Pengaruh Bias Perilaku dan Risk Tolerance terhadap Keputusan Investasi dengan Risk Perception sebagai Variabel Mediasi pada Investor di Indonesia

The development of digital investment has increased investor participation in Indonesia; however, investment decisions are not always made rationally because they can be influenced by various psychological factors. This study aims to analyze the effects of overconfidence bias, anchoring bias, herding bias, representativeness bias, and risk tolerance on investment decisions, with risk perception as a mediating variable. This study employs a quantitative approach through a survey of 358 investors in Indonesia selected using the snowball sampling technique. The collected data were analyzed using Partial Least Squares-Structural Equation Modeling (PLS-SEM) to examine both the direct and indirect relationships among the research variables. The results show that overconfidence bias, representativeness bias, and risk perception have a positive and significant effect on investment decisions. Meanwhile, anchoring bias, herding bias, and risk tolerance do not have a significant effect on investment decisions. Furthermore, risk perception was found to mediate the effects of overconfidence bias, anchoring bias, representativeness bias, and risk tolerance on investment decisions. However, risk perception does not mediate the effect of herding bias on investment decisions.