Does Disposition Effect Appear on Investor Decision during the COVID-19 Pandemic Era: Empirical Evidence from Indonesia

• 발행기관: 한국유통과학회
• 저자명: Said Kelana ASNAWI Dergibson SIAGIAN Salam Fadillah ALZAH Indra HALIM
• 간행물 정보: 『The Journal of Asian Finance, Economics and Business(JAFEB)』The Journal of Asian Finance, Economics, and Business Vol. 9 No.4, 53~62쪽, 전체 10쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2022.04.30

영문 초록

Disposition Effect (DE) is one of the many investment biases, wherein the investors sell the profitable stocks rather quickly and they tend to hold on the loss making stocks. Various factors related to the DE are the character of investors applying risk management which is also influenced by the social media, Salient Shock (COVID-19), and in the specific case of Indonesia, the phenomenon of rumor stocks wherein the price can rise as much as up to 8500%. The study aims to provide empirical evidence regarding the DE with specific explanatory factors, namely investor behavior and rumors. Data was obtained through a questionnaire sent to 248 Indonesian Stock Exchange Investors (IDX) during the period October-November 2021 by using Ordinary Least Square (OLS) method. The results show: Generation Z, women, and investors with a low education has a greater DE, risk-takers tend to have lower DE, and professionals have negative DE. Implementation of risk management will reduce DE. Social Media and the COVID-19 situation positively affect DE. Especially on stock rumors, there is evidence that investors who own rumor stocks will have a low DE. The results indicate the need for: (i) risk management, especially for Z Generation, women and low education Investors, (ii) to provide positive information so that information on social media can be responded to positively.

목차

1. Introduction

2. Literature Review

3. Research Methods

4. Result and Discussion

5. Conclusion and Implications

References

키워드

Disposition Effect Rumor COVID-19 Risk Management Social Media