Faktor-Faktor yang Mempengaruhi Investor Individu dalam Pengambilan Keputusan Investasi Sekuritas di Bursa Efek Indonesia (BEI)

Dihin Septyanto

Abstract


Abstract

The goal is to examine and obtain empirical evidence about the factors that affect the behavior of investors in securities investment decision in the Indonesia Stock Exchange using the benefits of financial information (information usefulness ). This study uses causality - explanatory . The study subjects were selected existing individual investors in the Indonesia Stock Exchange 135 respondents . This selection is determined to find out the benefits of financial information in investment , sophisticated and rational attitudes about utility maximization in investment decision-making process . Data analysis using Structural Equation Modeling with AMOS program.The analysis showed that the financial statements do not have the benefit of changing the initial confidence of investors to undertake investment decisions. The study shows that the benefits of financial information has no effect on investment intentions. The analysis also showed that subjective norms to positively affect the investment intentions , that is, the higher the power of social influence , the investor 's intention to invest higher. The study results also showed a positive effect of subjective norm on belief revision. The other results showed the revised beliefs positively affect the investment intentions , it indicates investors' perception of financial and non- financial information that is motivated to change the initial beliefs about the repositioning of stock. The findings of this study are investors were unsophisticated and irrational because it does not use the information in the financial statements of the investment decision-making stock .

Keywords: fundamental knowledge , belief revision , subjective norm 


References


Daftar Pustaka

Anderson, R.H, and Epstein, M.J, “Individual investors and corporate annual reports:an international comparisonâ€, Paper presented at the 8th World Congress of the International Association for Accounting Education and Research, Paris, 1997

Antonides, Gerrit, and Nice L. Van Der Sar, “Individual Expectations, Risk Perception And Preferences In Relation To Investment Decision Makingâ€, The Social Science Research Network Electronic Paper Collection, http://papers.ssrn.com/abstract =244281, pp. 1-31. 1989

Arbuckle, James L, “Amos Users’ Guide Version 3.6â€, SmallWaters Corporation, 1997

Arrozi, Muhammad Fachruddin, “Manfaat Informasi Keuangan dalam Memprediksi Return Sahamâ€, Jurnal Akuntansi dan Keuangan Teropong, Thn 1 No. 2, Mei 2006, Jakarta, 2006

Ashton, A.H., and R.H., Ashton, “Sequential Belief Revision in Auditingâ€, Accounting Review, Vol. 63, Oktober, pp 623 – 641, 1988

Benzion, U.,A, Rapoport and J. Yagil, “Discount rates inferred from decisions: An experimental studyâ€, Management Science 35, pp. 270-284. 1989

Campbell, J.A., and W. Beranek, “Stock Price Behavior on Ex-Dividend Datesâ€, Journal of Finnace, 10, pp. 425-429, 1955

Capstaff, John, “The Usefulness of UK accounting and market data for predicting the perceived risk class of securitiesâ€, Accounting and Business Research, Vol.22, No.87, pp 219-228, 1992.

Fama, “Efficient Capital Markets : A Review of Theory and Empirical Workâ€, Journal of Finance 25, halaman 383 – 417.1970, 1970

Fama EF, and French, KR, “The Cross Section of Expected Stock Returnâ€, The Journal of Finance, 47 (2), pp. 427-465. 1992.

Farrelly, G., Ferris, K., and Reichenstein, W., “Perceived Risk, Market Risk, and Accounting Determined Risk Measuresâ€, The Accounting Review, 60, 278 – 288. 1985

FASB tentang SFAC No.1, “Tujuan Pelaporan Keuangan Oleh Perusahaan Bisnisâ€, 1980

Farid Harianto dan Siswanto Sudomo, â€Perangkat dan Teknik Analisis Investasiâ€, Bursa Efek Jakarta (BEJ), Jakarta, 1998

Gul, F.A., “The Effect of Management Accounting System And Environmental Uncertainty on Small Business manager’s Performanceâ€, Accounting and Business Research, Vol. 22, No. 85, pp. 57-61, 1991

Gul, F.A. and Yew M. Chia., “The Effect of management Accounting Systems, Perceived Environmental Uncertainty and Decentralization on Managerial Performanceâ€, Accounting Organizations and Society, Vol. 19, pp 413-426, 1994

Grundy, K., and Malkiel, BG, “Reports of Beta’s Death have been Greatly Exaggeratedâ€, Journal of Portfolio Management, 22, pp. 36-44, 1996

Hair, J.,F., Jr., R.E. Anderson, R.L. Tatham, and W.C. Black, “Multivariate Data Analysis With Readingsâ€, Macmilan Publishing Company, Indiana, 1998

Hite, P., “The Effect of Peer Reporting Behavior on Taxpayer Complianceâ€, The Journal of American Taxation Association (Spring), 1988

