Pengaruh Fear of Missing Out, Media Sosial, dan Financial Illiteracy terhadap Keputusan Investor Melakukan Herding Behaviour di Indonesia
Abstract
Penelitian ini bertujuan menganalisis pengaruh Fear of Missing Out (FoMO), media sosial, dan financial illiteracy terhadap keputusan investor melakukan herding behaviour. Penelitian ini dilatarbelakangi oleh masih terbatasnya studi yang mengintegrasikan faktor psikologis, sosial, dan kognitif secara simultan dalam menjelaskan herding behaviour, khususnya pada investor ritel di Indonesia sebagai pasar berkembang dengan tingkat penetrasi media sosial yang tinggi dan literasi keuangan yang relatif rendah. Penelitian menggunakan pendekatan kuantitatif melalui survei terhadap investor ritel pengguna platform investasi digital. Data dianalisis menggunakan Structural Equation Modeling–Partial Least Squares (SEM-PLS) untuk menguji validitas, reliabilitas, dan hubungan kausal antar konstruk. Hasil penelitian menunjukkan bahwa FoMO, media sosial, dan financial illiteracy berpengaruh positif dan signifikan terhadap keputusan investor melakukan herding behaviour. Temuan ini memperkuat integrasi Theory of Planned Behavior dan Bounded Rationality Theory dalam menjelaskan perilaku investasi, sekaligus memperluas literatur keuangan perilaku pada konteks pasar berkembang. Dari sisi kebijakan, hasil penelitian memberikan implikasi bagi regulator dan pelaku industri pasar modal untuk memperkuat program literasi keuangan serta meningkatkan pengawasan terhadap penyebaran informasi investasi di media sosial guna meminimalkan perilaku herding yang berpotensi mengganggu efisiensi dan stabilitas pasar.
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