PENGARUH OVERCONFIDENCE, LOSS AVERSION, FOMO DAN BEHAVIORAL HERDING TERHADAP KEPUTUSAN INVESTASI SAHAM PADA MASA VOLATILITAS TINGGI PADA INVESTOR RITEL DI DKI JAKARTA

GERI MAHESA, . (2026) PENGARUH OVERCONFIDENCE, LOSS AVERSION, FOMO DAN BEHAVIORAL HERDING TERHADAP KEPUTUSAN INVESTASI SAHAM PADA MASA VOLATILITAS TINGGI PADA INVESTOR RITEL DI DKI JAKARTA. Sarjana thesis, UNIVERSITAS NEGERI JAKARTA.

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Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh overconfidence, loss aversion, fear of missing out (FOMO), dan behavioral herding terhadap keputusan investasi saham pada masa volatilitas tinggi pada investor ritel di DKI Jakarta. Penelitian menggunakan pendekatan kuantitatif dengan metode survei. Populasi penelitian adalah investor ritel yang berdomisili di DKI Jakarta, sedangkan sampel penelitian berjumlah 150 responden yang dipilih menggunakan teknik non-probability sampling. Pengumpulan data dilakukan melalui penyebaran kuesioner menggunakan skala Likert. Analisis data dilakukan dengan metode Partial Least Squares-Structural Equation Modeling (PLS-SEM) menggunakan aplikasi SmartPLS 4. Hasil penelitian menunjukkan bahwa overconfidence berpengaruh positif dan signifikan terhadap keputusan investasi saham pada masa volatilitas tinggi (t = 3,124 > 1,96; p = 0,003; β = 0,290). Loss aversion berpengaruh negatif namun tidak signifikan (t = 0,904 < 1,96; p = 0,350; β = -0,079). Selanjutnya, fear of missing out (FOMO) berpengaruh positif dan signifikan (t = 1,989 > 1,96; p = 0,029; β = 0,205), sedangkan behavioral herding juga berpengaruh positif dan signifikan (t = 2,113 > 1,96; p = 0,035; β = 0,278). Hasil penelitian menunjukkan bahwa faktor psikologis, khususnya overconfidence, FOMO, dan behavioral herding, berperan penting dalam mendorong keputusan investasi saham pada masa volatilitas tinggi, sedangkan loss aversion belum terbukti menjadi faktor yang signifikan. Temuan ini diharapkan dapat menjadi referensi bagi investor dalam memahami pengaruh bias perilaku terhadap pengambilan keputusan investasi pada kondisi pasar yang berfluktuasi tinggi. **** This study aims to examine the influence of overconfidence, loss aversion, fear of missing out (FOMO), and behavioral herding on stock investment decisions during periods of high market volatility among retail investors in Jakarta. This study employed a quantitative research approach using a survey method. The population consisted of retail investors domiciled in Jakarta, with a sample of 384 respondents selected through a non-probability sampling technique. Data were collected using a structured questionnaire with a Likert scale and analyzed using Partial Least Squares-Structural Equation Modeling (PLS-SEM) with SmartPLS 4. The findings indicate that overconfidence has a positive and significant effect on stock investment decisions during periods of high market volatility (t = 3.124 > 1.96; p = 0.003; β = 0.290). Loss aversion has a negative but insignificant effect (t = 0.904 < 1.96; p = 0.350; β = −0.079). Furthermore, fear of missing out (FOMO) has a positive and significant effect (t = 1.989 > 1.96; p = 0.029; β = 0.205), while behavioral herding also has a positive and significant effect (t = 2.113 > 1.96; p = 0.035; β = 0.278). The results suggest that psychological factors, particularly overconfidence, FOMO, and behavioral herding, play an important role in influencing stock investment decisions during periods of high market volatility, whereas loss aversion has not been proven to significantly affect investment decisions. These findings are expected to provide valuable insights for investors in understanding the influence of behavioral biases on investment decisionmaking under volatile market conditions.

Item Type:	Thesis (Sarjana)
Additional Information:	1). Dr. Terrylina Arvinta Monoarfa, SE., MM.; 2). Sefrimel Angriani Zn, S.E., M.Sc.
Subjects:	Manajemen > Perilaku Konsumen
Divisions:	FE > S1 Pendidikan Bisnis
Depositing User:	Users 35527 not found.
Date Deposited:	12 Aug 2026 04:26
Last Modified:	12 Aug 2026 04:26
URI:	http://repository.unj.ac.id/id/eprint/70260

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