Institutional Repository | Satya Wacana Christian University: The Empirical Study on the Influence of Investors' Demographic Features and Personality Traits Towards Stock Preference

Appendix 1: Questionnaire

I. Jawablah pertanyaan di bawah ini, berilah tanda check () pada kolom yang disediakan atau isilah titik-titik yang sesuai dengan data pribadi Anda.

1. Jenis Kelamin : ( ) Laki-Laki ( ) Perempuan 2. Usia : …….. tahun

3. Status perkawinan : ( ) Belum kawin ( ) Kawin

4. Pendidikan terakhir: ( ) SMA / SMK ( ) Strata 1 ( ) Diploma ( ) Strata 2 5. Pekerjaan : ( ) PNS/ BUMN ( ) Wiraswasta

( ) Pegawai Swasta ( ) Mahasiswa 6. Pendapatan per tahun: ( )< 25 juta

( ) 25-50 juta ( ) 50-100 juta ( ) 100-150 juta

( ) 150-250 juta ( ) > 250 juta

7. Sejak tahun berapakah Anda memulai investasi saham?...

8. Dari manakah awalnya Anda mendapatkan informasi mengenai investasi pada saham?

( ) Teman/ Rekan Kerja

( ) Pembicara Seminar Investasi ( ) Internet

( ) majalah/ Koran ( ) Lainnya….

9. Apakah Anda melakukan trading saham setiap hari? ( ) Ya ( )Tidak

10.Apakah tujuan Anda berinvestasi pada saham? ( ) Untuk Investasi Jangka Panjang

11.Urutkanlah frekuensi trading dengan menuliskan angka satu sampai dengan angka lima (1-5, 1 = paling sering dilakukan) pada kolom dibawah ini sesuai dengan trading yang paling sering Anda lakukan.

( ) Trading harian ( ) Trading mingguan ( ) Trading bulanan ( ) Trading tahunan ( ) Tidak tentu

II. Berilah tanda check () pada kolom yang Anda pilih yang sesuai dengan kepribadian Anda.

1: Sangat Tidak Setuju, 2: Tidak Setuju, 3: Netral, 4: Setuju, 5: Sangat Setuju

No. Uraian Jawaban

1 2 3 4 5

Tipe Kepribadian: Neuroticism

1. Emosi saya tetap stabil ketika menghadapi kegagalan berinvestasi saham.

2. Dalam menghadapi ketidakpastian berinvestasi saham, saya sering merasa cemas.

3. Saya mudah menyerah ketika menghadapi kesulitan dalam berinvestasi saham. Tipe Kepribadian: Extraversion

4. Dalam menghadapi setiap tantangan investasi saham, saya selalu penuh semangat.

5. Saat mengambil keputusan investasi saham, saya optimis akan mendapat hasil yang menguntungkan di masa depan.

6. Saya tidak berani menghadapi ketidakpastian dalam berinvestasi saham.

Tipe Kepribadian: Opennes to experience

7. Saya tidak dapat menikmati pekerjaan yang belum pernah saya lakukan sebelumnya. 8. Dalam mengerjakan setiap pekerjaan, saya

selalu memiliki ide-ide kreatif.

9. Saya lebih sering mencari tahu sendiri

informasi mengenai investasi yang akan saya ambil.

No. Uraian Jawaban 1 2 3 4 5

Tipe Kepribadian: Conscientiousness

10. Saya selalu meneliti sendiri resiko maupun keuntungan dari investasi saham yang saya ambil.

11. Sebelum memutuskan untuk berinvestasi saham, saya tidak membutuhkan banyak waktu untuk berpikir.

12. Saya memiliki perencanaan yang matang dalam berinvestasi pada saham.

Tipe Investor

13. Saya cenderung membeli saham yang undervalue.

14. Saya cenderung memilih saham dengan Price Earnings Ratio (P/E ratio) yang rendah. 15. Saya cenderung memilih saham yang sering

mendapat pemberitaan yang negatif tetapi prospeknya bagus.

