COGNITIVE BIASES UNVEILED : FRAMING, TIME PRESSURE, AND CULTURAL UNCERTAINLY AVOIDANCE RESHAPE INVESTMENT DECISIONS THROUGH
DOI:
https://doi.org/10.70197/jebisma.v3i1.108Keywords:
Framing, Time Pressure, Cultural, Investment DecisionsAbstract
This study aims to analyze the influence of framing, time pressure, and uncertainty avoidance on investment evaluation decision-making. This study uses an experimental approach based on fuzzy-trace theory and prospect theory rooted in behavioral finance. The experiment was conducted on final-year accounting students as a proxy for financial decision-makers, using a 2x2x2 factorial design to examine the influence of each variable. The analysis results indicate that information framing significantly influences investment decisions; participants who received information with negative framing tended to be more willing to take risks compared to those with positive framing. Time pressure was also found to affect decision accuracy, while uncertainty avoidance revealed significant differences in risk preferences. These findings reinforce evidence that psychological aspects and situational context play a significant role in financial decision-making, particularly in the evaluation of fixed asset investments. The practical implications of this study highlight the importance of developing information strategies and managerial controls in the long-term investment decision-making process.
Downloads
References
Adams, E. M., & Goffman, E. (1979). Frame Analysis: An Essay on the Organization of Experience. In Philosophy and Phenomenological Research (Vol. 39, Issue 4). https://doi.org/10.2307/2106908
Agus, W. (2013). Statistika Terapan : Konsep dan Aplikasi dalam Penelitian Bidang Pendidikan, Psikologi dan Ilmu Sosial Lainnya,. PT Alex Media Komputindo.
Aji. (2022). Kerugian Negara di Kasus Krakatau Steel Ditaksir Mencapai Rp 6,9 Triliun. Tempo News. https://www.tempo.co/hukum/kerugian-negara-di-kasus-krakatau-steel-ditaksir-mencapai-rp-6-9-triliun-321453
Akbar, R., Siroj, R. A., Win Afgani, M., & Weriana. (2023). Experimental Reseacrch Dalam Metodologi Pendidikan. Jurnal Ilmiah Wahana Pendidikan, 9(Vol 9 No 2 (2023): Jurnal Ilmiah Wahana Pendidikan), 465–474. https://jurnal.peneliti.net/index.php/JIWP/article/view/3165
Akerlof, G. A., & Shiller, R. J. (2009). How Human Psychology Drives The Economy, and Why it Matters for Global Capitalism. In Journal GEEJ (9th ed., Vol. 7, Issue 2). Princeton University Press.
Amos Tversky, D. K. (1986). Rational Choice and the Framing of Decisions. The Journal of Business, 59(4), 251–278.
Anas, D., Insani, S., Nazhatut, U., Sampang, T. A., & Merugikan, P. Y. (2023). PENGARUH FRAMING EFFECT DAN ADVERSE SELECTION DALAM PENGAMBILAN KEPUTUSAN INVESTASI (STUDI EKSPERIMENTAL). MULTIFINANCE Jurnal Ekonomi, Manajemen Dan Perbankan, 1(1), 50–58.
Ang, S., & Dyne, L. Van. (2015). Handbook of Cultural Intelligence Theory, Measurement, and Applications (1st ed.). Taylor Francis. https://doi.org/https://doi.org/10.4324/9781315703855
Anja, D., Katrin, D., & Holger, D. (2009). Compensatory versus noncompensatory models for predicting consumer preferences. Judgment and Decision Making, 4(3), 200–213.
Arifin, & Narsa, I. M. (2022). The Framing Effect and Time Pressure on The Investment Decision: A Test for Prospect Theory and Fuzzy-Trace Theory. Quality - Access to Success, 23(190), 407–416. https://doi.org/10.47750/QAS/23.190.43
Arwani, A., Ifadah, A., & Sa’adah, A. N. (2020). Aspek Keperilakuan Pada Pengambilan Keputusan Dan Para Pengambil Keputusan. Jurnal Akuntansi Syariah, 53(5), 1–116.
