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All Journal Petra International journal of Business Studies (IJBS)
Dave Reynard
Petra Christian University
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Why Gen Z Investors Hesitates: Behavioral and Status Quo Biases in Investment Intention Dave Reynard; Njo Anastasia
Petra International Journal of Business Studies Vol. 9 No. 1 (2026): JUNE 2026
Publisher : Master of Management, School of Business and Management, Petra Christian University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.9744/petraijbs.9.1.17-30

Abstract

Investors often deviate from rational decision making due to cognitive biases, emotional factors, and social influences, which may lead to suboptimal investment outcomes. At the same time, resistance to change, reflected in status qua bias, may hinder portfolio adjustments. This study examines the effect of behavioral biases (overconfidence, availability, and herding) and status quo biases (sunk cost, inertia, and switching costs) on Gen Z's investment intention. A quantitative approach was employed using data collected from 400 Gen Z investors in Indonesia who possess a Single Investor Identification (SID). Data were analyzed using Partial Least Squares-Structural Equation Modeling (PLS-SEM) with SmartPLS 4.0 The results show that overconfidence, availability, and herding biases significantly influence investment intention. In addition, sunk cost and inertia exhibit significant effects, whereas switching costs are not found to be significant. These findings highlight that both cognitive biases and resistance to change play critical roles in shaping Gen Z’s investment behavior. This study contributes to behavioral finance literature by integrating behavioral and status quo biases in explaining investment intention among younger investors. The findings offer practical implications for investors and financial practitioners in designing strategies that mitigate bias-driven decisions and enhance investment outcomes.
Co-Authors Njo Anastasia