ANALISIS PENGARUH HERDING, OVERCONFIDENCE, LOSS AVERSION DAN REPRESENTATIVE TERHADAP KEPUTUSAN INVESTASI SEKURITAS PADA GENERASI MILENIAL DI MALANG

This study aims to determine the effect of herding, overconfidence, loss aversion, and representative bias on investment decision making in securities in the millennial generation in Malang. The type of research used is descriptive quantitative research. Data collection using questionnaires distributed to 100 millennial generation investor respondents who actively invest in securities. Data analysis was carried out using multiple linear regression analysis. The results of the study indicate that the variables overconfidence and loss aversion bias have a positive and significant effect on investment decision making. The implications of this study indicate that awareness of overconfidence as well as education and risk management are needed to support rational investment decision making.