Ashton, R. H., & Kramer, S. S. (1980). Students As Surrogates in Behavioral Accounting Research: Some Evidence. Journal of Accounting Research, 18(1), 1. https://doi.org/10.2307/2490389
Asisah, N., Arsi, P. A., & Sakka, A. (2022). PERUBAHAN BUDAYA ATAU KEBIASAAN, DAN ADAPTASI BUDAYA BARU PADA MASYARAKAT DIERA GLOBALISASI DALAM PERSPEKTIF ANTROPOLOGI. Relinesia: Jurnal Kajian Agama Dan Multikulturalisme Indinesia, 1(1), 130–209.
Bazerman, M. H. (1984). The Relevance of Kahneman and Tversky’s Concept of Framing to Organizational Behavior. Journal of Management, 10(3), 333–343. https://doi.org/10.1177/014920638401000307
Bazerman, M. H., & Moore, D. A. (2013). Judgment in Managerial Decision Making (L. Johnson & M. Solarz (eds.); Eight). Wiley.
Belli, A., Carrillat, F. A., Zlatevska, N., & Cowley, E. (2024). How Does Time Pressure Influence Risk Preferences? Answers from a Meta-Analysis. Journal of Consumer Research, 50(6), 1172–1197.
Ben Zur, H., & Breznitz, S. J. (1981). The effect of time pressure on risky choice behavior. Acta Psychologica, 47(2), 89–104. https://doi.org/10.1016/0001-6918(81)90001-9
Benson, L., & Ordonez, L. (1997). Decisions under Time Pressure : How Time Constraint Affects Risky Decision Making. Organizational Behavior and Human Decision Processes, 71(2), 121–140.
Breuer, W., Riesener, M., & Salzmann, A. J. (2014). Risk aversion vs. individualism: what drives risk taking in household finance? European Journal of Finance, 20(5), 446–462. https://doi.org/10.1080/1351847X.2012.714792
Briefer. (2024). 6 Dimensi Budaya Hofstede, Ini Pengertian dan Contohnya! Stories from Breefer. https://stories.briefer.id/2024/05/31/dimensi-budaya-hofstede/
Brigham,E.F, Ehrhardt, M. . (2017). Financial Management : Theory & Practice (15th ed.). Cengage Learning.
Chaterine, M. (2022). Kasus Korupsi Pembangunan Pabrik BFC PT Krakatau Steel Diduga Rugikan Negara Rp 6,9 Triliun. Kompas.Com. https://nasional.kompas.com/read/2022/07/19/11300731/kasus-korupsi-pembangunan-pabrik-bfc-pt-krakatau-steel-diduga-rugikan-negara
Chong, D., & Druckman, J. N. (2007). Framing theory. Annual Review of Political Science, 10, 103–126. https://doi.org/10.1146/annurev.polisci.10.072805.103054
Christoph Carnehl, J. S. (2023). On Risk and Time Pressure: When to Think and When to Do. Journal of the European Economic Association, 21(1), 1–47. https://doi.org/https://doi.org/10.1093/jeea/jvac027
CNN Indonesia. (2022). Eks Dirut Krakatau Steel Jadi Tersangka Korupsi Pembangunan Pabrik BFC. CNN Indonesia. https://www.cnnindonesia.com/nasional/20220719074803-12-823171/eks-dirut-krakatau-steel-jadi-tersangka-korupsi-pembangunan-pabrik-bfc
Cooper, D.R & Schindler, P. S. (2001). Business Research Methods. McgrawHill College.
Corbin, J. C., Reyna, V. F., Weldon, R. B., & Brainerd, C. J. (2015). How reasoning, judgment, and decision making are colored by gist-based intuition: A fuzzy-trace theory approach. Journal of Applied Research in Memory and Cognition, 4(4), 344–355. https://doi.org/10.1016/j.jarmac.2015.09.001
Cristofaro, M., Giardino, P. L., Malizia, A. P., & Mastrogiorgio, A. (2022). Affect and Cognition in Managerial Decision Making: A Systematic Literature Review of Neuroscience Evidence. Frontiers in Psychology, 13(March). https://doi.org/10.3389/fpsyg.2022.762993
Cummings, L. L., Harnett, D. L., & Hamner, W. C. (1976). Managerial Decision Making Under Intransitive Conditions: an International Study of the Voter’S Paradox. Decision Sciences, 7(3), 510–523. https://doi.org/10.1111/j.1540-5915.1976.tb00697.x
Dame W. Manullang, Herman Karamoy, W. P. (2019). ANALISIS KELAYAKAN INVESTASI AKTIVA TETAP ( STUDI KASUS PADA CINCAU JO , BLENCHO DAN BROWNICE UNIT KREATIVITAS ( CASE STUDY ON CINCAU JO , BLENCHO AND BROWNICE SAM RATULANGI UNIVERSITY STUDENT CREATIVITY UNIT ). Jurnal EMBA, 7(2), 2561–2570.
