The effect of behavioral factors on investment decision towards stock market between Indonesia, Japan, and Thailand
Purpose – This research consists of Behavioral Finance where it is focused on cognitive bias factors influence on Investment Decision with using the scope of research in three countries which are Indonesia, Thailand, and Japan. Design/methodology/approach – the method of research is categorized as...
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| Format: | Article |
| Language: | English |
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Universitas Islam Indonesia
2025-07-01
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| Series: | Jurnal Siasat Bisnis |
| Subjects: | |
| Online Access: | https://journal.uii.ac.id/JSB/article/view/35321 |
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| _version_ | 1849429911243063296 |
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| author | Deddy Marciano Liliana Inggrit Wijaya Laurenco Lingguardi Sugianto Zunairoh Zunairoh |
| author_facet | Deddy Marciano Liliana Inggrit Wijaya Laurenco Lingguardi Sugianto Zunairoh Zunairoh |
| author_sort | Deddy Marciano |
| collection | DOAJ |
| description |
Purpose – This research consists of Behavioral Finance where it is focused on cognitive bias factors influence on Investment Decision with using the scope of research in three countries which are Indonesia, Thailand, and Japan.
Design/methodology/approach – the method of research is categorized as quantitative research where it uses a questionnaire with 232 respondents. Then, the data is processed and analyzed using software SmartPLS 3.0.
Findings – The findings reveal that overconfidence and availability bias have a significant positive effect on investment decisions, while herding behavior has a negative effect and anchoring bias shows no significant influence.
Research limitations/implications – This research is limited by its relatively small sample size of 232 respondents across three culturally and economically diverse countries, which may affect the generalizability of the findings.
Practical implications – The strong influence of overconfidence and availability bias highlights the need for improved investor education focused on risk awareness and critical analysis, especially in the digital era. Also, to prevent irrational behavior driven by herding, financial institutions and regulators should enhance collective financial literacy and promote transparent, data-driven decision-making.
Originality/value – This result provides reasonable insight into why there is a difference in results between each country supported with the data and results from the previous research that have been done before.
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| format | Article |
| id | doaj-art-e8483c960e55436ab03bd0aaeabac20a |
| institution | Kabale University |
| issn | 0853-7666 2528-7001 |
| language | English |
| publishDate | 2025-07-01 |
| publisher | Universitas Islam Indonesia |
| record_format | Article |
| series | Jurnal Siasat Bisnis |
| spelling | doaj-art-e8483c960e55436ab03bd0aaeabac20a2025-08-20T03:28:10ZengUniversitas Islam IndonesiaJurnal Siasat Bisnis0853-76662528-70012025-07-0129210.20885/jsb.vol29.iss2.art4The effect of behavioral factors on investment decision towards stock market between Indonesia, Japan, and ThailandDeddy Marciano0Liliana Inggrit Wijaya1Laurenco Lingguardi Sugianto2Zunairoh Zunairoh3Faculty of Business and Economics, University of Surabaya, Surabaya, IndonesiaFaculty of Business and Economics, University of Surabaya, Surabaya, IndonesiaFaculty of Business and Economics, University of Surabaya, Surabaya, IndonesiaFaculty of Business and Economics, University of Surabaya, Surabaya, Indonesia Purpose – This research consists of Behavioral Finance where it is focused on cognitive bias factors influence on Investment Decision with using the scope of research in three countries which are Indonesia, Thailand, and Japan. Design/methodology/approach – the method of research is categorized as quantitative research where it uses a questionnaire with 232 respondents. Then, the data is processed and analyzed using software SmartPLS 3.0. Findings – The findings reveal that overconfidence and availability bias have a significant positive effect on investment decisions, while herding behavior has a negative effect and anchoring bias shows no significant influence. Research limitations/implications – This research is limited by its relatively small sample size of 232 respondents across three culturally and economically diverse countries, which may affect the generalizability of the findings. Practical implications – The strong influence of overconfidence and availability bias highlights the need for improved investor education focused on risk awareness and critical analysis, especially in the digital era. Also, to prevent irrational behavior driven by herding, financial institutions and regulators should enhance collective financial literacy and promote transparent, data-driven decision-making. Originality/value – This result provides reasonable insight into why there is a difference in results between each country supported with the data and results from the previous research that have been done before. https://journal.uii.ac.id/JSB/article/view/35321Overconfidence behaviorherding behaviorAvailability biasAnchoring biasInvestment Decision |
| spellingShingle | Deddy Marciano Liliana Inggrit Wijaya Laurenco Lingguardi Sugianto Zunairoh Zunairoh The effect of behavioral factors on investment decision towards stock market between Indonesia, Japan, and Thailand Jurnal Siasat Bisnis Overconfidence behavior herding behavior Availability bias Anchoring bias Investment Decision |
| title | The effect of behavioral factors on investment decision towards stock market between Indonesia, Japan, and Thailand |
| title_full | The effect of behavioral factors on investment decision towards stock market between Indonesia, Japan, and Thailand |
| title_fullStr | The effect of behavioral factors on investment decision towards stock market between Indonesia, Japan, and Thailand |
| title_full_unstemmed | The effect of behavioral factors on investment decision towards stock market between Indonesia, Japan, and Thailand |
| title_short | The effect of behavioral factors on investment decision towards stock market between Indonesia, Japan, and Thailand |
| title_sort | effect of behavioral factors on investment decision towards stock market between indonesia japan and thailand |
| topic | Overconfidence behavior herding behavior Availability bias Anchoring bias Investment Decision |
| url | https://journal.uii.ac.id/JSB/article/view/35321 |
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