Antecedents and Consequences of Psychological Aspects of Investors in the Real Asset Sector Towards Investment Decision Making

Abstract

Purpose: This research is pursued at several points objectiveness: 1). Does the behavior of financial decision making on financial asset investors also apply the same to real asset investors. 2). By the empirically, this study is to test and confirm the relationship of herding and overconfidence factors to the level of loss aversion, regret aversion, financial literacy in making real asset investment decisions.
 Methodology: Involved 105 real estate auction investors as samples at the State Assets and Auction Service Office (KPKNL) Sidoarjo, East Java, Indonesia. Collecting data using a questionnaire consisting of 23 questions for measurement the variabel. Testing research data passes several feasibility tests, such as Inner and outer test modelling by PLS and hypothesis test to see the magnitude of the coefficient of relationship
 Result and Findings: Loss and regret aversion variables through direct and intervening testing have a positive and significant effect, but financial literacy variables, both through direct and intervening testing, are stated to have no significant effect. There are different aspects of the psychology of investment decision making between investors in the financial sector and investors in the real asset sector. The most striking difference is the consideration of information, opportunities and real assets turnover which will be resold after winning the auction.

Financial Literacy and Motivation to Stimulate Saving Behavior Intention in form of Bank Customer Deposits

“…Because environmental factors, whether it's positive or negative, will affect interest in saving in the form of deposits. Research gaps occur in the research results of [2] dan [8]. The result of the study [2] show that financial literacy has a positive influence on investment interest.…”

“…The result of the study [2] show that financial literacy has a positive influence on investment interest. While the results of [8] show that financial literacy has little influence on investment decisions According to [2] motivation is what drives someone to improve their behavior in order to satisfy their needs. A person's interest in putting a strong drive into action will be significantly influenced by the presence of a supporting will and desire.…”

“…A person's interest in putting a strong drive into action will be significantly influenced by the presence of a supporting will and desire. Each person's psychology tends to have considerable influence on their financial behavior while making decisions [9], [8]. As it is, also stated by [10] that a person's choices when making any kind of investment, such as purchasing stocks, will be influenced by their financial behavior.…”

Analisis Perbedaan Perilaku Investasi Saham Antara Wanita dan Pria di Pasar Modal Indonesia

“…Hal ini berbeda dengan penelitian Chu et al (2016) yang menunjukkan bahwa semakin kurang berani seseorang untuk berinvestasi maka semakin tinggi tingkat financial literacynya, hal ini dikarenakan seseorang berhati-hati dalam berinvestasi untuk mendapatkan return yang baik. Penelitian Romdioni, (2021), Adil et al, (2021), Dewi & Pertiwi, (2021) dan (A. , (Paranita & Agustinus, 2021) menunjukkan bahwa financial literacy mempengaruhi pengambilan keputusan investasi pria ataupun wanita, namun penelitian (Santoso, 2021) membuktikan bahwa financial literacy tidak berpengaruh dalam pengambilan keputusan investasi. Biasanya wanita memiliki financial literacy yang tinggi dibandingkan pria, hal ini dikarenakan wanita yang bersifat risk averse (Septiani, 2013).…”

Pengaruh Perilaku Pengelolaan Keuangan terhadap Penerima Kartu Indonesia Pintar pada Mahasiswa UPN ”Veteran” Jawa Timur

“…Hal ini ditunjang dengan ilmu keuangan yaitu behavior finance bahwa tindakan irrasional dipengaruhi oleh faktor psikologis yaitu dari sisi afektif, kognitif dan psikomotorik (Y. Yuniningsih & Santoso, 2021) (Yuniningsih et al, 2022); (Y Yuniningsih & Taufiq, 2019); (Yuniningsih Yuniningsih & Santoso, 2020). Komponen besar yang berpengaruh dalam masyarakat terhadap perubahan perekonomian diantaranya adalah mahasiswa sebagai generasi muda memiliki peran besar yang membawa perubahan terhadap perekonomian karena dasarnya mahasiswa sebagai agent of change yang harus memulai untuk membangun keuangan (Asih & Khafid, 2020).…”