16. Saya cenderung membeli saham yang

pertumbuhan sales dan earnings yang tinggi. 17. Saya cenderung membeli saham yang populer. 18 Saya cenderung membeli saham dengan laba

per lembar saham yang meningkat secara konsisten.

Appendix 2: Respondents’ Characteristics Gender

Frequenc y

Percent Valid Percent

Cumulative Percent

Valid

female 18 23.7 23.7 23.7

male 58 76.3 76.3 100.0

Total 76 100.0 100.0

Age Frequenc

y

Percent Valid Percent

Cumulative Percent

Valid

20-29 32 42.1 42.1 42.1

30-39 25 32.9 32.9 75.0

40-49 14 18.4 18.4 93.4

> 50 5 6.6 6.6 100.0

Total 76 100.0 100.0

Marital Status Frequenc

y

Percent Valid Percent

Cumulative Percent

Valid Not

Married 34 44.7 44.7 44.7

Married 42 55.3 55.3 100.0

Education Frequenc

y

Percent Valid Percent

Cumulative Percent

Valid

High School 15 19.7 19.7 19.7

Diploma 8 10.5 10.5 30.3

Under

graduate 39 51.3 51.3 81.6

Post graduate 14 18.4 18.4 100.0

Total 76 100.0 100.0

Employment Frequenc

y

Percent Valid Percent

Cumulative Percent

Valid

Civil Servant 11 14.5 14.5 14.5 Private

Employees 41 53.9 53.9 68.4

Entrepreneurs 17 22.4 22.4 90.8

Students 6 7.9 7.9 98.7

Retirements 1 1.3 1.3 100.0

Total 76 100.0 100.0

Salary per Year Frequenc

y

Percent Valid Percent

Cumulative Percent

Valid

< 25 million 23 30.3 30.3 30.3

25-50 million 7 9.2 9.2 39.5

50-100 million 21 27.6 27.6 67.1 100-150

million 10 13.2 13.2 80.3

5 11 14.5 14.5 94.7

150-250

million 4 5.3 5.3 100.0

Appendix 3: Respondents’ Related Information on Stock Investment

Source of Stock Investment Information

Frequenc y

Percent Valid Percent

Cumulative Percent

Valid

Colleagues 49 64.5 64.5 64.5

Investment Seminars'

Speaker 12 15.8 15.8 80.3

Newspapers 6 7.9 7.9 88.2

Internet 9 11.8 11.8 100.0

Total 76 100.0 100.0

Daily Trading Frequenc

y

Percent Valid Percent

Cumulative Percent

Valid

Yes 14 18.4 18.4 18.4

No 62 81.6 81.6 100.0

Total 76 100.0 100.0

The Stock Investment Purpose Frequenc

y

Percent Valid Percent

Cumulative Percent

Valid

Short-Term 18 23.7 23.7 23.7

Long-Term 47 61.8 61.8 85.5

Both 11 14.5 14.5 100.0

Appendix 4: The Respondents’ Answers on Personality Traits Respondents’

