Determinan Keputusan Investasi Investor Individu: Systematic Literature Review, Research Gap, dan Agenda Penelitian Masa Depan
DOI:
https://doi.org/10.38035/jkmt.v4i4.858Keywords:
Keputusan Investasi, Investor Individu, Behavioral Finance, Risk Perception, Financial LiteracyAbstract
Penelitian ini bertujuan mengidentifikasi dan mensintesis determinan keputusan investasi investor individu serta memetakan kesenjangan penelitian dan agenda riset masa depan. Penelitian menggunakan pendekatan Systematic Literature Review (SLR) dengan kerangka PRISMA 2020. Pencarian awal menghasilkan 6.983 artikel, kemudian dilakukan screening terhadap 100 artikel dan diperoleh 27 artikel yang memenuhi kriteria untuk dianalisis. Sintesis dilakukan melalui analisis tematik dan narrative synthesis dengan mengelompokkan determinan ke dalam aspek kognitif, emosional, sosial, psikologis, kapabilitas, demografis, informasi, teknologi, kontekstual, dan keberlanjutan. Hasil kajian menunjukkan bahwa keputusan investasi investor individu merupakan proses multidimensional yang dipengaruhi interaksi antara faktor rasional dan perilaku. Bias kognitif, terutama overconfidence, anchoring, availability bias, representativeness, dan illusion of control, menjadi determinan penting dalam membentuk interpretasi informasi dan keputusan. Persepsi risiko berperan sebagai mekanisme penting yang menghubungkan bias perilaku dengan keputusan investasi, sedangkan personality traits dan risk attitude menjelaskan heterogenitas respons investor terhadap risiko. Financial literacy berpotensi memperkuat evaluasi informasi dan mengurangi pengaruh bias, meskipun efeknya bergantung pada karakteristik aset dan konteks pasar. Faktor herding, loss aversion, disposition effect, asimetri informasi, serta perkembangan robo-advisor, artificial intelligence, dan ChatGPT turut membentuk lingkungan keputusan investasi. Kajian ini menegaskan perlunya model penelitian masa depan yang mengintegrasikan determinan, mekanisme, moderator, dan konteks secara lebih komprehensif.
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