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EFEK MEDIASI PERCEIVED MARKET EFFICIENCY (PME) DALAM PENGARUH BIAS HEURISTIK TERHADAP KEPUTUSAN INVESTASI DENGAN MODERASI ASPEK DEMOGRAFI
Latifah Wulandari Binti Asbaruna, 2110177. Efek Mediasi Perceived Market Efficiency (PME) dalam Pengaruh Bias Heuristik terhadap Keputusan Investasi dengan Moderasi Aspek Demografi, di bawah bimbingan: Prof. Dr. H. Nugraha, S.E., Ak., M.Si., CA, CPA, CFP; Prof. Dr. H. Disman, M.S.; dan Prof. Dr. Ikaputera Waspada, M.M. Partisipasi investor ritel di pasar modal Indonesia meningkat signifikan pascapandemi. Namun, perilaku investasinya masih menunjukkan kecenderungan dipengaruhi bias heuristik dan persepsi subjektif terhadap pasar, alih-alih sepenuhnya mengandalkan pertimbangan rasional. Penelitian ini bertujuan untuk mengkaji pengaruh bias heuristik terhadap keputusan investasi dengan perceived market efficiency (PME) sebagai variabel mediasi, serta peran aspek demografis usia, jenis kelamin, dan status pernikahan sebagai variabel moderasi. Pendekatan kuantitatif digunakan dengan model moderated mediation (PROCESS Model 59 dari Hayes). Survei daring melibatkan 900 investor ritel aktif sebagai responden, dan data dianalisis menggunakan SPSS serta PROCESS Macro dengan teknik bootstrapping. Hasil penelitian menunjukkan bahwa bias heuristik memiliki pengaruh langsung yang signifikan terhadap keputusan investasi. Artinya, kecenderungan investor dalam menggunakan pendekatan intuitif seperti representativeness, availability, dan anchoring secara langsung memengaruhi cara mereka membuat keputusan dalam mengalokasikan dana investasinya. Hasil juga menunjukkan bahwa pengaruh bias kognitif tidak sepenuhnya dimediasi oleh persepsi terhadap efisiensi pasar (PME), tetapi dapat bekerja secara langsung dalam membentuk perilaku investasi. PME berperan penting dalam membentuk keyakinan investor terhadap informasi pasar dan menjadi jalur psikologis utama dalam proses pengambilan keputusan. Dari sisi demografi, usia dan jenis kelamin terbukti memoderasi hubungan antara bias heuristik dan PME, sedangkan status pernikahan tidak menunjukkan pengaruh moderasi yang signifikan. Tidak ditemukan pula efek moderasi demografi dalam hubungan antara PME dan keputusan investasi. Penelitian ini menegaskan bahwa keputusan investasi tidak semata-mata ditentukan oleh kemampuan dan strategi individu, tetapi juga oleh dinamika kognitif yang dipengaruhi persepsi terhadap efisiensi pasar. Temuan ini memperkaya wacana keuangan perilaku, serta mengindikasikan perlunya keterlibatan otoritas pasar modal, lembaga regulator, dan pelaku edukasi keuangan untuk merancang kebijakan dan program literasi yang mempertimbangkan aspek psikologis investor. Penguatan kebijakan ini diharapkan mampu meminimalkan dampak bias kognitif dan mendukung pengambilan keputusan investasi yang lebih bijak dan terinformasi. Kata kunci: Behavioral Finance, Bias Heuristik, Demografi Investor, Keputusan Investasi, Perceived Market Efficiency. Latifah Wulandari Binti Asbaruna, 2110177. The Mediating Effect of Perceived Market Efficiency (PME) on the Influence of Heuristic Bias on Investment Decisions with Demographic Aspects as a Moderating Variable, under the supervision of Prof. Dr. H. Nugraha, S.E., Ak., M.Si., CA, CPA, CFP; Prof. Dr. H. Disman, M.S.; and Prof. Dr. Ikaputera Waspada, M.M. Retail investor participation in Indonesia's capital market has increased significantly in the post-pandemic period. However, their investment behavior still tends to be influenced by heuristic biases and subjective perceptions of the market, rather than being fully based on rational deliberation. This study aims to examine the effect of heuristic biases on investment decisions, with perceived market efficiency (PME) as a mediating variable, and demographic factors namely age, gender, and marital status as moderating variables. A quantitative approach was employed using a moderated mediation model (Hayes’ PROCESS Model 59). An online survey was conducted with 900 active retail investors as respondents, and the data were analyzed using SPSS and the PROCESS Macro with a bootstrapping technique. The results reveal that heuristic biases have a significant direct effect on investment decisions. This indicates that investors’ intuitive approaches such as representativeness, availability, and anchoring directly shape how they allocate their investment capital. Moreover, the findings suggest that the effect of cognitive bias on investment decisions is not fully mediated by perceived market efficiency; rather, heuristic tendencies can influence decision-making independently. PME plays a pivotal role in shaping investors’ confidence in market information and acts as a critical psychological pathway in the decision-making process. From a demographic perspective, age and gender were found to moderate the relationship between heuristic bias and PME, while marital status showed no significant moderating effect. Furthermore, no demographic variables were found to moderate the relationship between PME and investment decisions. These findings underscore that investment decisions are not solely determined by individual capability or strategy, but are also shaped by cognitive dynamics and perceptions of market efficiency. The study contributes to the discourse in behavioral finance and highlights the need for capital market authorities, regulatory bodies, and financial educators to design policies and literacy programs that take into account investors’ psychological tendencies. Strengthening such policies is expected to mitigate the impact of cognitive biases and promote wiser, more informed investment decisions. Keywords: Behavioral Finance, Heuristic Bias, Investor Demographics, Investment Decision, Perceived Market Efficiency.
KODEPRODI61001#Manajemen_S3, Universitas Pendidikan Indonesia
EFEK MEDIASI PERCEIVED MARKET EFFICIENCY (PME) DALAM PENGARUH BIAS HEURISTIK TERHADAP KEPUTUSAN INVESTASI DENGAN MODERASI ASPEK DEMOGRAFI (Text)
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