Jurnal
Cognitive Biases in Investment Decision: Do Education and Income Make a Difference?
Dinamika Pendidikan
ISSN 2502-5074, 1907-3720
Terbit 2025-03-28
Penerbit Economics Education Department Universitas Negeri Semarang
Bahasa eng
Abstrak
This study aims to extensively research the effects of cognitive biases on individual investment decisions. The population of this research is investors in Indonesia and the sampling technique used is random sampling, obtained 574 respondents from 34 provinces in Indonesia. Quantitative data were collected through structured questionnaires and analyzed using multiple linear regression and moderated-moderation model in the PROCESS Procedure for SPSS Version 4.1 by Hayes. Results indicate that herding bias has a negative influence, discouraging investors from following market trends, while loss aversion, framing, anchoring, and mental accounting positively impact investment decisions; these biases are moderated by demographic factors. The findings imply that demographic factors do not interact jointly but operate independently to impact investment behavior. This research is novel in its exploration of moderated-moderation effects to reveal nuanced interactions between cognitive biases and demographics in shaping investment decisions.
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Sumber metadata: OAI-PMH (metadata jurnal) https://journal.unnes.ac.id/journals/DP/oai, pertama di-harvest 5 Nov 2026, terakhir terlihat 8 Nov 2026.
Metadata asli (oai_dc)
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<dc:title xml:lang="en">Cognitive Biases in Investment Decision: Do Education and Income Make a Difference?</dc:title>
<dc:creator xml:lang="en">Herlianti, Elva</dc:creator>
<dc:creator xml:lang="en">Nugraha</dc:creator>
<dc:creator xml:lang="en">Disman</dc:creator>
<dc:creator xml:lang="en">Supriyatna, Yayat </dc:creator>
<dc:creator xml:lang="en">Purnamasari, Imas </dc:creator>
<dc:subject xml:lang="en">Cognitive Biases</dc:subject>
<dc:subject xml:lang="en">Demographic Factors</dc:subject>
<dc:subject xml:lang="en">Investment Decision</dc:subject>
<dc:subject xml:lang="en">Indonesian Stock Market</dc:subject>
<dc:subject xml:lang="en">Moderated-Moderation Effects</dc:subject>
<dc:description xml:lang="en">This study aims to extensively research the effects of cognitive biases on individual investment decisions. The population of this research is investors in Indonesia and the sampling technique used is random sampling, obtained 574 respondents from 34 provinces in Indonesia. Quantitative data were collected through structured questionnaires and analyzed using multiple linear regression and moderated-moderation model in the PROCESS Procedure for SPSS Version 4.1 by Hayes. Results indicate that herding bias has a negative influence, discouraging investors from following market trends, while loss aversion, framing, anchoring, and mental accounting positively impact investment decisions; these biases are moderated by demographic factors. The findings imply that demographic factors do not interact jointly but operate independently to impact investment behavior. This research is novel in its exploration of moderated-moderation effects to reveal nuanced interactions between cognitive biases and demographics in shaping investment decisions.</dc:description>
<dc:publisher xml:lang="en">Economics Education Department Universitas Negeri Semarang</dc:publisher>
<dc:date>2025-03-28</dc:date>
<dc:type>info:eu-repo/semantics/article</dc:type>
<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
<dc:type xml:lang="en">Peer-reviewed Article</dc:type>
<dc:format>application/pdf</dc:format>
<dc:identifier>https://journal.unnes.ac.id/journals/DP/article/view/20991</dc:identifier>
<dc:identifier>10.15294/dp.v19i2.20991</dc:identifier>
<dc:source xml:lang="en">Dinamika Pendidikan; Vol. 19 No. 2 (2024); 257-269</dc:source>
<dc:source>2502-5074</dc:source>
<dc:source>1907-3720</dc:source>
<dc:source>10.15294/dp.v19i2</dc:source>
<dc:language>eng</dc:language>
<dc:relation>https://journal.unnes.ac.id/journals/DP/article/view/20991/3476</dc:relation>
<dc:rights xml:lang="en">Copyright (c) 2025 Dinamika Pendidikan</dc:rights>
</oai_dc:dc>
Sitasi dan pengindeksan
Jumlah menurut tiap indeks pada 8 Nov 2026; setiap indeks menghitung sitasi dengan cara berbeda.
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APA 7
Herlianti, E., Nugraha, Disman, Supriyatna, Y., & Purnamasari, I. (2025). Cognitive Biases in Investment Decision: Do Education and Income Make a Difference?. Dinamika Pendidikan, 19(2), 257–269. https://doi.org/10.15294/dp.v19i2.20991
Salin
IEEE
E. Herlianti, Nugraha, Disman, Y. Supriyatna, and I. Purnamasari, “Cognitive Biases in Investment Decision: Do Education and Income Make a Difference?,” Dinamika Pendidikan, vol. 19, no. 2, pp. 257–269, 2025, doi: 10.15294/dp.v19i2.20991.
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