Perilaku Herding Investor Coronial yang Bertransaksi Pada Akun Saham Syariah

Abstract

The emergence of investment trends since the Covid-19 pandemic in early 2020 brought out many new young investors, or popularly called "coronial" investors. Unfortunately, this issue is not matched by the increase in financial literacy, which eventually triggers the emergence of the phenomenon of herding behavior, where investors follow the advice of other investors without conducting adequate analysis. This study aims to examine the effect of investors’ personality and motivation on herding behavior in the younger generation who are new to investing in the capital market and using shariah online trading system. Questionnaires were distributed to 70 samples using snowball sampling technique and analyzed using multiple linear regression. The results showed that of the 6 hypotheses tested, 2 hypotheses were accepted, and 4 hypotheses were rejected. This finding indicates that the herding behavior of colonial investors who are using shariah online trading system is not influenced by their personality, whether detached, compliant, or aggressive. Meanwhile, herding behavior is proven to be influenced by motivational factors, namely cognitive abilities and emotional factors, however social factors do not affect their herding behavior.