Pengaruh Tipe Kepribadian Terhadap Keputusan Investasi Pada Investor Individual di Indonesia

Abstract

Abstract. Penelitian ini bertujuan untuk mengkaji pengaruh tipe kepribadian terhadap keputusan investasi pada investor individual di Indonesia, dengan fokus khusus pada investasi saham. Teori kepribadian yang digunakan adalah Model Lima Faktor (Big Five Model Factor) yang meliputi openness, conscientiousness, extraversion, agreeableness, dan neuroticism. Penelitian ini menggunakan metode Partial Least Squares Structrual Equation Modeling (PLS-SEM) untuk menganalisis data yang diperoleh dari 437 responden yang merupakan investor individual di pasar modal Indonesia. Hasil penelitian menunjukkan bahwa tipe kepribadian memiliki pengaruh signifikan terhadap toleransi risiko dan keputusan investasi. Secara khusus, kepribadian openness, conscientiousness, dan extraversion ditemukan memiliki pengaruh positif terhadap toleransi risiko dan keputusan investasi. Sebaliknya, agreeableness dan neuroticism memiliki pengaruh negatif terhadap toleransi risiko dan keputusan investasi. Selain itu, toleransi risiko juga terbukti memediasi hubungan antara tipe kepribadian dan keputusan investasi.Penelitian ini memberikan kontribusi penting dalam memahami bagaimana faktor psikologis dan kepribadian memengaruhi perilaku investasi di kalangan investor individual di Indonesia. Temuan ini dapat membantu para praktisi keuangan dan investor dalam merancang strategi investasi yang lebih sesuai dengan profil kepribadian masing-masing individu.

Kata Kunci: Tipe Kepribadian, Keputusan Investasi, Toleransi Risiko, Model Lima Faktor, PLS-SEM.

Almansour, B. Y., Elkrghli, S., & Almansour, A. Y. (2023). Behavioral finance factors and investment decisions: A mediating role of risk perception. In Cogent Economics and Finance (Vol. 11, Issue 2). Cogent OA. https://doi.org/10.1080/23322039.2023.2239032

Antony, A. (2020). Behavioral finance and portfolio management: Review of theory and literature. Journal of Public Affairs, 20(2). https://doi.org/10.1002/pa.1996

Babcock, S. E., & Wilson, C. A. (2020). Big Five Model of Personality: Vol. III.

Badriatin, T., Rinandiyana, L. R., & Marino, W. S. (2022). Persepsi Risiko dan Sikap Toleransi Risiko Terhadap Keputusan Investasi Mahasiswa. Jurnal Perspektif, 20(2), 158"“163. https://doi.org/10.31294/jp.v20i2.13596

Bagozzi, R. P., & Yi, Y. (1988). On the evaluation of structural equation models. Journal of the Academy of Marketing Science, 16(1), 74"“94. https://doi.org/10.1007/BF02723327

Bodie Z, Kane A, & Marcus A J. (2014). Investment, 10th Edition. McGraw Hill.

Campbell, J. Y., Allen, F., Barberis, N., Bekaert, G., Chan, L., Cochrane, J., Feldman, D., Goetzmann, W., Lettau, M., Ludvigson, S., Mankiw, G., Shiller, R., & Shleifer, A. (2000). Asset Pricing at the Millennium. In THE JOURNAL OF FINANCE "¢: Vol. LV (Issue 4).

Chin, W., & Marcoulides, G. (1998). The Partial Least Squares Approach to Structural Equation Modeling. Modern Methods for Business Research, 8.

Crysel, L., Crosier, B., & Webster, G. (2013). The Dark Triad and risk behavior. Personality and Individual Differences, 54, 35"“40. https://doi.org/10.1016/j.paid.2012.07.029

Hair, J., Hult, G. T. M., Ringle, C., & Sarstedt, M. (2022). A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM).

Helena, H., & Widjaja, I. (2021). Pengaruh Big Five Personality terhadap Investment Decision pada Perusahaan Peer to Peer Lending. Jurnal Manajemen Bisnis Dan Kewirausahaan, 5(3), 319. https://doi.org/10.24912/jmbk.v5i3.11871

Istiqomah, A. (2023). A LITERATURE REVIEW: Keputusan Investasi dan Faktor yang Memengaruhi. 17(1). https://doi.org/10.19184/jpe.v17i1.39359

Nandan, T., & Saurabh, K. (2016). Big-five personality traits, financial risk attitude and investment intentions: study on Generation Y. In Int. J. Business Forecasting and Marketing Intelligence (Vol. 2, Issue 2).

Nga, J. K. h., & Ken Yien, L. (2013). The influence of personality trait and demographics on financial decision making among Generation Y. Young Consumers, 14(3), 230"“243. https://doi.org/10.1108/YC-11-2012-00325

Pak, O., & Mahmood, M. (2015). Impact of personality on risk tolerance and investment decisions: A study on potential investors of Kazakhstan. International Journal of Commerce and Management, 25(4), 370"“384. https://doi.org/10.1108/IJCoMA-01-2013-0002

Pan, C., & Statman, M. (2012). Questionnaires of Risk Tolerance, Regret, Overconfidence, and Other Investor Propensities. Journal of Investment Consulting, 13. https://doi.org/10.2139/ssrn.1549912

Rathinasamy, V., & Ramasubbian, H. (2020). Impact of Big Five Personality Traits on Investment Decisions. International Journal for Research in Engineering Application & Management, 321"“325. https://doi.org/10.35291/2454-9150.2020.0415

Rizky, Y., Mandagie, O., Febrianti, M., & Fujianti, L. (2020). Studi Kasus Mahasiswa Akuntansi Universitas Pancasila. In RELEVAN (Vol. 1, Issue 1). http://journal.univpancasila.ac.id/index.php/RELEVAN

Sharpe, W. F., Alexander, G. J., J, & Bailey, J. V. (1999). Investments: International Edition (6th ed.). London: Prentice Hall International Inc.

Trang, P. T. M., & Khuong, M. N. (2017). Personality Traits, Perceived Risk, Uncertainty, and Investment Performance in Vietnam. GLOBAL BUSINESS FINANCE REVIEW, 22(1), 67"“79. https://doi.org/10.17549/gbfr.2017.22.1.67

Wang, C. M., Xu, B. B., Zhang, S. J., & Chen, Y. Q. (2016). Influence of personality and risk propensity on risk perception of Chinese construction project managers. International Journal of Project Management, 34(7), 1294"“1304. https://doi.org/10.1016/j.ijproman.2016.07.004