Pengaruh Perceived Risk dan Herding Behavior terhadap Intensi Berinvestasi dengan Covid-19 sebagai Variabel Pemoderasi
DOI:
https://doi.org/10.37253/gfa.v6i1.6494Keywords:
Covid-19, Herding Behavior, Intensi Berinvestasi, Perceived RiskAbstract
Purpose – This study aims to examine the effect of COVID-19 on investment intentions, the effect of perceived risk and herding behavior on investment intentions, and the effect of perceived risk and herding behavior on investment intentions moderated by COVID-19.
Research Method - This research was conducted on individuals who have invested using purposive sampling. The number of samples obtained is 56 investors who invest in the capital market. The data were analyzed using SPSS version 25.
Findings - The results showed that perceived risk and herding behavior had a positive effect on investment intentions and COVID-19 moderated the relationship between herding behavior and investment intentions, but on the other hand, COVID-19 did not moderate the relationship between perceived risk and investment intentions.
Implication - This research is expected to contribute to improving the behavioral literature on financial markets related to the influence of perceived risk, herding behavior on investment intentions by adding COVID-19 as a moderating variable and to fill research gaps on investment interest during the COVID-19 pandemic in Indonesia which has not been widely studied. The results of the study can be used as consideration for stakeholders to increase individual investment intentions in the capital market by better understanding investor behavior, especially during the COVID-19 pandemic and the transitional period of economic recovery.
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References
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Trang, P. T., & Tho, N. H. (2017). Perceived Risk, Investment Performance and Intentions in Emerging Stock Markets. International Journal of Economics and Financial issues, 7(1), 269-278.
Samsuri, A., Ismiyanti, F., & Narsa, I. M. (2019). The effects of risk tolerance and financial literacy to investment intentions. International Journal of Innovation, Creativity and Change, 10(6), 280–294.
Warkentin, M., Gefen, D., Pavlou, P. A., & Rose, G. M. (2002). Encouraging Citizen Adoption Of E-Government By Building Trust. Electronic Markets, 12(3), 157-162.
Washington, M., Shirley, E., Lisset, G., & Regina, R. (2015). Students Perceived Risk and Investment Intention: The Effect of Brand Equity. De Gruyter, 10(3), 208-225.
World Health Organization. (2020). WHO Director-General’s opening remarks at the media briefing on COVID-19 - 11 March 2020. Https://Www.Who.Int/, pp. 19–22.
Al-awadhi, A. M., Alsaifi, K., Al-awadhi, A., & Alhammadi, S. (2020). Death and contagious infectious diseases: Impact of the COVID-19 virus on stock market returns. Journal of Behavioral and Experimental Finance, 27, 100326. https://doi.org/10.1016/j.jbef.2020.100326
Akinkoye, E. Y., & Bankole, O. E. (2020). Effect Of Emotional Biases On Investor's Decision Making In Nigeria. International Journal Of Business And Management Future, 4(1), 33-39.
Ajzen, I., & Fishbein, M. A. (1980). Uncerstanding Attitudes and Predicting Social Behavior. Prentice-Hall-Englewood Cliffs.
Ashidiqi, C., & Arundina, T. (2017). Indonesia Students’s intention to invest in Sukuk : Theory of planned behaviour approach. International Journal of Economic Research, 14(15), 395–407.
Ashraf, B. N. (2020). Economic impact of government interventions during the COVID-19 pandemic: International evidence from financial markets. Journal of Behavioral and Experimental Finance, 100371. https://doi.org/10.1016/j.jbef.2020.100371
Atmaja, D. W., & Widoatmodjo, S. (2021). Pengaruh Motivasi, Persepsi Risiko Dan Pengetahuan Investasi Terhadap Minat Berinvestasi Di Masa Pandemi COVID-19. Jurnal Manajerial Dan Kewirausahaan, 3(3), 641. https://doi.org/10.24912/jmk.v3i3.13136
Balcilar, M., Demirer, R., & Hammoudeh, S. (2012). Investor Herds And Regime Switching: Evidence From Gulf Arab Stock Markets. Journal Of International Markets, Institutions and Money, 295-321.
Bauer, R.A. (1960), Consumer Behavior as Risk-Taking, Dynamic Marketing for Changing World. Chicago: American Marketing Association.
