CHAPTER IV
ANALYSIS AND DISCUSSION
The process of this thesis using Microsoft excel 2010 and Statistical Package for the
Social Sciences (SPSS) version 19.0 for Windows. Data that author process is a
primary data from the questionnaires that being distributed to employees in private
companies in Jakarta.
4.1 Research Result
This research used questionnaire that distributed to private companies in
Jakarta. The questionnaires were distributed in two private companies. From the total
160 questionnaires that distributed, the total questionnaire that the companies giving
back is only 143 questionnaires before screening. The data from this research is a
primary data from the answers of all questionnaires. Submission of the questionnaire
to the companies performed using cover letter that will be given to the companies.
The letter also used as evidence that the questionnaires are really being distributed.
Tabel 4.1
Total questionnaire distributed
No
1.
Company Name
PT.
Kirim
Pangansari 80
kembali
Tidak
Tidakdapat Dapat
kembali
diolah
diolah
68
12
18
50
75
15
17
58
Utama
2.
Metro Tv
80
25
26
4.1.1 Respondents Profile Based on Demographic Factors
There are five questions to know the demographic factors of
respondents, in this case are employees on private companies in Jakarta.
From the questionnaires that author distribute, the questions are as follow:
1. The first question is gender. There are two categories for the
answer; men and women. The percentage of the answer is as
follow in figure 4.1 below:
Gender
0 0
54%
46%
Laki
Wanita
Figure 4.1
Based from the data below, the total respondents for men are 50
respondents or 46% and total respondents for women are 58 respondents or
54%. It means, from all the 108 respondents, the number of respondents of
women is more dominant in investing than men.
2. The second question is age, author made the answer into three
categories; from 20 until 30 years old, 30 until 40 years old and 40
until 50 years old. Author made the range of the age based on the
productive age of people. The percentage of the answer is as
follow in figure 4.2 below:
27
Age
0, 0%
30. 5%
30. 5%
20-30 Tahun
30-40 Tahun
40-50 Tahun
39%
Figure 4.2
Based from the data below, 33 respondents or 30, 5% is between 20 until 30
years old. 42 respondents or 39% is between 30 until 40 years old, and 33
respondents or 30, 5% respondents are between 40 until 50 years old. From the
result, respondents with age between 40 until 50 years old are more dominant in
investing, but it also means that all people with different age can do investment even
with the same types.
3. The third question is for education background. There are four
categories for the answer; D3, S1, S2 and S3. The percentage of
the answer is as follow in figure 4.3 below:
28
Education
0, 93%
9, 25%
27, 78%
D3
S1
S2
S3
62%
Figure 4.3
Based from the data, the total respondents with education background from
D3 are 30 respondents or 27, 78%, the total respondents from S1 are 67 respondents
or 62%, the total respondents from S2 are 10 respondents or 9, 25% and the total
respondents from S3 is only one respondent or 0, 93%. From the result, total
respondents with education background in S1 are more dominant than others.
4. The fourth question is status, author made the answer into two
categories; not married and married. The percentage of the answer
is as follow in figure 4.4 below:
29
Status
00
Married
43, 6%
56, 4%
Not Married
Figure 4.4
Based on the data, total respondents who already married are 61 respondents
or 56, 4% and respondents who are single are 47 respondents or 43, 6%. From the
result, respondents with married status more are dominant. But, it doesn’t mean that
that person who hasn’t married is not interesting in investing.
5. The fifth question is salary. There are three categories for the
answer; 3 until 5 million, 5 until 10 million and more than 10
million. The percentage of the answer is as follow in figure 4.5
below:
30
Salary
0%
22%
27%
3-5 Mio
5-10 Mio
> 10 Mio
51%
Figure 4.5
Based on data, respondents with monthly salary from 3 until 5 million are 29
respondents or 27%, 5 until 10 million are 55 respondents or 51% and more than 10
million are 24 respondents or 22%. From the result, respondents with salary between
5 until 10 million are more dominant. But, it doesn’t mean that people with less
salary or more salary than 5 until 10 million are not interesting in investing.
