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All Journal Journal of Artificial Intelligence and Digital Business Journal of Management and Creative Business Jurnal Ekonomika dan Bisnis
jati handarukmi
Universitas Semarang
Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Electrical & Electronics Engineering Engineering

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Behavioral Finance Factors Influencing Investment Decisions: Financial Literacy, Attitude, Socialization, and Planning Behavior jati handarukmi
Jurnal Ekonomika dan Bisnis Vol. 13 No. 1 (2026): Volume 13 Nomer 1 April 2026
Publisher : Fakultas Ekonomika dan Bisnis Universitas Selamat Sri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.51792/g0ke2w34

Abstract

The rapid development of digital investment platforms has increased public participation in various investment instruments. However, the growing number of investors has not always been followed by improvements in investment decision quality. Many investors, particularly beginners, still make decisions based on market trends, social recommendations, or limited financial analysis. This study aims to examine the influence of financial literacy, financial attitude, and financial socialization on investment decisions through financial planning behavior as a mediating variable. This study employs a quantitative approach with an explanatory research design. Data were collected through questionnaires distributed to 210 respondents in Central Java Province who had investment experience. The data were analyzed using Structural Equation Modeling-Partial Least Squares (SEM-PLS) with SmartPLS 4. The results indicate that financial planning behavior has a positive and significant effect on investment decisions. Financial literacy and financial attitude also positively influence investment decisions, while their effects on financial planning behavior are insignificant. Furthermore, financial socialization significantly influences financial planning behavior but does not directly affect investment decisions. These findings highlight that financial planning behavior serves as an important behavioral mechanism in transforming financial knowledge, attitudes, and social learning into investment decisions. This study contributes to behavioral finance literature by emphasizing that improving investment decision quality requires not only financial knowledge but also the development of consistent financial planning practices supported by social environments.
Digital SMEs’ Borrowing Decisions: The Role of Literacy, Capabilities, and Fintech Lending Gilang Kharisma Putra; Fitria Yuni Astuti; Jati Handarukmi
RIGGS: Journal of Artificial Intelligence and Digital Business Vol. 5 No. 2 (2026): Mei-Juli
Publisher : Prodi Bisnis Digital Universitas Pahlawan Tuanku Tambusai

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31004/riggs.v5i2.10335

Abstract

Digital transformation has driven changes in financing behavior among Micro, Small, and Medium Enterprises (MSMEs), particularly in the use of technology-based financing sources. This study aims to analyze the influence of digital financial literacy, digital business capabilities, and access to fintech lending on the borrowing decisions of digital MSMEs in Central Java. The study employs a quantitative approach using a survey method targeting 180 digital MSME operators selected via purposive sampling. Data were analyzed using Structural Equation Modeling-Partial Least Squares (SEM-PLS). The results indicate that digital financial literacy, digital business capabilities, and access to fintech lending have a positive and significant influence on the borrowing decisions of digital MSMEs. Digital financial literacy has the greatest influence, followed by digital business capabilities and access to fintech lending. Additionally, these three variables account for 50.6% of the variation in SME borrowing decisions. These findings indicate that SME borrowing decisions in the digital era are influenced not only by capital needs but also by the level of digital readiness of business owners. This study contributes to the literature on SME financial behavior by emphasizing the importance of strengthening digital financial literacy, digital business capabilities, and access to digital financing in supporting more productive and sustainable financing decisions.
Understanding Investment Intention Through Behavioral Finance: The Mediating Role of Financial Self-Efficacy jati handarukmi
Jurnal Ekonomika dan Bisnis Vol. 12 No. 2 (2025): Volume 12 Nomer 2 November 2025
Publisher : Fakultas Ekonomika dan Bisnis Universitas Selamat Sri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.51792/xj7tad62

Abstract

This study examines the effects of financial literacy and risk perception on investment intention, with financial self-efficacy serving as a mediating variable among residents of Semarang City, Indonesia. A quantitative explanatory research design was employed using purposive sampling to collect data from 170 respondents. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4. The findings indicate that financial literacy has no significant effect on financial self-efficacy. In contrast, risk perception positively and significantly influences financial self-efficacy. Furthermore, financial literacy, risk perception, and financial self-efficacy each have significant positive effects on investment intention. Mediation analysis reveals that financial self-efficacy does not mediate the relationship between financial literacy and investment intention but partially mediates the relationship between risk perception and investment intention. These findings highlight the importance of psychological factors, particularly financial self-efficacy, in strengthening investment intention and provide practical implications for developing more effective financial education and investment literacy programs
Stock Investment Decisions: the Role of Attitudes, Social Pressure, Financial Control Beliefs, and Investment Intentions Jati Handarukmi; Kesi Widjajanti; Dian Indudewi
Journal of Management and Creative Business Vol. 4 No. 4 (2026): Oktober : Journal of Management and Creative Business
Publisher : Universitas 45 Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30640/jmcbus.v4i4.7531

Abstract

This study aims to analyze the influence of attitudes, social pressure, and financial self-efficacy on stock investment decisions, with investment intention serving as a mediating variable. The study employs a quantitative approach using a survey method targeting individual stock investors in Semarang. The sampling technique used was purposive sampling, with a total of 150 investors as respondents. Data were collected via a questionnaire and analyzed using Structural Equation Modeling (SEM) with IBM SPSS AMOS. The results show that social pressure and financial control beliefs have a positive and significant effect on investment intention, while attitude does not have a significant effect on investment intention. Furthermore, investment intention was found to have a positive and significant effect on stock investment decisions. Meanwhile, attitudes, social pressure, and beliefs about financial control do not have a direct effect on stock investment decisions. The results of the mediation test show that investment intention mediates the effects of social pressure and beliefs about financial control on stock investment decisions, but does not mediate the effect of attitudes on stock investment decisions. The findings of this study provide partial support for the Theory of Planned Behavior (TPB), which suggests that stock investment decisions are more influenced by social factors and self-efficacy beliefs that shape investment intention than by individual attitudes toward stock investment. This study has implications for securities firms, capital market regulators, and the investor community to improve investment education and financial management skills in order to encourage public participation in the capital market.  
Co-Authors Dian Indudewi Fitria Yuni Astuti Gilang Kharisma Putra Kesi Widjajanti