Dampak Covid-19 Terhadap Preferensi Investasi Investor Ritel

Penulis

  • Kapsah Universitas Sains dan Teknologi Komputer
  • Dhevi Dadi Kusumanigtyas Universitas Sains dan Teknologi Komputer

DOI:

https://doi.org/10.51903/mifortekh.v3i1.320

Kata Kunci:

Covid 19, Investor Ritel, Perilaku Investasi

Abstrak

Main Objective: Penelitian ini bertujuan untuk mengevaluasi pengaruh pandemi Covid 19 terhadap pilihan investasi investor ritel dengan menggunakan pasar saham sebagai tolak ukur. Selain tujuan tersebut masih ada beberapa tujuan lain untuk mengevaluasi dampak Covid-19 terhadap preferensi investasi saham oleh investor ritel di pasar saham, untuk memahami apakah investor ritel bersedia menginvestasikan uang pada saham dengan mempertimbangkan efek pandemi mengidentifikasi preferensi saham investor ritel pasca Covid-19 dan faktor penyebabnya, dan menganalisis perubahan return yang diberikan oleh investasi pada saham berdasarkan efek Covid-19. Background problem: Peran pandemi covid-19 dalam mengubah preferensi investasi ritel merupakan salah satu yang telah dispekulasikan sejak pertama kali tercatat pada tahun 2020. Pandemi Covid-19 menyebabkan berbagai konsekuensi yang mempengaruhi preferensi investor dan selanjutnya mengubah perilaku investasi. Novelty: Preferensi investor cukup dipengaruhi oleh pandemi covid-19 untuk berubah selama jangka waktu lockdown global. Preferensi tersebut telah dikaitkan dengan beberapa faktor intrinsik dan ekstrinsik yang berkisar dari alasan pribadi hingga karakteristik investasi dan kinerja di pasar saham.

Research Method: Penelitian ini mengadopsi metode penelitian survei cross-sectional dan metode campuran yang mana sampling probabilitas dan non-probabilitas diadopsi dalam pendekatan kuantitatif dan kualitatif. Metode kualitatif dilakukan melalui snowball purposeful sampling sedangkan metode kuantitatif dilakukan melalui Stratified Random Sampling. Finding/Result: Temuan penelitian ini mengungkapkan bahwa, terdapat perubahan preferensi investor ritel yang signifikan selama pandemi, selain itu hubungan yang signifikan antara sektor industri yang berfungsi tinggi dengan preferensi investor selama pandemi tidak ditemukan dan terakhir terdapat hubungan yang signifikan antara perubahan portofolio investor dan preferensi investor. Conclusion: Kesimpulannya, dampak covid-19 terhadap preferensi investasi hanyalah mikrokosmos dari dampak umum di semua bidang dan aspek ekonomi. Namun, sejauh mana perubahan preferensi tersebut hanya diukur terutama tanpa data sekunder yang sesuai untuk mendukungnya. Oleh karena itu, penting bagi peenelitian selanjutnya untuk membangun memberikan informasi tambahan tentang sejauh mana perubahan preferensi investor yang tercermin dalam portofolio investasi investor dan data statistik yang mendukungnya.

