Sakir, A (2018) Pengaruh Keunggulan Informasi Dan Rekomendasi Pialang Terhadap Perilaku Investor Dan Kinerja Perdagangan Saham (Studi Di Bursa Efek Indonesia). Doctor thesis, Universitas Brawijaya.
Abstract
Tujuan penelitian ini adalah untuk menguji dan menganalisis: (1) pengaruh keunggulan informasi terhadap kinerja perdagangan saham; (2) pengaruh keunggulan informasi terhadap perilaku investor; (3) pengaruh keunggulan informasi terhadap kinerja perdagangan saham yang dimediasi oleh perilaku investor;(4) pengaruh rekomendasi pialang terhadap perilaku investor; (5) pengaruh rekomendasi pialang terhadap kinerja perdagangan saham; (6) pengaruh rekomendasi pialang terhadap kinerja perdagangan saham yang dimediasi oleh perilaku investor; dan (7) pengaruh perilaku investor terhadap kinerja perdagangan saham. Penelitian ini menggunakan pendekatan kuantitatif dengan metode Path Analisis. Populasi penelitian ini adalah seluruh emiten yang terdaftar di Bursa Efek Indonesia periode 2014 – 2015 dengan jumlah sampel 53 emiten dari 506 perusahaan sebagai populasi yang sahamnya diperdagangkan oleh investor asing dan domestik dengan 104 observasi mingguan. Hasil penelitian menunjukkan bahwa keunggulan informasi secara langsung memiliki pengaruh tidak signifikan terhadap kinerja perdagangan saham karena adanya bias konservatif dan investor berinvestasi saham hanya sebagai profesi sampingan. Keunggulan infomasi secara langsung memiliki pengaruh signifikan terhadap perilaku investor. Keunggulan informasi secara tidak langsung memiliki pengaruh signifikan terhadap kinerja perdagangan saham yang dimediasi sempurna oleh perilaku investor. Rekomendasi pialang secara langsung memiliki pengaruh signifikan terhadap perilaku investor. Rekomendasi pialang secara langsung memiliki pengaruh signifikan terhadap kinerja perdagangan saham. Rekomendasi pialang secara tidak langsung memiliki pengaruh signifikan terhadap kinerja perdagangan saham yang dimediasi secara parsial oleh perilaku investor. Perilaku investor secara langsung memiliki pengaruh signifikan terhadap kinerja perdagangan saham. Ditemukan juga bahwa herding bias tidak terjadi di kalangan investor, dan investor domestik memiliki keunggulan informasi dibandingkan investor asing karena terjadinya home bias sebagai konsekusesi dari asimetris informasi.
English Abstract
This study was aimed at examining and analyzing: (1) the effect of informational advantage on stock trading performance; (2) the effect of informational advantage on investors’ behavior; (3) the effect of informational advantage on stock trading performance mediated by investors’ behavior; (4) the effect of brokerage recommendation on investors’ behavior; (5) the effect of brokerage recommendation on stock trading performance; (6) the effect of brokerage recommendation on stock trading performance mediated by investors’ behavior; and (7) the effect of investors’ behavior on stock trading performance. Quantitative approach with Path Analysis method was employed in this study. The population of this research was all listed stock issuers at Indonesia Stock Exchange in the period 2014 – 2015 with a sample of 53 emitents from 506 companies as population whose stocks were traded by foreign and domestic investors within 104-weekly-observations. The results showed that informational advantage directly has insignificant effect on stock trading performance due to conservatism bias and investors are investing only as a side profession. Informational advantage directly has significant effect on investors’ behavior, but it indirectly has significant effect on stock trading performance that is mediated perfectly by investors’ behavior. Brokerage recommendation directly has significant effect on investors’ behavior. Moreover, brokerage recommendation directly has significant effect on stock trading performance, yet it indirectly has significant effect on stock trading performance which is partially mediated by investors’ behavior. Investors’ behavior directly has significant effect on stock trading performance. It was also found that herding bias did not occur among investors, and domestic investors have an informational advantage over foreign investors due to home bias as the consequences of information asymmetry.
Other obstract
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| Item Type: | Thesis (Doctor) |
|---|---|
| Identification Number: | DIS/332.632 2/SAK/p/2018/061804281 |
| Uncontrolled Keywords: | Keunggulan informasi, rekomendasi pialang, perilaku investor, kinerja perdagangan, herding bias,-informational advantage, brokerage recommendation, investors’ behavior, stock trading performance, herding bias. |
| Subjects: | 300 Social sciences > 332 Financial economics > 332.6 Investment > 332.63 Specific forms of investment > 332.632 Securities, real estate, commodities > 332.632 2 Stocks (Shares) |
| Divisions: | S2/S3 > Doktor Ilmu Manajemen, Fakultas Ekonomi dan Bisnis |
| Depositing User: | Endang Susworini |
| Date Deposited: | 04 Feb 2022 03:01 |
| Last Modified: | 04 Feb 2022 03:01 |
| URI: | http://repository.ub.ac.id/id/eprint/189317 |
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