The role of psychological aspects to measure Indonesian cryptocurrency investor behavior

Abstract

Indonesia is one of the countries experiencing growth in cryptocurrency investment. This study evaluates the psychological aspects that impact the behavioral finance of cryptocurrency investors in Indonesia. This study uses sensation-seeking and emotional intelligence as antecedents to measure behavioral finance. We propose a relationship between perceived information quality and behavioral finance that has never been done before. The paradigm of this research is quantitative-explanatory. The statistical population consists of cryptocurrency investors in Indonesia throughout 2022, as many as 16.7 million people. The sample comprised 384 respondents who were given closed questionnaires through social media platforms. The data were analyzed by using SPSS software version 25. The results of the study proved that all the hypotheses proposed were accepted. This study generally shows a picture of the behavior of Indonesian cryptocurrency investors from a psychological perspective. The research findings show that sensation-seeking, emotional intelligence, and perceived information quality directly and significantly impact behavioral finance.