Pengaruh Literasi Keuangan, Locus of Control, dan Herding Behavior terhadap Keputusan Investasi Saham di Pasar Modal (Studi Pada Investor di Kota Medan)

Abstract

Medan citizens are the fourth most populous in Indonesia with a fairly good and stable growth in the number of investors, which indicates that people have a high interest in investing. The high interest in investing is supported by the level of financial literacy owned. In investing, an investor also needs self-awareness in problem solving and determining investment decisions to be made. In addition, the influence of other investors can encourage other investors to actively invest, so that the number of investment decisions also increases. This research aims to analyze the effect of financial literacy, locus of control, and herding behavior on stock investment decisions of investors in Medan. The effect between financial literacy, locus of control, and herding behavior will be analyzed partially and simultaneously. This research used a quantitative associative approach. Investors in Medan in stock were the population in this research. The sample were 96 respondents by using purposive sampling technique. The data sources used are primary data which was obtained through distributing a questionnaire directly and secondary data was obtained through literature studies. The methods of data analysis that were used are validity test, reliability test, classic assumptions test, multiple linear regression analysis, as well as hypothesis test. The result of this research shows that financial literacy (X1), locus of control (X2), and herding behavior (X3) have a significant both partially and simultaneously effect on investment decisions of the Medan’s investors (Y). The test of coefficient of determination shows that there is a close relationship between financial literacy, locus of control, and herding behavior on investment decisions with R value is 0,419. Through the adjusted R square value, it is also known that the variables of financial literacy, locus of control, and herding behavior contributes 14,8% on the investment decisions variable while the remaining 85,2% are influenced by other variables not mentioned in this research model.