Pengaruh Behavioral finance terhadap Keputusan Investasi Generasi Z dengan Financial literacy sebagai Variabel Moderasi

Desnita Puspitasari; Tiar Lina Situngkir; Irvan Yoga Pardistya

doi:10.30640/jmcbus.v4i2.7147

Authors

Desnita Puspitasari Universitas Singaperbangsa Karawang
Tiar Lina Situngkir Universitas Singaperbangsa Karawang
Irvan Yoga Pardistya Universitas Singaperbangsa Karawang

DOI:

https://doi.org/10.30640/jmcbus.v4i2.7147

Keywords:

Behavioral Finance, Financial Literacy, Generation Z, Herding, Investment Decisions

Abstract

The growing number of capital market investors in Indonesia, dominated by Generation Z, has raised attention to factors influencing investment decisions. From a behavioral finance perspective, investment decisions are not always made rationally but are also influenced by behavioral biases, one of which is herding. This study aims to analyze the influence of herding on investment decisions of Generation Z in DKI Jakarta Province and examine the role of financial literacy as a moderating variable. The study used a quantitative approach with primary data obtained through questionnaires distributed to 355 Generation Z investors in DKI Jakarta Province selected using a purposive sampling technique. Data analysis was performed using simple linear regression and a moderation test with PROCESS Macro by Andrew F. Hayes on IBM SPSS. The results showed that herding had a positive and significant effect on investment decisions. However, financial literacy was not proven to moderate the effect of herding on investment decisions. This finding indicates that the tendency to follow the decisions of other investors remains a factor influencing Generation Z investment decisions, so the role of financial literacy has not been able to change this relationship. This study contributes to the development of the behavioral finance literature by providing empirical evidence that the influence of herding on investment decisions persists even though financial literacy is included as a moderating variable.

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