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All Journal Advances: Jurnal Ekonomi & Bisnis
Arifuddin Arifuddin
Program Magister Akuntansi, Fakultas Ekonomi dan Bisnis Universitas Hasanuddin, Makassar, Indonesia
Economics, Econometrics & Finance

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Stock Liquidity and Volatility in Investors’ Investment Decisions on the Indonesia Stock Exchange Khatmi Tamtami Nisa; Mariani Salle Pasulu; Muhammad Nurwahyudi; Arifuddin Arifuddin; Darwis Said
Advances: Jurnal Ekonomi & Bisnis Vol. 4 No. 3 (2026): May - June
Publisher : Yayasan Pendidikan Bukhari Dwi Muslim

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60079/ajeb.v4i3.896

Abstract

Purpose: This study aims to understand the significance of stock liquidity and volatility in investment decision-making among Generation Z and Millennial investors on the Indonesia Stock Exchange. Research Method: This study employed a qualitative, phenomenological design. Data were collected through in-depth, semi-structured interviews with Generation Z and Millennial investors selected using purposive sampling. Data analysis was conducted using Miles' interactive model. Results and Discussion: The research findings indicate that stock liquidity is viewed as a form of investment security and flexibility. At the same time, volatility is perceived as both an opportunity and a risk. Investment experience shapes more rational decision-making, while social media and social circles serve as sources of investment education. Generation Z tends to focus on growth opportunities, whereas Millennials place greater emphasis on risk management. Implications: The research findings contribute to the development of financial literacy and to the design of investment education programs tailored to the characteristics of different investor generations. Originality: This study offers a phenomenological perspective on the interpretation of stock liquidity and volatility among Generation Z and Millennial investors in Indonesia.
Co-Authors Darwis Said Khatmi Tamtami Nisa Mariani Salle Pasulu Muhammad Nurwahyudi