scholarly journals Pengaruh Behavioral Finance Terhadap Pengambilan Keputusan Hutang di Era Covid-19: Studi Kasus Pada UMKM Sektor Makanan di Kota Bandung

2021 ◽  
Vol 5 (2) ◽  
pp. 1095-1108
Author(s):  
Tuti Anggraeni ◽  
Nugraha Nugraha ◽  
Maya Sari ◽  
Dodi Sukmayana
Keyword(s):  
Behavioral Finance ◽  
Illusion Of Control ◽  
Behavioural Finance ◽  
Factor Bias

Tujuan penelitian ini adalah untuk menganalisis pengaruh bevaioral finance dengan mengunakan factor bias overconfidence terhadap pengambilan keputusan hutang pada UMKM dan pengaruh behavioural finance  dengan menggunakan factor bias illusion of control  terhadap pengambilan keputusan hutang pada UMKM. Penelitian ini merupakan penelitian berbasis kuantitatif, dengan jenis metoda penelitian yang dipakai adalah Regresi Linier Berganda. Penelitian ini menggunakan 59 sampel pelaku usaha UMKM sector makanan  yang berada di wilayah Kota Bandung. Teknik pengambilan sampel yang dipilih dalam penelitian ini adalah dengan cara teknik sampling insidental dan pengumpulan data menggunakan kuesioner yang disebarkan kepada responden yaitu pelaku sekaligus pemilik UMKM. Teknik analisis data yang digunakan dalam penelitian ini adalah regresi linear berganda.  Hasil penelitian menunjukkan adanya pengaruh overconfidenceyang signifikan terhadap pengambilan keputusan hutang disaat era pandemic covid-19 yang dilakukan oleh pelaku usaha UMKM sector makanan  yang berada di wilayah Kota Bandung. Dan hasil penelitian pun menujukan bahwa ada pengaruh signikan dari factor bias illusion of control  terhadap pengambilan keputusan hutang disaat era pandemic covid-19 yang dilakukan oleh pelaku usaha UMKM sector makanan  yang berada di wilayah Kota Bandung.Keputusan Berhutang yang dilakukan pelaku UMKM sector makanan di kota Bandung ini dipengaruhi oleh karakteristik responden yang memiliki usia produktif 36 sampai dengan 40 tahun, sebagian besar perempuan dengan latar belakang Pendidikan  perguruan tinggi yang sudah menggeluti usaha lebih dari 5 tahun.

scholarly journals BEHAVIORAL FINANCE DAN PENGARUHNYATERHADAP PENGAMBILAN KEPUTUSAN HUTANG (Studi Pada Usaha Kecil Dan Menengah (UKM) di Pulau Lombok )

2018 ◽  
Vol 7 (1) ◽  
pp. 1
Author(s):  
Siti Aisyah Hidayati ◽  
Sri Wahyulina ◽  
Embun Suryani
Keyword(s):  
Decision Making ◽  
Behavioral Finance ◽  
College Graduates ◽  
Illusion Of Control ◽  
Statistical Tools ◽  
Level Of Education ◽  
Long Time ◽  
Question Form ◽  
Age Of Majority ◽  
Selection Of

This research aims to analyze: 1) The effect of overconfidence against debt decision-making on SME’s, 2) The Effect of the illusion of control against debt decision-making on SME’s, 3) The effect of availability against debt decision-making on SME’s.This research is a research-based approach to quantitative, with this type of research is explanatory research. The population of the research was all SME’s that are located on the island of Lombok. The technique of sampling done with Non probability sampling, i.e. using judgement sampling i.e. selecting SME’s engaged in pottery industry and already exports. Of the population, there are 35 (thirty five) SME’s which can be taken as a sample. The respondents in this study was a financial manager at the same time as the owner of each such SME’s. Data collection techniques used in this research is to use the question form. To achieve the research objectives and hypothesis testing, then the data acquired will be processed according to your needs by using statistical tools GSCA (Generalized Structured Component Analysis).The results showed: 1) Overconfidence has no significant effect on decision-making on debt undertaken by owner Managers, 2) Illusion of Control has significant effect on decision-making on debt undertaken by the SME owner managers, 3) Avaibility has no significant effect on decision-making on debt undertaken by the SME owner managers. This shows the SME’s managers in the selection of a rational debt as a source of funding. The rational attitude effected by the characteristics of respondents who was the Manager of the SME’s owner, i.e., the age of majority SME’s managers are still productive ranged from 37 to 54 years of age, mostly female, with a level of education mostly high school and college graduates, as well as long time effort over 10 years. Keywords: overconfidence, illusion of control, avaibility, decision making of debt