Number

Big Five Personality Traits

N E O C

X1 X2 X3 X4 X5 X6 X7 X8 X9 X10 X11 X12

1 4 3 2 4 5 3 3 4 4 5 1 5

2 _{4 3 2 4 4 4 4 3 3 5 2 4}

3 2 3 4 5 2 3 2 3 4 4 3 2

4 _{5 5 1 5 3 5 5 3 5 3 5 3}

5 3 4 2 3 5 4 4 4 5 3 2 2

6 _{2 2 2 4 4 4 4 4 4 4 4 4}

7 2 3 3 4 5 3 2 4 4 3 3 4

8 _{3 2 1 4 5 5 4 4 4 5 2 4}

9 2 2 2 4 3 4 1 4 5 5 3 4

10 _{2 3 2 4 4 3 3 4 4 4 4 5}

11 2 2 2 3 3 3 3 2 3 2 4 3

12 _{4 3 2 3 2 4 2 3 3 3 3 4}

13 4 3 3 4 2 4 2 3 2 3 3 4

14 _{3 4 1 3 3 4 2 3 3 3 3 4}

15 2 4 2 3 4 4 2 2 2 3 3 4

16 _{2 4 2 3 4 4 3 3 4 4 3 4}

17 3 2 2 4 4 4 4 4 2 4 4 3

18 _{4 4 2 4 5 4 2 4 5 4 4 5}

19 4 3 2 3 5 2 3 4 5 3 4 3

20 _{3 2 2 2 2 3 3 4 3 2 4 2}

21 _{4 2 2 3 2 3 3 4 4 3 3 4}

22 _{5 1 1 1 3 3 5 3 3 4 5 4}

23 4 2 2 2 4 4 4 4 4 4 2 4

24 _{5 1 1 4 4 2 5 4 1 4 5 1}

25 1 1 1 3 5 5 5 5 5 5 3 5

26 _{2 2 2 4 4 4 4 4 4 4 3 4}

27 2 3 2 3 4 3 3 3 4 4 3 4

28 _{4 3 2 3 5 5 3 3 5 5 1 5}

29 4 4 3 4 4 4 4 2 5 5 5 4

30 _{4 2 2 3 4 4 2 2 2 2 4 2}

31 3 4 2 5 4 3 4 3 4 4 4 4

32 _{1 4 2 5 4 1 1 3 4 4 3 3}

33 _{4 2 1 5 4 4 5 4 5 5 5 5}

Respondents’ Number

Big Five Personality Traits

N E O C

X1 X2 X3 X4 X5 X6 X7 X8 X9 X10 X11 X12

35 _{4 2 1 4 5 2 2 4 5 5 3 5}

36 1 2 1 5 5 5 4 5 5 5 1 4

37 _{4 3 2 4 5 3 3 3 5 4 4 4}

38 3 3 2 4 5 2 2 3 4 5 3 3

39 _{2 2 2 4 4 4 4 4 3 3 4 3}

40 4 4 3 4 4 3 3 4 4 2 3 3

41 _{3 3 3 4 4 4 3 4 4 3 2 4}

42 2 4 2 4 4 4 3 3 3 3 4 3

43 _{4 2 4 2 2 2 3 3 3 2 2 4}

44 4 2 4 2 2 2 2 4 2 3 3 3

45 _{3 3 3 4 4 4 3 3 3 3 3 3}

46 2 4 2 4 4 4 3 3 3 3 2 3

47 _{3 4 2 2 3 2 2 3 3 4 2 3}

48 3 3 2 4 4 4 4 3 4 4 2 3

49 _{3 3 3 4 3 3 4 3 3 3 2 4}

50 3 3 4 3 4 2 1 4 4 4 2 4

51 _{3 4 2 4 4 4 2 4 3 2 3 4}

52 5 5 5 4 4 4 4 4 4 3 3 4

53 _{4 4 3 3 3 3 3 3 3 4 4 4}

54 _{5 5 4 3 3 3 4 3 3 4 4 4}

55 4 4 4 4 3 3 3 3 3 3 3 4

56 _{4 4 3 3 3 4 4 3 4 3 4 4}

57 4 4 3 4 4 4 4 3 4 3 3 4

58 _{4 4 3 3 3 3 3 3 3 3 3 4}

59 5 5 4 4 4 4 5 4 4 4 4 4

60 _{5 5 4 4 4 4 4 4 4 3 3 4}

61 5 5 4 5 4 4 5 4 5 5 5 5

62 _{5 5 3 3 3 5 5 4 3 5 5 5}

63 3 3 4 4 4 3 4 3 4 4 4 3

64 _{5 4 4 4 3 3 3 3 3 3 3 3}

65 4 3 3 4 4 5 4 3 4 4 4 4

66 _{4 3 4 3 4 4 4 3 5 4 3 5}

67 _{4 4 3 3 3 2 2 2 3 3 4 2}

68 _{3 3 2 4 2 3 4 3 3 5 5 3}

Respondents’ Number

Big Five Personality Traits

N E O C

X1 X2 X3 X4 X5 X6 X7 X8 X9 X10 X11 X12

70 _{4 4 4 2 3 4 2 2 4 4 4 4}

71 3 2 4 1 3 3 2 3 2 3 3 4

72 _{4 4 4 2 4 5 2 4 3 3 3 4}

73 3 3 4 2 5 3 2 4 3 3 4 4

74 _{5 4 3 2 4 3 2 4 4 3 4 3}

75 5 4 4 2 5 5 2 5 4 5 4 4

Appendix 5: The Respondents’ Answers on Stock Preference Respondents’

