Behavioral Biases and Investment Decisions through Gender and Education Perspectives in Indonesia Interbank Call Money Market
Saur Costanius Simamora (a*), Nugraha (b), Imas Purnamasari (c)

(a, b, c) Faculty of Economic & Business Education, Universitas Pendidikan Indonesia, Bandung, Indonesia
(a) Faculty of Economic, Universitas Dirgantara Marsekal Suryadarma, Jakarta, Indonesia

Abstract

The interbank call money market plays an essential role in the financial system, whereby financial institutions and banks borrow and lend funds on a short-term basis from each other. This research investigates whether 11 behavioral biases (Availability, Hindsight, Representativeness, Overreaction, Conservatism, Anchoring Adjustment, Confirmation Bias, Excessive optimism and overconfidence, Mental Accounting, Framing Effect, and Disposition Effect) and investment decisions have significant differences or not through gender and education perspectives. Thirty-two (32) respondents were sampled online through a questionnaire from Indonesian banking companies. Data were examined and analyzed by non-parametric Mann-Whitney statistical analysis technique using SPSS as the statistical tool. The data revealed significant differences between men and women with excessive bias. Also, there is a significant difference between Diploma-bachelor^s and master^s degrees in the excessive and disposition bias. While at investment decisions, there are no significant differences through gender and education perspectives.

Keywords: investment decision, behavioral bias, interbank call money market

Topic: Financial Management and Accounting