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Ardiansari, A., & Saputra, A. (2015). Jurnal Dinamika Manajemen Capital Market’s Reaction Towards 2014 Working Cabinet. Jurnal Dinamika Manajemen (S2), 6(1), 62–72.
Athur, A. D. (2013). Effect of Behavioral Biases on Investment Decisions of Individual Investors in Kenya. Telematics and Informatics, 19(1), 27–40.
Bakar, S., Ng, A., & Yi, C. (2016). The Impact of Psychological Factors on Investors ’ Decision Making in Malaysian Stock Market : A Case of Klang Valley and Pahang. Procedia Economics and Finance, 35(October 2015), 319–328.
Baker, H. K., Kumar, S., Goyal, N., & Gaur, V. (2019). How financial literacy and demographic variables relate to behavioral biases. Managerial Finance, 45(1), 124–146.
Barber, B. M., & Odean, T. (2000). Trading is hazardous to your wealth: The common stock investment performance of individual investors. Journal of Finance, 55(2), 773–806.
Cahyaningdayah, D., & Witiastuti, R. S. (2010). Analisis Monday Effect Dan Rogalski Effect Di Bursa Efek Jakarta. JDM - Jurnal Dinamika Manajemen, 1(2), 154–161.
Cahyaningdyah, D., & Ressany, Y. D. (2012). Pengaruh Kebijakan Manajemen Keuangan Terhadap Nilai Perusahaan. Jurnal Dinamika Manajemen, 3(1), 9.
Chen, G., Kim, K. A., Nofsinger, J. R., & Rui, O. M. (2007). Trading performance, disposition effect, overconfidence, representativeness bias, and experience of emerging market investors. Journal of Behavioral Decision Making, 20(4), 425–451.
Daniel Kahneman, Stewart Paul Slovic. (1982). Judgment Under Uncertainty: Heuristics and Biases.
De BONDT, W. F. M., & THALER, R. (1985). Does the Stock Market Overreact? The Journal of Finance, 40(3), 793–805.
Gill, S., Kashif Khurshid, M., Mahmood, S., & Ali, A. (2018). Factors Effecting Investment Decision Making Behavior: The Mediating Role of Information Searches. European Online Journal of Natural and Social Sciences, 7(4), 758–767.
H. Kent Baker, J. R. N. (2002). Psychological Biases of Investor.pdf.
Haixia, Y. (2018). International Journal of Social Science and Economic Research INVESTOR SENTIMENT , MANAGERIAL OVERCONFIDENCE , AND CORPORATE INVESTMENT BEHAVIOR. (03), 858–868.
Humairo, N. (2020). Pengaruh Literasi Keuangan Dan Faktor Sosiodemografi Terhadap Keputusan Investasi Saham Dengan Bias Perilaku Sebagai Variabel Intervening.
Hvide, H. K. (2002). Pragmatic beliefs and overconfidence. Journal of Economic Behavior and Organization, 48(1), 15–28.
Ikram, Z. (2016). An Empirical Investigation on Behavioral Determinantson, Impact on Investment Decision Making, Moderating Role of Locus of Control. Journal of Poverty, Investment and Development, 26, 44–50.
Irshad, S., Badshah, W., & Hakam, U. (2016). Management and Administrative Sciences Review Effect of Representativeness Bias on Investment Decision Making. 5(1), 26–30.
Jiang, F., Kim, K. A., Nofsinger, J. R., & Zhu, B. (2015). Product market competition and corporate investment: Evidence from China. Journal of Corporate Finance, 35, 196–210.
Kahneman, D., & Tversky, A. (1972). Subjective probability: A judgment of representativeness. Cognitive Psychology, 3(3), 430–454.
Kansal, P., & Singh, S. (2018). Determinants of overconfidence bias in Indian stock market. Qualitative Research in Financial Markets, 10(4), 381–394.
Khan, H. H., Naz, I., Qureshi, F., & Ghafoor, A. (2017). Heuristics and stock buying decision: Evidence from Malaysian and Pakistani stock markets. Borsa Istanbul Review, 17(2), 97–110.
