BIG FIVE PERSONALITY TRAITS, DEMOGRAPHY AND OVERCONFIDENCE
DOI:
https://doi.org/10.37112/bisman.v3i1.619Keywords:
Behavioral Finance, Overconfidence, Big Five Personality Traits, Demographics VariablesAbstract
This study aims to determine the factors that influence overconfidence in student investors in Yogyakarta. This study explores the relationship between demographic factors (sex, age, education) and big five personality traits (agreeableness, concientiousness, extraversion, neuroticism, openness) with overconfidence. Primary data collected from student investors through questionnaires. The statistical method used is chi-square to determine the relationship between demographic factors and overconfidence. Regression method to determine the relationship between personality types with overconfidence. Analysis using SPSS for Windows 20 on 100 sample sizes. The results of the regression analysis showed that there was an influence between concientiousness, extroversion and openness personality type variables on overconfidence. Agreeableness and neuroticism have no effect on overconfidence. The study also found an influence between demographic factors (sex, age, education) and overconfidence.
References
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Bashir, Dr. T et al (2013), Are Behavioral Biases Influenced By Demographic Characteristics & Personality Traits? Evidence From Pakistan : Journal of Business and Management. European Scientific Journal. October 2013, edition vol.9, No.29.
Barber, B., Odean, T (2000), Trading is Hazardous to Your Wealth: the Common Stock Performance of Individual Investors. Journal of Finance. 55, 773— 806.
Barber, Brad M., and Terrance Odean (2001), Boys Will Be Boys: Gender, Overconfidence, and Common stock Investment, Quarterly Journal of Economics 116, 261-292.
Barberis, N. And R.H. Thaler . 2003. A Survey of Behavioral Finance. Handbook of the Economic of Finance. Elsevier : Amsterdam.
Bhandari and Deaves (2006), The Demographics of Overconfidence. Jurnal of Behavioral Finance, Vol 7, No 1.
Charli, L. L. and A. H. Eagly, ”Sex of researchers and sex-typed communications as determinants of sex differences in influence ability: a Meta-Analysis of Social Influence Studies,” Psychol. Bull., vol. 90, no. 1, pp.1-20, 1981.
DeBondt, W.F.M. and Thaler, R. 1985. Does The Stock Market Overreact?, Journal of Finance. 40 (3) : 793–805.
Geffert. & Christensen. (1998), Things they carry: Attitudes toward, opinions about, and knowledge of libraries and research among incoming college students.
Felton, James., Gibson, Bryan., and David M Sanbonmatsu., (2003), Preference for Risk in Investing as a Function of Trait Optimism and Gender. Journal of BehavioralFinance Vol 4, no 1, 33-40.
Ferguson, E., Heckman, J., Corr, P. (2011), Personality and Economics: Overview and Proposed Framework,Personality and Individual Differences, No. 5151, pp. 201.
Ghozali, Imam. 2007. Aplikasi Analisis Multivariate Dengan Program SPSS. BPUniversitas Diponogoro: Semarang.
Graham, J. R., Harvey, C.R., and Huang, H. (2009), Investor Competence, Trading Frequency and Home Bias, 55(7), 1094-1106.
Hogarth, J.M. (2002), Financial Literacy and Family and Consumer Sciences, Journal of Family and Consumer Sciences, Vol. 94, No 1, pp.15-28.
Jamshidinavid et al. (2012), The Impact of Demographic and Psychological Characteristics on the Investment Prejudices in Tehran Stock. European Journal of Business and Social Sciences, Vol. 1, No. 5, pp 41-53, August 2012.
Kufepaksi, Mahatma., (2010) .Investor Overconfident Dalam Penilaian Saham :Perspektif Gender Dalam Eksperimen Pasar. Volume 14, No.2, Th. 2010: Hal. 131-150.
Korniotis, G. M. and A. Kumar, (2011) Do older investors make better investment decisions?” Review of Economics and Statistics, 93 (1), pp. 244-265.
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Lin, H. (2011), Elucidating the Influence of Demographics and Psychological Traits on Investment Biases, World Academy of Science, Engineering and Technology.
