Coopetition: Jurnal Ilmiah Manajemen

(E-ISSN: 2615-4978, P-ISSN: 2086-4620) Mochammad Rizaldy Insan Baihaqqy …Investment Decisions……. 189
Vol X1 No 3. Nopember 2020

Investment Decisions Of Investors Based On Generation Groups :

A Case Study In Indonesia Stock Exchange
Mochammad Rizaldy Insan Baihaqqy1, Sugiyanto 2

Doctroral, Management, Universitas Pendidikan Indonesia1

Manajemen, Institut Manajemen Koperasi Indonesia2
[email protected]
[email protected]

Abstract
This study aims to describe the effect of financial literacy in each generation group (Gen Z, Gen Y, Gen X,
and Baby Boomers) in investment decision making. The method used in this research is quantitative
descriptive. Respondents in this study were 137 investors who were members of the Indonesia Stock
Exchange. Data collection was conducted in January 2020-February 2020. The results showed that the
differences in financial literacy of each generation group had a significant influence on investment
decisions. financial literacy and Investment experience is needed in the capital market in making
investment decisions.
Keywords: Investment Decisions, Investors, Generation Groups, Stock Exchange

INTRODUCTION market knowledge; type of investment instrument;

profit rate, and; the level of risk.
National Development Planning of the Republic of
Indonesia (Bappenas-2018) explained that Indonesia's In line with this, Bairagi and Chakraborty (2018)
economic growth in Quarter 1 2015 to Quarter 1 2018 suggest that investment decision making is based on
tended to be stable. This is caused by all national two main factors, namely: 1) socioeconomic factors;
economic activities that are running stable and is income and employment, and 2) demographic factors;
benefited by ageing population in Indonesia. United environment, gender and education. This is in line
Nation (2015) explains that the ageing population is a with the opinion of Widayat (2010) which states that
phenomenon of increasing the age of a region's media investment decisions are influenced by various factors,
due to increased life expectancy. This ageing including financial literacy, demographic aspects, and
population phenomenon not only affects economic individual economic conditions.
growth rates, but also has an impact on the labour
Each generation has its own characteristics. This is
market, macro balance (internal), and economic policy
generally influenced by the environment faced during
settings. Furthermore, Nazara (2010) argues that
their lives. No doubt, each generation finally has a
ageing population can be interpreted as an economic
different nature that also presents patterns of
benefit, which means an increase in economic growth
adaptation and approaches that are also different.
marked by the increasing amount of savings and
Generational groups have a close relationship with the
investment growth. Tandelilin (2010) mentions
financial behaviour of individuals, so it is not
investment is a commitment to a number of funds or
surprising that under certain conditions, psychological
other resources made at this time, with the aim of
aspects can dominate potential investors to determine
obtaining a number of benefits in the future. Bodie, et
investment decisions. Oblinger & Oblinger (2005)
al (2010) distinguish the two forms of investment,
grouping generations on the basis of similarity in birth
namely financial assets (capital markets) and real
time and historical traversed by individuals, then the
assets. The two types of investment have different
division of groups from generation can be categorized
characteristics so that investors must at least have
into five categories namely Matures (<1946), Baby
sufficient knowledge about investment so that they are
Boomers (1947-1964), Generation Xers (1965-1980),
not wrong in making investment decisions. Baihaqi
Gen-Y / NetGen (1981-1995) and Post Millenials
(2016) explains that the fundamentals of investment
(1995-present). This division of groups will determine
that must be understood by investors are: capital
190 Coopetition, Vol XI, Nomor 3,Nopember 2020, 189 – 196
(E-ISSN : 2615-4978, P-ISSN : 2086-4620)