Hitt, A. Michael, R. Duane Ireland, and Robert E. Hoskisson, “Strategic Management: Competitiveness and Globalizationâ€, West Publishing Company, 1995

Hsu, Meng-Hsiang, and Chao-Min Chiu, “Predicting electronic service continuance with a decomposed theory of planned behaviorâ€, Behaviour & Information Technology, 23(5): 359-373, 2004

Jordan, Jenny, and Kaas, P. Klaus, â€Advertising in the mutual fund business : the role of judgmental heuristics in private investors’ evaluation of risk and returnâ€, Journal of Financial Services Marketing, November, Vol. 7, No. 2, ABI/INFORM Global, pp 129-140, 2002

Joyce, E.J., and Biddle, G.C., “Anchoring and Adjustment in Probabilistic Inference in Auditingâ€, Journal of Accounting Research, Vol 19, pp. 120 – 145, 1981

Lawrence, P. dan J. Lorsch, “Differentiation and Integration in Complex Organizationâ€, Administrative Science Quarterly, June, pp. 1-71, 1967

Lewis, W., Agarwal, R. and Sambamurthy, V., “Sources of influence on beliefs about information technology use: an empirical study of knowledge workersâ€, MIS Quarterly, Vol. 27 No. 4, pp. 657-78, 2003

Luthans, Fred, “Organizational Behaviorâ€, Edisi 10, Edisi bahasa Indonesia, Penerbit Andi, Yogyakarta, 2005

Markowitz, H.M., “Portofolio Selectionâ€, Journal of Finance, March, pp. 77-91, 1952

McDonald, J.G., and Stehle, R.E., “How Do Institutional Investors Perceive Risk ?â€, Journal of Portfolio Management 2, 1:pp. 11 – 16, 1975

MBA thesis, “School of Managementâ€, University Sains Malaysia, Penang

Mear, R., and Firth, M., “Risk Perception on Financial Analyst and The Use of Market and Accounting Dataâ€, Accounting and Business Research, 18, pp. 335 – 340, 1988

Nofsinger, John R., “The Psychology of Investingâ€, Pearson Education, Second Ed., NJ: Upper Saddle River, 2005

Paimpo dan Didi, “Bukan waktunya lagi mengandalkan rumorâ€, Media Akuntansi, No. 10, 2000

Scott, William R., “Financial Accounting Theoryâ€, 3rd ed, Pearson Education Canada Inc, Toronto, 2003

Sekaran, Uma, “Research Methods For Business: A Skill Building Approachâ€, 4th edition, John & Wiley Sons Inc., United States of America, 2003

Selva, Mohan, “Earnings and Stock Selectionâ€, http://www.ssrn.com" : GEL Classification: M41, 1995

Shane, S., and Kolvereid, L., “National Environment, Strategy, and New Venture Performance: A Three Country Studyâ€, Journal of Small Business management, April, pp. 37-50, 1995

Smith, G.F., P.G. Benson, and S.P. Curley, “Belief, Knowledge, and Uncertainty: A Cognitive Perspective on Subjective Probabilityâ€, Organizational Behaviour and Human Decision Processes 48, pp. 291-321, 1991

Snelbecker, E. Glenn., Roszkowski J. Michael, and Cutler, E. Neal, “Investors’ Risk Tolerance and Return Aspiration, and Financial Advisors’ Interpretations : A Conceptual Model and Exploratory Dataâ€, The Journal of Behavioral Economics, Vo. 19, No. 4, pp. 377 – 393, 1990

Spence, “Job Market Signalingâ€, Quarterly Journal of Economics, 87 (3) : 355-374, 1973

Statement of Financial Accounting Consepts (SFAC) No. 2, “Qualitative Characteristic of accounting Informationâ€, Publication Departmen FASB, Stamford, Connecticut, 1980

Stainbank, L, and C. Peebles, “The usefulness of corporate annual reports in South Africa: perceptions of preparers and usâ€, Meditari Accountancy Research, Vol. 14 No.1 : 69-80, 2006

Weston, J. Fred, dan Copeland, Thomas E., â€Manajemen Keuanganâ€, Edisi ke 9, Binarupa Aksara, Jakarta, 1995

Yeoh, P.L., and Jeong, I., “Contingency Relationship between Entrepreneurship, export channel structure and environment: A proposed conceptual model of export performanceâ€, European Journal of Marketing, Vol. 29, pp 95-115

Zamahsari, Moezamil, “Kebutuhan Informasi Pemodal Dalam Membeli Saham di Pasar Modalâ€, Info Pasar Modal, No. 3, Tahun I, hlm 9, April Jakarta




DOI: https://doi.org/10.47007/jeko.v4i2.1030

Refbacks

  • There are currently no refbacks.


     

 

Lembaga Penerbitan Universitas Esa Unggul
Jalan Arjuna Utara No 9 Kebon Jeruk Jakarta 11510
Telp : 021 5674223 ext 266

email : [email protected]

 

 

Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.