scholarly journals BEHAVIORAL FINANCE- EVIDENCE FROM TEHRAN STOCK EXCHANGE

2016 ◽  
Vol 4 (12) ◽  
pp. 79-84
Author(s):  
Mojtaba Mortezaee ◽  
Davoud Sanji ◽  
Majid Govahi
Keyword(s):  
Behavioral Finance ◽  
Capital Market ◽  
Financial Risk ◽  
Stock Exchange ◽  
Behavioural Finance ◽  
Psychological Variables ◽  
Financial Reports ◽  
Financial Decision ◽  
Political Economic ◽  
Psychological Parameters

A capital market is a vast and controversial issue in financial matters and especially behavioural finance. Indeed, behavioural finance is aim to survived the influence of the psychological variables on financial markets transformation. It should be noted that financial investors may have different level of rational behaviour, which leads to different kinds of effects, which can elaborate market inconsistency. Classical finance assumes the investors as rational peoples who try to select the most lucrative and efficient portfolio considering expected financial risk. Behavioural finance model mainly focus on psychological parameters. Tehran Stock Exchange (TSE) is affected by many financial and economic variables. Investor in this financial market is affected by different data. Present study is aim to examine psychological variables beside political, economic and capital market features factors. Research data collects in 2015 and analysis by LISREL software. The results reveal that political, economic and psychological parameters respectively are the most important variables which affect the investor decision making behaviour. The internal financial reports and market return are less effective factor in their financial decision behavior.

scholarly journals The Impact of Behavioral Biases on Herding Behavior of Investors in Islamic Financial Products

2021 ◽  
Vol 11 ◽  
Author(s):  
Sajid Mohy Ul Din ◽  
Shabra Khalid Mehmood ◽  
Arfan Shahzad ◽  
Israr Ahmad ◽  
Alla Davidyants ◽  
...  
Keyword(s):  
Behavioral Finance ◽  
Positive Impact ◽  
Theoretical Perspective ◽  
Illusion Of Control ◽  
Herding Behavior ◽  
Information Availability ◽  
Behavioral Biases ◽  
Mediating Role ◽  
Financial Products ◽  
The Impact

The study aimed to investigate the impact of behavioral biases on herding for Islamic financial products with the mediation of shariah literacy. An adopted questionnaire from several published studies was used to collect data. The data were collected from 410 respondents and were analyzed with SmartPLS. The results for the direct impact showed that self-attribution, illusion of control, and information availability have a positive and significant impact on herding for Islamic financial products while shariah literacy showed an insignificant impact on herding. The results for mediation showed that previously significant and positive impact turned to insignificant when shariah literacy was introduced as mediating variable between the illusion of control, self-attribution, information availability, and herding. From a theoretical perspective, this study would contribute to the existing body of knowledge of financial decision making from shariah literacy point-out. On the other hand, the findings of this study may be useful for investors to avoid herding in the Islamic financial markets. The authors synthesize the contribution made by behavioral finance studies in extending the knowledge of herding behavior in Islamic financial products with a mediating role of shariah literacy. The key limitation of the study includes data that were collected from three districts of Punjab, Pakistan.

scholarly journals A Study on Application of the Behaviourial Finance in Investment Decisions

2020 ◽  
pp. 251-255
Keyword(s):  
Behavioral Finance ◽  
Building Blocks ◽  
Efficient Market Hypothesis ◽  
Investment Strategies ◽  
Efficient Market ◽  
Behavioural Finance ◽  
Limits To Arbitrage ◽  
The People ◽  
New Development ◽  
Full Rationality