Everyone with different level of salary can invest their money in types of investment
that fit their financial condition.
6.
The second question is the number of family that lived together in
one house. Author made the answer into three categories; 1 until 3
people, 3 until 8 person and more than 8 people. The percentage
of the answer is as follow in figure 4.6 below:
31
Number of Family
0
30, 5%
28, 7%
1-3 people
3-8 people
> 8 people
40, 7%
Figure 4.6
Based on data, respondents with the number of family that lived in one house
for 1-3 people are 31 respondents or 28,7%, respondents with 3-8 person lived
together are 44 respondents or 40, 7% and respondents with more than 8 person lived
together are 33 respondents or 30, 5%. From the result, respondents with the number
of their family between 3-8 people that lived together are more dominant.
4.1.2 Respondents Profile Based on Their Investment Behavior
There are five questions to know how the behaviors of investor, in this
case are employees on private companies in Jakarta. From the questionnaires
that author distribute, the questions are as follow:
1. The first question is “Do you dare to take a high risk investment
but also has a high rate of return?” and author made the answer
into two categories; yes and no. The percentage of the answer is as
follow in the graphic 4.7 below:
32
Taking Risk
0 0
46, 29%
Yes
No
53, 71%
Figure 4.7
Based on data, the total respondents with the answer yes are 50
respondents or 46, 29% and the respondents with the answer no are 58
respondents or 53, 71%. From the result, respondents that don’t want to take
risk are more dominant.
2. The second question is “Do you prepare a special budget for
investment?” and author made the answer into two categories; yes
and no. The purpose of this answer is to know whether
respondents made a special budget for investing or no. The
percentage of the answer is as follow in figure 4.8below:
33
Budget Planning
00
51%
49%
Yes
No
`
Figure 4.8
Based on data, respondents who has a special budget every month for
investing are 53 respondents or 49% and respondents who hasn’t have a
special budget are 55 respondents or 51%. From the result respondents who
hasn’t have special budget are more dominant.
3.
The third question is “How much the budget that you prepare for
investing?” and author made the answer into three categories; less
than 5%, 10% until 15% and more than 15%. The percentage of
the answer is as follow in figure 4.9 below:
34
Budget
0
17, 6%
< 5%
42, 6%
10% - 15%
> 15%
39,8 %
Figure 4.9
Based on data, respondents who has budget less than 5% are 19
respondents or 17, 6%, respondents who has budget between 10% until 15%
are 43 respondents or 39, 8% and respondents who has budget higher than
15% are 46 respondents or 42, 6%. From the result, respondents who has
budget more than 15% are more dominant. It means that they spent a bit
much money for investing.
4.
The fourth question is “How long you already do investment?”
and author made the answer into four categories; ; less than 1 year,
1 until 3 years, 3 until 5 years and more than 5 years. The
percentage of the answer is as follow in figure 4.10 below:
35
Time
12%
20, 4%
< 1 Year
1 - 3 Year
35, 2%
32, 4%
3 - 5 Year
> 5 Year
Figure 1.10
Based on data, respondents who already investing less than 1 year are
13 respondents or 12%, respondents who already investing for 1 until 3 years
are 38 respondents or 35, 2%, respondents who already investing for 3 until 5
years for 35 respondents or 32, 4% and respondents who already investing for
more than 5 years are 22 respondents or 20, 4%. From the result, respondents
who do investing between 1 until 3 year are more dominant. But all people
can do investment and have a chance to get a good return even thought they
are new in investing. According to Christanti & Mahastanti (2011) investors
that already invest between 1 until 3 years are more consider to all factors.
5. The last question is “What is your reason doing investment?” and
author made the answer into four categories; for unexpected
needs, future needs, school expenses and others. The percentage
of the answer is as follow in graphic 4.11 below:
36
Reason
18, 6%
15, 7%
Unexpected
Needs
Future Needs
School Expenses
33, 3%
32, 4%
Others
Figure 4.11
Based on data, respondents who did investment with the reason for
unexpected needs are 17 respondents or 15, 7%, respondents with reason for
future needs are 36 respondents or 33, 3%, respondents with reason for
school expenses are 35 respondents or 32, 4% and other reason for 20
respondents or 18, 6%.