Number

Stock Preference

Y1 Y2 Y3 Y4 Y5 Y6

1 4 3 4 5 4 5

2 4 2 4 2 4 2

3 3 4 4 3 3 3

4 3 3 3 5 3 5

5 5 4 4 4 4 5

6 4 4 2 4 3 3

7 3 4 4 3 4 5

8 4 4 2 4 2 3

9 2 3 2 4 3 4

10 4 5 2 3 2 4

11 3 2 1 3 4 3

12 3 3 4 2 4 4

13 3 3 2 2 4 4

14 3 3 4 3 4 4

15 3 4 3 4 4 4

16 3 4 3 3 4 4

17 3 3 4 3 3 4

18 4 3 4 4 4 5

19 4 3 4 3 2 4

20 2 2 3 3 2 3

21 4 5 4 3 3 4

22 3 3 3 4 4 4

23 1 1 1 4 3 3

24 4 4 3 3 4 3

25 5 5 3 4 3 4

26 1 1 3 5 3 3

27 3 4 4 4 3 3

28 2 4 5 4 3 5

29 4 4 4 4 1 2

30 2 2 2 3 4 4

31 2 3 2 4 2 4

32 3 4 4 4 3 4

33 5 3 4 5 2 5

34 5 3 5 5 5 4

35 5 5 3 4 3 4

36 2 2 2 2 5 5

37 4 3 1 4 5 4

38 3 5 3 5 3 4

Respondents’ Number

Stock Preference

Y1 Y2 Y3 Y4 Y5 Y6

40 4 4 4 4 1 2

41 2 2 3 3 2 3

42 4 4 4 4 4 4

43 3 2 3 4 4 3

44 4 4 2 3 3 3

45 5 3 5 5 5 4

46 1 1 3 5 3 3

47 5 5 3 4 3 4

48 2 2 2 3 4 4

49 4 4 4 4 4 4

50 3 3 4 2 4 4

51 4 3 3 3 4 4

52 4 4 4 3 3 4

53 4 3 2 4 3 3

54 5 4 4 5 5 4

55 1 1 3 5 3 3

56 5 5 3 4 3 4

57 2 2 2 3 4 4

58 4 4 4 3 3 3

59 3 3 4 2 4 4

60 3 2 2 4 4 3

61 1 1 2 5 3 3

62 3 4 3 3 4 4

63 3 4 4 3 3 4

64 4 3 3 4 5 4

65 4 3 4 3 3 4

66 2 2 1 3 2 3

67 4 3 3 2 2 2

68 4 4 4 3 3 2

69 4 5 4 3 1 1

70 1 2 3 1 1 2

71 5 5 3 2 3 2

72 1 1 3 4 4 4

73 3 4 3 3 4 4

74 4 3 3 3 3 2

75 2 1 2 1 2 2

Appendix 6: Validity of the Instruments

Table 3.4

The Validity of the Instruments

Variables Indicators Counted r

Big Five Personality

Neuroticism

X1 0.334

X2 0.350

X3 0.218

Extraversion

X4 0.290

X5 0.206

X6 0.309

Openness to Experience

X7 0.512

X8 0.240

X9 0.344

Agreeableness

X10 0.201

X11 0.503

X12 0.366

Conscientiousness

X13 0.297

X14 0.187*

X15 0.291

Stock Preference

Value Stock

Y1 0.679

Y2 0.597

Y4 0.437

Growth Stock

Y5 0.420

Y7 0.591

Appendix 7: Reliability of the Instruments

The Reliability of the Instruments

Variable Counted Alpha

Personality Types 0.706

Value Stock 0.732

Appendix 8: The Distribution of Stock Preference

The Stock Preference Distribution

Stock Preference Frequency Percentage

Value Stock 29 39.47

Growth Stock 47 60.53

Appendix 9: The Cross Tabulation of Gender and Education towards Stock Preference