the tendency of financial behaviour of individuals Table 1 Number of respondents

including in determining investment decisions.
Research on investment decisions has been carried out
by researchers. Arianti (2018) argues that investment
decisions are not influenced by financial literacy, but
financial behaviour and income have a significant
influence on investment decisions. Abdeldayem
(2016) which states that participants in the low
financial literacy group, prefer to invest in traditional
and safe financial products and do not invest much in
complex financial products are relatively risky and can
provide higher returns. However, this research is only Based on table 1, it can be seen that 24.1% of
limited to investors in Bahrain. This research will respondents were investors from generation Z (post-
discuss the effect of different generation groups of millennial), 48,9% of respondents were investors from
investors on investment decisions that are members of generation Y (NetGen), 24,1% of respondents were
the Indonesia Stock Exchange. investors from generation X (Generation Xers ), and
2,9% of respondents were investors from Baby
RESEARCH METHODS Boomers generation.
This research uses quantitative descriptive methods. Furthermore, the tendency of investors to prioritize
Data collection was conducted from January 2020 to returns on selected investment products are presented
February 2020 by distributing questionnaires to 137 in table 2 below.
investors who were members of the Indonesia Stock
Exchange. The data collected was processed using Table 2 The tendency of investors to prioritize
descriptive analysis, correlation, and ANOVA. This returns on selected investment products
paper discusses investment decisions from investors in
terms of generation groups. The respondent generation
group was divided into four groups including Baby
Boomers (4 investors), Generation Xers (33 investors),
Gen-Y / NetGen (67 investors), and Post Millenials
(33 investors).
There are six factors that influence investment
decisions, including prioritizing returns on selected
investment products, finding information about returns
to be received, selling shares when an uptrend occurs
and buying shares when a downtrend occurs, choosing
a period of stock returns, stopping loss tolerance per From table 2 above, it can seen that 40.1% of
share issuer , select stocks in the Bluechips / Big caps investors stated that they often have a tendency to
portfolio category prioritize returns on their chosen investment products,
RESULTS AND DISCUSSION 33.6% of investors stated that they always have a
tendency to prioritize returns on their chosen
From the result of the questionnaire, explains that it is investment products, 21,2 % of investors stated that
known that the profile of investor in terms of groups of they sometimes have a tendency to sometimes
generations are as follows: prioritize returns on their chosen investment products,
4,4% of investors stated that they sometimes have a
The number of respondents for each generation is
tendency to rarely prioritize returns on their chosen
presented in table 1 below.
investment products, and only 0,7% % of investors
stated that they never have a tendency to sometimes
prioritize returns on their chosen investment products.
This finding shows that in investment decision making
in the capital market, most investors tend to prioritize
the return factor in choosing investment products. This
finding shows that in making investment decisions in
the capital market, most investors tend to prioritize the
 Mochammad Rizaldy Insan Baihaqqy …Investment Decisions……. 191

return factor in choosing investment products. This is Table 4 The tendency of investors to sell shares
consistent with the opinion of Suharli (2004) which when an uptrend occurs and buy shares when a
states that returns are one form of investor wealth downtrend occurs
increase.
Furthermore, the importance of the availability of
Table 3 The tendency of investors in finding
information about the return to be received

From table 4 above, it can be seen that 38.1% of

investors state that they often have a tendency to sell
shares when an uptrend occurs and buy shares when a
downtrend occurs, 27% of investors state that they
always have a tendency to sell shares when an uptrend
occurs and buy shares when a downtrend occurs .
24.8% of investors stated that they sometimes had a
tendency to sometimes sell shares when the uptrend
information for investors regarding the return to be occurred and buy shares when the downtrend occurred,
received is presented in table 3 below. 5.1% of investors rarely a tendency to sell shares when
From table 3 above, it can be seen that 52.6 % of the uptrend occurred and buy stocks when the
investors stated that they often have a tendency to find downtrend occurs, and only 4.4% Investors state that
information about the returns to be received, 31.4% of they never have a tendency to sell shares when the
investors stated that they always have a tendency to uptrend occurs and buy shares when the downtrend
find information on returns that would be accepted on occurs. This finding shows that in investment decision
the investment product they chose, 11.7% from making in the capital market, most that investors who
investors stating that they sometimes look for actively transact in the capital market are investors
information on the returns they will get on their chosen who have confidence in investing where they often
investment product, 3.6% of investors state that they check their portfolios and look for portfolio
have a tendency to find return information that will be information. This is consistent with the opinion of
accepted on the investment product they choose, and Grinbalt and Keloharju (2009) which states that the
only 0.7 % of investors stated that they have never had group of investors who often transact in the short term
the tendency to seek information on the returns to be is an investor who has self control and confidence in
received from the investment product of their choice. investing.
This finding shows that in making investment Furthermore, the importance of investors to select the
decisions in the capital market, most investors tend to period of stock returnsl is presented in table 5 below.
look for information about the returns to be obtained in
choosing investment products. This is in accordance Table 5 The tendency of investors to select the
with the opinion of Chou, et.al. (2000) which states period of stock returns
that Investors often use the availability of information
and the results of the valuation process as a basis for
purchasing investment products
Furthermore, the importance of investors to sell shares
when an uptrend occurs and buy shares when a
downtrend occurs is presented in table 4 below.
192 Coopetition, Vol XI, Nomor 3,Nopember 2020, 189 – 196
(E-ISSN : 2615-4978, P-ISSN : 2086-4620)

