PERAN LOCUS OF CONTROL DALAM MEMODERASI PENGARUH REPRESENTATIVE DAN AVAILABILITY BIAS TERHADAP KEPUTUSAN INVESTASI SAHAM DI KOTA PONTIANAK

Yudi Maulana; Muhammad Zalviwan; Windi Pratiwi

doi:10.31539/ydrbp841

Authors

Yudi Maulana Universitas Panca Bhakti Pontianak
Muhammad Zalviwan Universitas Panca Bhakti Pontianak
Windi Pratiwi Universitas Panca Bhakti Pontianak

DOI:

https://doi.org/10.31539/ydrbp841

Keywords:

Representative Bias, Availability Bias, Keputusan Investasi Saham, Locus of Control.

Abstract

Penelitian ini dilakukan untuk mengetahui bagaimana pengaruh representative bias dan availability bias dalam menentukan keputusan investasi saham, khususnya pada masyarakat di Kota Pontianak, penelitian ini juga menguji apakah locus of control mampu menjadi faktor yang memoderasi hubungan tersebut. Penelitian menggunakan metode kuantitatif kausal dengan mengumpulkan data dari 137 responden melalui metode purposive sampling. Analisis data dilakukan menggunakan metode Partial Least Squares-Structural Equation Modeling (PLS-SEM) melalui perangkat lunak SmartPLS 3.0. Hasil dari penelitian ini mengungkapkan bahwa representative bias maupun availability bias memiliki pengaruh yang signifikan terhadap cara investor mengambil keputusan investasi saham, Selain itu, ditemukan juga bahwa locus of control terbukti signifikan dalam memoderasi hubungan representative bias dan availability bias terhadap keputusan investasi saham.

References

Agustin, I. N., & Lysion, F. (2021). Analisis Faktor-Faktor yang Mempengaruhi Pengambilan Keputusan Investasi Saham pada Investor Generasi Milenial di Kota Batam yang dengan Locus of Controlsebagai Variabel Moderasi. Conference on Management, Business, Innovation, Education and Social Science, 1(1), 1–18. https://journal.uib.ac.id/index.php/combines

Ayu, I. G., Sonia, A., Suartana, I. W., Sisdyani, E. A., Wijana, I. N., & Putra, A. (2024). The Role of Locus of Control in Moderating the Effect of Behavioral Bias on Investment Decision Making. Research Journal of Finance and Accounting, 15(5), 1–9. https://doi.org/10.7176/rjfa/15-5-01

Azhari, R., & Damingun. (2021). Pengaruh Bias Representative terhadap Keputusan Investasi di Pasar Modal. Borneo Student Research, 2(2), 1424–1430.

Carolina, A., & Wiyanto, H. (2023). Pengaruh Overconfidence, Representativeness dan Herding Behavior terhadap Keputusan Investasi Saham Generasi Milenial di Jakarta. Jurnal Manajerial Dan Kewirausahaan, 5(4), 857–866. https://doi.org/10.24912/jmk.v5i4.26926

Cipta Novwedayaningayu, H., & Kurnia Saputri, C. (2020). Peran Bias Availability dan Bias Representativeness Dalam Keputusan Investasi. Management Research, 2(1), 25–31. http://jom.untidar.ac.id/index.php/market/index

Cohen, J. (1992). Quantitative methods in psychology: A power primer. Psychol. Bull., 112, 1155–1159.

Cuandra, F., & Tan, H. (2021). Analysis of Factors That Are Considered By Investors in Stocks Investment Decision Making in Batam City. JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis Dan Inovasi Universitas Sam Ratulangi)., 8(1), 1–31. https://doi.org/10.35794/jmbi.v8i1.33266

Dangol, J., & Manandhar, R. (2020). Impact of Heuristics on Investment Decisions: The Moderating Role of Locus of Control. Journal of Business and Social Sciences Research, 5(1), 1–14. https://doi.org/10.3126/jbssr.v5i1.30195

Dr. Aftab Alam. (2025). Cognitive Biases in Financial Decision-Making. International Journal of Integrated Research and Practice, 10(3). https://doi.org/10.25215/31075037.026

Duryadi. (2021). METODE PENELITIAN ILMIAH: Metode Penelitian Empiris Model Path Analysis dan Analisis Menggunakan SmartPLS (J. Teguh Santoso (ed.)). Yayasan Prima Agus Teknik Bekerja sama dengan Universitas Sains & Teknologi Komputer (Universitas STEKOM).