4.1.3 Respondents Profile Based on of Their Types Investment
There are five questions to know how the behaviors of investor, in this
case are employees on private companies in Jakarta. From the questionnaires
that distributed, the questions are as follow:
1. The first question is “What kind of investment that you already
have right now?” and author made the answer into two categories;
financial asset investment and real asset investment. The
percentage of the answer is as follow in graphic 4.12:
37
Investment
00
41, 7%
Financial Assets
Real Assets
58, 3%
Figure 4.12
Based on the data, total respondents with investment in real assets are
63 respondents or 58, 3% and respondents with financial asset investment are
45 respondents or 41, 7%. From the result, respondents who have investment
in real assets are more dominant than financial assets.
2. The second question is “What thing did you see in investment?”
and there are two categories of the answers; the rate of return and
risk. The percentage of the answer is as follow in graphic 4.13:
Investment
00
46, 3%
53, 7%
Figure 4.13
Return
Risk
38
Based on the data, total respondents that choose investment by
looking at the return are 50 respondents or 46, 3% and respondents that
choose investment by looking at the risk are 58 respondents or 53, 7%.
From the result, respondent those looking at the return are more
dominant. Means that more respondents are afraid of risk, but it doesn’t
mean that the other 50 respondents are not afraid of risk. It just they not
make risk as their main concern.
3. The third question is “If you already have real asset investment,
do you still interesting in financial asset investment?” and there
are two categories of the answer;yes and no. The percentage of the
answer is as follow in graphic 4.14:
Investing
00
34, 3%
Yes
65, 7%
No
Figure 4.14
Based on the data, total respondents interesting in investing on
financial assets are 71 respondents or 65, 7% and 37 respondents or 34, 3 %
are not interesting in financial assets investment. From the result, respondents
those interesting in financial assets are more dominant than not interesting.
But it doesn’t mean that if they interesting then they will invest their money
on financial asset.
39
4. The fourth question is “Do you prefer to invest your money in a
long-term or short-term investment?” and there are two categories
of the answer;long term investment and short term investment.
The percentage of the answer is as follow in graphic 4.15:
Term of Investment
00
Long Term
47, 2%
52, 8%
Short Term
Figure 4.15
Based on the data, total respondents that prefer investing in a long
period of time are 57 respondents or 52, 8% and respondents that prefer for
short period of time are 51 respondents or 47, 2 %.
From the result,
respondents that prefer in long period investment are more dominant.
5. The last question is “Looking at the economic condition of
Indonesia right now, what kind of investment that you will
choose?” and there are two categories of the answer; real assets
and financial assets. The percentage of the answer is as follow in
graphic 4.16:
40
Investment
0 0
44, 4%
55, 6%
Real Asset
Financial Asset
Figure 4.16
Based on the data, total respondents that choose real assets are 48
respondents or 44, 4% and respondents that choose financial assets are 60
respondents or 55, 6%. From the result, respondents that choose financial
asset as their investment based on economic condition right now are financial
asset. But it doesn’t mean that they will invest their money in financial assets.
Based on all questions in questionnaires, the answers are most of
respondents (53, 71%) don’t want to take high risk investment even though
the return will be high. In choosing type of investment, they also look more at
the risk of the investment rather than the return. It means that they are afraid
of taking risk. But most of them do prepare budget for investment by average
15% and already do investing for 3 until 5 years. From their answers, most of
them invest their money in real assets like savings, buying gold, buying
insurance, etc. There are also respondents that invest their money in financial
assets but most of them invest their money in bank deposit rather than
financial instruments. But it doesn’t mean there are no respondents that invest
their money in stocks. Even though most of them don’t want to take high risk,
but it doesn’t mean there are no respondents that brave enough for taking
investment with high risk. There are 46, 29% of respondents that willing to
take high risk to get high return and 65, 7% respondents who already have
41
real asset interesting with financial investment. Based on that answers, there
are 2 types of investor; risk taker and risk averse. Respondents also prefer to
invest their money in a long-term investment because most of them do
investment for their future needs when they get pension. And there are 2
types of investment; real asset investment and financial asset investment.
