Pengaruh Bias Perilaku terhadap Keputusan Investasi dengan Fear of Missing Out (FOMO) sebagai Mediator di Indonesia

Meilyn Liman Pratiknjo; Liliana Inggrit Wijaya; Deddy Marciano

doi:10.35906/jurman.v10i2.2267

Pengaruh Bias Perilaku terhadap Keputusan Investasi dengan Fear of Missing Out (FOMO) sebagai Mediator di Indonesia

Meilyn Liman Pratiknjo, Liliana Inggrit Wijaya, Deddy Marciano

Abstract

Abstract

This study is based on the increasing number of investors in Indonesia, driven by the ease of access to digital platforms and growing awareness of financial management. In decision-making, many individuals face behavioral biases such as overconfidence, loss aversion, and herding behavior, which affect their rationality. The phenomenon of Fear of Missing Out (FOMO) also plays a role, representing the fear of missing investment opportunities that are perceived as profitable. This study aims to analyze the impact of behavioral biases on investment decisions with FOMO as a mediator in Indonesia. The data were processed using Partial Least Squares-Structural Equation Modeling (PLS-SEM) and analyzed using SmartPLS with 200 respondents selected through purposive sampling. The analysis found that investment decisions are significantly influenced by herding and overconfidence. Loss aversion and herding behavior influence FOMO. However, there was no significant effect of loss aversion on investment decisions or FOMO as a mediator. The results of this study emphasize the importance of understanding the dynamics of behavioral biases, particularly herding behavior and overconfidence, in influencing investment decisions. These findings underscore the need for education and mitigation strategies to reduce the impact of biases and improve individual investment rationality in Indonesia.

Keywords: Loss Aversion, Herding Behavior, Fear of Missing Out (FOMO), Investment Decision

Abstrak

Penelitian ini didasari oleh meningkatnya jumlah investor di Indonesia yang dipicu oleh kemudahan akses platform digital dan kesadaran akan pengelolaan keuangan. Dalam pengambilan keputusan, banyak individu menghadapi bias perilaku seperti overconfidence, loss aversion, dan herding behavior yang memengaruhi rasionalitas mereka. Fenomena Fear of missing out (FOMO) juga berperan, yaitu ketakutan melewatkan peluang investasi yang dianggap menguntungkan. Penelitian ini bertujuan menganalisis pengaruh bias perilaku terhadap keputusan investasi dengan FOMO sebagai mediator di Indonesia. Data diolah dengan metode Partial Least Squares-Structural Equation Modeling (PLS-SEM) dan diolah menggunakan SmartPLS dengan 200 responden yang dipilih menggunakan teknik purposive sampling. Dari hasil analisis, ditemukan bahwa keputusan investasi dipengaruhi secara signifikan oleh herding dan overconfidence. Loss aversion dan herding behavior mempengaruhi FOMO. Sementara itu, tidak terdapat pengaruh antara loss aversion terhadap keputusan investasi dan FOMO sebagai mediator. Hasil penelitian ini menunjukkan pentingnya memahami dinamika bias perilaku, khususnya herding behavior dan overconfidence, dalam memengaruhi keputusan investasi. Temuan ini menegaskan perlunya edukasi dan strategi mitigasi untuk mengurangi dampak bias guna meningkatkan rasionalitas investasi individu di Indonesia.

Kata Kunci: Loss Aversion, Herding Behavior, Fear of Missing Out (FOMO), Keputusan Investasi

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