Sutejo, Bertha Silvia (2024) Pengaruh Literasi Keuangan dan Sifat Kecerdasan Emosional Terhadap Keputusan Trading Saham Dimediasi Oleh Toleransi Risiko, Persepsi Risiko, dan Bias Perilaku (Studi pada Investor Generasi Milenial Di Surabaya). Doktor thesis, Universitas Brawijaya.
Abstract
Tujuan Penelitian – Penelitian ini bertujuan menguji dua sistem pengambilan keputusan manusia berdasarkan teori dual process, yaitu sistem 1 terkait sifat kecerdasan emosional dan sistem 2 terkait literasi keuangan, terhadap keputusan trading saham pada investor generasi Milenial. Selain itu juga menguji toleransi risiko, persepsi risiko, dan bias perilaku sebagai mediasi pada hubungan sistem 1 dan sistem 2 dalam pengambilan keputusan trading saham. Metode – Penelitian dasar menggunakan pendekatan kuantitatif. Unit analisis adalah investor generasi Milenial di Surabaya yang bertransaksi aktif di pasar saham. Data dikumpulkan dengan menggunakan kuesioner untuk mengukur variabel penelitian, yaitu literasi keuangan, sifat kecerdasan emosional, toleransi risiko, persepsi risiko, bias perilaku overconfidence, bias perilaku herding effect, dan keputusan trading saham. Responden penelitian sebanyak 281 investor generasi Milenial dari 14 Universitas di Surabaya. Pengujian menggunakan SEM-AMOS dan Sobel-Test. Hasil – Hasil penelitian dapat dijabarkan dalam dua bagian. Pertama, pengujian langsung menemukan bahwa literasi keuangan mempengaruhi keputusan trading saham, sementara untuk sifat kecerdasan emosional tidak mempengaruhi keputusan trading saham. Selain itu juga ditemukan bahwa literasi keuangan dan sifat kecerdasan emosional berpengaruh meningkatkan toleransi risiko dan bias perilaku overconfidence. Semetara, literasi keuangan dan sifat kecerdasan emosional justru ditemukan tidak berpengaruh menurunkan bias perilaku herding effect. Sedangkan pengaruh terhadap persepsi risiko menunjukkan sifat kecerdasan emosional berpengaruh namun literasi keuangan tidak berpengaruh. Kedua, pengujian tidak langsung (mediasi) menemukan bahwa toleransi risiko dan bias perilaku overconfidence memediasi sebagian pengaruh literasi keuangan terhadap keputusan trading saham. Sedangkan terhadap pengaruh sifat kecerdasan emosional dan keputusan trading saham, toleransi risiko dan bias perilaku overconfidence memediasi secara penuh. Sementara persepsi risiko dan bias perilaku herding effect tidak memediasi pengaruh literasi keuangan maupun sifat kecerdasan emosional terhadap keputusan trading saham. Kontribusi – Investor generasi Milenial di Surabaya lebih menggunakan sistem 2, yaitu analytic terkait literasi keuangan, pada saat mengambil keputusan trading saham. Sistem 1, yaitu intuive terkait sifat kecerdasan emosional mempengaruhi keputusan trading saham bila disertai dengan toleransi risiko dan bias perilaku overconfidence. Sistem 1 dan Sistem 2 pada teori dual process meningkatkan toleransi risiko dan bias perilaku overconfidence. Adanya kedua sistem tersebut membuat bias perilaku herding effect tidak terjadi pada investor generasi Milenial di Surabaya.
English Abstract
Purpose – The objective of this research is to assess the interconnectedness between two human’s decision-making systems according to the dual-process theory, i.e. a system related to emotional quotient traits and a system dealing with financial literacy, and the stock trading decision of millennial investors. Here risk tolerance, risk perception, and behavioral bias were also examined regarding their mediation in the relationship of both systems above with the stock trading decision. Method – This basic research uses quantitative approach and millennial investors in Surabaya who are actively transacting in the stock market as the unit of analysis. Questionnaires were used to harvest data about financial literacy, emotional quotient traits, risk tolerance, risk perception, overconfident behavioral bias, herding-effect behavioral bias, and stock trading decision. The respondents are 281 millennial investors from fourteen universities in Surabaya, and the data analyses were performed using SEM-AMOS and Sobel test. Findings – The findings of this study are explainable in two parts. First, results of the direct test suggest that financial literacy influences the stock trading decision, that emotional quotient does not affect the stock trading decision, that financial literacy and emotional quotient traits increase risk tolerance and overconfidence behavioral bias, and that financial literacy and emotional quotient traits do not reduce herding-effect behavioral bias. Meanwhile, the effects on risk perception indicate that emotional quotient traits are influential, but financial literacy is not influential. Second, the results of the indirect (mediation) test show that risk tolerance and overconfidence behavioral bias partly mediate the effects of financial literacy on the stock trading decision, that risk tolerance and overconfidence behavioral bias fully mediate the effect of emotional quotient traits on the stock trading decision, and that risk perception and herding-effect behavioral bias do not mediate the influence of both risk perception and herding-effect behavioral bias do not mediate the impacts of financial literacy and emotional quotient traits on the stock trading behavior. Contribution – When considering the decision to trade stocks, that is conducting analytical processes related to financial literacy, millennial investors in Surabaya uses two systems. The first is the intuitive system, which is related to emotional quotient traits that affect the stock trading decision if it is accompanied by risk tolerance and overconfidence behavioral bias. System 1 and 2 in the dual-process theory enhance risk tolerance and overconfidence behavioral bias. These systems prevent the occurrence of herding-effect behavioral bias among millennial investors in Surabaya.
| Item Type: | Thesis (Doktor) |
|---|---|
| Identification Number: | 062401 |
| Divisions: | S2/S3 > Doktor Ilmu Manajemen, Fakultas Ekonomi dan Bisnis |
| Depositing User: | Annisti Nurul F |
| Date Deposited: | 21 Jun 2024 02:07 |
| Last Modified: | 21 Jun 2024 02:07 |
| URI: | http://repository.ub.ac.id/id/eprint/221569 |
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