4.2 Data Analysis
This research use descriptive analysis to make the conclusion of the problem
in this research.
4.2.1 Descriptive Analysis
According to Sugiyono (2008:105), descriptive analysis is research
methods by collecting the actual data, arranges, processed and analyzes the
collected data in order to explain the problem.
In this research, descriptive analysis used to give an overview of the
questions from the questionnaire that being answered by the respondents.
This analysis will explain the variable from the research with the answer from
the questionnaire. The measurement of the respond from the respondents in
this study is using stage score, from each category of the variable. Score for
each variable are different from each other, because it’s based on the number
of categories from each variable. The score of types of investment are 1 for
financial asset and 2 for real asset. The score of investor behavior are 1 for
risk taker and 2 for risk averse.
1. Gender
Variable of gender using score 1 for men and 2 for women.
After that, variable of gender will be compared to the types of
investment. From the research and the conclusion of the answer from
all questionnaires, author made the types of investment into two
categories; financial asset and real asset. The result is as follow:
42
Table 4.2
Characteristic of Gender with the Types of Investment
Gender
Types of Investment
Total Score
Financial Asset
Real Asset
Men
28 56%
22 44%
50
46%
Women
28 48%
30 52%
58
54%
Total
56 52%
52 48%
108 100%
Based on table 4.2, men are more dominant investing in
financial asset for 56% and women are more dominant investing in
real asset for 52%. It means that men are braver to take risk in a
higher proportion because mostly investing in financial asset is more
risky than real asset. The example of high risk investment in financial
asset is stock. Stock has a high risk but it will give higher return.
After the analysis of characteristic of gender with the type of
investment, then the next thing to do is analyze the characteristic of
gender with the investor behavior. Author made 2 categories for types
of investor; risk seeker with the score 1 and risk averse with the score
2.
Table 4.3
Characteristic of gender with the Investor Behavior
Gender
Investor Behavior
Total Score
Risk Seeker
Risk Averse
Men
32 64%
18 36%
50
46%
Women
18 31%
40 69%
58
54%
Total
50 46%
58 54%
108 100%
Based on the table 4.3, men are braver to taking risk than
women with the percentage of 64% and women are more avoiding
43
risk or risk averse with the percentage of 69%. This is accordance
with the research of Barber and Odean (2001) that men are braver to
taking risk than women because physiology men have a higher level
of confidence.
2. Age
Variable of age is using three categories of answer. Score 1 for
age between 20 until 30, score 2 for age between 30 until 40 and score
3 for age between 40 until 50. After that, variable of gender will be
compared to the types of investment. The result is as follow:
Table 4.4
Characteristic of Age with Types of Investment
Age
Types of Investment
Total Score
Financial Asset
Real Asset
20 – 30
15 45, 5%
18 54, 5%
33
30, 5%
30 – 40
20 47, 6%
22 52, 4%
42
39%
40 – 50
23 69, 6%
10 30, 4%
33
30, 5%
Total
58 53, 7%
50 46, 3%
108 100%
Based on the table 4.4, age between 20 until 30 are more
dominant in investing on real asset for 54, 5%, age between 30 until 40
are more dominant in real asset for 52, 4% and age between 40 – 50 are
more dominant in financial asset for 53, 7%. Means that in age between
20 until 30 people start to invest their money and normally people start
doing investment by choosing investment with lower risk and easy to
understand. For example saving money or buying gold. As they get older,
their knowledge are better so they will choose investing in financial and
in purpose to get more return because they need more money for their
family. Mostly, people with age around 40 until 50 already have a family
so they need money to fulfill the family needs.
