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All Journal Study of Scientific and Behavioral Management (SSBM)
Indrika
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Decision Sciences, Operations Research & Management

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PENGARUH RISK AVERSION DAN HERDING BIAS TERHADAP INVESTMENT DECISIONS PADA INVESTOR DI KOTA MAKASSAR DENGAN LITERASI KEUANGAN SEBAGAI VARIABEL MODERASI Indrika; Indriyani, Eka
Study of Scientific and Behavioral Management Vol 7 No 2 (2026): Manajemen Keuangan Digital
Publisher : Universitas Islam Negeri Alauddin Makassar, Indonesia

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Abstract

Investment interest among the Indonesian public has increased annually. As the number of investors grows, so does the volume of investment decisions being made. Therefore, it is important to ensure that such decisions are based on sound fundamental investment principles. However, in certain circumstances, investors do not always behave rationally, as their decisions may be influenced by psychological factors, commonly referred to as financial behavior (Silva & Lasantha, 2019). This study was conducted using a sample of 120 respondents, consisting of investors across various investment instruments in Makassar City. The data analysis technique employed in this research utilized SmartPLS version 4.1.1.0. The results of this study indicate that risk aversion has a positive and significant effect on investment decisions, while herding bias does not have a significant effect on investment decisions. Furthermore, financial literacy is found to significantly moderate the relationship between risk aversion and investment decisions. However, financial literacy does not significantly moderate the relationship between herding bias and investment decisions. keywords : risk aversion, herding bias, investment decisions, financial literacy
Co-Authors Indriyani, Eka