Khoidah, I., & Wijayanto, A. (2017). Fenomena Anomali Pasar Di Bursa Efek Indonesia Dan Bursa Efek Singapura. Management Analysis Journal, 6(1), 112–122.
Kufepaksi, M., Ekonomi, F., & Lampung, U. (2008). Overconfident Behavior in a Security Market , the Implication of Self Deceptive Behavior in. Jurnal Ekonomi Dan Bisnis Indonesia, 23(1), 77–97.
Lakonishok, J., & Shleifer, A. (1994). Contrarian Investment Extrapolation and Risk - Reseach Paper GOOD.pdf. The Journal of Finance, XLIX(5), 1541–1578.
Maharani, S., & Witiastuti, R. S. (2015). Fenomena Market Overreaction di Bursa Efek Indonesia. Management Analysis Journal, 4(1), 30–38.
Martono, S., Mukhibad, H., Anisykurlillah, I., & Nurkhin, A. (2020). Evaluation of acceptance of information systems in state university with theory of planned behavior and theory of acceptance model approaches. Management Science Letters, 10(14), 3225–3234.
Martono, S., Yulianto, A., Witiastuti, R. S., & Wijaya, A. P. (2020). The role of institutional ownership and industry characteristics on the propensity to pay dividend: An insight from company open innovation. Journal of Open Innovation: Technology, Market, and Complexity, 6(3).
McConnell, J. J., & Wei, X. (2008). Equity returns at the turn of the month. Financial Analysts Journal, 64(2), 49–64.
Metawa, N. (2018). Impact of behavioral factors on investors ’ fi nancial decisions : case of the Egyptian stock market.
Nofsinger, J. R. (2005). Social Mood and Financial Economics. Journal of Behavioral Finance, 6(3), 144–160.
Park, J., Konana, P., & Gu, B. (2010). and Investment Performance : Evidence from Stock Message Confirmation Bias , Overconfidence , and Investment Performance : Evidence from Stock Message Boards.
Parveen, S., Satti, Z. W., Subhan, Q. A., & Jamil, S. (2020). Exploring market overreaction, investors’ sentiments and investment decisions in an emerging stock market. Borsa Istanbul Review, 20(3), 224–235.
Parveen, S., Wajid, Z., Abdul, Q., & Jamil, S. (2020). Borsa _ Istanbul Review Exploring market overreaction , investors ’ sentiments and investment decisions in an emerging stock market. Borsa Istanbul Review, 20(3), 224–235.
Pompian, Michael, M 2006, Behavioral Finance and Wealth Management, New York: John Wiley & Sons, Inc.
Pradikasari, E., & Isbanah, Y. (2018). Pengaruh financial literacy, illusion of control, overconfidence, risk tolerance, dan risk perception terhadap keputusan investasi pada mahasiswa di kota surabaya. 6, 424–434.
Ramdani, F. (2018). ANALISIS PENGARUH REPRESENTATIVENESS BIAS DAN HERDING BEHAVIOR TERHADAP KEPUTUSAN INVESTASI (STUDI PADA MAHASISWA DI YOGYAKARTA) Febiyanto. 1–16.
ridloah, siti. (2013). Faktor Penentu Struktur Modal: Studi Empirik Pada Perusahaan Multifinansial. JDM (Jurnal Dinamika Manajemen), 1(2), 144–153.
Ritter, J. R. (2003). Behavioral finance. Pacific Basin Finance Journal, 11(4), 429–437.
Rozeff, M. S., & Kinney, W. R. (1976). Capital market seasonality: The case of stock returns. Journal of Financial Economics, 3(4), 379–402.
Setiawan, A. P., & Wijayanto, A. (2017). Estimasi Volatilitas Saham dengan Metode Momentum (The Methods of Moments) dan Estimasi Kemungkinan Maksimum (Maximum Likelihood Estimation). Management Analysis Journal, 6(2), 1–9.
Sewell. (2007). Behavioural finance background. Investopedia, (May), 1–14.
Shah, S. Z. A., Ahmad, M., & Mahmood, F. (2018). Heuristic biases in investment decision-making and perceived market efficiency: A survey at the Pakistan stock exchange. Qualitative Research in Financial Markets, 10(1), 85–110.
