfis.1.1.21-29
Moore, D. L. (2003). Survey of Financial Literacy in Washington State: Knowledge, behavior, Attitudes, and Experiences. In Social & Eco. https://doi.org/10.13140/2.1.4729.4722
Muniroh, U. L. (2021). Pengaruh Pelatihan Pasar Modal, Risiko, Return dan Literasi Keuangan Terhadap Minat Berinvestasi (Studi Kasus Mahasiswa Fakultas Ekonomi Perguruan Tinggi Swasta se-Ponorogo). Universitas Muhammadiyah Ponorogo. http://eprints.umpo.ac.id/7658/
Norman, P., Webb, T.L. and Millings, A. (2019), “Using the theory of planned behaviour and implementation intentions to reduce binge drinking in new university students”, Psychology and Health, Vol. 34 No. 4, pp. 478-496. https://shura.shu.ac.uk/27726/11/MillingsUsing_Theory_Planned%28AM%29.pdf
Ramdani, F. N. (2018). Analisis Pengaruh Representativeness Bias dan Herding Behavior Terhadap Keputusan Investasi (Studi Pada Mahasiswa di Yogyakarta). Fakultas Ekonomi Universitas Islam Indonesia, 1–16.
https://dspace.uii.ac.id/bitstream/handle/123456789/10549/JURNAL%20FEBI.pdf?sequence=2&isAllowed=y
Raut, R. K. (2020). Past behaviour, financial literacy and investment decision-making process of individual investors. International Journal of Emerging Markets, 15(6), 1243–1263. https://doi.org/10.1108/IJOEM-07-2018-0379
Phan, C.K. and Zhou, J. (2014) “Vietnamese individual investors’ behaviour in the stock market: an exploratory study”, Research Journal of Social Science and Management, Vol. 3 No. 12, pp. 46-54.
https://www.theinternationaljournal.org/ojs/index.php?journal=tij&page=article&op=download&path%5B%5D=2778&path%5B%5D=pdf
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
Sivaramakrishnan, S., Srivastava, M., & Rastogi, A. (2017). Attitudinal factors, financial literacy, and stock market participation. International Journal of Bank Marketing, 35(5), 818–841. https://doi.org/10.1108/IJBM-01-2016-0012
Sriatun, S., & Indarto, I. (2017). Perilaku Investasi Sektor Keuangan Di Kalangan Pegawai Negeri Sipil : Pengembangan Theory Planned of Behavior. Jurnal Riset Ekonomi Dan Bisnis, 10(3), 202. https://doi.org/10.26623/jreb.v10i3.880
Sugiyanto. (2020). Determinasi Investor Ritel dalam Memilih Saham Syariah di Bursa Efek Indonesia. Universitaws Islam Negeri Syarief Hidayatullah. SUGIYANTO - SPs.pdf (uinjkt.ac.id)
Thomas, A. and Spataro, L. (2018), “Financial literacy, human capital and stock market participation in Europe”, Journal of Family and Economic Issues, Vol. 39 No. 4, pp. 532-550.http://dspace.iimk.ac.in/xmlui/bitstream/handle/2259/976/Article.pdf?sequence=1&isAllowed=y
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
Wan, G. I. S., & Ovami, D. C. (2019). Pengaruh Motivasi dan Literasi Keuangan Terhadap Minat Berinvestasi Pada Pasar Modal Syariah (Studi Kasus Mahasiswa Universitas Muhammadiyah Sumatera Utara). National Conference on Applied Business,Education, & Technology (NCABET), 80–91. https://doi.org/10.46306/ncabet.v l i l
Wibowo, A., & Purwohandoko. (2019). Pengaruh Pengetahuan Investasi, Kebijakan Modal Minimal Investasi, dan Pelatihan Pasar Modal Terhadap Minat Investasi (Studi Kasus Mahasiswa FE Unesa Yang Terdaftar Di Galeri Investasi FE Unesa). Jurnal Ilmu Manajemen, 7, 192–201. https://ejournal.unesa.ac.id/index.php/jim/article/download/25386/23267
Article Sidebar
Published
May 30, 2022
Article Details
How to Cite
Nurmelia, N., Fadilla, F., AR, N., & Leon, F. (2022). PAST BEHAVIOUR, FINANCIAL LITERACY, AND INVESTMENT DECISION-MAKING PROCESS OF INDIVIDUAL INVESTORS. SIMAK, 20(01), 55-79. https://doi.org/https://doi.org/10.35129/simak.v20i01.329
Section
Articles