Financial markets are influenced by various factors but the most important factors is the reaction as well as perception of the people. Basically there are two discipline of financial market study i.e., Traditional finance and the new development called Behaviourial finance.Traditional finance foundation is truly based on efficient market concept&Behavioral finance argues that some financial phenomena can plausibly be understood using models in which some agents are not fully rational. The field has two building blocks: limits to arbitrage, which argues that it can be difficult for rational traders to undo the dislocations caused byless rational traders; and psychology, which catalogues the kinds of deviations from full rationality we might expect to see. We close by assessing progress in the field and speculating about its future course. In this paper an attempt has been made to highlight the shortcomings of the traditional finance theories as pointed out by behavioural finance supporters and also a discussion on the significance of behavioural finance. While conventional academic finance emphasizes theories such as modern portfolio theory and the efficient market hypothesis, the emerging field of behavioral finance investigates the psychological and sociological issues that impact the decision-making process of individuals, groups, and organizations. This paper will discuss some general principles of behavioral finance including the following: overconfidence, financial cognitive dissonance, the theory of regret, and prospect theory. In conclusion, the paper will provide strategies to assist individuals to resolve these “mental mistakes and errors” by recommending some important investment strategies for those who invest in stocks and mutual funds

scholarly journals Investment Strategies and Trading Approaches in Behavioural Finance

2020 ◽  
Vol 8 (1) ◽  
pp. 42-47
Author(s):  
Bham Bham Babu
Keyword(s):  
Behavioral Finance ◽  
Investment Strategies ◽  
Behavioural Finance ◽  
Exchange Traded Fund

The behavioral finance literature documents several long-term investment strategies that persistently generate superior risk-adjusted returns. This study focuses on several investment strategies, trading approaches, and problems with the traditional financial theory’s explaining their logic and the historical returns generated by these strategies. In the case of the investor’s sentiment indicators and the anomaly, an exchange-traded fund (ETF) has been created to enable investors to simply and efficiently invest in the strategy.

scholarly journals AN EMPIRICAL STUDY OF INDIVIDUAL INVESTORS’ BEHAVIORAL BIASES IN THE VIETNAMESE STOCK MARKET

2012 ◽  
Vol 15 (1) ◽  
pp. 5-13
Author(s):  
Quan Duc Hoang Vuong ◽  
Phuc Quy Dao
Keyword(s):  
Stock Market ◽  
Behavioral Finance ◽  
Ambiguity Aversion ◽  
Self Control ◽  
Illusion Of Control ◽  
Individual Investors ◽  
Optimism Bias ◽  
Behavioral Biases ◽  
Average Value ◽  
Investment Experience

The study aims to determine individual investors’ behavioral biases at individual level in the Vietnamese stock market and investigate the relationships between mutual behavioral biases, between demographic variables and behavioral biases, between stock investment variables and behavioral biases. This is a quantitative research in behavioral finance with the survey conducted in forms of questionnaire. Each question is a problem which requires investors to make decision. The research finds out that there are specific behavioral biases which influence investors’ investment decisions. Furthermore, there are relationships between gender and illusion of control bias, gender and optimism bias, gender and self-control bias. We also realize relationships between average value per trading times and investment experience, average value per trading times and loss aversion bias, trading frequency and optimism bias, investment experience and optimism bias, monthly income and optimism, age and cognitive dissonance bias. Our findings confirm relationships between mutual behavioral biases mentioned in behavioral finance such as relationships between framing bias and mental accounting bias, illusion of control bias and overconfidence bias. Additionally, we find out relationships between ambiguity aversion bias and confirmation bias.

scholarly journals Behavioural Finance: a Literature

2020 ◽  
Vol 8 (6) ◽  
pp. 2113-2116
Keyword(s):  
Stock Market ◽  
Behavioral Finance ◽  
Systematic Study ◽  
Financial Service ◽  
Behavioural Finance ◽  
Individual Professional

Behavioral finance is a systematic study of investors’ investments in the stock market, and various investments avenues are available in the market, every individual, professional investors, and financial service firm’s deal with different securities for maximization of profits and minimization of risk during the process, so many biases knowingly and unknowingly involved by the investors.

scholarly journals BEHAVIORAL FINANCE DAN PENGARUHNYATERHADAP PENGAMBILAN KEPUTUSAN HUTANG (Studi Pada Usaha Kecil Dan Menengah (UKM) di Pulau Lombok )

2018 ◽  
Vol 7 (1) ◽  
Author(s):  
Siti Aisyah Hidayati ◽  
Sri Wahyulina ◽  
Embun Suryani
Keyword(s):  
Decision Making ◽  
Behavioral Finance ◽  
College Graduates ◽  
Illusion Of Control ◽  
Statistical Tools ◽  
Level Of Education ◽  
Long Time ◽  
Question Form ◽  
Age Of Majority ◽  
Selection Of