Shleifer, A. (2000). Inefficient Markets: An Introduction to Behavioural Finance.
Simon, M., Houghton, S. M., & Aquino, K. (2000). Cognitive biases, risk perception, and venture formation: How individuals decide to start companies. Journal of Business Venturing, 15(2), 113–134.
Sina, P. G. (2014). Representativeness Bias. Cognitive Errors and Diagnostic Mistakes, 14(1), 425–443.
Srianingsih, S., & Khoiruddin, M. (2015). Pengaruh Pengumuman Peringkat Sukuk Terhadap Reaksi Pasar. Management Analysis Journal, 4(2), 120–128.
Toma, F.-M. (2015). Behavioral Biases of the Investment Decisions of Romanian Investorson the Bucharest Stock Exchange. Procedia Economics and Finance, 32(15), 200–207.
Yaowen, X. U. E., Suqing, S. U. N., Pengzhu, Z., & Tian, M. (2015). Impact of Cognitive Bias on Improvised Decision-Makers ’ Risk Behavior : An Analysis Based on the Mediating Effect of Expected Revenue and Risk Perception DECISION-MAKING IS IMPACTED BY. 9(2), 31–42.
Ajmal, S.Muti, M.Shah, Z. A. (2011). Impact of Illusion. Abasyn Journal of Social Sciences Vol. 5 No. 2. Abasyn Journal of Social Sciences, 5(2), 100–110.
Ardiansari, A., & Saputra, A. (2015). Jurnal Dinamika Manajemen Capital Market’s Reaction Towards 2014 Working Cabinet. Jurnal Dinamika Manajemen (S2), 6(1), 62–72.
Athur, A. D. (2013). Effect of Behavioral Biases on Investment Decisions of Individual Investors in Kenya. Telematics and Informatics, 19(1), 27–40.
Bakar, S., Ng, A., & Yi, C. (2016). The Impact of Psychological Factors on Investors ’ Decision Making in Malaysian Stock Market : A Case of Klang Valley and Pahang. Procedia Economics and Finance, 35(October 2015), 319–328.
Baker, H. K., Kumar, S., Goyal, N., & Gaur, V. (2019). How financial literacy and demographic variables relate to behavioral biases. Managerial Finance, 45(1), 124–146.
Barber, B. M., & Odean, T. (2000). Trading is hazardous to your wealth: The common stock investment performance of individual investors. Journal of Finance, 55(2), 773–806.
Cahyaningdayah, D., & Witiastuti, R. S. (2010). Analisis Monday Effect Dan Rogalski Effect Di Bursa Efek Jakarta. JDM - Jurnal Dinamika Manajemen, 1(2), 154–161.
Cahyaningdyah, D., & Ressany, Y. D. (2012). Pengaruh Kebijakan Manajemen Keuangan Terhadap Nilai Perusahaan. Jurnal Dinamika Manajemen, 3(1), 9.
Chen, G., Kim, K. A., Nofsinger, J. R., & Rui, O. M. (2007). Trading performance, disposition effect, overconfidence, representativeness bias, and experience of emerging market investors. Journal of Behavioral Decision Making, 20(4), 425–451.
Daniel Kahneman, Stewart Paul Slovic. (1982). Judgment Under Uncertainty: Heuristics and Biases.
De BONDT, W. F. M., & THALER, R. (1985). Does the Stock Market Overreact? The Journal of Finance, 40(3), 793–805.
Gill, S., Kashif Khurshid, M., Mahmood, S., & Ali, A. (2018). Factors Effecting Investment Decision Making Behavior: The Mediating Role of Information Searches. European Online Journal of Natural and Social Sciences, 7(4), 758–767.
H. Kent Baker, J. R. N. (2002). Psychological Biases of Investor.pdf.
Haixia, Y. (2018). International Journal of Social Science and Economic Research INVESTOR SENTIMENT , MANAGERIAL OVERCONFIDENCE , AND CORPORATE INVESTMENT BEHAVIOR. (03), 858–868.
