Ringkasan Tesis
Sesuai SK Rektor UGM Tanggal 27 Desember 2010 No. 788/P/S/SK/HT/2010, Universitas Gadjah Mada mewajibkan Mahasiswa membuat Ringkasan Tesis dalam Bahas Bahasaa Ingg Inggris ris seba sebaga gaii pers persya yarat ratan an Wisu Wisuda da.. Ring Ringka kasa san n tesi tesiss terse tersebu butt haru haruss dikonsultasikan dan disetujui oleh dosen pembimbing.
Tujuan Ringkasan Tesis dalam bahasa Inggris adalah untuk membuka akses kepada seluruh masyarakat dunia terhadap penelitian mahasiswa S2 Universitas Gadjah Mada. Ringkasan tesis bukan merupakan naskah publikasi.
Format Ringkasan Tesis S2 dalam Bahasa Inggris sebagai berikut: 1. Cover Cover:: Title and and Identif Identificat ication ion of of the Study Study Progr Program am 2. Approv Approval al from Thesis Thesis’’ Super Superviso visor r 3. Table of Contents
1
4. Abstract
halaman 1
halaman 5. Chapter I: Introduction
1
halaman 6. Chapter II: Literature Review
1,5
7. Chapter III: Research Methods
halaman 2
halaman 8. Chapter IV: Result and Discussion
4,5
halaman
9. Chapter V: V: Co Conclusion, Su Suggestion, an and Re Reference
1
halaman
Catatan:
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[ Contoh Ringkasan Tesis dalam Bhs Inggris ]
SUMMARY
ANALYSIS OF DEMOGRAPHIC FACTOR AND RISK TOLERANCE TOWARD INVESTMENT DECISION USING PROSPECT THEORY APPROACH
Submitted by:
Abdul Chalid 09/294805/PEK/14702
STUDY PROGRAM OF MASTER OF MANAGEMENT FACULTY OF ECONOMICS AND BUSINESS UNIVERSITAS GADJAH MADA YOGYAKARTA
2011
SUMMARY
ANALYSIS OF DEMOGRAPHIC FACTOR AND RISK TOLERANCE TOWARD INVESTMENT DECISION USING PROSPECT THEORY APPROACH
Submitted by:
Abdul Chalid 09/294805/PEK/14702 .
Approved by: Thesis’ Supervisor
.........
TABLE OF CONTENTS
1. Title and Identification of the Study Program……………………….....
1
2. Approval of The Advisor Team…………………………………………. 2 3. Table of Contents……………………………………………………….. 3 4. Abstract…………………………………………………………………..4 5. Chapter I. Introduction………………………………………………….. 5 6. Chapter II. Literature Review…………………………………………… 6 7. Chapter III. Research Methods………………………………………….. 7 8. Chapter IV. Result and Discussion……………………………………… 8 9. Chapter V. Conclusion, Suggestion and References……………………. 9
ABSTRACT
Investor is a unique person. In taking any decision, investor still considers his or her rationality as a basis of decision, especially investment decision. In general, investor’s investment choice is based on the consideration of risk and return that will be born in the future. Investor frequently ignores the rationality as a basis on investment decision. Investor’s risk tolerance and different demographic characteristic of each investor often affect investor’s investment decision. The main purpose of this research is to analyze the effect of different demographic factors to the level of investor’s risk tolerance and to what extent both factors affect the investor’s investment decision. Data on this research is primary data which is collected from risk tolerance questionnaire and prospect theory questionnaire. The respondents on this research are 121 investors who have investment instrument on capital market. To analyze the effect of different demographic factor to investor’s risk tolerance, one-way ANOVA test is used; while binomial distribution test and probit regression are used to analyze to what extent both factors affect the investor’s investment decision. This study finds that different demographic factor generate different level of risk tolerance and there is no effect of demographic factor and risk tolerance toward investment decision.
Keyword: demographic factor, risk tolerance, investment decision, prospect theory.
I.
INTRODUCTION
11. Background
Investors are a unique person. Generally investor’s behavior formed by expectation and belief of risk and return on his/her owns investment decisions. Thus, investor always still considers his or her rationality as a basis of decision, especially investment decision. Even though, in the real world investor often ignores the rationality as a basis on investment decision as explained by Kahneman and Tversky (1979) on prospect theory approach. Investment decisions which ………………………………………………... ……………………………………………………………………………………… 12. The Objective
The objectives on this research are: 1. To analyze the effect of different demographic factor toward risk tolerance of investor. 2. To analyze the effect of demographic factor and risk tolerance toward investment decision using prospect theory approach.
