Abstract
One way to obtain information is through online trading, which also serves as a place for transacting. Personality is a factor that affects how a person behaves and makes decisions, including behavioral finance. This research aimed to analyze the effect of investors' personality on online trading use behavior and investors' risk preference. The data were obtained from online questionnaires distributed through social media with a total of 240 respondents. This research used a structural equation modeling (SEM) to measure the relationship between latent variables, namely the five personality variables of the International Personality Pool Item-Big Five Model (IPIP-BFM), investors' risk preference, and online trading behavior. The data were processed using SPSS and SEM-PLS. The result indicated that openness to experience positively and significantly affected online trading use behavior and investors' risk preference. Conscientiousness, extraversion, agreeableness, and neuroticism insignificantly affected online trading use behavior and investors' risk preference. The behavior of using online trading had a positive and significant effect on risk preference. The result showed that if investors were more open to something, they would use online trading more intensely and become more risk-seeker. Keywords: behavioral finance, online trading, personality, risk preference, SEM-PLS
Highlights
One way to obtain information is through online trading, which serves as a place for transacting
This research aimed to analyze the effect of investors' personality on online trading use behavior and investors' risk preference
The data were obtained from online questionnaires distributed through social media with a total of 240 respondents
Summary
Penelitian ini dikembangkan dari fenomena yang terjadi dan literatur-literatur terdahulu yang berkaitan dengan kepribadian, perilaku penggunaan online trading, dan preferensi risiko investor. Jenis data yang digunakan pada penelitian ini adalah data primer yang diperoleh melalui penyebaran kuesioner kepada responden investor yang aktif di media sosial Instagram, Twitter, dan Telegram dengan kriteria responden merupakan investor yang memiliki instrumen investasi seperti saham, obligasi, reksadana, dan lainnya. Yang et al (2012) menunjukkan bahwa investor dengan toleransi risiko moderat memiliki hubungan dengan kepercayaan dan volume perdagangan yang dilakukan investor. Putri et al (2017) dengan judul Pengaruh Faktor Kepribadian terhadap Toleransi Risiko Keputusan Investasi Saham menunjukkan hasil yang berbeda yaitu bahwa kepribadian (openness to experience, conscientiousness, extraversion, agreeableness, dan neuroticism) tidak memiliki pengaruh terhadap toleransi risiko investor karena investor yang menjadi responden dalam penelitian ini cenderung rasional dalam pengambilan keputusan. Berdasarkan kajian teoritis dan empiris dapat disusun kerangka pemikiran pada Gambar 2
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