Stock Preference Group * Gender Crosstabulation

Count

Gender Total

Female Male

Stock Preference Group G 10 36 46

V 7 23 30

Total 17 59 76

Stock Preference Group * Education Crosstabulation

Count

Education Total

Senior High School

Diploma Bachelor Degree

Master Degree Stock Preference

Group

G 10 6 21 9 46

V 5 2 18 5 30

Appendix 10: Goodness of Fit

Autocorrelation

Model Summaryb

Model R R Square Adjusted R

Square

Std. Error of the Estimate

Durbin-Watson

1 .379a .143 .041 3.177 1.992

a. Predictors: (Constant), Conscientiousness, Education, Neuroticism, Gender, Extraversion, Age, Agreeableness, Openness

b. Dependent Variable: Stock Preference

Normality

One-Sample Kolmogorov-Smirnov Test

Unstandardized Residual

N 76

Normal Parametersa,b Mean 0E-7

Std. Deviation 3.00286091

Most Extreme Differences

Absolute .078

Positive .062

Negative -.078

Kolmogorov-Smirnov Z .676

Asymp. Sig. (2-tailed) .750

a. Test distribution is Normal. b. Calculated from data.

Appendix 9: Regression of Stock Preference on Demographic and Personality Variables

a) Numeric Analysis

Coefficientsa

Model Unstandardized

Coefficients

Standardized Coefficients

t Sig.

B Std. Error Beta

1

(Constant) 25.181 4.543 5.543 .000

Gender -.022 .918 .003 .024 .950

Age -.094 .048 -.271 -1.986 .043

Education -.390 .414 -.120 -.941 .244

Neuroticism -.017 .187 -.007 -.053 .916

Extraversion -.768 .259 -.437 -2.938 .004

Openness .100 .290 .057 .345 .073

Agreeableness .065 .231 .041 .282 .779

Conscientiousness .289 .255 .155 1.161 .256

a. Dependent Variable: Stock Preference

b) Log Analysis

Coefficientsa

Model Unstandardized Coefficients Standardized

Coefficients

t Sig.

B Std. Error Beta

1

(Constant) 3.312 .687 4.949 .000

Gender .000 .056 .000 .000 .997

logage -.006 .104 -.230 -1.273 .047

logedu -.022 .051 -.074 -1.73 .377

logN -.001 .089 .016 -.158 .909

logE -.045 .151 -.381 -1.790 .005

logO .005 .167 .016 .569 .043

logA .008 .119 .009 .066 .947

logC .019 .165 .178 1.651 .221

c) Binary Analysis

Coefficientsa

Model Unstandardized Coefficients Standardized

Coefficients

t Sig.