After the analysis of characteristic of age with the type of
investment, then the next thing to do is analyze the characteristic of age
44
with the investor behavior. There are 2 categories for types of investor;
risk seeker with the score 1 and risk averse with the score 2.
Table 4.5
Characteristic of Age with Investor Behavior
Investor Behavior
Age
Total Score
Risk Seeker
Risk Averse
20 – 30
20 60, 6%
13 39, 4%
33
30, 5%
30 – 40
15 35, 7%
27 64, 3%
42
39%
40 – 50
15 45 , 5%
18 54, 5%
33
30, 5%
Total
50 46, 3%
58 53, 7%
108 100%
Based on the table 4.5, age between 20 until 30 are more dominant in
risk seeker for 60, 6 %, age between 30 until 40 are more dominant in risk
averse for 64, 3% and age between 40 until 50 are more dominant in risk
averse for 54, 5%. Age does influence the way of think and act. 20 until
30 is considering as a young age. Young people are braver to taking risk.
As they get older, their knowledge also increasing, so they will take
investment with high risk but will give higher return. And at the of ripe
age, they will go back as a risk averse because their income will decrease
and they will get pension so they need investment that can guarantee their
money back.
3. Education
Variable of education is using four categories of answer. Score
1 for D3, score 2 is for S1, score 3 is for S2 and score 4 is for S3. The
result is as follow:
45
Table 4.6
Characteristic of Education with Types of Investment
Education
Types of Investment
Total Score
Financial Asset
Real Asset
D3
12 40%
18 60%
30
27, 8%
S1
37 55%
30 45%
67
62%
S2
8
80%
2
30%
10
9,3%
S3
1
100%
-
-
1
0,93%
Total
58 54%
50 46%
108 100%
Based on the table 4.6, people with education background in
D3 are more dominant in real asset for 60%, people with education
background in S1 are more dominant in financial asset for 55%, and
people with education background in S2 are more dominant in financial
asset for 80% and people with education background in S3 is dominant in
financial asset and the respondent in S3 is just one person. From this
result, a person with higher education background is tending to invest in
financial market because their knowledge in general and in investing is
better than people in D3. But it doesn’t mean people with low education
are not understood with financial asset.
After the analysis of characteristic of education with the type
of investment, then the next thing to do is analyze the characteristic of
education with the investor behavior. Author made 2 categories for types
of investor; risk seeker with the score 1 and risk averse with the score 2.
46
Table 4.7
Characteristic of Education with Investor Behavior
Education
Investor Behavior
Total Score
Risk Seeker
Risk Averse
D3
9
30%
21 70%
30
27, 8%
S1
32 48%
35 52%
67
62%
S2
8
80%
2
20%
10
9,3%
S3
1
100%
-
-
1
0,93%
Total
50 46%
58 54%
108 100%
Based on the table 4.7, people with education background in D3 are
more dominant as a risk averse for 70%, and people with education
background in S1 are more dominant as a risk averse. For education
background in S2 and S3 are more dominant as a risk seeker. It means
that there is relationship between education and investor behavior. People
with low education will choose investment with lower risk. That’s why
they don’t choose financial instrument. The other reason is because they
don’t have enough knowledge. And people with higher education
background will choose investment with high return which also contains
high risk. But because they have enough education so they know how to
manage their investment so they can get high return.
4. Status
Variable of status is using two categories of answer. Score 1
for not married and score 2 for married. After that, variable of status will
be compared to the types of investment. The result is as follow:
47
Table 4.8
Characteristic of Status with Types of Investment
Types of Investment
Status
Total Score
Financial Asset
Real Asset
Not Married
22 47%
25 53%
47
44%
Married
32 52%
29 48%
61
56%
Total
54 50%
54 50%
108 100%
Based on the table 4.8, investor who hasn’t married yet is
more dominant in investing in real assets for 53% and investors who
already married more dominant in financial asset for 52%. From the
result, people who already married mostly investing on financial asset.
