Pengaruh Self-Attribution Bias terhadap Perilaku Investor dengan Overconfidence Bias sebagai Variabel Intervening
DOI:
https://doi.org/10.61722/jiem.v1i4.509Keywords:
Investor Behavior, Overconfidence Bias, Self-Attribution BiasAbstract
"This research aims to reveal the influence of Self-Attribution Bias on in decision-making mediated by Overconfidence Bias. This type of research is causal associative. The study population includes various stock communities in Indonesia. The sampling technique used is purposive sampling. The obtained sample consists of 103 participants, and the questionnaire distribution process took place from November to December 2023. The data analysis method used is Partial Least Squares. Based on the research findings, it is indicated that: (1) Self-Attribution Bias influences Investor Behavior in Decision-Making, (2) Self-Attribution Bias does not influence Overconfidence Bias, (3) Overconfidence Bias influences Investor Behavior, (4) Self-Attribution Bias influences Investor Behavior with Overconfidence Bias as an intervening variable."
References
Abbes, M. B. (2013). Does Overconfidence Bias Explain Volatility During the Global Financial Crisis? Transition Studies Review, 19(3), 291–312. https://doi.org/10.1007/s11300-012-0234-6
Arifin, Z. (n.d.-a). Overconfidence, Attitude Toward Risk, and Financial Literacy: A Case in Indonesia Stock Exchange. Review of Integrative Business and Economics Research, 8, 144. http://buscompress.com/journal-home.html
Arifin, Z. (n.d.-b). Overconfidence, Attitude Toward Risk, and Financial Literacy: A Case in Indonesia Stock Exchange. Review of Integrative Business and Economics Research, 8, 144. http://buscompress.com/journal-home.html
Baker, K., Ricciardi, V., & Kent Baker, H. (n.d.). How Biases Affect Investor Behaviour. www.europeanfinancialreview.com7
Barber, B. M., & Odean, T. (2001). Boys will be Boys: Gender, Overconfidence, and Common Stock Investment. The Quarterly Journal of Economics, 116(1), 261–292. https://doi.org/10.1162/003355301556400
Bhandari, G., & Deaves, R. (2006). The Demographics of Overconfidence. Journal of Behavioral Finance, 7(1), 5–11. https://doi.org/10.1207/s15427579jpfm0701_2
Birnberg, J. G. (2011). A proposed framework for behavioral accounting research. Behavioral Research in Accounting, 23(1), 1–43. https://doi.org/10.2308/bria.2011.23.1.1
Campbell, J. Y., Ramadorai, T., & Ranish, B. (n.d.). Do the Rich Get Richer in the Stock Market? Evidence from India.
Chandra. (2008). Munich Personal RePEc Archive Decision Making in the Stock Market: Incorporating Psychology with Finance.
Chhapra, I. U., Kashif, M., Rehan, R., & Bai, A. (2018). An Empirical Investigation of Investor’s Behavioral Biases on Financial Decision Making. Asian Journal of Empirical Research, 8(3), 99–109. https://doi.org/10.18488/journal.1007/2018.7.3/1007.3.99.109
Chou, H.-I., Li, M., Yin, X., & Zhao, J. (2021). Overconfident Institutions and Their Self-Attribution Bias: Evidence from Earnings Announcements. Journal of Financial and Quantitative Analysis, 56(5), 1738–1770. https://doi.org/10.1017/S002210902000037X
citation. (n.d.).
Czaja, D., & Röder, F. (2020). Self-attribution bias and overconfidence among nonprofessional traders. The Quarterly Review of Economics and Finance, 78, 186–198. https://doi.org/10.1016/j.qref.2020.02.003
Dai, Z., & Zhu, H. (2020). Stock return predictability from a mixed model perspective. Pacific-Basin Finance Journal, 60, 101267. https://doi.org/10.1016/j.pacfin.2020.101267
Daniel, K., & Hirshleifer, D. (2015). Overconfident Investors, Predictable Returns, and Excessive Trading. Journal of Economic Perspectives, 29(4), 61–88. https://doi.org/10.1257/jep.29.4.61
Deaves, R. ;, Lüders, E. ;, & Schröder, M. (n.d.). The Dynamics of Overconfidence: Evidence from Stock Market Forecasters Standard-Nutzungsbedingungen. http://hdl.handle.net/10419/24179
Dorsey, W. (2004). Behavioral trading: methods for measuring investor confidence, expectations and market trends. Choice Reviews Online, 42(01), 42-0412-42–0412. https://doi.org/10.5860/CHOICE.42-0412
Fang, L., Peress, J., Dumas, B., Fang, E., Hau, H., Hvidkjaer, S., Hillion, P., Hong, H., Jones, C., Massa, M., Monahan, S., Tetlock, P., Vega, C., Womack, K., & Zheng, L. (n.d.). Media Coverage and the Cross-Section of Stock Returns. In Forthcoming in The Journal of Finance.
