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DAMPAK BIAS KEPERILAKUAN TERHADAP KEPUTUSAN KEUANGAN TREASURY: Peran Mediasi Toleransi Risiko Dan Moderasi Tata Kelola Serta Locus Of Control Di Pasar Uang Antar Bank Dan Repo Indonesia
Penelitian ini mengkaji pengaruh bias keperilakuan terhadap keputusan keuangan treasury di pasar uang antar bank (PUAB) dan pasar repo Indonesia, dengan fokus pada toleransi risiko, tata kelola perusahaan, dan locus of control. Data dikumpulkan dari 590 responden melalui purposive sampling dan survei online pada tahun 2024. Analisis menggunakan Conditional Process Analysis dengan model type 10 dari Hayes, untuk menguji pengaruh lima jenis bias keperilakuan (overconfidence, anchoring, confirmation bias, herding bias, dan loss aversion) terhadap keputusan keuangan, dengan toleransi risiko sebagai mediator dan tata kelola perusahaan serta locus of control sebagai moderator. Hasil penelitian menunjukkan bahwa bias keperilakuan berpengaruh negatif signifikan terhadap toleransi risiko (Coeff = -0,1016; p < 0,001), yang kemudian memediasi pengaruhnya terhadap keputusan keuangan (Coeff = 0,3470; p < 0,001). Tata kelola perusahaan memperkuat hubungan antara bias keperilakuan dan toleransi risiko (Coeff = 0,0047; p = 0,0013), sementara locus of control berpengaruh positif signifikan terhadap toleransi risiko (Coeff = 0,0052; p = 0,0104). Namun, moderasi tata kelola perusahaan dan locus of control terhadap keputusan keuangan tidak signifikan (Coeff = 0,0011; p = 0,6992) dan (Coeff = -0,0066; p = 0,0979). Penelitian ini berkontribusi pada behavioral finance, menunjukkan bahwa toleransi risiko memainkan peran penting sebagai mediator dalam pengambilan keputusan keuangan. Implikasi kebijakan menunjukkan pentingnya pengelolaan locus of control dan tata kelola perusahaan untuk mengurangi dampak bias keperilakuan dan meningkatkan keputusan keuangan yang lebih rasional. This study examines the impact of behavioral biases on treasury financial decisions in the interbank money market (IMM) and repo market in Indonesia, focusing on the integration of behavioral biases, risk tolerance, corporate governance, and locus of control. Data were collected from 590 respondents through purposive sampling and an online survey conducted in 2024. Conditional Process Analysis using Hayes' Type 10 model was applied to test the effects of five types of behavioral biases (overconfidence, anchoring, confirmation bias, herding bias, and loss aversion) on financial decisions, with risk tolerance as a mediator and corporate governance and locus of control as moderators. The results show that behavioral biases significantly negatively affect risk tolerance (Coeff = -0.1016; p < 0.001), which then mediates its impact on financial decision-making (Coeff = 0.3470; p < 0.001). Corporate governance strengthens the relationship between behavioral biases and risk tolerance (Coeff = 0.0047; p = 0.0013), while locus of control also has a significant positive effect on risk tolerance (Coeff = 0.0052; p = 0.0104). However, the moderation effects of corporate governance and locus of control on financial decisions are not significant (Coeff = 0.0011; p = 0.6992) and (Coeff = -0.0066; p = 0.0979). This study contributes to the field of behavioral finance, highlighting the importance of risk tolerance as a mediator in financial decision-making. Policy implications suggest that managing locus of control and enhancing corporate governance are crucial to mitigating the negative effects of behavioral biases and improving more rational financial decisions.
KODEPRODI61001#Manajemen_S3, Universitas Pendidikan Indonesia
DAMPAK BIAS KEPERILAKUAN TERHADAP KEPUTUSAN KEUANGAN TREASURY: Peran Mediasi Toleransi Risiko Dan Moderasi Tata Kelola Serta Locus Of Control Di Pasar Uang Antar Bank Dan Repo Indonesia (Text)
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HB Economic Theory
HD28 Management. Industrial Management
HG Finance