Darmanto, R., Lambey, L., & Tangkuman, S. (2016). Peran Informasi Akuntansi Manajemen Mengenai Pengambilan Keputusan Investasi Aktiva Tetap Pada Pt Anugerah Trikarya Lestari. Jurnal EMBA, 5(1), 215–224.
Dasman, S., Puspitasari, D. M., Wiyatno, T. N., & Widiastuti. (2024). Manajemen Investasi Modern (Melvin Mirsal (ed.); Pertama). PT Media Penerbit Indonesia.
Dhea Tita Putri. (2021). PENGAMBILAN KEPUTUSAN INVESTASI DENGAN MENGGUNAKAN AKUNTANSI DIFERENSIAL STUDI KASUS PADA PT. PUTRA RESTU IBU ABADI (PRIA). In Pharmacognosy Magazine (Vol. 75, Issue 17).
Diederich, A. (2003). MDFT account of decision making under time pressure. Psychonomic Bulletin and Review, 10(1), 157–166. https://doi.org/10.3758/BF03196480
Dror, I. E., Busemeyer, J. R., & Basola, B. (1999). Decision making under time pressure: An independent test of sequential sampling models. Memory and Cognition, 27(4), 713–725. https://doi.org/10.3758/BF03211564
Du, W. S., & Hu, B. Q. (2018). Ecological Rationality : Fast-and-Frugal Heuristics for Ecological Rationality : Fast-and-Frugal Heuristics for Max Planck Institute for Human Development Acknowledgements : Academy of Management Journal.
Edland,A, Svenson, O. (1993). Judgment and decision making under time pressure: Studies and findings. Plenum Press.
Elisabeth, V. D. (2008). Analisa Keputusan Investasi Penambahan Mesin Produksi CV. THG. Universitas Atma Jaya.
Emser, A.-K., Heintzen, S., Beeser, C., Stoberock, B., & Marquardt, N. (2021). Higher, Faster, Further: Occupational Ethical Decision-Making under Time Pressure in Type A versus Type B Personalities. Psychology, 12(10), 1678–1710. https://doi.org/10.4236/psych.2021.1210102
Endah, S. (2011). Eskalasi dan De-eskalasi Komitmen Pada Individu Yang Berkarakter Internal Locus of Control Dalam Kasus Investasi Bertahap. Simposium Nasional Akuntansi XIV Aceh, 1–40.
Entman, R. M. (1993). Framing: Toward Clarification of a Fractured Paradigm. Journal of Communication, 43(4), 51–58. https://doi.org/10.1111/j.1460-2466.1993.tb01304.x
ERKAN, G., TEMEL, F., & MOINIZADEH, M. (2017). the Impact of Culture on Ethical Decision-Making: a Study on Accounting Students in Turkey, United Kingdom and Iran. International Refereed Academic Social Sciences Journal, 0(28), 0–0. https://doi.org/10.17364/iib.2017.4.1
Etemadi, H., Dilami, Z. D., Bazaz, M. S., & Parameswaran, R. (2009). Culture, management accounting and managerial performance: Focus Iran. Advances in Accounting, 25(2), 216–225. https://doi.org/10.1016/j.adiac.2009.08.005
Fan, J. X., & Jian Xiao, J. (2005). TCAI Working Paper 5-3 A CROSS-CULTURAL STUDY IN RISK TOLERANCE: COMPARING CHINESE AND AMERICANS. Take Charge America Institute for Consumer Financial Education and Research, 5(December), 1–29.
