Kebanggaan dan Prasangka dalam Berinvestasi: Mengevaluasi Hambatan Psikologis pada Anggota KSPM

Abstract

This research aims to analyze the influence of psychological biases—specifically overconfidence, confirmation bias, and regret aversion—on investment decision-making among student investors. The study focuses on members of the Capital Market Study Group (KSPM) at the Investment Gallery of Universitas Nahdlatul Ulama Sidoarjo (UNUSIDA). Adopting a causal quantitative approach, the study involved 32 respondents selected through a census technique. Primary data were collected via structured questionnaires and analyzed using multiple linear regression to test hypotheses both partially (t-test).

The results demonstrate that, partially overconfidence drives aggressive investment behavior, while confirmation bias triggers information distortion. A key finding reveals that regret aversion is the most dominant determinant affecting investment decisions, leading to the emergence of the disposition effect among students. This phenomenon indicates a discrepancy where adequate capital market literacy is not necessarily accompanied by emotional management maturity. The study recommends a reorientation of educational curricula within Investment Galleries to integrate financial psychology literacy to mitigate behavioral anomalies in investing. This research contributes to the behavioral finance literature regarding the psychological dynamics of Generation Z in the capital market.