Investment Interest and Consumptive Behaviour of Student Investors: Between Rationality and Irrationality

Jandi Elriko Umboh; Apriani Dorkas Rambu Atahau

doi:10.15294/jdm.v10i1.16837

Investment Interest and Consumptive Behaviour of Student Investors: Between Rationality and Irrationality

Jandi Elriko Umboh⁽¹⁾, Apriani Dorkas Rambu Atahau⁽²⁾,

DOI: https://doi.org/10.15294/jdm.v10i1.16837

(1) PT Datakom Jaring Prima
(2) Universitas Kristen Satya Wacana

Abstract

The purpose of this study is to examine the tendency to invest and consume among student in North Sulawesi. Phenomenon in North Sulawesi province showed an increase in the number of stock investors dominated by young investors (university students). In making investment decision, they often act in irrational way (herding behavior). In contrast, other phenomena demonstrated a consumptive behavior of those young investors which contradict with investment interests. Populations of this research are 3468 student investors at Indonesia stock Exchange Investment Gallery in the North Sulawesi province. Using accidental sampling, the sample selected is 250 student investors. The analytical technique used is Covariance Based Structural Equation Modeling (CB-SEM). The results showed that investment interest mediate the effect of herding behavior on consumptive behavior. It implies the need to educate student investors on the importance of minimizing the consumptive behavior

Keywords

Financial Literacy, Investment Interest; Herding Behavior; Consumptive Behavior.

Full Text:

PDF

References

Ackert, A. dan Deaves, R. (2016). Behavioral Finance: Psychology, Decision-Making and Markets. South-Western Cengage Learning, 324.

Ajzen, I. (1991). The Theory of Planned Behavior. Organizational Behavior and Human Decision Processes, Vol. 50, 179-211.

Akmal, H. dan Saputra, Y.E. (2016). Analisis Tingkat Literasi Keuangan. Jurnal Ekonomi dan Bisnis Islam, Vol. 1, No. 2, 236-244.

Ariadi, R., Malelak, M.I., dan Astuti, D. (2015). Analisa Hubungan Financial Literacy dan Demografi dengan Investasi, Saving, dan Konsumsi. FINESTA, Vol. 3, No. 1, 7-12.

Astuti, E.D. (2013). Perilaku Konsumtif dalam Membeli Barang pada Ibu Rumah Tangga di Kota Samarinda. eJournal Psikologi, Vol. 1, No. 2, 148-156.

Bikhchandani, S. dan Sharma, S. (2001). Herd Behavior in Financial Markets. IMF Staff Papers, Vol. 47, No. 3, 279-310.

Boomsma, A. dan Hoogland, J.J. (2001). The Robustness of LISREL Modeling Revisited. 1-25.

Chen, H. dan Volpe, R.P. (1998). An Analysis of Personal Financial Literacy among College Students. FINANCIAL SERVICES REVIEW, Vol. 7, No. 2, 107-128.

Demirer, R., Kutan, A.M., dan Chen, C.D. (2009). Do Investors Herd in Emerging Stock Markets?: Evidence from the Taiwanese Market. EMG Working Paper Series, 1-25.

Fahrianta, R.Y. (2002). Perubahan Diagram Alur dari Variabel Laten Unobserved Variable menjadi Observed Variable dalam Teknik Multivariat Structural Equation Modeling (SEM) (Kasus Sampel Kecil). Jurnal Manajemen dan Akuntansi, Vol. 3, No. 1, 18-34.

Ferdinand, A.F. (2002). Structural Equation Modeling: Aplikasi Model-Model Rumit dalam Penelitian untuk Tesis Magister & Disertasi Doktor. Badan Penerbit Universitas Diponegoro, 130-131.

Fitriyani, N., Widodo, P.B., dan Fauziah, N. â€œHubungan antara Konformitas dengan Perilaku Konsumtif pada Mahasiswa di Genuk Indah Semarang.â€ Jurnal Psikologi Undip. Apr2013, Vol. 12, No. 1, 2013.

Fityani, I. dan Arfinto, E.D. (2015). Analisis Investor Herding Behavior dengan Multinomial Logit Regression pada BEI (Studi Kasus pada Saham Lq-45 Periode 2009-2014). Diponegoro Journal of Managements, Vol. 4, No. 3, 1-14.

Gumulya, J. dan Widiastuti, M. (2013). Pengaruh Konsep Diri terhadap Perilaku Konsumtif Mahasiswa Universitas Esa Unggul. Jurnal Psikologi, Vol. 11, No. 1, 50-65.

Gunawan, Wijayanto, H., Achsani, N.A., dan Rahman, L.O.A. (2011). Pendeteksian Perilaku Herding pada Pasar Saham Indonesia dan Asia Pasifik. Forum Statistika dan Komputasi, Vol. 16, No. 2, 16-23.

Hair, J.F., Black, W.C., Babin, B.J., dan Anderson, R.E (2010). Multivariate Data Analysis: A Global Perspective. Seventh Edition. Upper Saddle River. New Jersey. Prentice Hall International Inc.

Harli, F.C., Linawati, N., dan Memarista, G. (2015). Pengaruh Financial Literacy dan Faktor Sosiodemografi terhadap Perilaku Konsumtif. FINESTA, Vol. 3, No. 1, 58-62.

