PENGARUH OVERCONFIDENCE BIAS DAN HERDING BEHAVIOR TERHADAP KEPUTUSAN INVESTASI DI PASAR MODAL DENGAN FINANCIAL LITERACY SEBAGAI VARIABEL INDEPENDEN DAN VARIABEL MODERASI DI SEMARANG

Purnomo, Johan (2026) PENGARUH OVERCONFIDENCE BIAS DAN HERDING BEHAVIOR TERHADAP KEPUTUSAN INVESTASI DI PASAR MODAL DENGAN FINANCIAL LITERACY SEBAGAI VARIABEL INDEPENDEN DAN VARIABEL MODERASI DI SEMARANG. Thesis thesis, Universitas BPD.

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Abstract

The surge in retail investor participation in the Indonesian capital market is often accompanied by irrationality, leading to behavioral biases such as Overconfidence and Herding. This study aims to analyze the influence of Overconfidence Bias and Herding Behavior on investment decisions and to examine the role of Financial Literacy as both an independent and moderating variable in these relationships. This study employs a quantitative approach using a survey method. Data were collected from 153 capital market investors in Semarang City, selected using the accidental sampling technique. Data analysis was conducted using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4.0 software. The results indicate that Overconfidence Bias has a significant positive influence and serves as the most dominant determinant of investment decisions. Conversely, Herding Behavior does not have a significant effect. Financial Literacy proves to have a direct positive impact on investment decisions. As a moderating variable, Financial Literacy successfully weakens the influence of Herding Behavior on investment decisions but is insignificant in moderating the effect of Overconfidence Bias. These findings imply that Financial Literacy is effective as a "cognitive brake" for herd behavior, whereas Overconfidence Bias requires psychological intervention approaches deeper than mere financial education

Item Type:	Thesis (Thesis)
Additional Information:	Peningkatan partisipasi investor ritel di pasar modal Indonesia seringkali tidak diimbangi dengan rasionalitas, memunculkan fenomena bias perilaku seperti Overconfidence dan Herding. Penelitian ini bertujuan untuk menganalisis pengaruh Overconfidence Bias dan Herding Behavior terhadap keputusan investasi, serta menguji peran Financial literacy sebagai variabel independen maupun variabel moderasi dalam hubungan tersebut. Penelitian ini menggunakan pendekatan kuantitatif dengan metode survei. Data dikumpulkan dari 153 investor pasar modal di Kota Semarang yang dipilih menggunakan teknik accidental sampling. Analisis data dilakukan menggunakan Structural Equation Modeling berbasis Partial Least Squares (PLS-SEM) dengan bantuan perangkat lunak SmartPLS 4.0. Hasil penelitian menunjukkan bahwa Overconfidence Bias memiliki pengaruh positif signifikan dan menjadi determinan paling dominan terhadap keputusan investasi. Sebaliknya, Herding Behavior tidak berpengaruh signifikan. Financial literacy terbukti berpengaruh positif langsung terhadap keputusan investasi. Sebagai variabel moderasi, Financial literacy berhasil memperlemah pengaruh Herding Behavior terhadap keputusan investasi, namun tidak signifikan dalam memoderasi pengaruh Overconfidence Bias. Temuan ini mengimplikasikan bahwa literasi keuangan efektif sebagai "rem kognitif" untuk perilaku ikut-ikutan, namun bias kepercayaan diri berlebih memerlukan pendekatan intervensi psikologis yang lebih mendalam dari sekadar edukasi keuangan
Uncontrolled Keywords:	Overconfidence Bias, Herding Behavior, Keputusan Investasi, Financial Literacy, Keuangan Perilaku
Subjects:	H Social Sciences > HB Economic Theory H Social Sciences > HG Finance
Divisions:	Faculty of Law, Arts and Social Sciences > School of Management
Depositing User:	Wisudawan S2
Date Deposited:	14 Mar 2026 01:36
Last Modified:	14 Mar 2026 01:36
URI:	http://eprints.stiebankbpdjateng.ac.id/id/eprint/3044

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