Investor Behavioral Bias Based on Demographic Characteristics

This study aims to examine the effect of demographic characteristics such as age, gender, income, and occupation on investor behavioral biases such as overconfidence bias, disposition effect, and herding bias.This research was conducted by distributing questionnaires to respondents who are 151 stock investors listed on the Indonesia Stock Exchange with a minimum age of 17 years.The results of the study showed that each dependent variable was at least influenced by one of the demographic characteristics.From the hypothesis test, it can be seen that overconfidence bias was influenced by gender and income.While the disposition effect was influenced by age, and the herding behavior bias was influenced by occupation.