Herviansyah.TribunManado.http://manado.tribunnews.com/2016/06/12/investor-pasar-modal-di-sulut-tumbuh-674-persen (Diakses pada tanggal 10 September 2016 pukul 17.00 WIB).

Imawati, I., Susilaningsih., dan Ivada, E. (2013). Pengaruh Financial Literacy terhadap Perilaku Konsumtif Remaja pada Program IPS SMA Negeri 1 Surakarta Tahun Ajaran 2012/2013. Jupe UNS, Vol. 2, No. 1, 48-58.

Kartika, H. (2014). Pembelajaran Matematika berbantuan Software Matlab sebagai Upaya Meningkatkan Kemampuan Komunikasi Matematis dan Minat Belajar Siswa SMA. Jurnal Pendidikan Unsika, Vol. 2, No. 1, 24-35.

Kusmawati. (2011). Pengaruh Motivasi terhadap Minat Berinvestasi di Pasar Modal dengan Pemahaman Investasi dan Usia sebagai Variabel Moderat. Jurnal Ekonomi dan Informasi Akuntansi, Vol. 1, No. 2, 103-117.

Leskinen, H.L., SyrjÃ¤lÃ¤, H., dan Laaksonen, P. (2012). Is a small life enough? Making sense of Finnish poor consumersâ€™ negotiations of necessary consumption. 2nd Nordic Conference on Consumer Research, 25-40.

Limanjaya, S.R. (2014). Perilaku Investor Saham, Reksadana, dan Deposito: Suatu Studi Deskriptif. Jurnal Ilmiah Mahasiswa Universitas Surabaya, Vol. 3, No. 1, 1-10.

Lusardi, A., Mitchell, O.S., dan Curto, V. (2010). Financial Literacy among the Young: Evidence and Implications for Consumer Policy. Michigan Retirement Research Center, 1-35.

Mokalu, B.J. (2014). Gaya Hidup Prahara Karakter Kota Manado. Jurnal LPPM Bidang EkoSosBudKum, Vol. 1, No. 1, 38-53.

Muqoddam.Market.http://market.bisnis.com/read/20150109/190/389447/bursa-efek-investor-baru-manado-didominasi-mahasiswa (Diakses pada tanggal 07 April 2016 pukul 19.00 WIB).

Natapura, C. (2009). Analisis Perilaku Investor Institusional dengan Pendekatan Analytical Hierarchy Process (AHP). Jurnal Ilmu Administrasi dan Organisasi, Vol. 16, No. 3, 180-187.

Nofsinger, J.R. dan Sias, R.W. (1999). Herding and Feedback Trading by Institutional and Individual Investors. The Journal Of Finance, Vol. 54, No. 6, 2263-2295.

Pakereng, Y.M. (2017). Keputusan Hutang Usaha Mikro: Pengujian Theory of Planned Behavior (Studi pada Usaha Kain Tenun di Sumba Timur)-Disertasi. Fakultas Ekonomika dan Bisnis-UKSW, 1-125.

Pibriana, D. dan Ricoida, D.I. (2017). Analisis Pengaruh Penggunaan Internet terhadap Minat Belajar Mahasiswa (Studi Kasus: Perguruan Tinggi di Kota Palembang). Jatisi, Vol. 3, No. 2, 104-115.

PISA. (2012). Financial Literacy Assessment Framework. 15.

Ramdani.Metrotvnews.com.http://ekonomi.metrotvnews.com/read/2016/02/22/487838/ojk-bidik-jumlah-investor-lokal-meningkat-di-2016 (Diakses pada tanggal 21 November 2016 pukul 20.00 WIB).

Saastamoinen, J. (2008). Quantile Regression Analysis of Dispersion of Stock Returns-Evidence of Herding?. Diskusi Papers, No. 57.

Santoso, S. (2011). Structural Equation Modeling (SEM): Konsep dan Aplikasi dengan Amos 18. PT Elex Media Komputindo, 71-100.

Sarjono, H. dan Julianita, W. (2015). Structural Equation Modeling (SEM): Sebuah Pengantar, Aplikasi untuk Penelitian Bisnis. Salemba Empat, 7.

Sumartono. (2002). Terperangkap dalam Iklan. Alfabeta, 119.

Tawarik, A.R.Y., Mandey, S.L., dan Tawas, H.N. (2014). Merek dan Fashion Involvement Pengaruhnya terhadap Perilaku Impulse Buying pada Konsumen. Jurnal EMBA, Vol. 2, No. 2, 975-984.

Venezia, I, Nashikkar, A, dan Shapira, Z. (2011). Firm Specific and Macro Herding by Professional and Amateur Investors and Their Effects on Market Volatility. Journal of Banking & Finance, Vol. 35, 1599-1609.

Yuniarti, V.S. (2015). Perilaku Konsumen Teori dan Praktik. Pustaka Setia, 36.

Zaniarti, S, Ida, dan Novita, F. (2017). Perilaku Investor Galeri Investasi BEI dengan AB Mitra Sinarmas Sekuritas Jawa Barat. MODUS, Vol. 29, No. 2, 176-200.

Zaroh, S. dan Lukitaningsih, R. (2014). Penerapan Konseling Behavioral dalam Mengurangi Kecenderungan Perilaku Konsumtif Siswa Kelas X Akutansi 4 SMK Dr. Soetomo Surabaya. Jurnal BK Unesa, Vol. 04, No. 03, 444-454.