Fisher, K. L., & Statman, M. (2000). Cognitive Biases in Market Forecasts. The Journal of Portfolio Management, 27(1), 72–81. https://doi.org/10.3905/jpm.2000.319785
Gervais, S., & Odean, T. (2001). Learning to Be Overconfident. Review of Financial Studies, 14(1), 1–27. https://doi.org/10.1093/rfs/14.1.1
Hirschey, M., & Nofsinger, J. (2009). Investments: Analysis and Behavior.
Hoffmann, A. O. I., & Post, T. (2014). Self-attribution bias in consumer financial decision-making: How investment returns affect individuals’ belief in skill. Journal of Behavioral and Experimental Economics , 52, 23–28. https://doi.org/10.1016/j.socec.2014.05.005
Kahneman, D., & Tversky, A. (1996). On the reality of cognitive illusions. Psychological Review, 103(3), 582–591. https://doi.org/10.1037/0033-295X.103.3.582
Kartini, K., & Nahda, K. (2021). Behavioral Biases on Investment Decision: A Case Study in Indonesia. Journal of Asian Finance, Economics and Business, 8(3), 1231–1240. https://doi.org/10.13106/jafeb.2021.vol8.no3.1231
Kazemi & Ghafouri. (2022). self-atr_overconfidence_Investorbehavior sbg var mediasi. Journal of International Marketing Modeling, 3(2), 110–122. http://jimm.journals.umz.ac.ir
Kent Baker, H. (2015a). How Biases Affect Investor Behaviour. www.europeanfinancialreview.com
Kent Baker, H. (2015b). How Biases Affect Investor Behaviour. www.europeanfinancialreview.com
Lakshmi P. (n.d.). Assessing the linkage of behavioural traits and investment decisions using SEM approach. https://www.researchgate.net/publication/281676729
Majewski, S., & Majewska, A. (2022). Behavioral portfolio as a tool supporting investment decisions. Procedia Computer Science, 207, 1713–1722. https://doi.org/10.1016/j.procs.2022.09.229
Miller, D. T., & Ross, M. (1975). Self-Serving Biases in the Attribution of Causality: Fact or Fiction? In Psychological Bulletin (Vol. 82, Issue 2).
Mushinada, V. N. C., & Veluri, V. S. S. (2019). Elucidating investors rationality and behavioural biases in Indian stock market. Review of Behavioral Finance, 11(2), 201–219. https://doi.org/10.1108/RBF-04-2018-0034
Odean, T. (1998). Are Investors Reluctant to Realize Their Losses? The Journal of Finance, 53(5), 1775–1798. https://doi.org/10.1111/0022-1082.00072
Pradikasari, E., & Isbanah, Y. (2018). Jurnal Ilmu Manajemen Volume 4 Nomor 2 – Jurusan Manajemen Fakultas Ekonomi Universitas Negeri Surabaya.
Riahi-Belkaoui, A. (2002). BEHAVIORAL MANAGEMENT ACCOUNTING.
Russo, J. E., & Schoemaker, P. J. H. (2016). Overconfidence. In The Palgrave Encyclopedia of Strategic Management (pp. 1–11). Palgrave Macmillan UK. https://doi.org/10.1057/978-1-349-94848-2_323-1
Shefrin, H., & Statman, M. (2000). Behavioral Portfolio Theory. The Journal of Financial and Quantitative Analysis, 35(2), 127. https://doi.org/10.2307/2676187
Trehan, B., & Sinha, A. K. (2018). A Study of Existence of Overconfidence Biases among Investors and Its Impact on Investment Decision. ELK Asia Pacific Journals, Special Issue(Special Issue).
Wandita, M. (2016). CONFIRMATION BIAS, SELF-ATTRIBUTION BIAS DAN OVERCONFIDENCE DALAM TRANSAKSI SAHAM Oleh : Diajukan kepada Fakultas Ekonomika dan Bisnis.
Downloads
Published
Issue
Section
License
Copyright (c) 2023 JURNAL ILMIAH EKONOMI DAN MANAJEMEN
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
