Behavioral Finance intends to understand the behavior of investors in taking investment

decisions. Decision making is a process of the selection of the best alternative from a number
of alternatives available under the influence of a complex situation. Investment decision
making will be strongly influenced by the information received, as well as the level of skills and
knowledge of investors about the investment. This study aimed to know the behavior of
investors in decision-making of investment in capital markets. The survey was conducted
against 50 investors who joined in the bonds of Indonesia Property Analyst (IKAPRI). Primary
data was collected through the distribution of the now, then further analyzed are descriptive.
The results of this study establish a model that describes the behaviour of investors in making
investment decisions. That, investors in the investment decision-making process to consider
the accounting information. However, investor psychology factors which are reflected as a
personal signal more dominate. So, even though the results of the empirical analysis shows
that the influence of accounting information of market value is not consistent, but the
investors stated that the accounting information presented by the company continues to be
an important consideration in the decision-making process of investment. More private
investors dominated the signal as a consideration in the decision making process of
investment, because investors have a psychological tendency to consider more private than
public signal signal. The psychological phenomenon that resulted in the share price does not
reflect the price (value) normally. The investors argue that the Indonesia capital market are in
a condition that is inefficient and the Manager can choose the right time to issue shares when
the price was high enough above the natural value. That is, the market value does not reflect
the availability of information

Memahami perilaku investor dalam mengambil keputusan investasi disebut dengan

perilaku keuangan, sedangkan proses pengambilan keputusan merupakan suatu proses
memilih alternatif terbaik dari sejumlah alternatif yang tersedia. Pengambilan keputusan
investasi dipengaruhi oleh beberapa hal, yang pertama adalah informasi tentang investasi itu
sendiri dan tentang tingkat kemampuan serta pengetahuan investor tentang investasi. Studi
ini bertujuan untuk mengetahui bagaimana perilaku investor dalam proses pengambilan
keputusan investasi di pasar modal. Data primer dikumpulkan melalui observasi dan
wawancara, kemudian selanjutnya dianalisis secara kualitatif deskriptif. Hasil studi ini akan
menggambarkan bagaimana perilaku investor dalam proses pengambilan keputusan investasi.

Investor dalam proses pengambilan keputusan investasi akan mempertimbangkan

informasi akuntansi. Namun, faktor psikologi investor sebagai sinyal pribadi lebih
mendominasi. Jadi, meskipun hasil analisis menunjukkan bahwa pengaruh informasi akuntansi
terhadap nilai-nilai pasar adalah tidak konsisten, namun investor menyatakan bahwa
informasi akuntansi yang disajikan oleh perusahaan tetap menjadi pertimbangan yang penting
dalam proses pengambilan keputusan investasi. Sinyal pribadi lebih mendominasi investor
sebagai pertimbangan dalam proses pengambilan keputusan investasi, sebab investor
memiliki kecenderungan psikologis untuk lebih mempertimbangkan sinyal pribadi
dibandingkan sinyal publik. Fenomena psikologis tersebut mengakibatkan harga saham tidak
mencerminkan harga (nilai) wajarnya. Investor berpendapat bahwa pasar modal Indonesia
berada dalam kondisi yang tidak efisien karena manajer dapat memilih waktu yang tepat
untuk menerbitkan saham dan memasang harga cukup tinggi di atas nilai wajarnya. Artinya,
nilai pasar tidak mencerminkan ketersediaan informasi.

Understanding the behavior of investors in taking investment decisions is called

behavioral finance, while the decision-making process is a process of choosing the best
alternative from a number of alternatives are available. Investment decision-making is
influenced by several things, the first is the information about the investment itself and about
the level of ability and knowledge of investors about the investment. This study aims to find
out how the behavior of investors in the investment decision making process in the capital
markets. Primary data collected through observation and interviews, and then further
analyzed qualitatively descriptive. The results of this study will illustrate how the behavior of
investors in the investment decision making process. Investors in the investment decision
making process will consider the accounting information. However, investor psychology factor
as a personal signal more dominate. So, even though the results of the analysis showed that
the influence of accounting information of market value is not consistent, but the investors
stated that the accounting information presented by the company continues to be an
important consideration in the decision-making process of investment. More private investors
dominated the signal as a consideration in the decision making process of investment,
because investors have a psychological tendency to consider more private than public signal
signal. The psychological phenomenon that resulted in the share price does not reflect the
price (value) normally. The investors argue that the Indonesia capital market are in a condition
that is not efficient because the Manager can choose the right time to issue shares and put
the price high enough above the natural value. That is, the market value does not reflect the
availability of information