After the analysis of characteristic of marital status with the
type of investment, then the next thing to do is analyze the characteristic
of marital status with the investor behavior. Author made 2 categories for
types of investor; risk seeker with the score 1 and risk averse with the
score 2.
Table 4.9
Characteristic of Status with Investor Behavior
Investor Behavior
Status
Risk Seeker
Risk Averse
Total Score
Not Married
29 62%
18 38%
47
44%
Married
21 34%
40 66%
61
56%
Total
50 46%
58 54%
108 100%
Based on the table 4.9, investor who hasn’t married yet is
more dominant as a risk seeker for 62% and people who already married
are dominant as risk averse. A person who hasn’t married yet is braver in
taking risk because mostly they don’t have financial responsibilities. And
people who already married is a risk averse because they need more
money because they have financial responsibilities to their family. In the
analysis of types of investment, people who already married are more
48
dominant to invest in financial asset. But it doesn’t mean that they are a
risk taker that invests their money on buying financial instrument. They
choose bank deposit as their financial asset because it has less risk and it’s
a short term (start from 1 month) investment. So if they need money they
can get their money on the deposit.
5. Salary
Variable of salary is using three categories of answer. Score
1the salary between 3 until 5 million, score 2 for salary 5 until 10 million
and score 3 for salary more than 10 million. After that, variable of income
will be compared to the types of investment. The result is as follow:
Table 4.10
Characteristic of Salary with Types of Investment
Types of Investment
Salary
Financial Asset
Real Asset
Total Score
3 – 5 mio
12 44%
15 56%
27
25%
5 – 10 mio
27 49%
28 51%
55
51%
>10 mio
16 62%
10 38%
26
24%
Total
55 51%
53 49%
108 100%
Based on the table 4.10, investors who get monthly salary
between 3 until 5 million are more dominant investing in real asset,
investors with salary between 5 until 10 million are more dominant
investing in real asset and investors with salary more than 10 million are
more dominant to invest in financial assets. It means that people with
salary more than 10 million are more dominant investing in financial
assets. Because mostly investing in financial asset giving higher risk than
real asset. So, people with lower salary don’t want to take financial asset
because they afraid in facing loss. But it doesn’t mean people with high
salary do not afraid of loss.
49
After the analysis of characteristic of salary with the type of
investment, then the next thing to do is analyze the characteristic of salary
with the investor behavior. Author made 2 categories for types of
investor; risk seeker with the score 1 and risk averse with the score 2.
Table 4.11
Characteristic of Salary with Investor Behavior
Investor Behavior
Salary
Risk Seeker
Risk Averse
Total Score
3 – 5 mio
14 48%
15 52%
29
27%
5 – 10 mio
22 40%
33 60%
55
51%
>10 mio
14 58%
10 42%
24
22%
Total
50 46%
58 54%
108 100%
Based on the table 4.11, investors who get monthly salary
between 3 until 5 million are more dominant as a risk averse and people
with monthly salary between 5 until 10 million also a risk averse. It
means people with salary more than 10 million are risk averse. If a person
has extra money, they will not afraid on choosing investment with high
risk because it can give them chance to get more money from the return.
6. Number of Family
Variable of family number is using three categories of answer.
Score 1 for the number of family between 1 until 3, score 2 for the
number of family between 3 until 8 and score 3 for number of family
more than 8. After that, variable of income will be compared to the types
of investment. The result is as follow:
50
Table 4.12
Characteristic of Number of Family with Types of Investment
Types of Investment
Family
Financial Asset
Real Asset
Total Score
1-3 person
16 52%
15 48%
31
29%
3-8 person
20 45%
24 55%
44
41%
>8 person
11 33%
22 67%
33
30%
Total
47 44%
61 56%
108 100%
Based on the table 4.12, investors who have a family that lived
together in one house between 1 until 3 person dominant investing in
financial asset for 52% and investors with family that lived together in
one house more than 3 person are dominant investing in real asset.
