How Do Traders Influence Investor Confidence and Trading Volume? A Dyad Study in the Futures Market

Yang, Suechin; Hsu, Ya-Hui; Tu, Chiayu

doi:10.2753/ree1540-496x4805s302

Cited by 19 publications

(23 citation statements)

References 42 publications

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“…Oleh karena itu, mereka akan cenderung untuk sering melakukan perdagangan saham. Investor yang memiliki kepribadian pada dimensi Conscientiousness (Sifat Berhati-hati) terbukti memoderasi hubungan antara kepercayaan diri investor pada informasi yang didapat dan volume perdagangan(R. Yang et al, 2012). Hasil pengujian hipotesis pada penelitian ini menunjukkan bahwa investor yang memiliki tingkat Conscientiousness (Sifat Berhati-hati) yang tinggi akan menyebabkan tingginya frekuensi Perdagangan Saham yang dipengaruhi oleh Akuisisi Informasi.…”

Section: Hasil Dan Pembahasanunclassified

“…Ekstrovet lebih rentan terhadap kepercayaan diri yang berlebihan (Pompian & Longo, 2004). Investor yang memiliki kepribadian pada dimensi Extraversion (Ekstrovert) akan memoderasi hubungan antara kepercayaan diri investor dan volume perdagangan (Yang et al, 2012). Hasil pengujian hipotesis pada penelitian ini menunjukkan bahwa investor yang memiliki tingkat Extraversion (Ekstrovert) yang tinggi akan menyebabkan tingginya frekuensi perdagangan saham yang dipengaruhi oleh akuisisi informasi.…”

Section: Hasil Dan Pembahasanunclassified

“…Orang-orang yang tergolong pada dimensi Conscientiousness akan melakukan usaha maksimal mereka untuk mencapai hasil yang diinginkan dan karenanya mereka akan melakukan perdagangan lebih banyak (Durand, Newby, Tant, & Trepongkaruna, 2013). Investor yang memiliki kepribadian pada dimensi Conscientiousness terbukti memoderasi hubungan antara kepercayaan diri investor dan volume perdagangan karena mereka mempunyai kepercayaan diri pribadi yang membuat mereka melakukan transaksi lebih (Yang, Hsu, & Tu, 2012). Berdasarkan argumen tersebut, penelitian ini berhipotesis bahwa Akuisisi Informasi cenderung meningkatkan Frekuensi perdagangan saham pada investor dengan sifat conscientiousness.…”

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“…Extraversion menyebabkan melakukan perdagangan lebih banyak karena mereka cenderung memiliki kepercaya dirian yang tinggi oleh karena itu mereka akan melakukan perdangan semakin sering (Barber & Odean, 2001). Investor yang memiliki kepribadian pada dimensi Extraversion akan memoderasi hubungan antara kepercayaan diri investor dan volume perdagangan (Yang et al, 2012). Sifat individu extraverted cenderung percaya diri, talkative dan bersikap ramah yang Media Riset Bisnis & Manajemen, 19 (2), 2019, 82-94 Available online at: http://www.trijurnal.lemlit.trisakti.ac.id/index.php/mrbm mengakibatkan senang berinteraksi dengan orang lain di sekitar mereka (Heinström, 2010).…”

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Pengaruh Moderasi Kepribadian (Big Five Personality) Terhadap Hubungan Akuisisi Informasi dan Perilaku Perdagangan Saham Pada Investor Muda di Indonesia

Novianty¹

2019

media. ris. bisnis. &. manaj.

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AbstrakTujuan - Penelitian ini bertujuan untuk menganalisis dampak frekuensi akuisisi informasi pada frekuensi perdagangan saham yang dimoderasikan oleh Kepribadian (Big Five Personality).Desain/Metodologi/Pendekatan - Data diperoleh langsung melalui penyebaran kuesioner kepada 304 responden yaitu investor muda (berusia 21 sampai 30 tahun) di Indonesia. Rancangan penelitian yang digunakan dalam penelitian ini adalah Pengujian Hipotesis. Metode analisis yang digunkanan dalam penelitian ini Ordinal Logistic Regresion dengan menggunakan program SPSS.Hasil Penelitian - Hasil dari penelitian ini adalah terdapat hubungan pada akuisisi informasi dan perilaku perdagangan saham, Investor yang tergolong Openness & Neuroticism akan memperlemah hubungan kedua variabel tersebut, sedangkan Conscientiousness, Extraversion dan Agreeableness akan memperkuat hubungan kedua variabel tersebut. Abstract Purpose –This paper was to investigate the impact of the frequency of information acquisition on the frequency of stock tradingDesign/Methodology/Approach – Data obtained directly by distributing questionnaires to 304 respondents is young investors (aged 21 to 30 years) in Indonesia. The research design used in this study is hypothesis testing. The analytical method used in this research is Ordinal Logistic Regresion using SPSS program.Findings - The results of this study were that there is a positive relationship between information acquisition and trading behavior. Investors belonging to Openness & Neuroticism will weaken the relationship of both variables, while Conscientiousness, Extraversion and Agreeableness will strengthen the relationship of both variables.

