Perilaku Herding Investor Coronial yang Bertransaksi Pada Akun Saham Syariah

wiliam santoso, Cliff Kohardinata, Gladys Greselda Gosal


The emergence of investment trends since the Covid-19 pandemic in early 2020 brought out many new young investors, or popularly called "coronial" investors. Unfortunately, this issue is not matched by the increase in financial literacy, which eventually triggers the emergence of the phenomenon of herding behavior, where investors follow the advice of other investors without conducting adequate analysis. This study aims to examine the effect of investors’ personality and motivation on herding behavior in the younger generation who are new to investing in the capital market and using shariah online trading system. Questionnaires were distributed to 70 samples using snowball sampling technique and analyzed using multiple linear regression. The results showed that of the 6 hypotheses tested, 2 hypotheses were accepted, and 4 hypotheses were rejected. This finding indicates that the herding behavior of colonial investors who are using shariah online trading system is not influenced by their personality, whether detached, compliant, or aggressive. Meanwhile, herding behavior is proven to be influenced by motivational factors, namely cognitive abilities and emotional factors, however social factors do not affect their herding behavior

Full Text:



Ahmad, F. (2020). Personality traits as predictor of cognitive biases: moderating role of risk-attitude. Qualitative Research in Financial Markets.

Akhtar, F., Thyagaraj, K.S. and Das, N. (2018), “The impact of social influence on the relationship between personality traits and perceived investment performance of individual investors: evidence from Indian stock market”, International Journal of Managerial Finance, Vol. 14 No. 1, pp. 130-148.

Aydin, S., Hasan H. C., Erhan A. (2014). A research on reference behavior trend according to Horney’s personality types. Procedia - Social and Behavioral Sciences 148 ( 2014 ) 680 – 685

Barrick, M.R., Stewart, G.L. and Piotrowski, M. (2002), “Personality and job performance: test of the mediating effects of motivation among sales representatives”, Journal of Applied Psychology, Vol. 87 No. 1, p. 43.

Bikhchandani, S., Sharma, S. (2001). Herd Behavior in Financial Markets. IMF Staff Papers, International Monetary Fund, 47(3),pp. 279–310.

Brahmana, Rayenda Chee-Wooi Hooy Zamri Ahmad.(2014)."Moon phase effect on investor psychology and stock trading performance", International Journal of Social Economics, Vol. 41 Iss 3 pp. 182 – 200

Cakan, E. and Balagyozyan, A. (2014), “Herd behaviour in the Turkish banking sector”, Applied Economics Letters, Vol. 21 No. 2, pp. 75-79.

Coolidge, F. L., Moor, C. J., Yamazaki, T. G., Stewart, S. E., & Segal, D. L. (2001). On the relationship between Karen Horney ’ s tripartite neurotic type theory and personality disorder features. Personality and Individual Differences, 30, 1387–1400.

Fernández, Beatriz, Teresa Garcia-Merino, Rosa Mayoral Valle Santos, Eleuterio Vallelado, (2011),"Herding, information uncertainty and investors' cognitive profile", Qualitative Research in Financial Markets, Vol. 3 Iss 1 pp. 7 – 33

Goleman, D. (2001), “Emotional intelligence: Issues in paradigm building”, in Cherniss, C. and Goleman, D. (Eds), The Emotionally Intelligence Workplace, San Francisco: Jossey Bass.

Haritha P.H. and Rashmi Uchil. 2020. Influence of investor sentiment and its antecedent on investment decision-making using partial least square technique. Management Research Review

Horney Karen (2012). İçsel Çatışmalarımız, Sel Yayıncılık, Çeviren: Zeyney Koçak, Kitabın Orijinal Adı:Our Inner Conflicts, Birinci Baskı. İstanbul.

Kollenda, Philipp. 2021. Financial returns or social impact? What motivates impact investors’ lending to firms in low-income countries. Journal of Banking and Finance

Kumari, Sharda, Bibhas Chandra, J.K. Pattanayak, (2019) "Personality traits and motivation of individual investors towards herding behaviour in Indian stock market", Kybernetes.

Lin, H.W. (2012), “How herding bias could be derived from individual investor types and risk tolerance?”, World Academy of Science, Engineering and Technology, Vol. 6 No. 6, pp. 767-772.

Raab, Maximilian, Sebastian Schlauderer, Sven Overhage, Thomas Friedrich. 2020. More than a feeling: Investigating the contagious effect of facial emotional expressions on investment decisions in reward-based crowdfunding. Decision Support Systems 135

Raghubir, P. and Das, S.R. (1999), “A case for theory-driven experimental inquiry”, Financial Analysts Journal, Vol. 55 No. 6, pp. 56-79.

Raheja, Saloni. 2020. How do emotional intelligence and behavioral biases of investors determine their investment decisions?. Rajagiri Management Journal Vol. 14 No. 1, 202 pp. 35-47 Emerald Publishing Limited

Roberts, B. W., & Mroczek, D. (2008). Personality trait can change in Adulthood. Current Directions in Psychological Science, 17(1), 31–35.

Shanmugham and K. Ramya. 2012. Impact of Social Factors on Individual Investors’ Trading Behaviour. 2nd Annual International Conference on Accounting and Finance.

Shive, S. (2010), “An epidemic model of investor behavior”, Journal of Financial and Quantitative Analysis, Vol. 45 No. 1, pp. 169-198.

Simon, H.A. (1972), “Theories of bounded rationality”, Decision and Organization, Vol. 1 No. 1, pp. 161-176.

Tan, L., Chiang, T.C., Mason, J.R. and Nelling, E. (2008), “Herding behavior in Chinese stock markets: an examination of a and B shares”, Pacific-Basin Finance Journal, Vol. 16 No. 1-2, pp. 61-77.


  • There are currently no refbacks.