Pengaruh Loss Aversion Bias, Herding Behaviour, dan Regret Aversion Terhadap Keputusan Investasi dengan Moderasi Literasi Keuangan
-
Wawan Uki Pratama
*
Universitas Pancasila, Jakarta,
Indonesia
- Tri Widyastuti Universitas Pancasila, Jakarta, Indonesia
- Endang Etty Universitas Pancasila, Jakarta, Indonesia (*) Corresponding Author
Abstract
Greater access to investment opportunities is not always accompanied by decisions based on adequate evaluation of information and risk. Behavioral biases may influence investment decisions, while evidence regarding the moderating role of financial literacy remains mixed. This study examines the effects of loss aversion bias, herding behavior, regret aversion, and financial literacy on investment decisions and tests whether financial literacy moderates the relationship between each bias and investment decisions. An associative quantitative approach was employed through a survey of 58 employees of Lembaga Manajemen Aset Negara, selected from a population of 136 employees using convenience sampling. Data were collected using a four-point Likert questionnaire and analyzed through multiple linear regression and moderated regression analysis in IBM SPSS version 23. The results indicate that all three behavioral biases and financial literacy have positive and significant coefficients in relation to investment decisions. Financial literacy strengthens the relationship between loss aversion bias and investment decisions, whereas its interactions with herding behavior and regret aversion are not significant. The regression model with four main predictors and no moderation interaction terms has an R² of 0.671, explaining 67.1% of the variance in investment decision scores. The study’s novelty lies in examining the three biases and their interactions with financial literacy within a single model in an employee context. The theoretical contribution is evidence that the moderating role of financial literacy differs across biases, while the practical contribution is a basis for investment education that combines financial understanding with awareness of behavioral biases.
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Pages: 659-670
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