Mayfield, C., Perdue, G dan K. Wooten. (2008). Investment Management and Personality Type. Financial Services Review vol 17.
McCrae, R.R & Costa Jr., P.T. 1997. Personality Trait Structure as a Human Universality. Americant Psychologist. Vol 52. No 5. 509-516.
McCrae, R.R & Costa Jr., P.T. 2008. Revised NEO Personality Inventory and NEO Five-Factor Inventory: Professional Manual. FL: Assessment Resources.
Menkhoff, L., U. Schmidt and T. Brozynski 2006. The Impact of Experience on Risk Taking, Overconfidence and Herding of Fund Managers: Complementary Survey Evidence, European Economic Review, 50, pp. 1753-1766.
Mishra, K.C. & Mary J. Metilda (2015), A study on the impact of investment experience, gender, and level of education on overconfidence and self-attribution bias : IIMB Management Review (2015) 27, 228–239.
Muhammad, Djibril. 2013. Minat Mahasiswa Yogyakarta jadi Investor Tinggi. https://www.republika.co.id/berita/nasional/jawa-tengah-diy-nasional/13/11/15/mwaiwf-minat-mahasiswa-yogyakarta-jadi-investor-tinggi.
Nofsinger, John R. 2005. Psychology of Investing. Second Edition. New Jersey. Precentice-Hall Inc.
Odean, Terrance (1998), Volume, Volatility, Price, and Profit When All Traders are Above Average, Journal of Finance, LIII, December, 1887 -1934.
Onsomu, Zipporah Nyaboke (2015), Effect of Age on Investor Decisions. International Journal Of Innovative Research & Development, ISSN 2278 – 0211.
Pallier, G., Wilkinson, R., Danthir, V., Kleitman, S., Knezevic, G., Stankov, L., & Roberts, R. D. (2002). The role of individual differences in the accuracy of confidence judgments. Journal of General Psychology, 129, 257–299.
Paulhus, D. L., & Williams, K. M. (2002). The Dark Triad of personality: Narcissism, Machiavellianism and psychopathy. Journal of Research in Personality, 36, 556–563.
Peterson, Richard. (2011), The Personality Traits of Successful Investor’s Personality and Perceptual Biases Effect on Financial Decisions. Internastional Jurnal of Economics and Finance.
Pompian, Michael M. 2006. Behavioral Finance and Wealth Management. John Wiley & Sons Inc. New Jersey.
Rekik, Yosra Mefteh. Younes Boujelbene. Determinants of Individual Investors’ Behaviors: Evidence from Tunisian Stock Market. Journal of Business and Management. (IOSR-JBM). e-ISSN: 2278-487X. Volume 8, Issue 2 (Jan. - Feb. 2013), PP 109-119.
Robbins, Stephen. P, Judge, Timothy. A, (2008), Organizational Behavior, Prentise Hall, 100-110.
Robbins, Stephen P. 2001. Perilaku Organisasi. Edisi 8. Prentice Hall, Jakarta.
Rothmann, S; E.P. Coetzer., (2013), The big five personality dimensions and job performance. SA Journal of Industrial Psychology 29.
Schaefer, P. S. et al (2004) Overconfidence and the Big Five,J. Res. Pers, 38,473-480.
Sembel, R. & Trinugroho, I. (July 2011), Overconfidence and Excessive Trading Behavior, Journal of Business and Management, Vol. 6, No. 7.
Shefrin, & Hersh (2007), Behavioral Corporate Finance. Decisions that Create Value. McGraw- Hill/Irwin. New York.
Sugiama, Gima.A. 2012. Metode Riset Bisnis dan Manajemen. CV Gurdaya Inti Marta Bandung.
Stone, E. R., Dodrill, C. L., & Johnson, N. (2001). Depressive cognition: A test of depressive realism versus negativity using general knowledge questions. Journal of Personality, 135, 583–602.
Tekçe, Bülent (2011), What Factors Affect Behavioral Biases?: Evidence From Turkish Individual Stock Investors.
Thomas, Sam & Shinil Sebastian (2015), Analysis Of Changes In Overconfidence Bais Of Stock Market Traders In Indian Stock Market. Journal of Business and General Management, Vol. 4, Issue 6, Oct - Nov 2015, 49-56.