After the analysis of characteristic of number of family with
the type of investment, then the next thing to do is analyze the
characteristic of number of family with the investor behavior. Author
made 2 categories for types of investor; risk seeker with the score 1 and
risk averse with the score 2.
Table 4.13
Characteristic of Number of Family with Investor Behavior
Investor Behavior
Family
Risk Seeker
Risk Averse
Total Score
1-3 person
19 61%
12 39%
31
29%
3-8 person
16 36%
28 64%
44
41%
>8 person
15 45%
18 55%
33
30%
Total
50 46%
58 54%
108 100%
Based on the table 4.13, investors who have a family that lived
together in one house between 1 until 3 people dominant as a risk seeker
for 61% and investors with number of family more than 3 people are risk
51
averse. It means that number of family have relationship with investor
behavior. People that have a lot of number of family definitely will put
their responsibilities to their family first before doing investment. And if
they do investment, they will choose investment with low risk.
4.3 Validity and Reliability Test
In a research that used questionnaire, the question and answer of the
questionnaire should be valid and reliable. To measure the validity and reliability of
the questionnaire, author used SPSS version 19.0. The results of the tests are as
follow:
4.3.1 Validity Test
Validity test is conducted to ensure that the questions that being asked
are able to measure what should be measured and able to be valid if the
questions on the questionnaire were able to reveal something on the questions.
4.3.1.1 Validity Test on Variable X
There are 6 questions according to demographic factors variable. The
answer of the distribution analysis of an instrument of its research can be seen in
a result calculation on the table 4.14 below:
Table 4.14
Item Statistics
P1
P2
P3
P4
P5
P6
Mean
Std.
Deviation
N
1.54
2.00
1.83
1.56
1.95
2.02
.501
.785
.619
.498
.702
.773
108
108
108
108
108
108
From table 4.14, with used 108 respondents, the value of r table can
be obtained by using df (degree of freedom) = n – k, then the value of the table
from this research is 0, 1927 came from df = 108 – 6. The statement is valid if
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the value of r hitung, which is the value of Corrected Item – Total Correlation>r
tabel. From the result of the test, all of six questions from demographic factors
(X) variable are valid.
4.3.1.2 Validity Test on Variable Y1
There are 5 questions according to investor behavior variable. The
answer of the distribution analysis of an instrument of its research can be seen in
a result calculation on the table 4.15 below:
Table 4.15
Item Statistics
P7
P8
P9
P10
P11
Mean
Std.
Deviation
N
1.54
1.51
2.22
2.61
2.54
.501
.502
.728
.946
.971
108
108
108
108
108
From table 4.15, with used 108 respondents, the value of r table can
be obtained by using df (degree of freedom) = n – k, then the value of the table
from this research is 0, 1918 came from df = 108 – 5. The statement is valid if
the value of r hitung, which is the value of Corrected Item – Total Correlation>r
tabel. From the result of the test, all of six questions from demographic factors
(X) variable are valid.
4.2.13 Validity Test on Variable Y2
There are 5 questions according types of investment variable. The
answer of the distribution analysis of an instrument of its research can be seen in
a result calculation on the table 4.16 below:
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Table 4.16
Item Statistics
P12
P13
P14
P15
P16
Mean
Std.
Deviation
N
1.47
1.46
1.35
1.47
1.56
.502
.501
.480
.502
.498
108
108
108
108
108
From table 4.15, with used 108 respondents, the value of r table can
be obtained by using df (degree of freedom) = n – k, then the value of the table
from this research is 0, 1918 came from df = 108 – 5. The statement is valid if
the value of r hitung, which is the value of Corrected Item – Total Correlation>r
tabel. From the result of the test, all of six questions from demographic factors
(X) variable are valid.
4.3.2Reliability Test
Reliability is a measurement instrument for questionnaire which is a
tool to measure the indicator of variable. A questionnaire is reliable if the person
gives a consistent or stable answer from time to time of the questions. A variable is
reliable if the Cronbach Alpha> 0, 60.
