NOVICE INVESTOR BEHAVIOR IN INDONESIA STOCK EXCHANGE: A COMPARATIVE STUDY BEFORE AND DURING COVID-19 PANDEMIC

Eko Ganiarto, Farida Komalasari, Lucia Elshadai Lastria Monita Manik

Abstract


Investor pemula mempunyai peran penting dalam perekonomian Indonesia. Jumlah investor pemula menunjukkan peningkatan yang signifikan. Mempelajari perilaku para investor pemula merupakan hal yang menarik, mengingat segala aktivitas mereka pada akhirnya akan mempengaruhi investasi dan perekonomian secara keseluruhan. Tujuan studi ini adalah menentukan faktor-faktor apa saja yang mempengaruhi perilaku investasi para investor pemula dan melihat apakah ada perbedaan perilaku berinvestasi para investor pemula antara, baik saat sebelum Ppandemi Ccovid-19 dan selama Ppandemi Ccovid-19. Studi ini merupakan penelitian kuantitatif, yang mengimplementasikan teori  perilaku terencana (the theory of planned behavior) dengan mewawancarai 234 investor pemula di Bursa Efek Indonesia sebagai (responden)  yang dipilih dengan metode purposive sampling. Variabel yang digunakan meliputi : sikap investor terhadap investasi (attitude toward investment), norma subjektif dalam berinvestasi (subjective norm in investing), dan persepsi pengendalian perilaku dalam berinvestasi (perceived behavioral control in investing)  sebagai variabel independen.  Sementara niat berinvestasi (investing intention) dan perilaku berinvestasi (investing behavior) sebagai variabel dependen. Data diolah dan dianalisis dengan menggunakan model SEM ( Stuctural Equation Modelling (SEM)). Hasil studi menunjukkan bahwa pada masa Ppandemi Ccovid-19, sikap investor, norma subjektif, dan persepsi pengendalian perilaku, berpengaruh pada niat berinvestasi investor pemula. Sementara pada saat sebelum Ppandemi Ccovid-19, norma subyektif tidak berpengaruh pada niat berinvestasi. Selanjutnya, pada kedua periode tersebut(sebelum dan selama pandemi covid-19), niat berinvestasi mempengaruhi perilaku berinvestasi investor pemula.

Keywords


investor pemula, teori perilaku terencana, niat berinvestasi, perilaku berinvestasi, Bursa Efek Indonesia.

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DOI: http://dx.doi.org/10.33021/firm.v6i1.1441

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