Pengaruh Faktor Kepribadian terhadap Toleransi Risiko Keputusan Investasi Saham

Famy Kurnia Putri, Bramanti W. G., Hakim M. S.
Submission Date: 2017-01-18 17:18:46
Accepted Date: 2017-03-17 10:12:41


Saham merupakan salah satu instrumen investasi terpopuler yang tergolong dalam instrumen aset berisiko tinggi. Toleransi risiko menjadi salah satu faktor penting yang menjadi pertimbangan investor dalam menentukan preferensi investasinya pada saham. Toleransi risiko terdiri dari berbagai macam aspek, termasuk diantaranya adalah karakteristik kepribadian investor. Penelitian terdahulu membuktikan bahwa karakteristik kepribadian individu memiliki pengaruh terhadap pengeluaran, pengelolaan investasi, dan toleransi risiko. Penelitian ini bertujuan untuk membuktikan pengaruh karakteristik kepribadian terhadap toleransi risiko keputusan investasi saham. Penelitian ini menggunakan data primer yang berasal dari 83 sampel penelitian yang merupakan investor aset keuangan di Surabaya. Teknik analisis data yang digunakan dalam penelitian ini adalah analisis regresi linier. Hasil penelitian ini adalah bahwa karakteristik kepribadian tidak mempengaruhi toleransi risiko investor, namun toleransi risiko memiliki pengaruh terhadap keputusan investasi saham.


Behavioral Finance; Karakteristik Kepribadian; Toleransi Risiko; Keputusan Investasi Saham


BPS, "Laporan Perekonomian 2016," Badan Pusat Statistik, Jakarta, 2016.

KPMG indonesia, "Investing in Indonesia 2015," KPMG indonesia, 2015.

Z. Bodie, A. Kane and A. J. Marcus, Investments, 10th Edition, McGraw Hill, 2014.

C. H. Chang, "The Impact of Behavioral Pitfalls on Investors’ Decisions: The Disposition Effect in The Taiwanese Warrant Market," Social Behavior and Personality, pp. 617-634, 2008.

Manulife Indonesia, "Manulife Investor Sentiment Index," February 2016. [Online]. Available: [Accessed 17 April 2016].

J. E. Grable, "Financial Risk Tolerance and Additional Factors that Affect Risk Taking in Everyday Money Matters," Journal of Business and Psychology, 2000.

C. Mayfield, G. Perdue and K. Wooten, "Investment Management and Personality Type," Financial Services Review 17, pp. 219-236, 2008.

O. Pak and M. Mahmood, "Impact of personality on risk tolerance and investment decisions: A study on potential investors of Kazakhstan," International Journal of Commerce and Management, vol. 25, no. 4, pp. 370 - 384, 2013.

L. C. Crysel, B. S. Crosier and G. D. Webster, "The Dark Triad and risk behavior," Personality and Individual Differences 54, pp. 35-40, 2013.

O. John and S. Srivastava, The Big-Five Trait Taxonomy: History, Measurement, and Theoretical Perspectives, New York: Guilford, 1991.

O. P. John, R. W. Robins and L. A. Pervin, Handbook of Personality : Theory and Research. Third Edition, New York: The Gulford Press, 2008.

H. J. Fabozzi and H. M. Markowitz, The Theory and Practice of Investment Management, Second Edition: Asset Allocation, Valuation, Portfolio Construction, and Strategies, New Jersey: John Wiley & Sons, Inc. , 2011, pp. 99-116.

G. Hariharan, K. S. Chapman and D. L. Domian, "Risk Tolerance and Asset Allocation for Investors Nearing Retirement," Financial Services Review 9, p. 159–170, 2000.

D. Schmitt, J. Allik, R. R. McCrae and V. B. Martínez, "The Geographic Distribution of Big Five Personality Traits: Patterns and Profiles of Human Self-Description Across 56 Nations," Journal of Cross-Cultural Psychology, pp. 173-212, 2007.

R. Hastie and R. M. Dawes, Rational Choice in An Uncertain World: The Psychology of Judgment and Decision Making, California: Sage Publications, Inc, 2010.

N. Saxena and P. Puri, "Relationship between Risk Taking Behaviour, Personality and Sensation Seeking Tendencies among N.C.C cadets," IOSR Journal Of Humanities And Social Science, pp. 1-6, 2013.

K. Joyce and N. K. Y. L, "The Influence of Personality Trait and Demographics on Financial Decision Making among Generation Y," Young Consumers, pp. 230-243, 2013.

Full Text: PDF

CC Licencing

Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).


  • There are currently no refbacks.

Creative Commons License
Jurnal Teknik ITS by Lembaga Penelitian dan Pengabdian Kepada Masyarakat, LPPM-ITS is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Based on a work at
Statistik Pengunjung