PENGARUH OVERCONFIDENCE DAN LOSS AVERSION TERHADAP KEPUTUSAN INVESTASI SAHAM YANG DIMEDIASI OLEH RISK TOLERANCE PADA INVESTOR YANG ADA DI BENGKULU

Abstrak

Penelitian ini bertujuan untuk mengetahui pengaruh overconfidence dan loss aversion terhadap keputusan investasi saham dengan risk tolerance sebagai variabel mediasi (studi pada investor saham di Provinsi Bengkulu). Penelitian ini merupakan penelitian kuantitatif deskriptif dengan pendekatan explanatory. Sampel penelitian berjumlah 130 responden yang ditentukan dengan teknik purposive sampling, dan data dikumpulkan melalui kuesioner online menggunakan Google Form. Metode analisis data menggunakan Partial Least Square (PLS) melalui software SmartPLS 3.0. Hasil pengujian menunjukkan bahwa overconfidence berpengaruh positif dan signifikan terhadap keputusan investasi saham, serta berpengaruh positif dan signifikan terhadap risk tolerance. Sementara itu, loss aversion tidak berpengaruh signifikan terhadap keputusan investasi saham, tetapi berpengaruh positif signifikan terhadap risk tolerance. Risk tolerance berpengaruh positif dan signifikan terhadap keputusan investasi saham. Risk tolerance memediasi secara signifikan pengaruh overconfidence terhadap keputusan investasi saham, dan juga memediasi secara signifikan pengaruh loss aversion terhadap keputusan investasi saham.

This study aims to examine the influence of overconfidence and loss aversion on stock investment decisions with risk tolerance as a mediating variable (a case study of stock investors in Bengkulu Province). This is a descriptive quantitative research using an explanatory approach. The sample consisted of 130 respondents selected using purposive sampling, and the data was collected through an online questionnaire distributed via Google Forms. Data analysis was performed using Partial Least Squares (PLS) with SmartPLS 3.0 software. The results show that overconfidence has a positive and significant effect on stock investment decisions, as well as a positive and significant effect on risk tolerance. Meanwhile, loss aversion does not have a significant effect on stock investment decisions, but does have a positive and significant effect on risk tolerance. Risk tolerance itself has a positive and significant effect on stock investment decisions. Furthermore, risk tolerance significantly mediates the effect of overconfidence on stock investment decisions and also significantly mediates the effect of loss aversion on stock investment decisions.