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All Journal Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan Indonesian Marketing Journal
Hadi Aldo
Matana University
Economics, Econometrics & Finance Social Sciences

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The impact of financial literacy, herding behavior, and risk perception on cryptocurrency investment decisions, with income level as a control variable Hadi Aldo
Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan Vol. 8 No. 11 (2026): Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan
Publisher : Departement Of Accounting, Indonesian Cooperative Institute, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55904/fairvalue.v8i11.6238

Abstract

This study examines the influence of financial literacy, herding behavior, and risk perception on cryptocurrency investment decisions, with income level as a control variable. The rapid development of cryptocurrency as an alternative investment instrument has attracted significant interest among Millennial and Generation Z investors in Indonesia. However, investment decisions are often influenced by psychological and cognitive factors rather than comprehensive fundamental analysis. Therefore, understanding the determinants of investment decisions is essential to encourage rational financial behavior in the digital asset market. This research employed a quantitative method using a causal-associative approach. Data were collected through electronic questionnaires distributed to 150 retail cryptocurrency investors from the Millennial and Gen Z generations in Indonesia who are registered on official exchanges. The collected data were analyzed using multiple linear regression analysis. The results indicate that financial literacy, herding behavior, and risk perception each have a positive and significant effect on cryptocurrency investment decisions. Simultaneously, the three independent variables significantly influence investment decisions, with a coefficient of determination (R²) of 68%. In addition, income level effectively distinguishes investors’ risk capacity in facing market volatility and uncertainty. These findings provide practical implications for regulators in strengthening financial education and consumer protection policies nationwide in Indonesia.
Community Service Program (Pengabdian Kepada Masyarakat) Changes in Gen Z Behavior in Choosing A Leading University:: A Case Study at SMU Kumnamu School, June 15, 2026 Hadi Aldo; Lady Yohana Kusnadi; Hermawan; Andry Rezeky
Indonesian Marketing Journal Vol. 6, No. 2, September 2026
Publisher : Universitas Pelita Harapan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.19166/imj.v6i2.11741

Abstract

On June 15, 2026, a Community Service (PKM) activity was conducted at SMU Kumnamu School, involving 1 (one) lecturer and 3 (three) students from the Master of Management Study Program at Matana University. The event was attended by 25 students, 1 school principal, and 4 high school teachers. The main objective of this activity was to educate and analyze behavioral changes among Generation Z (Gen Z) in the decision-making process of selecting a leading university. The methods used included interactive counseling sessions and field observation. The results showed that Gen Z has distinctive characteristics in choosing a university, being strongly influenced by social media content, an institution's digital reputation, peer recommendations, and the relevance of study programs to future industry developments. Cost factors and access to online information have become primary considerations, displacing conventional methods such as printed brochures and physical campus visits. This activity made a significant contribution to improving higher education literacy among high school students and is expected to serve as a reference for universities in developing new-student recruitment strategies that are adaptive to Gen Z characteristics. It is recommended that similar programs be conducted periodically with broader participation and more collaborating institutions to continuously monitor Gen Z’s evolving preferences and enhance the relevance of higher education outreach efforts.
Co-Authors Andry Rezeky Hermawan Lady Yohana Kusnadi