B Std. Error Beta

1

(Constant) 23.198 4.528 5.016 .000

Gender -.024 .926 -.003 -.022 .979

Binary Age -.985 .896 -.147 -1.031 .027

Binary Education -1.224 1.008 -.147 -.993 .229

Neuroticism -.001 .191 -.001 -.100 .994

Extraversion -.666 .256 -.383 -2.578 .011

Openness .084 .290 .048 .278 .072

Agreeableness .075 .236 .047 .316 .753

Conscientiousness .248 .257 .130 .953 .338

73

Appendix 7: Reliability of the Instruments

The Reliability of the Instruments

Variable Counted Alpha

Personality Types 0.706

Value Stock 0.732

Appendix 8: The Distribution of Stock Preference

The Stock Preference Distribution

Stock Preference Frequency Percentage

Value Stock

29

39.47

Growth Stock

47

60.53

75

Appendix 9: The Cross Tabulation of Gender and Education

towards Stock Preference

Stock Preference Group * Gender Crosstabulation Count

Gender Total

Female Male

Stock Preference Group G 10 36 46

V 7 23 30

Total 17 59 76

Stock Preference Group * Education Crosstabulation Count

Education Total

Senior High School

Diploma Bachelor Degree

Master Degree Stock Preference

Group

G 10 6 21 9 46

V 5 2 18 5 30

Appendix 10: Goodness of Fit

Autocorrelation

Model Summaryb Model R R Square Adjusted R

Square

Std. Error of the Estimate

Durbin-Watson

1 .379a .143 .041 3.177 1.992

a. Predictors: (Constant), Conscientiousness, Education, Neuroticism, Gender, Extraversion, Age, Agreeableness, Openness

b. Dependent Variable: Stock Preference

Normality

One-Sample Kolmogorov-Smirnov Test

Unstandardized Residual

N 76

Normal Parametersa,b Mean 0E-7

Std. Deviation 3.00286091

Most Extreme Differences

Absolute .078

Positive .062

Negative -.078

Kolmogorov-Smirnov Z .676

Asymp. Sig. (2-tailed) .750

a. Test distribution is Normal. b. Calculated from data.

77

Appendix 9: Regression of Stock Preference on Demographic

and Personality Variables

a) Numeric Analysis

Coefficientsa

Model Unstandardized

Coefficients

Standardized Coefficients

t Sig.

B Std. Error Beta

1

(Constant) 25.181 4.543 5.543 .000

Gender -.022 .918 .003 .024 .950

Age -.094 .048 -.271 -1.986 .043

Education -.390 .414 -.120 -.941 .244

Neuroticism -.017 .187 -.007 -.053 .916

Extraversion -.768 .259 -.437 -2.938 .004

Openness .100 .290 .057 .345 .073

Agreeableness .065 .231 .041 .282 .779

Conscientiousness .289 .255 .155 1.161 .256 a. Dependent Variable: Stock Preference

b) Log Analysis

Coefficientsa

Model Unstandardized Coefficients Standardized Coefficients

t Sig.

B Std. Error Beta

1

(Constant) 3.312 .687 4.949 .000

Gender .000 .056 .000 .000 .997

logage -.006 .104 -.230 -1.273 .047

logedu -.022 .051 -.074 -1.73 .377

logN -.001 .089 .016 -.158 .909

logE -.045 .151 -.381 -1.790 .005

logO .005 .167 .016 .569 .043

logA .008 .119 .009 .066 .947

logC .019 .165 .178 1.651 .221

c) Binary Analysis

Coefficientsa

Model Unstandardized Coefficients Standardized Coefficients

t Sig.

B Std. Error Beta

1

(Constant) 23.198 4.528 5.016 .000

Gender -.024 .926 -.003 -.022 .979

Binary Age -.985 .896 -.147 -1.031 .027

Binary Education -1.224 1.008 -.147 -.993 .229

Neuroticism -.001 .191 -.001 -.100 .994

Extraversion -.666 .256 -.383 -2.578 .011

Openness .084 .290 .048 .278 .072

Agreeableness .075 .236 .047 .316 .753

Conscientiousness .248 .257 .130 .953 .338