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All Journal Inisiatif: Jurnal Ekonomi, Akuntansi Dan Manajemen
Riska Amelia
Universitas Dian Nusantara
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Pengaruh Risk Tolerance, Overconfidence, dan Herding Behavior terhadap Keputusan Investasi: Studi Kasus pada Generasi Z di Jakarta Riska Amelia; Fathihani Fathihani
Inisiatif: Jurnal Ekonomi, Akuntansi dan Manajemen Vol. 5 No. 4 (2026): (Oktober) Inisiatif: Jurnal Ekonomi, Akuntansi dan Manajemen
Publisher : Universitas 45 Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30640/inisiatif.v5i4.7970

Abstract

Investment decision-making is an essential aspect of individual financial management that is influenced by various psychological and behavioral factors. As Generation Z's participation in investment activities continues to increase, understanding the factors that influence investment decisions has become increasingly important. Based on the Theory of Planned Behavior, risk tolerance, overconfidence, and herding behavior are considered factors that may influence investment decisions. This study aims to examine the effects of risk tolerance, overconfidence, and herding behavior on the investment decisions of Generation Z in Jakarta. This research employed a quantitative approach with a causal research design. Primary data were collected through questionnaires distributed to Generation Z individuals in Jakarta who had investment experience. The study population consisted of 2,584,464 individuals, while a sample of 140 respondents was selected using proportional random sampling based on the purposive sampling Data were analyzed using multiple linear regression with SPSS version 26. The results indicate that risk tolerance and overconfidence have a positive and significant effect on investment decisions, whereas herding behavior has no significant effect on investment decisions.
Co-Authors Fathihani, Fathihani