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p-Index From 2021 - 2026
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All Journal International Journal of Business, Economics, and Social Development
Erialdi Syahrial
Universiti Malaya
Humanities Economics, Econometrics & Finance Education Languange, Linguistic, Communication & Media Social Sciences

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How Financial Behavior and Locus of Control Shape Hospital Employees’ Investment Decisions Through Financial Literacy Agus Sukoco; Nevi R. Alfiasari; Erialdi Syahrial
International Journal of Business, Economics, and Social Development Vol. 7 No. 4 (2026): International Journal of Business, Economics, and Social Development (IJBESD)
Publisher : Rescollacom (Research Collaborations Community)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46336/ijbesd.v7i4.1392

Abstract

Investment decisions are not determined by financial resources alone; they also reflect behavioral routines, perceived personal control, and the capacity to interpret financial information. This study examines how financial behavior and locus of control shape investment decisions through financial literacy among employees of Dr. M. Soewandhie Public Hospital in Surabaya, Indonesia. A quantitative explanatory design was applied to 95 full-time employees with at least one year of work experience, selected through purposive sampling. Four latent constructs were measured with 16 questionnaire items on a five-point Likert scale and analyzed using Partial Least Squares Structural Equation Modeling in SmartPLS 4. Financial behavior significantly increased financial literacy (β = 0.572, p < 0.001) but did not directly affect investment decisions (β = 0.179, p = 0.265). Locus of control directly affected investment decisions (β = 0.341, p = 0.008) but not financial literacy (β = 0.187, p = 0.103). Financial literacy significantly improved investment decisions (β = 0.486, p < 0.001) and mediated the relationship between financial behavior and investment decisions (β = 0.278, p = 0.001), whereas the indirect locus-of-control pathway was not significant. The model explained 52.4% of the adjusted variance in financial literacy and 81.8% in investment decisions. The findings indicate two distinct routes to investment choice: a knowledge-mediated behavioral route and a direct psychological-control route, supporting targeted financial education for hospital employees while recognizing the independent role of perceived control.
Co-Authors Agus Sukoco Nevi R. Alfiasari