Risk Tolerance and Investor Decision Behavior in MSMEs

Nuria Istiqomah, Astrie Krisnawati

Abstract


This research aimed to determine the effect of neutral information, accounting information, and risk tolerance on individual investors’decision making behavior at productive age in Bandung to invest in Micro, Small, Medium Enterprises (MSMEs) sectors. The phenomenon in this research were explored using quantitative methods. Researchers distributed questionnaires to people of productive age in Bandung city with a total of 400 respondents. The results showed that partially Neutral Information, Accounting Information, and Risk Tolerance variables had a significant effect on the investment decision making of individual investors at productive age in Bandung. The three variables Neutral Information, Accounting Information, and Risk Tolerance also simultaneously have a significant effect on investment decision making of individual investors at productive age in Bandung.

Penelitian ini bertujuan untuk mengetahui pengaruh neutral information, accounting information, dan risk tolerance terhadap pengambilan keputusan investasi investor individu pada usia produktif di Kota Bandung untuk berinvestasi pada Sektor Usaha Mikro, Kecil, Menengah (UMKM). Fenomena dalam penelitian ini dieksplorasi dengan menggunakan metode kuantitatif. Peneliti menyebarkan kuesioner kepada masyarakat usia produktif di Kota Bandung dengan jumlah 400 responden. Hasil penelitian menunjukkan bahwa secara parsial variabel neutral information, accounting information, dan risk tolerance berpengaruh signifikan terhadap pengambilan keputusan investasi investor individu pada usia produktif di Kota Bandung. Ketiga variabel neutral information, accounting information, dan risk tolerance juga berpengaruh signifikan secara simultan terhadap pengambilan keputusan investasi investor individu pada usia produktif di Kota Bandung.

DOI: https://doi.org/10.26905/afr.v4i2.5979


Keywords


Accounting information, Individual investor’s behavior, Investment decision, MSMEs investment, Neutral information, and risk tolerance

Full Text:

PDF

References


Aggarwal, D., & Elembilassery, V. (2018). Sustainable finance in emerging markets: A venture capital investment decision Dilemma. South Asian Journal of Business and Management Cases, 7(2), 131–143. https://doi.org/10.1177/2277977918774651

Al-Amar, H. A. H., Al-Bayati, Q. A. O., & Al-Haiyali, H. J. K. (2019). The Effectiveness of the Quality of Performance Using the Cost Accounting Information System in the Control of Quality Costs Study in the General Company for Electrical Industries. Journal of University of Babylon for Pure and Applied Sciences, 27(2), 115–132. https://doi.org/10.29196/jubpas.v27i2.2069

Ali, M. N., Hameedi, K. S., & Almagtome, A. H. (2019). Does sustainability reporting via accounting information system influence investment decisions in Iraq? International Journal of Innovation, Creativity and Change, 9(9), 294–312.

Aprayuda, R., Misra, F., & Kartika, R. (2021). Does the Order of Information Affect Investors’ Investment Decisions? Experimental Investigation. Journal of Accounting and Investment, 22(1), 150–172. https://doi.org/10.18196/jai.v22i1.9965

Arif, K. (2015). Financial Literacy and other Factors Influencing Individuals’ Investment Decision : Evidence from a Developing Economy (Pakistan). Journal of Poverty, Investment and Development, 12(9), 74–85.

Assad, N. F., & Alshurideh, M. T. (2020). Financial Reporting Quality, Audit Quality, and Investment Efficiency: Evidence from GCC Economies. Waffen-Und Kostumkunde Journal, 11(3). https://doi.org/10.4108/eai.21-11-2018.2282299

Avazzadehfath, F., & Raiashekar, H. (2011). Decision-Making Based on Human Resource Accounting Information and Its Evaluation Method. Asian Journal of Finance & Accounting, 3(1). https://doi.org/10.5296/ajfa.v3i1.883

Cheng, L. T. (2016). The Influence of Behavioral Factors in Investment Decisions : Study of Millennial Investors in Kuala Lumpur Master of Science (Finance).

Christanti, N., & Mahastanti, L. A. (2011). Faktor-Faktor Yang Dipertimbangkan Investor Dalam Melakukan Investasi. Jurnal Manajemen Teori Dan Terapan| Journal of Theory and Applied Management, 4(3), 37–51. https://doi.org/10.20473/jmtt.v4i3.2424

Esubalew, A. A., & Raghurama, A. (2020). The mediating effect of entrepreneurs’ competency on the relationship between Bank finance and performance of micro, small, and medium enterprises (MSMEs). European Research on Management and Business Economics, 26(2), 87–95. https://doi.org/10.1016/j.iedeen.2020.03.001

Fachrudin, K. R., & Fachrudin, K. A. (2016). The Influennce of Education and Exppirience Toward Investment Decision with Moderatd by Financial Literacy. Polish Journal of Management Studies, 14(2), 51–60. https://doi.org/10.17512/pjms.2016.14.2.05

Faidah, F., Rini, filang puspita, & Asri, vikha indri. (2020). Analisis keputusan investasi pelaku umkm di kudus. Ekonomi Bisnis, 21(1), 1–11.

