AN ANALYSIS OF INVESTMENT BEHAVIOR IN STOCK MARKET DURING COVID-19 PANDEMIC: A CASE OF INDONESIA

Abstract

Purpose – The purpose of this study is to find out the influence of attitude, subjective norms, perceived behavioral control, and perceived risk toward behavioral intention and behavioral intention towards actual behavior. Design/Methodology – The method of this research used a quantitative method by gathering data using a questionnaire. The online questionnaire consists of 30 item statements that were spread to stock market investors who have ever doing investment activities during the Covid-19 Pandemic in Indonesia. The online questionnaires are distributed by using the purposive sampling technique to respondents who are selected. There are 310 valid responses. Structural Equation Model becomes the technical analysis of this research Practical Implication – The practical implication of this study are investors need to enrich their information about the current stock condition during the unstable economy, the investors must have investors' peers to exchange ideas about what should they do or not in investment, and Investors must have their own abilities to control themselves when doing the investment. Findings – From the analysis results, this study found that attitude influences behavioral intention, perceived behavioral control influences behavioral intention, and behavioral intention influences actual behavior while subjective norms do not influence behavior and perceived risk does not influence behavioral intention. Originality – This is the first study to identify the influence of attitude, subjective norms, perceived behavioral control, and perceived risk toward behavioral intention and behavioral intention towards actual behavior.