PSYCHOLOGY OF MUSLIM INVESTORS IN STOCK INVESTMENT DURING COVID-19 PANDEMIC
DOI:
https://doi.org/10.30993/tifbr.v14i1.223Keywords:
Psychology of Muslim investors, stock investment, COVID-19Abstract
The main purpose of this study is to analyze and evaluate the psychology of Muslim investors in stock investments during COVID-19 pandemic. This research uses data collected through online questionnaires conducted in May 2020, and employ Path Analysis to make sense of the data. This study finds that the psychology of Muslim investors investing in stock markets during the COVID-19 pandemic is irrational and intuitive. Muslim investors react quickly without resorting to any fundamental/technical analysis. Muslim investors are willing to take risks and cut losses in this situation. In addition, the psychology of Muslim investors with respect to religiosity is at the second level of Homo Islamicus' self-interest, namely Al-Nafs Al-Lawamah.
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Waweru, N. M., Munyoki, E., & Uliana, E. O. (2008). The Effects of Behavioral Factors in Investment Decision-Making: A Survey of Institutional Investors Operating at The Nairobi Stock Exchange. International Journal of Business and Emerging Markets, 24–41.
Agustian, W. (2009). Perilaku investor domestic cenderung ikut pemain Asing. Https:// Economy.Okezone.Com, 1.
Agustin, P. (2014). Perilaku Investor Muslim Dalam Bertransaksi Saham di Pasar Modal. Perilaku Investor Muslim Dalam Bertransaksi Saham Di Pasar Modal, 1(12), 888–891.
Ahyaruddin, M., Widiarsih, D., & Winarso, D. (2017). The Effect of Investor Psycology on Trading Volume. Jurnal Akuntansi & Ekonomica, 7(2), 122–130.
Ajzen, I. (2005). Theory of Planned Behavior. Organizational Human Behavior and Human Decission Processes.
Alquraan, T., Alqisie, A., & Shofa, A. A. (2016). Do Behavioral Finance Factors Influence Stock Investment Decisions of Individual Investors ? ( Evidences from Saudi Stock Market ). American International Journal of Contemporary Research, 6(3), 159–169.
Arifin, Z. (2009). Dasar-dasar Manajemen Bank Syariah. In Aztera Publizer. Aztera Publizer.
Arrozi Adhikara, Maslichah, N. D. (2013). Karakteristik Kualitatif Informasi Dalam Revisian Keyakinan Pengguna Untuk Penilaian Prospek Sekuritas Di Bursa Efek Indonesia (BEI). 16. http://pdeb.fe.ui.ac.id/?p=5345
Bakar, S., & Yi, A. N. C. (2016). The Impact of Psychological Factors on Investors’ Decision Making in Malaysian Stock Market: A Case of Klang Valley and Pahang. Procedia Economics and Finance, 35(October 2015), 319–328. https://doi.org/10.1016/s2212-5671(16)00040-x
Benjamin, J., Duarte, D., Hernán, L., & Sarmiento, T. (2017). Evaluation of the effect of investor psychology on an artificial stock market through its degree of efficiency. Contaduría y Administración, 62(4), 1361–1376. https://doi.org/10.1016/j.cya.2017.06.014
Citradi, T. (2020). “Kebakaran” Lagi, IHSG Kena Trading Halt & Keluar dari 4000. Www.Cnbcindonesia.Com, 1. https://www.cnbcindonesia.com/market/20200323144916-17-146992/kebakaran-lagi-ihsg-kena-trading-halt-keluar-dari-4000
Dhaoui, Bourouis, & Boyaciouglu. (2013). The Impact of Investor Psychology on Stock Market: Evidence From France. Journal of Academic Research in Economics, 5(1).
Dihin Septyanto, & Joko, I. (2016). Model Perilaku Syariah Dalam Pengambilan Keputusan Investasi Pada Investor Muslim Di Bursa Efek Indonesia. Prodi Manajemen Fakultas Ekonomi Dan Bisnis Universitas Jember.
Fenny Cathlyn, & Astuti, D. (2017). Pengaruh Financian Literacy dan Financial Psycology Terhadap Investment Decision Professional Muda di Surabaya. Manajemen Keuangan, 5(1).
Hagstrom, R. G. (1999). The Warren Buffett Portfolio Mastering the Power of the Focus Investment Strategy. John Wiley & Sons, Inc.
Halim, V. (n.d.). Beaking News: IHSG Kena Trading Halt Lagi, Perdagangan Saham Distop. Okezone.Com, 1. https://economy.okezone.com/read/2020/03/17/278/2184699/breaking-news-ihsg-kena-trading-halt-lagi-perdagangan-saham-distop
Indonesia, C. (2020). Sentimen Virus Corona, Saham Mitra Keluarga Jatuh 5,2 Persen. Https://M.Cnnindonesia.Com, 1.
