Proceedings of the 9th Global Conference on Business, Management and Entrepreneurship (GCBME 2024)

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Moderating Effect of Demographic Factors on The Influence of Cognitive Bias on Investment Decisions

Authors
Elva Herlianti1, *, Nugraha Nugraha1, Yayat Supriatna1, Maya Sari1
1Universitas Pendidikan Indonesia, Bandung, Indonesia
*Corresponding author. Email: elvaherlianti@upi.edu
Corresponding Author
Elva Herlianti
Available Online 12 September 2025.
DOI
10.2991/978-94-6463-817-2_52How to use a DOI?
Keywords
Cognitive Bias; Demographic Factors; Investment Decisions
Abstract

In investment decisions, several things need to be considered, especially cognitive biases which influence investment decisions because cognitive bias is a psychological phenomenon that influences financial behavior in stock players (practitioners) and how humans behave in determining actual finances in financial arrangements. Besides that, it is also a description of how humans take action in the decision-making process from the information they obtain and influence financial behavior based on emotional factors. Then, the decision-making process carried out by a person is no longer entirely rational. Apart from that, an investment decision is a sacrifice of current value that is certain for a future value that may not even be certain. The investment contains elements of expected return and risk due to uncertainty in the future, and in investment, there is a term, namely high risk - high return.

Copyright
© 2025 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the 9th Global Conference on Business, Management and Entrepreneurship (GCBME 2024)
Series
Advances in Economics, Business and Management Research
Publication Date
12 September 2025
ISBN
978-94-6463-817-2
ISSN
2352-5428
DOI
10.2991/978-94-6463-817-2_52How to use a DOI?
Copyright
© 2025 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Elva Herlianti
AU  - Nugraha Nugraha
AU  - Yayat Supriatna
AU  - Maya Sari
PY  - 2025
DA  - 2025/09/12
TI  - Moderating Effect of Demographic Factors on The Influence of Cognitive Bias on Investment Decisions
BT  - Proceedings of the 9th Global Conference on Business, Management and Entrepreneurship (GCBME 2024)
PB  - Atlantis Press
SP  - 426
EP  - 432
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-817-2_52
DO  - 10.2991/978-94-6463-817-2_52
ID  - Herlianti2025
ER  -