Pengaruh Overconfidence dan Herding Bias pada Pembuatan Keputusan Investasi dengan Tingkat Pendidikan sebagai Variabel Moderasi
DOI:
https://doi.org/10.55606/optimal.v5i4.7921Keywords:
Behavioral Finance, Education Level, Herding Bias, Investment Decisions, OverconfidenceAbstract
This study aims to analyze the influence of overconfidence and herding behavioral biases on investment decisions, and examine the role of education level as a moderating variable in this relationship. This study is based on behavioral finance theory, which states that investment decisions are not always rational but are strongly influenced by psychological factors, such as overconfidence and the tendency to follow the majority (herding). Primary data were collected from 384 Indonesian capital market investors selected using a purposive sampling method, based on specific criteria relevant to the research objectives. The data collection instrument was a structured questionnaire designed to measure the variables studied. Data analysis was conducted using the Partial Least Squares–Structural Equation Modeling (PLS-SEM) approach using SmartPLS 4.0 software to test the causal relationship between variables and the moderating role of education. The results show that overconfidence and herding biases have a positive and significant influence on investment decisions. This means that the higher the level of self-confidence or the tendency to follow the majority, the greater the likelihood that investors will make investment decisions that may not be based on fundamental analysis. Interestingly, the results of the moderation test indicate that education level actually strengthens the influence of both biases. This contradicts the initial hypothesis that higher education would reduce the impact of behavioral bias. These findings suggest that formal education alone is insufficient to suppress behavioral bias in investment decision-making. In fact, the higher the education level, the more likely investors are to have greater analytical confidence in their own abilities and remain susceptible to herding behavior. Therefore, more practical and contextual financial literacy is needed to balance intellectual knowledge with psychological control in investing.
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