This research aims to analyze: 1) The effect of overconfidence against debt decision-making on SME’s, 2) The Effect of the illusion of control against debt decision-making on SME’s, 3) The effect of availability against debt decision-making on SME’s.This research is a research-based approach to quantitative, with this type of research is explanatory research. The population of the research was all SME’s that are located on the island of Lombok. The technique of sampling done with Non probability sampling, i.e. using judgement sampling i.e. selecting SME’s engaged in pottery industry and already exports. Of the population, there are 35 (thirty five) SME’s which can be taken as a sample. The respondents in this study was a financial manager at the same time as the owner of each such SME’s. Data collection techniques used in this research is to use the question form. To achieve the research objectives and hypothesis testing, then the data acquired will be processed according to your needs by using statistical tools GSCA (Generalized Structured Component Analysis).The results showed: 1) Overconfidence has no significant effect on decision-making on debt undertaken by owner Managers, 2) Illusion of Control has significant effect on decision-making on debt undertaken by the SME owner managers, 3) Avaibility has no significant effect on decision-making on debt undertaken by the SME owner managers. This shows the SME’s managers in the selection of a rational debt as a source of funding. The rational attitude effected by the characteristics of respondents who was the Manager of the SME’s owner, i.e., the age of majority SME’s managers are still productive ranged from 37 to 54 years of age, mostly female, with a level of education mostly high school and college graduates, as well as long time effort over 10 years. Keywords: overconfidence, illusion of control, avaibility, decision making of debt

Kognitive Verzerrungen bei pathologischen Sportwettern im Vergleich mit Automatenspielern – eine Analyse unter Anwendung des Gamblers Beliefs Questionnaire

2018 ◽  
Vol 64 (1) ◽  
pp. 21-28 ◽  
Author(s):  
Jens Kalke ◽  
Sascha Milin ◽  
Sven Buth
Keyword(s):  
Illusion Of Control ◽  
Eine Analyse ◽  
Dsm Iv

Zusammenfassung. Zielsetzung: Aus der internationalen Glücksspielforschung ist bekannt, dass kognitive Verzerrungen mit einer problematischen Glücksspielteilnahme in Beziehung stehen. Spezielle Spielergruppen, die sich nach ihrer favorisierten Glücksspielart unterscheiden, standen dabei bisher jedoch selten im Fokus wissenschaftlicher Untersuchungen. In dieser Studie werden erstmals die kognitiven Verzerrungen bei pathologischen Automatenspielern und Sportwettern dargestellt und in Form eines Gruppenvergleichs analysiert und diskutiert. Methodik: Es werden die Ergebnisse einer (schriftlichen) Befragung von 72 Automatenspielern und 37 Sportwettern dargestellt. Die befragten Personen erfüllen mindestens 5 Kriterien nach DSM-IV. Die Erfassung der kognitiven Erfahrungen erfolgt unter Anwendung des Gamblers Beliefs Questionaire (GBQ). Dieses Instrument beinhaltet zwei Subskalen, die zwischen den Bereichen „Luck/Perseverance“ (Glaube an das persönliche Glück beim Spielen/irrationale Überzeugungen) und „Illusion of control“ (Glaube, den Ausgang des Spiels beeinflussen zu können) differenzieren. Zudem kann der Gesamtscore (Summe aus den Werten der beiden Subskalen) berichtet werden. Für die Prüfung der statistischen Bedeutsamkeit von Unterschieden zwischen beiden Spielergruppen kamen Chi-Quadrat-Tests (bei ordinal skalierten Variablen) oder Varianzanalysen (bei metrischen Variablen) zur Anwendung. Ergebnisse: Die Sportwetter kommen auf einen signifikant höheren Gesamtscore als die Automatenspieler (96,0 zu 81,4), d. h. die kognitiven Verzerrungen sind bei ihnen deutlich ausgeprägter als bei der zweitgenannten Gruppe. Bezogen auf die beiden Sub-Skalen des GBQ ergeben sich sowohl beim persönlichen Glauben an das Glück (56,9 zu 50,7) als auch bei den Kontroll-Illusionen (39,2 zu 30,7) höhere Werte bei den Sportwettern. Schlussfolgerungen: In der Behandlung der Glücksspielsucht sollte die therapeutische Aufarbeitung von kognitiven Verzerrungen eine bedeutsame Rolle spielen. Das gilt insbesondere für pathologische Sportwetter. Gleichfalls sollten präventive Interventionen durchgeführt werden, mit denen der Entstehung von Trugschlüssen über das Glücksspiel und Kontroll-Illusionen vorgebeugt wird.

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