THE IMPACT OF BEHAVIORAL BIASES ON INVESTMENT BIAS: AN EMPIRICAL STUDY ON MSMES IN INDONESIA

Witjaksono Eko Hartoto (), Apriani Dorkas Rambu Atahau () and Supramono Supramono ()
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Witjaksono Eko Hartoto: Department of Management, Faculty of Economics and Business, Universitas Kristen Satya Wacana, Indonesia
Apriani Dorkas Rambu Atahau: Department of Management, Faculty of Economics and Business, Universitas Kristen Satya Wacana, Indonesia
Supramono Supramono: Department of Management, Faculty of Economics and Business, Universitas Kristen Satya Wacana, Indonesia

The USV Annals of Economics and Public Administration, 2024, vol. 24, issue 1(39), 209-217

Abstract: This study aims to investigate the impact of behavioral biases, such as negative framing, illusion of control, overconfidence, and self-control, on investment bias. The data was collected through a field survey, with 200 respondents representing Troso ikat weaving micro, small, and medium enterprises (MSMEs) in Jepara, Indonesia. The data was analyzed using structural equation modeling (SEM) in SmartPLS. The results show that the illusion of control and overconfidence both have a positive impact on the investment bias; overconfidence mediates the impact of illusion of control on the investment bias; negative framing does not have a negative impact on the investment bias; and the self-control fails to moderate the significant impact of overconfidence on the investment bias.

Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:scm:usvaep:v:24:y:2024:i:1(39):p:209-217

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