Pengaruh Overconfidence dan Herding Behavior terhadap Keputusan Investasi dengan Investment Performance sebagai Variabel Moderasi pada Investor Ritel di Makassar
DOI:
https://doi.org/10.62710/vzbg2x44Keywords:
Overconfidence; Herding Behavior; Investment Performance; Keputusan Investasi; Investor RitelAbstract
Pertumbuhan jumlah investor ritel di pasar modal Indonesia tidak selalu diikuti oleh keputusan investasi yang rasional karena adanya bias perilaku, terutama overconfidence dan herding behavior. Penelitian ini bertujuan menganalisis pengaruh overconfidence dan herding behavior terhadap keputusan investasi serta menguji peran investment performance sebagai variabel moderasi pada investor ritel di Makassar. Penelitian ini menggunakan pendekatan kuantitatif dengan jenis explanatory research. Data primer dikumpulkan melalui kuesioner daring kepada 200 investor ritel yang dipilih dengan teknik purposive sampling, kemudian dianalisis menggunakan Structural Equation Modeling-Partial Least Squares (SEM-PLS) dengan bantuan SmartPLS 4. Hasil penelitian menunjukkan bahwa overconfidence dan herding behavior berpengaruh positif dan signifikan terhadap keputusan investasi. Investment performance memoderasi kedua hubungan tersebut secara signifikan, tetapi dengan arah yang berbeda: memperlemah pengaruh overconfidence dan memperkuat pengaruh herding behavior. Temuan ini menunjukkan bahwa kinerja investasi sebelumnya berfungsi sebagai mekanisme evaluasi diri yang menahan keyakinan berlebih, tetapi justru meningkatkan kecenderungan mengikuti mayoritas. Penelitian ini memperkaya kajian behavioral finance dan memberikan implikasi bagi investor, perusahaan sekuritas, dan regulator pasar modal.
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Copyright (c) 2026 Nurhasana Nurhasana, Fauzia Bakhtiar, Miftah Farild, Rusnawati Rusnawati, Rusdi Raprayoga (Author)
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