Referensi

Abdul, A. & Mia, A. (2020). The economic impact of the COVID‐19 outbreaks on developing Asia. Working Paper. Available at 10.22617/BRF200096. [Accessed September 30, 2021]
Aggarwal, A., Kaur, A. and Sachdeva, S. (2021). Impact of financial attitude on financial management behaviour of retail investors: A COVID-19 perspective. Transnational Marketing Journal, 9(03).0
Aggarwal, S., Nawn, S. and Dugar, A. (2021b). What caused global stock market meltdown during the COVID pandemic—Lockdown stringency or investor panic? Finance Research Letters, 38, pp. 101827–101827. Available at https://doi.org/10.1016/j.frl.2020.101827. [Accessed October 10, 2021]
Ainia, N. S. N. and Lutfi, L. (2019). The influence of risk perception, risk tolerance, overconfidence, and loss aversion towards investment decision making. Journal of Economics, Business and Accountancy Ventura, 21(03), pp. 401–413. Available at https://doi.org/10.14414/jebav.v21i3.1663. [Accessed November 14, 2021]
Apedo-Amah, M.C., Avdiu, B., Cirera, X., Cruz, M., Davies, E., Grover, A., Iacovone, L., Kilinc, U., Medvedev, D., Maduko, F.O., Poupakis, S., Torres, J. and Tran, T.T. (2020). Unmasking the Impact of COVID-19 on Businesses: Firm-Level Evidence from across the World. World Bank, Washington, DC.
Aydogan, B. (2016). Sentiment dynamics and volatility of international stock markets. Eurasian Business Review, 7(03), pp.407–419.
Barberis, N., Mukherjee, A. and Wang, B. (2016). Prospect theory and stock returns: An empirical test. The Review of Financial Studies, 29(11), pp. 3068-3107.
Barrot, J., Kaniel, R. and Sraer, D. (2016). Are retail traders compensated for providing liquidity? Journal of Finance and Economics, 120, pp. 146–168.
Bartik, A.W., Bertrand, M., Cullen, Z., Glaeser, E.L., Luca, M. and Stanton, C. (2020). The Impact of COVID-19 on Small Business Outcomes and Expectations. Proceedings of the National Academy of Sciences, [online] 117(30). Available at: https://www.pnas.org/content/117/30/17656. [Accessed November 24, 2021].
Bhattacharya, U., Hackethal, A., Kaesler, S., Loos, B. and Meyer, S. (2012). Is unbiased financial advice to retail investors sufficient? Answers from a large field study. The Review of Financial Studies, 25(04), pp. 975–1032. Available at https://doi.org/10.1093/rfs/hhr127. [Accessed December 12, 2021]
Bikas, E., Jurevičienė, D., Dubinskas, P. and Novickytė, L. (2013). Behavioural Finance: The Emergence and Development Trends. Procedia - Social and Behavioural Sciences, 82, pp. 870–876. Available at https://doi.org/10.1016/j.sbspro.2013.06.363. Accessed December 18, 2021
Bishnoi, S. (2014). Relation Between Investment Objectives and Demographic Variables. Journal of General Management Research, 1(01), pp. 91–107.
Bloom, D. E., Cadarette, D. and Sevilla, J. P. (2018). Epidemics and economics: New and resurgent infectious diseases can have far‐ reaching economic repercussions. Finance and Development, 55(02), pp. 46–49.
Boehmer, E., Jones, C., Zhang, X., Zhang, X. (2021). Tracking retail investor activity. Journal of Finance. Available at http://dx.doi.org/10.1111/jofi.13033. [Accessed December 18, 2021].
Buszko, M., Orzeszko, W. and Stawarz, M. (2021). COVID-19 pandemic and stability of stock market—A sectoral approach. PLOS ONE, 16(05), p.e0250938.
Caporale, G.M., Karanasos, M., Yfanti, S. and Kartsaklas, A. (2020). Investors’ trading behaviour and stock market volatility during crisis periods: A dual long‐memory model for the Korean Stock Exchange. International Journal of Finance & Economics
Chetty, R., Friedman, J., Hendren, N., Stepner, M. and Team, T.O.I. (2020). How Did COVID-19 and Stabilization Policies Affect Spending and Employment? a New Real-Time Economic Tracker Based on Private Sector Data. National Bureau of Economic ResearchWorking Paper, p. 27431. Available at http://doi:10.3386/w27431. [Accessed December17, 2021].
Creswell, J. W. (2009). Research Design Qualitative, Quantitative, and Mixed Methods Approaches (3rd ed.). Thousand Oaks, CA Sage Publications.
Daniel, K. and Hirshleifer, D. (2015). Overconfident Investors, Predictable Returns, and Excessive Trading. Journal of Economic Perspectives, 29(04), p.61-68.
Dyakov, T. and Wipplinger, E. (2018). Institutional Ownership and Future Stock Returns: An International Perspective. International Review of Finance, pp.1-11.doi:10.1111/irfi.12203
