Electronic Theses and Dissertation

Abstrak penelitian ini bertujuan untuk melihat pengaruh loss aversion dan overconfidence terhadap investment decision yang dimediasi oleh herding pada situasi crash pasar modal indonesia. teknik pengumpulan data yang digunakan adalah data primer dengan mengedarkan kuesioner yang diedarkan pada investor saham di kota banda aceh. teknik pengambilan sampel yaitu dengan purposive sampling sehingga didapatkan 85 investor saham kota banda aceh. analisis data dalam penelitian ini menggunakan metode hierarchical linear modeling. berdasarkan hasil penelitian menunjukkan bahwa loss aversion, overconfidence dan herding berpengaruh positif signifikan terhadap keputusan investasi. loss aversion dan overconfidence berpengaruh positif signifikan terhadap herding. kemudian berdasarkan hasil indirect effect dengan sobel test herding memediasi hubungan loss aversion dan overconfidence investor dalam membuat keputusan investasi. kata kunci: investment decision, loss aversion, overconfidence, herding

ABSTRACT This research aims to examine the influence of loss aversion and overconfidence on investment decisions mediated by herding in the Indonesian capital market crash situation. The data collection technique used is primary data by distributing questionnaires to stock investors in the city of Banda Aceh. The sampling technique was purposive sampling so that 85 stock investors in Banda Aceh City were obtained. Data analysis in this research uses the Hierarchical Linear Modeling method. Based on the research results, it shows that loss aversion, overconfidence and herding have a significant positive effect on investment decisions. Loss aversion and overconfidence have a significant positive effect on herding. Then, based on the results of the indirect effect with the sobel herding test, it mediates the relationship between loss aversion and investor overconfidence in making investment decisions. Keywords: Investment Decision, Loss Aversion, Overconfidence, Herding