Abstract
Purpose: This research is pursued at several points objectiveness: 1). Does the behavior of financial decision making on financial asset investors also apply the same to real asset investors. 2). By the empirically, this study is to test and confirm the relationship of herding and overconfidence factors to the level of loss aversion, regret aversion, financial literacy in making real asset investment decisions.
 Methodology: Involved 105 real estate auction investors as samples at the State Assets and Auction Service Office (KPKNL) Sidoarjo, East Java, Indonesia. Collecting data using a questionnaire consisting of 23 questions for measurement the variabel. Testing research data passes several feasibility tests, such as Inner and outer test modelling by PLS and hypothesis test to see the magnitude of the coefficient of relationship
 Result and Findings: Loss and regret aversion variables through direct and intervening testing have a positive and significant effect, but financial literacy variables, both through direct and intervening testing, are stated to have no significant effect. There are different aspects of the psychology of investment decision making between investors in the financial sector and investors in the real asset sector. The most striking difference is the consideration of information, opportunities and real assets turnover which will be resold after winning the auction.
Highlights
Investment is an activity to invest capital in the present
Does the behavior of financial decision making on financial asset investors apply the same to real asset investors
One of the studies tried to find the suitability of the axioms between prospect theory and finance behavior as revealed by Kiyilar & Acar (2013) Behavior finance is human behavior and mood, which is a factor in determining investment choices because investment decisions are very carefully related to the level of the courage of investors in investing their funds in the form of real assets and financial assets
Summary
Investment is an activity to invest capital in the present. It is expected to get a return in the form of future profits where investment can be made in the way of financial assets or real assets (Yuniningsih, Pertiwi, & Purwanto, 2019). Investors in investing must consider many factors, including the availability of funds, the type of investment to be chosen, the prospects of investment. Behavioral finance research explains that investors tend to behave irrationally in deciding investments because of the psychological factors that influence it (Kiyilar & Acar, 2013). One of the studies tried to find the suitability of the axioms between prospect theory and finance behavior as revealed by Kiyilar & Acar (2013) Behavior finance is human behavior and mood, which is a factor in determining investment choices because investment decisions are very carefully related to the level of the courage of investors in investing their funds in the form of real assets and financial assets
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