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Abstract
Bias kognitif yang kerap dilakukan investor yaitu bias mental accounting. Mental accounting secara tidak langsung memiliki hubungan erat dalam pasar saham. Bias mental accounting merupakan kecenderungan individu untuk membuat atau menilai keputusan ekonomi dengan mengelompokkan aset atau sumber uang dalam beberapa akun yang terpisah (non-fungible). Secara pendekatan psikologi, pola pikir akuntansi ternyata juga mempengaruhi pola pikir investor sebagai pelaku pasar dalam mengambil keputusan transaksi. Tujuan penelitian untuk menggali lebih jauh tentang perilaku investor yang cenderung membuat akun berbeda untuk dividen dan capital gain. Metode yang digunakan dalam penelitian ini adalah studi pustaka. Hasil yang diperoleh adalah Investor cenderung bersedia membelanjakan dividen tetapi tidak rela merealisasikan capital gain dengan menjual sebagian kecil saham untuk tujuan yang sama. Investor saham umumnya membuat akun berbeda untuk dividen dan capital gain. Investor mestinya fokus pada yield total dan memandang keduanya fungible atau dapat saling tukar. Secara lebih jauh, investor memperlakukan dividen sama seperti pendapatan sewa property dan portofolio saham sebagai asset propertinya, sementara merealisasikan capital gain untuk dibelanjakan. Hal ini dapat menimbulkan penyesalan ketika harga saham ternyata naik.
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References
- Barberis, NC, & Huang, M. 2001. Mental Accounting, Loss Aversion, and Individual Stock Returns. The Journal of Finance, 56(4), 1247–1292.
- Chatterjee, S; Heath, TB & Min, J (2009). The Susceptibility of Mental Accounting Principles of Evaluation Mode Effects, Journal of Behavioral Decision Making, 22: 120-137.
- Cheema, A., & Soman, D. (2006). Malleable Mental Accounting: The Effect of Flexibility on the Justification of Attractive Spending and Consumption Decision. Journal of Consumer Psychology, 16, 33-44.
- Hadi, Sutrisno. (1995). Research Methodology. Yogyakarta: Andi Offset.
- Kahneman, D., & Tversky, A. (1979). Prospect Theory: An Analysis of Decision Inder Risk. Econometrica, 47, 263-291.
- Karlsson. N, (1998). Mental Accounting and Self Control, Goteborg Psychological Reports, 28, No 22. Sweden: Goteborg University, Department of Psychology.
- Mantra, Bagoes.(2008). General Demographics. Yogyakarta:Student Library.
- Marissa. (2012). Mental Accounting: Wasteful Behavior Versus Self-Control.
- Muhadjir, Noeng. (1998). Qualitative Research Methodology. Yogyakarta: Rake.
- Pompian, MM (2006). Behavioral Finance and Wealth Management: How to Build Optimal Portfolios That Account for Investor Biases. New Jersey: John Wiley & Sons, Inc.
- Pompian, M. 2011. Behavioral Finance and Wealth Management: How to Build Optimal Portfolios That Account for Investor Biases (2nd ed.). New Jersey: Wiley Finance Publications.
- Robison, LJ, Shupp, RS, & Myers, RJ (2010). “Expected Utility Paradoxes.” The Journal of Socioeconomics, 39(2), 187-193.
- Saifuddin Azmar, Research Methods, (Yogyakarta: Pustaka Pelajar, 2001), p.5.
- Sarjono. DD., Thesis Writing Guide, (Yogyakarta: Department of Islamic Religious Education, 2008), p.20.
- Shefrin, HH and Thaler, RH (1988). 'The behavioral life-cycle hypothesis', Economic Inquiry, 26(October), 609-643.
- Shiller, RJ 1987. Investor Behavior in the October 1987 Stock Market Crash: Survey Evidence. National Bureau of Economic Research.
- Shleifer, Andrei. 2000. Inefficient Markets: An Introduction to Behavioral Finance. United Kingdom: Oxford University Press.
- Statman, M. (1995). “Behavioral Finance vs. Standard Finance." Behavioral Finance and Decision Theory in Investment Management. Charlottesville, VA: AIMR: 14-22.
- Thaler R., (1998), Mental Accounting Matters, Journal of Behavioral Decision Making, n. 12, pp. 183– 206.
- Thaler, R. (1980). “Toward a Positive Theory of Consumer Choice.” Journal of Economic Behavior & Organization, 1(1), 39-60.
- Tversky, A. and Kahneman, D. (1981). 'The framing of decisions and the rationality of choice', Science, 211, 453-458
References
Barberis, NC, & Huang, M. 2001. Mental Accounting, Loss Aversion, and Individual Stock Returns. The Journal of Finance, 56(4), 1247–1292.
Chatterjee, S; Heath, TB & Min, J (2009). The Susceptibility of Mental Accounting Principles of Evaluation Mode Effects, Journal of Behavioral Decision Making, 22: 120-137.
Cheema, A., & Soman, D. (2006). Malleable Mental Accounting: The Effect of Flexibility on the Justification of Attractive Spending and Consumption Decision. Journal of Consumer Psychology, 16, 33-44.
Hadi, Sutrisno. (1995). Research Methodology. Yogyakarta: Andi Offset.
Kahneman, D., & Tversky, A. (1979). Prospect Theory: An Analysis of Decision Inder Risk. Econometrica, 47, 263-291.
Karlsson. N, (1998). Mental Accounting and Self Control, Goteborg Psychological Reports, 28, No 22. Sweden: Goteborg University, Department of Psychology.
Mantra, Bagoes.(2008). General Demographics. Yogyakarta:Student Library.
Marissa. (2012). Mental Accounting: Wasteful Behavior Versus Self-Control.
Muhadjir, Noeng. (1998). Qualitative Research Methodology. Yogyakarta: Rake.
Pompian, MM (2006). Behavioral Finance and Wealth Management: How to Build Optimal Portfolios That Account for Investor Biases. New Jersey: John Wiley & Sons, Inc.
Pompian, M. 2011. Behavioral Finance and Wealth Management: How to Build Optimal Portfolios That Account for Investor Biases (2nd ed.). New Jersey: Wiley Finance Publications.
Robison, LJ, Shupp, RS, & Myers, RJ (2010). “Expected Utility Paradoxes.” The Journal of Socioeconomics, 39(2), 187-193.
Saifuddin Azmar, Research Methods, (Yogyakarta: Pustaka Pelajar, 2001), p.5.
Sarjono. DD., Thesis Writing Guide, (Yogyakarta: Department of Islamic Religious Education, 2008), p.20.
Shefrin, HH and Thaler, RH (1988). 'The behavioral life-cycle hypothesis', Economic Inquiry, 26(October), 609-643.
Shiller, RJ 1987. Investor Behavior in the October 1987 Stock Market Crash: Survey Evidence. National Bureau of Economic Research.
Shleifer, Andrei. 2000. Inefficient Markets: An Introduction to Behavioral Finance. United Kingdom: Oxford University Press.
Statman, M. (1995). “Behavioral Finance vs. Standard Finance." Behavioral Finance and Decision Theory in Investment Management. Charlottesville, VA: AIMR: 14-22.
Thaler R., (1998), Mental Accounting Matters, Journal of Behavioral Decision Making, n. 12, pp. 183– 206.
Thaler, R. (1980). “Toward a Positive Theory of Consumer Choice.” Journal of Economic Behavior & Organization, 1(1), 39-60.
Tversky, A. and Kahneman, D. (1981). 'The framing of decisions and the rationality of choice', Science, 211, 453-458