Hameedi, K. S., Al-Fatlawi, Q. A., Ali, M. N., & Almagtome, A. H. (2021). Financial Performance Reporting, IFRS Implementation, and Accounting Information: Evidence from Iraqi Banking Sector. Journal of Asian Finance, Economics and Business, 8(3), 1083–1094. https://doi.org/10.13106/jafeb.2021.vol8.no3.1083

Kovelskiy, V. (2015). Comparative analysis of working capital management of MSMEs in India. WSEAS Transactions on Business and Economics, 12, 289–305.

Lestari, D., Darma, D. C., & Muliadi, M. (2020). FinTech and Micro, Small and Medium Enterprises Development. Entrepreneurship Review, 1(1), 1–9. https://doi.org/10.38157/entrepreneurship-review.v1i1.76

Mahardika, V. A. (2017). Pengaruh Overconfidence, Risk Tolerance dan Faktor Demografi Terhadap Pengambilan Keputusan. Repository STIE Perbanas Surabaya

Martin, A. (2014). An Empirical Test of the Relevance of for Information Accounting Decisions Investment. Journal of Accounting Research, 9(1971), 1–31.

Merikas, A. A., Merikas, A. G., Vozikis, G. S., & Prasad, D. (2011). Economic Factors And Individual Investor Behavior: The Case Of The Greek Stock Exchange. Journal of Applied Business Research (JABR), 20(4). https://doi.org/10.19030/jabr.v20i4.2227

Paulus, S. (2019). Faktor-Faktor yang Mempengaruhi Pengambilan Keputusan Investasi oleh Investor Saham di Kota Batam. Digital Repository Universitas Internasional Batam.

Praptono, S., & Andin, R. (2021). Pengaruh Pengetahuan Akuntansi dan Jiwa Kewirausahaan Pada Penggunaan Informasi Akuntansi dalam Pembuatan Keputusan Investasi pada UMKM Kota Semarang. Jurnal Sains Sosio Huaniora, 5(1), 49–56. https://doi.org/10.24843/bse.2016.v21.i02.p05

Raselawati, A. (2011). Pengaruh Perkembangan Usaha Kecil Menegah Terhadap Pertumbuhan Ekonomi pada Sektor UKM di Indonesia. Repository UIN Syarif Hidayatullah Jakarta, 1-117.

Reddy, P. S., & Yasaswi, K. R. (2020). Problems and Issues of Micro Small & Medium Enterprises (MSMEs) in Krishna District of Andhra Pradesh Podapala (Issue December 2020).

Sari, H., & Pradana, M. R. A. (2018). Perancangan Strategi Pemasaran Galeri Investasi Berdasarkan Faktor-faktor yang Mempengaruhi Intensi Investor untuk Berinvestasi. Jurnal Ilmiah Teknik Industri, 17(2), 158. https://doi.org/10.23917/jiti.v17i2.5887

Somathilake, H. (2020). Factors Influencing Individual Investment Decisions In Colombo Stock Exchange. International Journal of Scientific and Research Publications (IJSRP), 10(05), 579–585. https://doi.org/10.29322/ijsrp.10.05.2020.p10166

Wulandari, D. A., & Iramani, R. (2014). Studi Expirienced Regret, Risk Tolerance, Overconfindence dan Risk Perception pada Pengambilan Keputusan Investasi Dosen Ekonomi. Journal of Business and Banking , 55-66.

Yunita, N. D. (2020). Pengaruh Risk Perception, Risk Tolerance, dan Overconfidence terhadap Pengambilan Keputusan Investasi . eprint.perbanas.ac.id, 1-13.

Yuwono, W., & Erika. (2020). Analisis Pengaruh Citra Perusahaan, Informasi Akuntansi, Informasi Netral, Rekomendasi Penasehat, dan Kebutuhan Finansial terhadap Keputusan Investasi di Pasar Modal. SEIKO: Journal of Management & Business, 143-155.

Zhai, J., & Wang, Y. (2016). Accounting information quality, governance efficiency and capital investment choice. China Journal of Accounting Research, 9(4), 251–266. https://doi.org/10.1016/j.cjar.2016.08.001

Zhang, G. (2000). Accounting Information, Capital Investment Decisions, and Equity Valuation: Theory and Empirical Implications. Journal of Accounting Research, 38(2), 271. https://doi.org/10.2307/2672934

Zuhdi, R. (2011). Makna Informasi Akuntansi Sebagai Dasar Pengambilan Keputusan Bisnis Usaha Kecil dan Mikro (UKM). Jurnal Akuntansi Multiparadigma, 446-458.




DOI: https://doi.org/10.26905/afr.v4i1.5979

Refbacks

  • There are currently no refbacks.




Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.



AFRE (Accounting and Financial Review)

Postgraduate - University of Merdeka Malang

Postgraduate  Building, Terusan Dieng Street 62-64
Malang City, East Java, Indonesia, 65146.

View My Stats      Web
Analytics

Other Link

Follow Us

Site Home Journal
Unmer Malang
Postgraduate
LPPM
Library
Repository 
jurnalafre@unmer.ac.id
(0341) 567617
 Fax(0341) 567617

AFRE (Accounting and Financial Review)  Creative Commons License This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.