Falahati, L., Sabri, M. F. and Paim, L. H. (2012). Assessment a model of financial satisfaction predictors: examining the mediate effect of financial behaviour and financial strain. World Applied Science Journal, 20(02), pp. 190–197.
Faulkner, S. and Trotter, S. (2017). Theoretical Saturation. The International Encyclopedia of Communication Research Methods, [online] pp.1–2. Available at: https://onlinelibrary.wiley.com/doi/abs/10.1002/9781118901731.iecrm0250 [Accessed 12 August. 2021].
Fünfgeld, B. and Wang, M. (2009). Attitudes and behaviour in everyday finance: evidence from Switzerland. International Journal of Bank Market, 27(02), pp. 108–128.
Georgieva, K. (2020). The great lockdown: Worst economic downturn since the great depression. Available at https://www.imf.org/en/News/Articles/2020/03/23/pr2098-imf-managingdirector-statementfollowing-a-g20-ministerial-call-on-the-coronavirus-emergency.[Accessed August 12 2021]
Glossner, S., Matos, P., Ramelli, S. and Wagner, A.F. (2020). Where Do Institutional Investors Seek Shelter when Disaster Strikes? Evidence from COVID-19. Swiss Finance Institute Research Paper, 20-56. Available at http://dx.doi.org/10.2139/ssrn.3655271 [Accessed August 12, 2021]
Goodell, J.W., 2020. COVID-19 and finance: agendas for future research. Finance Research Letters, 35, p. 101512. DOI:10.1016/j.frl.2020.101512. [Accessed August 12, 2021]
International Monetary Fund (IMF), (2020). Policy-responses-to-COVID-19. InternationalMonetary Fund. Available at www.imf.org. [Accessed November 11, 2021]
Joo, S. and Grable, J. E. (2004). An exploratory framework of the determinants of financial satisfaction. Journal of Family and Economic Issues, 25(01), pp. 162–171.
Kahneman, D. and Tversky, A. (1979). Prospect theory: An analysis of decision under risk. Econometrica: The Econometric Society, 47(02), pp. 263-291.
Kalemli-Ozcan, S., Gourinchas, P. O., Penciakova, V. and Sander, N. (2020). COVID-19 and SME Failures, International, Monetary Fund Working paper WPIEA2020.
Kaniel, R., Saar, G. and Titman, S. (2008). Individual investor trading and stock returns. Journal of Finance, 63, 273–310.
Kaur, I. and Kaushik, K. (2016). Determinants of investment behaviour of investors towards mutual funds. Journal of Indian Business Research, 9(01), pp. 19–42. Available at https://doi.org/10.1108/JIBR-04-2015-0051. [Accessed November 13, 2021]
Leduc, S. and Liu, Z. (2020). The uncertainty channel of the coronavirus. Economic Letter, Available at: https://econpapers.repec.org/article/fipfedfel/87701.htm. [Accessed November 13, 2021]
Lerner, J. S., Li, Y., Valdesolo, P. and Kassam, K. (2015). Emotions and Decision Making. Annual Review of Psychology, pp. 1–45. Available at: https://scholar.harvard.edu/files/jenniferlerner/files/annual_review_manuscript_june_16_final.final_.pdf. [Accessed November 13, 2021]
Liu, H., Manzoor, A., Wang, C., Zhang, L. and Manzoor, Z. (2020). The COVID-19 outbreakand affected countries stock markets response. International Journal of Environmental Research and Public Health, 17(08), p. 2800. Available at https://doi.org/10.3390/ijerph17082800. [Accessed November 13, 2021]
Mulligan, C. (1996). The Irish Stock Exchange and regulatory change. Irish Journal of Management, [online] 17, pp.122–131. Available at: https://www.proquest.com/scholarly-journals/irish-stock-exchange-regulatory-change/docview/207648884/se-2?accountid=173489 [Accessed December 21, 2021].
Mutereko, S., Hussain A. and Sohail, A. (2021). Assessment of Individual and Institutional investor’s investment behaviour during Covid-19. A Case of Emerging Economy. Gomal University Journal of Research, 37(03), pp. 267-277.
Ngoc, L. T. B. (2013). Behavior Pattern of Individual Investors in Stock Market. International Journal of Business and Management, 9(1). doi:10.5539/ijbm.v9n1p1.
Nguyen, A. T., Parker, L., Brennan, L. and Lockrey, S. (2020). A consumer definition of ecofriendly packaging. Journal of Cleaner Production, 252, p. 119792. Available at https://doi.org/10.1016/j.jclepro.2019.119792. [Accessed December 21, 2021].
Nicks, B. A., & Do, O. W. (2020). Coronavirus disease 2019 (COVID-19): A global crisis. Medscape Web site. Available at https://reference.medscape.com/slideshow/2019-novel-coronavirus-6012559. [Accessed 21 Dec. 2021].