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Section: Hasil Dan Pembahasanunclassified

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Pengaruh Moderasi Kepribadian (Big Five Personality) Terhadap Hubungan Akuisisi Informasi dan Perilaku Perdagangan Saham Pada Investor Muda di Indonesia

Novianty¹

2019

media. ris. bisnis. &. manaj.

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“…In information search literature, the influence of personality traits on information search strategies has been highlighted over the years (Henderson et al , 2006; Ishida, 2005; Kernan and Mojena, 1973; Litman et al , 2005; Lu et al , 2006; Marcus et al , 2000; Mayne, 1999; Myers et al , 1985; Vancouver and Morrison, 1995). In emerging literature of behavioral finance, a few studies also provide an evidence of how personality traits of investors may influence trading behavior and performance (Durand et al , 2008, 2013a, 2013b; Fenton-O’Creevy et al , 2004; Hunter and Kemp, 2004; Tauni et al , 2015; van Witteloostuijin, and Muehlfeld, 2008; Yang et al , 2012).…”

Section: Literature Reviewmentioning

confidence: 99%

Information sources and trading behavior: does investor personality matter?

Tauni

Fang

Iqbal

2016

QRFM

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Purpose This paper aims to investigate the impact of sources of information on trading behavior by analyzing the influence of investor personality in Chinese futures market. Design/methodology/approach The authors adopted the Big Five personality framework and examined the survey results of individual investors (n = 333) in Chinese futures market. Personality traits of futures investors were measured by the NEO-Five Factor Inventory (Costa and McCrae, 1989) which is a shortened version of revised NEO personality inventory of the Big Five model (Costa and McCrae, 1992). Confirmatory factor analysis was conducted to assess the fitness of model. Structural equation modeling was used to evaluate the moderating influence of investor personality traits on the association between source of information and trading behavior. Findings The results confirm the previous findings that the sources of information used by investors as a foundation of their financial choices have a significant impact on trading frequency. The authors also provide an empirical evidence that investor personality traits moderate the relationship between sources of information and trading behavior. Financial advice from professionals is likely to increase trading frequency in investors with neuroticism and openness personality traits, and to reduce trading frequency in conscientious and extravert investors. Similarly, financial information acquired via word-of-mouth communication results in more trading in extravert and agreeable investors. Finally, information acquisition from specialized press causes more adjustment of conscientious investors’ portfolios. Theoretical explanations, implications and recommendations for future research are discussed. Originality/value This study combines information search and behavioral finance literature to demonstrate that the impact of various sources of market information on asset allocation decisions is influenced by investor personality. No previous study has been conducted yet to explain variations in the impact of sources of information on trading behavior by the Big Five personality traits and this paper seeks to fill this gap in Chinese futures market.

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Evaluating stock trading behaviour: Information sources nexus through intrinsic and extrinsic motivation

et al. 2020

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This study examines the effects of sources of information, including word‐of‐mouth (WOM) communication, and financial advice, on intrinsic and extrinsic motivations and stock trading behaviour in Pakistan. To test the model, we gathered 477 survey responses from individual stock investors. Our results exhibit that WOM communication and financial advice significantly influence stock trading behaviour. We also find that intrinsic motivations significantly mediate between financial advice and stock trading behaviour. Extrinsic motivations have significant mediation effects between sources of information and stock trading behaviour. Taken together, the results indicate that financial advice indirectly sparks stock trading through intrinsic and extrinsic motivations, whereas WOM communication performs the same function only through extrinsic motivations. The study results have several theoretical and practical implications for investors, stock brokerage firms, regulators, and governments.

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How Do Traders Influence Investor Confidence and Trading Volume? A Dyad Study in the Futures Market

Cited by 19 publications

References 42 publications

Pengaruh Moderasi Kepribadian (Big Five Personality) Terhadap Hubungan Akuisisi Informasi dan Perilaku Perdagangan Saham Pada Investor Muda di Indonesia

Pengaruh Moderasi Kepribadian (Big Five Personality) Terhadap Hubungan Akuisisi Informasi dan Perilaku Perdagangan Saham Pada Investor Muda di Indonesia

Information sources and trading behavior: does investor personality matter?

Evaluating stock trading behaviour: Information sources nexus through intrinsic and extrinsic motivation

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