Pengaruh Pengetahuan Keuangan, Risk Tolerance Terhadap Investasi Saham, Dimoderasi Gender

Authors

  • Indah Yuni Kurniawati S Sekolah Tinggi Ilmu Ekonomi Perbanas Surabaya

DOI:

https://doi.org/10.30651/blc.v17i1.4188

Abstract

This study aims to determine the effect of financial knowledge and tolerance on stock investment decisions (corporate self-image, reference information and financial information), with data analysis techniques using SEM on WarpPLS, there are 112 respondents with those in accordance with this study. Based on the results of the study, financial knowledge has a significant negative effect on the company's self-image and referral information, but a significant positive effect on financial information. Risk tolerance has only a significant positive effect on financial information and does not have a significant effect on corporate self-image and referral information. Gender cannot moderate the effect of risk tolerance on stock investment decisions.

 

Keywords                   : stock investment, knowledge, risk tolerance

References

Abdul Halim, 2005, AnalisisInvestasi, Edisipertama, Jakarta :SalembaEmpat.

Al-Tamimi, HAH danKalli, A, 2009.“Financial Literacy and Investment Decisions of UAE Investorsâ€.The Journal of Risk Finance.Vol.10, No. 5. Pp 500-516.

Angga Budiarto dan Susanti. 2017. Pengaruh Financial Literacy, Overconfidence,Regret Aversion Bias, dan Risk Tolerance terhadap Keputusan Investasi.Jurnal Ilmu Manajemen. Vol.5, no.2, hal.1-9

Ansari, sarfaraz & Uprety, minal. (2017 ). Investors Perception Towards Determinant Of Investment Decision: A Gender Based Study. International Education & Research Journal, Vol.3, No.6.

Arif, Kashif. (2015). Financial Literacy And Other Factors Influencing Individuals’ Investment Decision: Evidence From A Developing Economy (Pakistan). Journal Of Poverty, Investment And Development, Vol. 12

Bodie, Z., Kane, A., dan Marcus, AJ. (2011). Investments and Portofolio Management. Global Edition. New York : The McGraw-Hill Companies, Inc.

Campbell NA,Reece JB, Urry LA, Cain ML, Wasserman SA, Minorsky PV,et. al. Biologi.5thed .Jakarta.PenerbitErlangga ; 2006.

Chavali, Kavita & Mohanraj, M. Prasanna. (2016). Impact of Demographic Variables and Risk Tolerance on Investment Decisions: An Empirical Analysis. International Journal of Economics and Financial, Vol. 6 issue 1, 169-175

Duda, H.F., Bruhin, A., Epper, T., Sehubert, R. (2010), Rationality on the rise: Why relative risk aversion increases with stake size. Journal of Risk and Uncertainty, 40(2), 147-180.

Eduardus Tandelilin. 2010. Portofolio dan Investasi Teori dan Aplikasi. Edisi Pertama. Yogyakarta: Penerbit Kanisius.

Hilgert, Marianne, Hogart J, and Beverly SG, 2003. “Household Financial Management: The Connection between Knowledge and Behaviorâ€. Federal Reserve Bulletin.Vol. 89 (July). Pp 310-322

Howlett, Elizabet.,Kees, Jeremy., and Kemp, Elyria. (2008). “The Role of Self-Regulation, Future Orientation, and Financial Knowledge in Long-Term Financial Decisionsâ€.The Journal of Consumer Affairs.Vol 42 No. 2, Summer : 223 – 242.

Huston, SJ 2010, ‘Measuring financial literacy’, Journal of Consumer Affairs, Vol. 44, No. 2, 296-316.

Ikeobi & Arinze. (2016). The Influence Of Demographic Factors On The Investment Objectives Of Retail Investors In The Nigerian Capital Market. European Journal Of Business And Management, Vol. 8, No.11

Jamil, Syed Ahsan & Khan, Khaliquzzaman. (2016). Does Gender Difference Impact Investment Decisions? Evidence From Oman. International. Journal Of Economics And Financial, Issues 6(2), 456-460

Jianakoplos, A, Nancy., and Alexandra Bernasek.,(1998), †Are Women More Risk Averse?†Economic Inquiry, XXXVI, October, 620 -630

Lusardi, A, 2008. “Financial Literacy: An Essential Tool for Informed Consumer Choice?â€.NBERWorking Paper Series. Pp 1-29.

Maditinos, D., Sevic, Z danTheriou, N, 2007.“Investors’ behavior in the Athens Stock Exchange (ASE)â€.Studies in Economics and Finance.Vol.24, No. 1. Pp 32-50.

Mathanika.T, Tharshiga.P & Dr.R.Yogendrarajah. (2017). Demographic Factor And Individual Investment Decision Making. European Journal Of Business And Management, Vol. 9, No. 15

Mittal, Manish and RK Vyas, 2011, A‘Study of Psychological Reasons forGender Differences in Preferences forRisk and Investment DecisionMaking’, The IUP. Journal of Behavioral Finance, Vol. VIII, No. 3,hal. 45-60.

Moreschi, Robert W. (2005). An Analysis of the Ability of Individuals to Predict Their Own Risk Tolerance. Volume 3.Halaman 39-48

Mudrajad Kuncoro. 2013. “Metode Riset untuk Bisnis dan Ekonomiâ€. Edisi 14 Jakarta :Salemba Empat..

Nofsinger, Jhon R. 2015. Psychology of Investing. Second Edition. New Jersey Prentice Hall Inc.

Pompian, Michael, M. 2006.Behavioral Finance and Wealth Management.NewYork : John Wiley & Sons, Inc

Roszkowski, M. J., & Snelbecker, G. E. (1990). Effects of "framing" on measures of risk tolerance: Financial planners are not immune. Journal of Behavioral Economics, 19(3), 237-246

Seligman, E. P. M., & Peterson, C. (2004). Character Strengths and Virtues, A Handbook and Classification. American Psychological Association. New York : Oxford University Press

Downloads

Published

2020-01-29

Issue

Vol. 17 No. 1 (2020): Januari

Section

Artikel

License

Hak Cipta

  1. Hak cipta terhadap artikel yang diterbitkan di BALANCE: Economic, Business, Management, and Accounting Journal adalah penerbit atau BALANCE: Economic, Business, Management, and Accounting Journal.
  2. Penulis harus menyerahkan hak cipta pada jurnal dengan menandatangai dan mengirimkan form penyerahan hak cipta (template) melalui email balance@um-surabaya.ac.id. 
  3. Penulis dapat menyebarluaskan artikelnya melalui media manapun.

Lisensi 

Setiap karya yang ditulis penulis dilisensi dengan Creative Commons Attribution-NonCommercial 4.0 International License.