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All Journal Jurnal Tirtayasa Ekonomika (Tirtayasa Economica Journal) Jurnal Ilmiah Manajemen Kesatuan
Imas Purnamasari
Universitas Pendidikan Indonesia, Indonesia
Economics, Econometrics & Finance Social Sciences

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The Influence of Cognitive and Emotional Biases on Investment Decisions through Financial Literacy Raden Dian Hardiana; Nugraha Nugraha; Toni Heryana; Imas Purnamasari
Jurnal Ilmiah Manajemen Kesatuan Vol. 14 No. 3 (2026): JIMKES Edisi Mei 2026
Publisher : LPPM Institut Bisnis dan Informatika Kesatuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37641/jimkes.v14i3.5024

Abstract

Rapid growth of retail investor participation via digital platforms, investment quality remains inadequate, as numerous individuals continue to exhibit suboptimal decision-making driven by psychological influences. This study investigates the impact of cognitive and emotional biases on investment decisions, utilizing financial literacy as a mediating variable among retail investors in West Java and Banten, Indonesia. Employing a quantitative research design with a survey method, data gathered from experienced retail investors were analyzed using Partial Least Squares Structural Equation Modelling (PLS-SEM). The empirical findings indicate that cognitive and emotional biases exert a significant negative effect on financial literacy, whereas financial literacy demonstrates a significant positive influence on investment decisions. Furthermore, financial literacy significantly mediates the relationship between both categories of psychological biases and investment decisions. The proposed model exhibits moderate explanatory and predictive power, thereby confirming its adequacy in explaining investor behavior. Consequently, these findings imply that financial literacy plays a pivotal role in mitigating the adverse effects of psychological biases in investment decision-making. The study concludes that enhancing financial literacy is imperative to foster rational investment behavior, suggesting that financial education initiatives must integrate strategic interventions to diminish cognitive and emotional distortions.
Social Media Content As An Information Source: Impact On Financial Literacy And Investment Intention Of Gen Z Employees In The Logistics & Transportation Sector Rubby Rahman Tsani; Budi Supriatono Purnomo; Imas Purnamasari; Adi Dadan Ramdana
Tirtayasa Ekonomika Vol 20, No 2 (2025)
Publisher : FEB Universitas Sultan Ageng Tirtayasa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35448/jte.v20i2.35945

Abstract

Penelitian ini bertujuan menganalisis pengaruh social media content terhadap investment intention karyawan Generasi Z di sektor logistik dan transportasi, serta peran financial literacy sebagai mediasi. Penelitian menggunakan pendekatan kuantitatif. Sampel penelitian terdiri 76 responden dipilih melalui metode purposive sampling berdasarkan kriteria tertentu. Data dikumpulkan menggunakan kuesioner dan dianalisis menggunakan teknik Structural Equation Modeling dengan software Smart PLS 4. Hasil penelitian menunjukkan social media content memiliki pengaruh langsung dan positif terhadap investment intention. Namun, pengaruh social media content terhadap financial literacy relatif kecil. Financial literacy tidak terbukti berpengaruh terhadap investment intention dan juga tidak memediasi hubungan antara social media content dan investment intention. Hal ini menunjukkan peran social media content lebih dominan memengaruhi investment intention secara langsung dibandingkan melalui peningkatan financial literacy. Penelitian ini merekomendasikan penguatan konten yang kredibel, relevan untuk meningkatkan investment intention Generasi Z. Edukasi keuangan formal atau pelatihan langsung di tempat kerja diperlukan untuk memperkuat literasi keuangan karyawan. 
Co-Authors Adi Dadan Ramdana Budi Supriatono Purnomo Nugraha Nugraha Raden Dian Hardiana Rubby Rahman Tsani Toni Heryana