Humairo, N. (2020). Pengaruh Literasi Keuangan Dan Faktor Sosiodemografi Terhadap Keputusan Investasi Saham Dengan Bias Perilaku Sebagai Variabel Intervening.
Hvide, H. K. (2002). Pragmatic beliefs and overconfidence. Journal of Economic Behavior and Organization, 48(1), 15–28.
Ikram, Z. (2016). An Empirical Investigation on Behavioral Determinantson, Impact on Investment Decision Making, Moderating Role of Locus of Control. Journal of Poverty, Investment and Development, 26, 44–50.
Irshad, S., Badshah, W., & Hakam, U. (2016). Management and Administrative Sciences Review Effect of Representativeness Bias on Investment Decision Making. 5(1), 26–30.
Jiang, F., Kim, K. A., Nofsinger, J. R., & Zhu, B. (2015). Product market competition and corporate investment: Evidence from China. Journal of Corporate Finance, 35, 196–210.
Kahneman, D., & Tversky, A. (1972). Subjective probability: A judgment of representativeness. Cognitive Psychology, 3(3), 430–454.
Kansal, P., & Singh, S. (2018). Determinants of overconfidence bias in Indian stock market. Qualitative Research in Financial Markets, 10(4), 381–394.
Khan, H. H., Naz, I., Qureshi, F., & Ghafoor, A. (2017). Heuristics and stock buying decision: Evidence from Malaysian and Pakistani stock markets. Borsa Istanbul Review, 17(2), 97–110.
Khoidah, I., & Wijayanto, A. (2017). Fenomena Anomali Pasar Di Bursa Efek Indonesia Dan Bursa Efek Singapura. Management Analysis Journal, 6(1), 112–122.
Kufepaksi, M., Ekonomi, F., & Lampung, U. (2008). Overconfident Behavior in a Security Market , the Implication of Self Deceptive Behavior in. Jurnal Ekonomi Dan Bisnis Indonesia, 23(1), 77–97.
Lakonishok, J., & Shleifer, A. (1994). Contrarian Investment Extrapolation and Risk - Reseach Paper GOOD.pdf. The Journal of Finance, XLIX(5), 1541–1578.
Maharani, S., & Witiastuti, R. S. (2015). Fenomena Market Overreaction di Bursa Efek Indonesia. Management Analysis Journal, 4(1), 30–38.
Martono, S., Mukhibad, H., Anisykurlillah, I., & Nurkhin, A. (2020). Evaluation of acceptance of information systems in state university with theory of planned behavior and theory of acceptance model approaches. Management Science Letters, 10(14), 3225–3234.
Martono, S., Yulianto, A., Witiastuti, R. S., & Wijaya, A. P. (2020). The role of institutional ownership and industry characteristics on the propensity to pay dividend: An insight from company open innovation. Journal of Open Innovation: Technology, Market, and Complexity, 6(3).
McConnell, J. J., & Wei, X. (2008). Equity returns at the turn of the month. Financial Analysts Journal, 64(2), 49–64.
Metawa, N. (2018). Impact of behavioral factors on investors ’ fi nancial decisions : case of the Egyptian stock market.
Nofsinger, J. R. (2005). Social Mood and Financial Economics. Journal of Behavioral Finance, 6(3), 144–160.
Park, J., Konana, P., & Gu, B. (2010). and Investment Performance : Evidence from Stock Message Confirmation Bias , Overconfidence , and Investment Performance : Evidence from Stock Message Boards.
Parveen, S., Satti, Z. W., Subhan, Q. A., & Jamil, S. (2020). Exploring market overreaction, investors’ sentiments and investment decisions in an emerging stock market. Borsa Istanbul Review, 20(3), 224–235.
Parveen, S., Wajid, Z., Abdul, Q., & Jamil, S. (2020). Borsa _ Istanbul Review Exploring market overreaction , investors ’ sentiments and investment decisions in an emerging stock market. Borsa Istanbul Review, 20(3), 224–235.
Pompian, Michael, M 2006, Behavioral Finance and Wealth Management, New York: John Wiley & Sons, Inc.
