PENGARUH LOSS AVERSION, RISK SEEKING, DAN HERDING BEHAVIOR TERHADAP KEPUTUSAN HEDGING PADA PERDAGANGAN DERIVATIF CRYPTOCURRENCY

Abstract

Penggunaan derivatif cryptocurrency bergeser dari alat lindung nilai menjadi sarana spekulasi, ditandai nilai likuidasi harian yang mencapai lebih dari US$100 juta pada satu platform. Hal ini menyebabkan trader menanggung risiko kerugian yang besar. Penelitian ini bertujuan mengukur tingkat loss aversion, risk seeking, dan herding behavior serta menganalisis pengaruhnya terhadap keputusan hedging pada perdagangan derivatif cryptocurrency dengan usia dan gender sebagai variabel kontrol. Penelitian dilakukan dengan metode kuantitatif menggunakan data primer dari kuesioner. Pengambilan sampel dilakukan menggunakan teknik purposive sampling dan diperoleh 110 trader derivatif cryptocurrency. Analisis data dilakukan menggunakan regresi linear berganda. Hasil penelitian menunjukkan bahwa ketiga perilaku berada pada tingkat sedang, sedangkan keputusan hedging berada pada tingkat tinggi. Secara simultan seluruh variabel memengaruhi keputusan hedging dengan koefisien determinasi sebesar 11,9%. Secara parsial, loss aversion berpengaruh positif dan signifikan, sedangkan herding behavior berpengaruh negatif dan signifikan. Risk seeking, usia, dan gender tidak berpengaruh signifikan. Keputusan hedging didorong oleh kecenderungan menghindari kerugian dan kemandirian dalam mengambil keputusan, sehingga platform dan regulator disarankan menyediakan edukasi manajemen risiko serta mengelola fitur sosial agar tidak memperkuat perilaku ikut-ikutan.

The use of cryptocurrency derivatives shifted from a hedging tool to a speculative instrument, marked by daily liquidation values exceeding US$100 million on a single platform. This exposed traders to substantial risk of loss. This study aimed to measure the levels of loss aversion, risk seeking, and herding behavior and to analyze their influence on hedging decision in cryptocurrency derivatives trading, with age and gender as control variables. The study was conducted using a quantitative method with primary data from an online questionnaire. Sampling was carried out using purposive sampling and obtained 110 cryptocurrency derivatives traders. Data analysis was performed using multiple linear regression. The results showed that all three behaviors were at a moderate level, while hedging decisions were at a high level. Simultaneously, all variables influenced hedging decisions with a coefficient of determination of 11.9%. Partially, loss aversion had a positive and significant effect. Risk seeking, age and gender had no significant effect. Hedging decisions were driven by the tendency to avoid losses and independence in decision making, so trading platforms and regulators were advised to provide risk management education and to manage social features so that they would not reinforce herding.