TECHNICAL ANALYSIS: THE ROLE OF INVESTOR PSYCHOLOGY MEDIATING ON STOCK INVESTMENT BEHAVIOR

Authors

  • Nur Asmilia Universitas Pamulang

DOI:

https://doi.org/10.32493/eaj.v2i1.y2019.p26-34

Keywords:

Stock Price, Trading Volume, Market Capitalization, Investor Psychology and Behavior of Stock Investments

Abstract

The purpose of this study is to prove empirically whether the technical factors represented by stock price indicators, trading volume and market capitalization have an influence on investor psychology. In addition, it is also to determine the effect of investor psychology on the behavior of stock investment. The number of data samples in this study that is as many as 108 respondents from the population of investors who have been chosen as the object of research. The sampling technique in this study is random sampling. The use of the technique is due to the population that is unknown to the researcher. Testing the hypothesis is tested by structural equation modeling. The results showed that stock prices, trading volume and market capitalization have a significant influence on investor psychology, and investor psychology is known to have a significant effect on stock investment behavior

References

Ahmad, Kamaruddin. (1996). Dasar-dasar Manajemen Investasi. Rineka Cipta, Jakarta.

Alwi, Iskandar. (2003). Pasar Modal : Teori dan Aplikasi.Nasindo Internusa, Jakarta.

Andriyanto, R., Effriyanti, E., & Hidayat, A. (2018). The Effect of Spiritual Intelligence (SQ) and Personality Types on Auditor’s Ability to Detect Fraud. JABI (Jurnal Akuntansi Berkelanjutan Indonesia), 1(3), 258-268.

Ang, Robert. (1997). Buku Pintar Pasar Modal Indonesia. Media Staff Indonesia, Jakarta.

Ardiansyah. (2012). Analisis Pengaruh Faktor Fundamental dan Nilai Kapitalisasi Pasar Terhadap Return Saham. Jurnal Ilmiah Mahasiswa FEB Universitas Brawijaya Vol.1, No.2 : Semester Genap 2012/2013.

Arikunto, Suharsimi. (2001). Prosedur Penelitian: Suatu Pendekatan Praktek. Rineka Cipta, Jakarta.

Arikunto, Suharsimi.. (2010). Prosedur Penelitian Suatu Pendeketan Praktik. Edisi Revisi 2010. Cetakan Keempatbelas. PT Rineka Cipta, Jakarta.

Block dan Hirt. (2008). Foundation of Financial Management. The McGraw Hill, New York.

Cahyono, Jaka. (2001). Menjadi Manajer Investasi Bagi Diri Sendiri. Gramedia, Jakarta.

Cheng F Lee, G. M. (2001). Stock Expected Return and Volatility on China’s Stock Market. Journal of Finance No 24 : 523-543.

Chordia, T. Subramanyam dan Ashuman. (2001). Trading Activity and Expected Stock Returns. Journal of Financial Economics, No.59: 3-32

Christanti dan Mahastanti. (2011). Faktor – Faktor Yang Dipertimbangkan Investor Dalam Melakukan Investasi. Jurnal Manajemen Teori dan Terapan I Tahun 4 No.3, Desember.

Dachlan, Usman. (2014). Panduan lengkap Struktural Equation Modeling. Lentera ilmu, Semarang.

Daniel,K.D. (1998). Investor Psychology and Security Market Under and Over Reactions. Journal of Finance No.53 : 1839-1885.

Darmadji. (2001). Pasar Modal di Indonesia. Salemba Empat, Jakarta.

Desmond, Wira. (2011). Analisis Fundamental Saham. Exceed Books, Jakarta.

Divisi Edukasi. (2016). Sekolah Pasar Modal bursa Efek Indonesia Level 1. Bursa Efek Indonesia, Jakarta.

Edianto Ong. (2011). Technical Analysis for Mega Profit. Mega Offset, Jakarta.

Fakhruddin, Hendy. (2008). Istilah Pasar Modal A-Z. Jakarta : Elex Media Komputindo.

Fama, Eugene dan Kenneth. (1995). Size and Book to Market Factors in Earnings and Returns. Journal of Finance, Vol LI : 131-155.

Ferdinand, Augusty. (2000). Structural Equation Modeling : Aplikasi Model-Model Rumit Dalam Penelitian untuk Tesis S-2 & Disertai S-3. Badan Penerbit Universitas Diponegoro, Semarang.

Foster, G. (1986). Financial Statement Analysis (Second ed.). New Jersey: Prentice Hall Inc.

Handani, Emrizal. (2002). Analisis Pengaruh Stock Split Terhadap Likuiditas Saham Dilihat dari Volume Perdagangan Saham di Bursa Efek. Skripsi FE UNS, Jakarta.

Hidayat, A., & Yuliah, N. (2018). The Effect of Good Corporate Governance and Tax planning on Company Value. EAJ (Economics and Accounting Journal), 1(3), 234-241.

Husein, Umar. (2005). Metode Penelitian. Salemba Empat, Jakarta.

Imad, M. a. (2009). Modelling The Behaviour Of Technicians And Fundamentalists In The Shanghai Stock Market. International Journal of Banking and Finance, 6.

Indriyo dan Basri. (1988). Manajemen Keuangan. BPFE, Yogyakarta.

Jauhari, Rusman Budi dan Basuki. (2004). Analisis Fundamental Terhadap Return Saham Pada Periode Bullish dan Bearish Indeks Harga Saham Gabungan. Jurnal Akuntansi dan Keuangan Vo.9 No.2. Lampung.

Jogiyanto, Hartono. (2004). Teori Portofolio dan Analisis Investasi. Edisi Keempat. BPFE, Yogyakarta.