Feriyana, I., Widiasmara, A., & Novitasari, M. (2020). Pengaruh Mental Accounting Dan Framing Effect Terhadap Pengambilan Keputusan Investasi. SIMBA: Seminar Inovasi Manajemen Bisnis Dan Akuntansi, II.
Fina Ratnasari, I Gede Adi Indrawan, L. P. W., & Sasana, P. H. (2024). Akuntansi Keperilakuan Akuntansi. In Journal of Chemical Information and Modeling (Pertama, Vol. 53, Issue 1). Unpam Press.
Finucane, M. L., Alhakami, A., Slovic, P., & Johnson, S. M. (2000). The affect heuristic in judgments of risks and benefits. Journal of Behavioral Decision Making, 13(1), 1–17. https://doi.org/10.1002/(SICI)1099-0771(200001/03)13:1<1::AID-BDM333>3.0.CO;2-S
Fishburn, P. C. (2011). Normative Theories of Decision Making Under Risk and Under Uncertainty. Decision Making, 78–98. https://doi.org/10.1017/cbo9780511598951.006
Garrison, R. H., Noreen, E. W., Brewer, P. C., & McGowan, A. (2010). Managerial Accounting. In Issues in Accounting Education (Vol. 25, Issue 4). https://doi.org/10.2308/iace.2010.25.4.792
Ghozali, I. (2021). Aplikasi Analisis Multivariance Dengan Program IBM SPSS 26 (Edisi 10 (). Badan Penerbit Universitas Diponegoro.
Gigalová, V. (2017). Intuition and managerial decision-making. Human Affairs, 27(3), 301–316. https://doi.org/10.1515/humaff-2017-0025
Guo, Y., Lu, Z., Kuang, H., & Wang, C. (2020). Information avoidance behavior on social network sites: Information irrelevance, overload, and the moderating role of time pressure. International Journal of Information Management, 52(July 2019), 102067. https://doi.org/10.1016/j.ijinfomgt.2020.102067
Haleh Rastegary, F. J. L. (1993). The interactions among time urgency, uncertainty, and time pressure. Springer, 217–239.
Sentosa, A., Purwanto, M., & Mulia, T. W. (2013), The Effect of Budget Participation on Managerial Performance Through Organizational Commitment and Leadership Style as Moderating Variables. Journal of Contemporary Accounting, 5(1), 01-27. https://doi.org/10.19184/bisma.v1112.6308
Lubis, F., H. & Suzan L. (2016). Pengaruh Penerapan Akuntansi PERTANGGUNGJAWABAN TERHADAP KINERJA MANAJERIAL ( Shah Kasus pada PT. Pericbunan Sumatera Utara) THE INFLUENCE OF APPLICATION OF ACCOUNTING RESPONSIBILITY TOWARDS (Case Sudy on PT Perkebunan Sumatera Utara. E-Proceeding of Managemew. 2) 1533-1529
Ramadita, E. S., & Suzan, L. (2019). Pengaruh Biaya Produksi, Debt to equity ratio, dan Perputaran Persediaan Terhadap Profitabilitas. Jurnal ASET (Akuntansi Riset), 11(1), 159-168. https://doi.org/10.17509/jaset.v1lil.17440
Kristanti, F. T., Effendi, N., Herwany, A., & Febrian, E. (2016). Does corporate governance affect the financial distress of indonesian company? A survival analysis using cox hazard model with time-dependent covariates. Advanced Science Letters, 22(12), 4326–4329. https://doi.org/10.1166/asl.2016.8138
Kristanti, F. T., Rahayu, S., & Isynuwardhana, D. (2019). The survival of small and medium business. Polish Journal of Management Studies, 20(2), 311–321. https://doi.org/10.17512/pjms.2019.20.2.26
Salim, D. F., Iradianty, A., Kristanti, F. T., & Candraningtias, W. (2022). Smart beta portfolio investment strategy during the COVID-19 pandemic in Indonesia. Investment Management and Financial Innovations, 19(3), 302–311. https://doi.org/10.21511/imfi.19(3).2022.25
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 Raihan Aqil Fauzananda Musrady, Leny Suzan, Teodora Winda Mulia
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