From table 5 above, It can be seen that 56.2% of bear the risk of losing too much money, maybe
investors stated that they often have the tendency of because they have family considerations and others
investors to choose a period of stock returns, 19% of and maybe because of lack of investment experience.
investors stated that they always have the tendency of This is in accordance with previous research on loss
investors to choose a period of stock returns. 17.5% of aversion bias made by Barber and Odean (2011)
investors stated that they sometimes had the tendency
Furthermore, the importance of investors to choose
of investors to choose a period of stock returns, 5.8%
stocks with a portfolio category of Bluechips / Big
of investors stated that they had a tendency for
caps is presented in table 7 below.
investors to choose a period of stock returns, and only
1.5% of Investors stated that they never had an Table 7 The tendency of investors to choose stocks
investor's tendency to Choose a stock return period. with a portfolio category of Bluechips / Big caps
This finding shows that in making investment
decisions in the capital market, most investors do itThe
tendency of investors to choose a period of stock
returns in terms of investing that in the context of
investment management, the risk is the magnitude of
the deviation between the expected rate of return and
the expected rate of return (actual profit). The greater
the deviation means the greater the level of risk. in line
with research from Fahmi (2011: 150) expectation of
return is the profit expected by an investor in the future
the amount of funds that have been placed.
Furthermore, the importance of investors to have a
stop loss tolerance per share issuer is presented in From table 7 above, It can be seen that 31.4% of
table 6 below. investors stated that they often have the tendency of
investors to choose stocks with Bluechips / Big caps
Table 6 The tendency of investors to have a stop portfolio category 27% of investors stated that they
loss tolerance per share issuer sometimes have investors' tendency to choose stocks
with portfolio categories from Bluechips / Big caps .
20.4% of investors stated that they always had the
tendency of investors to choose stocks with the
Bluechips / Big caps portfolio category, 11.7% of
investors stated that they rarely had the tendency of
investors to choose stocks with the Bluechips / Big
caps portfolio category and only 9, 5 % of investors
stated that they never had the tendency of investors to
choose stocks in the Bluechips / Big caps portfolio
category. This finding shows that in making
investment decisions in the capital market, More than
half of investors tend to have a portfolio in the issuer
From table 6 above. It can be seen that 35% of with the category of bluechips. This tends to contradict
investors state that they often have the the results of research Gladys, et.al. (2000) which
tendency of investors to have a stop loss tolerance per states that the change in priority goals does not affect
share issuer, 32.8% of investors state that they the proportion of bluechip shares in the optimal
sometimes have an investor's tendency to have a stop portfolio
loss tolerance per share issuer, 14.6% of investors
stated that they had a tendency for investors to have a
stop loss tolerance per share issuer, only 8.8% of
Investors stated that they never and 8.8% always had
an investor tendency to have a stop loss tolerance per
share issuer. This finding shows that in investment
decision making in the capital market, most that
investors to mitigate the risks that occur and can not
 Mochammad Rizaldy Insan Baihaqqy …Investment Decisions……. 193

Table 8 Descriptive Statistics of Investment person in the decision making process. The results of
Decisions of the Four categories of generation the study are also supported by Kengatharan's research
group (2014) which explains that financial behavior that can
influence a senior investor and novice investor in a
decision making is herding, heuristics, and prospect.
Tabel 10 the partial test

Based on table 8, the mean for investment decisions of

the baby boomers generation group is 3.83, the Y
generation group is 3.81, the X generation group is Based on table 10, it can be seen that in the partial test
3.66, and the generation Z group is 3.61. Thus, it can be a comparison is made between t arithmetic with t table
concluded that the baby boomers generation group or P value with a sig value of 0.05. The tables for
ranks highest in determining investment decisions. sample 137 and sig 0.05 are 1.9660 and accounts for
These findings are consistent with research conducted financial literacy are 3.091 and the generation group is
by Cristanti and Mahastanti (2011) which explains that 2.399. From the results of the comparison it is known
the tendency of investors with old age will have more that financial literacy and generation groups have a
consideration in determining investment decisions than greater value than the table so that it can be stated if
investors at a young age. partially financial literacy and generation groups are
empirically proven to have a significant influence on
Furthermore, the correlation between the generation of investment decisions. The results of this study are in
investors and investment decisions is presented in accordance with the research of Wolosin et al. (1973)
Table 9 below. which explains that the behavior bias of people in Asia
Table 9 The correlation between the generation of is generally higher than the behavior bias of people in
investors and investment decision America. Further research shows that behavioral bias
is influenced by the characteristics of demographic and
financial literacy. Referring to the results of previous
studies, the bias of financial behavior in Indonesian
investors is inseparable from the demographic
characteristics, which means that it is related to the
culture of investors themselves, where in general the
business culture in Indonesia tends to follow
something that is viral or trendy, including in the
world investation. stock. This phenomenon provides
an illustration if Indonesian investors lack confidence
in their own abilities and are easy to change decisions
From table 9, it can be seen that Based on the results when their opinions are considered a minority.
of the simultaneous hypothesis test (F test) it is known CONCLUSION
that the Fcount is 7.107 while the Ftable for df1 is 2
and df2 397 is 3.02. In addition, the value of p value is Social and demographic conditions in the generation
known to be 0.001 where the test is carried out by group will have an influence on financial literacy and
comparing Fcount with Ftable (7.107> 3.02) or P financial behavior in determining an investment
value of 0.001 <0.05. From this comparison it can be decision. The social conditions of each investor will
stated if the financial literacy is moderated by a determine investment choices, because when an
generation group determined to have a significant investor has a high social condition, the tendency to
influence on investment decisions. The results of this choose a small stock investment will be low and vice
study are in accordance with the research of Waweru versa. Likewise with the demographics of investors
(2014) which states, a biased financial behavior is a who describe their social relationships so that when
psychological psychological illusion that affects a there are investors who have bad associations, high
194 Coopetition, Vol XI, Nomor 3,Nopember 2020, 189 – 196
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