Determinants of Investment Decision Making Based on Subjective Norms, Behavioral Control, Heuristic Behavior, and Demographic Factors

Abstract

This study aimed to examine the effect of subjective norms, behavioral control, heuristic behavior, educational demographic factors, occupational demographic factors, and income demographic factors on the investment decisions of all investors in the Banyumas Regency. This research uses quantitative methods using 129 respondents, namely individuals who have made investment decisions. The data source of this research is primary data obtained from the distribution research questionnaires. The results of this study show that subjective norms affect investment decisions, behavior control affects investment decisions, heuristic behavior affects investment decisions, educational demographic factors do not affect investment decisions, occupational demographic factors do not affect investment decisions, and income demographic factors do not affect investment decisions. This finding also explains the implication that subjective norms, behavioral control, and heuristic behavior will support individuals in making an investment decision. The more positively an individual uses these factors, the better they make decisions. In contrast, demographic factors in this study do not support a person in deciding because income, occupation, and education are not the main determinants in decision-making.