Jogiyanto, Hartono. (2008). Teori Portofolio dan Analisis Investasi. Edisi Kelima. BPFE, Yogyakarta.

Karpoff, J.M. (1986). A Theory of Trading Volume. Thw Journal of Finance no.41 :1069-1087.

Latan, hengky. (2013). Model Persamaan Struktural Teori dan Implementasi Amos 21.0. Penerbit Alfabeta, Bandung.

Maknun, Lu’luil. (2010). Analisis Pengaruh Frekuensi Perdagangan, Volume Perdagangan, Kapitalisasi Pasar dan Trading Day Terhadap Return Saham Pada Perusahaan Manufaktur Yang Terdaftar Di BEI Periode Tahun 2006-2008. Skripsi. FE UNDIP, Semarang.

Malhotra, N.K. (2007). Marketing Research: An Applied Orientation. New Jersey: Pearson Education.

Margono. (2004). Metodologi Penelitian Pendidikan. Rineka Cipta, Jakarta.

Martono dan Harjito. (2002). Manajemen Keuangan. Ekorisia, Yogyakarta.

Masassya,Elvyn. Perilaku Investor. Kompas 19 April 2015, Jakarta.

Masassya,Elvyn. Psikologi Investasi. Kompas 31 Mei 2015, Jakarta.

Musdalifah, Azis. (2012). Analisis Fundamental dan Teknikal Melalui Expected Return dan Psikologi Investor Terhadap Perilaku Investasi Saham Di Bursa Efek Indonesia. Disertasi. Universitas Hasunuddin Makassar.

Natarsyah, Syahib. (2000). Analisis Pengaruh Beberapa Faktor Fundamental dan Resiko Sistematik Terhadap Harga Saham: Kasus Barang Konsumsi Yang Go-Public di Pasar Modal Indonesia. Jurnal Ekonomi Bisnis Indonesia, vol.15, no. 3 : 294-1312.

Nofsinger, Jhon R. (2005). Psychologi of Investing. Second Edition. New Jersey : Precentice-Hall Inc.

Priyatno, Duwi. (2012). SPSS 20 Pengolah Data Terpraktis. Andi,

Yogyakarta.

Priyatno, Duwi. (2013). Mandiri Belajar Analisis Data Dengan SPSS. Mediakom, Jakarta.

Ritter, Jay R. (2003). Behavioral Finance. Pacific-Basin Journal. No.11 : 429-437.

Roscoe dikutip dari Budjiono. (2005). Metode Penelitian Bisnis. Salemba Empat, Jakarta.

Roth, Allan S. (2007). Behavioral Finance. Article Wealth Logic. LLC.

Santoso, Singgih. (2011). Structural Equation Modeling (SEM) : Konsep dan Aplikasi Dengan AMOS 18. Elex Media Komputindo, Jakarta.

Santoso, Singgih. (2014). Konsep Dasar dan Aplikasi SEM degan AMOS 22 + CD. Elex Media Komputindo, Jakarta.

Sharpe, William F., Alexander, Gordon J., dan Bailey, Jeffery V. (1997).

Investasi. Edisi Bahasa Indonesia, jilid 2. Diterjemahkan oleh: Njooliangtik, Hendry., dan Agustiono. PT. Prenhallindo, Jakarta.

Silviyani,dkk. (2014). Pengaruh Likuiditas Perdagangan Saham dan kapitalisasi Pasar Terhadap Return Saham Perusahaan yang Berada Pada Indeks LQ 45 Di Bursa Efek Indonesia Periode 2009-2013 (Studi Empiris Pada Perusahaan LQ 45 Di Bursa Efek Indonesia). E-Journal S1 Ak

Universitas Pendidikan Ganesha Jurusan Akuntansi, Vol. 2 No.1.

Slovic, paul. (1972). Psychology Study of Human Judgment: Implication for Investment Decision Making. Journal of Finance, Vol.27 : 779-799.

Sugiyono. (2001). Metode Penelitian Kuantitatif, Kualitatif dan R&D. Penerbit Alfabeta, Bandung.

Sugiyono. (2008). Metode penelitian pendidikan: Pendekatan kuantitatif, kualitatif, dan R&D. Alfabeta, Bandung.

Sulistiawan dan Liliana. (2007). Analisis Teknikal Pada Perdagangan Sekuritas. ANDI, Jakarta.

Supardi. (2005). Metodologi Penelitian Ekonomi & Bisnis. Yogyakarta: UII

Press Yogyakarta.

Susanto, Djoko & Sabardi. Agus. (2002). Analisis Teknikal di Bursa Efek. STIM-YKPN Press, Yogyakarta.

Teguh, P. (2000). Analisa Rasio Keuangan dan Nilai Kapitalisasi Pasar sehagai Prediksi Harga Saham di BEI Pada Periode Bulish dan Bearish. Simposium: Nasional Akuntansi III. Jakarta.

Venkatesh, C., & Madhu Tyagi and Ganesh, L. (2012). Fundamental Analysis and its Usage in Indian Capital Markets: A Survey. Research Publications Journal 7(1) : 46-54, Bangladesh.

Published

2019-04-04

Issue

Vol. 2 No. 1 (2019): EAJ (Economic and Accounting Journal)

Section

Articles

License

Authors who publish with this journal agree to the following terms:

  1. Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
  2. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
  3. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).

 

<a rel="license" href="http://creativecommons.org/licenses/by-sa/4.0/"><img alt="Creative Commons License" style="border-width:0" src="https://i.creativecommons.org/l/by-sa/4.0/88x31.png" /></a><br />This work is licensed under a <a rel="license" href="http://creativecommons.org/licenses/by-sa/4.0/">Creative Commons Attribution-ShareAlike 4.0 International License</a>.