Cao, M. M., Nguyen, N. T., & Tran, T. T. (2021). Behavioral Factors on Individual Investors’ Decision Making and Investment Performance: A Survey from the Vietnam Stock Market. Journal of Asian Finance, Economics and Business, 8(3), 845–853. https://doi.org/10.13106/jafeb.2021.vol8.no3.0845
Cucinotta, D., & Vanelli, M. (2020). WHO Declares COVID-19 a Pandemic. Acta Biomed, 91(6), 157–160. https://doi.org/10.23750/abm.v91i1.9397
Cunningham, S.M. (1967) The Major Dimensions of Perceived Risk. In: Cox, D.F., Ed., Risk Taking and Information Handling in Consumer Behavior, Harvard University Press, Boston, MA.
Devenow, A., & Welch, I. (1996). Rational herding in financial economics. European Economic Review, 40, 603–615.
Devi, S., Warasniasih, N. M. S., Masdiantini, P. R., & Musmin, L. S. (2021). The Impact of COVID-19 Pandemic on the Financial Performance of Firms on the Indonesia Stock Exchange The Impact of COVID-19 Pandemic on the Financial Performance of Firms on the Indonesia Stock Exchange. Journal of Economics, Business, and Accountancy Ventura, 23(2), 226–242. https://doi.org/10.14414/jebav.v23i2.2313
Dewi, M. K., & Tamara, D. (2020). The Intention to Invest in Retail Bonds in Indonesia. Academic Journal of Interdisciplinary Studies, 9(5), 188–205. https://doi.org/10.36941/ajis-2020-0097
Fishbein, M. A., & Ajzen, I. (1975). Belief, attitude, intention, and behavior: An introduction to theory and research. Reading: Addison-Wesley.
Icek Ajzen. (1991). The Theory of Planned Behavior. Organizational Behavior and Human Decision Processes, (50), 179–211.
Kan, M. P. H., Fabrigar, L. R., & Fishbein, M. (2020). Encyclopedia of Personality and Individual Differences. Encyclopedia of Personality and Individual Differences, 1–8. https://doi.org/10.1007/978-3-319-28099-8
Khalid, R., Javed, M. U., & Shahzad, K. (2018). Impact Of Behavioral Biases On Investment Decision Making With Moderating Role Of Financial Literacy Literature Review Investment Decision. Jinnah Business Review, 6(2), 34-41.
Mahmood, T., Ayyub, R. M., Imran, M., Naeem, S., & Abbas, M. (2020). The Behavioral Analysis And Financial Performance Of Individual Investors At Pakistan Stock Exchange. International Journal Of Economics and Financial Issues, 10(5), 158-164.
Palamida, E., Papagiannidis, S., & Xanthopoulou, D. (2017). Linking young individuals’ capital to investment intentions: Comparing two cultural backgrounds. European Management Journal. https://doi.org/10.1016/j.emj.2017.06.004
Paranita, E. S., & Agustinus, M. (2021). The Influence of Investment Motivation and Financial Literacy on Interest in Investing During the COVID-19 Pandemic. In Proceedings of the 3rd International Conference of Banking, Accounting, Management and Economics (Vol. 169, pp. 299–303).
Proudlove, R., Finch, S., & Thomas, S. (2020). Factors influencing intention to invest in a community owned renewable energy initiative in Queensland, Australia. Energy Policy, 140(July 2019), 111441.
Raut, R. K., Das, N., & Kumar, R. (2018). Extending the theory of planned behaviour: Impact of past behavioural biases on the investment decision of Indian investors. Asian Journal of Business and Accounting, 11(1), 265–292.
Trang, P. T., & Tho, N. H. (2017). Perceived Risk, Investment Performance and Intentions in Emerging Stock Markets. International Journal of Economics and Financial issues, 7(1), 269-278.
Samsuri, A., Ismiyanti, F., & Narsa, I. M. (2019). The effects of risk tolerance and financial literacy to investment intentions. International Journal of Innovation, Creativity and Change, 10(6), 280–294.
Warkentin, M., Gefen, D., Pavlou, P. A., & Rose, G. M. (2002). Encouraging Citizen Adoption Of E-Government By Building Trust. Electronic Markets, 12(3), 157-162.
Washington, M., Shirley, E., Lisset, G., & Regina, R. (2015). Students Perceived Risk and Investment Intention: The Effect of Brand Equity. De Gruyter, 10(3), 208-225.
World Health Organization. (2020). WHO Director-General’s opening remarks at the media briefing on COVID-19 - 11 March 2020. Https://Www.Who.Int/, pp. 19–22.