Oberlechner, T. and Osler, C. L. (2004). Over confidence in currency markets. Available at http://faculty.haas.berkeley.edu/lyons/Osler%20overconfidence%20in%20FX.pdf. [Accessed 21 Dec. 2021].
Obstfeld, M. (2009). International finance and growth in developing countries: What have we learned? IMF Staff Papers, 56(1), pp. 63–111. Available at https://doi.org/10.1057/imfsp.2008.32. [Accessed 21 Dec. 2021].
OECD. (2020a). OECD Economic Outlook, June 2020. [online] Available at: Available at https://www.oecd.org/economic-outlook/june-2020/. [Accessed 21 Dec. 2021].
Onishchenko, O. and Ülkü, N. (2020). Investor types’ trading around the short‐term reversal pattern. International Journal of Finance and Economics. doi:10.1002/ijfe.2291.
Phillips, D. C. and Burbules, N. C. (2000). Post-positivism and educational research. Rowman & Littlefield. United Kingdom.
Priyanka, J. and Tripathi, K. (2019). Investment Behaviour: An Analytical Review. Advances In Management, 12(1), pp. 145–151.
Ritter, J. R. (2003). Behavioural finance. Pacific-Basin Finance Journal, 11(4), pp. 429-437.
Rizwan, M. S., Ahmad, G. and Ashraf, D. (2020). Systemic risk: The impact of COVID‐19. Finance Research Letters, 36, p. 101682. Available at https://doi.org/10.1016/j.frl.2020.101682. [Accessed December 21, 2021]
Seth, H., Talwar, S., Bhatia, A., Saxena, A. and Dhir, A. (2020). Consumer resistance and inertia of retail investors: development of the resistance adoption inertia continuance (RAIC) framework. Journal of Retailing Consumer Service, 55, p. 102071. Available at https://doi.org/10.1016/j.jretconser.2020.102071. [Accessed December 31, 2021].
Shim, S., Xiao, J. J., Barber, B. L. and Lyons, A. C. (2009). Pathways to life success: a conceptual model of financial well-being for young adults. Journal of Applied and Developmental Psychology, 30, pp. 708–723.
Sohail, A., Husssain, A. and Qurashi, Q. A. (2020). An Exploratory Study to Check Impact of COVID-19 on Investment Decision of Individual Investors in Emerging Stock Market Electronic Research. Journal of Social Sciences and Humanities, 2(04), pp. 1-13.
Simões Vieira, E. F., & Valente Pereira, M. S. (2015). Herding behaviour and sentiment: Evidence in a small European market. Revista de Contabilidad, 18(1), 78–86. doi:10.1016/j.rcsar.2014.06.003.
Tejumaye, A. (2017). Mass communication research: Introduction. Lagos: Scepter Print Limited
Trivers, R. (1991). Deceit and self-deception. In: R. Robinson, & L. Tiger (Eds.), Man and beast revisited. Washington, DC: Smithsonian.
Tversky, A. and Kahneman, D. (1992). Advances in prospect theory: Cumulative representation of uncertainty. Journal of Risk and Uncertainty, 5(04), pp. 297-323.
Ülkü, N. and Weber, E. (2013). Identifying the interaction between stock market returns and trading flows of investor types: looking into the day using daily data. Journal of Banking and Finance, 37, pp. 2733–2749.
Vishnoi, A. and Mookerjee, I. (2020). Perfect storm Plunges Asia stocks into bear markets one by one. Available at . https://www.bloomberg.com/news/articles/2020-03-09/perfect-stormis-plunging-asia-stocks-to-bear-markets-one-by-one. [Accessed December 22, 2021].
Wang, P., Wen, Y. and Singh, H. (2017). The high-volume return premium: Does it exist in the Chinese stock market? Pacific-Basin Finance Journal, 46, pp. 323–336
Waweru, N. M., Munyoki, E. and Uliana, E. (2008). The effects of behavioural factors in investment decision-making: a survey of institutional investors operating at the Nairobi Stock Exchange. International Journal of Business and Emerging Markets, 1(01), p. 24. doi:10.1504/ijbem.2008.019243.
World Bank. (2009). Global development finance charting a global recovery. World Bank. Available at https://openknowledge.worldbank.org/handle/10986/8128. [Accessed November 30, 2021].
Zhang, D., Hu, M., Ji, Q., 2020. Financial markets under the global pandemic of COVID-19. Finance Research Letters, 36, p. 101528.

Diterbitkan

2023-05-05

Cara Mengutip

Dampak Covid-19 Terhadap Preferensi Investasi Investor Ritel . (2023). Jurnal Manajemen Informatika & Teknologi, 3(1), 67-82. https://doi.org/10.51903/mifortekh.v3i1.320

Artikel paling banyak dibaca berdasarkan penulis yang sama

1 2 3 > >>