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All Journal Jurnal Akademi Akuntansi (JAA)
Diana Balqis Firdausi
Faculty of Economics, State Islamic University Maulana Malik Ibrahim, Malang, Indonesia
Economics, Econometrics & Finance

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The impact of herding and overconfidence bias on investment decisions of generation Z: the role of financial literacy as a moderating factor Diana Balqis Firdausi; Muhammad Sulhan; Maretha Ika Prajawati
Jurnal Akademi Akuntansi Vol. 9 No. 1 (2026): Jurnal Akademi Akuntansi (JAA)
Publisher : Universitas Muhammadiyah Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22219/jaa.v9i1.42993

Abstract

Purpose: This study aims to investigate the impact of financial understanding on the connection between herd mentality and overconfidence when it comes to investing decisions made by Generation Z. The research centers on students, who are inexperienced investors navigating the intricacies of financial markets and have increased access to online investment tools. Methodology: 85 students from UIN Maulana Malik Ibrahim Malang's Faculty of Economics were surveyed for this quantitative study.  Direct and moderating effects were examined using SEM-PLS analysis, structural model evaluation, and validity and reliability testing. Findings: The findings show that overconfidence bias significantly and positively influences investment decisions. Although herding bias has a favorable impact, it is not statistically significant. Practical and Theoretical contribution/Originality: By illustrating the many effects of financial literacy on social and cognitive biases, this study supports behavioral finance theory. Practically speaking, these results support the significance of focused financial education in raising the caliber of students' investment choices. Research Limitation: The results cannot yet be broadly applied due to limitations such as a small sample size, the use of a questionnaire instrument that may induce perceptual bias, and the concentration on a particular institution.
Co-Authors Maretha Ika Prajawati Muhammad Sulhan