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4.3.2.1 Reliability Test on Variable X
Table 4.17
Reliability Statistics
Cronbach's
Alpha
N of Items
.628
6
Reliability test on a variable is used to find out the stability and consistency
of respondents in answering the questions in the questionnaire. The value of variable
Xcan be seen in table 4.17:
Table 4.17 shows reliability statistictable as cronbanch alpha 0,628 >
0, 60. The result is all the questions from variable X are reliable.
4.3.2.2 Reliability Test on Variable Y1
Reliability test on a variable is used to find out the stability and
consistency of respondents in answering the questions in the questionnaire. The
value of variable Ycan be seen in table 4.18:
Table 4.18
Reliability Statistics
Cronbach's Alpha N of Items
.686
5
Table 4.18 shows reliability statistic table as cronbanch alpha 0,686 >
0, 60. The result is all the questions from variable Y1 are reliable.
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4.3.2.3 Reliability Test on Variable Y2
Reliability test on a variable is used to find out the stability and
consistency of respondents in answering the questions in the questionnaire. The
value of variable Ycan be seen in table 4.19:
Table 4.19
Reliability Statistics
Cronbach's Alpha
N of Items
.728
5
Table 4.18 shows reliability statistic table as cronbanch alpha 0,728 >
0, 60. The result is all the questions from variable Y2 are reliable.
4.4 The Interpretation of the Research Result
4.4.1 Investor Behavior Based on Demographic Factors
From the analysis that author analyze use the answer from all questionnaires,
gender, age, education, marital status, income and the number of family influence the
behavior of investors. From the 5 questions, author make a conclusion there are 2
types of investor; risk taker and risk averse by looking at the answers. And male
investors are more dominant as a risk taker rather than woman. This analysis is
accordance with Barber and Odean (2001) that men are braver in taking risk rather
than woman in choosing investment. In age, investors in young age are braver in
taking risk rather than woman. This analysis also in accordance with Evans (2004)
that people in young age are more tolerance with risks. In education, people with
higher education are braver in taking risk because they knowledge is better so they
can manage their investment to gain return. In marital status, people who already
married are more dominant as a risk averse. They are more concern to fulfill their
family needs rather than investment. So if they do investment, they will choose
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investment with lower risk. This is also in accordance with Ranganathan, K. (2004),
he also analyze this case in India. But this analysis is contrast with research by
Schooley and Worden (1999) that said investors with married status are more
tolerance in risk because they need more money for their family. In income, people
with lower salary are more dominant as a risk averse. Because they have limitation
about their money, so they will take a low-risk investment to avoid losing a big sum
of money. The last one is the number of family that lived together in one house.
People that lived together, with their family in one house more than 3 people, are
more dominant as risk averse. Mostly, they have financial responsibility to their
family, similar with people with married status. So their priority is their family
needs.
4.4.2Types of Investment Based on Demographic Factors
From the analysis that author analyze use the answer from all
questionnaires, gender, age, education, marital status, income and the number of
family influence the types of investment that they choose. . From the 5 questions,
author make a conclusion there are 2 types of investment that have been chosen by
investors; real asset investment and financial asset investment, by looking at the
answers In gender, men are more dominant in choosing financial assets as their
investment. The reason is because men are risk taker so they will choose investment
with high risk with the purpose to get higher return. In age, people with age around
30 until 40 are more dominant in choosing financial assets as their investment.
Mostly, people with that age already have a good salary so they are not afraid to
choose financial asset. In education, people with education background in S2 and S3
are more dominant in financial investment. Mostly, people with higher education
have a better knowledge and experience so they can plan and manage their
investment properly. In status, people with married status are more dominant in
financial assets. Contrast with the behavior analysis that married people are risk
averse. But this is in accordance with research from Schooley and Worden (1999). In
income, people with higher income are more dominant in financial investing; of
course because financial investing acquires more money, so most of people with
lower income will not choose this type of investment. In the number of family,
people with the number of family between 1 until 3 are more dominant in choosing
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financial investment and it accordance with the analysis that people with lower
number of family are tended to be risk taker.
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