Eduardus Tandelilin, M. B. A. (2020). Manajemen Portofolio dan Investasi. PT Kanisius.

Fadila, N., Goso, G., Hamid, R. S., & Ukkas, I. (2022). Pengaruh Literasi Keuangan, Financial Technology, Persepsi Risiko, dan Locus of Control Terhadap Keputusan Investasi Pengusaha Muda. Owner, 6(2), 1633–1643. https://doi.org/10.33395/owner.v6i2.789

Gahlot, P., & Sachdeva, K. (2025). Behavioral Biases Influencing Investor’s Decisions in NCR: Locus of Control a Moderating Variable. Journal of Informatics Education and Research, 5(2), 3873–3889. https://doi.org/10.52783/jier.v5i2.2867

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

Ikram, Z. (2024). An Empirical Investigation on Behavioral Determinantson, Impact on Investment Decision Making, Moderating Role of Locus of Control. Journal of Poverty, Investment and Development, 26(11), 44–50. www.iiste.org

Jessica Willyanto, Grace Vannesa Wijaya, & Evelyn. (2022). Pengaruh Bias Terhadap Keputusan Investasi SahamPada Investor Muda Di Surabaya. Jurnal Akuntansi Pajak.

KSEI. (2025). KSEI. KSEI. https://web.ksei.co.id/files/Statistik_Publik_Agustus_2025.pdf

Maiziyah, A. R., & Helmayunita, N. (2023). Pengaruh Representativeness Bias dan Availability Bias terhadap Pengambilan Keputusan Investasi. Jurnal Nuansa Karya Akuntansi, 1(3), 261–273.

Purba, B., Wijaya, I., Peranginangin, A. muli, Susilo, D., Rasit, R., Taruna, M. S., Tansuria, B. I., Pratiwi, W., Zalviwan, M., Hastalona, D., Iskandar, R., Alwi, M. jannah, & Fajrillah, F. (2024). Manajemen Pasar Uang dan Pasar Modal. Yayasan Kita Menulis.

Rasheed, M. H., Rafique, A., Zahid, T., & Akhtar, M. W. (2018). Factors influencing investor’s decision making in Pakistan: Moderating the role of locus of control. Review of Behavioral Finance, 10(1), 70–87. https://doi.org/10.1108/RBF-05-2016-0028

Renn, R. W., & Vandenberg, R. J. (1991). Differences in employee attitudes and behaviors based on Rotter’s (1966) internal-external locus of control: Are they all valid? Human Relations, 44(11), 1161–1178.

Suci Sudani, F., & Putri Pertiwi, I. F. (2022). Financial Information Analysis to Minimize Availability Bias, Representative Bias, Anchoring Bias and Adjustment Bias, and Overconfidence Bias in Ivestment Decision Making (Study on Investors at the Sharia Investment Gallery of UIN Raden Mas Said. Social Science Studies, 2(5), 446–460. https://doi.org/10.47153/sss25.3852022

Taufik Hidayat, Benny Oktaviano, & Roni Baharuddin. (2023). Keputusan Investasi Berdasarkan Literasi Keuangan,Pengetahuan Investasi Dan Persepsi Risiko. Journal of Science and Social Research, 6(2), 441–452.

Tversky, A., & Kahneman, D. (1974). Judgment under Uncertainty: Heuristics and Biases. Science, 185(4157), 1124–1131. http://www.jstor.org/stable/1738360