Kengatharan, L. (2019). Factors Influencing Investment Decision In Stock Market: Evidence From Individual Investors In The Northern Province of Sri Lanka. 1st Asia Pacific Symposium on Academic Research (APSAR-2019).
Khairunizam, & Isbanah, Y. (2019). Pengaruh Financial Literacy Dan Behavioral Finance Factors Terhadap Keputusan Investasi. Jurnal Ilmu Manajemen, 7(2), 516–528. www.ekonomisyariah.org
Lubis, A. N. (2013). Perilaku Investor Keuangan. USU Press.
Magdalena, B., & Susanti. (2015). Perilaku Wanita Dalam Berinvestasi Di Bandar Lampung. Jurnal Manajemen Dan Bisnis, 5(2), 217–241.
Maharani, T. (n.d.). Jubir Pemerintah: Penerapan Physical Distancing Diperkuat Melalui Kebijakan PSBB. Compas.Com, 1. https://nasional.kompas.com/read/2020/04/10/18195851/jubir-pemerintah-penerapan-physical-distancing-diperkuat-melalui-kebijakan
Mamun, A., Syeed, A., & Yasmeen, F. (2015). Journal of Economic & Financial Studies Are investors rational , irrational or normal ? 03(04), 1–15.
Marsis, A. S. (2013). Rahasia Terbesar Invesasi. Second Hope.
Metwally, M. M. (1985). The Role of the Stock Exchange in an Islamic Economy. 3(1), 75–81.
Michael, P. (2006). Behavioral Finance and Wealth Management. John Wiley and Son Inc.
Nyoman, N., Rahayu, S., Dewi, T., Fridagustina, K., Herry, G., & Asana, S. (2017). MODAL INVESTASI AWAL DAN PERSEPSI RISIKO. Jurnal Ilmiah Akuntansi, 2(2), 173–190.
Paramitha, R. ., Kusumaningrum, Mushodhalifah, & Hartono, U. (2018). Young Investor Behavior: Implementation Theory of Planned Behavior. International JOurnal of Civil Engineering and Technology, 9(7), 733–746.
Perwitasari, A. S. (n.d.). IHSG Kena Trading Halt lagi pada Kamis (19/3) Pukul 09.03 WIB. Kontan.Co.Id, 1. https://investasi.kontan.co.id/news/ihsg-kena-trading-halt-lagi-pada-kamis-193-pukul-0937-wib
Pradhana, R. . (2018). Pengaruh Financial Literacy, Cognitive Bias, Dan Emotional Bias Terhadap Keputusan Investasi (Studi Pada Investor Galeri Investasi Universitas Negeri Surabaya). Jurnal Ilmu Manajemen, 6(3), 108–117.
Roth, A. (2007). Behavior Finance. Article Wealth Logic, LLC.
Sarwar, A., & Afaf, G. (2016). A comparison between psychological and economic factors affecting individual investor ’ s decision- making behavior. Cogent Business & Management, 5. https://doi.org/10.1080/23311975.2016.1232907
Septyanto, D. (2013). Perilaku Investor Individu Dalam Pengambilan Keputusan Investasi Sekuritas Di Bursa Efek Indonesia. Sustainable Competitive Advantage (SCA).
Shefrin, H., & Statman, M. (2011). Behavioral Finance in the Financial Crisis: Market Efficiency, Minsky, and Keynes. 53. https://www.russellsage.org/sites/all/files/Rethinking-Finance/Shefrin Statman 01272012.pdf
Sheikh, M. ., & Riaz, K. (2012). Overconfidence Bias, Trading Volume and returns Volatility: Evidence from Pakistan. World Applied Science Journal, 18(12), 1737–1748.
Soetrisno. (2007). Manajemen Keuangan Teori Konsep dan Aplikasi. Ekonisia.
Supriadi, E. (2014). SPSS+Amos. In Media.
Tandelilin, E. (2010). Portofolio dan Investasi: Teori dan Aplikasi. kanisius.
Tilson, W. (2005, November). Appliying Behavioral Finance to Value Investing. T2 Partners LLC. www.T2PartnersLLC.com
Waweru, N. M., Munyoki, E., & Uliana, E. O. (2008). The Effects of Behavioral Factors in Investment Decision-Making: A Survey of Institutional Investors Operating at The Nairobi Stock Exchange. International Journal of Business and Emerging Markets, 24–41.
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