Electronic Theses and Dissertation

Abstrak penelitian ini bertujuan untuk menguji hubungan pengaruh pengaruh anchoring bias, representativeness bias dan availability bias terhadap keputusan investasi investor di banda aceh dengan variabel pemediasi financial literacy dan risk tolerance. sampel dalam penelitian ini adalah investor yang terdaftar di bursa efek indonesia terkhusus pada kota anda aceh. penelitian ini menggunakan pendekatan teori agensi dan teori behavioral finance, investment decision making dan efficient market hypothesis (emh) data investor minilah 190 orang yang tercatat di bursa efek indonesia. metode pengumpulan sampel yang digunakan adalah purposive sampling method. metode analisis yang digunakan adalah analisis structural i equatii on mi odi eling (si em). hasil penelitian menunjukkan bahwa 1) r iepr ies ientativ ie bias dan availability bias berpengaruh negatif dan signifikan secara parsial terhadap ki eputusan invi estasi; 2) anch ioring bias berpengaruh positif signifikan ti erhadap ki eputusan invi estasi; 3) financial lit ieracy dan risk t iol ieranc ie mi emi ediasi hubungan anch ioring bias dan availabity bias secara parsial tierhadap ki eputusan invi estasi; 4) availability bias dan anch ioring bias bierpi engaruh piositif tierhadap financial liti eracy invi estior siedangkan riepri esi entativi e bias tidak bi erpi engaruh ti erhadap financial liti eracy. 4) availability bias dan anch ioring bias bi erpiengaruh piositif tierhadap risk tioli eranci e invi esti or siedangkan riepri esi entativi e bias tidak bi erpi engaruh ti erhadap risk tioli eranci e. 5) financial lit ieracy dan risk t iol ieranc ie bi erpiengaruh signifikan ti erhadap ki eputusan invi estasi invi esti or di ki ota banda aci eh. kata kunci: anchoring bias, representativeness bias, availability bias, keputusan investasi, financial literacy, dan risk tolerance

ABSTRACK This study aims to examine the relationship between the influence of anchoring bias, representativeness bias and availability bias on investor investment decisions in Banda Aceh with the mediating variables of financial literacy and risk tolerance. The sample in this study were investors listed on the Indonesia Stock Exchange specifically in Banda Aceh City. This study uses the agency theory approach and behavioural finance theory, investment decision making and Efficient Market Hypothesis (EMH) minimum investor data of 190 people listed on the Indonesian stock exchange. The sample collection method used is purposive sampling method. The analysis method used is Structural Equation Modeling (SEM) analysis. The results showed that 1) Representative Bias and Availability Bias have a partially negative and significant effect on investment decisions; 2) Anchoring Bias has a significant positive effect on investment decisions; 3) Financial Literacy and Risk Tolerance mediate the relationship between Anchioring Bias and Availability Bias partially on investment decisions; 4) Availability Bias and Anchioring Bias have a positive effect on investors' Financial Literacy while Representative Bias has no effect on Financial Literacy. 4) Availability Bias and Anchoring Bias have a positive effect on investor Risk Tolerance while Representative bias has no effect on Risk Tolerance. 5) Financial Literacy and Risk Tolerance have a significant effect on investor investment decisions in Banda Aceh City. Keywords: Anchoring Bias, Representativeness Bias, Availability Bias, Investment Decision, Financial Literacy, and Risk Tolerance