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All Journal Sharia Economic and Management Business Journal (SEMBJ)
Leni Yulianti
Universitas Pendidikan Indonesia
Religion Agriculture, Biological Sciences & Forestry Computer Science & IT Economics, Econometrics & Finance Education Other

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The Interaction Between Personality and Risk Perception in Shaping Actual Investor Behavior in the Indonesian Capital Market Ai Cucu Raksawati; Ikaputera Waspada; Nugraha Nugraha; Leni Yulianti
Sharia Economic and Management Business Journal (SEMBJ) Vol. 7 No. 3 (2026): Sharia Economic and Management Business
Publisher : Yayasan Darussalam Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62159/sembj.v7i3.2667

Abstract

The Indonesian capital market is undergoing a significant demographic transformation, marked by the dominance of young investors from Generation Z (born 1997–2012) and Millennials (born 1981–1996), who collectively represent more than 80% of all active investors as of 2024. This study examines, both conceptually and analytically, how the interaction between personality traits (Big Five Personality) and risk perception jointly shapes actual investment behavior among these two generations in the Indonesian capital market. Using a systematic literature review approach of SINTA-indexed sources from 2020 to 2025, this study found that: (1) the personality traits Extraversion and Openness to Experience are positively correlated with risk tolerance and transaction frequency; (2) Neuroticism is negatively correlated with the willingness to make investment decisions; (3) Gen Z exhibits more exploratory behavior and is more prone to FOMO (Fear of Missing Out), whereas Millennials tend to be more conservative and structured; and (4) financial literacy acts as an important moderator in the relationship between personality, risk perception, and actual behavior. These findings have theoretical and practical implications for the development of investor education and capital market policies in Indonesia.
Co-Authors Ai Cucu Raksawati Ikaputera Waspada Nugraha Nugraha