PERAN BIAS PERILAKU DALAM MEMEDIASI PENGARUH LITERASI KEUANGAN DAN FAKTOR SOSIODEMOGRAFI TERHADAP KEPUTUSAN INVESTASI SAHAM

Abstract

Investment is an economic activity that involves investing directly or indirectly, so that owners of capital have the opportunity to benefit from secured capital in the future. The research was conducted to determine the role that behavioral bias has in mediating the factors of stock investment decision making. The population used in this study were all stock investors in Denpasar City, with a total sample of 100 respondents based on a purposive sampling technique. SEM PLS is an analysis technique used in this study using the SmartPLS 4.0 application. Based on the analysis above, the results show that financial literacy, sociodemographic factors, and behavioral biases have a significant positive effect on stock investment decisions. Financial literacy and sociodemographic factors can influence investor behavior bias. Meanwhile, the effect of financial literacy and sociodemographic factors on investment decisions cannot be influenced by behavioral biases indirectly. From this study, it appears that in making stock investment decisions, Denpasar City investors have considered financial literacy, sociodemographic factors, and behavioral biases in order to avoid investment risks. Keywords: Behavioral Bias; Financial Literacy; Sociodemographic Factors; Investment Decsion.