Article Per Year (5 Year)
p-Index From 2021 - 2026
0.23
P-Index
This Author published in this journals
All Journal Asia-Pacific Management and Business Application
Astuti, Rara
Unknown Affiliation
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

Published : 1 Documents Claim Missing Document
Claim Missing Document
Check
Articles

Found 1 Documents
Search

 1 
Herding Behavior, Financial Literacy, and the Adoption of Socially Responsible Investment by Individual Investors: A Systematic Literature Review Astuti, Rara; Dwiatmanto; Worokinasih, Saparila
APMBA (Asia Pacific Management and Business Application) Vol. 15 No. 1 (2026)
Publisher : Department of Management, Faculty of Economics and Business, Brawijaya University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/

Abstract

Despite the global growth of Socially Responsible Investment (SRI), individual investor adoption remains limited. This study synthesizes empirical evidence on the interplay between herding behavior and financial literacy in influencing SRI adoption. Following PRISMA 2020 guidelines, a Systematic Literature Review (SLR) was conducted across Scopus, ScienceDirect, and SpringerLink (2015-2025). From an initial set of 755 records, 23 peer-reviewed studies were selected through the MMAT 2018 quality assessment and analyzed using thematic synthesis. Findings reveal a geographical divergence: herding behavior positively impacts SRI adoption in India, Egypt, and Japan through social conformity. Conversely, a negative effect is observed in Indonesia, driven by social media influence and Fear of Missing Out (FoMO), leading to investment fatigue. Notably, sustainable finance literacy is a stronger predictor of SRI adoption than basic financial literacy and serves as a critical cognitive moderator against irrational herding biases. Furthermore, digital financial literacy emerges as a vital dimension in navigating complex ESG information. This research provides an integrative framework for policymakers and financial institutions to promote sustainable investment by enhancing investors' specific cognitive capacities and tailoring strategies to mitigate localized behavioral biases.
Co-Authors Dwiatmanto Saparila Worokinasih