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All Journal IQTISHADIA JBTI : Jurnal Bisnis : Teori dan Implementasi Al-Muzara'ah Jurnal Ekonomi & Keuangan Islam Owner : Riset dan Jurnal Akuntansi Jurnal Informatika Ekonomi Bisnis Enrichment : Journal of Management AMAR (Andalas Management Review) Iqtishadia: Jurnal Kajian Ekonomi dan Bisnis Islam Ekasakti Jurnal Penelitian dan Pengabdian (EJPP) Journal of Social Research e-Jurnal Apresiasi Ekonomi Business and Investment Review Jurnal Informatika Ekonomi Bisnis
Mohamad Fany Alfarisi
Universitas Andalas
Religion Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Library & Information Science Public Health Social Sciences Other

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Journal : e-Jurnal Apresiasi Ekonomi

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ENDOGENEITY TESTING: HEURISTIC BEHAVIOR AS A REFERENCE FOR BEGINNING INVESTORS IN MAKING INVESTMENT DECISIONS Syailendra Eka Saputra; Fajri Adrianto; Mohamad Fany Alfarisi; Masyhuri Hamidi; Fajri Muharja
Jurnal Apresiasi Ekonomi Vol 11, No 2 (2023)
Publisher : Institut Teknologi dan Ilmu Sosial Khatulistiwa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31846/jae.v11i2.608

Abstract

This study aims to examine the tendency of endogeneity on heuristic behavior as a reference for novice investors in making investment decisions. Endogeneity is a deviation in OLS modeling which shows that there is still a correlation between the independent variables in the model and the error, causing biased results. The issue of endogeneity is an interesting aspect of current research, and still creates pros and cons for researchers in the fields of finance and econometrics. In this study, 158 respondents were used who were novice investors. The selection of respondents was done randomly. In this study, four categories of variables were used, namely the dependent variable, namely investment decisions, the independent variable, namely financial risk tolerance, endogenous heuristic behavior variables and financial literacy instrument variables. The analysis method is carried out using ivregress 2sls which is processed with Stata. The test results found that endogeneity symptoms were detected in heuristic behavior of novice investors. This behavior appears and influences investment decisions because it is preceded by financial literacy, which rejects the insights that investors have about financial science or investment.
MILLENNIAL INVESTOR DECISION ANALYSIS AND ITS DETERMINANTS (AN ENDOGENEITY PERSPECTIVE) Abel Tasman; Fajri Adrianto; Mohamad Fany Alfarisi; Masyhuri Hamidi; Fajri Muharja
Jurnal Apresiasi Ekonomi Vol 11, No 2 (2023)
Publisher : Institut Teknologi dan Ilmu Sosial Khatulistiwa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31846/jae.v11i2.612

Abstract

This study aims to see 1) The effect of Financial Literacy on the investment decisions of the millennial generation in Padang City 2) The effect of Risk Perception on the investment decisions of the millennial generation in Padang City 3) This type of research is a comparative causal research (Causative). The sample in this study was 96 respondents who are the Millennial generation of Padang City with a purposive sampling method. The types of data in this study are primary data and secondary data. This study uses panel data regression analysis. The data collection technique used is a questionnaire. Instrument trials use validity and reliability tests. Prerequisite analysis tests carried out included normality tests, heteroscedasticity tests, and multicollinearity tests. The collected data was analyzed using SPSS version 20.0. This study also examines endogeneity by using financial literacy as an endogenous variable and risk perception as an instrument variable. The results of this study indicate 1) Financial Literacy has a significant positive effect on the investment decisions of the millennial generation in Padang City 2) Risk Perception has a positive but not significant effect on the investment decisions of the millennial generation in Padang City due to endogeneity
Co-Authors A. Agestayani Abel Tasman Cintya Salsabilla Deswita Murdiana Fajri Adrianto Faradilla Suretno Filardi Rahmadani Gina Aulia Gustina Ivo Nila Krisna Khairul Rahman Martalia Widianti Masyhuri Hamidi, Masyhuri Mesy Ayusari Muhammad Farras Aroes MUHARJA, FAJRI Nadya Fritanita Julyazti Puti Lenggo Geni Ria Amelia Ria Anjani Rida Rahim Rizki Fadhel Saputra, Syailendra Eka Silvi Delfiani Silvi Delfiani Sri Wahyuni Lubis Syukri Lukman Vera Pujani Yulia Hendri Yeni