Williams, D. G. (1992). Dispositional optimism, neuroticism, and extraversion. Personality and Individual Differences, 13, 475–477.
Bashir, Dr., T et al (2013), Impact of Demographics and Personality traits on Confidence level: Determinants of Overconfidence (Evidence from employees and students) : Journal of Business and Management. Volume 10, Issue 1 (May. - Jun. 2013), PP 58-67.
Bashir, Dr. T et al (2013), Are Behavioral Biases Influenced By Demographic Characteristics & Personality Traits? Evidence From Pakistan : Journal of Business and Management. European Scientific Journal. October 2013, edition vol.9, No.29.
Barber, B., Odean, T (2000), Trading is Hazardous to Your Wealth: the Common Stock Performance of Individual Investors. Journal of Finance. 55, 773— 806.
Barber, Brad M., and Terrance Odean (2001), Boys Will Be Boys: Gender, Overconfidence, and Common stock Investment, Quarterly Journal of Economics 116, 261-292.
Barberis, N. And R.H. Thaler . 2003. A Survey of Behavioral Finance. Handbook of the Economic of Finance. Elsevier : Amsterdam.
Bhandari and Deaves (2006), The Demographics of Overconfidence. Jurnal of Behavioral Finance, Vol 7, No 1.
Charli, L. L. and A. H. Eagly, ”Sex of researchers and sex-typed communications as determinants of sex differences in influence ability: a Meta-Analysis of Social Influence Studies,” Psychol. Bull., vol. 90, no. 1, pp.1-20, 1981.
DeBondt, W.F.M. and Thaler, R. 1985. Does The Stock Market Overreact?, Journal of Finance. 40 (3) : 793–805.
Geffert. & Christensen. (1998), Things they carry: Attitudes toward, opinions about, and knowledge of libraries and research among incoming college students.
Felton, James., Gibson, Bryan., and David M Sanbonmatsu., (2003), Preference for Risk in Investing as a Function of Trait Optimism and Gender. Journal of BehavioralFinance Vol 4, no 1, 33-40.
Ferguson, E., Heckman, J., Corr, P. (2011), Personality and Economics: Overview and Proposed Framework,Personality and Individual Differences, No. 5151, pp. 201.
Ghozali, Imam. 2007. Aplikasi Analisis Multivariate Dengan Program SPSS. BPUniversitas Diponogoro: Semarang.
Graham, J. R., Harvey, C.R., and Huang, H. (2009), Investor Competence, Trading Frequency and Home Bias, 55(7), 1094-1106.
Hogarth, J.M. (2002), Financial Literacy and Family and Consumer Sciences, Journal of Family and Consumer Sciences, Vol. 94, No 1, pp.15-28.
Jamshidinavid et al. (2012), The Impact of Demographic and Psychological Characteristics on the Investment Prejudices in Tehran Stock. European Journal of Business and Social Sciences, Vol. 1, No. 5, pp 41-53, August 2012.
Kufepaksi, Mahatma., (2010) .Investor Overconfident Dalam Penilaian Saham :Perspektif Gender Dalam Eksperimen Pasar. Volume 14, No.2, Th. 2010: Hal. 131-150.
Korniotis, G. M. and A. Kumar, (2011) Do older investors make better investment decisions?” Review of Economics and Statistics, 93 (1), pp. 244-265.
Lemeshow, S. & David W.H.Jr. 1997. Besar Sampel Dalam Penelitian Kesehatan. Gadjah Mada University Press, Yogyakarta.
Lewellen, Wilbur., G, Ronald., C, Lease., Gary G Schlarbaum (1977), Patterns of Investment Strategy and Behavior Among Individual Investors. Journal of Business, 296-333.
Lin, H. (2011), Elucidating the Influence of Demographics and Psychological Traits on Investment Biases, World Academy of Science, Engineering and Technology.
Mayfield, C., Perdue, G dan K. Wooten. (2008). Investment Management and Personality Type. Financial Services Review vol 17.
McCrae, R.R & Costa Jr., P.T. 1997. Personality Trait Structure as a Human Universality. Americant Psychologist. Vol 52. No 5. 509-516.