Pradikasari, E., & Isbanah, Y. (2018). Pengaruh financial literacy, illusion of control, overconfidence, risk tolerance, dan risk perception terhadap keputusan investasi pada mahasiswa di kota surabaya. 6, 424–434.
Ramdani, F. (2018). ANALISIS PENGARUH REPRESENTATIVENESS BIAS DAN HERDING BEHAVIOR TERHADAP KEPUTUSAN INVESTASI (STUDI PADA MAHASISWA DI YOGYAKARTA) Febiyanto. 1–16.
ridloah, siti. (2013). Faktor Penentu Struktur Modal: Studi Empirik Pada Perusahaan Multifinansial. JDM (Jurnal Dinamika Manajemen), 1(2), 144–153.
Ritter, J. R. (2003). Behavioral finance. Pacific Basin Finance Journal, 11(4), 429–437.
Rozeff, M. S., & Kinney, W. R. (1976). Capital market seasonality: The case of stock returns. Journal of Financial Economics, 3(4), 379–402.
Setiawan, A. P., & Wijayanto, A. (2017). Estimasi Volatilitas Saham dengan Metode Momentum (The Methods of Moments) dan Estimasi Kemungkinan Maksimum (Maximum Likelihood Estimation). Management Analysis Journal, 6(2), 1–9.
Sewell. (2007). Behavioural finance background. Investopedia, (May), 1–14.
Shah, S. Z. A., Ahmad, M., & Mahmood, F. (2018). Heuristic biases in investment decision-making and perceived market efficiency: A survey at the Pakistan stock exchange. Qualitative Research in Financial Markets, 10(1), 85–110.
Shleifer, A. (2000). Inefficient Markets: An Introduction to Behavioural Finance.
Simon, M., Houghton, S. M., & Aquino, K. (2000). Cognitive biases, risk perception, and venture formation: How individuals decide to start companies. Journal of Business Venturing, 15(2), 113–134.
Sina, P. G. (2014). Representativeness Bias. Cognitive Errors and Diagnostic Mistakes, 14(1), 425–443.
Srianingsih, S., & Khoiruddin, M. (2015). Pengaruh Pengumuman Peringkat Sukuk Terhadap Reaksi Pasar. Management Analysis Journal, 4(2), 120–128.
Toma, F.-M. (2015). Behavioral Biases of the Investment Decisions of Romanian Investorson the Bucharest Stock Exchange. Procedia Economics and Finance, 32(15), 200–207.
Yaowen, X. U. E., Suqing, S. U. N., Pengzhu, Z., & Tian, M. (2015). Impact of Cognitive Bias on Improvised Decision-Makers ’ Risk Behavior : An Analysis Based on the Mediating Effect of Expected Revenue and Risk Perception DECISION-MAKING IS IMPACTED BY. 9(2), 31–42.
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Affiliations
Hery Kharisma Fitri
Universitas Negeri Semarang
Dwi Cahyaningdyah
Universitas Negeri Semarang
How to Cite
1.
Fitri H, Cahyaningdyah D. The Influence of Representativeness on Investment Decision Through Overconfidence. MAJ [Internet]. 9Sep.2021 [cited 18Jul.2024];10(2):243-56. Available from: https://journal.unnes.ac.id/sju/maj/article/view/48890
The Influence of Representativeness on Investment Decision Through Overconfidence
Vol 10 No 2 (2021): Management Analysis Journal
Submitted: Aug 6, 2021
Published: Sep 9, 2021
Abstract
This study aims to explore the effect of representativeness on investment decisions through overconfidence as an intervening variable on investors from the Faculty of Economics, Universitas Negeri Semarang. The data used in this study is primary data with a survey method using a questionnaire. The research sample was taken using convenience sampling technique with a sample of 115 investors. The sample was then analyzed using the Partial Least Square (PLS) method with the help of the SmartPLS 3.0 application. The empirical results of this study explain that representativeness has no effect on investment decisions, overconfidence has a significant positive effect on investment decisions, representativeness has a significant positive effect on overconfidence, and overconfidence mediates the relationship between representativeness and investment decisions in full mediating.