II. LITERATURE REVIEW
21. Behavioral finance
Bodie, Kane, Marcus (2009) states that the assumptions of behavioral finance is the traditional financial approach ignores how people actually make decisions and become different because of impossibilities individuals in taking the decision. One of topics on behavioral finance is …………………………………... ……………………………………………………………………………………… 2.2 Risk tolerance
Hirschey and Nofsinger (2008) explain that risk is potential loss or reduction of assets or failure to obtain investment objectives. While, risk tolerance is investors propensity to attracted or rejected risky investment choices (Weber and Milliman, 1997). Risk tolerance could be …………………………………….. 2.3 Investment
Investment could be defined as a commitment to invest fund at the moment to
obtain
profit
in the
future (Jones,
2002). Investment couldn’t be
………………………………………………………………………………………
III. RESEARCH METHODS
3.1 Sample and Data
Data used in this research is primary data which is collected from survey based on questionnaire. The respondents in this study are individual investors who have instrument investment at capital market. …………………………………….. ……………………………………………………………………………………… 3.2 Variable measurement
The independent variables on this research are risk tolerance and demographic data. Risk tolerance questionnaire, which is developed by Lytton and Grable 1999), is used to measure risk tolerance variable. …………………….. ………………………………………………... …………………………………… 3.3 Analysis Methods
Anova one-way test is used to analyze the effect of demographic factors toward the level of risk tolerance. Binomial test and probit regression are used to analyze the demographic factors and risk tolerance toward investor’s investment decision. …………………………………………………………………………… ………………………………………………………………………………………
IV. RESULT AND DISCUSSION
4.1
Respondent background
Total respondents in this study are 121 investors who have investment instrument at capital market. Majority of the respondents are male (74%), in which 88 percent of them are below 39 years old. For the education level, they are dominated by graduate program (S1) account to 51%. ……………………………. 4.2
Hypothesis testing
From the statistical test neither Anova one-way test nor t-test shows that there is effect of demographic factor toward the differences of risk tolerance among investor. Only two demographic factors …………………………………... ………………………………………………………………………………………
Demographic factor
Sig
F/t
Conclusion
Gender
0,000
3,774
Ha accepted
Age
0,211
1,527
Ha rejected
Education
0,107
1,950
Ha rejected
Income
0,034
2,979
Ha accepted
Experience
0,044
2,755
Ha accepted
From the binomial test and probit regression, it is reflected that ………………………………………………………………………………………
V. CONCLUSION, SUGGESTION AND REFERRENCES
5.1
Conclusion
The majorities of the respondents are male and under 39 and have high risk tolerance level. The result of this study is in line with the Drooms (1987) research who stated that almost all the investors at capital market had high risk tolerance level. This study finds ……………………………………………………………. ………………………………………………………………………………………
5.2
Suggestion
For the next researches, to minimize the lack of data variation, it could use cluster sampling as the sampling method based on demographic factor groups with the equal proportion. …………………………………………………………. 5.3
References
Alexander Klos, Elke U. Weber, Martin Weber. 2005. Investment Decisions and
Time Horizon: Risk Perception and Risk Behavior in Repeated Gambles. Management Science, Vol. 51, No. 12 pp. 1777-1790. Bajtelsmit, Vickie. L and Bernasek, A. 2001. Risk Preferences and The Investment Decision of Older America. AARP . Beckmann D. And Menkhoff. L. 2008. Will Women Be Women? Analyzing the Gender Difference among Financial Experts. ISSN 0949-9962. Discussion Paper No.39 February 2008. Berridge Kent C. 2002. The Psychology of Economic Decisions vol 1”Irrational Pursuit: Hyper-Incentives From a Visceral Brain . Oxford University Press Inc, New York. Bodie, Z.A, Kane and Marcus, A.J. 2009. Investment. 8th ed . McGraw-Hill: Singapore ……………………………………………………………………………………… ……………………………………………………………………………… ……………………………………………………………………………………… ………………………………………………………………………………