McCrae, R.R & Costa Jr., P.T. 2008. Revised NEO Personality Inventory and NEO Five-Factor Inventory: Professional Manual. FL: Assessment Resources.
Menkhoff, L., U. Schmidt and T. Brozynski 2006. The Impact of Experience on Risk Taking, Overconfidence and Herding of Fund Managers: Complementary Survey Evidence, European Economic Review, 50, pp. 1753-1766.
Mishra, K.C. & Mary J. Metilda (2015), A study on the impact of investment experience, gender, and level of education on overconfidence and self-attribution bias : IIMB Management Review (2015) 27, 228–239.
Muhammad, Djibril. 2013. Minat Mahasiswa Yogyakarta jadi Investor Tinggi. https://www.republika.co.id/berita/nasional/jawa-tengah-diy-nasional/13/11/15/mwaiwf-minat-mahasiswa-yogyakarta-jadi-investor-tinggi.
Nofsinger, John R. 2005. Psychology of Investing. Second Edition. New Jersey. Precentice-Hall Inc.
Odean, Terrance (1998), Volume, Volatility, Price, and Profit When All Traders are Above Average, Journal of Finance, LIII, December, 1887 -1934.
Onsomu, Zipporah Nyaboke (2015), Effect of Age on Investor Decisions. International Journal Of Innovative Research & Development, ISSN 2278 – 0211.
Pallier, G., Wilkinson, R., Danthir, V., Kleitman, S., Knezevic, G., Stankov, L., & Roberts, R. D. (2002). The role of individual differences in the accuracy of confidence judgments. Journal of General Psychology, 129, 257–299.
Paulhus, D. L., & Williams, K. M. (2002). The Dark Triad of personality: Narcissism, Machiavellianism and psychopathy. Journal of Research in Personality, 36, 556–563.
Peterson, Richard. (2011), The Personality Traits of Successful Investor’s Personality and Perceptual Biases Effect on Financial Decisions. Internastional Jurnal of Economics and Finance.
Pompian, Michael M. 2006. Behavioral Finance and Wealth Management. John Wiley & Sons Inc. New Jersey.
Rekik, Yosra Mefteh. Younes Boujelbene. Determinants of Individual Investors’ Behaviors: Evidence from Tunisian Stock Market. Journal of Business and Management. (IOSR-JBM). e-ISSN: 2278-487X. Volume 8, Issue 2 (Jan. - Feb. 2013), PP 109-119.
Robbins, Stephen. P, Judge, Timothy. A, (2008), Organizational Behavior, Prentise Hall, 100-110.
Robbins, Stephen P. 2001. Perilaku Organisasi. Edisi 8. Prentice Hall, Jakarta.
Rothmann, S; E.P. Coetzer., (2013), The big five personality dimensions and job performance. SA Journal of Industrial Psychology 29.
Schaefer, P. S. et al (2004) Overconfidence and the Big Five,J. Res. Pers, 38,473-480.
Sembel, R. & Trinugroho, I. (July 2011), Overconfidence and Excessive Trading Behavior, Journal of Business and Management, Vol. 6, No. 7.
Shefrin, & Hersh (2007), Behavioral Corporate Finance. Decisions that Create Value. McGraw- Hill/Irwin. New York.
Sugiama, Gima.A. 2012. Metode Riset Bisnis dan Manajemen. CV Gurdaya Inti Marta Bandung.
Stone, E. R., Dodrill, C. L., & Johnson, N. (2001). Depressive cognition: A test of depressive realism versus negativity using general knowledge questions. Journal of Personality, 135, 583–602.
Tekçe, Bülent (2011), What Factors Affect Behavioral Biases?: Evidence From Turkish Individual Stock Investors.
Thomas, Sam & Shinil Sebastian (2015), Analysis Of Changes In Overconfidence Bais Of Stock Market Traders In Indian Stock Market. Journal of Business and General Management, Vol. 4, Issue 6, Oct - Nov 2015, 49-56.
Williams, D. G. (1992). Dispositional optimism, neuroticism, and extraversion. Personality and Individual Differences, 13, 475–477.
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