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Jessica Tania
Universitas Internasional Batam, Indonesia
Economics, Econometrics & Finance

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The Psychology Behind the ‘Buy’ Button: The Role of Overconfidence, Neuroticism, and Sensation Seeking in Stock Investment Decisions in Batam City Johny Budiman; Isnaini Nuzula Agustin; Jessica Tania
JURNAL ECONOMINA Vol. 5 No. 8 (2026): JURNAL ECONOMINA, Agustus 2026
Publisher : LPPM Sekolah Tinggi Ilmu Ekonomi 45 Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55681/economina.v5i8.3502

Abstract

The rapid growth of retail investors in Indonesia, dominated by Generation Z, reflects positive developments in the capital market. However, this is not always accompanied by rational investment decision. This phenomenon indicates the inf luence of behavioral and psychological factors in the investment decision-making process. This study aims to examine the influence of behavioral bias on investment decisions, with risk perception as a mediating variable. Using surveys, numerical research technique was used with an emphasis on freshly collected data.The study sample included 365 respondents from Generation Z and Millennials in Batam City, Riau Islands, who are actively involved in the capital mark et.Using Structural Equation Modeling-Partial Least Squares (SEM- PLS) assisted by SmartPLS software, data analysis was carried out.The results show that risk perception and sensation seeking have a significant positive effect on investment decisions, with sensation seeking also having a significant effect on risk perception. Neuroticism has a significant negative effect on investment decisions but not on risk perception, while overconfidence is only significant on investment decisions. Mediation occurs only for sensation seek ing. These findings highlight the importance of improving financial literacy and risk awareness to encourage more rational and sustainable investment decisions, especially among young investors.
Co-Authors agustin, isnaini nuzula Johny Budiman